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VOL. 127.
SATURDAY AUGUST 111928.
NO. 3294.
by us, some of the largest banks, quite some time
ago, notified their customers that they had decided
PUBLISHED WEEKLY
to curtail lending of that kind, and that borrowers'
Terms of Subscription—Payable in Advance
restrict themselves to a certain per12 Mos, 6 Mos. would have to
Including Postage—
$10.00
$6.00 centage of what they had been borrowing in the.
Within Continental United States except Alaska
11.50
6.75
In Dominkin of Canada
7.75
Other foreign countries, U. S. Possessions and territories
13.50
flush times before the collapse on the Stock ExNOTICE.—On account of the fluctuations in the rates of exchange,
remittances for European subscriptions and advertisements must be made change in May and June. To the extent that con-.
In New York funds.
The following publications are also issued. For the Bank and Quota- traction has come as the outgrowth of such -meastion Record the subscription price k $6.00 per year; for all the others is
$5.00 per year. For any three combined the subscription price is $12 per ures, the reduction in the total of the loans made by
year, and for the whole five combined it is $20 per year.
MONTHLY PUBLICATIONS
-COMPENDIUMS—
the banks for their own account, has been the result,
BANK AND QUOTATION RECORD
PUBLIC UTILITY—(SeM141131111ally)
MONTHLY EARNINGS RECORD
RAILWAY & Iroatugraim..—(send-ann.)
of the voluntary action of the banks themselves.
STATE AND M orticirsx—(seml-annually)
But there is reason for believing that some of the,
Terms of Advertising
45 cent reduction was due to the fact that the banks really
Transient display matter per agate line
On reques
Contract and Card rates
ONICAO0 Orrice—In charge of Fred. H. Gray, Western Representative had much less money available for loaning out,
208 South La Salle Street, Telephone State 0613.
LONDON Orrick--Etleards & Smith, 1 Drapers' Gardens, London, E. 0. owing to the fact that an increasing proportion of,
WILLIAM B. DANA COMPANY, Publishers,
their large depositors were employing the banks as
Front, Pine and Depeyster Streets, New York
agents for making Stock Exchange loans for theirPublished every Saturday morning by WILLIAM B. DANA COMPANY. individual account, with the result of leaving the
President and Editor, Jacob Seibert; Business Mant ger, William D. Riggs;
Treas., William Dana Seibert; See., Herbert D.Seibert. Addresses of all, office of Co banks with correspondingly less deposits to use in:
making loans "for own account." It seems quite
The Financial Situation.
possible that the same thing happened in the case
The credit situation may be improving, but there of the deposits carried for account of out-of-town.
is little indication of this in the returns of the Fed- banks. These out-of-town banks may in turn have
eral Reserve Banks, issued the present week, the insisted that more and more of their deposits be
total of brokers' loans after last week's big in- loaned for them on the Stock Exchange so as to
crease, showing a further increase the present week, give them the benefit of the high call loan rates prethough of more moderate proportions. The week's vailing there. In any event, the 45 reporting memchanges are discussed further below. There has ber banks have been reducing their loans made to
been calling of loans by the banks nearly every day brokers and dealers, and in the process of reducof the week, and this has served to keep call loan tion have been obliged to call loans. This calling
rates high. On the Stock Exchange, call money ad- of loans involved scurrying around to obtain loans
vanced to 7% on Tuesday, and on Thursday even elsewhere, and the mere act of thus shifting loans
that rate had to be paid on renewal of outstanding was bound in itself to intensify the tension already
contracts, while yesterday with the renewal rate existing.
still 7%, the rate on new loans rose to 8%.
In the final analysis, however, the trouble lies
erroneous impressions appear to prevail deeper than this. The true underlying cause is.
Quite
with reference to this calling of loans, which lat- found in the fact that borrowing of this type has
terly have been on an unusually large scale. The reached prodigious proportions and that the banks
New York City banks have unquestionably been re- have subjected themselves to considerable strain
ducing the aggregate of their loans on the security in the endeavor to accommodate the same. The reaof stocks and bond collateral. That is true not- son for the prevailing tension is to be sought not in
withstanding the variation in the totals of such the calling or shifting of loans, but in the underloans from week to week and notwithstanding occa- lying conditions that make calling necessary. And it
sional large increases in some separate week. And seems to us that not enough stress is laid on that
when we speak of the New York City banks, we point, and that as a consequence, the general public
mean of course the 45 reporting member banks in is getting the notion that the New York Money MarNew York City, which make weekly returns to the ket itself is at fault—that there is something radiFederal Reserve Bank of New York. These 45 re- cally wrong with it, which ought to be corrected.
porting member banks in New York City show agIn the July 30 number of that well edited monthgregate loans to brokers and dealers, made for their ly, issued by the Guaranty Trust Company of New
own account, the present week (Aug. 8), of only York, an enumeration appears of the circumstances
$860,487,000 as against $1,063,670,000 on Aug. 10 that are bringing about the high call loan
last year, showing a reduction of over $203,000,000. rates on the Stock Exchange, which have reWhether, however, the whole of the reduction has cently been such a feature of the New York money
been voluntary, made out of a desire to correct and market. "In order to understand the recent wide
reduce the excessive use of bank credit in that way, fluctuations in call money rates, one must realize
cannot be positively affirmed. As previously noted that, in spite of the total of four to five billion dol-
financial Clinanicit
722
FINANCIAL CHRONICLE
[Vox,. 127.
lars in brokers' loans, a change of $25,000,000 to be applied. All other considerations may well be
$50,000,000 in the supply of money available in any waived.
one day can make the difference between extreme
tightness and abundance in the money market," says
As noted at the outset of this article, the Fedthe Guaranty Survey. "On any given day brokers eral Reserve statements this week are again of an
must have a certain amount of money, with little unfavorable natare, at least as far as the figures
possible flexibility in their requirements," the Sur- of brokers' loans are concerned, which show a furvey contiinues. "When, therefore, $25,000,000 is ther increase, after the very large increase recordtaken out of the market at one time, practically all ed the previous week. In this previous week the agof this must be replaced, and brokers who have had gregate of loans to brokers and dealers (secured by
their loans called must bid for money at rates to stocks and bonds) made by the 45 reporting memattract funds that have not previously been in the ber banks in New York City, ran up from $4,183,market. On the other hand, if a similar amount is 919,000 to $4,259,396,000. This week there has been
suddenly made available, it is probable that no a further expansion to $4,273,884,000. In face of
new demand will simultaneously be created, and the the further increase in the grand total of these
new funds must be offered at rates which will make loans, the loans made by the 45 reporting member
it attractive for borrowers to pay off some of their banks for their own account were actually reduced
existing loans and make new ones."
from $928,466,000 to $860,487,000. On the other
There is no fault to be found with this explana- hand, the loans for account of out-of-town banks,
tion, which is entirely accurate as far as it goes. Yet after decreasing last week from $1,551,758,000 to
the casual reader must guard against accepting it $1,498,299,000 this week, are back again to $1,549,as furnishing a full and complete explanation of the 523,000. The loans "for account of others" which have
present tension in the money market, with the high been the subject of so much discussion, and were
call loan rates, and in fact, the high money rates also the subject last week of Clearing House action,
of all kinds, that have grown out of it. The fact still continue their upward course, and have estabthat a comparatively small reduction or addition to lished another new high record in all time by a
the supply of money offered on the Stock Exchange further rise during the week from $1,832,631,000 to
may have an important temporary influence in af- $1,863,974,000.
fecting the course of money rates is no new developThe Federal Reserve Banks themselves, in their
ment. It is a condition that has always existed, own statements, reflect no striking changes during
even long before the establishment of the Federal the week. Member bank borrowing at the twelve
Reserve System. Yet money rates running from 6% Reserve institutions combined still stands in excess
to 10% are a comparatively rare occurrence. They of $1,000,000,000, though having been somewhat recome only in times of abnormal conditions, when duced this week, the amount Aug. 8 being reported
the money market is in a state of great strain. It at $1,061,285,000 against $1,085,776,000 on Aug. 1.
is precisely such a situation through which the coun- Twelve months ago on Aug. 10 1927, member bank
try is now passing, and it is important that the fact borrowing aggregated only $413,105,000. Holdings
should be recognized.
of acceptances are also somewhat lower, as likewise
The writer in the Guaranty Survey makes inci- are holdings of U. S. Government securities. The
dental reference to the weak point in the situation final result is that aggregate Reserve credit in use,
when he speaks of "four to five billion dollars in as represented by the total of bill and security
brokers' loans" being outstanding. According to holdings, has decreased somewhat during the week,
the Stock Exchange compilations, which are more being reported Aug.8 $1,431,490,000 against $1,463,comprehensive than those issued by the Federal Re- 898,000 on Aug. 1. On Aug.10 last year, the amount
serve Board, the "total net loans by New York Stock was only $1,010,389,000. Federal Reserve notes in
Exchange members on collateral, contracted for and circulation increased during the week from $1,612,carried in New York," as of the close of business 690,000 to $1,627,586,000, and gold reserves inJuly 31 1928 still aggregated $4,837,347,579 after creased from $2,599,538,000 to $2,605,416,000. It
a reduction from $5,274,046,281 on May 31. On should be added that the situation at the Federal
July 30 last year the amount was only $3,641,695,- Reserve Bank of New York still remains especially
290 and on July 31 1926 it was no more than $2,996,- strained. Member bank borrowing at the New York
759,527. There was no 8% or 10% money market Reserve institution has been reduced during the
or even 6% at these earlier periods. In July 1927, week only from $339,883,000 to $329,393,000. A year
for instance, rates for call money on the Stock Ex- ago, on Aug. 10 1927, the amount was no more than
change ranged from 5% down to 31 2%. It is the $124,834,000. It should also be noted that there
/
increase of over $4,800,000,000 in the total of brok- has been a shift during the week in the collateral
ers' loans during the last two years, and the fact securing the New York borrowing. The bills disthat the banks now find themselves loaned up to counted on the security of U. S. Goverment obligathe top notch in the endeavor to finance the specu- tions decreased from $240,904,000 Aug. 1 to $184,lation represented by this enormous increase in se- 205,000 Aug. 8, while the bills discounted on the
curity lending, that is respcmsible for the repeated security of mercantile paper increased from $98,calling of loans, day after day, in amounts run- 979,000 to $145,188,000. Can it be that the memning from $10,00.0,000 to $50,000,000 with the re- ber banks are looking for the establishment of a
sulting spurt in call loan rates to 7%,8% and 10%. higher 1•ate for rediscounts secured by Government
If there were no such prodigious volume of loans collateral than those secured by mercantile paper,
outstanding, there would be no necessity for such and are preparing for the change?
extensive calling of loans as is now being witnessed.
For the extent of the improvement shown in the
Again, if the banks were not already overloaned,
the calling of loans would not be attended by any course of a single month, the Aug. 1 report issued
such high rates. It is there where a corrective must on Thursday of the Agricultural Bureau at Wash
AIM 11 1928.]
FINANCIAL CHRONICLE
723
ington regarding the outlook for the country's grain being placed at 460,000,000 bushels, which will be,
The present promise is
crops is one of the most remarkable ever issued. if realized, a record crop.
more than was indicated in the
All of the important cereal crops made most excel- 16,000,000 bushels
with 407,000,000 bushels
lent progress during the month of July. Accord- July report and compares
harvested last year. For tobacco the August report
ingly heavily increased yields are indicated nearly
a production of 1,358,000,000
all around. A production of corn amounting to indicates for this year
for this year. pounds, against 1,211,000,000 pounds harvested in
3,029,561,000 bushels is now promised
on farms on
The condition of the corn crop on Aug. 1 the pres- 1927. The amount of oats remaining
at 83.3% of normal, an improve- Aug. 1 is estimated at 3.57% of the 1927 crop or
ent year is placed
compared with 61,237,ment of 5.2 points over the condition of 78.1% in- about 42,304,000 bushels, as
1 1927, and 81,857,000 bushels,
dicated for July 1. A year ago, on Aug. 1 1927, the 000 bushels on Aug.
1922-1926. The
condition of the crop raised in that year was only the average for the five years,
of barley remaining on farms Aug. 1 is
71.2% of normal. A yield of 29.6 bushels per acre amount
crop, or about 7,635,is now foreshadowed for this year, while the final estimated at 2.9% of the 1927
000 bushels, as compared with 3,754,000 bushels on
estimate for last year was 28.1 bushels per acre
the average for
and the total crop of corn harvested 2,735,617,000 Aug. 1 1927, and 7,202,000 bushels
the five years 1922-1926.
bushels.
Both winter and spring wheat also show marvelThe stock market the present week has displayed
lous improvement. Winter wheat, for which the
harvest is proceeding actively, now promises a yield the same characteristics as in all recent previous
and
of 578,599,000 bushels, a further large gain over the weeks. It has been weak and strong, by turns,
entirely by the course
earlier reports issued this year, amounting in com- has been dominated almost
parison with the report for July 1 to 35,000,000 of money rates. The stocks thrown over during the
bushels. The winter wheat harvest in 1927 was 553,- collapse in May and June have evidently passed
288,000 bushels. The yield per acre for winter wheat into the hands of strong and powerful interests, but
this year is estimated at 16 bushels, as against 14.6 who are borrowing on their holdings, the same as the
bushels per acre last year. The larger yield of general public had been doing, which will explain
spring wheat now indicated promises to bring the why brokers' loans continue so near top figures.
1928 spring wheat crop well up to the extraordinar- Pool operations in special stocks have been renewed
ily heavy yield of 1927. Including with spring from time to time, at which times prices of the pool
wheat both durum and other spring wheat, the pro- stocks were actively bid up. But such operations
duction this year is now placed at 312,693,000 have never been very aggressive and appear to have
bushels, only slightly under the 319,307,000 bushels been abandoned whenever bear operators engaged
harvested from the crop of 1927. This year's fig- in drives against the market. To an outside observures of production are based on an estimated yield er, it looks as if the financial interests behind the
per acre of 14.8 bushels, whereas the yield last year market were opposed to any violent resumption of
was 15.7 bushels of spring wheat to the acre. The speculation for higher prices, wishing to avoid a repAug. 1 condition for spring wheat of 81.8% of nor- etition of what happened in May and June, the
mal compares with 85.6% for Aug. 1 1927, the lat- purpose mainly being to protect the market against
ter having been the highest August condition for attacks severe enough to bring about a new general
spring wheat back to August, 1915. The entire pro- tumble in prices. By preventing a new collupse,
duction of wheat this year, including both winter the hope is to restore confidence and thereby invite
and spring wheat varieties, will therefore reach a a return of the outside public.
Speaking in a general way, the market showed
total of 891,292,000 bushels, which compares with
harvested in 1927. Produc- very considerable strength on Monday and prices
the 875,323,000 bushels
tion of oats this year will also be much larger than advanced all around, the call loan rate remaining
the earlier estimates. A condition of 84.8% of nor- unchanged at 6%. On Tuesday, with an advance in
mal is indicated as of Aug. 1 for oats, as against call loans to 7%, heavy selling of stocks occurred
79.9% on July 1 and only 74.8% on Aug. 1 1927. and a considerable part of the advance of the preThe yield per acre for this year's growth is now es- vious day was lost. On Wednesday, with the developtimated at 34.4 bushels, whereas the final figures ment of further anxiety regarding the money situalast year were 28.2 bushels per acre. For one of the tion, additional declines occurred, though the call
earlier heavy crops, that of 1925, the yield per acre loan rate did not get above 7%, and renewals were
2
1
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was 33.2 bushels. A production this year for oats at 6 %. On Thursday, though the monetary situaof 1,442,000,000 bushels is now indicated, an in- tion was still the uppermost topic, some recovery in
crease of 122,000,000 bushels over the estimate of prices took place. On Friday, with brokers' loans
July 1, and comparing with last year's harvest of showing no contraction, but rather a further small
1,184,000,000 bushels. There has also been some increase, and with call loans advancing to 8%, the
improvement in rye and the yield for this year is market became confused and later in the day, weak.
now placed at 43,300,000 bushels. This is 4,000,000 Dealings have been of moderate size, the share sales
bushels more than was indicated a month earlier, on Monday having been 2,188,200 shares; on Tuesbut compares unfavorably with the harvest of last day, 2,434,320 shares; on Wednesday, 2,052,820
year, which was 58,800,000 bushels-still, it is in ex- shares; on Thursday 1,662,601 shares, and on Fricess of the 40,795,000 bushels harvested in 1926. The day, 2,111,200 shares. In tho Curb Market the sales
crop of barley will also show a heavy yield this were 432,370 shares on Monday, 611,890 ahares on
year, the Aug. 1 condition figures indicating a pro- Tuesday, 405,285 shares on Wednesday, 386,665
duction of 344,000,000 bushels in comparison with shares on Thursday, and 373,965 shares on Friday.
For the week, prices are irregularly changed. In
the harvest of only 264,000,000 bushels in 1927.
important crop for which a heavy yield the case of the specialties, General Motors ranged
Another
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is promised is white potatoes, the production now between 1931 8 on Aug. 7 and 18114 on Aug. 10 and
724
FINANCIAL CHRONICLE
closed yesterday at 18312 against 1867s on Friday
/
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of last week. Montgomery Ward & Co. ranged between 186 on Aug.4 and 199% on Aug.10 and closed
yesterday 19718 against 18678 the close the previous
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Friday. Amer. Tel. & Tel. ranged between 17578
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on Aug. 6 and 1735s on Aug. 8 and closed yesterday
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at 174 against 1751 4 the previous Friday. General
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Electric ranged between 153 on Aug. 7 and 14714
/
on Aug. 10 and closed yesterday at 148 against
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2
14978 the previous Friday. Allied Chemical ranged
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between 184 on Aug. 6 and 176 on Aug. 10 and closed
at 177 against 17514 the previous Friday. Sears,
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Roebuck & Co. ranged between 122 on Aug. 6
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2
and 128 on Aug. 10 and closed yesterday at 12678
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against 12314 the previous Friday. Radio Corp. of
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America ranged between 168 on Aug.8 and 178 on
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2
Aug. 10 and closed yesterday at 17414 against 169
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2
the previous Friday. U. S. Steel ranged between
1431 4 Aug. 7 and 139 Aug. 9 and closed yesterday
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1
4
at 14012 against 140
/ the previous Friday. In
1
2
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the case of the other steel stocks, Bethlehem Steel
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closed yesterday at 5618 against 561 2 the previous
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Friday; Ludlum Steel at 57 against 57., In the
Copper group, Kennecott Copper established a new
high for the year on Aug. 6 at 96%; it closed yesterday at 94 against 941 8 the previous Friday; Ana/
conda Copper closed at 65% against 66 ; Amen.
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2
can Smelting & Refining at 198 against 201%, and
Cerro de Pasco at 761 2 against 7678 In the Motor
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group, Chrysler has been a feature of great strength
and closed at 94% against 83 ; Studebaker closed
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2
at 702 against 72; Packard at 75 against 74%;
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1
Nash at 83% against 86%; Hudson at 79 against
8212 and Hupp at 59% against 597s. In the rub/
,
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ber group, U. S. Rubber common closed at 32 against
3218 and the pfd. at 602 against 62; Goodyear
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,
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1
Tire & Rubber at 5378 against 52, and B. F. Good/
rich at 75 against 761 2 In the oil group, Atlan/
1
2
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tic Refining closed at 154 against 163 the previous
Friday; Marland Oil at 36 against 38 , and
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2
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4
Standard Oil of N. J. at 4478 against 451%,
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The railroad list was again without special feature and is irregularly changed for the week. N. Y.
Cen. closed yesterday at 162 against 16178; Ches.
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& Ohio at 182 against 183; Atchison at 188 against
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2
187 ; Canadian & Pacific at 202 against 207;
/
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4
/
1
4
Great Northern at 96 against 96 ; Northern Pa/
1
2
cific at 9514 against 9514; Wabash at 702 against
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;
714 Union Pacific at 19314 against 193 ; South/
1
/
1
2
ern Pacific at 119 against 119; Baltimore & Ohio
at 105% against 105½; N. Y. Chicago & St. Louis
at 125 against 126; and St. Louis Southwestern
/
at 931 4 against 85.
Insolvencies in the United States during July
were again somewhat reduced in both number and
indebtedness, according to the statistics compiled
from the records of R. G. Dun & Co. There were
1,723 commercial failures in July this year with
liabilities of $29,586,633. These figures compare
with 1,947 insolvencies during the preceding month
involving $29,827,073 of indebtedness and 1,756
similar defaults in July 1927 for $43,149,974. The
July statement this year shows a decrease 1.9%
in the number of commercial failures compared with
a year ago and of 31.4% in the total of liabilities,
whereas in June there was an increase of 6.4% in
the number of defaults in the United States over a
year ago, while liabilities decreased by 13.5%. For
the seven months of the current year there were
[Vor... 127.
14,551 commercial failures in the United States with
a total of indebtedness of $281,035,039. In the corresponding period of the preceding year 14,052 similar defaults occurred in the United States with
liabilities of $324,677,492. The increase in the
number for the seven months this year over a year
ago was 3.5%, but the indebtedness this year was
13.4% less than the amount reported in the same
period in 1927.
Separated as to branches of business, there were
450 defaults in July in the manufacturing division
for $12,932,132; 1,161 trading failures involving
$12,899,466, and 112 of agents and brokers with liabilities of $3,755,035. In July, 1927, manufacturing
defaults numbered 448, with liabilities of $16,742,565; trading failures 1,187 for $16,832,346, and
agents and brokers 121, owing a total of $9,575,063. The decreases in number of insolvencies in
July this year compared with a year ago were wholly
in the classes embracing trading concerns and
agents and brokers, while in each of the three sections liabilities were very much less in July this year
than they were last year. The decrease in liabilities
in the class embracing agents and brokers was very
much greater than in either of the other two divisions, owing to the fact that there was a number
of large defaults among agents and brokers in July
1927. Among trading -failures there were notably
fewer defaults last month in the classes embracing
general stores, dry goods, shoes and in leather lines,
furniture, hardware, and drugs. Fewer defaults
also occurred this year among hotels and restaurants. On the other hand, quite an increase appears in July in failures in the large grocery division; also among dealers in clothing and among
jewelers. Some large failures a year ago in the hotel division added• materially to the liabilities in the
trading section for July, the amount for that classification last month being very much less this year.
Liabilities last month were also considerably
smaller than in July 1927 in the sections embracing
dealers in dry goods, furniture, shoes, hardware,
drugs and jewelry. Liabilities in the grocery class,
on the other hand, were much larger last month than
they were a year ago, in part, of course, due to the
increase in the number of failures for that division
in July this year. A small increase appears in the
July report this year in the number of manufacturing failures. This is mainly due to a larger
number of defaults among manufacturers of machinery and tools, manufacturers of clothing, of
shoes and leather goods and of baking concerns.
Most of the other divisions into which the report is
separated show a reduction in the number of manufacturing failures, notably among the latter being
the iron manufacturing section, and the division
embracing printing and engraving. Notwithstanding the increase in the number of defaults among
manufacturers of machinery and tools and of bakers, liabilities last month were less than they were
in July of last year. A reduction in the indebtedness for last month also appears in the classes
covered by iron foundries, manufacturers of furs,
hats and gloves, drugs, and in the printing and engraving division. On the other hand, quite an increase is shown in the indebtedness reported for
July, this year, because of some large defaults in
the classes embracing manufacturers of lumber, of
clothing, and of leather goods, the latter including
shoes.
AUG. 11 1928.]
FINANCIAL CHRONICLE
The reduction in liabilities shown last month,
compared with a year ago, can be traced very largely to the amount involved in the large failures, which
was very much less in July this year. There were
last month 49 mercantile defaults in which the
amount involved in each failure was $100,000 or
more, the total being $11,989,470. In July 1927
there were 57 similar defaults, involving a total of
indebtedness of $21,964,476, an unusually large
sum. The 1,674 other failures in July this year for
a total of $17,597,163 of liabilities represent an average for each default of $10,512, whereas a year
ago 1,699 similar insolvencies, involving a total of
$21,185,498 of indebtedness, averaged $12,470 for
each default. The larger failures in the manufacturing division in July this year were slightly more
numerous than they were a year ago, but the total
of indebtedness for these larger manufacturing defaults shows some reduction. In the trading division, both number and liabilities for the larger defaults last month were less than in July of last
year. It is, however, in the class embracing agents
and brokers that the most noteworthy decrease is
recorded, there having been quite a number of large
failures in this section in July 1927.
725
very marked improvement during the past month.
The crop, however, the Department indicates, is
still more than one week later than last year at the
corresponding date. The danger of damage from
boll weevil this year is considered fully as great
as last year. While reports do not indicate quite
as many weevil present as in 1927, the infestation
is very widespread. The probable weevil damage
allowed for approximates the average damage of the
years of fairly heavy or above the average damage.
A prolonged dry, hot spell in August may reduce
this, while a wet, cool spell might cause an increase. Other insect damage is not now considered
more serious than is customary, except in restricted
areas. Cotton is fruiting freely, with less than the
usual amount of shedding. Comment in the report
issued a month ago was to the effect that the increase in acreage planted this year over last year,
which amounted to 4,012,000 acres, making the area
planted for this year's crop 46,695,000 acres, second only to the two banner crops of 1925 and 1926,
that the increases this season were most marked in
the less important cotton States. The Aug. 1 condition report indicates for Texas this year a yield
of 5,137,000 bales against 4,352,000 bales harvested
last year; for Oklahoma a yield this year of 1,419,000 bales compared with last year's harvest of 1,037,000 bales; Arkansas 1,136,000 bales this year against
1,000,000 bales harvested in 1927. For Alabama,
Mississippi and Georgia a reduction in production
for the current crop, compared with 1927, is shown.
The yield for the Carolinas, Louisiana, Tennessee
and Missouri, while less than for other States previously mentioned, promises to be larger this year
than in 1927.
In spite of early difficulties, the cotton crop of
the United States, now in progress of growth, may
be considered as now holding the promise of a good
yield. The Aug. 1 condition report, issued by the
Department of Agriculture at Washington on Wednesday of this week, at best gives only a preliminary
indication of what may be expected. The crop now
foreshadowed may be made or marred in the period
covered by the month or six weeks following the
1st of August. Wednesday's estimates indicate a
Trading on European securities markets was again
probable yield of 14,291,000 bales of cotton from
the growth of this year. Only in one preceding year subdued the past week owing to the combined inin the past ten years have the August figures in- fluences of holidays, quietness at New York and undicated a yield in excess of that quantity and that certainty in the money outlook. Monday was a bank
was the year of the bumper crop, 1926, when the holiday in England and the London Stock Exchange
August estimate was 15,368,000 bales, and the ac- was closed. At Tuesday's opening a fairly firm tone
tual harvest 17,977,000 bales. For five of the ten- prevailed, but business was very quiet. Some activyear period, 1918-1927 inclusive, the actual harvest ity was occasioned in gramophone shares by a sharp
was in excess of the August estimate, whereas for rise on higher cables from New York, but these gains
the other five years there was a reduction, the lat- were lost again Wednesday when the reports told of
ter including 1927, and the exceptionally bad years a contrary trend in this market. Other industrial
1921 and 1922.
specialties such as artificial silks and rubber shares
The August estimate for this year's crop of 14,- also veered about without getting anywhere in par291,600 bales is, with the exception of the two ban- ticular. Oil shares remained firm throughout, stimner years, 1925 and 1926, well above the actual har- ulated by the consistently better reports of prices
vest of the earlier years. The yield for this year for both crude and refined products. Home rails
is based on a condition on Aug. 1 of 67.9% of nor- were steady in contrast to the declining tendency
mal, and on the assumption that the area abandoned exhibited by this group for several months previthis season will not exceed the average of the past ously. Prospects of annual savings to British railten years. This means that out of the 46,695,000 ways of approximately $15,000,000 through the
acres in cultivation on July 1, 44,953,000 acres will 2 % wage reduction recently negotiated caused a
2
1
/
remain for harvest al present year. An approxi- definite change in sentiment. Gilt-edged securities
mate yield of 152.2 pounds of lint cotton per acre is dropped a fraction or two on reports of monetary
therefore promised from the growth of this year's tension at New York. The irregularity continued
crop. Last year the harvest was 154.5 pounds of until the close yesterday.
cotton to.the acre and in 1926 it was 182.6 pounds,
The Paris Bourse evinced a better tone than for
while the average for ten years, 1917-1926, inclu- some weeks past, prices moving upwards on most
trading days. The better tendency was apparent at
sive, was 156.3 pounds of cotton per acre.
The Aug. 1 1927 condition of cotton was 69.5% the start of trading on Monday, with French bank
of normal, as against 67.9 for this year, the ten-year shares leading the improvement. The volume of
average condition, 1917-1926 inclusive, being 67.3%. trading, although still light, was sufficient to cause
Taking into consideration the precarious state of some briskness. Tuesday's session was again quiet,
the crop shown in the July report, when the area for but on subsequent days activity was resumed, bank
the current year was indicated, there has been a shares remaining the feature. Foreign orders came
726
FINANCIAL CHRONICLE
into the market in some volume, chiefly from Belgium. The Berlin Boerse opened the week in a confident mood but slumped badly Tuesday on prospects of higher money rates. The Berlin market has
for some weeks been erratic, moving upwards and
downwards quite sharply. The movements have occasionally run counter to the trend at New York
and this is causing much discussion among the brokerage fraternity in the German capital with reference to the "emancipation" of their market from
New York influence. A weak closing at New York
Tuesday nevertheless caused further unsettlement
at Berlin Wednesday. The trend Thursday and yesterday was mixed, with money rates still an overshadowing factor.
[vol.. 127.
in Washington that neither Spain nor Russia would
be invited to become original signatories. It was
pointed out that the compact will not become effective until it is ratified by all signatories and the
addition of further Governments would increase the
chances of delay or failure. Spain or Russia, a New
York Times dispatch reported Secretary Kellogg as
having said, can become full participants in the
treaty merely by filing adherences.
Secretary Kellogg also discussed the arguments,
raised in Europe, about the meaning of the treaty
in the light of the correspondence that accompanied
its negotiation. The two main articles, he pointed
out, stand as originally proposed, the only change in
substance being the insertion of a clause in the preamble specifying that a participant who violates it
will lose its benefits and the other signatories will
have complete liberty of action as against the violator. The notes that were exchanged during the negotiations, he explained, were not incorporated in
the treaty and will not be filed with it. All the correspondence in connection with the treaty had been
published, he added, and no Government had implied or suggested that it should be attached to the
treaty. Moreover, the correspondence made it clear
that all nations would be welcomed as participants
in the compact, either as signatories or adherents.
Plans for the ceremony of signature of the treaty,
which will take place in Paris, probably on August
27, were set somewhat awry by the illness of Sir
Austen Chamberlain, the British Foreign Secretary,
who was said in London, Tuesday, to be suffering
both from overwork and from digestive disturbances,
necessitating his taking a long rest. Lord Cushendun was placed in charge of British foreign affairs and it was announced that he would proceed
to Paris for the signature of the Kellogg compact.
Previously, it had been considered that all foreign
ministers of the fifteen original signatories, save
only Premier and Foreign Minister Mussolini of
Italy, and Premier and Foreign Minister Tanaka of
Japan, would be present at the ceremony of signature. The change in the British plans had a pronounced effect in Germany, Berlin newspapers
openly declaring that Sir Austen's illness was "political." The question was raised as to whether it
would be advisable for Foreign Minister Stresemann
to proceed to Paris in view of Sir Austen's absence.
To the Quai d'Orsay in turn, this situation proved
admittedly embarrassing, chiefly because of the difficulties between France and Germany over the
Rhineland occupation.
A further step in relation to the Kellogg pact renouncing war as an instrument of national policy
was taken by Great Britain at Geneva, Thursday.
The Foreign Office in London officially placed the
treaty and the correspondence in regard to it before
the League of Nations authorities on that day by
transmitting copies of the pact and the covering
notes. The League Secretariat also was informed
by Great Britain that signature of the Kellogg
treaty will not involve a conflict with her obligations resulting from membership in the League.
Discussions regarding the multilateral treaty renouncing war as an instrument of national policy
which fourteen Governments have agreed to sign at
the invitation of Secretary of State Frank B. Kellogg were entirely informal the past week, centering
firstly around the endeavors of other Governments
to become original signatories and secondly around
the Paris convocation at which it is planned to sign
the treaty. Several diplomatic "feelers" were put
forward late last week, one on behalf of Spain and
one on behalf of the Russian Soviet Government.
Madrid dispatches of August 4 made it plain that
Premier Primo de Rivera is most anxious to sign the
compact at Paris, August 27 or 28. The cogent
reason was advanced that Spain, as a neutral in the
last war, and as a country which has not shown
itself in the least aggressive for several hundred
years, ought to be paid the compliment of being invited to sign with the other "founder" nations of
Mr. Kellogg's compact. Berlin dispatches at the
same time made it clear that George Tchitcherin,
the Soviet Commissar for Foreign Affairs, is prepared to participate in negotiations for shaping the
peace treaty and is ready also to sign it. "Even
yet it is not too late," M. Tchitcherii remarked in a
Moscow newspaper interview transmitted via the
German capital. "The pact as yet is not signed and
the Soviet Union can still negotiate over the contents of the treaty. . . . Our Government is endeavoring by its policy to remove the possibility of
war. We want to abolish war, which serves as an
instrument of nationalistic politics. But we consider the proposed prohibition as inadequate. In
the event of our participation in the negotiations
we would propose needful amendments."
The offers of Spain and the Soviet to sign the
treaty in Paris produced an international problem
that proved embarrassing to Secretary Kellogg and
the State Department. A Washington dispatch of
August 6 to the New York Herald Tribune indicated
that Secretary Kellogg had no objections to Spain
becoming an original signatory, if this action produced no further complications. But, it was added,
there are complications aplenty. Virtually every
nation in the world was declared to have suddenly
evinced a desire to sign the treaty at Paris. Extension of a formal invitation to Russia would bring
into discussion, it was thought, the question of dipGreat uncertainty and some perturbation was
lomatic recognition by the United States. On the
other hand, failure to include Spain and the other expressed in most capitals of the world powers the
Governments which appeared desirous to become past week concerning the "compromise agreement"
original signatories would probably mean that those between Great Britain and France for placing a new
Governments would be resentful. Mr. Kellogg made plan for naval limitation before the next meeting
his decision in the matter Wednesday, announcing of the Preparatory Disarmament Commission of the
Auo. 11 1928.]
FINANCIAL CHRONICLE
League of Nations. The announcement that such
an agreement had been reached was made in the
British House of Commons, July 30, by Sir Austen
Chamberlain, Foreign Secretary in Prime Minister
Baldwin's Cabinet. Copies of the agreement were
forwarded to Washington, Rome and Tokio on August 1 by the British Government, but the text was
not made public. In consequence, there was much
conjecture as to the exact terms of the compromise.
Moreover, even those officials of the State and Navy
Departments in Washington who had studied the
agreement, were said to be uncertain as to its exact
significance, owing to vagueness and ambiguity in
certain important respects, and particularly in regard to the basic cruiser issue. The English press
was disposed to regard the agreement as the beginning of a new entente cordiale, but these suggestions
were vigorously denied in official quarters. In
Germany considerable dubiety was expressed, with
a tendency to regard the new agreement as somehow
"at Germany's expense." Only the French press
appeared to be quite content with the development,
Paris dispatches intimating that although France
leaned decidedly to the British viewpoint on naval
limitation, an unwritten or unrevealed part of the
agreement provided that England, in turn, would
support the French view on land armaments.
A grave situation in Yugoslavia was turned into
an acute one Wednesday, with the death of Stefan
Raditch, leader of the Croatian Peasants Party, who
was shot and seriously wounded June 20, while attending a session of the Yugoslavian Parliament in
Belgrade. There was already a deep rift between
the Serbs and the Croats in the Tri-une Kingdom
before the Skuptchina assassinations of June 20, in
which Punica Ratchitch, a fanatic Serb, killed two
Croatian Deputies and wounded four others, Baditch among them. For seven weeks the popular
leader of the Croatian peasants hovered between
life and death, and in the meantime the Croatian
Deputies refused further attendance at the Parliament, establishing, instead, their own Parliament
at the Croatian center, Zagreb. The incident caused
the downfall of Premier Vukitchevitch's Government, and Yugoslavia remained without a Cabinet
from July 4 to July 27, when the Slovenian leader,
Dr. Anton Korosec, finally succeeded in reforming
a Government. On August 5, while Raditch's
chances of recovery still seemed fair, a Croatian
worker executed summary "vengeance" for the
Skuptchina killings by shooting and killing a Serbian editor whose constant calling for "Croatian
blood" was considered to have incited Ratchitch to
assassinate the Croatians. Thus the rift between
the two chief racial elements in the enlarged Serbian State continued to widen, and with the passing
of the Croatian leader, Wednesday, a very general
fear has been expressed in Europe that further reprisals might be attempted, with possibly serious
consequences for the stability of the Yugoslavian
Government.
The incident also has serious international implications, since much of the difference between
Serbs and Croats was due to the attempts of the
former to force Skuptchina approval of the Nettuno
convention with Italy. The Nettuno treaty gives
Italian nationals on the Croatian coast line advantages which the Croatians earnestly resented. Their
attempts to prevent ratification of the accord were
727
successful for more than two years, occasioning,.
along with the Albanian question, a serious strain
in the relations between Belgrade and Rome. Due
to strong hints from Premier Mussolini, the Yugoslavian Governments announced in May that the
Nettuno treaty would be voted upon by the Skuptchina. This announcement caused riots on the
Croatian coast, which in turn further strained the
relations between Yugoslavia and Italy. Premier
Vukitchevitch and Foreign Minister Marinkovitch
continued to press for ratification of the accord,
precipitating the unfortunate situation which led to
the Skuptchina assassinations and the present difficulties. A special Parliamentary Committee considered the Nettuno treaty in Belgrade and recommended by a vote of 16 to 1, last Sunday, that the
Skuptchina ratify the compact.
A further step in the careful and deliberate movement toward the stabilization of European currencies was indicated in New York, Tuesday, when J.P.
Morgan & Co. announced that in association with
banks and trust companies in New York and other
parts of the country, they had arranged a private
banking credit for the Bank of Spain in connection
with its plans for regulating the peseta exchange.
The amount of the credit was not divulged, nor were
the details of the arrangement made public. It appeared, however,from recent reports, that the credit
approximates $25,000,000. The syndicate, according to a New York Times dispatch of August 7 from
Madrid, is to co-operate with a similar syndicate in
London, where a second credit for a corresponding
amount in pounds sterling was opened. The announced purpose of the credit, that of controlling
peseta exchange, makes it virtually certain that
Spain, within a relatively short time, will join the
list of countries on a free gold basis. It will be recalled that similar credits, arranged with J. P. Morgan & Company, preceded the stabilization of
French, British, Belgian and Italian currencies.
The announcement was not unexpected, as there
has been discussion all this year in financial circles
as to the possibility of stabilizing Spanish currency.
The peseta has recently been quoted around 16%
cents, as against its pre-war parity of 19.3 cents.
The financial position of the country has been steadily improving. The national budget has been balanced, while the floating debt has been funded. The
present gold cover of Spanish currency is close to 62
per cent., which is far more than most European
countries can boast. Early in July, moreover, a
special committee, headed by the Spanish Minister
of Finance, was appointed by the Madrid Government to supervise exchange operations and exercise
control. This committee was provided with 500,000,000 pesetas (about $80,000,000) for this work,
and it is believed that the present credit is intended
to extend still further the means of control available
to the committee. Whether the peseta will be stabilized at recently ruling rates or revalorized on its
pre-war basis is a matter of conjecture, as there has
been no statement made on this point.
The announcement is all the more interesting
since it follows hardly more than a month after de
jure stabilization of the French franc, which occurred on June 24. Moreover, the continual reports
of a huge Rumanian loan for the stabilization of the
lei were finally given official status on July 20 by a
statement issued in Bucharest by the Bratianu Gov-
728
FINANCIAL CHRONICLE
ernment. The announcement indicated that a convention had been signed between the Rumanian
Government and representatives of American, English and French financial groups for an eventual
loan of V50,000,000 to cover stabilization of the
currency. The loan and stabilization are not expected to enter an active phase until the middle of
. September. The announcements, nevertheless, foreshadow the de facto stabilization of the Spanish peseta and the Rumanian lei, and it is confidently expected that this will be followed as soon as may
appear practicable by the resultant phase of de jure
stabilization with its concomitant freedom of gold
movements. With these steps actually taken, only
Yugoslavia, Turkey and Portugal have yet to initiate the procedure of returning to the gold standard.
Yugoslavia, it is believed, may stabilize under
French sponsorship soon after the Rumanian currency has been regulated. The Turkish Government
has put its financial house in order and is understood to be gathering reserves for its State Bank as
a preliminary to stabilization. Thus it appears that
virtually all of Europe will shortly have returned
to that gold basis to which the United States, almost
alone, tenaciously clung in the period of stress following the close of the World War.
Joint action was taken by Great Britain, France
and Germany, Tuesday, to insure the election of
Spain as a semi-permanent member of the League
of Nations. The three Governments sent identical
telegrams to the League Secretariat giving notice
that they will ask the next Assembly to revive the
temporary regulation of 1926 whereby a country
elected to the Council can be declared eligible for
re-election at the moment it is first chosen. This
regulation was adopted, an Associated Press dispatch from Geneva pointed out, in connection with
negotiations of admission of Germany to the League
and was intended to give a semi-permanent status to
the Council representation of Poland, Spain and
Brazil. The two last named Governments resigned
from the League early in 1926 because of their failure to obtain permanent seats in the Council. Under the League Covenant, resignations become effective two years from the date of notification, and the
Brazilian resignation was regretfully accepted early
this year. Spain, however, withdrew her resignation, and the League powers, by their present action,
are attempting to insure her virtual permanence on
the Council by providing that the Assembly may reelect her to that body every three years. The present
rules of the League prevent the immediate re-election to the Council of a non-permanent member unless it has been voted eligible for such action at the
start of its three-year term. The fifty-first quarterly session of the League Council will meet at
Geneva, August 30, while the ninth annual Assembly of the League will open September 3.
A treaty of friendship and arbitration was concluded between Italy and Abyssinia on August 2,
at Addis Abeba, the Regent, Ras Taffari, heir to the
throne, and the Italian Minister, Cora, attaching
their signatures on behalf of the two Governments.
The treaty, according to a Rome dispatch of August
4 to the New York Times, includes a special convention providing for the creation of an Abyssinian
franking zone at Assab in Italian Erythrea, and for
building a road suitable for motor trucks from Assab
[VoL. 127.
into the interior of Abyssinia. The first advances
leading to this treaty were made, it is believed, by
Premier Mussolini during the visit to Italy of Ras
Taffari some years ago. Discussion of the details
continued during the return visit of Abyssinia early
in 1926 of Duke Degli Abruzzi. The signature of
the treaty is said to mark the end of the controversy
precipitated by an Anglo-Italian agreement providing for mutual help in obtaining certain concessions
from the Abyssinian Government. England desired rights in connection with the waters of the
White Nile, while Italy wished the right to build a
railroad through Abyssinian territory. The AngloItalian agreement led to a protest to the League of
Nations by the Abyssinian Government. Italy has
now obtained the desired concession by direct negotiation. The Fascist newspapers of Italy have
greeted the new treaty with unrestrained enthusiasm, one of them, Lavoro d'Italia, remarking that
"the pact is worth ten Kellogg pacts."
Sino-Japanese discussions regarding revision of
the unilateral treaty between them reached a distinctly inimical phase early in August, Japan addressing an unusually frank warning note to Dr. C.
T. Wang, the Nationalist Foreign Minister at Nanking. The Japanese note, dated July 31, was handed
to the Nanking Minister on August 7. The note constitutes a reply to Dr. Wang's note of July 19 to the
Tokio Government, in which Nanking denounced the
Chinese-Japanese treaty of 1896. Nanking proposed
to supplant the treaty arrangements by unilateral
provisional regulations. In the Japanese reply,
Baron Tanaka, Premier and Foreign Minister of
Japan, cites the text of the treaty to show that it
can "never be abrogated nor terminated without special mutual consent" The Nanking proposal for
provisional regulations is called "not only an infringement of the treaty, but inadmissible both as to
the intent and interpretation of the treaty and of international usage, and is also an outrageous act
which disregards the good faith between nations in
which the Japanese Government is wholly unable
to acquiesce." The Japanese Government stated
further that it still is prepared, in view of China's
national aspirations, to effect a revision if Nanking
recognizes the validity of the existing treaties by
withdrawing the so-called provisional regulations.
If Nanking still insists that the treaties have expired, says the note, Japan will not open negotiations for treaty revision. Further, "if the Nationalist Government should persistently attempt"
to enforce provisional regulations unilaterally
Japan declares she may be obliged to take such
measures as she deems suitable to safeguard her
rights and interests as assured by the treaties.
This action by Baron Tanaka was understood to
have a definite connection with the negotiations between the Nanking Government and Chang 11sueh7
Hang, the military governor of Manchuria, for incorporation of Manchuria in the Nationalist regime.
Japanese interests in Manchuria are extensive, recent estimates placing them at approximately $1,250,000,000. According to reports reaching Tokio,
the control of the foreign affairs of Manchuria was
to have passed to Nanking under the agreement between Nanking and Mukden, and abrogation of the
treaty of 1896 by Nanking would thus automatically
exclude Japanese citizens in Manchuria from the
rights of extraterritoriality enjoyed by them. Sine-
AUG. 11 1928.]
FINANCIAL CHRONICLE
Japanese relations, moreover, are still strained because of the Tsinan incident of the early summer
which remains unsettled despite several urgings by
Tokio for the appointment of a suitable commission. The Japanese warning, therefore, which is
the second addressed to the Nanking Government
against abrogation of the treaty, is considered to
have a direct relation to the Japanese position in
Manchuria and a general relation to the position of
all Japanese in China proper.
The United States Government also, on August 8,
lodged a complaint, albeit a minor one, with the
Nanking Government. John Van A. MacMurray,
the American Minister to Peking, in a note to the
Nationalist Foreign Minister, called attention to
the failure of the Nationalist Government to fulfill
promises made on several occasions to evacuate all
American property occupied by soldiers and otherwise. Several instances of church missions and
property seized and held were cited as a "few among
many" examples. The retention of the American
Consulate at Nanking was also mentioned. The
United States Government expects, the note said,
that "in evidence of the good faith and political
competence of the Nationalist Government, no more
American properties shall be occupied and that
those already occupied be restored to the free use of
their rightful owners." The further strengthening
in the Nanking Nationalist Government was indicated, meanwhile, in reports of Wednesday from
London and Shanghai to the effect that a settlement had been reached and would shortly be signed
between Great Britain and Nanking for closing the
Nanking incident of March 1927. A representative
of the Nanking Government and the British Consul
General in Shanghai, Sir Sidney Barton, negotiated
the agreement. In London financial circles the belief was expressed that as soon as the agreement is
signed a credit of about £6,000,000 will be arranged
in London for the Nanking Government.
National elections, held in Panama last Sunday,
passed off with a tranquillity that was described in
dispatches as "uncanny," and that might be considered ominous were it not for the authority possessed by the United States Government to intervene
if necessary to maintain public order. Don Florencio Harmodio Arosemana was elected the sixth President of the Republic, and it appears that the vote
was virtually unanimous. Dr. Arosemana, an engineer by profession, was the unanimous choice of
the Liberal Party for the office. His opponent, Dr.
Jorge E. Boyd, was absent in the United States
during the election. Former President Belisario
Porras, who sponsored the candidacy of Dr. Boyd,
laid vehement charges of fraud and corruption
against the Government about two weeks before the
election. The Government countered by arresting
twelve leaders of the Opposition or Porras Coalition
Party a week before the election, keeping them incommunicado until after the balloting was over.
The Opposition Party then attempted to secure intervention by the United States, and when this was
denied by Secretary of State Kellogg, Senor Porras
instructed all members of the Opposition Party to
refrain from voting. These instructions appear to
have been followed to the letter, resulting in a sweeping victory for the Administration candidate for
the Presidency, and for the Liberal Party candidates
for the forty-six seats in the National Assembly.
729
A violent eruption of the volcano Rokatinda destroyed nearly the.entire island of Paloweh, in the
Dutch East Indies, on Aug. 4 and 5. Reports transmitted to Batavia, Java, by the Dutch resident of the
Island of Timor indicated that six villages were destroyed by fire, with a death toll reaching a total
of 1,000. Six hundred persons were injured by
fragments thrown out of the crater and further casualties were caused by an earthquake which accompanied the eruption. The remainder of the islanders, numbering 5,000, were stated to be safe with
ample provisions at their command. Fears were
expressed at Batavia, according to an Associated
Press dispatch of Thursday, that a number if native boats had foundered in the disaster. raloweh
Island, also known as Rusa Rajah Island, is about
four miles in diameter and lies five miles off the
north coast of Flores Island, one of the larger of
the Malay Archipelago Islands.
An international conference on civil aeronautics
is to be held in Washington, December 12 to 14,
next, under the direction of the United States Government. Invitations to attend the conference have
been extended to all nations with which this country
has diplomatic relations, the State Department in
Washington has announced. The messages were
sent by Secretary of State Kellogg on behalf of President Coolidge. The conference was called under
authorization of a Senate resolution which was introduced at the instance of Secretary of Commerce
Hoover. Chief among the subjects of discussion at
the meeting is to be the relationship among nations
with regard to their promotion of civil aviation,
and it is expected that some kind of code relating to
this will be adopted. All representatives will be
officially designated by their respective Governments, the State Department announcement indicated. This, it is believed, will give weight to any
regulatory measures that may be adopted and may
lead to ratification by all countries. In accordance
with a suggestion made by Mr. Hoover, the invitations request that delegates appointed to the conference present a paper on some phase of aeronautical development in their respective countries.
Steps were also taken for informal notification of
the invited Governments that the aeronautical industry in this country has arranged to hold an international aeronautical exhibition in Chicago the
week preceding the conference.
The Bank of Finland on Aug. 8 advanced its disThe change is the first
count rate from 6% to
made by this institution since Nov. 23 1927. Other
than this no changes have been reported this week
in discount rates by any of the central banks of
Europe. Rates continue at 7% in Germany; 63/2%
in Austria; 532% in Italy and Norway; 5% in
Denmark and Madrid;434% in London and Holland;
4% in Belgium and Sweden, and 332% in France
and Switzerland. In London open market discounts
are now 4 3-16@43i% for short and 43j@4 5-16%
for long bills, against 4h% for the former and
4 5-16% for the latter on Friday of last week. Money
on call in London was 4% on Tuesday, but only
0
337 yesterday. At Paris open market discounts
,
remain at 33I % and in Switzerland 3 7-16%.
The Bank of England in its statement for the week
ending Aug. 8, shows a gain in gold of £773,025 and
an addition to the reserve of gold and notes in the
FINANCIAL CHRONICLE
730
banking department of £1,211,000, in consequence of
a contraction in note circulation, amounting to
£438,000. The ratio of reserve to liabilities maintains
its high level, this week's ratio 48.88% being slightly
higher than the 48.56% last week. In the corresponding period last year the ratio stood at 30.50% and
two years ago, in 1926, at 26.22%. Public deposits
gained £742,000 and "other" deposits £991,000.
Loans on Government securities fell off £140,000, but
loans on other securities increased 076,000. Gold
holdings now total £174,432,054 in comparison with
£152,700,075 ix 1927 and £153,867,727 in 1926.
Notes in circulation aggregate E136,777,000. The
Below
Bank's official discount rate remains at
we furnish comparisons of the various items of the
Bank of England statement for five years.
.
BA4 tx OF ENGLAND'S COMPARATIVE STATEMENT.
Aug. 8.
1928.
Aug. 10.
1927.
b136,777,000 137,492,340
Circulation
12.913,000 11.789.989
Public deposits
104,531,000 101,641,232
Other deposits
29,0132,000 47,441,999
Govt. secur1ties
49,099,000 49,160.083
Other securities
Reserve notes & coin 57,405,000 34:957.735
Coln and builion_a174,432,054 152.700,075
Proportion of reserve
30.50%
48.88%
to liabilities
4 yi%
44%
Bank rate
Aug. 11.
1926.
Aug. 12.
1925.
141.321.420
11,003,970
112.162,279
36.809.994
72,196.124
32.296,301
153,867,727
145,253,410
15,733,119
110,729,760
34,218,520
71,605,890
38,753,359
164,256,769
Aug. 13.
1924.
.0
126.034,220
13,406,175
108.796.171
42,857,467
75,409,790
22,030,892
128,315,112
20.22%
5%
30.62%
4 yi%
18%
4%
a Includes, beginning with April 20 1925, .C27,000.000 gold coin and bullion
previously held as security for currency note issues and which was transferred to
the Bank of England on the British Government's decision to return to gold standard.
b Beginning with the alitalnent for Aprli 1925, Includes £27.000.000 of Bank
of England notes issued in return for the same amount of gold coin and bullion
held up to that time In redemption account of currency note Issue.
In its weekly report of Aug. 4 the Bank of France
shows an increase in note circulation amounting to
910,000,000 francs, which raises the total to 61,345,279,510 francs, the highest figure ever recorded
by the bank. The previous high figure was attained
on June 30, aggregating 60,628,093,645 francs. Note
circulation last week amounted to 60,435,279,510
francs, and on July 21, 59,866,279,510 francs. On
the other hand, creditor current accounts decreased
316,000,000 and current accounts dropped 533,000,000 francs. Gold holdings now amount to
30,093,385,798 francs, there having been a gain
of 175,085,425 francs during the week. French
commercial bills discounted rose 354,000,000 francs,
bills bought abroad 980,000,000 francs and advances
against securities 128,000,000 francs, while credit
balances abroad decreased 186,582 francs. Below
we furnish a comparison of the various items of
the bank's return for the past three weeks:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
Aug. 4 1928. July 28 1928. July 21 1928.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold Holdings—
Gold holdings—Inc. 175,085,425 30,093,385,798 29,918,300,373 29,662,178,055
185,582 16,810,425,734 16,810,612,316 16,569,308,010
Credit baLs. abed_Rec.
French commercial
bills discounted_Inc. 354,000,000 3,504,105,601 3,150,105,601 2,307,105,601
Bills bought abed_Ino. 980,000,000 13,604,838,873 12,624,838,873 12,769,838,873
Advs. against see_Ine. 128,000,000 1,903,459.023 1,903,459,023 1,934,459,023
Note eIrculatiOn—Ino. 910,000,000 61,345,279,510 60,435,279,510 59,866,279,510
Creditor cur.acetsDec. 316,000,000 15,185.595,744 15,501,595,744 14,385,595,744
Cur. acc'ts & dep_Dec. 533,000,000 4,942,098,932 5,475,098,932 5,826,098,932
In its statement for the first week in August,
the Bank of Germany reported a decrease in note
circulation of 220,833,000 marks, reducing the total
to 4,348,439,000 marks. Total circulation for the
corresponding week last year aggregated 3,769,759,000 marks and the year before 2,971,711,000 marks.
Other daily maturing obligations rose 46,935,000
marks, but other liabilities declined 2,206,000 marks.
Gold and bullion gained 32,345,000 marks, reserve
in foreign currency 30,866,000 marks, notes on
other German banks 8,582,000 marks, and other
assets 8,546,000 marks, while bills of exchange and
[VOL. 127.
checks dropped 206,672,000 marks, silver and other
coins 2,427,000 marks, advances 47,196,000 marks
and investments 148,000 marks. Deposits abroad
remained unchanged at 85,626,000 marks. Below
we furnish a comparison of the various items of the
bank's return for three years past.
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
Aug.7 1928. Aug.6 1927. Aug. 7 1926.
Week.
Retehsmarks. Retchsmarks. Retchsmarks.
Reichsmark:.
Assets—
Gold and bullion__ —Inc. 32,345.000 2,231,999,000 1,805,148.000 1.492,530,000
62,001,000 260,435,000
85,626,000
Of which depos.abed. Unchanged
Reeve In for'n curr__ _Inc. 30,866,000 214,554,000 190,986,000 486,896,000
Bills of each.& checks Dec. 206,672,000 2,309.814,000 2,357.277,000 1,127,019,000
90.807,000 .84,836,000 111,229,000
Silver and other coin_ _Dec. 2,427,000
16,122,000
17,336,000
18.657,000
Notes on oth.Ger.bks_inc. 8,582.000
7,714,000
29,479,000
29,680,000
Dec. 47,196,000
Advances
89,494,000
92,280,000
Dec.
93.820,000
148,000
Investments
721,324,000
Inc. 8,546,000 587.468,000 493,450,000
Other assets
ttabtlUtes—
Notes In circulation_Dec. 220,833,000 4,348,439,000 3,769,759.000 2.971,711,000
Oth.dfdly matur.oblig.Inc. 46,935,000 608,463,000 568,205,000 600,500.000
Dec. 2,206,000 234,654,000 366,247,000 120,235,000
Other liabilities
Progressively firmer conditions have again prevailed in the New York money market the past
week, with both daily and time money rates showing every tendency to rise to still higher figures
than have recently prevailed. Call money was
quoted at an even level of 6% Monday, but the rate
rose steadily throughout the week, closing at 8%
yesterday. The banks withdrew funds persistently,
calling $20,000,000 Monday, $30,000,000 Tuesday,
$20,000,000 Wednesday, $15,000,000 Thursday and
825,000,000 yesterday. The feature of the money
market, however, was a quick rise of IA% in time
money. The rate for all maturities was advanced
Thursday to 63% from 6%, this being followed
yesterday by a further enhancement to 63/27o.
The rapid rise caused much comment in all quarters,
even Europe displaying the keenest interest in the
daily fluctations here. New York bankers indicated
as the chief reasons for the tightening money market
that requirements of funds for moving crops are
beginning to be quite heavy and additional commercial demands also are being felt. These, however, are only the immediate causes which are acting
on a market made unduly sensitive by the long
continued absorption of credit occasioned by the
swollen speculative markets of past months. Moreover, it appears from the report of brokers' loans
against stock and bond collateral issued by the New
York Federal Reserve Bank, Thursday, that speculative commitments are still increasing. The report
showed an advance of $14,488,000 for the week,
making the third consecutive weekly increase. The
total of these loans overshadows the money market
as well as the stock market. Gold movements in
the week ended Wednesday were the smallest in
months, exports being only $160,000, while imports
were $52,000. The question of a reversal of the
huge gold export movement of the last ten months
begins to be raised in banking and brokerage circles,
several foreign currencies being close to the gold
import point.
Dealing in detail with the rates from day to day,
all loans on Monday were at 6%,including renewals.
On Tuesday the renewal charge was still 6% but on
new loans there was an advance to 7%. On Wednesday the renewal charge was raised to 63/2%, with
new loans still commanding 7%. On Thursday, all
loans were at 7%. On Friday with the renewal rate
continuing at 7%, the charge for new loans spurted
to 8%. For time loans the rate the early part of the
week continued at 6% for all dates of maturity, but
AUG. 111928.]
FINANCIAL CHRONICLE
.
on Thursday there was an advance to 63-4 % and on
dates. Rates on commerFriday to 63/2% for all
cial paper have also advanced. Names of choice
character maturing in four to six months are now
quoted at 5@5%%, with most of the business at
53j70 and only an occasional transaction at 5%.
,
For names less well known the quotation is 531 ©
54%, which is also the rate for New England mill
1
paper.
731
buying of sterling has taken place anywhere this week
has occurred chiefly in other centers than in American
markets. The transfer of American funds to London
and other European centers has greatly diminished
and these transfers were until a few weeks ago a predominating factor giving firmness to sterling and all
European units.
Two factors are seen as contributing to the greater
steadiness of the sterling rate this week. For one
thing, the high money rates in New York seem to
Rates for banks' and bankers' acceptances have have withdrawn from London and other European
remained unchanged and the posted rates of the centres about all the funds that are likely to come on
American Acceptance Council for prime bankers' the present movement. The other factor is that the
acceptances eligible for purchase by the Federal higher rates for bankers' acceptances on this side
4
Reserve banks continue at 43 % bid and 4%% asked have created a considerable demand in the internafor bills running 30 days and also for bills running tional markets for sterling bills. London entertains
A
0
60 and 90 days, 47 % bid and 4%7 asked for 120 some discouraging views regarding the prospect of an
/
%
days, and 51 8 bid and 5% asked for 150 and 180 outward gold movement. It is pointed out that it is
days. The posted rate of the Acceptance Council not profitable to take gold for New York from the
for call loans against acceptances was reduced on Bank of England unless exchange declines to 4.85 3-16
Monday to 5%, but advanced on Tuesday to 53/2% but it is thought that if any bank desires to carry out
and on Thursday to 6%. Open market rates for such a transaction it may disregard loss of interest, in
acceptances have continued unchanged as follows:
which case it is possible to ship gold at rates now preSPOT DELIVERY.
vailing. In view of the fact that the New York Fed—180 Days— —150 Days— —120 Days—
eral Reserve Bank has been complaining for many
Bid.
Asked.
Bid.
Asked.
Bid.
Asked
64
5
54
5
Prime eligible bills
434
4%
weeks that the member banks had been borrowing too
—90 Days-- —60 Days— —30Days—
heavily at the Reserve institutions, it would not be
Bid.
Asked.
Bid.
Asked.
Bid.
Asked
4(
prime eligible bills
434
434
surprising if some bank's on this side were to follow the
434
434
434
FOR DELIVERY WITHIN THIRTY DAYS.
example of the Midland Bank of London and buy
Eligible member banks
4% bid
For several years it has been
Eligible non-member banks
4% bid gold, even at a loss.
quite apparent that the practice of disregarding loss of
There have been no changes this week in Federal interest in calculating gold points has grown. This
Reserve Bank rates. The following is the schedule practice has arisen because of the growth in resources
of rates now in effect for the various classes of paper of many large banks, institutions which are so powerful as to have quite generally large idle reserves. It
at the different Reserve banks:
is thought in London that as a result of this change in
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASS
AND MATURITIES OF ELIGIBLE PAPER.
practice and in the strength of some international
banks, gold arbitrage will tend to become the monopRate in Etrect
Date
Precious
Federal Reserve Bank.
on Aug. 10.
Established.
Rate.
oly of the larger banks. Smaller institutions which
5July 19 1928
Boston
44
a
York
July 13 1928
would have to borrow in order to finance gold shipNew
434
5
July 26 1928
Philadelphia
434
Cleveland
5Aug. 1 1928
ments are unable to compete with the large banks.
434
a
Richmond
July 13 1928
434
5
July 14 1928
Atlanta
434
This being the case, the present sterling-dollar rates,
5July 11 1928
Chicago
434
a
July 19 1928
St. Louis
43-4
as well as the rates of a number of other European
434
Minneapolis
Apr. 25 1928
4
434
June 7 1928
Kansas City
4
currencies, give promise of some sort of gold move434
May 7 1928
Dallas
4
434
Ran Francisco
June 2 1928
4
ment from Europe to New York even though foreign
exchange rates may not break still further before the
Sterling exchange has been dull throughout the height of the autumn season. There has been no
week and while ruling on average slightly lower than change in the Bank of England rediscount rate of
a week ago, the fluctuations have nevertheless been 43/2%, although each week there has been a halt in
less than at any time during the past several weeks. exchange transactions on each Thursday in expectaThe steadiness has been due not to any banking sup- tion of such an announcement. Foreign exchange
port, but to the fact that for the time being, at least, traders would not be surprised at a higher Bank of
the forces adverse to sterling seem to have been fully England rate at any time,in preparation for autumnal
anticipated Bankers are inclined to feel that the credit demands.
rate will continue steady around the present low levels
This week the Bank of England shows an increase in
until European requirements for merchandise import gold holdings of £773,025, bringing the total bullion
payments reach greater volume in the autumn. This up to £174,432,054. This compares with a record
is not to say that even then the quotations should fall holding during the last week of July of £176,020,387.
materially. The range this week has been from On Tuesday the Bank of England received £250,000
4.85 1-16 to 4.8530 for bankers' sight, compared with in sovereigns from South Africa. Yesterday the
4.85 to 4.853/2 last week. The range for cable trans- Bank sold £625,000 in gold bars, which, according to
fers has been from 4.85 7-16 to 4.85 19-32, compared newspaper accounts, is believed to have been for
with 4.85% to 4.85 13-16 a week ago. It is believed account of the Federal Reserve Bank of New York,
that the depreciation is due largely to seasonal influ- and exported £15,000 in gold sovereigns to Holland.
ences, grain and cotton importers having already be- At the Port of New York the gold movement for the
gun to cover their dollar requirements in anticipation week Aug. 2-6, inclusive, as reported by the Federal
of less favorable rates later on. For several weeks Reserve Bank of New York, consisted of imports of
London has been reporting that traders were buying $52,000, of which $40,000 came from Latin America,
forward dollars. Such buying tends to counteract the and $12,000 from other places. Gold exports totaled
effect of higher money rates in New York. Whatever $160,000, of which $105,000 was shipped to Mexico
A
732
FINANCIAL CHRONICLE
[VOL. 127.
and $50,000 to Germany. There was no Canadian Berlin in a free market. The French public continue
movement of gold either to or from New York. selling gold and silvei% coins to the Bank of France.
Montreal funds have continued irregular this week, Since stabilization the Bank has purchased more
ranging from a discount of 11-64 of 1% on Saturday than 1,000,000,000 gold francs. It is estimated that
last to par in Thursday's market, but with a discount French banks, including the Bank of France, have
of 1-64 again on Friday. Canadian funds are still credits in the New York market totaling approxian important factor in the New York call money mar- mately $500,000,000. The entire French financial
ket, but despite the high rates prevailing here it is position is such that there is hardly any danger of
believed that there is less surplus Canadian money serious inroads being made on the franc quotation.
German marks have also ruled lower. The deavailable for this purpose, as this is the season of
for credit in Canada and rates there cline in the mark is due largely to the fact that
greatest demand
are firm. Bankers feel that there will be no more im- American credits have been moving to Germany in
portant pressure on Canadian exchange from now un- greatly diminished volume during the past few weeks,
til the close of the autumn season, but think that the while on the other hand German interests have been
rate will be in a somewhat precarious position dur- investing in dollar securities, and it is believed that
ing the winter trade .lull in Canada if money rates they have even been importing capital from the surrounding countries for the purchase of these securities.
remain high here.
made a Finnish exchange is at all times an extremely inactive
Referring to day-to-day rates, sterling
slight rally in Saturday's half-holiday market and was one in New York, but it is worthy of note in passing
steady. Bankers' sight was 4.85 1-16@4.85 3-16; that on Wednesday the Bank of Finland raised its recable transfers were 4.85 7-16@4.853/. On Monday discount rate to 63/2% from 6%. The Finnish rate
2
sterling was again inclined to firmness. Bankers' sight had been at 6% since Nov. 24 1927. Paris dispatches
was 4.85 1-16@4.8530; cable transfers, 4.85 7-16@ during the week stated that the Banca Commerciale
4.85 19-32. On Tuesday sterling was fractionally Italiana has advanced $12,000,000 to Rumania. It
lower. The range was 4.85 1-16@4.85 3-16 for is not, however, guaranteed by the tobacco monopoly.
bankers' sight and 4.85 7-16@4.85 17-32 for cable The Italians are not represented in the Americantransfers. On Wednesday sterling was steady, al- British-French group which is negotiating an advance
though transactions were few. The range was of $20,000,000 and an eventual large stabilization
4.85 1-16@4.85 7-32 for bankers' sight and 4.85 7-16 loan to Rumania, though they have agreed to sub@4.85 19-32 for cable transfers. On Thursday ster- scribe to a part of the loan. According to a Dow,
ling was comparatively steady. The range was Jones dispatch from Paris, this independent Italian
4.85%@4.853 for bankers' sight and 4.85 7-16@ advance is believed to reflect Italy's determination
4.85 9-16 for cable transfers. On Friday the range to play a leading role in Rumanian reconstruction,
for sight bills was 4.85 1-16@4.85 3-16 and for cable but it does not prejudice the success of the main
transfers 4.85 7-16@4.853/. Closing quotations yes- credit operation.
2
The London check rate on Paris closed at 124.20on
terday were 4.85 1-16 for demand and 4.85 7-16 for
.
cable transfers. Commercial sight bills finished at Friday of this week, against 124.17 on Friday of last
/
-day bills at 4.811g, 90-day bills at 4.79 7-16, Week. InNeVY6147siga bills on the French centre
4.85, 60
.
i
documents for payment(60 days) at 4.81Y and seven- finished at 3.90 8, against 3.909 a week ago;'cable
day grain bills at 4.84%. Cotton and grain for pay- transfers at 3.90 8, against 3.91, and commercial
sight bills at 3.90 5-16 against 3.91. Antwerp belgas
ment closed at 4.85.
finished at 13.903/ for checks and at 13.913 for cable
Continental exchanges have been dull, none transfers, as against 13.90% and 13.913' on Friday
The
of them presenting features of interest which would of last week. Final quotations for Berlin marks were
distinguish them from prior weeks. There have been 23.81 for checks and 23.82 for cable transfers, in comno news features in any way affecting them. The parison with 23.843/ and 23.853/ a week earlier.
dulness and fractional ease in the leading Continentals Italian lire closed at 5.22% for bankers' sight bills
this week is due entirely to the sympathetic relation and at 5. 33/i for cable transfers, as against 5.23%
2
between all European exchanges and the course of and 5.2338. Austrian schillings have not,sitanged
/
sterling. Whatever effect the higher money rates from 143. Exchange on Czechoslovakia finished at
in New York have exerted in attracting funds from 2.9615, against 2.9615; on Bucharest at 0.613',
European centres has been fully availed of in recent against 0.609; on Poland at 11.15, against 11.20,
weeks, and traders think it doubtful if any further and on Finland at 2.52, against 2.52. Greek exdecided transfers of European funds to New York change closed at 1.29 for checks and at 1.293( for
will take place, although the balances already built cable transfers, against 1.293' and 1.29g.
up here are likely to remain so long as collateral rates
In the exchanges of the countries neutral during the
continue high and will doubtless be added to from
time to time. This week the Bank of France shows war the exchange features this week all attach to the
a further increase in gold holdings, the total standing Spanish peseta. Exchange on Amsterdam continues
at 30,093,385,778 francs, compared with 29,918,300,- to show weakness, owing virtually altogether to
373 francs on July 28. The French franc has been transfers from Amsterdam to other centres, where
fractionally lower, but the Bank of France at the the return on money is greater. However,the guilder
moment, at least, is not intervening in the exchange rate is also affected like sterling because of the apmarket to support the franc. Most gold currencies, proach of autumn import credit requirements. The
except sterling and lire, are now at a premium against Scandinavian exchanges have been extremely dull, but
the franc. Such firmness seems to create no anxiety steady,showing practically no fluctuation from a week
in Paris, as the gold export point has not been reached ago except for a slight advance in the Swedish crown.
anywhere, although German marks, which are now Spanish pesetas have been extremely active, rangat the highest premium against the franc, are nearly ing this week from a closing quotation for checks on
at the point where-gold could be taken from Paris to Friday of last week of 16.43 to a high of 16.84 in the
AUG. 11 1928.]
FINANCIAL CHRONICLE
middle of the week. The check rate on the Spanish
centres opened on Monday at 16.43, and it was evident that the pegging operations announced some
weeks ago had begun. On Tuesday it was announced that J. P. Morgan & Co., with other bankers
in several American cities, had made a stabilization
credit available. Credits for a similar purpose were
arranged a week ago in London. No stated amounts
were given, but a San Sebastian dispatch stated that
the amount guaranteed by the American bankers was
$20,000,000, and that guaranteed by the London institutions $30,000,000. On the strength of this news
there was heavy speculative buying, with the result
that the peseta rose in Tuesday's market 363/ points,
with a further rise of five points on Wednesday. The
object of Spain's stabilization attempt is obscure, except that it is designed to discourage foreign speculation in the peseta. Spanish officials have stated that
it is for the purpose of preventing fluctuations, but
intimations have also been given that return to prewar parity is intended. Should this prove to be so,
bull speculation will be hard to defeat. Spanish
officials have stated recently that an exchange level
around 16.50 was too low and at the same time they
have denied intention to revaluate. Foreign exchange traders state that unless the purpose of the
matter is made clear, credits will stimulate rather than
discourage speculation. In Thursday's trading the
peseta sold down to 16.59, off 25 points, as speculative demand based on the granting of stabilization
credits ceased. Profits were taken, it is stated, on
the theory that official pressure might be exercised to
get the rate lower. On Friday the rate got as high
as 16.73 again.
Bankers' sight on Amsterdam finished on Friday
at 40.083/2, against 40.09 on Friday of last week;
cable transfers at 40.103/2, against 40.11, and commercial sight bills at 40.05, against 40.06. Swiss
francs closed at 19.243/ for bankers' sight bills and
at 19.253..( for cable transfers, in comparison with
19.243/ and 19.25 a week earlier. Copenhagen
checks finished at 26.69 and cable transfers at 26.70,
against 26.69 and 26.70. Checks on Sweden closed
at 26.77 and cable transfers at 26.78, against 26.75
and 26.76, while checks on Norway finished at 26.69
and cable transfers at 26.70, against 26.69 and 26.70.
Spanish pesetas closed at 16.72 for checks and 16.73
for cable transfers, which compares with 16.43 and
16.44 a week earlier.
The South American exchanges have been extremely dull. Argentine business is giving a satisfactory account of itself. The local money market is
easy, the Buenos Aires banks show increased deposits
and cash holdings, and there has been a steady
improvement in stock exchange quotations for all
national bonds quoted. The foreign exchange
quotations have not changed materially from last
week. The labor troubles at the ports are now less
acute. Brazilian exchange has been dull. The
Brazilian banks, like those of Argentina, appear to
have a plethora of available cash. Money rates are
easy at Rio de Janeiro, but the local business does
not seem to make any demands upon the banks. It
is believed that the excess of money is undoubtedly
the outcome of numerous external loans amounting
to more than $200,000,000 lately extended to
Brazil. Argentine paper pesos closed yesterday at
42.10 for checks, as compared with 42.20 on Friday
of last week, and at 42.20 for cable transfers, against
733
42.25. Brazilian milreis finished at 11.94 for checks
and at 11.95 for cable transfers, against 11.94 and
11.95. Chilean exchange closed at 12.10 for checks
and at 12.20 for cable transfers, against 12.07 and
12.08, and Peru at 4.01 for checks and at 4.02 for
cable transfers, against 3.98 and 3.99.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
AUB. 4 TO AUG. 10 1928, INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfers to New York,
Value in United States Money.
Aug. 4.
Aug. 6. Aug. 7.
EUROPE$
$
Austria,soh(Bing
.140887 .140842
Belgium, belga
.139070 .139083
Bulgaria, ley
007211 .007211
Czechoslovakia, krone .029624 .029623
Denmark. krone
266985 .266945
England, pound stersterling
4.854204 4.855014
Finland, markka
.025166 .025168
France. franc
039091 .039098
Germany, relchsmark 238453 .238443
Greece, drachma
.012950 .012956
Holland, guilder
.401309 .401429
Hungary, pengo
.174378 .174372
Italy, lira
052324 .052327
Norway, krone
.266935 .266941
Poland, zloty
.111710 .112063
Portugal, escudo
.045500 .045571
Rumania.leu
006105 .006111
Spain, Peseta
.164335 .164386
Sweden,krona
.267534 .267540
Switzerland. franc- .192496 .102497
Yugoslavia, dinar
.017600 .017604
ASIAChinaChefoo tael
.666668 .666250
Hankow tael
.661250 .660833
Shanghai tael
.048035 .648211
Tientsin tael
.680833 .679166
Hong Kong dollar
.498660 .498446
Mexican dollar_ _ _ _ .467000 .467000
Tientsin or Pelyallg
dollar
.469583 .469166
.465833 .465833
Yuan dollar
India. rupee
.361894 .361828
Japan, yen
452133 .452402
Singapore(S.S.)dollar_ .560000 .559583
NORTH AMER.998250 .998211
Canada, dollar
Cuba, peso
999825 .999656
Mexico. peso
.471000 .470833
Newfoundland, dollar. .995812 .995843
SOUTH AMER.Argentina. peso (gold) .959610 .959894
.119381 .119409
Brazil. milreis
.
Chile. Peso
1.024708 ,1.025658
Uruguay, peso
978000 I .975600
Colombia. peso
Aug. 8.
Aug. 9. Aug. 10.
$
.140826
.139065
.007235
.029626
.266955
$
.140836
.139084
.007238
.029627
.266958
$
.140858
.139086
.007212
.029628
.266975
$
.140853
.139084
.0072.38
.029627
.266989
4.854263
.025165
.039086
.238448
.012957
.401377
.174380
.052313
.266942
.112100
.045642
.006113
.166538
.267568
.192498
.017600
4.854456
.025168
.039077
.238440
.012964
.401297
.174326
.052313
.266951
.112100
.045696
.006114
.167485
.267613
.192497
.017601
4.854701
.025169
.039076
.238389
.012959
.401131
.174339
.052309
.266965
.112100
.045528
.006115
.166677
.267639
.192500
.017603
4.854446
.025169
.039074
.238153
.012960
.401067
.174364
.052304
.266980
.112095
.045429
.006110
.166832
.267665
.192505
.017603
.666875
.663125
.649428
.683750
.498839
.470000
.686250
.663333
.649642
.685000
.499107
.470500
.671250
.667083
.653250
.688750
.500303
.471500
.669583
.665416
.652214
.685000
.499546
.469500
.472916
.469583
.361928
.452812
.560000
.472916
.469583
.361928
.452011
.560000
.474583
.471250
.361956
.450616
.560000
.472083
.468750
.361850
.450552
.559583
.998663 .999292 .999687
.999593 .999593 .999531
.471083 .471833 .472333
.996312 .997031 .997304
.999882
.999625
.473166
.997531
.959255 .959254 .959747
.119454 .119159 .119454
.120755 .120782 .120759
1.025949 1.025939 1.025790
.974400 .974400 .973200
.959324
.119463
.120749
1.026099
.972100
The Far Eastern exchanges, especially yen, have
been under pressure owing to political causes. Yen
were under pressure following news that a note had
been sent by Japan to the Chinese Nationalist Government, stating that "steps would be taken" unless
China rescinded action abrogating the treaty with
Japan. The political features affecting the silver
currencies have already been treated in earlier pages.
A United Press dispatch from Washington on Wednesday stated that preliminary steps looking toward the
adoption of a financial rehabilitation program for
China, which probably would involve the biggest
banking transaction in world history, soon will be
given official consideration here and in other capitals.
American dollars are expected to play a leading role
in this task of putting Nationalist China on the road
to economic stability and the United States Government, although leaving the actual negotiations to the
international bankers who may participate in the new
program, doubtless will exert an important if not a
deciding influence on these negotiations, it is said.
Acording to the London Stock Exchange, China's
secured and unsecured indebtedness,including unpaid
interest, on July 1 of this year totaled $494,041,500.
It is not believed here that this total includes all of
the 129 loans known to have been made to China, and
perhaps does not include several Japanese loans, the
details of which have never been made public. Closing quotations for yen checks yesterday were 45.07@
45/, against 45.10®45/ on Friday of last week;
.;
Hong Kong closed at 50.20®503, against 50@5031
Shanghai at 65%@65/,against 65@653j; Manila at
3
3
49%,against 49%;Singapore at 563'pet56, against
Bombay at 36/, against 36y, and Cal3
563@563/2;
at 36M, against 36%.
cutta
734
FINANCIAL CHRONICLE
Owing to a marked disinclination on the part of
two or three leading institutions among the New
York Clearing House banks to keep up compiling the
figures for us, we find ourselves obliged to discontinue
the publication of the table we have been giving for
so many years showing the shipments and receipts
of currency to and from the interior.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec.6 1920, it is also no longer
possible to show the effect of Government operations
in the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the Clearing
House each day as follows:
DAILY CREDIT BALANCES Olt NEW YORK FEDERAL RESERVE BANE
AT CLEARING ROUSE.
91.1100.000
Wedwarry. 27Mrsdag,1 Pridar.
Aug. 9. Aug. 10.
Aug. 8.
Taos
Saturday. Monday.
Aug. 4.
Aug. 6.
93.800.N1
91.000,000
$
82,001.000
79,000,100
96.140.000
Aromas
for Week.
Cr. 532,000,000
Note.—The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve bank from all parts of the country In the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the Items payable In New York City are represented In
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for In arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collecticia for the account of the local Clearing House banks.
The following table indicates the amount of
bullion in the principal European banks:
Aug. 11 1927.
Aug. 9 1928.
Sante of
Gold.
Surer.
Total.
Gold.
Slicer.
Total.
£
£
£
£
152,700,075
174,432,054 152,700,075
240,747,068 147,260,559 13.680,111160.940.559
d
994,60 88,151,950
c994,611 108,313,2.1 87,157,35
103,897,000 27,251,1:: 131,148,000
29,347,000 132,684,
46,736,000 3,842,150,578,000
53,158,
1,910,00 38,154,000 32,194,000 2,345,101 34,539,000
1.250,111 24,197,000 18,481,0001,174,111.19,635,000
2.181,111 20,095,000 17,788,000 2,689,000 20,457,000
12,295,000
12,785,000 12,295,000
10,839,000
718,
10,718,1 1 1 10,121,000
615.
8,180,000
8,180,000
£
England-. 174,432,054
France __a 240,747,068
Germany b 107,318.6
Spain ____ 104.337,00
53,1.50,111
Italy
Netherl'ds 36,244,000
Nat. Belg- 22,947,III
BwItzerl d 17,914,
'
Sweden.-- 12,785,Ill
Denmark _ 10,103,000
8,166,II'
Norway
8.16600
Total week 788,149,77 35,207,6 s: 823,447,372636,769,984 52,693,600680,463.584
Prev. week 774,059,882 35,329,60 809,389,482636.773,880 52,682,60 689,456,489
a These are the gold holdings of the Bank of France as reportec3 in the new
form of statement. b Gold holdings of the Bank of Germany are excluelve of
gold held abroad, the amount of which the present year Is £4,281,300. c As of
Od . 1924. d Silver is now reported at only a trifling sum.
A New Phase of the Unemployment Problem in
Great Britain.
The report of the British Industrial Transference
Board which was made public on July 23 disclosed a
condition in the unemployment situation in Great
Britain to which little attention had previously been
paid. The Board was appointed by the Minister of
Labor to aid in the transfer of unemployed workers,
particularly coal miners, to places where work
might be obtained. On July 16, a week before the
report was issued, the Minister of Labor announced
that the number of unemployed had risen to 1,247,000, an increase of about 200,000 within a year. The
Board, however, as a result of its investigations,
reported that there were at least 200,000 workers in
the country, most of them miners, for whom work
could not be found in the industries in which they
had formerly been employed, and that something
like a wholesale transfer of this great volume of idle
labor must be undertaken if the workers themselves
were not to starve. "It is hard to tell the numbers
of men and even whole communities," the .Board
declared, "that unless they leave all their familiar
surroundings they will not be able to earn a living."
But "it is no longer a question," the report continued, "of merely tiding over unemployment in these
areas until a crisis passes. A new policy is needed,
directed at the permanent removal of as many workers as possible away from depressed industries and
areas to other areas where the prospect of employment is more favorable. Success of the policy de-
[VoL. 127.
pends, first, upon realization by the unemployed
persons themselves of the stark realities of the situation, and their resolution to try a fresh start elsewhere. Secondly, there must be co-operation by the
public to foster opportunities for employment to
ease the transfer. Thirdly, the State must help."
In a debate on July 24 on a Labor Party motion
censuring the Government for its "ineffectiveness"
in meeting this "tragic national problem," and in
statements made later, Ramsay MacDonald, former
Labor Premier, discussed the situation and undertook to explain its cause. According to Mr. MacDonald (we quote a New York "Herald Tribune"
cable dispatch of last Monday), the number of registered unemployed had steadily risen from 1,022,000 in June,1924, to 1,247,000 in June, 1928. "Within the three and a half years ended January 1, 1928,
there has been an increase of 225,000 people who are
called paupers in some shape or form, and that in
spite of the increased stringency in administration
and a refusal of out relief to very large numbers of
unemployed." The heavy basic industries of iron,
steel and shipbuilding, together with the cotton
industry, "must now be considered to be permanently overmanned and overstaffed." Among the
causes of this depressed condition which Mr. MacDonald emphasized were the failure of the Government to undertake certain obvious works of drainage and road building, the overcapitalization of certain industries, and a marked increase in speculative business as compared with productive business.
"Instead of being in the hands of what used to be
called a captain of industry," Mr. MacDonald declared, "business is beginning to be managed by men
who have their card on a chair and who sit at a
table where directors meet occasionally, and who,
on account of that fact, draw certain fees. There
is nothing more degrading to our business today
than the development of the director who is not an
industrialist in any shape or form."
Premier Baldwin, while not denying the gravity
of the situation, insisted that the marked increase of
unemployment was to be ascribed to the unsettled
condition of credit and the general reorganization
of British industry and business since the World
War, together with a worldwide depression in the
textile industry, and contended that the general
trade of the nation had kept up. The remedies
which he proposed to take included the application
in December next, instead of October, 1929, of the
reduced freight rates on coal already provided for
in a plan submitted by Winston Churchill, Chancellor of the Exchequer; the extension for two years
from September, 1929, of the export credits guarantee, and loans to working people, repayable in small
instalments over a long period, to enable them to go
to other parts of the Empire where work was assured.
It is this latter proposal that has excited the
greatest interest, not only in Great Britain, but also,
naturally, in the Dominions. Some 264,000 persons,
it is reported, have been helped to emigrate from
Great Britain during the past four years, at a cost
to the Government, under the Empire Settlement
Act, of nearly $20,000,000. Most of these assisted
emigrants appear to have been agricultural workers, but Canada and Australia, the chief outlets for
surplus British labor, "cannot rest," Premier Baldwin declared, "on agriculture alone, nor do the
people who want to try their luck in those Domin-
AUG. 11 1928.1
FINANCIAL CHRONICLE
ions all want to work at agriculture." Arrangements must be made, accordingly, if the Government
plan is to be carried out, for the absorption by Canada and Australia in particular, and presumably by
other Dominions and Colonies in lesser proportions,
of industrial workers for whom Great Britain no
longer affords employment. The first step in carrying out the Government plan was reported on July
27, when it was announced that arrangements for
transferring 10,000 persons from Great Britain to
Canada were being considered by the British and
Canadian Governments and the Canadian National
and Canadian Pacific railway companies. The Imperial Government, it was stated, would assume the
bulk of the expense, and the railway companies
would undertake to distribute the workers in the
harvesting sections and return at reduced rates
those who failed to find permanent employment. It
was reported on Monday that more than half of the
10,000 had already registered at recruiting centres
in Great Britain.
To what extent the Dominions will be able or will
feel disposed to co-operate in this undertaking, once
the figures of the enforced emigration become large,
remains to be seen. The 10,000 or so men and
women whom it is expected will begin to leave Great
Britain for Canada on Aug. 18 are only 5% of the
large total which, according to the Industrial Transference Board, must not only be sent out of the
country very soon, but which must also be established in employments to which they are not accustomed. The Trades and Labor Congress of Canada,
on July 25, endorsed the stand taken by Peter Heenan, Minister of Labor, in opposition to the proposed migration. There is already a surplus of coal
miners in Canada, the Congress declared, "and the
same can be said of practically every other industrial activity." The Premier of Australia was reported on July 26 as saying that while his greatest
desire was for "an ever-increasing flow of British
people into Australia, the flow "must be conditioned
by the power of economic absorption," and that he
was not only "not prepared for transfer from Britain to Australia of an unemployment problem which
Britain was unable to solve," but that Australia
"was not going to undermine her national health by
lowering the standard of physical fitness required
of immigrants." On the other hand, Montreal and
Winnipeg correspondents of the "Wall Street Journal" reported on Wednesday that employment in
Canada showed a marked improvement in July over
the previous month and previous years, that in the
West "railway construction, increased freight and
passenger traffic, mining, lumber and other industries had absorbed the last of the unemployed," and
that "from the lake head to Vancouver there is no
surplus idle labor in sight." With the harvest season in the western Provinces soon in full swing, the
absorption of 10,000 workers, or even more, in that
occupation would seem to be practicable, but the
real difficulty will appear when that short-term occupation is over and the normal employment conditions of fall and winter have to be faced.
What stands out as the sobering feature of the
whole situation is the unwelcome fact that Great
Britain has now a permanent surplus of labor, and
that the surplus will go on increasing unless a very
considerable number of the unemployed can be sent
out of the country. The situation is entirely different from that which prevails in Italy, where there is
735
a very large population and a correspondingly large
excess of labor, but where the demand for labor in
France, whose supply of native labor has long been
deficient, offers an outlet near at hand and easily
availed of; and it is also much more acute than in
Germany, where again such redundance of labor as
exists is in considerable part absorbed by France.
British labor, on the other hand, has no adjoining
countries into which it can easily overflow. The
Continental labor field, taken as a whole, is already
more than abundantly supplied, and if British labor
moves at all it must take the slow and costly journey
overseas to the Colonies or Dominions. The remedy
which the Government has chiefly applied, that of
unemployment benefits or doles, appears to have
failed save as a minor palliative. Ramsay MacDonald, speaking at Montreal on Monday,is reported as
insisting that what was commonly referred to as a
dole was not properly a dole at all, but only insurance against unemployment, and that it "should be
looked upon as the proceeds of an ordinar7 insurance policy are looked upon." The distinction may
be technically valid, but practically it does not seem
to be important. It was never the intention of the
British system of unemployment allowances to do
anything more than tide the worker over temporary
difficulties until normal conditions of employment
should be restored. The difficulty that faces the
British Government is that of an absolute surplus
of workers, an appalling army of unemployed for
whom no work can be found except possibly overseas. No scheme of government insurance can cope
with this situation, and a continuance of the doles
can only mean the ultimate and complete breakdown of the policy, with no tangible gains to offset
the colossal expenditure.
There need be no fear that British industry, fundamentally strong and backed by long experience
of prosperity and adversity, will not exert itself to
the utmost to cope with this crisis. Canada and
Australia, not to mention other overseas possessions,
still have immense undeveloped resources, and can
use vastly more capital than they now employ if
markets can be found for their products. The problem which has become so acute in Great Britain,
however, is at bottom one which affects the whole
world of industry and trade. Production almost
everywhere tends to run ahead of consumption, the
credit structure tends to increase, and the relative
rank of established industries is undergoing fundamental change. The time-honored distribution of
labor, accordingly, finds itself jostled or disrupted,
and the least mobile labor faces widespread idleness
from sheer lack of work. No one will lightly venture to say how such a problem is finally to be
solved, but nothing is clearer than that it cannot be
solved by taxing the people to support millions of
workers for whom no work of any kind can be
found. If Great Britain, by transferring large
masses of its unemployed to its Colonies or Dominions, shall thereby extricate itself from its present
dilemma by achieving a new distribution of its labor
forces, it may set an example which other countries,
with a similar problem more distant but no less real,
may be able to adapt to their own needs.
Corn Cobs—Recovering Waste.
At a recent meeting of the American Chemical
Institute, held at Northwestern University, July
2,
Professor O. R. Sweeney, of .Iowa State
College,
736
FINANCIAL CHRONICLE
Ames, Iowa, addressed the body on the Agricultural
problem as seen from the standpoint of Chemistry.
According to a report of the meeting in the New
York "Times," great expectations were indulged in
through a chemical alliance of agriculture and industrialism. We quote, as follows: "Professor
Sweeney declared the Corn Belt as scientists see it
is a vast sponge for the absorption of heat units
from the sun. These units are stored in chemical
compounds from which experts later may extract
power as needed and material products for a decentralized industrial system, with the abolition
of high costs of distribution and congestion of population. . . . It was pointed out by Professor
Sweeney that there is no such sun energy trap as
in the Corn Belt anywhere else on earth, certainly
not where the white man can live and thrive. American industrialism should be located here, where
food for men and eventually constantly renewed energy for man's machines is on tap, he declared. The
concentration of a vast population on the seaboard
is uneconomic, in his opinion. The overhead cost
of maintaining such a great mass of people within
fifty miles of the city hall on Manhattan Island, is
becoming unbearable, and Los Angeles already shivers, despite climatic advantages, at the prospect
of coming thirst. . . . In the Corn Belt every
year hundreds of millions of tons of industrial raw
materials go to waste because of the lopsided location and overcentralization of industries. . . .
All told, in corn stalks, corn cobs, oat chaff, cottonseed hulls, peanut hulls, straw and other such waste,
full of pliant cellulose, from which chemistry can
make some 30,000 known industrial products already, there is an annual output of 1,000,000,000
tons of unused raw stuffs, equivalent to twice our
annual tonnage of soft coal. . . . Exhibiting
scores of corn-stalk products, paper of many grades,
rayon, wall-board, fire-proof tile materials, synthetic lumber and insulating materials now produced excommercially, Professor Sweeney sketched a possible rural manufacturing system with plants scattered over the Mid-West checkerboard fashion at
the strategic points for the collection and haulage
of raw material. The beet sugar camps of the West
have developed just that kind of factory system, he
declared."
Now, at the risk of seeming unresponsive to this
glowing picture of advance, we are tempted to inquire if the learned professor is not claiming too
much? It is to be asked first,—when "waste" is
utilized, what is to become of the soil, the land
itself? It happens that on the second day of this
session the question is answered. Fixed nitrogen
from the air will restore the fertility of the depleted
soil—and, if that is not sufficient, synthetic foodstuffs will be made to take the place of agricultural
products. And the only limit to population, in this
event, as far as these chemistry masters are concerned, will be ground to stand on; and the old
Malthusian doctrine or formula will be relegated
to the ancient time when men gathered food from
their gardens, fruit from their trees, and introduced
all sorts of fantastic notions into politics as to the
distribution and consumption of "surplus wheat"
still grown in the famishing Mid-West! And let
us say with due respect to "the farmer" who is now
troubled about his future that all this "relief" is
like offering a stone when bread is asked. Yet, and
this must give us pause, the rapidity with which in
[VoL. 127.
vention and conservation are applied to life makes
it possible to see some realization of these suggestions in a single decade. Just as an illustrative
example—it is perhaps from thirty to forty years
since a little German out in Missouri conceived the
idea of making corn cob pipes and opened a small
factory nearby St. Louis. In a short time a variety
of corn was grown for the size of the cob and today, we are told, it is possible to buy these corn cob
pipes in foreign lands. But to the Mid-West farmer, plowing his black loam, the detritus of the vegetation of centuries of a slowly uplifting inland sea,
the use of "fixed nitrogen" chemically secured, while
good barnyard manure goes to "waste," seems at
least a trifle anticipatory, though it may not be so
to the owner of an "abandoned farm" in sturdy New
England.
It is easy to speculate and predict. But this "alliance" of agriculture and industrialism, while possible, is not to come at once. The transformation
is too great. Population once settled in cities is
not moved by mere theories. It is not worth while
to manufacture "waste" anywhere when there is no
market. Masses of men can overcome obstacles and
live in any climate. Not long ago we referred to a
scientific theory, namely, that human energy grew
and sustained itself best in a temperate climate,
and that therefore the Northwest would become one
of our most densely populated sections and Seattle
one of our greatest cities. Giving science its full
credit, scientists often jump too fast and too far,
and science, itself, for all its exploration, for all
its discovery of "truth," is a romancer of no mean
ability. Still, some of these utilizations can come
about, slowly, and are to be encouraged as a practical means of "relief." But in the complexities of
modern trade, there are many difficulties, many obstacles. It is not our understanding that the beet
sugar factories, year by year, have proved a success. Beet sugar contends with cane sugar and always will. It is easy to show what may be done.
It is well to show the way that practical initiative
may take. And the corn-stalk and corn cob may,
year by year, attract industrialism, and the Mid.
West should keep an open mind and encourage the
advance, for it is natural to orderly progress, and
capital is ever ready. But eating concentrated
chemically produced foods is so far away we need
not think of it. And the checker-board factories
for utilizing waste are not yet perfectly placed or
the lines of loaded wagons at their doors.
We assent to the belief that overgrown cities are
uneconomic. But if the dispersion of population
should come suddenly or too rapidly, the result
would be an economic calamity. And this calls to
the attention the fact that in all these speculations,
the human desire, will, and ability to meet conditions, must be considered. And if these phases of
economics cannot be dissociated from the freedom
and feeling of the individual, how much less can they
be separated from the artificial law now so often
proposed through government. Millions of men
toiling, each in his own way, interrelated and mutually sustained, have builded to-day. They will
so build to-morrow. Government not only cannot
think for them, it cannot even theorize for them.
Schools, laboratories, associations in trade and industry, though beneficial in their efforts, still must
be subservient to natural forces they do not and
cannot control.
AUG. 11 1928.]
FINANCIAL CHRONICLE
There are products incidental to a farm that can
be salvaged at practically no expense, by the owner.
There is a market waiting. We may mention little
things that have often awakened only a sneer. Time
was when the timber lands were thrown open to the
public, and anyone was at liberty to forage at will
for hickory nuts and walnuts. Now these lands
are closed, and the incidental returns are no longer
beneath the dignity of the owner. In the same way
bees, chickens, garden stuffs, bring a legitimate and
growing revenue. As the size of the farm diminishes, the opportunity of this kind increases. One
lesson that emerges from all these considerations of
"waste" is that a stubborn pride in doing the big
things with the acres has held back owners from
utilization. This is disappearing. There are even
wild things growing that are worth saving. And
here is where thought and study of the neglected
opportunities for additional revenue, though small,
are worth while, and immediately possible.
Prejudice and Passion in Politics.
In the political campaign, now opening, there
are peculiar features not always found in our quadrennial contests. Perhaps the words are too strong,
but there is a jumble of "Issues" and a war of sections. The voter if he does not hold himself well
in hand will be led astray by prejudice and passion.
There is an old saying that first impressions are
strongest, and even as we write, an attack has been
made by overzealous individuals upon the candidates for the Presidency which, if not carefully analyzed, is calculated to do harm in ways not really
intended. It will be sufficient for our purpose to
indicate what these are—an attack upon Governor
Smith through his legislative record concerning the
saloon and one upon Mr. Hoover through his record
as Food Commissioner and the consequent price control of farm products, during and after the war.
Now the respective authors of these attacks, while
not animated by precisely the same motives, and not
possessed of the same backgrounds, have made themselves zealous •advocates of the issues of Prohibition and Farm Relief, and in doing so have, by their
utterances, cast reflections upon the integrity of
the candidates, and brought into being a first impression that only argument and proof can dislodge
or confirm.
We have no intention of entering that discussion. The charges will receive due attention by the
partisan contenders. Our thought is that throughout the campaign the voter should retain his mental
poise and not be swept off his usual method of analysis by these stories. First, there are many issues in the forefront. Some of them are major,
some minor. Every issue is major in that it impinges upon principles interwoven with the constructive fundamentals of government. The point
is that in voting we must apply the incidental to
the general, the concrete to the abstract, the part to
the whole.
Pausing, then, to consider these varying and diverse issues, the voter should put them upon the
high plane of political and economic principle, and
not be drawn away from this attitude by stories
which immediately turn into charges against candidates. We, always, are able to spot the canard
which reflects upon personal character; but unless
we await the demonstration, we are not always able
to spot the quasi-canard, deduced from the record
737
of candidates. The campaign before us promises
to develop acrimony and heat. The voter who is
conscious of the power of his ballot must hold aloof
and consider principles first and men second. We
have the structure of a government strong enough
to withstand the administration of any candidate.
To admit anything else would be to call for an
autocrat or a tyrant. Our parties are great enough,
and honorable enough, to save us from this. Never
have we had a candidate for the presidency wholly
unworthy of administering the office, wholly given
over to partisan ambitions and subterfuges, and we
have no such candidate now.
Our self-respect as a people demands of the voter
that he rise above prejudice and passion. He may
be a partisan, but he cannot escape being a patriot. And just here appears a truth that cannot be
disregarded. Our personal preferences as individuals or party men must be made subservient to the
good of the whole country. We have no political
right to vote to line our own pockets with gold.
We have no right to favor one section over another. We have no right to try to subserve one
industry as against all industries. No Mid-West
farmer has a right to vote for a so-called "equalization fee" or other method that promises relief to
the farmer—more than an Eastern manufacturer
has a right to vote for a law or system of taxation
that will serve his own interests and not those of
all other industries. The issue that is bigger and
better than all other temporary campaign issues,
and more important than the hopes to be placed in
any and all candidates is the issue of the permanent
good of government and people.
As matters stand to-day we are headed toward sectionalism and factional dispute over issues that are
selfish and social, partisan and industrial. There
is too much force expended to prove that candidates
can on election transform themselves into leaders
and saviors. This begets charge and countercharge
against personalities. It is true that men are forsaking one party for another, more perhaps than in
the past. This is a voter's right, privilege and duty,
according to his light and judgment. But he should
not do so by reason of prejudice or passion. He
should first "stop, look and listen." He should not
do so because he sees a way to get better prices or
lift mortgages, or because he sees a way to continue or enact a social reform that is not born rightly of government or that will restore to him a lost
so-called personal right. Though these may be issues, they are minor and impermanent. The overshadowing issue is the preservation of the Republic
and the return to Fundamentals.
It will be claimed that this great issue is not
stated clearly and succinctly by either party and
cannot be so stated. This is true, but shall voters
forsake party for expediency and opportunism?
Again, it will be answered: What else is there to do,
unless the individual must sacrifice himself to the
partisan? The only reply to this is that the very freedom to select issues is the freedom to select parties,
and if the voter cannot apply temporary campaign
issues to stable and permanent party principles, he
cannot escape sacrificing himself and his duty as a
voter to passion and prejudice. There must be some
guide to lead the citizen through the jungle of
trumped-up issues into the upper air of principle
and purpose. Parties change, have changed, are
changing. To many now it appears that the two
738
FINANCIAL CHRONICLE
parties upon some of the principles heretofore antagonistic now occupy opposite camps. Shall the
voter blindly follow as a partisan or boldly free
himself as a patriot for the good of the country?
We have failed in our purpose if we have not
pointed out the duty of discounting the claims of
partisanship and holding aloof from campaign personalities. Candidates themselves are not proof
against what is known as "trimming" to fill their
sails. They are not proof against replying in anger
to irrelevant charges. They are not proof against
talking vehemently on minor and unimportant issues. And in the same way partisans are not proof
against hate and malice through desire to win. They
are not proof against spreading stories that affect
most personalities. They are not proof against
"whispering." But the more mixed the issues the
more requirement there is for clarity of thought and
consecration of purpose. It is the silent vote that
counts. It is the non-worker in politics who is really
sought out by the organizers and planners. And to
him literature is not so much that which is franked
as that which is read between the lines of the daily
news.
The Williamstown Institute Under Way.
Readers of Zona Gale's account in "Harpers" for
August of the Chautauqua Scientific and Literary
Circles, familiarly known as the C. L. S. C.'s in
Katytown fifty years ago, will find only a contrast
in the Institute of Politics to-day. That broke the
crust, provided new themes and stirred the imagination of the worthier women of the middle class.
The few women members of the Institute are of the
professional or semi-professional class, lecturers,
teachers and writers, with here and there wives of
the men, all distinctly of the intelligentsia. The open
meetings will draw many of the same general class
from the vicinage, but others will know only of the
Institute by the reports in the local papers. Chautauqua, with its many departments, its great staff
and its members now in the millions in the homes
of the people from Portland Maine to Portland
Oregon, has reached and is influencing and enlightening the great "middle class," old and young, who
are the people of the United States. What the
Institute will become no man can say; but it is
moving on right lines, already commands attention',
and has opened a new field of intelligent interest.
President Garfield in opening the eighth annual
meeting of the Institute last week took occasion to
refer to the distinguished speakers we have had
from abroad and the great change that has taken
place in the diversity and the commanding character of the subjects that have received attention. This
year these again are definite. While the Institute
is not concerned with politics, it must recognize
the absorbing importance of the issues involved in
the coming Presidential election. Three main obligations are at stake. The first is obedience to
law. This lies back of Prohibition which is primarily a moral and social problem, social it is true,
but in the main only personal until it is enacted in
law. Law of course is changeable and always a
matter of growth and experience; but once enacted,
it expresses the mind and the continued welfare of
the community, and it must be respected and obeyed
by all or it is defeated and the foundations of the
State are undermined. The second is fair play, or
like attention by the State to the interests of the
[VOL. 127.
farmer, for example, or for the manufacturer, the
West and the East, the individual and the corporation. And the third is acknowledged and efficient
international co-operation, such as is expressed in
Secretary Kellogg's proposition for outlawing war,
but also such restrained co-operation in foreign affairs as will prove to the people of other lands that
we are animated by so genuine and unselfish a
purpose of peace that we take the same position that
every right-minded man does in the community in
which he lives to do all in his power by example and
effort to promote peace for all.
In this spirit and with this steady purpose we invite leaders from other lands to speak to us and we
are glad of the opportunity to make clear to them
the real purpose and heart of America. Madam
Halide Edib, who opened the lecture courses, drew
a crowded house and commanded rapt attention.
Knowing something of her eventful career in Turkey with a lifetime long in effort and misunderstanding, through war and massacre, and imprisonment, and at last in having a leading hand in guiding her nation through its recent recreative progress, the audience was not prepared for the gentle,
refined and obviously modest little lady with the
sweet face and perfect composure who in clear and
carrying voice earnestly and convincingly in beautiful English conveyed her message. It was all
about Turkey, and not a word about herself.
She strove to make clear what certainly has not
been generally understood, that Turkey is taking
no sudden leap into the arena and adoption of modern life and culture. She rapidly reviewed the long
past in which the Turks have stood largely alone,
a strange race arrayed against opposing peoples.
They had conquered and absorbed many of them, but
were little influenced. The French Revolution
touched their inner life and stirred new thought. In
1839 the first real step was taken which opened
the door for the changes which, in the face of many
obstacles, have advanced until, following the lead
of the martyred Midhat Pasha, one by one, relations
of equality have been established with the Western
nations, the Caliphate has been separated from the
Sultanate, the authority of the Ulluma, the final
judicial resort, has been removed, civil courts with
the government of the law have been set up, freedom of religion has been declared, though the State
holds rule over Islam, Constitutional democratic
government has been created and the women have
been emancipated. Angora, displacing Constantinople as the Capitol, represents a new State no less
than a new government. Much remains to be done,
but in this her first deliverance the speaker sought
to establish confidence in the reality of Turkey's
advance and the promise of her future which are
bound up in the slow steps by which with constant
struggle and great difficulty she has gradually attained her situation to-day and would establish her
claim to honorable recognition. Madam Edib's
labor was certainly not in vain and she closed amid
prolonged applause. All could feel that her earnest
plea for a complete separation of Church and State
in Turkey yet to be accomplished concerns a situation so obviously desirable in Europe and so fundamental in America that it should find everywhere a
response that would satisfy her heart and sustain
her desire for Turkey.
In the later Conference she captured all hearers
by her ready wit, her great personal charm, and es-
AUG. 11 1928.]
FINANCIAL CHRONICLE
pecially by the earnestness and confidence of her
devotion to the Turkey in which and for which she
has suffered so much. Professor Philip M. Browne
of Princeton, who led the Conference, testified to
the great work Turkey has already done in creating a new spirit among her common people, a
widening of vision and a desire for knowledge which
within a few years has practically created a new
nation. Mr. Fowle from Constantinople confirmed
this, telling of the turning of the higher classes to
commerce and effort for the development of the
country in economic lines. Excellent roads are the
strong evidence of this. Albert Staub, director of
the Near East College Association, said the Government is co-operating completely with the American
colleges. Robert College has 750 students of whom
nearly one-half are Turks and the Woman's College
in Constantinople of which Madam Edib is a graduate has a similar proportion of Turkish students.
Turkish self-respect, the outstanding feature of the
national life, is in a fair way to be confirmed despite her loss of territory and her savage past, in the
new place she is winning in the Western world.
Aside from Madame Edib's special history and
personal charm, Professor Graham Wallas of London University, is the most distinguished European representative at the Institute. He has occupied many important public positions, has delivered
the Lowell lectures at Harvard and the Dodge lectures at Yale, and is a voluminous author. His special field is political science, and the true foundations of representative government. He will take
up in turn the underlying conditions, the place of
the majority, private property as an organizing social force, professional organization, and corporate
influence represented by universities, churches and
trusts, with the scientific theories of independent
writers and thinkers. He will analyze existing conditions resulting from the modern means of communication and the new unity of the world created by
new knowledge and power, which, while the problems of the States of the past still exist, make it
difficult for government to keep pace with scientific knowledge.
The demand to-day is for constructive thinking. It
is important to ask what ought to happen even more
than what is happening. Rationalization, or advanced and inventive thinking, is now common in
industry; we need to apply it to social organization
in general, and in the case before us, to government. Expedients of improvement lie in two groups,
forms of thought and forms of organization. In
America we start with a philosophy of natural
rights. It had behind it at the beginning the religious and political opinions prevailing at the close
of the 18th century. The individual citizen, high
739
or low, was an end and not an instrument of human
society. As soon as Americans felt that their relation to England should depend not on ancient
tradition but on the rights of all human beings to
attain their own happiness, the nation was born.
It has become clear that something more than a
theory or a traditional philosophy is necessary.
One's understanding must be governed by knowledge, and knowledge is always growing. The opinions and convictions of one age do not answer for
another. The voice of the people is not always the
voice of God. The ballot, important as has been
its place, is only one of the expedients by which men
find themselves trying to meet the requirements of
what is practically a new world. The modern world
is essentially a relation of trust and responsibility
in those aspects of our lives which lie outside of
politics, and the problem of our time is to discover the means of extending this relationship to all,
no less than to some, elections. Because we have
not done this, power is constantly falling into the
hands of selfish schemers or of men whose blind
animal impulse leads others to obey. Not only have
such men constantly been seen rising in power to
control nations and even at times the world, but
in great crises men of high principle and patriotic
purpose coming to the front in the roar and confusion of organized propaganda may be seen held
by the intensity and obstinacy of the impulse to
lead due to actual nervous overstrain or disease,
such as is now intimated in the early deaths of
Sonino, Wilson and Northcliffe, who then controlled
Lloyd George's policy at Versailles.
Dr. Wallas, with his faith in democracy and representative government, believes that the time is
coming when civilized people will see that their passionate impulses to lead and to follow, their habit
of loyalty to parties and to phrases, the very incompleteness of their own knowledge and judgment,
make necessary a continuous purpose to secure the
rational guidance needed in both social and political
life.
But even so great a change in our traditional conceptions of the ballot will not in itself secure rational direction of our public life. We need also
changes in the forms of our political institutions if
the relationship of trust and responsibility is to
become normal and constant. This will appear in
the greater independence of the judiciary when they
Are chosen by other than electoral methods, and in
the independent responsibility of all official service
as that of chemists, engineers, physicians, educationalists, and others who must be appointed by
other than electoral methods.
This is only an outline of the subject to be unfolded as the sessions advance.
Gross and Net Earnings of United States Railroads
for the Month of June
Returns of railroad earnings continue disappointing. There is an utter lack of the improvement
which had been so confidently expected long before
this. The automobile industry may be prospering
and the agricultural implement manufacturers may
be having orders beyond the ordinary, while the
steel trade, fed by an extra large influx of business
from these two sources, may be enjoying activity
beyond the ordinary, but the returns of railroad
earnings make it only too evident that general trade
is falling short of expectations and is by no means
equal in volume to that of a year ago when it fell
below that of the year preceding. Our compilations this time cover the month of June, the closing
month of the half year, and they amply support the
conclusion here expressed. As compared with the
corresponding month in 1927 they register a decrease of $14,871,440, or 2.88%, in the gross earn-
740
FINANCIAL CHRONICLE
[Vor.,. 127.
ings and a decrease of $1,827,387 in the net earn- 35,963,000 tons as against 36,627,000 tons in June
ings, or 1.41%, as will be seen from the following 1927. In June 1926 soft coal production in this
country was no less than 41,635,000 tons.
comparative totals for the two years:
In the anthracite field, the slump in production
Inc. (+) or Dec. (—)•
1927.
1928.
Month of June—
+1.336 0.56% has been even more pronounced and a further de239,066
240,302
Mlles of road (184 roads)_
Gross earnings
5501.576,771 $516,448,211 —511,871.440 2.88%
374,292,404 387,336,457 —13,044,053 3.37% crease occurred the present year on top of last year's
Operating expenses
—0.37%
74.99%
74.62%
Ratio of expenses to earnings_
decrease. It is not surprising under these circum—51,827.387 1.41%
$127,284.367 $129,111,754
Net earnings
stances that the Anthracite carriers should show adWhile the falling off here disclosed appears mod- ditional declines in earnings after having suffered
erate, especially when it is considered that June very heavy losses the preceding year. The producthe present year had one less working day than tion of Pennsylvania anthracite in June 1928
June of last year (it having contained five Sundays, reached no more than 5,301,000 tons, as against
whereas June 1927 had only four), it must be borne 7,257,000 tons in June 1927, and 8,870,000 tons in
in mind that comparison is with very unfavorable June 1926, though it seems desirable to point out
results a year ago and it was for that reason mainly that in this last mentioned year (1926) hard coal
that some improvement had been looked for the production was of exceptional proportions for the
present year. Such improvement, however, is, as season of the year, the anthracite mines being then
already stated, entirely lacking, no evidence of any engaged in making up the loss suffered during the
being found outside the spring wheat districts of long period of the anthracite miners' strike extendthe Northwest and a few roads like the Texas & ing from Sept. 1 1925 to near the close of February
Pacific that are deriving important benefits from 1926.
When soft coal tonnage is combined with hard
the oil development in the Southwest. In June 1927
our compilations revealed poor results, so much so coal tonnage, the total output of coal in the United
that in our comments on the figures we deemed it States in June 1928 is found to have been only
incumbent to say that it was a long time since any 41,264,000 tons, against 43,884,000 toms in June 1927
month had shown such a material falling off in and 50,505,000 tons in June 1926. This great shrinkgross and net earnings alike. In the gross the de- age in the coal output of the country goes a great
crease then reached $23,774,774, or 4.40%, and in way to explain the downward course of earnings
net it aggregated $20,897,156, or over 14%. The during the last two years. The statistics of carload
present year's further shrinkage, while not very ings of revenue freight in the United States throw
large, comes after these losses in 1927.
further light on the situation to the same effect.
In our review for June last year we enumerated During the five weeks ending June 30 the loading
a variety of unfavorable influences and conditions of revenue freight on the railroads of the United
as having contributed to bring about the poor show- States aggregated only 4,923,304 cars, against 4,995,ing. As it happens, virtually no relief has been 854 cars in the same period of 1927, and 5,154,981
experienced from these unfavorable factors of a year cars in the corresponding period of 1926.
In one section of the country the railroads the
ago, which explains why railroad revenues have suffered further contraction the present year instead present year were spared the serious drawbacks
of the recovery which had been counted upon. In with which they had to contend last year. In June
the first place, there was the previous year the strike 1927 many of the roads in the Mississippi Valley
at the unionized bituminous coal mines in various and the Southwest still suffered from the overflow
parts of the country. This strike began on April 1 of the Mississippi River and its tributaries. In fact,
1927 and was still in full force in June of that year. a portion of the afflicted area then had to contend
It involved a substantial reduction in the coal ton- with a second overflow, caused by spring freshets.
nage of the railroads traversing the Central West, Nothing of the kind was experienced the present
particularly those in Illinois, Indiana and Ohio. year and accordingly roads which in 1927 had their
It is true that the strike benefitted the roads serv- earnings heavily reduced by reason of the circuming the non-union mines and yet some of these lat- stances mentioned are now able to show conspicuous
ter nevertheless failed to equal their production gains in earnings, representing a recovery of what
of the previous season, one conspicuous instance be- was lost in that way. And yet even in such ining the railroads in the Pocahontas region, like the stances this year's gain is by no means in proportion
Ches. & Ohio, the Norfolk & Western and the Vir- to the previous year's losses, the reason undoubtedly
ginian Railway, the explanation being found in the being that both the grain and the cotton tonnage of
fact that these same roads had had their tonnage the roads have been heavily diminished on account
and revenues greatly swollen in the year preceding of last season's poor crop yield in that part of the
(1926), owing to the large foreign demand for coal country. Because of the floods the Missouri Pacific
which had then developed because of the coal in June last year showed 910,261 decrease in gross
miners' strike in Great Britain. This latter be- and $944,673 decrease in net. The present year
gan on May 1 of that year and did not terminate there are gains, but they reach only $128,923 in the
until towards the close of November in the sameyear. gross, though being $663,245 in the net.
In one other respect, also, there has been no reAs showing how little recovery has occurred in
it is only covery from the unfavorable state of things which
soft coal production the present year,
necessary to say that though in Ohio, Illinois and existed in 1927. We allude to the business depresIndiana considerably more coal was mined than sion through which the South has been passing.
last year (when mining was almost completely sus- The South a year ago suffered from a two-fold
pended), yet from the statistics furnished by the cause, namely the prodigious drop in the price of
Bureau of Mines it appears that the total produc- cotton, the South's chief money staple, and the coltion of soft coal in the United States during June lapse of the real estate speculation in Florida and
the present year actually fell somewhat below that other States with winter resorts. By June of last
of a year ago, this year's output having been only year there had been very notable recovery in the
AIM 11 1928.]
FINANCIAL CHRONICLE
741
price of cotton, but railroad traffic and railroad crease in gross and $1,039,386 decrease in net in
revenues nevertheless heavily declined. The pres- June last year. The Chicago Burlington & Quincy
ent year, unfortunately, there have been additional has added $91,813 to its gross, but reports $318,853
heavy losses, indicating that the South is still la- decrease in net the present year, following $817,190
boring under trade depression notwithstanding that decrease in gross and $598,177 decrease in net in
cotton prices have been ruling at much higher levels. June last year. The Rock Island shows $284,254
As it happens, too, the returns of all classes of roads decrease in gross, but $100,496 increase in net, after
in the South testify to the continuous drop in reve- $73,043 increase in gross and $659,182 increase in
nues, though in some cases the losses in gross reve- net in June last year.
nues have been overcome, in whole or in part, by
From one section of the country, namely, the
reduction in expenses. Thus the Atlantic Coast Line, spring wheat territory of the Northwest, the returns
which in June last year reported $1,449,197 loss in are almost uniformly favorable, due to the transgross and $1,097,526 loss in net, the present year formation in economic conditions effected by the
reports $595,528 more loss in gross, but $132,670 large spring wheat harvest of last season. The Milgain in net; the Florida East Coast this year shows waukee & St. Paul has the present year added $811,$267,531 decrease in gross, but $108,584 gain in net, 375 to gross and $996,123 to net. The Northern Paafter $703,169 loss in gross and $498,614 loss in net cific has enlarged its gross by $296,436, but suffers
in June 1927. The Seaboard Air Line a year ago suf. $260,591 decrease in net; the Great Northern has
fered $350,841 loss in gross and $248,338 loss in net added $411,003 to gross but loses $30,540 in net,
and the present year has suffered a further loss of while the Chicago North Western has enlarged its
$445,473 in gross, but attended by an increase of $35,- gross by $281,472 and its net by $223,195.
257 in net, effected through reduced expenses. The
As far as the Eastern roads are concerned, we
Louisville & Nashville the present year adds $733,- have already referred to the fact that most of the
148 loss in gross and $63,743 loss in net to $439,284 anthracite carriers have suffered losses the present
loss in gross and $824,005 loss in net in June last year on top of those sustained in June 1927. Among
year. The Illinois Central the present year has the the great East and West trunk lines, the Pennsylheaviest decrease of all, it reporting a falling off vania reports $1,343,604 decrease in gross with $1,of $1,165,831 in gross and of $1,200,715 in net; in 066,974 increase in net, and the Baltimore & Ohio
June 1927 it showed $424,383 increase in gross has $1,679,263 decrease in gross and $822,362 deand $360,923 increase in net. On the other hand, crease in net. The New York Central falls $1,165,the Yazoo & Mississippi Valley, which reported 629 behind in gross and $1,003,617 in net. This is
166,729 decrease in gross and $357,765 decrease in for the Central proper. Including the various auxilnet in June 1927, probably due to the floods, the iary and controlled roads like the Michigan Central.
present year shows $32,696 increase in gross and the Big Four, &c., the result is a decrease of $1,283,$111,207 increase in net. The Southern Railway 206 in gross and of $938,531 in net for the New York
adds $724,010 decrease in gross and $371,060 de- Central system. In the following we show all
crease in net to $504,058 loss in gross and $768,076 changes for the separate roads for amounts in exloss in net in June last year. This is the result for cess of $100,000, whether increases or decreases, and
the Southern Railway itself. For the Southern Rail- in both gross and net:
way system (including, along with the Southern, PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE
MONTH
OF JUNE 1928.
the Alabama & Great Southern, the Cincinnati New
Increase.
Decrease'
Orleans & Texas Pacific, the Georgia Southern & Texas & Pacific
$1,119,805 Central of New Jersey.. _ $607,049
Chic Milw St Paul& Pac.
811,375 Atlantic Coast Line
595,528
Florida, the New Orleans & Northeastern, and the Union Pacific (4)
793.899 Beading
554,609
Bessemer & Lake Erie.526,919 Delaware & Hudson__ _ _
521.304
411.003 Seaboard Air Line
Northern Alabama), the result is a decrease of $1,- Great Northern Erie.._
445,473
Wheeling & Lake
332,522 Virginian
438,502
Northern Pacific
065,685 in gross and of $568,584 in net, after $643,- Chicago & Northwestern 296,436 Western Maryland
378,588
281.472 Nash Chatt & St Louis-309.294
Michigan Central
212,125 Central of Georgia
067 increase in gross and $951,475 decrease in net Wabash
307,152
173.299 Chic Rock Is' & Pac (2)..
284,254
Minneapolis St Paul &
N Y Chicago & St Louis..
in June last year.
275.360
Sault Ste Marie
147,941 FloridaEast Coast
267,531
Chicago & Ill Midland
147.693 Cleve eta Chic &
In the Southwest there are also numerous in- Grand Trunk Western_ _ 139.783 Boston Maine St Louis 251.092
_
&
249,935
Detroit Toledo &
stances of losses the present year, but they do not Galveston WharfIronton 139,057 Colorado & Soathern (2).. 215,847
138.859 hockingValley
196,764
New On
178,839
always follow losses last year. We have already Missouri Tex & Mex (3).. 118,389 Los Angeles & Salt Lake.. 178,152
Pacific
128,923 Rang City Mex & Orient_
Louisville By & Nay Co_
109,246 Kansas City Southern_ _
168,819
referred to the case of the Missouri Pacific. The Indiana Harbor Belt_- 106.370 Pore Marquette
147,360
144,769
Erie (3)
Atchison reports $1,595,506 decrease in gross the Total (24 roads)
$6,135.116 CM New Or)& Tex Pac-136,906
Mobile & Ohio
132,886
present year and $1,180,635 decrease in net, which
Decrease. Long Island
127.725
& Ohio
Chicago &
follow $190,328 increase in gross and $1,102,345 Baltimore& Santo Fe (3)_ $1,679,263 N Y NIL &East Illinois.... 126,570
Atch Top
Hartford--1,595.506
117.517
Pennsylvania
1,343,604 Central Vermont
116,630
decrease in net in June 1927. The St. Louis-San Illinois Central
1,165.831 West Jersey & Seashore..
116.551
a1,165,629 LehighSr New England....
116.306
Francisco shows this time $702,786 falling off in New York Central
Chesapeake & Ohio
1,162.129 Pittsburgh & Lake Erie.._
109,486
Del Lack & Western..
789,121 N Y Ontario & Western..
103.932
gross and $329,194 falling off in net, which comes Norfolk & Western
734.466 Clinchfleld
101,053
Louisville & Nashville_733.148 Minneapolis & St Louis....
100,680
after $154,821 decrease in gross and $74,308 de- Southern Railway_ _ _ _ __ b724,010
St Louis San Francisco(3)
702,786
Total (53 roads)
$20.604,001
685.745
crease in net in June last year. The Southern Pa- Lehigh Valley
a These figures merely cover the operations of the New York Central
cific had relatively slight decreases a year ago and itself. Including the various auxiliary and controlled roads, like the MichCentral, the "Big
has relatively slight increases the present year. The iganThis is the result Four," &c.. the result is a decrease of $1,283.206'
b
for the Southern Railway proper, including the
Alabama Great Southern, the Cincinnati New Orleans & Texas Pacific.
Texas & Pacific continues its phenomenal record of the Georgia Southern & Florida, the New Orleans & Northeastern and
the Northern Alabama, the whole going to form
growth, having added $1,119,805 to its gross and System, the result is a decrease of $1,065,685. the Southern Railway
$711,301 to its net this year after $32,259 in- PRINCIPAL CHANGES IN NET EARNINGS FOR THE1MONT1I
OF JUNE 1928.
crease in gross and $129,362 decrease in net in
Increase.
Increase.
Pennsylvania
$1.066,974 Missouri Kens Tex Lines $216,503
June last year.
Chic Si ilw St Paul & l'ac.
996.123 Union Pacific (4)
216,320
Texas & Pacific
711.301 NY N Haven & Hartford
203,619
As we go further north in the western half of Missouri Pacific Co
663,245 St Louis Southwestern(2)
174.937
Bessemer & Lake Erie
533,105 Detroit Toledo & Ironton
Wheeling & Lake
the country, the returns become more favorable and Southern Pacific Erie_ _ _ 284,612 Duluth Missabe & North 173.711
164.084
(2)_ _ _
257,135 Buffalo Reda & Pitts_ _-161.080
the Union Pacific reports $793,899 increase in gross Long Island
255,467 Indiana Ilarbor Belt_ _. _
154 350
Michigan Central__ _ _ _ 224.751 Galveston Wharf
153.059
Chicago & Northwestern
and $216,320 increase in net, after $1,307,907 de- N OA Tex & NIex (3)_.._ _ 223,185 Wabash
216.810 Chicago &
Ill Midland....
111251084
• 742
FINANCIAL CHRONICLE
[VOL. 127.
which it was computed at the time would add $125,000,000 a month to the gross earnings of the carriers—supposing the volume of traffic had remained
unchanged instead of undergoing an enormous
shrinkage. In like manner, the $98,972,757 saving
in expenses would have reached still higher figures
except that wage schedules the previous July had
been raised 20%—which advance would have added
$50,000,000 a month to the annual payrolls of the
carriers if the volume of traffic and the force of
employees had been maintained at the high levels exa These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the isting when the wage award was made.
forheougaiwayprp:.ncln
,
Michigan Central."Big tou"a . the result
iLe
the
result
Previous to 1921, on the other hand, expenses had
Alabama Great Southern, the Cincinnati New Orleans & Texas Pacific.
Florida, the New Orleans & Northeastern, and been mounting up in a perfectly frightful way until
the Georgia Southern &
Southern Railway
the Northern Alabama, the whole going to form the
System, the result is a decrease of $568.484.
in 1920 a point was reached where even the strongSpeaking once more of the results collectively, it est and best managed properties were barely able
deserves to be noted that while in the case of the to meet ordinary running expenses, not to mention
whole body of roads, losses in gross and net alike taxes and fixed charges. And it is these prodigiousthis year follow losses in June 1927, on the other ly inflated expense accounts that furnished the bahand, in the two years immediately preceding the sis for the savings and economies that were effected
exhibits were quite favorable. In June 1926 our in 1921 and 1922. In June 1920, particularly, extabulations showed $32,634,035 gain in gross and penses were exceptionally heavy and the net cor$18,571,582 gain in net, and in like manner the fig- respondingly low. At that time in 1920 railroad
ures for June 1925 registered $41,227,707 increase managers had very distressing conditions of operin gross and $29,350,006 increase in net. On the ations to contend with, the troubles experienced in
other hand, however, the gains in these two years to that respect in April and May having extended into
a very large extent, at least as far as the gross earn- June. What with car shortages, freight congestion,
ings are concerned, were simply a recovery of the outlaw strikes on the railroads themselves and adlosses sustained by the railway transportation lines ditional labor troubles at terminal points by reason
of the country in 1924. This last mentioned year of strikes of teamsters and draymen and the like,
was the time of the Presidential election, when a which interfered with unloading and removal of
tremendous slump in business occurred, which was freight—intensifying the congestion existing—and
reflected in sharply declining railroad revenues. with wages high, it was impossible to avoid heavy
Our table for June 1924 showed a falling off in the increases in expenses, even though comparison was
gross of no less than $75,442,339, or 13.97%, with a with totals of expenses in themselves large the year
decrease in the net of $22,846,602, or 18.37%. But before.
In speaking of expenses in the year before (1919)
it should also be borne in mind that these losses followed heavy gains in 1923. This last-mentioned having been large, a word of explanation is necesyear was in many respects the best in railroad his- sary. Actually, our tables recorded $78,763,342 retory, particularly in the case of the great East and duction in expenses coincident with a gain of $30,West trunk lines serving the big manufacturing sec- 769,974 in gross revenues, yielding, therefore, an adtions of the Middle States and the Middle West. dition to net in the huge sum of $109,533,316. But
The improvement in earnings in June of that year this followed entirely from the exceptional nature
amounted to $66,903,501 in the gross, or 14.14%, of the result in June of the year preceding. In this
preceding year (1918) there was included in the
and to $14,427,896 in the net, or 13.16%.
In carrying our comparisons back beyond 1923, expenses one item of huge magnitude and wholly
to 1922 and 1921, a fact which must not be over- abnormal in character. William G. McAdoo was
looked, especially in the case of the net, is that in then Director-General of Railroads, and after grantthese years the managers of the roads made very ing a big increase in wages to railroad employees, renotable headway in regaining control of the ex- troactive back to Jan. 1, he directed that the whole
penses of the roads after the unfortunate period of of the extra compensation for the six months should
Government operation. While the improvement in be included in the returns for the month of June.
the net in June 1923 was relatively small and fell The increases in wages at that stage (subsequently
below expectations, it came on top of improvement there were numerous other increases) added, it was
in gross and net alike in 1922 and very striking im- estimated, somewhere between $300,000,000 and
provement in 1921 in the case of the net, though not $350,000,000 to the annual payrolls of the roads.
in the gross. Our statement for June 1922, though Accordingly, the June expenses in that year includrecording only $12,376,822 increase in gross, or ed $150,000,000 to $175,000,000, representing the
2.69%, showed $28,989,678 increase in net, or wage increases for the six months to June 30. The
36.03%, because of a concurrent reduction of $16,- result was that with a gain in gross earnings for
612,856 in expenses. That reduction in expenses in the month of $40,002,412, there was an augmentaturn followed an even greater reduction in 1921, tion in expenses of no less than $182,340,983, or over
of
when our tables recorded $65,390,662 gain in net in 84%, leaving, therefore, a diminution in the net
earnings, $142,338,571. With that large item included, the
face of a loss of $33,582,095 in the gross
meeting
indicating that operating expenses for the month in railroads actually fell $40,136,575 short of
$98,972,757, or their bare running expenses—from which an idea
that year were reduced no less than
the exover 20%; the loss in the gross then would have been may be gained of the abnormal character of
expenses in
much larger than that shown except for the fact that hibit at that time. The reduction in
the Commerce Commission the previous July had 1919, with the elimination of the special item re.
authorized advances in freight and passenger rates ferred to, followed, therefore, as a matter of course.
Decrease.
Increase.
$132,670 Chic St P Minn & Omaha $354,457
Atlantic Coast Line
329,194
St Louis San Francisco(3)
dr
Minneapolis St Paul
318.853
120,108 Chic Burling & Quincy....
Sault Ste Marie
281,063
111,846 Reading
_
Union RR (of Penn)_
279.730
Vermont
111,371 Central
Chic Det Can Or Tr West
268,998
111,207 Virginian
Yazoo & Mississippi Val_
260.591
108.584 Northern Pacific
Florida East Coast
246.280
100.496 NY Chic & St Louis......
Chic Rock tel & Pac (2)
225,528
Chesapeake& Ohio
179,245
$8.134,495 Western Pacific
Total(37 roads)
162,883
Decrease. Western Maryland
158,222
Nash Chatt & St Louis
31.200,715
Illinois Central
152,507
Atch Top & Sante Fe (3).. 1,180,635 Pittsburgh & Lake Erie..
139.472
a1,003.617 Cleve Cin Chic & St Louis
NewYork Central
137,816
Valley
822.362 Hocking
Baltimore & Ohio
112,462
530,447 Cin New Orl & Tex Pac_
Del Lack & Western--102,196
491,262 New York Ont & Western
Norfolk & Western
b371.060
Southern Railway
$9,669,497
Total (29 roads)
354,902
Central of New Jersey- -
AUG. 11 1928.]
FINANCIAL CHRONICLE
In the subjoined table we furnish the June comparisons back to 1906. For 1909, 1910 and 1911 we
use the Inter-State Commerce totals (which then
were more comprehensive than they are now), but
for preceding years we give the results just as registered.by our own tables each year
-a portion of
the railroad mileage of the country being then al
ways unrepresented in the totals, owing to the refusal of some of the roads in those days to furnish
monthly figures for publication.
Gross Earnings.
.
Year
Moen.
Yea
Preceding.
Net Earnings.
(+)or
(-).
Inc.
Dec.
Year
Given.
Year
Preceding.
(+)
(-).
Inc.
or
Dec.
$
June.
S
$
$
$
8
1906_ 100,364.722 90,242,51 +10,122,209 31,090.697 27,463,367 +3,627.330
1907 _ 132,060.814 114,835,74 +17,225,040 41,021,559 36,317.207 +4,704,352
126,818,844 153,806,70 -26,987,858 41,818.184 46.375,275 -4,557,091
1908.
1009 _ 210,356,96 184,047,21 +26,309,748 74.198.190 59,838,655 +14,357,535
1910 - 237,988,124 210,182,484 +27,805,64 77,173,345 74,043,999 +3,129,346
1911 -231,980,259238,499,885 -6,519,626 72,794,069 77,237,252 -4.443,183
1912 _ 243 226 498228,647,383 +14,579,115 76,223,732 71,689,581 +4,534,151
1913 _ 259,703,994 242,830,U • +16,873,448 75,093.045 76.232,017
-138.972
1914 _ 230,751.850 41,107,727 -10,355,877 66.202.410 70,880.934 -4,678,524
1915 _ 248,849,716 247 535 87
+1313,837 81,649,636 69,481,653 +12,167,983
1916 - 285,149,746 237,612,967 +47,536,779 97.636.815 78,639,703 +20,943,112
1917 - 351,061.045301,304.80 +46.696.242113.816.026103.341,815 +10,474,211
1918 _ 363,565,528 23,163,11 +40,002.412-36156952106,181,619-142,338,571
424,035,872 393,265,89 +30.769.974 69,396.741 df40136,575
1919.
1920 -486.209,842 20,586,96 +65,622,874 21,410,927 68,876,652 +109,533,316
1921 _1460,582,512494,164,607 -33,582,095 80,521,999 15 131 337 -47,465,725
1922 .1472383,903460,007.881 +12,376,822 109.445,113 80,455,435 +65.390,662
1923 _ 540,054,165 473,150,66 +66.903.501124.046,578 109,618,682 +28,989,678
1924 _ 464,759,956
, , . -75,442,339 101,527,990 124,374,592 +14,427.896
1925 _ „ 464,774,329 +41,227.707 130,837,3241101,487,318 -22.846.602
+29,350.006
1926 538,758,797506,124,76 +32.634,035149.492.478130.920,896 +18,571,582
.
1927 _ 516,023,039539,797,81. -23.774,774 127.749.692 148,646,848 -20,897.156
1928.501.576.771 516,448,211 -14.871.440127.284,367 129,111,754 -1.827.38,
Note.
-In 1906 the number of roads included for the month of June wan 80; in
1907. 84; in 11108 the returns were bead on 147.436 miles of road; in 190,9
234,183:
n 1910, 204,596; In 1911. 244,685; In 1912; 235,585; in 1913. 230,074; In 1914'
222,001; In 1915. 240,219; In 1916, 226,752; in 1917, 242,111; in 1918, 220,303; in
1919, 232,169; in 1920, 225,236; In 1921. 235,208; In 1922.235.310:In 1923,
236,739;
n 1924, 236,001; in 1925, 236,779, In 1926, 236,510; In 1927, 238,405; In 1928,
40.302.
743
Central Eastern Region.
-This region comprises the section south of the
Great
Lakes Region, east of a line from Chicago through Peoria to
St. Louis and the
Mississippi River to the mouth of the Ohio River, and north of the
Ohio River to
Parkersburg, W. Va., and a line thence to the southwestern corner
of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
Pocahontas Region.
-This region comprises the section north of the southern
boundary of Virginia, east of Kentucky and the Ohio River north to
Parkersburg,
W.Va.,and south of a line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
Southern Region.
-This region comprises the section east of the Mississippi Rive
and south of the Ohio River to a point near Kenovs. ty, stn., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
WESTERN DISTRICT.
Northwestern Region.
-This region comprises the section adjoining Canada lying
west of the Great Lakes region, north of a line from Chicago to Omaha and thence
to Portland and by the Columbia River to the Pacific.
Central Western Region.
-This region comprises the section south of the Northwestern region, west of a line from Chicago to Peoria and thence to St. Louis, and
north of a line from St. Louis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Region.
-This region comprises the section lying between the Mi.
sissippi River south 01St. Louis and a line from St. Louis to Kansas City and thence
to El Paso and by the Rio Grande to the Gulf of Mexico.
Western roads must have suffered a loss in their
grain traffic in June, as the receipts of wheat at
the Western primary markets for the five weeks
ending June 30 the present year were only $18,435,000 bushels, against 24,861,000 bushels in the
corresponding period of last year. The receipts of
corn were only 23,104,000 bushels, 'against 29,815,000 bushels; the receipts of oats 9,239,000 bushels,
against 11,377,000 bushels; of barley 2,835,000, as
compared with 2,728,000 bushels, and the receipts of
rye 1,008,000 bushels against 1,628,000 bushels. Aggregate receipts of the five cereals combined were
54,621,000 bushels in June 1928, as against 70,409,When the roads are arranged in geographical di- 000 bushels in the corresponding five weeks
of 1927.
visions or regions, according to their location, the The details of the Western grain movement in our
unfavorable character of the results is strikingly usual form are as follows:
revealed. All the different geographical divisions,
WESTERN FLOUR AND GRAIN RECEIPTS.
End. Flour
Wheat
Corn
Oats
Barley
Rue
as also all the different regions within the same, 5 Weeks30. (bbls.).
June
(bush.)
(bush.).
(bush.).
(bush.)
(bush.).
show losses in gross, with the single exception of Chicago 1,010,000 887,000 7.474,000 3,263,000 351,000 204,000
1928___
1927__- 1,060,000 2,008,000 8,336,000 3.994,000
425,000
248,000
the Northwestern region. On the other hand, in the Milwaukee1928-.. 297,000
1,950,000
83,000
470,000
614,000
35,000
net because of reduced expenses two other regions,
1927255,000
569,000 1,439,000
1,436,000
120,000
506,000
Louts
besides the Northwestern, show improved net re- Sf.1928_ 525,000 1,180,000 3,072,000 1,282.000 28,000
1,000
1927...
1,000
sults, namely, the Southwestern region and the Cen- Toledo- 571,000 1,619,000 3,045,000 1,822,000 41,000
19281,307.000
196,000
3,000
170,000
6,000
tral Eastern region. Our summary by groups is as
19271,253,000
481,000
7,000
10.000
950,000
follows. As previously explained, we now group the Detroit192894,000
155,000
30,000
109,000
4,000
1927132,000
58,000
72,000
17,000
47,000
roads to conform with the classification of the Inter- Peoria
1928... 255,000
44,000 2,288,000
788,000
2,000
165,000
State Commerce Commission. The boundaries of
1927-- 244,000
85,000 3,455,000
830,000
105,000
Duluththe different groups and regions are indicated in the
19284.753.000
20,000
383.000
602,000
170,000
19273.651,000
24,000
62,000
529,000
837.000
Minneapolisfootnote to the table:
District and Region.
Gross
Month of Juno-1928.
1927.
Inc.
(+)Or Dec(-)
Eastern District8
New England region (10 roads).- 21,785,788 22,355,397
-169,659 2
5
93,312.717 96,645,684 -3,332,967
Great Lakes region (34 roads)
Central Eastern region (81 roads)-116.155,457 120,525,947 -4,370,490 3.45
8.61
Total(75 roads)
231,253,912 239,527.028 -8,273,116
3.45
Southern District.
Southern region (31 roads)
60,292,229 65.661,089 -5,868,810
8.18
Pocahontas region(4 roads)
21,309,946 23,628,651 -2,318,705
9.82
Total(35 roads)
81,602,175 89.289.690 -7.687,515
8.61
Western District
Northwestern region(18 roads).- 64,446,040 62,330,348
+2,115,692 3.89
Central Western region (23 roads). 81,274,057 81,810,764
-536.597 0.66
Southwestern region (33 roads).- 43,000,577 43,490,381
-489.804 1.13
Total(74 roads)
188,720,684 187,631,493
+1,089,191 0.58
14
501,576,771 516.448.211 -14.871,440
TOM MI Markle (184 Made)
2.88
District and Region.
Net Rarntnes-----Month of June- -Mileage-1928.
1927. Inc.(+)or Dec.(-)
Eastern Dts6141028. 1927.
8
$
S
%
New England region-- 7.315 7,374 5,500,831 5,582.577
-81,746
Great Lakes region-. 24,872 24,955 24.535.032 25,685,413 -1,150,381 1.47
Central Eastern region 27,202 27,120 31,445,216 30.788,897 +656,319 4.47
2.13
59,389 59,449 61,481.079 62,056,887 -575.808
Total
0.92
Southern Desired
40,169 39,734 11,921,156 13,843.895 -1,922.739
Southern region
13.88
Pocahontas region.-- 5,623 5.617 •,331,653 8,292,106 -960,453 11.59
45,797 45,351 19,252,809 22,136.001 -2,883,192
Total
11.02
Western District
Northwestern region_ 48,805 48.491 17.113.658 16,153,218 +960.440 5.94
Central Western reg'n 51,515 51,381 19.626 951 20,560,876 -933,925 4.54
Southwestern region- 34,796 34,394 9,809.870 8,204,772 +1,605,098 19.56
Total
135,116 134.266 46,550,470 44,918,866 +1,831,613 3.63
Total all districts_ .__240,302 239,066 127,284,367 129,111,754 -1,827,387 1.41
NOTE -We have changed our grouping of the roads to conform to the classification of the Inter-State Commerce Commission, and the following indicates the
confines of the different groups and regions:
EASTERN DISTRICT,
-This region comprises the New England States.
New England Region.
-This region comprises the section on the Canadian bondary
Great Lakes Region.
between New England and the westerly shore of Lake Michigan to Chicago, and
north of a line from Chicago via Pittsburgh to New York.
19285,124.000
1927_-5,860,000
Kansas Ctry19282,021,000
19274.667,000
Omaha and Indianapolis1928794,000
1927...
1,462,000
SiouxOl1928181.000
1927105,000
81. Joseph
1928_
341,000
1927-611,000
Mafia1,626,000
1928-2,839.000
1927--
760,000
2,583,000
1,439.000 1,064,000
858,000 1,095,000
2,485,000
2,367.000
242,000
202,000
3,297,000
5,509,000
883,000
918.000
608,000
1,009,000
282,000
62,000
522,000
1,392,000
135,000
142,000
277,000
117,000
342,000
265.000
6,000
29,000
3.000
4,000
Total AU
1928._ 2.087,000 18,43.5.000 23,104.000 9,239,000 2.835.000 1,008,000
1927_ 2,130.000 24,861,000 29,815,000 11.377.000 2,728.000 1,628.000
Western roads also had to contend with a somewhat smaller livestock movement, the receipts at
Chicago having been 17,811 carloads, as against 21,449 carloads in June 1927; at Omaha 6,644 carloads,
against 7,680 carloads, and at Kansas City 6,562
cars, as compared with 7,147 cars.
With regard to the cotton movement in the South,
this is generally small in June, it being the tail end
of the crop season. Gross shipments overland during the month aggregated only 27,161 bales, as
against 55,555 bales in June 1927; 70,662 bales in
1926; 25,857 bales in 1925, and 21,612 bales in 1924.
At the Southern outports the receipts were but 147,036 bales, against 194,721 bales in June 1927; 229,478 bales in 1926; 111,527 bales in June 1925, and
157,988 bales in 1924. In the following table we
FINANCIAL CHRONICLE
744
[VOL. 127.
shifts of loans im-
of an unpleasant situation by forcing
give complete details of the receipts of the staple mediately on a large scale. To be sure the action taken
at the Southern outports:
this week by the Clearing House banks to discourage the
PORTS IN JUNE AND FROM
RECEIPTS OF COTTON AT SOUTHERN
JAN. 1 TO JUNE 30 1928, 1927 AND 1926.
Since Jan. 1.
June.
Ports.
1927.
1926.
1928.
1926.
1928.
41,662
28,926
49.125
5,000
56
11,282
5,787
1,065
4.133
Galveston
Texas City, dm
New Orleans
Mobile
Pensacola, etc
Savannah
Charleston
Wilmington
Norfolk
Lake Charles
1927.
17,457
23,513
60,778
11,358
255
40,097
23.907
9,485
7,871
45,981
63,370
57,192
4,255
721
36.730
8,019
2,063
11,147
387,746 921,851 740,597
435,908 1,002,201 638,872
542,108 935,427 728,087
62,146
80,363 110,697
4,224
2,878
1,658
176,035 405,479 303,948
77,963 212,726 129,488
35,195
84,803
53,734
54,875 139,076 115,382
1,024
147,036 194,721 229,478 1,811,414 3,815,138 2.757,939
Total
Our Banks and England.
Aug. 4.]
(Editorial Article in New York "Journal of Commerce"
London "Financial
"It is permissible to ask," says the
News," commenting upon our credit stringency, whether
of suthe English temperament is not an important source
longperiority over that of the American for the purpose of
success in the work of international finance." Thus
period
large
are we rewarded for our past generosity in extending
amounts of cheap credit to European borrowers. Thus facilely do foreign debtors forget how disinclined they were
a short time ago to listen to the American financial writers
who warned them that the picture of a land abounding in
riches sharing its surplus with the less well endowed was
a distorted inflationist view of the American financial
scene.
While European countries were busily engaged in building up bank reserves by removing gold from the United
States, enjoying simultaneously the benefits of the cheap
credits made available to them in this market, it was not
to the interest of the foreign banker to pay much heed to
the occasional voices of warning that reached foreign shores
from this side of the Atlantic. At length, with Federal
Reserve discount rates raised to 5% by most of the banks,
with American funds being withdrawn from foreign centers and American bankers borrowing abroad at high rates,
the foreign beneficiaries of our past credit favors are
forced to concede, howver reluctantly, that the popular notion of the inexhaustible character of our wealth and
credit resources does not faithfully reflect the facts of
the situation. Instead, however, of adopting a sympathetic
attitude, the British financial press seems inclined to criticize rather harshly the fumbling efforts of our banking
system to correct the abuses that have been permitted to
spring up.
English disapproval is accompanied by a self-congratulatory feeling because so far no serious inconvenience has
been suffered as a result of our somewhat tempestuous
methods of recalling funds placed in that market. There
Is an ill-concealed elation behind the comment of one financial review which says: "We understand that in many
cases these withdrawals were effected with somewhat
characteristic abruptness and aggressiveness and that they
have left behind in the minds of the aggrieved borrowers
a legacy of suspicion and resentment which may prove
inimical to American interests in the future." Elsewhere
attention is called to the fact that the rise of interest rates
here has caused us to forfeit some of the acceptance business done on British account last year, while American
banks have had to apply to British institutions for loans
form
at high rates. In some cases these advances take the
flucof what is called call loan deposits, on which rates
call
tuate daily in accordance with the renewal rate for
money in New York.
What a German critic refers to as the "jumpy" character
the
of the credit policy of our banks further emphasizes
are
foreigner's conviction that our credit control efforts
a
bungling and nonselective. European banks recognize
responsibility to their customers, and they do not believe
that it pays in the long run or tends to establish international confidence in the banking system of any country
to have funds shifted suddenly from one group of borrowers to another in rapid response to changes in interest
rates. This is the real onus of the reproach contained in
the statement that our banks pursue tempestuous and temperamental policies.
The criticism seems to find justification in the domestic
events of the past few days. The sudden furore that has
arisen about the question of corporate loans to brokers
Illustrates the same disposition to find an easy way out
placement of loans for account of others is not likely to
strike terror to the hearts of those who have been fearful
of drastic measures. The whole method of approach to the
subject of credit control, however, would be vastly improved
if the banks would consent to accept a larger measure of
responsibility for the loans that they have made or have
Indirectly encouraged in the past.
It is worth noting that the English banks this year have
been able to finance the needs of trade and industry on
reasonable terms without giving encouragement to a speculative boom comparable to ours. The London Stock Exchange did absorb large amounts of funds early this year,
but loans were later restricted without any of the noise
and flurry that have accompanied our ineffectual control
methods. It is hard to understand why restricting or rationing of speculative borrowers on a reasonable basis could
not be followed by the banks without resort to prohibitive
interest charges. It is not necessary to emulate the frantic
example of extreme rationing set a year ago by Germany to
arrive at some idea of what is a fair distribution of credit
supplies among various claimants for consideration. The
banks are not entirely powerless to correct maladjustments,
but they will not succeed in doing so by imposing interest
charges that penalize the commercial borrowers who are
most in need of aid.
"Breaking Away" from New York.
(Editorial Article in New York "Journal of Commerce" Aug. 7.1
The events of the next few weeks will show whether the
English have been premature in their jubilation over what
they regard as their recovered independence of the New
York money market. It is still uncertain, for instance, what
effect the usual seasonal pressure upon sterling will have
upon gold movements out of the Bank of England. There
is, of course, no expectation of duplicating the position of
last fall, when low money rates in this country caused crop
movements to be financed here very largely instead of in
London, with the result that the usual seasonal weakness
in sterling exchange did not develop. The chief reason
for present anxiety lies in the possibility that sterling may
descend to the point at which gold exports from England
on an extensive scale would be profitable. In that case
a rise in the discount rate of the Bank of England might
have to be faced by the London market.
However, the optimists point out that the independence
of London from New York has already been demonstrated
2
1
/
by the maintenance of the English bank rate at 4 %
during a period in which Reserve bank rates have been
advanced 1%%. This achievement is noted with all the
greater satisfaction because the Bank of England as a
result of its policy of "sterilizing" gold, has placed itself
In an exceptionally strong position to resist the pull of
various external influences upon its central gold reserves.
The American banking fraternity has heard a great deal
about the benefits of "gold sterilization" as practiced by
the Federal Reserve banks, but it soon discovered that it
had been living in an evanescent credit paradise. All that
"sterilization" meant in our case was that when gold was
flowing in unsolicited, the Reserve system did not attempt
to thrust it upon the market at a time when nobody wanted
it and the member banks were trying to get rid of it by
paying off their indebtedness to the Reserve banks.
That was a very different situation from the one that
now exists in England. The Bank of England has not only
wanted and worked to increase its gold reserves but it has
deliberately attempted to prevent the new gold from being made the basis of increased lending by the joint stock
banks. It has been opposed, too, by some of the most influential bankers of the United Kingdom, who have done
everything possible to enforce as well as to preach the
doctrine of cheap and abundant credits as an aid to industrial recovery. So far the bank is victor and the result
Is evident to-day in its position and in that of the joint stock
banks. In its last statement the Bank of England reported
gold and bullion holdings of f173,000,000, compared with
only £152,000,000 a year ago. The reserve ratio now
stands at 48.56%, contrasted with 29.97% last at the corresponding date.
Meanwhile what has been the effect of a gold influx of
over £20,000,000 upon the other banks? It is estimated that
If the Bank of England had passively received this gold on
deposit from other banks and the latter had made it the
Auc. 11 1928.]
FINANCIAL CHRONICLE
basis of loans, maintaining their customary ratios between
cash at the bank and deposit liabilities, the bank deposits
of the country would have been increased £180,000,000. Had
the Bank of England itself also chosen to make the new
gold the basis for loan operations, it might, without weakening its reserve ratio, have expanded notes in circulation,
and thus added still further to the cash balances of the
joint stock banks available for credit expansion. But it
did nothing of the sort. While the Reserve banks were
losing gold and pursuing a vacillating policy trying too
late to check the inflationary forces which they had unloosed by inopportune liberality, the Bank of England, deaf
to the protests of those who looked with envy toward these
shores, set to work to sell securities and thus draw down
the balances of the joint stock banks which might otherwise have become the basis for new loans and new deposits.
It will be recalled that one of the leading joint stock banks
deliberately tried a short time ago to circumvent the restrictive policies of the central bank by importing a large
quantity of gold and tendering it to the Bank of England.
It was conjectured that the aim was to force the hands of
the authorities by "smothering" them in gold until they
no longer had the resolution to continue their "sterilization" policy.
As a result of the firmness with which the bank has resisted its critics, the general consensus of conservative
opinion is to the effect that it is now in an exceptionally
strong position to resist the combined threats of higher
rates in this market, possible withdrawals of French balances and normal seasonal pressure upon the exchanges.
But danger threatens from within as well as without. Of
the twq, perhaps the internal threat is the more menacing.
The recent reports of continued distress in the heavy industries, growing unemployment and falling rail revenues are certain to give renewed offensive ammunition to
the critics of the Bank of England. So long as there is
any uncertainty about the ability of the bank to continue
to ignore these home critics of its policy, even to the point
of advancing the bank rate if necessary, it cannot be said
to be completely emancipated, even if it is no longer oversensitive to happenings in this market.
International Finance.
[Editorial July 14 in "Tho Financial News" of London, Eng.]
The sequence of events that has led up to the action taken
by the New York Federal Reserve Bank in raising its rediscount rate to 5% is of much interest to students of
International finance. It will probably be found that this
marks the climax towards which the conduct of international finance has been tending for some t4me past, and
that in the future those tendencies will be greatly modified
and in some cases reversed. It has become the fashion of
late to think of the United States as a kind of Tom Tiddler's ground, where riches are so abundant as to be had
for the trouble of stooping to pick them up. The bursting
American money bags were apparently an almost inexhaustible store, which could be drawn upon by relatively poor
countries for the flotation of loans. With a rediscount
rate as low as 3%%, at which point the New York official minimum stood in January, American funds in large
quantities were exported in order to earn better interest
745
in London and elsewhere. As one expression of this outflow
of resources a stream of gold poured from the American
reserves for export, so that in less than a year some £100,000,000 and more has found its way overseas, an amount
equal to about 10% of the total American gold stock. In
London one of the obvious consequences of all this has
been the larger supply of funds in the money market together with an increase in the Bank's gold reserve to
record heights. Hasty observers deduced from these facts
an imaginary justification for a large expansion of credit
and an early reduction in our own Bank rate.
The huge and prolonged investment boom in the United
States, however, has been the means of materially changing the trend of international financial operations. That
boom has culminated, not, indeed, in a financial crisis,
but in a state of affairs that has proved of very considerable inconvenience to the international monetary world. For
this result the American banks themselves are in no small
measure responsible. The Federal Reserve authorities allowed the situation to get out of hand, and their member
banks went on piling up their borrowings from the Reserve
Banks in order to finance the dealings in stocks without
calling upon brokers to liquidate their loans. The indebtedness of the member banks to the Reserve Banks is now
some $1,000,000,000. The check to the investment boom
which was certainly not discouraged by the action of
the banks has only been effected by means that have had
as their most prominent outward sign the dramatic rise
in the rates for call money.
Apart from the more transient aspects of the situation
presented by the recent condition of the New York Money
Market, there are likely to be more permanent consequences
of importance. In the first place, it seems justifiable to
suppose that the Tom Tiddlers' ground is not so abundantly
stocked with wealth as had appeared to the popular mind
to be the case. In other words, there is likely to be a check
to the flow of American funds abroad on the scale recently
witnessed. This will doubtless lead to a reduction of the
net amount of international borrowing. But the demand of
some borrowers is relatively inelastic, and it is therefore
probable that there will be a heightened demand on the part
of foreign borrowers in the London market. Another consequence of the change in international financial circumstances must be that London will find itself more closely
dependent than of late upon New York in Money Market
matters. It is, of course, evident that we shall not continue
to pile up our gold reserve as we have recently been able
to do. On the contrary, it will probably be somewhat reduced. It may be that the tendency towards a falling
price level will on this account be confirmed. And, while
speculating on the broader aspects of the new international
financial situation, it is perhaps justifiable to conclude with
the observation that the happenings in the New York Money
Market are an indication that we can pride ourselves on the
fact that London retains very great advantages as an international monetary centre. The defects revealed by the history of the New York market in the last weeks are partly
the result of a less highly organized machine, but partly
of a difference that is rather temperamental. It is permissible to ask whether the English temperament is not an
important source of superiority over that of the American
for the purpose of long-period success in the work of international finance.
Indications of Business Activity
STATE OF TRADE—COMMERCIAL
EPITOME.
Friday night, Aug. 10 1928.
The general tendency of trade is to increase as the
year
wears on. The crop reports show larger harvests both of
grain and cotton. The total of wheat, according to the
Government estimate, is 891,000,000 bushels against 873,000,000 both spring and winter last year. The spring wheat
crop is put at 228,000,000 bushels against 183,000,000 a
month ago. The total of both spring and winter has gained
within a month nearly 100,000,000 bushels. The corn crop
promises to be something over 3,000,000,000 bushels, against
2,755,000,000 the final crop last year. The oats crop is
1,442,000,000 bushels against less than 1,200,000,000 last
year; barley is 344,000,000 against 2
64,000,000, with rye
falling 15,000,000 bushels below last year. The cotton crop
is estimated at 14,300,000 bales against 12,955,000 bales
a year ago. A good many think the present estimate is
too low. This idea is that it is really something like 14,750,000 bales. To all appearance, the boll weevil has done
much less damage than it did last year. Prices have declined sharply on both grain and cotton during the week.
Wheat is 20 to 30 cents lower than last year and is the
lowest since 1924. Fall buying has been stimulated by
special efforts in the shape of "market weeks" and "style
shows." The warm weather has helped the sale of cotton goods all over the country. In North Carolina, moreover, the attempt to close all the mills for the first week
In August was only partially successful, for the reason, it
would appear, that trade is better than some had supposed.
The power load in North Carolina in the first week of this
month only slightly decreased. It is true that elsewhere
in the South there was some closing down for a week,
746
FINANCIAL CHRONICLE
and there is no disguising the fact that although the output
of standard cloths in this country appears to have been
some 23% smaller in July than it was in June, there was an
Increase in stocks of about 1%, with the ratio of sales to
production only 84.5%. Moreover, the strike continues at
New Bedford cotton mills and there has been some attempt to extend it to Fall River, not apparently, however,
with much success. Of late, the margin of profits for the
mills is reported to have been increased by the sharp decline in raw cotton, while there was no corresponding decline in goods. In general, it would appear that the textile
industry in this country, notwithstanding some obvious
drawbacks, is gradually getting into better shape as the
result of prolonged curtailment of output although it may
be necessary to continue it for a time.
Automobile production is increasing, judging by the increased employment. The Detroit employment total of
278,000 is the highest ever reported. It is an increase for
the week of 4,244 and is some 73,600 larger than at this
time last year, as well as 43,000 larger than at this time in
1926. Carloadings are expanding from the increased grain
movement. Agricultural implements have been in better
demand as well as shoes, hardware and paints, the last
two items reflecting a tendency toward an increase in
building. The steel output is increasing and here and there
a somewhat better demand is reported at steady prices. Pig
iron, it is said, has sold quite freely in the Central West.
Retail trade in general has continued to be stimulated by
warm weather. Light weight goods have naturally had the
quickest sale. Increased marketing of farm products has
increased the amount of money in circulation, something
that is reflected in larger purchases for the early fall and
In better collections. Mail order sales in July increased
22% following increases of 24.4% in June and 18.7% in
May as against a decrease of 1.3 in April. The increase for
7 months is close to 11%. Chain stores in July increased
14.6% and for 7 months the increase was close to 16%.
Chain and mail stores in July gained 16.7% and for 7
months 14.4%. Department stores in July gained 32%
and for 6 months .3 of 1%. Wholesale trade has not made
so good a showing. Where there have been increases they
have been small, and in March, April and June there were
decreases of 3 to 5%. For seven months there is a de1%. More zinc and lead mines are being
/
crease of 12
opened owing to a better trade in zinc and lead ores. Petroleum products have advanced with a growing trade. Gasoline has made the most notable advance. In the Central
West, shoe manufacturing is up close to 100%, and in the
East it is making a good showing. North Pacific lumber
trade reports are of a better demand and firmer prices.
At the South, hardwoods have a better sale. The large
output of motor cars and tires is one of the signs of the
times.
Wheat fell 8c. during the week on the good crop outlook
in the United States and Canada, but at times there was
a large export business and Liverpool and Buenos Aires
prices advanced when a rise was not expected. The total
crop is 20,000,000 bushels larger than the last one, which is
something of a surprise. Corn is down 4 to Sc. with the
crop 250,000,000 bushels larger than last year's. Oats are
1 to 2e. lower with a crop 240,000,000 larger than the last
one and rye fell 5 to 7c. In sympathy with wheat, although
the crop will be smaller than last year's. Provisions declined with grain. Coffee showed little change, Brazilian
prices being quite well maintained and daily receipts at Rio
de Janeiro reduced, something that may also be done at
Santos. Raw sugar futures have advanced and prompt
raws are 1/16c. higher than a week ago. Efforts are being made to have Cuba dispose of some more of its surplus
stock and Europe continues to buy store sugar here. Rubber shows practically no net changes in prices, though at
times they advanced on a better factory demand and higher
London and Singapore quotations. Apparently the great
decline in rubber has spent its force. Wool has sold more
freel yat lower prices, Texas wool being especially active.
The stock market has been irregular with money at times
2
1
/
7 to 8%, and time loans the highest since 1921. Foreign
exchange was unsettled. In stocks it is called a mid-summer professional market and that describes it as well as
anything else. To-day the trading was stated at 2,111,200
2
1
/
shares, with time money 6 % and stocks reacting after a
sharp upturn at the opening. There was a falling off in
unfilled tonnage of the United States Steel Corporation in
July of 66,082 tons. Montgomery Ward & Co., Sears, Roebuck & Co., the Dodge issues, and United Biscuit, sold to-
[VoL. 127.
day at new high record quotations, and the same may be
said of St. Louis Southwestern Railroad. The outlook is
for unexpectedly large crops of grain and cotton. It is
expected that London will ship gold to New York.
At Fall River, Mass., on the 6th inst., 1,200 employees of
the American Printing Co., it was reported, struck, the
strike spreading from New Bedford. It was reported that
an attempt of labor leaders to call out the workers at the
Lincoln Mill had failed; also that a strike at the Algonquin Printing Co. had failed completely. Fall River wired
that 150 employees of the Algonquin Print Works went on
strike on the 9th inst., their demands being similar to
those made by the employees of the American Printing Co.
and the Lincoln Mills. Fall River, Mass., wired later that
strikes were called in two mills on the 6th inst., when mills'
Agents refused to receive a committee of the workers who
had been active in the New Bedford strike. As to the
Fall River strike, it was said that 2,100 workers at the
finishing plant of the American Printing Co. had walked
out. The agent said that only 30 or 40 men quit work;
the police said 350; later about 100 workers struck at the
Lincoln Mills. The strikers want the 10% cut in wages
cancelled and an increase substituted of 20% above the old
wage scale.
New Bedford, Mass., reports declared that the liquidation
or removal in part or all of six cotton manufacturing corporations of New Bedford is being seriously considered,
partly as a result of the strike and partly because of the
unsatisfactory condition of trade. In most cases, directors, it is said, are in favor of liquidation. No official
action, however, has been taken. The plants involved are
said to be the Acushnet, Potomska, Quissett, City, Sharp
and Nonquitt. These represent more than 500,000 spindles
and 9,000 looms when operating under normal conditions.
Most of these plants are in excellent financial condition.
Charlotte, S. C., reported that the textile production was
at a low ebb in the south last week. A large number of
mills were idle, this being the second time within two
months that it was deemed expedient to reduce production
by a week's closing. The greatest idleness was noted
among mills making narrow sheetings and some lines of
print cloth. At Rockhill, S. C., after having been shut
down, the Hamilton Carhartt Mills, manufacturers of denim, reorganized under the name of the Cutter Manufacturing Co., has started again and it is operating on the
three-day-a-week schedule. Columbus, Ga., advices say
that employment managers of the large textile plants of
that State have reported that there has been more unemployment during the past 90 days than at any time since
1920. Besides, they say, the floating element is more
numerous. Mills of Georgia are now using only about 75%
of the number of people they were using Aug. 1 1927, and of
this number, the average working hours per week will run
40 to 47. At the reecnt Textile Welfare Workers' Association meeting held in Atlanta, one of the major problems
presented was night operation of the mills. However, there
were so few mills running at night at that time that the
proposition was tabled until the next meeting. One might
ride across the States without seeing a single mill running
at night, while Aug. 1 1927 there were 25 along the same
route.
There was a hot wave of four days' duration here
which was broken partly on the afternoon of the 5th inst.
and more effectively early on Monday morning, the 6th,
by a violent thunderstorm. For days the heat was 89 to 90
degrees here with hot nights and humid days. In the
afternoons, the humidity was around 68 to 70 degrees.
Storms brought relief to Boston and other parts of New
England. On the 5th inst. it was 94 in Boston and Philadelphia, 88 at Cleveland and 82 at Detroit. On the 6th
came a sharp fall in temperature; 90 degrees gave place
to 77 degrees maximum here and 66 as the minimum at
4:50 P. M.; Chicago 64 to 72, Cincinnati, 70 to 86, Cleveland 70 to 76, Milwaukee 58 to 74, Kansas City 72 to 88.
Boston 60 to 64, Portland, Me., 58 to 62, St. Paul 64 to 88.
On the 7th inst. it was 63 to 72 degrees, but at St. Paul
64 to 92; at Chicago up again to 90, Cincinnati also 90, Milwaukee 90, Montreal 60 to 66, Seattle 54 to 76. It was 67
to 82 degrees here on the 8th inst. with signs of warming
up further; at Chicago it was 78 to 86, Minneapolis 70 to
90, and at Milwaukee 72 to 92. It was up to 87 degrees here
on the 9th. Oppressive heat came during the middle of
the week, with 87 to 92 degrees in different parts of the
country. At St. Paul it was 94. To-day It was 80 degrees here and oppressive from a high humidity broken by
747
FINANCIAL CHRONICLE
AUG. 11 1928.)
heavy showers at 7 P. M. The forecast is for cooler weather to-morrow. Fog in the Bay and the Long Island Sound
delayed shipping. It was 72 to 90 degrees in Chicago.
The Weather Bureau on the 6th inst. said that a tropical
disturbance was central about latitude 25 longitude 78,
moving north-northwestward. It was apparently of small
diameter, but of considerable intensity and storm warnings
were displayed on the east coast of Florida between Miami
and Titusville. Miami, Fla., wired that the disturbance
south of Nassau was a tropical storm. West Palm Beach
reported that the barometer fell four points in two hours.
Later a hurricane of 60 to 100 miles an hour struck Florida.
Monthly Indexes of Federal Reserve Board.
The indexes of production, employment and trade of the
Federal Reserve Board, were issued as follows by the latter
on Aug. 3. It is noted that the terms "adjusted" and
"unadjusted" used below refer to adjustments for seasonal
variations.
Gain in Retail Trade in the United States in July This
Year as Compared with Same Month Last Year..
Retail trade was larger in July than in the corresponding month of last year, according to reports to the Federal
Reserve system. Sales of 478 department stores were 3%
larger than in July 1927, and those of mail order houses and
of five-and-ten cent chain stores were larger by 22% and
6% respectively. The Board, under date of Aug. 9, adds:
As compared with trade of department stores in June of this year,
sales in July were seasonally smaller, but the declines were lime than
usual. After adjustment for seasonal variations trade in July was sustained at a higher level than in June.
Department store sales were larger than in July of last year in all
sections of the country, except in the Philadelphia and Cleveland Federal
Reserve districts. The largest increases were reported in the Chicago St.
Louis, Minneapolis, and San Francisco Federal Reserve districts. 0; the
total number of department stores reporting, 231 showed increases and
247 reported decreases.
Percentage changes in the amount of sales between July 1927 and July
1928, together with the number of stores reporting, are given in the
following table:
•(Monthly average 1923-2100.)
1928 1928 1927
June May June
Industrial Practiselions adjustedTotal
Msunifacturee
Minerals
Manufacttues. adJailedIron and steel
Textiles
Food products
Paper and printing_
Lumber
Automobiles
Leather and shoes-Cement, brick, glass.
Nonferrous metals__
Petroleum refining__
Rubber tires
Tobacco manurctures
Minerals,adjustedBituminous
Anthracite
Petroleum
Iron ore
Copper
Zinc
Lead
Silver
Freight-Car Loadings. adjustedTotal
Grain
Livestock
Coal
Forest products
Merchandise. I. c. I.,
and miscellaneous_
108
109
99
109
110
105
108
109
104
112
105
93
-92
119
112
115
153
148
_
117
107
96
121
91
108
97
113
111
150
134
120
105
121
102
112
93
95
105
109
108
134
131
116
89
74
117
107
110
117
99
94
93
114
119
80
110
113
100
88
91
102
120
101
105
114
112
93
102
89
86
90
88
106
102
88
101
90
104
105
93
96
91
107
110
108
1928 1928 1927
June May June
Building Contracts
Adjusted
Unadjusted
1Vholesale Distribulion, adjustedTotal
Groceries
Meats
Dry goods
Men's clothing
Women's clothing
Shoes
Hardware
Drugs
Furniture
Wholesale Distribtslion. unadjusted
Total
Groceries
Meats
Dry goods
Men's clothing
Women's clothing_ -Shoes
Hardware
Drugs
Furniture
Dept. Store Sales
Adjusted
Unadjusted
Dept. Store Stocks
Adjusted
Unadjusted
Mail Order House
Sales
Adjusted
Unadjusted
148
158
152
163
144
154
89
94
112
79
78
49
81
91
109
95
98
99
109
87
98
62
113
94
116
92
93
98
104
88
90
85
90
92
108
102
84
97
114
71
39
21
76
95
103
83
89
95
109
75
57
35
114
97
109
87
87
101
106
78
48
28
85
96
99
90
105
103
104
107
103
101
98
95
99
101
103
97
144
127
132
116
121
107
EMPLOYMENT AND PAYROLLS.
Unadlueted(
1919
=100)•
Employment.
74
40
79
26
38
27
54
18
14
17
19
72
+3.6
+3.7
-1.2
--2.8
+3.8
+1.5
+5.1
+7.4
+6.7
+2.0
+3.2
+5.6
45
19
30
11
16
11
27
11
7
10
9
35
29
21
49
15
22
18
27
7
7
7
10
37
Total
+3.2
231
247
478
Mail order houses, +22.1 (2 houses). Five-and-ten cent stores, +6.2 (8 chains).
New High Record In Detroit Employment.
Detroit advices published in the "Wall Street Journal"
of yesterday (Aug. 10) stated
Industrial employment for the week ended August 7 increased 4.244 to
278,040, a new high record, according to Emplyoers' Association. This
compares with 204,427 in corresponding week last year and Is 3.641 over
the previous high record set in the first week of March 1926.
July Chain Store Sales Show Quite General Increase.
From a statement compiled by Merrill, Lynch & Co.,
it appears that chain store sales by 21 reporting companies
show a gain of 15% for July over July 1927, and a gain
of 17.3% for the seven months. The following are the
details for July and the seven months:
Month of July.
May
1928.
Juno
1927.
June
1928.
May
1928.
June
1927.
89.6
85.0
87.4
88.8
85.9
87.4
72.7
141.1
106.1
84.2
77.6
114.9
77.5
75.1
89.4
84.9
87.8
88.9
86.3
86.7
72.5
141.2
106.3
83.0
77.7
113.8
76.8
74.5
92.4
87.5
93.1
98.3
88.9
91.8
78.9
117.2
106.9
87.6
82.2
124.2
80.3
75.9
103.5
93.7
93.5
94.2
92.8
99.4
81.3
169.5
148.7
101.3
76.3
141.3
82.5
106.1
103.8
94.3
93.4
95.3
91.1
98.6
80.7
178.8
146.7
99.0
72.7
140.9
77.3
106.6
105.8
94.7
102.8
107.0
97.6
104.8
87.9
131.4
148.2
104.6
85.1
154.5
86.7
109.1
1928.
National Park Bank Finds Satisfactory Employment
Conditions-Business Conditions Viewed as Encouraging.
The so-called "unemployment crisis" that a radical statesman spoke of in the recent Senate investigation of the
employment situation has not materialized, according to
an analysis prepared by the National Park Bank of New
York. Average employment throughout the United States
is entirely satisfactory, according to the bank, and, in various divisions of industry, better than it was a few months
ago. There is no disturbance whatever. Skilled workers,
it is stated, are still greatly in demand and as high wages
as have ever prevailed in this season, although some industries are not employing as many men as were engaged
In rush seasons of other years. The review continues:
"Business as compared with that of 1927 at this time of the year Is
much more encouraging. Most of the important industries are making a
good showing. The purchasing power of the nation is strong and agriculture is prospering. Corporate returns show that business so far this
particularly favorable factor was the
year has been more profitable. A
business over that of the first quarter.
gain registered by second quarter
Indications are that the third quarter will continue this gain. Some of
considerable increase in the volume of
the big companies are showing a
somewhat irregular but any decreases
business handled. Earnings are
conditions peculiar to the trade. Numerous
can be attributed solely to
corporations are taking steps to strengthen capital structures and by
fortify
utilizing earnings to pay for improvements are doing much to
their future earnings power."
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneaplls
Kansas City
Dallas
San Francisco
Payrolls.
June
1928.
Total
Iron and steel
-Group
Textiles
Fabrics
Products
Lumber
Railroad vehicles
Automobiles
Paper and printing
Foods,do
Leather. Ac
Stone, clay. glare
Tobacco, do
Chemicals, ,
te
Federal Reserve District
-
Number of Stores.
Percentage of Increase
Number Reporting.
or Decrease in Sales
Total
July 1928 Compared
Reporting. Increase. Decrease.
with July 1927.
1927.
First Seven Months.
P. C.
Inc.
1928.
1927.
F.W.Woolworth $20,592,480 $20,174,652 2.1 $145,867.724 $136,942,191
Kroger Grocery_
15,268,766 12,278,895 24.3 110,798,130 93,733.577
J. C. Penney-- 11,733,938 10,442,258 12.4 83,487,806 71,202.086
9,791,245 8.0 73,373,233 85,892,232
S. S. Kresge-- 10,683,069
Safeway Stores-8,852.670
8.667,664 32.7 56,451,464 41.061,926
6,448,926
National Tea4,328,595 48.9 48.731,304 31,833,334
S.H.Kress
4,638,608
4,057.802 14.3 31,885,918 27,416,848
W. r. Grant_._.3,730,841
3,017,814 23.6 25,021,848 20,082,785
McCrory Stores.
2,877,275 2.5 20,498,915 19,852.293
2,950.288
Childs Co
2,012,584
2,256,127 *10.8 15,178,482 16,764,823
Sanitary Grocery
1,753,224
1,324,053 32.4 12,833,833
9,484,929
J.J. Newberry-1,558,849
1,222,383 27.5
9,003.460
6,604,050
G. R. Kinney
1,367,999
1,307,361 4.7 10,001,583
9,297,428
Bird Grocery
1,235,504
1,237,497 *0.16
8,902.372
9,959,038
F.& W.Grand
1,205.007
912,723 20.9
7,618,566
6,300,104
McLellan Stores
940,205
796,150 18.1
5,958,420
5,042,588
Metropolitan_
908,266
6,181,134
863,600 5.1
5,770.080
American Dept_
845,005
6,750,998
548,944 53.9
4,638,392
Neisner Brothers
766,794
505,183 51.7
4,480,906
3,097.887
I.Silver
414,847 11.3
481,748
2,700,185
3,139,408
Davega, Inc-._
333,671
1,611,159
1,883,506
286,284 16.5
Totals
P. C.
Inc.
8.5
18.2
17.3
11.6
37.4
53.0
16.3
24.6
3.2
*9.4
32.4
36.3
7.6
11.8
32.2
18.1
7.1
45.5
44.8
16.2
16.8
898,186,438 885,311,312 15.0 5689,115,669 8587,031,049 17.3
*Decrease.
Record Building Year Forecast in Survey by Indiana
Limestone Co.
A record building year is in sight-totals for July added
to those of the preceding six months, brings the value of new
buildings up to over $4,250,000,000; this is shown in a nationwide survey made public Aug. 7 by the Indiana Limestone
Co., based on reports from several hundred cities and towns.
"Up to this time last year, which set a new record, the total
was approximately $4,103,000,000," says Thomas J. Vernia,
Vice-President. He adds:
In light of the projects now under way and those planned, it seems likely
that the high record of $6,872,000.000 established in 1927 wW be surpassed.
Only an abrupt and acute depression could change the situation. And
there are so signs.
Business is facing the election period with composure and confidence.
The ghostly fears and rattlings of past presidential years have
been absent.
Conditions are sound. Little is heard of unemployment; due to stabilized
labor conditions in the building industry, large projects withheld at the
beginning of the year are being launched.
Based on preliminary reports. the July construction volume totals apOres!matel v $675.000,000.
Residential construction again shows the greatest gain. A factor of
this year's activity in this type of building is the larger and more costly
structures being erected.
Public works continue to gain over last year's program and industrial
construction is holding its own as against 1927. Educational structures
have kept ahead of last year.
An outstanding feature has been the record volume of construction in
the New England States.
New York City and the metropolitan area represent the largest contributors to the nation's building volume. The Middle Atlantic States
are showing a alight slowing up. The Pittsburgh district, which showed a
decrease early in the year is now reporting a heavy construction program.
In the central West building is moving along at a rapid pace. New
construction in the Northwest is slightly behind that of last year. This is
true, also, of Texas and of most of the Southern States.
In point of money value of building permits, New York City takes the
lead, with Chicago, Detroit, Philadelphia, Los Angeles, Boston. Cleveland.
Pittsburgh, Seattle, St. Louis following in the order named.
Railroad Revenue Freight Loading Continues Below
1927 and 1926.
Loading of revenue freight for the week ended on July
28 totaled 1,033,976 cars, the Car Service Division of the
American Railway Association announced on Aug. 7. This
was an increase of 160 cars over the preceding week,increases
being reported over the week before in the loading of grain
and grain products, coal and forest products. Merchandise
less than carload freight, miscellaneous feright, live stock,
coke and ore showed reductions under the week before. The
total for the week of July 28 was a decrease of 10,721 ears
under the same week in 1927, and a decrease of 62,021 cars
below the corresponding week two years ago. Particularizing, the report says:
Miscellaneous freight loading for the week totaled 408,283 cars, an increase of 7.488 cars above the corresponding week last year and 9,345 cars
above the same week in 1926.
Coal loading totaled 156,213 cars, a decrease of 2,199 cars below the
same week in 1927 and 36,241 cars below the same period two years ago.
Grain and grain products loading amounted to 55.265 cars, a decrease
of 3.536 cars below the same week last year and 7,474 cars below the same
week in 1926. In the western districts alone, grain and grain products
loading totaled 41,575 cars, an increase of 3,450 cars above the same week
in 1927.
Live stock loading amounted to 22,046 cars, a decrease of 4,388 cars
below the same week last year and 4,988 cars below the same week in 1926.
In the western districts alone, live stock loading totaled 16,524 cars, a
decrease of 2,853 cars compared with the same week in 1927.
Loading of merchandise less than carload lot freight totaled 255,192 cars,
a decrease of 1,553 cars below the same week in 1927 and 1.058 cars below
the corresponding week two years ago.
Forest products loading amounted to 65,768 cars. 3,776 cars below the
same week last year and 6.310 cars under the same week in 1926.
Ore loading totaled 62,577 cars. 1,865 cars below the same week in 1927
and 12,541 cars below the same week two years ago.
Coke loading amounted to 8,632 cars, 892 cars below the same week in
1927 and 2,754 cars below the corresponding week in 1926.
All districts reported decreases in the total loading of all commodities
compared with the same week last year except the Central Western and
South Western, which showed increases. All districts reported decreases
compared with the same period two years ago except the South Western,
which reported an increase.
Loading of revenue freight in 1928 compared with the two previous years
follows:
1926
1927.
1928.
3,686,696
3,756.660
3,447,723
Four weeks in January
3,677,332
3,801,918
3.589.694
Four weeks in February
4,805,700
4.982.547
4,752,031
Five weeks in March
3,862.703
3,875,589
3,738,295
Four weeks in April
4,145,820
4,108,472
4,006.058
Four weeks in May
5.154,981
4,995,854
4,923,304
Five weeks in June
4,148,118
3.913.761
3,042,931
Four weeks in July
Total
28,400,036
29.434,801
29,481,350
X
ecessionary Tendencies in St. Louis Federal Reserve
-Some Favorable Developments Cited.
District
•
"Taken as a whole," says the Federal Reserve Bank of St.
Louis, "commercial and industrial activity in this district
during the past thirty days developed recessionary tendencies." The Bank's survey of conditions, continues as follows:
With but few exceptions, June sales of the lines investigated showed
decreases both under the preceding month and the corresponding period
last year. In many important instances the declines in the month-to-month
comparison were too marked to be entirely accounted for by seasonal considerations, and were ascribed to unfavorable weather, extreme caution
on the part of consumers and uncertainty relative to prices and the outcome
of crops. In manufacturing and distributing lines there were increasing
comments of keen competition and narrowing profit margins. Due to
the backward season, clearance of merchandise has not been as thorough
as at the same time in recent years, but due to the policy of close buying,
mid-year inventories are not burdensome or of unusual size.
On the other hand, the situation showed a number of favorable developments. While a slowing down in production in the iron and steel industry
occurred, distribution of automobiles recorded a good gain, and certain
specialty makers, notably of farm implementa, tractors, heating apparatus,
certain types of engines and architectural items were operating at or
close to capacity. The packing industry reported increases over a month
and a year earlier, and in some localities the general tone of business
was more optimistic. Retail trade in June, as reflected by department
store statistics, gained slightly over a year ago, and heavier volume of
sales was reported by mail order houses and five and ten cent stores.
Since the first of this month there has been excellent response, especially
in retail channels, to the warm weather, and the marketing of early
[Vor.. 127.
FINANCIAL CHRONICLE
748
crops, grain harvests, and extensive vacation requirements have had a
stimulating effect on buying by the public.
Debits to individual accounts in this district in June were larger by
4.2% and 12.1%, respectively, than in May and June 1927, and the
total for the first six months of the year was 7.0% larger than for
the corresponding period in 1927. Due to withdrawals for vacation expenditures, savings accounts decreased slightly under May, but the total
on July 6 was 7% larger than a year ago. The employment situation
developed no marked change as compared with the preceding thirty
days, reductions of forces in industrial plants, mines and offices being
largely counterbalanced by heavier labor requirements in outdoor occupations. June as a whole was unfavorable for agriculture in the district, but since the last week of that month weather conditions have been
ideal for farm work, and much of the lost ground has been recovered,
though the season is still backward with most crops.
The general industrial demand for coal was weak, and dullness prevailed in the market for domestic grades. While mines in Indiana and
Illinois were averaging hardly half-time, and many pits in western Kentucky averaged only two days' work per week, there were complaints from
operators in all fields of the district of an accumulation of unsold loaded
cars on track at the mines. The usual seasonal recession in activities at
certain industrial plants was in evidence, and purchasing was further
reduced by the practice of major consumers to draw from their storage
piles. Retail distributors in the large cities have shown little disposition to increase their yard stocks, and with numerous householders away
on vacations, ordering and deliveries for fall and winter consumption were
light. The use of coke and oil for domestic heating purposes is increasing,
and competition of natural and by-product gas is growing as a factor
in the trade. Conditions considered, however, the market held fairly
steady, prices fluctuating within a narrow range. Except in relatively
few cases, where need of moving tonnage was urgent, there was little
cutting under circular quotations. For the country as a whole production during the present calendar year to July 7, approximately 159 working days, amounted to 241,126,000 net tons, against 282,987,000 OM for
the corresponding period last year and 273,701,000 tons in 1926.
Traffic of railroads operating in this district was in smaller volume
than during the same period last year and in 1926. Decreases were
general in all classifications, but especially marked in grain and grain
products, which is partly accounted for by lateness of the winter wheat harvests. For the country as a whole, loadings of revenue freight for the
first 27 weeks of the year, or to July 7, totaled 25,307,710 cars against
26,360,125 cars for the corresponding period in 1927, and 26,230,788 cars
in 1926. The St. Louis Terminal Railway Association, which handles
interchanges for 28 connecting lines, interchanged 216,072 loads In June,
against 222,333 loads in May and 201,792 loads in June 1927. During
the first 9 days of July the interchange amounted to 63,669 loads, which
compares with 63,569 loads during the corresponding period in June, and
56,253 loads during the first 9 days of July 1927. Passenger traffic of
the reporting roads decreased 8% in June as compared with the same month
in 1927. Estimated tonnage of the Federal Barge Line between St. Louis
and New Orleans in June was 90,500 tons, against 117,929 tons in May
and 94,092 tons in June, 1927.
July Business Defaults Show Decline.
A progressive reduction in the number of commercial
failures in the United States has occurred during the last six
months, and the July total of 1,723 defaults is the smallest
of the current year, according to the record of R. G. Dun &
Co. A previous low point was established in July 1926,
when the number was 1,605. Compared with the 1,756
insolvencies of July 1927, the present number is smaller by
about 1.9%. The liabilities are lower by about 31.4% than
those of a year ago. The July insolvencies when tabulated
by branches of business reveal a slight increase in the number
of the manufacturing division, whereas the indebtedness is
considerably less. There is a decline both in number and
liabilities in the trading division, while the principal falling
off occurred in the class embracing agents, brokers, real
estate, dm, where the liabilities dropped approximately
60.8% in comparison with the exceptionally high total of
a year ago. Monthly and quarterly failures, showing number and liabilities, are contrasted, below for the periods
entioned:
Number.
1028. 1927. 1926.
1928.
1927.
1926.
July
1,723 1,756 1,605 29,586,633 43,10,974 29,680,009
June
May
April
1 947 1,833 1,708 29,827,073 34,465,165 29,407,523
2,008 1,852 1,730 36,116,990 37.784,773 33.543.318
1,818 1,968 1,957 37,985,145 53.155,727 38,487,321
Second quarter
March
February
January
First quarter
5,773 5,653 5,395 103,929,208 125,405,665 101,438,162
2,236 2,143 1,984 54,814,145 57,890,905 30,622,547
2,176 2,035 1,801 45,070.642 46,940,716 34,176,348
2,643 2,465 2.296 47,634,4111 51.290,232 43.661.444
7,055 6.643 6,081 147.519,198156,121,853 108,460.339
R. G. Dun & Co. say.
An extended examination of the July statistics reveals fewer failures in
eight of the fifteen manufacturing groups, namely iron, foundries and nails,
woolens, carpets and knit goods, hats, gloves and furs, chemicals and drugs.
printing and engraving, tobacco, &c., glass, earthernware and brick, and
miscellaneous. In six of the eight instances named liabilities were less
than those of a year ago. No defaults were reported for July this year in
paints and oils. Numerical increases are shown in machinery and tools.
cottons, lace and hosiery, clothing and millinery, milling and bakers and
leather, shoes and harness, whereas lumber, carpenters and coopers show
no change in number, but the liabilities rose $700.000. Leather, shoos and
harness and clothing and millinery also show increases in the liabilities,
while, on the other hand, the class including machinery and tools was
lower by about $1,000,000.
Comparing the trading insolvencles, a more favorable exhibit is noted,
there being reductions in both number and liabilities in eleven of the fifteen
AUG. 11 1928.]
FINANCIAL CHRONICLE
classes, namely general stores, hotels and restaurants, tobaaco, &c., dry
goods and carpets, shoes, rubbers and trunks furniture and crockery.
hardware, stoves and tools, chemicals and drugs, books and papers, hats.
furs and gloves and miscellaneous. On the other hand, gains appear in
groceries, meat and fish, clothing and furnishings, paints and oils and
jewelry and clocks. In respect of the indebtedness, decreases were reported
for ten classifications, notably hotels and restaurants, dry goods and car
pets, shoes, rubbers and trunks, furniture and crockery, hardware, stoves
and tools,chemicals and drugs,jewelry and clocks,and hats,furs and gloves.
Increases appear in groceries, meat and fish and paints and oils.
FAILURES BY BRANCHES OF BUSINESS
-JUNE 1928.
Number.
Liabilities.
1928. 1927. 1926.
Manufacturers
Iron. foundries and nails__
Machinery and tools
Woolens, carpets & knit g'd
Cottons, lace and hosiery_ _
Lumber, carpenters dz coop_
Clothing and millinery
Hats, gloves and furs
Chemicals and drugs
Paints and oils
Printing and engraving._
Milling and bakers
Leather, shoes di harness
Tobacco, Arc
Glass, earthenware dr brick_
AU other
8
23
2
2
69
49
8
5
Total United States
5
10
3
$153.806
408.181
6,260
1
43,900
53 3,191,896
45 1,064,406
9
67,590
45,400
6
1927.
1926.
3625,088
1,404,100
99,303
30,000
2,521,494
568,026
111,669
173,503
$124,200
499,500
373,000
200,000
1,669.985
1,404,612
96,700
108,904
518,700
457,160
175,200
32,300
433,804
9.592,218
184,611
808,298
33,600
493.497
242,571
4,928,006
16
26
47
38
18
9
3
4
5
9
195 200
21
42
5
13
6
177
450
Total manufacturing___ _
Traders
General stores
Groceries, meat and fish
Hotels and restaurants
Tobacco &c.
Clothing and furnishings__
Dry goods and carpets
Shoes, rubbers and trunks_
Furniture and crockery --Hardware, stoves & tools.
Chemicals and drugs
Paints and oils
Jewelry and clocks
Books and papers
Hats, furs and gloves
All other
Total trading
Other commercial
17
14
4
1
69
41
9
7
1928.
396 312,932,132 816,742,565 311.167,484
448
77
80
78
279 237 294
91
96
68
17
18
12
157 150 124
55 86
69
37
57
44
60
66
40
29
31
26
44
51
40
11
5
6
35
30
33
14
15
10
8
9
2
247 256 276
281,400
334,060
1,517,229
47,300
18,668
5,752,036
3747.002
2,502.684
738,649
82,600
1.765,589
916.820
381,111
714,174
300,487
431.307
123,510
352,116
143,600
41,000
3.660,817
$791,748 31,298,576
1,325.722 2,882.479
3,860.648
600.047
198,568
90,274
1,839,587 1,583.491
1,224,318 1,858,847
608,197
516,985
1,122,415
836,527
480,323
468,197
333,537
700.247
51.894
73,500
414,311
737,138
178,316
53,300
82,300
20,208
3.853.051 3,571,877
1,161 1,187 1,122 812,899,466 S16,832,346 $14,614,282
112 121
87 3,755,035 9,575,063 3.898,243
17'3 1750 1.055 525.550 Ft:13 142 144 97a 595 Aso ono
Business-Conditions in Atlanta Federal Reserve District-Seasonal Declines in Wholesale and Retail
Trade.
Seasonal declines in the volume of trade at both retail
and wholesale, and generally unfavorable conditions in
agriculture, are reflected in statistics and reports for June
and early July gathered for the Monthly Review issued
July 31 by the Federal Reserve Bank of Atlanta. Summarizing conditions in its district the Bank says:
749
and the ratio of collections against installment accounts reported by 9
firms was 15.8%.
Wholesale Trade.
The volume of wholesale trade in the sixth district, reflected in sales
figures reported confidentially to the Federal Reserve Bank by 127 wholesale firms in eight different lines of trade, declined seasonally in Julie
compared with preceding months. The index number for June is 77.6,
and is lower than for any month since July 1922. This index number
for June compares with 84.5 for May, and with 83.4 for June last year.
Sales of electrical supplies in June averaged somewhat greater than in
May, and were slightly greater than in June a year ago, but the other
,even lines show decreases compared with both of those periods. Some
of the reports state that the backward condition of the crops has caused
merchants in the smaller towns to delay buying, and heavy rains in
southern Alabama have interfered greatly with business in that part
of the district Comparisons of reported figures are shown in the tables
which follow.
Business Conditions in Richmond Federal Reserve
District-Labor Situation Improves-Unsatisfactory Conditions Continue in Textile Field.
The summary of business conditions in the Richmond
Federal Reserve District, presented in the Monthly Review
(July 31) of the Richmond Federal Reserve Bank states
that business failures in June in the district were fewer
in number and lower in liabilities than in either May 1928
or June 1927. It is added that "labor conditions continued
to improve gradually during June, and retail trade was in
larger amount than in June 1927." The Review also says:
On the other hand, the unsatisfactory conditions in the textile field
did not improve, except that by shutting down for ten days early in July
the mills were able to move some of the surplus stock which had accumulated in their warehouses. Building permits issued in 30 cities in
June provided for less work than was provided for in June 1927 permits,
but contracts were actually awarded last month for more work than in
the same month last year. Wholesale trade in June was seasonally in
less volume than in May, but was also below the volume of trade in
June 1927. The outlook this year for agriculture is in doubt, due
chiefly to slow development of the crops. The cotton acreage is larger
than in 1927, but the crop is late and the weevil danger appears to be
much more serious this season than last. Present prospects are less
favorable than last year for tobacco growers, and truck farming has not
been profitable on the whole this season. Fruit growers seem to have
better prospects than other farmers this year, present conditions indicating greatly increased yields over those of 1927.
According to the review, "credit expansion continued
during the past month, contrary to the seasonal trend, and
the volume of rediscounts held by the Federal Reserve Bank
of Richmond rose by more than 25%, reaching on July 15th
a level 142% above the volume of rediscounts held a year
earlier. It is also stated that reporting member banks
in the district increased their loans on stocks and bonds
other than Government securities by about $4,500,000 during the month, while their loans secured by commercial, industrial and agricultural paper declined $3,500,000. Deposits in reporting member banks decreased over $13,000,000
during the period between June 13th and July 11th. Debits
to individual accounts in 24 trade centers in the Richmond
district were higher during the four weeks ended July 11th
than in either of the corresponding periods ended June 13,
1928 or July 13, 1927. The total of debits for the first half
of 1928 was also larger than the total reported for the first
six months of 1927. Details of the situation in the wholesale and retail trade are furnished as follows in the
Review:
Retail trade in the sixth district in June was seasonally lower than
in the three months preceding, and was only slightly greater than for
June 1927. Department store sales during the first half of 1928 have
averaged 2.9% greater than in the same period of 1927. Wholesale
trade in June was at a seasonally low level, and was in smaller volume
than for any month in recent years. Savings deposits on hand at the
end of June were 2.1% greater than a month earlier, and 4.9% greater
than a year ago. Debits to individual accounts in June were somewhat
less than in May, but slightly greater than in June last year. C,omrnercial failures in the district, in point of liabilities, increased over May,
but were less than for June 1927. Total discounts of weekly reporting
member banks declined slightly between June 13 and July 11, but loans
secured by stocks and bonds increased, and these banks' investments in
stocks and bonds also increased. Discounts for member banks by the
Federal Reserve Bank of Atlanta increased slightly during this period,
but holdings of bills bought in the open market declined. Demand
Wholesale trade in the fifth [Richmond] reserve district in June 1928,
deposits of all member banks in the district declined in June compared
as reflected in reports from 80 firms to the Federal Reserve Bank of
with preceding months, but time deposits increased to a new high level.
Richmond, was in smaller volume in nearly all lines of trade for which
Building permits in the district decreased in June compared with the
May total, and were 6.6% leas than in June last year. Contracts awarded statistics were available than in either May 1928 or June 1917. The realso decreased compared with both of those periods. Cotton consumption porting grocery firms showed larger sales, in dollar amount, in June this
in the cotton States was less than in May, or in June a year ago, and year than in June last year, but the other five lines reported decreased
production of cloth and yarn in this district also decreases!, but orders sales during the 1928 month, dry goods with a decline of 25% showing
of both cloth and yarn increased ever May, and orders of yarn were the greatest drop. In comparison with May 1928 sales, those of June
greater than in June last year. Production of coal in Alabama during 1928 showed an increase in furniture, but in all other lines lower sales
June was lower than at the same time last year, but in Tennessee it were reported for the more recent month. Cumulative sales during the
was greater. Pig iron production in Alabama showed decreases com- first half of 1928 exceeded sales in the first half of 1927 in groceries
pared with both of those periods. The cotton acreage in cultivation on alone, the other five lines falling behind their 1927 business. Stocks on
hand at the end of May thia
July 1 this year in the six States of this district is 12.3% greater than hand increased last month over those on
grocery and hardware stocks declined.
on the same date last year. The crop made fair growth in June, but is year in dry goods and shoes, while
At the end of June, stocks of groceries and dry goods on the shelves
still backward.
of the reporting firms were ltrger than those on hand on June 30, 1927,
Retail Trade.
but shoe and hardware stocks declined during the year. Collections in
The volume of retail trade in the sixth [Atlanta] district, as reflected June improved in groceries, hardware and furniture over collections in
in gales figures reported confidentially to the Federal Reserve Bank of May of this year, but declined in dry goods, shoes and drugs. In comAtlanta, declined seasonally in June to a point lower than in the three parison with collections in June last year, collections last month
were
months preceding, but was slightly larger than in the corresponding month better in hardware and drugs, but were slower in groceries, dry
goods,
of last year. Sales at New Orleans in June declined 7.3% compared with shoes and furniture.
June last year, and there were decreases of less than one per cent, shown
Retail trade in 30 of the fifth district's leading department stores in
for Birmingham and Chattanooga, increases being reported from Atlanta, June was larger in dollar amount than during the corresponding month
Nashville and other cities. For the first half of 1928 sales by these a year ago, 16 stores reporting increased sales during the past
month.
reporting stores have averaged 2.9% greater than in the same period The average increase in June sales over wales in June 1927 was
1.0%,
of 1927. Stocks of merchandise on hand at the and of June declined 8.7% but cumulative sales in the 30 stares during the first half of
this year
compared with May, but were 3.7% greater than a year ago. Accounts lacked 1/10th of 1% of equaling total sales during the first half
of 1927.
receivable at the end of June were 3.5% smaller than a month earlier, June 1928 sales averaged 3.0% above average June sales during
the three
but 13.5% greater than at the end of June last year. Collections during years 1923-1925, inclusive, due chiefly to store expansion in
Richmond
June were 5.4% less than in May, but 4.4% greater than during June
Washington
1927. The ratio of collections during June to accounts outstanding and and
.
ofgtherchan dise 0n the shelves of the reporting stores
in m n since 1928
were 28%
due at the beginning of the month, for 33 firms, was 31.9%; for May lower in selling value at the end of June 1918 than a year
earlier .
and
this ratio was 33.7%, and for June last year 34.9%. For Jude ths ratio were 5.6% smaller than a month earlier, the latter
r_
decr
of collections against regular accounts outstanding for 33 firms was 33.0%, seasonal development.
750
FINANCIAL CHRONICLE
[vol..
127.
somewhat, business generally has been well sustained and dealers report
that the outlook for fall trade Is very encouraging.
A further improvement in the demand for farm implements occurred
during the past month. Sales of reporting firms were 14.6% greater than
In May and were 112.9% larger than in June 1927. In fact, sales during
June were larger than in that month for any year since 1920.. Sales for the
first half of the current year exceeded those of the corresponding period a
year ago by 72.6%. The buying of implements was on a small scale
during the latter part of 1926 and the greater part of 1927. While the
demand for implements has been improving throughout the current year,
the gains are due largely to the heavy replacement needs and the favorable
outlook for crops in most sections of the district. Dealers report that the
future outlook is fair to good. Prices remained generally firm. Collections
have shown some improvement.
The demand for groceries was well sustained during June. While sales
were 3.7% less than in the previous month, they were 7% greater than In
first half of the
Business Conditions in Dallas Federal Reserve District the corresponding month a year ago. Business during the While buying is
year exceeded that for the same period of 1927 by 8.2%.
Sustained Demand in Wholesale and Retail Trade.
to be light in a few sections, it has been good over the major
reported
Prices remained genera
The Federal Reserve Bank of Dallas in its August 1 portion of the district. of hardware at wholesalely stead/.s3asonal recesshowed a
While the distribution
Monthly Review states that "a sharp reduction in the busi- sion as compared to the previous month, it excee ed that 1 3r a year ago
.
demand for merchandise by a wide margin. Sales were 8.9% less than in May. but 13.3% larger
ness morality rate and a sustained
first hal: of 1928 than
June 1927. They were 23% greater in
in both wholesale and retail channels of distribution were than insame period of the previous year. The the over a year ago was
gain
in the
developments in the business and industrial general over the district. While the outlook is reported to be good, the
prominent
situation in the Eleventh [Dallas] Federal Reserve District dry weather in some sections Is beginning to retard buying.
Retail Trade.
during June." The bank's summary continues:
Retail distribution as reflected by sales of department stores in larger
As compared to the previous month, the number of commercial failures
previous
Was 33% am Iler and the indebtedness of defaulting firms declined 76%. cities showed a seasonal decline of 14.7% as compared to theweeks the
Both the number and liabilities of failures were likewise substantially smaller month, but was 4.4% larger than in June 1927. During recent
department stores in larger cities showed a hot weather has stimulated the movement of summer merchandise and
than In June 1927. Sales of
summer
seasonal decline of 15% as compared to May, but were 4% larger than in reports indicate that business has been holding up well for the
the corresponding month last year. Wholesale distribution was smaller season.
Retail Trade.
than in the previous month, yet the declines were less than usual at this
season and sales were substantially larger than a year ago. Retailers conStocks on hand at the close of June were 8.5% less than a month earlier
conservative merchandising and credit policies which in turn and were 8.1% less than in June last year. Due to the increase in sales
tinue to follow
are maintaining business on a sound basis. While the poor outlook for and the reduction in Inventories the ratio of stock turnover was greater
crops in a few instances is causing a curtailment of purchases in some lo- this year than a year ago. During the first half of 1928 the rate of stock
calities, signs of improvement in the trade situation are noticeable in the turnover was 1.44 as compared to 1.36 in the same period of 1927.
greater portion of the district and dealers generally are optimistic regarding
Collections showed some improvement during June. The ratio of June
future business. Debits to individual accounts at banks in larger cities collections to accounts outstanding on June 1 was 36.1% as compared to
were 4% greater than a month earlier and 13% above those in Juno 1927.
in May and 33.7% in June 1927.
Southwestern car loadings during June were 5% greater than a year ago.
Weather conditions during the last half of June had an adverse effect
on crops but a considerable improvement has occurred during the past two
weeks except in a few sections where dry weather is causing crops to de- Silberling Business Report on Business Outlook for
teriorate. Farmers have made rapid progress with the cultivation of
Pacific Coast.
crops, and with few exceptions fields are generally clean. While the
According to the July 23 number of the Silberling Busicrop over the major portion of the district has made good growth,
cotton
prospective production has been reduced in portions of South and West ness Reports, general business activity throughout the PaTexas on account of the lack of moisture. An important feature in concontinues to show decided progress.
nection with the prospective cotton production this year is the heavy increase cific Coast as a whole
in acreage not only in the Eleventh District but throughout the cotton It is further stated:
growing territory. The corn crop is practically made and indications are
Our index has steadily advanced until it stands once more at the normal
that this district will harvest another large crop which will provide the trend level, shown in the chart as the 0-0 line. This base line rises
prospective yield gradually at the rate of about 61
farmers with ample feed to make the 1929 crops. The
% a year. Were the index of actual
2
/
of wheat is larger than was indicated a month earlier and substantially business always identical with this line, it would indicate continuous
that produced last year. Furthermore, the quality of the grain growth, but a condition of rather colorless and neutral activity, neither very
above
is reported to be excellent. Range and livestock conditions have shown a good, nor very bad. When the index curve dips below the 0-0 line, it
further improvement and are in good condition except in portions of West registers depression, dull trade, slow orders and collections; when above,
Texas, Southeastern New Mexico and Arizona where moisture is urgently It tells the story, in a manner at once condensed and precise, of prosneeded.
perity, expanded buying power, and rapid turnover. This actual tenThe past month witnessed a heavy withdrawal of deposits and an increased dency toward unceasing ebb
and flow in the tone of business is vitally
demand for funds. Deposits of member banks which amounted to $867.- important because it
is a factor entering somehow into the operations
357,000 on June 13 were $24,771,000 less than a month earlier but $80.and the profits of almost all individual lines of enterprise, in some cases
116,000 greater than a year ago. Federal Reserve Bank loans to member
acting as a subtle
banks rose to $14,262,129 on July 14 which was $4.080,131 greater than on playing its part boldly and unmistakably, in others
enough to nullify business
June 15 and $7,310,109 above those on July 15 1927. The cash subscrip- undertow, not easily detected, and yet powerful
forecasts of its probable
1
,
tions to the July 15th United States Treasury 3; 4% notes which amounted plans which have been made without accurate
in its own
to $13,248,850 and against which allotments of $6,472.450 were made, direction and influence. Each field of business responds
by the "busiindicate that there is still a large volume of funds in this district seeking way to these fundamental forces and the real part played
be determined with
ness cycle" in any year's income statement can only
an investment outlet.
for
Construction activity reflected a sharp decline during June,the valuation accuracy after the business done month by month has been adjusted
permits issued at principal cities being 34% less than in May seasonal fluctuations which may be peculiar to the industry or the conof building
and 13% less than in the corresponding month last year. The production, cern.
shipments, and new orders for lumber in June reflected a decline from the
previous month but were substantially greater than a year ago. Production
and shipments of cement exceeded those of June 1927, by a wide margin.
Level.
The percentage of sales in June to average stocks carried during the
month was 27.4% for the district as a whole, and the percentage of total
sales during the first half of this year to average stocks carried during
each of the six months was 154.5%, indicating an annual turnover of
3.09 times. During the first six months of 1927 the turnover was at a
rate of 3.08 times. The increase in turnover rate was considerably more
than the average in Richmond and Washington, and was slightly above
the average in Baltimore, but a marked decline in Other Cities lowered
the average for the district.
Collections by 29 of the 30 reporting stores during June totaled 28.5%
of outstanding receivables as of June 1, a slightly lower percentage than
was reported in May this year but a higher figure than 26.7% collected
In June 1927.
Lumber Movement Continues at High
Conditions in wholesale and retail trade are indicated as
The national lumber movement during the week ended
follows:
Aug. 4 continued at the high level established earlier in the
Wholesale Trade.
year, according to the weekly analysis of the National
Seasonal recession in the demand for merchandise in wholesale channels
Lumber Manufacturers Association based on reports from
was evident during June, yet the volume of business was
of distribution
year ago in every 745 leading softwood and hardwood mills of the country.
substantially larger than in the corresponding month a
tabulation of sales for the half year
reporting line except dry goods. The
slightly, shipments dropped
reporting line exceeded that for a like Production for the period gained
discloses that distribution in every
compared
from 3.3% in the case of dry goods to 72.6% in farm about 6,000,000 feet and now business was steady,
period in 1927, ranging
year there was a heavy de- with the week before. Due to the fact, however, that there
Implements. During the first quarter of the
in all reporting lines was
mend for merchandise and the volume of sales
were 27 fewer mills reporting, the current figures represent
earlier. During the spring months,
substantially greater than a year
had an adverse effect upon crop con- a considerable increase in all three items, as mill averages
however, the unseasonable weather
the improvement in the were much higher. In the softwood branch of the industry
ditions and retarded business generally. With
the demand for merchandise
agricultural situation toward the middle of May
shipments and
well sustained in practically all production increased by 3,549,000 feet and
began to broaden and to date has been
well-defined policy among orders declined 3,609,000 and 1,147,000 feet, respectively.
sections of the district. Nevertheless, there is a
consumer demand. On the hardwood side
retailers to keep their commitments in alignment with
orders gained appreciably. Combined
credit policies.
Furthermore, merchants generally are following conservative
figures: Production,348,381,000 feet;shipments, 376,421,000
to the dry weather
While business in some sections is being curtailed due
the outlook for the feet; orders, 368,929,000 feet. The Association continues:
and poor crop conditions, dealers generally report that
coming months is encouraging.
Unfilled Orders Increase.
goods trade
Between season dullness was evident in the wholesale dry
The unfilled orders of 267 Southern Pine and West Coast mills at the end
during June. Sales reflected a decline of 7.4% as compared to the previous of last week amounted to
710,177,729 feet, as against 690,936,270 feet for
month and were 9.1% less than in the corresponding month a year ago. 263 mills the previous week. The 147 identical Southern Pine mills in the
Distribution for the half year, however, was 3.3% larger than in the same
against
group showed unfilled orders of 248.413,242 feet last week, as
period of the previous year. The unseasonable weather prevailing through- 254,676,993 feet for the week before. For the 120 West Coast mills the
out the spring months greatly curtailed the demand for most lines of dry
unfilled orders were 461,764,487 feet, as against 436,259,277 feet for 116
, goods and retail merchants have exerted their efforts to reducing inventory
mills a week earlier.
and fill-in orders at wholesale establishments generally have been smaller
Altogether the 454 reporting softwood mills had shipments 106% and
than usual. Dealers generally, however, are optimistic regarding fall trade.
For the Southern Pine mills these
The June distribution of drugs at wholesale reflected a seasonal decline orders 104% of actual production.
and 104, and for the West Coast mills
of 1.5% as compared to the previous month, but was 4% greater than percentages were respectively 112
Jane 1927. While the demand in some of the larger cities has slackened 110 and 114.
Auo. 11 1928.]
FINANCIAL CHRONICLE
Of the reporting mills, the 285 with an established normal production
for the week of 181,692,000 feet gave actual production 91%, shipments
95% and orders 86% thereof.
The folowing table compares the lumber movement, as reflected by the
reporting mills of eight softwood and two hardwood regional associations,
for the two weeks indicated:
Past Week- Preceding Week 1928(Rev.)
Softwood. Hardwood. Softwood. Hardwood.
454
Mills (or units')
366
464
390
298,519,000 49,862,000 294,970,000 50,644,000
Production
316.884,000 59,537,000 320,493,000 61.797,000
Shipments
310.548,000 58.381,000 311,695,000 57,069,000
Orders(new business)
5A unit Is 35,000 feet of daily production capacity.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 120 mills reporting for the week ended Aug. 4 amounted
to 144,812,506 feet, shipments 138,710,901 and production 126,539,677.
Of all new business taken during the week domestic delivery amounted to
43,732,408 feet. foreign 25,864,749 feet and rail 63.751,122 feet. Domestic
shipments totaled 44.949,150 feet, foreign 18,032,472 feet, rail shipments
64.265,052 feet and local deliveries 11,464,227 feet. Unshipped domestic
cargo orders totaled 153,993,090 feet, foreign 138,415,856 feet and rail
trade 169,355,541 feet.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 147
,
reporting shipments were 12.22% above production and orders were
3.60% above production and 7.68% below shipments. New business taken
during the week amounted to 75,248,808 feet (previous week 89,033,250);
shipments 81,512,559 (Previous week 89,410,332), and production 72,635,184 feet (previous.week 75,783,647). The normal production
(three-year
average) of these mills is 80,001,377 feet. Of the 144 mills reporting
running time, 74 operated full time, 12 of the latter overtime. One mill
was shut down and the rest operated from two to six days.
The Western Pine Manufacturers Association of Portland. Ore., reports
production from 33 mills as 34,178,000 feet, as compared with a normal
production for the week of 34,759,000. Twenty-four mills the previous
week reported production as 21.504,000 feet. Shipments and new business
last week increased more than 50%.
The California White & Sugar Pine Manufacturers Association of San
Francisco reports production from 20 mills as 29,261,000 feet (61% of the
total cut of the California pine region), as compared with a normal
figure
for the week of 31,667,000. Nineteen mills the week earlier reported production as 29,737.000 feet. Shipments showed a substantial increase last
week and new business a noticeable reduction.
The California Itedwood Association of San Francisco reports production
from 16 mills as 8,039,000 feet, compared with a normal figure of 9,843.000.
Fifteen mills the week before reported production as 7,625.000 feet. Shipments were slightly less last week and new business showed a marked decrease.
The North Carolina Pine Association of Norfolk, Va., reports production
from 62 mills as 8,927,000 feet, against a normal
production for the week
of 13,320,000. Sixty-one mills the preceding week reported production
as 9,316,000 feet. Shipments were less last week and new business showed
a nominal increase.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
reports production from 7 mills as 11,707,000 feet, as compared with a
normal figure for the week of 12,102,000. Eight mills the previous week
reported production as 11,500,000 feet. Shipments were slightly larger
last week and new business showed a marked decrease.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis. (in its softwood production), reports production from 49
mills as 7,232,000 feet, as compared with a normal production for the week
of 21,412,000. Fifty-three mills the week earlier reported production as
7,412,000 feet. Shipments were about the same and there was a good
gain in new business.
Hardwood Reports.
The Northern Hemlock & Hardwood Manufacturers Association of
Oshkosh, Wis., reports production from 75 units as 8,866,000 feet, as compared with a normal figure for the week of 15,725,000. Eighty-two units
the week before reported production as 9,351,000 feet. Shipments were
a trifle less last week and new business slightly larger.
The Hardwood Manufacturers Institute of Memphis, Tenn., reports
production from 291 units as 40,996,000 feet, as gaainst a normal production
for the week of 61,127,000. Three hundred and eight units the
preceding
week reported production as 41.313,000 feet. Shipments and new business
were about the same last week.
West Coast Lumbermen's Association Weekly Report.
Reduction in the volume of lumber manufactured by the
West Coast Lumber industry during 1928 as compared with
1927, and current orders and shipments in excess of the volume of lumber manufactured, indicate that the lumber industry of the Pacific Northwest is attaining a stronger
position than it has probably held for the last four years,
according to an announcement by the West Coast Lumbermen's Association.
Reports received from 183 major mills in the Douglas fir
region by the West Coast Lumbermen's Association show
that for the week ended July 28 these operations produced a
total of 154,800,264 board feet. This aggregate, according
to records for each reporting mill compiled by the Association, is 17.10% less than the normal operating capacity of
these same mills, which is 186,738,989 board feet. Mills
reporting their production for the week to the West Coast
Lumbermen's Association represent a cut during 1927 of
more than 8,250,000,000 or 72% of the total production
estimated for 1927 by the Loyal Legion of Loggers and
Lumbermen. A much larger number of mills than ever
before-including both members and non-members-supplied figures for the weekly barometer of the Association.
Complete statistical information covering the 3 years' experience of these 183 mills, compiled by the Association,
show that for the 30 weeks of 1928 to date the lumber manufactured in these plants has been 18.89% less than normal
751
operating capacity; and 4.55% less than their average weekly
production during 1927.
WEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS.
149 mills report for week ending July 28 1928.
(All mills reporting production, orders and shipments for last week.)
Production.
Orders.
Shipments.
142,866,920 feet
149.356.674 feet
154,985,944 feet
4.54% over production
100%
8.48% over production
COMPARISON OF ACTUAL PRODUCTION AND WEEKLY OPERATING
CAPACITY (183 IDENTICAL MILLS).
(All mills reporting production for 1927 and 1928 to date.)
Actual Production Week Average Weekly
Average Weekly
x Weekly
Production 30 Weeks
Production
Ending
°Pert:lino
July 28 1928.
Ending July 28 1928. During 1927.
Capacity.
154,800,264 feet
151,472,170 feet
158,689,990 feet
186,738,989 feet
WEEKLY COMPARISON FOR 116 IDENTICAL MILLS
-1928.
(All mills whose reports of production, orders and shipments are complete for the
last four weeks.)
July 21.
July 28.
Week EndingJuly 14.
July 7.
125,541,840 127,412,060 107,257.914 62.857,016
Production (feet)
132,300,213 120,124,382 112,227,090 101.100,980
Orders (feet)
64,799.190 61,568,373 54,120,427 49,012,237
Rail (feet)
41,260,382 32,786.153
Domestic cargo (feet)
30,007.483 28.226,402
20,665,778 20,583,227 16,988,101 15,517.866
Export(feet)
5.186,629 11,111.079
5,574,863
Local (feet)
8,344,975
139.687,918 116,496,912 130.815,047 95.615,215
Shipments ifeet)
Rail (feet)
61,420,332 63,859,079 66,980.134 38,658,720
52,024,401 35,519,511 38,868,669 31.226,880
Domestic cargo (feet)
Export (feet)
20.668,322 11,931.693 23,855.165 17,384,641
6.186,629 11,111,079
Local (feet)
8,344,975
5,574,863
Unfilled orders (feet)
436,259,277 438,255,035 424,354,832 460,877,659
Rail (feet)
.-- __ - - _ - _171,574,456 167.201,686 171,230,637 174,573,389
..
Domestic cargo (feet)
141,739,102 153,576,151 139.109,909 166,058,836
122.945,719 117,477.198 114,014,286 120,254,434
Export(feet)
100 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments are complete for 1927
and 1928 to date.)
Average 30 Average 30
Week End'g Weeks End'g Weeks End',
July 28 '28. July 28 '28. July 30 '27.
Production (feet)
106.767,518 102,356,980 95,224,990
Orders (feet)
111,557,646 110,749,930 100,337,150
Shipments (feet)
121,101.983 110,006,920 98.219,440
I Weekly operating capacity is based on average hourly production reported for
the years 1925,1926, 1927 and 4 months of 1928 and the normal number of operating
hours per week.
Paper Production in First Half of 1928 Gains as Compared with Six Months of 1927
-June Figures
Below Those for May.
Reports to the American Paper ez Pulp Association from
members and co-operating organizations put the total
production of all grades of paper at 3,507,196 tons for the
first h«lf of 1928. Production for the first half of 1927
was 3,403,724 tons. The total production of paper for the
,
month of June was 581,701 tons as compared with 617,835
tons in May and 580,374 tons in April. The daily averageproduction for June was about 2% under that of May an&
about 1% greater than the daily average of June 1927. In.
presenting its compilation the Association, under date of
Aug. 6, also says:
Stocks of paper on hand at the end of June totaled 297.550 tons as 00121
pared with 289,330 tons at the end of May and 263,466 tons at the end of
June 1927. June 1928 stocks were 3% lower than those of May and about
13% lower than at the end of June 1927.
The total production of pulp for the first 6 months of 1928 was 1,290,282
tons as compared with 1,327,038 tons for the same period in 1927.
Pulp production in June 1928 totaled 209.810 tons as compared with•
227.185 tons in May and 216,354 tons in April.
The daily average production for June was 4% lees than in May. but
about the same as in June 1927.
COMPARATIVE REPORT OF PAPER OPERATIONS IN IDENTICAL MILLS
FOR THE MONTH OF JUNE 1928.
Prodaction,
Shipments, Stocks on Hand
Tons.
Tons. End of Mo.-Tons
Newsprin
Grade--119,673
116,901
970
Book
,916
58:
.
Paperboard
220,863
217,214
53,846
Wrapping
51,421
5310::830785082
56:72
8 928i
Bag
14,135
14,343
43.524
Writing
30,680
Tissue
13,158
13,590
13,447
Hanging
4,646
4,504
3 576
1;60
0
Felts and building
11,879
24,22318,764
24,272
Other grades
'Total all grades-June
May
581,701
617,835
573,847
599.618
297.550
289,330
297,550. 3,451,461
263,466
. 3,367,979
COMPARATIVE REPORT OF WOOD PULP OPERATIONS IN IDENTICAL
MILLS FOR THE MONTH OFIUNE 1928.' •
Shipments, Stocks on Rand
Production,
Tons. End of Mo.-Tons
Tons.
Grade
•
120,043
2,904
87,235
Ground wood pulp
11,215
37,752
.
Sulphite news grade
2 297
1 148
:
2432
1 791
24,689
Sulphite bleached.
:317 378
3,409
Sulphite easy bleaching
.
Sulphite Mitscherlich
6,680
6,400
24,76729
7.0
Sulphate pulp
8,467
4,420
24,806
Soda pulp
48
123
78
Pulp-Other grades
Six months 1928
Six months 1927
Total all grades
-June
May
Six months 1928
Six months 1927
3 507,196
3,403,724
209,810
227,185
24,767
20,681
146.802
145,899
1,290,282
1,327,038
134,756
122,133
146,802
189,277
Canadian Pulp and Paper Industry Establishes New
Record-Gross Value of Manufacture for 1927
Reached 4;219,329,753-Canada Leads U. S.
.
All records for gross value of manufacture were broken
in 1927 by the Canadian pulp and paper industry, when the
figures of $219,329,753 were reached, while the gross contribution toward a favorable balance of trade resulting from
752
FINANCIAL CHRONICLE
the work of the pulp and paper mills in 1927 was $179,459,362. Advices to this effect were contained in an Ottawa
dispatch Aug. 1 to the Montreal "Gazette," which went on
to say:
The total value of pulpwood produced in Canada's forests shows an
Increase of 3.2%. The total value of pulp manufactured decreased by
0.6%, and the total value of paper produced increased by 6.4%. If the
three forms of industrial activity covered by this report are considered as
one, then the net total value of production for the industry as a whole
might be considered as the sum of the pulpwood exported, pulp exported
and paper manufactured. This total for 1927 was $231,144,294, an increase of 3% over the figures for 1926. These totals for the last five
years are as follows: 1923, 1188,642,109: 1924. 1187.174,703; 1925, 5202.781,017; 1926, $224.421,230; 1927. $231,144,294. The maximum, which
was reached in 1920. owing to the high prices prevailing at that time, was
followed by a decided decrease in 1921, but 1922 and 1923 showed increases.
There was a slight decrease in 1924. due to a decrease in pulp manufacture,
but there were increases in all branches of the industry in 1925 and 1926.
The figure for 1927 is the highest in the history of the industry.
If only the manufactured aspect of the industry is to be considered, the
value of production should be considered as the sum of the values of pulp
made for sale in Canada. pulp made for export, and paper manufactured.
excluding pulpwood and the pulp made in the combined pulp and paper
mills for their own use in making paper. This total for 1927 was $219.329,753, as compared to $215,370,274 for 1926. an increase of 1.8%.
The gross value of the manufactured products of the industry in the last
five years are as follows: 1923. 1184.414.675; 1924, $179,259.504; 1925.
3193.092.937: 1926, 1215.370,274; 1927. 1219.329,753.
There were 113 mills in operation in Canada in 1927, as compared to
115 in 1926. Of these mills 41 made pulp only, 42 were combined pulp
and paper mills, and 30 made paper only. Two pulp mills which had operated in 1926 did not operate in 1927. Two other mills began to manufacture paper as well as pulp during the year. One new pulp mill and
three new pulp and paper mills came into operation during 1927. One
mill, which manufactured paper only in 1926, began to manufacture some
of its own pulp in 1927. and two new paper mills began to operate during
the year. Six coating mills which were included in the 1926 report were
transferred to another section of the census of industry, as they are converting plants which do not manufacture paper but merely subject it to a
coating or treating process. Disregarding the transfer of these mills from
the industry there was a net loss of two pulp mills, and a gain of six combined pulp and paper mills and one mill making paper only, or a gain of
five mills for the industry as a whole. The 83 mills manufacturing pulp
produced 3,278.978 tons valued at $114,442,541, as compared to 3,229,791
tons in 1926, valued at $115,154.199. representing an Increase of 1.5% in
quantity and a decrease of 0.6% in value. Of the total for 1927 the combined pulp and paper mills produced 2,262,542 tons, valued at $63,558,345,
for their own use in paper making. A total of 114,476 tons, valued at
35,925.550. were made for sale in Canada, and 900.324 tons valued at
$44,958,655 were made for export.
Produced 2,468,691 Tons.
The 72 mills making paper in 1927 produced 2.468,691 tons of paper
valued at $168,445,548. as compared to 2.268,143 tons in 1926, valued
at $158.277.078. an increase of 8.9% in quantity and 6.4% in value.
The Outlook for the Crops on the 1st of August
Report of the Department of Agriculture.
The Crop-Reporting Board of the United States Department of Agriculture made public on Aug. 9 its forecasts
and estimates of grain crops of the United States as of
Aug. 1, based on reports and data furnished by crop correspondents, field statisticians and co-operating State
Boards (or Departments) of Agriculture. This report shows
that the production of winter wheat is now placed at 578,599,000 bushels, which compares with the Department's
estimate of 543,782,000 bushels a month ago, 512,252,000
bushels two months ago, 479,086,000 bushels three months
ago and with 553,288,000 bushels actually harvested in
1927. At the same time there has been marvellous improvement in the outlook for spring wheat, so that a spring wheat
crop of 228,350,000 bushels is now forecast, as against only
182,623,000 bushels, the promise on July 1. The actual
harvest in 1927 was 243,152,000 bushels. In addition, there
has been marvellous improvement also in the prospects for
durum wheat, the estimated production of which is now
put at 84,343,000 bushels, compared with 73,532,000 bushels
forecast a month ago and 76,155,000 bushels harvested in
1927. Altogether, the combined production of wheat of all
kinds is now put at 892,000,000 bushels, against only 809,000,000 bushels on July 1 and 875,000,000 bushels harvested
last year.
The probable production of corn is placed at 3,029,561,000
of
bushels, which compares with the Department's estimate
a month ago, 2,773,708,000 bushels
2,736,000,000 bushels
of
harvested in 1927, and a five-year average production
bushels. The condition of corn on Aug. 1
2,775,634,000
1
was 83.3%, comparing with 78.1% July 1, 71.2% Aug.
report:
1927 and 79.5%, the ten-year average. Below is the occurred
States crop prospects
A marked improvement in the United
crop yields per acre about
during July. and present indications are for
Prospects have improved most
4% above the average of recent years
from Texas and central
radically In the Great Plains region extending
over practically all
Colorado to Montana, due to the abundant rainfall,
also been marked in the
Of this region. Improvement since last menth has
had experienced
extensive Central and Eastern Corn Belt areas, which
in the remaining
the coldest and wettest June in a quarter of a century, and
from record-breaking
States of the Mississippi basin which has suffered
shared in the
rainfall In June. The South Atlantic and East Gulf States
though
improved prospects from more favorable weather during July.
Pacific NorthPortions of this area still have too much moisture. The
West abashes's higher conditions.
[VOL. 127.
Wheat.
The 1928 Wheat crop of the United States has demonstrated a remarkable
ability to overcome a poor start and produce a large crop. Winter-killing
of fall-sown wheat was above average and the May 1 condition about
10 points below average. June 1 condition was about 5 points below average. By July conditions was only 2.5 points below average and by August
I yield per acre was 6% above average.
Spring wheat on July 1 was much below average condition but on Aug.
1 was much above average condition.
The combined production of winter and spring wheat indicated as of
Aug. 1 is 891 million bushels compared with 800 million on July 1, 873
-year average of 808 million.
million harvested in 1927, and a 5
Each principal class of wheat, winter, durum, and other spring now
Indicates a production greater than average.
Severe hail storms have occurred in Montana since Aug. 1, the date
to which this report relates, which it is estimated have reduced the crop
In that State in excess of a million bushels.
Winter Wheat.
The yield of winter wheat is reported as 16.0 bushels per acre compared
with an average yield of 15.1 bushels per acre forecast from the condition
-year
on July 1. 14.6 bushels harvested in 1927. and 15.0 bushels, the 5
average. Production is forecast at 578,599.000 bushels an increase of 34,817,000 bushels from the forecast of July 1. The increase in prospects
occurred principally in two areas, the North Central and Western groups of
States and is attributable to the unusually favorable turn of weather conditions during July.
Spring Wheat Other than Durum.
The condition of spring wheat other than durum on Aug. 1 is reported
as 81.8%, compared wtih 71.7% on July 1. The improvement is general
and is particularly significant in the North Central States. The improvement in the outlook is from the production forecast of 182,623,000
bushels on July 1 to 228,350,000 bushels on Aug. 1. Somewhat more than
half of this 45,727,000 bushel increase occurs in the North Central States
from Ohio to Kansas. North Dakota and Montana show increases of about
16 million bushels each.
Duram Wheat.
Durum wheat also shows remarkable improvement going from a condition
of 76.2% on July 1 to 83.8% on Aug. 1. The production forecast on
Aug. 1 is 84,343,000 bushels compared with 73.532,000 bushels forecast
a month ago and 76.000.000 bushels harvested in 1927, and 62,000,000
-year average.
bushels, the 5
Corn.
The reported condition of corn advanced from 78.1% to 83.3% from July
1 to Aug. I, indicating an 11% increase in the production outlook. The
crop is forecast as 3,030,000,000 bushels compared with 2,736,000,000
bushels forecast a month ago, an increase of 294.000.000 bushels. The
indicated production of corn shows a 9% increase over last year's final production estimate of 2,774,000.000 bushels.
Ordinarily a decrease of about 3 points in condition taken Plane during
July. The ten-year average condition for Aug. 1 is 79.5% compared with
82.6% for July 1. The advance of nearly 5.2 points shown during July of
this year is greater than for any year since 1872.
Corn crop prospects are unusually favorable in the North Central States
and especially in Iowa, Nebraska and Kansas. North Dakota is the only
State in this group that shows a condition below the ten-year average.
Prospective production in the East North Central States of about 820,000,000 bushels is 36% above the 1927 production of 603,000,000 bushels.
An increase of 8% is indicated for the North Central States west of the
Mississippi River where prospective production is 1,422,000,000 bushels
compared with 1,314,000,000 in 1927.
Corn condition is below average in most other States, except Oklahoma,
Texas, Maryland, Virginia, Utah and Colorado, but prospective production
is generally above last year.
Oats.
The condition of oats has improved greatly during the past month, and
is now reported at 84.8% of normal, compared with 79.9 on July 1, 74.8 a
year ago, and 78.2 the ten-year average. This improved condition is
reflected in the production outlook, which shows an increase of 122.000,000
bushels, or more than 9% since July 1. The forecast on that date was
1.320,000.000 bushels. The forecast as of Aug. 1 is 1,442,000.000 bushels.
The greater part of this increase occurs in the North Central States where
the condition of all crops has shown marked improvement.
Barlett.
The condition of barley on Aug. 1 was 86.5 compared with 81.3 on
July 1, and 79.0% the ten-year average. This condition forecasts a prospective yield of 28.1 bushels, which is above the five-year average and
The increase
Indicates a record total production of 344,000,000 bushels.
In the prospective production from 303,000,000 bushels as forecast on
July 1 is largely due to the great improvement in the North Central States,
particularly Wisconsin, Minnesota, North Dakota and South Dakota.
In the States named improvement in condition during the past month
ranged from 9 to 12 points.
Rye.
The preliminary estimate of yield per acre of rye is 12.2 bushels, compared to 15.9 bushels in 1927, and 13.6 bushels, the five-year average.
The rye crop shares the generally favorable weather for small grains and a
total production of 43,274,000 bushels is forecast by the Aug. 1 condition,
compared to 39,300.000 bushels indicated by the July 1 condition and
58,800,000 bushels harvested in 1927, and 63,800.000 bushels, the five-year
average. The quality of rye is uniformly good and is reported as 88.6%
for the United States compared with 92.2 a year ago.
Buckwheat.
The first report of condition of buckwheat for the year shows 84.2%.
compared with 85 a year ago, and 87.1 the ten-year average. The Yield
of 18.3 bushels is indicated by the condition, which on the estimated acreage
would produce 15,409.000 bushels, compared with 16.000.000 bushels in
1927, and 13,700,000 bushels the five-year average. The acreage of buckwheat is estimated at 840,000 acres compared with 823,000 acres in 1927.
Rice.
The condition of rice has decllned one point from 86.2 on July 1 to 85.2
on Aug. 1, which is slightly below last year, and the ten-year average. The
indicated yield per acre Is 39.2 bushels compared with 40.9 bushels in 1927.
and 38.9 bushels the five-year average, with a total production forecast
of 36,149.000 bushels. This is about equivalent to the five-year average.
Grain Sorghums.
Condition of grain sorghums on Aug. 1 is 84.3%, which Is above the
indicondition of one year ago, and the ten-year average. This condition
cates a yield per acre of 22.1 bushels. 2 bushels higher than was harvested
in 1927. and 4 bushels higher than the five-year average. A record production of 152,722,000 bushels is forecast.
Potatoes.
that
Potatoes have shared in the generally improved growing conditions
prevailed during July and the forecast has been increased for most sections
753
FINANCIAL CHRONICLE
Am. 11 1928.i
except for the northeast where it seems best to make allowance for the
probability that there will be more than the usual loss from blight. The
condition of the United States crop on Aug. I indicates a potential production of 459,737,000 bushels compared with 444.000.000 bushels harvested
last year and a previous high record of over 453,000,000 bushels in 1922.
It is, however, still too early to forecast accurately the production of the
Important late potato States and if recent low prices continue a portion of
the crop may not be dug.
Croy.
-Year
5
Artie. 1927.
1922-26
Corn
the Connecticut valley has decreased the outlook for cigar leaf in that
area. Condition declined also in Kentucky from 73 on July 1 to 67 on Aug.
1. Elsewhere conditions generally have improved.
Broomcorn.
The condition of broomcorn on Aug. 1 is 80 compared with 78.5% on
-year average. A
July 1, 72.8% on Aug. 1 a year ago, and 75.8% the 10
yield of 348.5 pounds per acre is indicated compared with 327 a year ago,
-year average. Production is forecast at 45,300 tons comand 312 the 5
-year average.
pared with 55.900 tons, the 5
An increase of 43,435,000 bushels in the production of peanuts compared
with July 1 is indicated by conditions on Aug. 1, the present outlook being
for a total of 846,652.000 pounds. Most of the increase occurred in the
Virginia-Carolina district, moderate increases also were shown in southwestern States. The condition on Aug.1 was 79.5%.compared with 77.6%
on July 1.
Beans.
Slightly better bean prospects indicate a production of 16,832,000 bushels
a little less than the average crop of about 17,000.000 bushels last year.
Tame Hay.
Condition of tame hay on Aug. 1 is reported at 81.7%, and compares
average. 76.7 on July 1, and 91.6 a year ago. Im-year
with 80.8 the 10
provement in the crop since July 1 is general with the greatest improvement
shown in the North Central States, particularly Minnesota, North Dakota,
South Dakota. Kansas. Iowa, and Missouri. The prospective production
of tame hay increased from 24,383,000 tons on July 1 to 88.818,000 tons
on Aug. 1. The rains of June provided moisture for abundant growth
during the first week of July, and harvesting was favored by dry weather
during the month. Second growth clover and alfalfa improved generally
during the month.
Wild hay likewise improved in condition, particularly in the Great Plains
States. Condition on Aug. 1 was 75.6% compared to 71.3% on July 1.
July 1
1928.
Grapes.
The forecast for grapes, including those used for raisins and for Juice,
Is for a record crop of 2,538.000 tons in California, and for a fairly large crop
of 307.000 tons in other States.
Pears.
The August forecast for pears is 23,279,000 bushels which is practically
the same as the forecast of a month ago. Last year's crop was only a little
over 18.000.000 bushels, but the record 1926 crop was over 25,000,000
bushels. It is expected that 14,864,000 bushels of the year's crop will be
produced in the Pacific Coast States.
The statistical details for the different crops are set out
in the following:
dia
FOR THE UNITED STATES.
Total Production in • Millions.
Condition.
Indicated
Harvested.
by Condition. a
5- Year
Aug. 1 Aug. 1 July 1 Aug. 1 Average 1927. hay 1 Any. 1
1928. 1928.
10-yr.ao 1927. 1928. 1928. 1923-26
P. C.
P. C.
P. C.
P. C.
57.1
Total crop_bu
Com'l crop bbls b60.1
Peaches
59.8
Total crop_bu
Pears
61.2
Total crop.bu
tons 81.7
Grapes
lbe b54.6
Pecans
41.8
44.6
62.9
65.6
59.4
62.0
199
33.7
123
25.9
178
33.2
179
33.3
Apples
46.9
70.6
70.7
54.3
45.5
68.
67.5
51.1
81.8
43.4
66.5
96.4
57.4
66.6
93.2
55.1
20.7
c2.09
b37.8
18.1
c2.46
22.1
23.4
c2.85
----
23.3
c2.84
----
The amount of oats remaining on farms in the United States on Aug. 1
1928 is estimated at 3.57% of the crop of 1927, or about 42,304.000 bushels,
as compared with 61.237,000 bushels on Aug. 1 1927 and 81.8.57.000 bushels
the average of stocks of oats on Aug. 1 for the five years 1922-1926.
The amount of barley remaining on farms in the United States on Aug. 1
1928 is estimated at 2.89% of the crop of 1927, or about 7,635.000 bushels,
as compared with 3,754.000 bushels on Aug. 1 1927 and 7.202,000 bushels
the average of stocks of barley on Aug. 1 for the five years 1922-1926.
FOR CALIFORNIA AND FLORIDA.
Condition.
Aug. 1
10-yr.av. Aug. 1
1918-27. 1927.
Crop and State.
Acreage 1928.
at 9 a. m. (E. T.)
Acres.
Aug. 1
1927.
July 1
1928.
Aug. 1
1928.
Per Cent. Per Cent. Per Cent, Per Cent.
103.6 102,380,000
79.5
Corn
71.2
78.1
83.3
95.2 a36,125,000
Winter wheat
_.....75.0
6,147,000 b76.6
Dumm wheat.4States 116.6
Kili
76.2
Sill
Other spr.wheat,U.S. 100.2 15,478.000 c72.4
85.6
71.7
81.8
98.5 57,750,000
____
All wheat
74.3
_ -- 99.9 41,974,000
Oats
78.2
74.8
--.79.9
84.8
129.5 12,243,000
79.0
83.3
Barley
81.3
86.5
95.8 a3,535,000
____
Rye
-- -66.7
__ ...
102.1
Buckwheat
840,000
87.1
85.0
84.2
97.4
2,831,000
Flaxseed
75.4
86.4
/6.11
83.3
94.2
Rice, 5 States
923,000
87.3
86.2
86.2
85.2
Grain sorghums_d
102.6
79.6
6,905,000
84.3
Sorgo for sirup
99.0
382,000
78.9
70.6
---81.3--74.3
171.4
Sugar cane (La.)
180,000
82.0
76.1
80.0
79.0
Sugar beets
87.2
e629,000
85.7
89.1
87.5
89.6
109.2
Potatoes, white
3,842,000
80.0
83.8
84.8
85.8
Sweet potatoes
91.9
856,000
81.4
80.4
70.9
77.0
Tobacco
117.3
1,850,100
77.0
,74.6
74.8
74.1
Broomcorn_d
109.7
75.8
260.000
72.8
80.0
78.5
104.1
Hops_d
88.8
25,600
92.5
87.6
96.6
Beans, dry edible_d 107.2
1.735,000
81.3
76.2
81.6
76.3
Soy beans
80.9
101.6
80.5
2,309,000
83.4
82.2
Cowpeas
97.8
76.9
73.8
2,410,000
79.8
79.0
Velvet
75.7
79.0
b74.3
78.0
Peanuts
5.i
0
1- beans.
1,185,000
79.5
79.6
77.6
76.8
Hay,all tame
81.7
95.6 58,63/.000 1180.8
76.7
91.6
Aug. 1
P. C.
68.0
66.0
47.0
89.0
60.0
1928.
P. C.
69.0
56.0
74.0
75.0
78.0
CROP REPORTING BOARD.
W.F. Callender, Chairman
S. A. Jones,
J. A. Becker,
C. F. Sane.
J. B. Shepard.
D. F. Christy.
S. R. Newell,
Approved:
C. F. Marvin,
Acting Secreiare.
Condition.
Aug. 1
10
-Year
Average.
July 1
1928.
P. C.
70.0
Almonds, California
56.0
Apricots, California
66.13
Avocadoes, Florida
73.0
90.4
Figs, California
79.0
82.0
Grapefruit, Florid)"
California
Grapes,
94.0
96.0
88.0
88.1
Wine grapes
97.0
101.0
86.0
84.5
Raisin grapes
91.0
95.0
81.0
82.5
Table grapes
95.0
99.0
85.0
84.8
All grapes
88.0
87.0
64.0
78.2
Lemons, California
84.0
84.0
88.0
76.3
Lima beans, California
78.0
74.0
48.0
78.4
Limes, Florida
67.0
73.0
66.0
61.9
Olives, California
Oranges, California
93.0
92.0
67.0
74.4
Navels
93.0
94.0
67.0
79.5
Va1encias and miscellaneous
93.0
93.0
67.0
76.2
All oranges
84.0
81.0
65.0
85.9
Oranges, Florida ,
61.0
62.0
58.0
Satsuma oranges, FTOrida
82.0
82.0
58.0
Tangerines, Florida
73.0
70.0
63.0
91.0
Pineapples, Florida
82.0
84.0
65.0
76.6
Plums, California
94.0
73.0
83.0
73.4
Prunes, California
67.0
65.0
102.0
85.9
Walnuts, California
conditions during
a Indicated production increases or decreases with changing
the season. b Short time average. c Estimate of total production for fresh fruit,
uice and raisins.
Aug. 1 1928 figures for the States of Kansas and Missouri will be available
Jet the office of the Crop Reporting Board, in Washingtoh on Aug. 10.
P. C.
70.2
70.1
FOR THE UNITED STATES.
Per Cent
of
1927.
28.1
29.6
14.6 516.0
14.4
13.7
15.7
14.8
14.9 • 15.4
28.2
34.4
28.1
28.0
.15.9 512.2
18.3
19.5
9.1
8.7
39.2
40.9
22.1
20.4
10.6
10.8
116.7 119.7
94.9
100.9
'734
768
1334
1348
1,211 1,302
9.7
10.4
714
715
1.51
1.74
27.3
15.0
12.9
12.9
14.3
31.1
25.2
13.6
18.6
8.0
38.9
18.1
b10.3
111.5
92.2
769
1312
1,309
11.2
686
1,52
2,776 2,774 2,736 3,030
544
5579
553
556
84
74
76
62
228
183
243
190
.891
800
873
807
1,352 1,184 1,320 1,442
344
303
264
192
39.3 543.3
58.8
63.8
15.4
16.0
13.7
24.5
- ..
21- 5
26.6
20.1
36.1
35.4
40.1
36.3
153
138
115
6.69
7.75
137.36
460
444
407
394
81.2
75.3
93.9
81.1
1.312 1,358
1,338 1.211
h55.9 h39.6 h42.0 1145.3
33.3
29.5
29.8
27.1
16.8
16.6
16.9
16.3
847
803
807
671
88.8
84.4
91.0 106.5
Fruit.
The fruit crops are developing about as was expected a month ago. A
nearly average apple crop and large crops of peaches, pears, grapes, and
citrus fruits are being harvested or are expected, prospects being particularly Promising on the Pacific Coast.
The present forecast of the total apple crop is 178,970,000 bushels. This
would be a substantial incrrase over last year's very short crop of 123.455,000 but about 10% below the average production during the previous
5 years. During July apple prospects declined quite sharply in the Northeastern States and west to Indiana but this decline was offset by improvement in all other important States.
The peach crop is slightly above earlier expectations in most States and
the present forecast of 67,471,000 bushels is only a little below the record
production of 69,865,000 bushels in 1926. An unusually large proportion
of this year's crop is in California where a record crop of 25.682,000 bushels
is indicated.
-Yea
5
Aug. 1 Arge..
1928. 1922-
b Short time average. c All spring wheat.
a Acres remaining for harvest
d Principal producing States. e For harvest. f Indicated yield and production
Increase or decrease with changing conditions during thl season. 4 Preliminary
estimate. h Thousands of tons. I Pounds per acre. * Hall damage in Montana
after Aug. 1 exceeds a million bushels as mentioned in comments.
Croy.
Peanuts.
ladled
by Condition
1927. Aug. 1
1928.f
Harvested.
Indicated
by Condttion.f
Harvested.
bus
bu.
Winter wheat
Durum wheat.4 Statesbu.
Sweet Potatoes.
Other spr wheat U. S.
bu.
Prospects for sweet potatoes have improved markedly in response to All wheat
bu.
better growing conditions throughout the South. The present forecast Oats
bu.
that about an average total crop may be Barley
of 81,223.000 bushels indicates
bu.
Rye
in contrast to the very large crop of nearly 94,000,000 bushels Buckwheat
expected
bu.
bu.
harvested last year. In the commercial sweet potato area extending Flaxseed
bu.
from southern Virginia into New Jersey the acreage was not reduced this Rice, 5 States
crop there seems likely to Grain sorghun)s_d_bu.
season, as it was in the Cotton Belt. and the
ton
Sugar beets
rather large crop of last season.
exceed the
bu.
Potatoes, white
bu.
Sweet potatoes_
Tobacco.
lbs.
Toabacc.o
A slight improvement in the condition of tobacco from July 1 is indicated Broomcom_d
tons
lbs
the condition being 74.6 compared with 74.1 on August 1. The yield indi- Hops d
cated by the present condition is 734 pounds per acre compared with 759 Beans, dry eclible_d_ _bu
lbs.
Peanuts
-year average. Excessive rain in
pounds a year ago and 769 pounds, the 5
tons
Hay, all tame
Crop.
Yield Per Acre.
Total Production in Millions.
WINTER WAIEAT.
Production in Thousands of
Bushels (i. e., 000 Omitted).
Yield per Acre.
-Year
10
Avge.
State.
1917-26.
(Harvested).
1927.
Bushels. Bushels. Bushels.
22,665
15.3
18.5
98.0
Pa __
35,120
10.8
18.0
17.4
Dhlo___
30,310
10.0
15.5
16.1
Ind__ __
45,068
15.0
13.5
17.4
ill
16,615
16.0
21.5
17.4
Mich
42,018
19.0
20.5
14.0
Neb.__
10,262
16.5
17.5
17.2
Md.__
10,049
14.5
12.2
12.9
Va.__ _
45,836
13.5
9.0
12.9
Dkla
18,192
11.0
9.7
12.5
Texas
8,685
15.0
22.0
13.5
Mont
9,633
23.0
24.5
21.7
Idaho
14,008
14.5
13.0
. 13.9
Colo_ _
21,793
24.5
28.0
22.8
Wash
15,004
24.0
26.0
20.4
Ore .__
12,118
21.0
16.8
Calif- 17.5
U. 13_
14.9
14.6
Quality.
-Year
10
Harvested.
1928
Awe.
(Pre19181928
-Tr.Av.
lim- 5,
inary). 1922-26. 1927. (Prelim.) 1927.
16.0
20,165 17.503
9.569
28,980
8,020
27.621
30,956 17,190
19,156 13,968
70,868 64,372
8,910
9,188
9,570
8,381
33.372 59,062
17,945 22.176
14,256 •12,150
12,274 10,488
16,900 16,965
33,684 33.369
23,400 19,440
13,642 16,716
556,016 553.288 *578.59
%
91
90
89
89
89
90
86
86
89
8.6
89
92
91
90
94
89
89.8
1925.
_
%
85
85
80
87
88
91
88
92
93
88
90
94
90
91
94
90
88.7
754
FINANCIAL CHRONICLE
DURUM WHEAT.
Condition Aug. 1.
Minnesota
North Dakota
South Dakota
Montana
Four States
nob;
isconsin_
nnesota
North Dakota
South Dakota
Nebraska
Montana
Idaho
Wyoming
Colorado
Utah
Washington
Oregon
fi
United States
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin..
Minnesota
Iowa
South Dakota
Nebraska
Virginia
North Carolina
Georgia
Kentucky
Tennessee
Alabama
Mississippi
Arkansas
Dklahoma
Texas
11/1m1+AA A
10-Yr.
Asp.
10181927.
1928. 5-yr. Av.
1922-26.
P. C.
b80
1,71
1174
b80
P. C.
83
88
68
85
Harvested.
2,884
44,225
13.077
1,515
1927
3,538
55,916
16.401
300
Indicated by
Condition.a
July 1'28 Aug.118
3,963
58,188
11,262
139
4.699
66,048
13,385
211
676.6
83.8
61,702 76.155 73.532 *84,343
OTHER SPRING WHEAT.
3,888
79
75
5,724
5,670
1.700
1,021
81
1,214
1,426
1.089
88
81
b73
23,403 14,542 14.925 18.575
59,962 69,054 51,966 67,641
b70
88
14,813 27,902 16,183 21,046
b432
66
2.643
2,778
71
2.958
93
2,930
36.197 65,852 45,353 .61,585
1374
86
14,592 20,100 15,375 17.318
82
83
91
85
3.440
2,307
4,013
3.906
5,994
86
7,035
4,526
79
7,513
2,790
2,780
90
87
2,805
2,808
69
18,378 19,660
88
9,573 11,389
75
3,382
4.595
77
3,155
3,512
c72.4
83
80
77
77
80
84
84
86
83
81
82•
83
78
81
79
77
72
72
69
73
/0 IC
85
86
82
75
76
79
85
81
83
73
79
75
624.4
b28.2
67
85
82
78
81
b29.9
81.8 189,668 243,152
CORN.
61,571 50,165
84
144,997 109,720
83
172,722 132,458
81
332,457 254,070
83
56,922 38,995
75
82,836 '68.250
85
141,324 127.246
84
95
427,324 386,986
87
103,891 134,995
93
204,442 291,446
85
44,560 '47,967
79
49,697 53,626
68
48,914 54.502
66
89,042 75.010
65
72,899 70,656
62
42,956 47,458
63
38.599 34.140
71
35,588 36,575
85
45,975 84,190
79
80,433 119,347
02 I
OATS.
88
91
90
92
85
91
90
82
89
86
69
88
628.0
625.5
86
83
88
83
82
634.5
182,623 .228,350
53,747
136,160
163,814
343,236
40,690
73,345
130,880
452,547
110,572
231,710
48,371
39,937
43,252
68,190
54,526
32,125
24,679
31,079
57,942
98,450
57,485
146.770
181,217
360,614
46,634
84,734
142.778
488,304
129,626
287,275
48 807
45.978
43,252
75,702
60,008
33,895
26,401
36,303
73.352
104,845
0//0 004 n,,q mno o,or es., nnon en,
33,909
37,195
83,177
54,211
139,400
52,430
104,042
164,978
222,517
84,128
75,433
66,478
29,548
44,772
17,966
6.529
5,823
9.630
8,884
4.478
35,000
39,600
60,800
48,700
102.204
54,170
93,247
116,580
192,032
45,688
72,664
69,813
21,128
42,083
23,840
8.721
5,481
9,150
10,540
4,190
35,904
38,839
100,035
95,507
166,997
62,916
103,293
147,246
225,601
54,887
57,965
77,884
26,026
35,751
20,487
5,572
6,020
8,200
10559
4,968
.
New York
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
North Dakota
South Dakota
Nebraska
Oklahoma
Texas
Montana
Idaho
Colorado
Washington
Oregon
California
Condition Aug. 1.
State.
Production in Thousands of
Bushels (I. e., 000 Omitted).
10-Yr.
Avge.
19181927.
Harvested.
Indicated by FF
Pondltion.a
1928. 5-yr. Av.
1922-26. 1927, July 1•28Aug.1'281%1M
MM
MM
• Hall damage to the Montana wheat crop after Aug. 1 exceeds a million bushels,
as mentioned in comments. a Indicated production increases or decreases with
changing conditions during the season. b Short-time average. c All spring
wheat
d Yield per acre in bushels.
Foreign Crop Prospects.
The latest available information pertaining to cereal
crops in foreign countries, as reported by the Foreign Service of the Bureau of Agricultural Economics to the United
States Department of Agriculture at Washington, and given
out on Aug. 9, is as follows:
Wheat.
The 1928 wheat production In 18 foreign countries is estimated at 1,461,869.000 bushels against 1,487.724,000 bushels in 1927 when those
countries produced over 40% of the estimated world total exclusive of
Prussia and China, according to reports received by the Foreign Service
of the Bureau of Agricultural Economics.
The outlook for the 1928 crop in western Canada is very promising
at the present time and barring damage from frost and severe heat, an
above average crop may be expected. A preliminary estimate of yield
and condition will be released Aug. 11 by the Dominion Bureau of Statistics.
Production in 12 European countries is reported at 1.049,838,000 bushels
against 1,043,174,000 bushels In 1927 when those countries produced
over 30% of the estimated European crop exclusive of Russia. Conditions
have been generally favorable for the ripening and harvesting of the crop
although the recent heat wave has caused some local damage. Early
samples of French, Hungarian and Yugoslav new wheat are showing
good quallty. Reports from Russia still indicate no surplus of wheat
available for export. The official reports now show above average conditions for spring wheat and for rye, but below average conditions for
winter wheat and poorer conditions in the exporting regions than for the
country as a whole. Private reports are less favorable.
Conditions in Australia and Argentina have been more favorable than
during the same period last year.
Rs.
Rye production in 10 European countries is reported at 513.857.000
bushels against 590,112,000 bushels in 1927 when those countries produced
seamy 75% of the estimated European crop exclusive of Russia. The
rye outlook in Europe as a whole continues to be less satisfactory than for
wheat, due mainly to the winter killing. In Germany. the most important
country aside from Russia, winter killing was heavy and poor conditions
early in the season would Indicate a crop below last year. Conditions have
improved since June, however, and with favorable conditions for harvesting
a better quality grain than last year may be harvested. Complaints
are being received about the Austrian rye crop which no doubt reflect the
condition of the crop In Czechoslovakia also.
Prduction in Thousands of
Bushels (i. e., 000 Grained).
N.
.
..,
.W...loPO,ONOMOWOWW
0.000
.
FaativaNWS.2001.1.WONWO4
0 .
- 0
0 1
10Vo..O..foil.V0W.
"
W.
WW 0,20 0
t INWA
.0004 .4W0*.
9
q..,
0
4...i....401.4..=.1.0C0.40004.4.NOONO
Stsle.
[Vol,. 127.
Feed Grains.
Early conditions In Canada point to a probable increase in the feed grain
crop in that country, with an increase in barley acreage more than offsetting
the combined decrease in oats and in corn for husking, and with growing
conditions generally favorable. Some reports from important European
countries have been usfavorable to feed grains and there Is a possibility
that the total European feed grain production may be no larger than last
year's crop, although some recent reports have been more favorable. The
potato outlook for Europe so far Is also poorer than last year, which may
cut down still further the feed supply.
Barley.
Total barley production so far reported for 10 foreign countries is 302.933,000 bushels or 11.2% above production in those countries last year.
Production in 7 European countries so far reported is 218,961,000 bushels
or 10.3% above production last year. The possibility of poor harvests in
Germany and Poland, the two most important European countries, which
have not yet reported production, has seemed likely to bring the total for
all Europe aside from Russia down to near the 1927 estimate of 678.000,000
bushels. Recent reports for Germany are more favorable, however.
The Balkan crop new appears to be larger than last year, in spite of drought
the latter part of the season.
Oats.
Oats production has been reported in 9 foreign counties, totaling 220.597,000 bushels or 4.5% above estimates for those countries last year.
Production in 8 European countries so far reported total 206.474,000 bushels
which is 3% above the total in those countries last year. The most important European oats producing countries, Germany, France and Poland,
which produce about three-fifths of the total, exclusive of Russia, have
not yet reported on the size of the crop. The condition of the German crop
as last reported was below last year while that of Poland was about equal to
last Year. Acreage is not reported for these two countries. For France
the condition appears to ho as good as or better than last year, but the
acreage is slightlY smaller so production may be not far from that of 1927.
Great Britain is reported to have better conditions than last year. Czechoslovakia has a slight increase In acreage, and Judged by reports from Hungary, appears to have better conditions than last year. If there Is no
increase in acreage in Germany and Poland, the poorer condition of the
German crop may be sufficient to offset improvements noted In other places.
and leave the total crop in important European countries, aside from Russia.
not far different from last year's harvest, assuming average conditions the
balance of the year.
Corn.
Total corn area reported in 10 foreign countries amounts to 14,320.000
Ores compared with 14,246,000 acres last year. Acreage in 5 European
countries reported to date totals 13,364,000 acres or practically the same
as reported for the same countries last year. These countries include
Rumania, Bulgaria. Czechoslovakia, France and Switzerland. Hungary
and Bulgaria are the only foreign countries reporting production. The
Hungarian crop is 47,517.000 bushels compared with 68,347.000 last year
and the crop in Bulgaria is forecast at 28,581.000 bushels compared with
the small crop of 20,614.000 bushels last year. Reports of growing condition.s have been less favorable since this report. Corn conditions in
Europe generally have been favorable until recently drought is reported
in the important producing regions which Is hurting the crops, and present
ndications are pessimistic.
I
GRAINS
-PRODUCTION IN SPECIFIED COUNTRIES, AVERAGE 1909-13
ANNUAL 1925-1928.
Crop and Countries Reporting In 1928.x
Average
1909-13.
Production-WheatCanada. winter
United States
Mexico
1925.
1926.
1927.
1928.
1,000 bu. 1,000 bu. 1,000 bu. 1,000 be. 1.000 bu.
22,294
23,325
21,785
22,286
y18,000
890,108
872.595
676,429
831.040
891.292
2,174
10,333
9,440
11,519
11,025
North America (3)
714,576
Europe (12)
Arne& (2)
Asia (3)
709.194
1,136.858 1.157.885
41,385
44,482
383,827
371.047
863,158
908,380
920,317
989,997 1,043,174 1,049,828
36,595
36,590
47,032
363,598
374.175
335,974
Total above count.(20). 2.276.444 2.282.608 2.253,348 2,380,319 2.353,161
Est, world ex. R.& C
3,041.000 3,389,000 3,421,000 3.539,000
Rye
United States
Europe (10)
36,093
705,623
48,456
688,466
40,795
553,373
58,811
590,112
43,274
513,857
Total above count.(11). 741,716
734,922
Est. world ex. R. & C
1,025,000 1,012.000
594,168
812,000
848,923
887,000
557,131
Barley
California
U. B. other than Calif__
Europe (7)
Africa (2)
Asia (1)
32,400
152,505
222,481
31,819
38,307
27,335
237,057
198,463
38,689
35,314
33,032
311,300
218,361
50,293
33,679
37.690
147,122
188,532
53,800
32,243
32,550
181,313
195,245
42,728
40,363
Total above count.(11). 459,387
492.199
477,512
647,265
536,858
Est. N. Hernia. ex. R.& C. 1,407,000 1.456,000 1,402,000 1.468,000
Est, world ex. R. & C..... 1,425,000 1,492,000 1,438,000 1,501,000
Oats
United States
1.143,407 1,487,550 1,246,848 1,184,146 1,442,173
Europe (8)
175,537
199,627 222,714
200,391
208,474
Algeria.
13,489
15,768
14,123
10,607
8,893
Total above count.(10). 1.332,433 1,702,845 1,478,255 1,395.144 1,862,770
Est. N.Heinle. ex. R.& C. 3,474.000 3,729,000 3,592,000 3,523,000
Est, world ex. R.& C.__ 3,581,000 3,848.000 3,699,000 3,617.000
.
Acreage-Corn1,000 acres 1,000 acres 1,000 acres 1,000 acres 1,000 acres
United States
104,229
102.380
101,359
99,718
98,868
Canada
309
132
128
239
210
North America (2)
Europe (5)
North Africa (2)
Lebanon Republic
Alaouites
104,538
101.598
99,923
99.000
12,675
481
(40)
12,540
571
23
15
12,771
616
25
15
13,364
13,345
729
788
25 1
40
15 1
114,747
1122 Ann
113,350
175 900
Total above count.(IDvst. world ex. R & 6)
117,734
non
171
113,114
102.508
110.700
x Figures in parenthesis indicate the number of countries included. Russia and
China abbreviated R. and C.
y Estimated on the basis of acreage and condition as of June 30.
AUG. 11 1928.]
FINANCIAL CHRONICLE
Canadian National Railways Crop Report.
Cutting of rye and barley in Manitoba and some sections
of southern Saskatchewan has already commenced and will
be general over the whole of the West within ten days, according to the weekly crop report of the Candaian National
Railways issued at Winnipeg. The report goes on to say:
No wheat cutting has been reported as yet except from one point in central Manitoba where some garnet wheat has been cut, but wheat cutting
will be general in Manitoba by the end of this week; in Saskatchewan and
southern Alberta early next week,and in northern Saskatchewan and northern Alberta by August 18.
No serious damage from rust is reported, and as the crop has now reached
the point where rust can do it little harm,danger from this source can almost
be dismissed as a possibility. There has been no damage from frost at any
point, but several places have suffered severely from hail. These are located
mostly in Saskatchewan and Alberta. Between Dunblane and Eatonia.
In Saskatchewan, there was considerable hail damage especially from
Eatonia east to Dankin and Glidden where a strip about three miles wide
was severely hailed. The area affected is about 6000 acres with a possible
forty percent. loss.
An estimated loss of 75,000 bushels was suffered around Snipe Lake
in the same area. Around Vawn, Bask, about 3,000 acres suffered hall
damage and there was also some slighter damage from the same cause
between North Battleford and Stwalburg, but it is not expected to eaceed
five per cent.
Except for lack of moisture in a few scattered areas in Saskatchewan and
and Alberta, conditions everywhere in the West remain highly satisfactory
and the outlook for a splendid crop remains bright. All grains have filed
out nicely and are maturing quickly.
Estimates of the yield are difficult to secure accurately, but those
that have been made go as high as forty bushels an acre for wheat and 75
bushels an acre for oats. The lowest estimate on wheat in any district
up to the present has been 25 bushels am acre.
Canadian Railways Capable of Handling Grain-80,000 Cars Now in West Will Be Used to Transport Crop.
A Canadian Press dispatch in the Toronto "Globe" from
Winnipeg Aug. 1 stated that there is no shortage of cars for
handling of this year's grain crop, the Railway Association
of Canada announced, but there was every possibility that
the harvest will be the heaviest In years, and all of the 80,000 cars now in Western Canada probably will be needed.
The dispatch also stated:
In order to aid the railways in the expeditious movement of the grain,
an appeal has been made to coal dealers and consumers in the West to place
their winter fuel orders immediately.
It is expected that the crop movement will commence from ten to fourteen days earlier than usual, and once this traffic begins railways will not
be able to divert cars to other purposes.
755
July will be forced to settle at approximately $1.21 per
bushel, compared with the closing price of $1.1534 on the
final day of that month, according to the price determined
by the special committee of the Chicago Board. This is
made known in the Chicago "Tribune" of Aug. 7, which
adds:
The committee estimated the actual price of cash grain on July 31 to
have been $1.123, but those who defaulted must also pay a penalty of
% for failure to fulfill their contracts.
Leading bulls expressed themselves as satisfied with the finding. It
was the first time in several years that a price has had to be set at which
defaulters would be forced to settle, and the July corn deal is said to have
been the first speculative deal that has been attempted since the exchanges
started to operate under the provisions of the grain futures act. A majority
of operators have been apprehensive of the regulations, and the fact that
the government did not go to the assistance of those who sold short received
favorable comment.
The statement of the Grain Futures Administration showing the volume of sales July 31 for future delivery on the
Chicago Board of Trade and the open contracts of all clearing members at the close of business that day indicated that
in the open contracts for July corn there had been a default
on 1,013,000 bushels. Commenting on this the Chicago
"Journal of Commerce" of Aug. 1 said:
What has been referred to as a "squeeze" in July corn on the Chicago
Board of Trade passed into history yesterday with a great show of excitement, but not many signs of a squeeze. Holders of corn sent brokers into
the pit in the last hour and offered the shorts all the corn they wanted at
the
$1-1514 cents a bushel. This price, however, was a rise of 4Hc. from
preceding day's close.
The offer was accepted by many and there was such a scramble that one
veteran broker collapsed and had to be carried out of the pit. Just how
much corn changed hands in the last few minutes of trading was impossible
to report. Hours after the close, a force of clerks in the clearing was still
busily employed figuring the amount that had been delivered during the
day.
Morning deliveries were 1.311,000 bushels, which brought the total
for the month up to that time to 9.355.000 bushels. At least 3,000,000
bushels were delivered in the afternoon and clerks were working with a
total for the month already exceeding 12,000.000 bushels.
Some Defaults Taken.
It was estimated some time ago that the long interest in July corn was
between 12,000,000 to 15,000,000 bushels. It was learned yesterday that
one firm, reported to be N. B. Updike of Omaha. defaulted on 950.000
bushels, while further defaults in scattered lots amounted to 55.000 bushels,
bringing total to 1,005,000 bushels defaulted. This was a record default.
A board committee was named to fix a settling price and to determine
the defaulting firm merited a penalty.
Close pit observers expressed the belief that the long lines were accumulated Stan average cost of $1.05 a bushel.
On July 1. July corn lathe pit here was selling at $1.15M. Certain interests started to sell heavily and by June 21, the price had dropped to
97 cents. The selling then was based on a belief that much corn remained
in the country and receipts at terminal markets would increase.
The movement from the country was unexpectedly short lived, however,
and July Jumped to $1.07% by June 29, an advance of more than 10c. in
eight days. It dropped back to $1.02% on July 10, the day of the July
government rep , but was back to $1.09 three days later. Since that
time, it touched $1.05 on July 23 and closed last night freely offered at
:
$1.15%
76,000 Harvesters Called by Canada—Prospects Continue Good for Dominion's Most Bountiful Wheat
Crop.
A suggestion that the Prairie Provinces might wisely
limit their export of wheat this year is due as much to
recently revised figures of last year's crop as to the ex- Alleged Boycott of Oklahoma City Livestock Exchange
-bushel yield this summer, say
pectations of a 600,000,000
Against Two Companies Upheld by Federal Court
special advices from Toronto, Aug. 4, to the New York
—Order of Secretary Jardine Under Packers Act
"Evening Post." The account also says:
Set Aside.
As belated wheat from last year's harvest has reached the elevators durThe "Oklahoman" of Oklahoma City states that an order
ing the last week the statisticians have been obliged to revise their estimates and to appraise the Western crop of 1927 at approximately 475,- by William M. Jardine, Secretary of Agriculture, destroying
000,000 bushels, or the largest yet reaped in the Dominion. This leaves
boycott by about twenty members of the Oklahoma City
a carry-over of about 65,000,000 bushels when the new crop year begins a
Livestock Exchange against the Producers Commission Asnext week, a circumstance already reflected in the market prices.
No doubt, the downward price movement has been accelerated by the sociation and the Bollinger & Spencer Livestock Commission
beginning of the export of the improved winter wheat crop of the United
was set aside by the Federal Court at Oklahoma
States, but conditions in this country have proved also a strong Company,
City on July 30. The paper quoted says:
factor.
Nothing Halts Progress of Crop.
Nothing has as yet occurred to mar the prospect of Canada's reaping
Its most bountiful wheat crop within the next three or four weeks. In
all three of the Western Provinces there is enough moisture in the soil
to carry the grain to maturity. The clear, sunny weather succeeding the
rains has been ideal for the later growth of the grain, with sufficient wind
to ventilate the stands.
In most of the West the wheat crop is now well headed out or in the
dough stage. Indications of the volume of the yield expected are furnished
by demands of the railways for 75,000 harvesters. Ontario, Quebec and
the Maritime Provinces are asked to contribute 44,000 of the total.
Large Exports Through Montreal.
Although the demand for Canadian grain has not so far appeared pronounced, the port of Montreal has to date handled only 9,000,000 bushels
below the records to the end of July, 1927. Already, therefore, prophesies
are being made that this season's figures will exceed last years' total of
195,247,914 bushels shipped from the port, especially as completion of
the new elevator will bring the entire storage capacity of Montreal to
15,162,000 bushels.
Vancouver, which has handled more than 80,000,000 bushels in the
crop year just closing, is preparing to move out most of Alberta's expected
225,000,000 bushels in the new season. New bridges are building, and yard
facilities are-expanding to expedite the movement of the heaviest crop that
the mountain divisions have yet carried.
Default In July Corn on Chicago Board of Trade—
Traders Called Upon to Settle at $1.21 Per Bushel.
Traders on the Chicago Board of Trade who defaulted
on contracts calling for the delivery of corn at the end of
The opinion, which held that the exchange members were within their
rights in refusing to do business with the associations, was written by
John II. Cotteral, Judge of the Circuit Court of Appeals, and was concurred in by Judge William S. Kenyon and Judge It. L. Williams.
It marked the end of a long dispute between the two forces, which at
one time, in 1924, resulted in indictments against fifty-two members
of the exchange. The indictments were quashed by Judge Ootteral soon
afterward.
Associated Press advices from Oklahoma City in stating
that the Court on July 30 granted a permanent injunction
against the enforcement of an order by Secretary Jardine
to "cease and desist" a boycott alleged to have been practiced by members of the Live Stock Exchange, said in part:
The Department of Agriculture charged that the Live Stock Exchange
members had violated the packers and stockyards act in boycotting the
Producers' Commission Association and the Bollinger & Spencer Live Stock
Commission Company.
The Federal Judges held that the two companies, as co-operative associations, under the laws of Oklahoma, were authorized only to buy and
sell live stock of members of the associations and that the Live Stock
Exchange members had the right to refrain from dealing with them.
Precedent Expected.
The case is one of the few testa made of the packers and stockyards
act and is expected to set a precedent, it was said by E. O. Hall, attorey
for the Exchange members. Fifty-five members of the Oklahoma City
Live Stock Exchange were indicted in December, 1924, charged with a
boycott conspiracy against the two co-operative companies. The indictments later were quashed by Judge Cottrell.
Secretary Jardine filed a complaint in May 1925 against the exchange
756
FINANCIAL CHRONICLE
members, alleging discrimination against the two firms. Although the two
companies in the meantime had quit business, a cease and desist order
was issued by the Secretary after a hearing before Bayard T. Heiner,
examiner for the department.
Transactions in Grain Futures During July on Chicago
Board of Trade and Other Markets.
Revised figures showing the volume of trading in grain
futures on the Board of Trade of the City of Chicago, by
days, during the month of July, together with monthly totals
for all "contract markets," as reported by the Grain Futures
Administration of the United States Department of Agriculture, were made public Aug.6 by L. A. Fitz, Grain Exchange
Supervisor at Chicago. For the month of July 1928 the
total transactions at all markets reached 1,683,112,000
bushels, compared with 1,727,229,000 bushels in the same
month latst year. On the Chicago Board of Trade the transactions in July this year amounted to 1,457,501,000 bushels,
against 1,515,085,000 bushels in July last year. Below we
give the details for July-the figures representing sales only,
there being an equal volume of purchases.
VOLUME OF TRADING.
Expressed in Thousands of Bombs', I. e., 000 Omitted.
July 1928.
Wheat.
1 Sunday
2
3
4 Holiday
5
6
7
8 Sunday
9
10
11
12
13
14
15 Sunday
16
17
18
19
30
21
22 Sunday
23
24
25
26
27
28
29 Sunday
Corn.
Oats.
Rye.
Barley, Flax.
Total.
37,997 12,331
20,417 11,076
1,776
3.209
4,277
1,176
1,648
1.344
--------48,909
--------53,399
--------49,290
32,609 11,899
19.092 4,434
23,107 2.384
17,844 2.080
15,701 1.481
17,994 1,324
3.554
2,447
2,818
1.587
1,428
1,462
97.524
63,135
68,374
53,374
--------39,852
--------33,623
30,025
20,253
47,418
46.973
22,225
32,856
18,454
13,288
21.373
16,769
18,482
13.742
2,175
994
1,568
1,646
981
1,629
1.690
1,904
2,710
2,991
3,428
1,892
--------52,344
____
36,439
--------73,069
--------68,379
--------45,116
___
____
50,119
60,739
58,317
27,785
38,000
26,879
19,885
28,820
38.738
19.652
29.278
21,712
20,305
3,420
3,250
1,844
3,181
1,921
2,158
2,776
2,362
2,342
2,166
1,375
1,110
--------95,755
--------102,667
51,623
--------72,626
--------51,887
43,458
27.181 31.003
28,095 26,097
Ohlcago Board of Tr_
Chicago Open Board_ _ _
Minneapolis C. of C.__
Kansas City Bd. of Tr_
Duluth Board of Trade_
St. Louis Mer. Exch_
Milwaukee C. of C
ileattle Mer. Exch
Los Angeles Gr. Exch.._
Ban Francisco C.of C.
--------53132
-----32,910
49.482
37.162
40,067
31,863
21,242
12.843
31
1,106
553
29,979 13,978
38,736 9,806
23,398 20,271
ao
1,698
864
2,883
4,445
1,740
1,054
--------62,807
--------59,601
829,797 511.522 07,521 48,661 --------1,457.501
29,375 14,070
367
25 --------43,837
44,663
____
4,442 1.871 5,894
936
57,806
75.629 24,075
----------------99,704
*11,490
--------1,925
257
926
14.599
2.674 1,083
----------------3,757
1,491 2,944
577
208 --------5,220
667
21
Total all markets_ _
995,786 553,694 72,907 52,690 6.172 1.8631.683,112
Total all mkta. year ago 1,017,433 575,105 91,163 39,400 1,816 2,312
1,727,229
Tot, Chic. Bd. year ago 862,988 540.516 80,836 30,745 --------1.515.085
•Durum wheat with the exception of 89 wheat. a Hard wheat with the
exception
of 59 red wheat.
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF
TRADE
FOR JULY 1928 (BUSHELS).
(Short side of contracts only, there being an equal volume open on the long
side.)
July 1928.
Wheal.
Corn.
Oats,
1 Sunday
2
3
4 Holiday
5
6
7
8 Sunday
9
10
11
12
13
14
15 Sunday
16
17
18
19
90
21
22 Sunday
22
24
25
26
27
28
29 Sunday
10
31
100,467.000 80,224.000 23,430,000
103,094,000 71,863,000 21,752,000
.4verage-July 1922
July 1927
Tune 1928
May 1928
April 1928
March 1928
February 1928
January 1926
December 1927_ _ _ _
November 1927....
()sober 1927
3epternber1927
M101661927
90,257,000
79,704,000
92,547,000
104,123,000
105,609,000
88.281,000
86.679,000
81,733,000
75.934.000
91,783,000
90,071,000
80,043.000
82.883.000
Rye.
Total.
86,412,000 75.873,000 22,860,000 11.438,000 196.583 000
87,126.000 76,137.000 23,019,000 11,510,000 197,792,000
88,850.000 76,474.000 23,510,000 11.406,000 200,240 000
87.107,000 77,119,000 24,103.000 11,411.000 199,740 000
'
87,357,000 77,217,000 24,129,000 11,477,000 200,180:000
85.657,000
84,736.000
83,902.000
83,667.000
62,738,000
83,502,000
76.996,000
77,258,000
78,268.000
78,331.000
78.356,000
78,713.000
24,802,000
24,509,000
24,019,000
23,693,000
23,707,000
23,877,000
10,904,000
10,906,000
10,505,000
10,442,000
10,395,000
10,482,000
198,389,000
197.409.000
196,692,000
196,133,000
195,196,000
196.574,000
84.806,000
86,224,000
89,883,000
498.000
89,
90,893,000
92.434,000
79,755,000
78,583,000
77,520,000
78,312,000
78.602,000
77,517,000
24.096,000
24,179,000
24,026,000
23,845,000
23,708.000
24.090.000
10,642,000
10,605,000
10,488,000
10,312.000
9,957,000
9,878,000
199,299.000
199,591,000
201,907,000
201,967,000
203,160.000
203,919,000
95,514,000
94,878,000
95,634,000
96,844,000
96,986.000
98,240,000
78,768,000
79,920.000
80,678,000
80,648.000
80.718.000
80,044,000
24,121,000
24.440.000
23,949,000
24,170,000
23,979.000
23,594,000
9.715,000
9,493,000
9,835,000
9,738,000
9,557,000
9,551,000
208,118,000
208,731,000
209,896,000
211,400.000
211,220,000
211,429,000
78,156,000
78,319,000
83,174.000
82,361,000
91,532,000
98,849,000
98.133,000
83,525,000
75,150,000
77,134,000
68,679,000
69,773,000
82.329.000
23,824,000
27,803,001
23.901,000
30,890,000
34,559,000
33,871,000
37,221.000
36,132,000
34,430,000
35.026,000
36,353,000
35,944,000
30.721.000
9,652,000 213,773,000
9,440,000 206,149,000
10,381,000
10,544,000
10,249.000
7,763,000
8,551,000
8.355,000
9,5130,000
9,882,000
9,746,000
10,768,000
10,038,000
10,645.000
11.163.000
202,618,000
196,370,000
209,871,000
225.137,000
240,251,000
229.156,000
231,613.000
211,272.000
195,260,000
214,711,000
205.141.000
196,405,000
207.096.000
[VoL. 127.
Leaf Tobacco Held by Manufacturers and Dealers
July 1 1928 and 1927, and April 1 and Jan. 1 1928.
The Bureau of the Census has compiled the following
statistics showing the quantity of leaf tobacco reported as
held (1) by manufacturers who manufactured during the
preceding calendar year more than 50,000 pounds of tobacco,
250,000 cigars, or 1,000,000 cigarettes: (2) by all registered
dealers in leaf tobacco; and (3) all imported loaf tobacco
in United States bonded warehouses and bonded manufacturing warehouses.
Pounds of Leaf Tobacco on Hand.
July 11928. July 11927.
*Aggregate
Apr. 1 1928. Jan. 11928.
1,734,378,240 1,841,078.123 1,998,144,550 1.922,743,058
Chewing, smoking, snuff
and export types
-To
1,280,763,377 1,371,003,262 1,504,917,569 1.519.935,181
Burley
Dark-Dist. of Ky. an
Tenn.
-Total
Dark fired of Clarksville
Hopkinsville, and P
ducah Districts
Henderson
Green River
One Sucker
Virginia Sun Cured
Virginia Dark
Bright Yellow Dist.of Vs.
N. C.. S. C.,and Ga...
Maryland
Eastern Ohio Export_ _
All other domestic, includ
Perique-Louisiana
Cigar types
-Total
New England, includi
Conn.
-Total
Broad leaf
Havana seed
Shade grown
New York
Pennsylvania
Ohio
Wisconsin
Georgia and Florida
Porto Rico
All other domestic
411,095,012
518.362,732
475,508,228
438,267,434
225,317.403
299.705,138
265,343.779
244,712.723
143.883,036
5,314,030
43,721,063
32,398.674
6,346,950
59,409,136
186,790,939
9,986.595
54,683,022
48.244,582
7,235,540
65,052,196
168,012,009
8,389.559
49.127.288
39,814,923
7,558,288
64,931,403
150,327.664
7,693,666
47,878,145
38,813,248
6,504,188
57,000,273
564.988,697
12,104,129
1,414,972
466,475,847
12.522.795
1,500,921
678.957,535
10,847,844
1.672,841
87,078
146,093
97.651
346,500,316
372,757,887
383,942.626
756,534,612
15,314,072
1,501,265
igl
100,614
MI
300.542,678
84,148,928
32,204.527
46,066,117
5,878,284
2,607,692
95.465,967
55,514,887
84,924,222
2,617,844
21,172,228
48.548
97,000,933
45,924,729
44,581,956
6.494,249
3,509,398
95,539.328
64,385,714
96,658,315
1,876,309
13,745,508
42.382
92,169,257
38,915.332
45,375.924
7,878,001
2,000,635
106,646,220
60,696.179
94,135,023
4,019,187
23,646,078
30,047
Ill
82,078.753
32.827,347
40.888,822
8.302,584
2.672,693
71,516,064
48,420.320
69,924.744
4,461.266
21,425,830
43,008
Imported types
107,114,547
97,316,974 109.284.355 102.265,199
Reported as
Marked weight(i.e.,weight
at time parked)*
1,397,266,629 1,479,166,104 1,630,391.672 1.577,368,177
Actual weight
337,111,611 361,912,019 367,752,878 345,374,881
Unstemmed
Stemmed
1,515,948,610 1,680,942.886 1,778.649,981 1,716.993,780
9112 ago Aqn
lan 1. 997
1k
919 AGA RAO
911c 740 975
*Allowance should be made for shrinkage on the amounts for which "Marked
weight" was reported, in order to ascertain the actual weight.
Investigation By State Board of Conciliation and
Arbitration Into New Bedford (Mass.) Textile
Strike.
Public hearings on the textile strike at New Bedford
(Mass.), by the State Board of Conciliation were concluded
on Aug. 9. A report is to be issued later. It is stated that
the determination of the State Board t investigate the
strike was approved by manufacturers and workers on Aug.
3, when a proposal to submit the issues to arbitration was
rejected by both sides. Associated Press accounts from
New Bedford on the 3rd said:
Although the breach between the manufacturers and the 28,000 striking operatives was widende by the dual rejection of arbitration, their
replies on the investigation were the same in essence.
William E. G. Batty, secretary of
the Textile Council, declared that
his organization would be glad to have the State Board come hero and
place the responsibility for the strike and its continuance.
Andrew Raeburn, speaking for the manufacturers, said they had no
objection to the investigation
On Aug.9 the accounts from the Now Bedford (Associated
Press), stated:
It was apparent that whatever may be the outcome of the investigation,
at the present time the manufacturers and strikers were still far apart.
A 10% wage reduction was the cause of the strike, which involves 28,000
operatives.
The manufacturers presented figures to
refute financial statements made
by the strike representatives yesterday. These figures, instead of picturing the mills as in a healthy condition, indicated that many were on the
verge of liquidation. The strikers had contended that the financial
condition of the mills did not warrant the wage reduction.
The "labor extension" plan, considered a possibility of settlement,
was repudiated by William E. G. Batty of the Textile Council. The plan,
which would increase labor and deereise wages without actual reduction
In the workers' weekly wage, was declared by Batty as impractical.
Strikes In Fall River (Mass.)",Textile Mills.
Strikes were called in two Fall River (Mass.) textile
plants on Aug. 6 when mill agents refused to receive committees of the Textile Mills Committee, an organization
which it is stated has been active in connection with the
textile strike in New Bedford. In each instance only a part
of the workers responded according to Associated Press
advices from Fall River (Aug. 6), which added:
Spokesmen for the Textile Mills Committee to-night asserted that 2.100
workers at the finishing plant of the American Printing Company had
walked out after Agent Nathan Durfee had refused a request for an In
terview with James
Reid of Providence, a labor organizer. The agent
AUG. 11 1928.]
FINANCIAL CHRONICLE
declared that only from thirty to forty men quit work, but police estimated the number at about 350. Later approximately 100 workers walked
out at the Lincoln Mill under similar circumstances.
The demands of the strikers, as outlined by speakers at a rally this afternoon, are restoration of a 10% wage cut imposed some time ago, and a
20% increase above the old wage scale. Reid declared that a strike would
be called in every mill in the city unless the mill owners granted these demands.
757
sary reason is that by organizing them and charging them a fee for Joining.
money is raised to pay the expense of creating and maintaining the organization and keeping them informed, which is their reasonable duty."
Could Control Price.
Mr. Yeary said there would be no need for a great sum of money.
"If the commercial organizations of the country can be induced to do
their part they can do the bulk of the work, which is largely educational,
with the machinery and help they already have without additional expense," he explained.
The speaker predicted that if the banks, business men and farmers
announce that this cotton crop is worth 25 cents a pound and that they
would announce ready to buy cotton as fast as it comes on the market
and hold it for that figure the price would gain $10 a day until it reached
and passed that level. He expressed the belief that thirty days would
be ample time to put over such a program.
It was stated that the quieter conditions which prevailed
to-night on Aug. 7 were attributed to James Tonsey, head
of the American Federation of Textile Operatives, who denounced the strike during the afternoon. On Aug. 9, 150
employes of the Algonquin Print Works at Fall River went
on strike, their demands being similar to those made by
Little Overproduction.
employes of the American Printing Co. and the Lincoln
Mr. Yeary told
Mills. They asked restoration of a 10% wage reduction with the statementthe members that they probably would be confronted
that if a profitable market should be established every
and arbitration of demands for changes in working con- farm would be planted "to the fence corners" in cotton and bring about
ditions, including a 40
-hour five-day week and recognition overproduction. As answer to likelihood of such a condition he quoted
last thirty-eight crops.
of the Textile Mills Committee. Joseph Hindle, superin- from Census Bureau figures of the than we consumed Just eleven times.
"We have produced more cotton
tendent of the Algonquin plant, asked the group to defer Twenty-seven crops were less than the demand," he said. "Of the eleven.
their demands until Aug. 12 because of the absence of the only four were really surplus amounts."
Treasurer of the company, but they refused. The management of the plant announced that the mill would continue Action at Dallas Meeting to Raise Texas Portion of
to operate.
Fund to Establish South Wide Cotton Council.
The naming of a committee to raise Texas's quarterRepresentative Rankin Urges Department of Justice to
million dollar quota of the fund to establish a South-wide
Investigate Cotton Crop Reports.
Cotton Council was authorized at Dallas, Texas, Aug. 1,
Associated Press advices from Tupelo, Miss., state that at a meeting attended by 75 business men, representing
Representative John E. Rankin of Mississippi announced banking, commerce, farming, &c. While it was stated in
yesterday (Aug. 10) that he was wiring the Department of the Dallas "News" of Aug. 2 that the ultimate aim in esJustice at Washington urging an investigation of two cotton tablishing the fund was the stabilization of prices and
crop reports which he said were issued by the Crop Report- production, Judge C. E. Thomas, of Montgomery, Ala.,
ing Board on Wednesday. The reports, his statement said, Chairman of the South-wide Cotton Council, was reported
showed a discrepancy of 10% in the estimated condition. as saying in Associated Press advices from New Orleans on
The dispatches further state:
July 27 that the purpose of the State funding conferences
One of the reports. Rankin said, was marked "skeleton" and gave
the estimated condition of 57.9% of normal, while the other estimated is to set in motion intra-State machinery for collection of
the condition of 67.9. Both gave the estimated number of bales at 14,- the five cents a bale levy on cotton production within each
291,000, the statement declared, but Rankin said the "skeleton" report State to meet the $750,000 operation fund* to be raised by
evidently went cut first.
"I am wiring the Department ef Justice at Washington and urging the Council each year for five years for an educational caman investigation of these two reports which have brought such disaster to paign to benefit the cotton industry. The New Orleans
the cotton market," Rankin declared.
advices added:
Last night's "Wall Street Journal" (Aug. 10) printed the
The Council will not attempt to fix the price of cotton nor to control
its price, Judge Thomas said, in reference to what he said was a misfollowing from Washington:
Replying to numerous telegrams and other inquiries as to the correctness of the Department of Agriculture cotton figures of Aug. 8, Chairman
Callender announced there were "No mistakes, errors or corrections in the
report."
understanding of its purpose in some quarters.
"That would be absurd," Judge Thomas observed. "No organization
can fix or control the price of cotton.
"We recognize the farmer's need of intelligent advice and r'eliable
information as to market and crop conditions and we have undertaken
the organization of a friendly agency to help put cotton production on its
financial feet."
The Council will concentrate on the marketing phase of the cotton situation rather than on crop production, the official said.
Decline in Production of Standard Cotton Cloth in
July with Shutting Down of Mills for a Week.
Production of standard cotton cloth during July was
22.9% less than during June, according to statistics for
Invitations to the Dallas meeting were issued at the inthe month compiled by the Association of Cotton Textile stance of Gov. Dan Moody and the East Texas Chamber of
Merchants of New York, and made public Aug. 9. The Commerce through the Dallas Chamber of Commerce, acAssociation says:
cording to the Dallas "News" of July 25, which said:
This reduction in output, amounting to 65,992,000 yards, was due to
the fact that practically all the mills shut down for at least a week over
the July Fourth holiday. Total production for the month was 221.826,000
yards.
Sales were 187,439,000 yards, or 84.5% of production. Shipments
amounted to 217,540,000 yards, or 98.1% of production.
Stocks on hand at the end of the month amounted to 463,270,000 yards
as compared with stocks of 458,984,000 yards on July 1.
Unfilled orders on July 31 were 272,227,000 yards as compared with
302,328,000 yards at the beginning of the month.
These statistics on the manufacture and sale of standard cotton goods
are compiled from data supplied by 23 groups reporting through the
Association of Cotton Textile Merchants of New York and the CottonTextile Institute, Inc. The statistics cover upwards of 300 classifications
of standard cotton cloths and represent a large part of the total production of these fabrics in the United States,
The gathering will be one of a series sponsored by the South-wide
Cotton Conference organized July 6 at New Orleans after a preliminary
meeting in Jackson, Miss., earlier in the year which had been called by
Governor Moody. The conference is considering the establishment of a
cotton institute to be organized along the general lines of the American
Petroleum Institute on which the petroleum industry has come to depend
very largely for research, study and information tending to the betterment
of the industry.
In its acocunt of the meeting in its city on Aug. 1 the
Dallas "News" stated:
State-wide in scope, the aession pnojected organizing the South to determine, as have other industries, how best to market a product.
Program Indorsed.
Its procedure, as conducted at the hands of farmers, bankers and
men of other businesses directly affected by agricultural prosperity or
Farmers Marketing Association Agrees Upon 25 Cents depression, was expressed officially in a resolution introduced by former
Lieut. Gov. T. W. Davidson, in which the group indorsed the program outAs Fair Price for Cotton.
lined by the South-wide Cotton Council as "matters of vast interest and
Agreeing that 25 cents a pound would be a fair price for great good to the entire South" and commended it to the people of Texas
that is it can be
and the South for "wholehearted support,
cotton, more than a score of members of the Farmers' Mar- created an agency through which the South believing able to protect It,
may be
keting Association of America, who attended the session held greatest industry and safeguard its business interest; that such agency
on Aug. 6 at Dallas upon call of Pres. W. B. Yeary, urged can accomplish what many feel should be done, but what none, acting
do." It
the action of Governor Moody
farmers, merchants and bankers te organize with a view to alone, can the Jacksonfurther commended Southern Governors.
in calling
conference of the
secure that figure for the money product of the twelve cottonJudge J. W. Fitzgerald of Tyler and Col. C. S. E. Holland of Houston,
producing states. The Dallas "News" of Aug. 7, which is representative of the Texas Bankers' Association, were listed as two of a
committee of seven to which Governor Moody is to name the other
authority for the foregoing says:
five to raise the Texas quota. That it will be raised, for the first year
That the Commissioner of Agriculture assist the farmers of Texas in of the five-year plan, at least, without
appeal to the farmers was indicated
securing a stable and profitable price for cotton and other farm products in Colonel Holland's advancement of the idea
that there are men of means
also was voted in a resolution asking that the Legislature appropriate in Texas "whose patriotism will be written on
their checks" to restore
necessary funds to enable him to perform in that function.
prosperity in the State in which they have made their money.
Educate Banks.
Ousley Outlines Plane.
As its program for the year, the association by vote of members at the
John E. Owens presided. At his invitation Clarence
Ousley outlined
meeting, adopted recommendations made in the address given at the The plans projected at
Jackson in March and adopted at New
Orleans
afternoon session by President Yeary.
have a question of organizing the farmers: It is that of edu- July 6 for operation of the council.
"We do not
"This meeting represents an effort to present to you
the importance
cating and organising the banks and credit merchants for their protection
and timeliness of beginning the study necessary to
this work," he exthrough aiding the farmers," the association head said.
"The main reason for asking the farmers to Join an association and do plained. "It is no attempt to coerce either the producer
or the purthey receive the benefits first, but the most neces- chaser.
It themselves is because
"We produce 60% of the world's cotton and we ought to merchandise
that production, if not always at profit, at least without disastrous
years such as we have known." He cited announcement Tuesday that
there is a carry-over into the new cotton year of 5,000,000 bales, although
last year's production was barely above 15,000,000 bale&
He said that it remained to be seen if the South "has the will to
do for the cotton industry what the Petroleum Institute has done for the
oil industry."
The executive committee, he explained, has no set plan yet.
"We let the world know from week to week, beginning on the 8th
of this month, what we will have to sell," he said.
"I believe we could determine with a council such as we plan to determine what the prospective demand will be."
Moody Discusses Market.
Governor Moody related briefly the market situation that led to his
calling of the Governors' conference and said it took no close observer
to note that exclusive cotton production had not led the South to prosperity in recent years.
"We have a commodity," said the Governor, "that is used by approximately 96% of the people of the world.
"We realize the task of conveying a program to the millions engaged
in cotton production, but it can be done." He pointed out the possibilities of doing this in Texas through the co-operation of the three
regional chambers of commerce.
"It seems that there has been laid a foundation for an organization
that can do much toward bettering conditions," he asserted. "It is proposed that for every million bales of cotton raised annually each State
of the South shall have one representative in the council. This will
give Texas six.
"It is our opportunity to support the movement."
Here expressly to attend the meeting, Governor Moody related as he
hurried to catch a night train back to the capital that the response from
other Southern States was encouraging.
Spinning Industry View.
In introducing the resolution of indorsement, Mr. Davidson said the
committee that drew up the program, in which he aided, had the assurance of textile manufacturers that the spinning industry is in no
way opposed to organized marketing.
"They are in favor of it as long as it does not set a price that will
bring about substitution of some other commodity for cotton," he said.
Three bankers responded to invitations of the Chairman for their opinions.
Col. Holland pointed out that the farmer's problem seems to be "the
big plank In the platforms of both political parties this presidential year,
and a little bigger, perhaps in the Democratic platform than in the Republican."
Nathan Adams, introduced by Chairman Owens as having been "in
the fore in every move to aid agriculture," declared that "if it pays
big corporations to maintain costly research departments, then we, who
have a monopoly like cotton, should profit from their example. Intelligibly planted and marketed, cotton would make Texas the richest State
in the Union."
His opinion that "the only way to regulate the price of cotton is by regulating production" was expressed by Howell E. Smith of McKinney.
Other speakers included W. D. Farris of Ennis, former President of
the Texas Farm Bureau Cotton Association; Judge It. E. Brooks of Houston, formerly of Dallas; W. B. Yeary, President of the Farmers' Marketing
Association of America; Judge Fitzgerald, delegated by the Governor to
attend the Governors' conference in March, and Shepherd W. King, Dallas
cotton merchant.
To the questions of some of these on the possible advisability of setting
some definite program instead of leaving such matters to the discretion
of a committee, R. L. Thornton of Dallas answered with a concise resume
of the situation:
"The cotton producing South is the only one of the great industries
without an institute to determine an answer to its problems.
"Conducting the cotton industry is the greatest unsolved economic question of the South to-day.
"With the biggest industry of the South we operate like the man at
-with the cheapest of help. We need the most
the cross-roads store
efficient executive in the country to conduct the program of stabilizing
production. That is what this meeting proposes and from
price and
its action there is the logical opportunity of re-establishing the South
financially."
An earlier reference to the South-wide Cotton Conference
appeared in our issue of Feb. 25, page 1121.
July Figures of Raw Silk Imports, Stocks, Deliveries,
&c.-38,670 Bales Imported During Month, a
Decrease of 6,420 Bales as Compared with Previous
Month-Stocks Lower.
Imports of raw silk during the month of July amounted
to 38,670 bales, a decrease of 6,420 bales as compared with
the previous month and 9,186 bales less than imported in
July 1927, according to the Silk Association of America, Inc.
Approximate deliveries to American mills in July 1928 totaled 40,931 bales, a decrease of 5,120 bales as compared
'with the preceding month, and 108 bales less than the
figure reported for July last year. Stocks of raw silk on
Aug. 1 amounted to 38,866 bales as against 41,127 bales on
July 1 and 43,841 bales on Aug. 1, 1927. The following
figures have been released by the Silk Association:
RAW SILK IN STORAGE AUGUST 1 1928.
(AS reported by the principal warehouses in New York Clty.-Flgures In bales.)
Europeas.
All
Japan. Other.
Total.
6,492 41,127
3,969 38,670
Stocks July 1 1928
Imports month of July 1928.x
901 33.734
33 34,668
Total amount available during July
Stocks Aug. 1 1928.z
934 68.402 10,461 79,797
706 32,793 5.367 38.866
Annrnv dotty en ArnertrAn MIMI elnrina inlv v
[VoL. 127.
FINANCIAL CHRONICLE
758
228 35.809
5.094 40.931
SUMMARY.
Imports During the Month. X
Storage at End of Morah. z
1928.
January
February
March
April
May
June
July
August
September
October
November
December
Total
Average monthly_
1927.
1926.
1928.
1927.
46,408
44,828
50,520
36,555
52,972
45,090
38,670
48,456
33,981
38,600
46,486
49,264
42,809
47,856
59,819
52,475
51,207
36,650
44,828
43,650
38,568
31,930
31,450
35,120
35,612
37,842
46,421
50,415
48.403
59,670
45,119
47,528
41,677
40,186
35,483
42,088
41,127
38,866
52,627
43,753
33,116
31,749
35,527
37,024
43,841
56,618
58,986
62,366
52.069
53,540
315,043
46,006
552,441
46,037
504,200
42,017
40.993
46.768
Approximate Deliveries
To American Mills. y
1928.
January
February
March
April
May
June
July
August
September
October
November
December
1927.
52,420
50,679
52,011
41,258
46,367
46,051
40,931
48,307
42,860
49.242
47.853
45,486
41,312
41,039
47,042
50,107
47,827
46,947
43,357
1926.
46,148
42,476
39.400
37,276
34,099
37,644
39,425
45,943
43,962
47,768
47,634
39,771
1926.
47,326
43,418
35,948
30,122
31,143
29,111
27,528
28,006
34,459
35,094
47,130
52,478
35,814
Approximate Amoun in Transit
Between Japan & New York.
End of Month.
1928.
1927.
25,000
23,500
19,200
28,500
24,000
17.600
32,300
17.700
19,000
21,700
25,000
22,900
26,600
29,000
28,400
21,500
18,500
26,900
33,500
1926.
14,800
14,400
18,400
18.700
18,000
18,300
23,000
24,000
23,900
32,400
19,700
26.500
Total
329,717 551,379 501,546
Average monthly
47,102
45,948
24:5615 24.225 21,15(5i
41,796
Imports at New York during current month and at Pacific ports prey oue to the
time allowed in transit across the Continent (covered by man feats 131 to 154, excludes 132). y Includes re-exports. z 2,140 bales held at railroad terminals at
end of month.
Further Advances in Crude Oil and Gasoline Prices.
During the current week, various companies announced
upward revisions in crude oil. The Atlantic Oil Producing
Co. (a subsidiary of the Atlantic Refining Co.) has followed
the now schedule of crude prices as recently put into effect
by the Standard Oil Co. of Louisiana (a subsidiary of the
Standard Oil Co. of New Jersey) in Arkansas and Louisiana.
New prices are mostly increases on Homer, Haynesville and
West Eldorado crudes. Smackover crude is left unchanged.
Crude from Stephens County, Ark., is decreased except on
32 gravity and above which is left unchanged at 95c. a barrel
while from 31 to 31.9 gravity is cut 2c. a barrel to 91c. with
the differential increased from Sc. to 7c.la barrel, making
crude below 28 gravity 75c. a barrel.
The South Penn Oil Co. on Aug.8 raised the price of both
grades of Corning crude oil 10 cents a barrel. The new
prices are $1.70 and $1.80 a barrel respectively. About
a month ago the company raised the other grades but made
no change in Corning crude. The advance brings Corning
bsck into line with the other grades. The new price for
35-cent grade oil is $1.70 and for 25-cent grade $1.80 a barrel.
The pipe line gathering charge of 35 cents a barrel was made
on oil run prior to Sept. 15, 1926, and 25 cents a barrel on
oil run thereafter.
The Magnolia Petroleum Co. a subsidiary of the Standard
Oil Co. of New York, has revised its crude oil prices in
Louisiana and Arkansas. It has made reductions of 2 to
10 cents a barrel in oil below 32 degrees gravity and advances of 2 to 24 cents in oil above 32 degrees. The new
schedule re-establishes prices posted late in July and later
rescinded.
The Texas Pipe Line Co., a subsidiary of the Texas Corp.,
has met the posted prices for crude oil of the Standard Oil
Co. of Louisiana in northern Louisiana. All of the purchasing companies now are on the same price basis in that district.
Further advances in the price of gasoline have also been
announced: On Aug. 4, Pennsylvania refiners advanced
the price of gasoline Nc. a gallon. A further increase of %o.
was made Aug. 9.
Effective Aug. 6, the Standard Oil Co. of.New Jersey advanced the tank wagon price of gasoline lc. a-gallon to 17c.
in all of its territory except New Jersey, which, remained at
16c., and Delaware where the price already was 17c.'a gallon.
The price in New Jersey was increased lc. to 17c. on'Aug. 8.
This advance followed a similar revision made by the Standard Oil Co. of New York,the Standard Oil Co. of Indiana and
other companies a few days ago. The Standard Oil Co. of
Louisiana followed with a similar increase in its territory
on Aug. S.
The Sinclair Refining Co. on Aug. 8 advanced tank-car
cent a
gasoline at Atlantic and Gulf Coast terminals
gallon. The new prices are 103- cents at Houston and New
Orleans, 11 cents at Jacksonville and Tampa, 113i cents
at Charleston, S. C., 113 cents at Portsmouth, Va., Phila4
delphia and New York, and 123j cents at Tiverton, R. I.
Aug. 111928.]
FINANCIAL CHRONICLE
759
The Warner Quinlan Co. on the same date advanced
gasoline in tank-car lots by % cent a gallon, making the new
price 12 cents a gallon, f. o. b., Warners, N. J.
The Acewood Petroleum Co. on Aug.9 advanced the price
The last reference to the shut
-down agreement appeared
of United States motor grade gasoline in bulk in New York in our issue of May 12, page 2892.
harbor Mo. a gallon to 11 Vic. and California gasoline 4c.
3
a gallon to 120. Effective on the same date the Standard Texas Oil Proration-Howard and
Glassrock ReguOil Co. of New Jersey advanced the price of U. S. motor
lations Practically the Same as Henricks County
grade gasoline in tank ear lots 34c, a gallon to 11 gc. a gallon
Program.
at the Bayonne and Baltimore refineries,
The "Wall tiroet Journal" of Aug.6 reported the following
United States motor grade gasoline in tank cars was from Austin, Tex.:
quoted at Tulsa, Okla., on Aug. 10 at 95 c. a gallon flat and
A
Oil production in Howard and Glassrock counties has been limited to15,000 barrels daily for a month beginning Aug. 15, and to 25,000 barrelsnatural gasoline grade A at 1034c. a gallon.
24 ft. in the Wilcox sand found at 4,206 ft. This is the fourth Wilcox
sand well in the St. Louis pool, although about 80 wells in the immediate
vicinity are producing from other sands. This well gives further credence
to the belief that the pool will run south and southeast.
daily for the following five months, under order issued by Railroad Commission.
Prorating rules for this pool are practically the same as those goveriring Hendricks and Yates fields, and an umpire and advisory committee
will be appointed. Field will be divided into 40
-acre tracts and proration
will be on the basis of average potential production, which is expected
to reach 50,000 barrels a day soon.
Revised proration figures Aurg. 1 by umpires in Yates and Hendrick
pools show that these areas have a combined potential poutput of 4.805.328
barrels, of which Yates has 2,997,252 and Hencliick 1,808,076 barrels.
Crude Oil Output in the United States Higher.
The American Petroleum Institute estimates the daily
average gross crude oil production in the United States for
the week ended Aug. 4 1928 at 2,404,150 barrels, an increase
of 17,900 barrels as compared with 2,386,250 barrels for the
preceding week. Compared with the output of 2,577,150
barrels per day in the week ended Aug. 6 1927, the current
figure shows a decrease of 173,000 barrels per day. The Fair Sales Volume in Copper and Lead-Firm Prices
daily average production east of California Was 1,762,150
for Major Metals-Quicksilver Higher Abroad.
barrels, as compared with 1,743,750 barrels, an increase of
Business in nonferrous metals in the past week has been
18,400 barrels. The following are estimates of daily average of fair proportions and prices in most instances ruled firm,
gross production by districts for the weeks noted:
according to "Engineering and Mining Journal." Sales of
DAILY AVERAGE PRODUCTION.
copper in the aggregate were only a little below average and
(In barrels.)
Aug.4 '28. July 28 '28. July 21 '28. Aug. 6 '27. the same statethent applies to lead. Zinc, after a large turnOklahoma
592.150
588.700
877,400
Kansas
103.000
102.600
105.800 over in the preceding week, was quiet. Tin was a trifle
Panhandle Texas
63.750
62,700
63,050
197,950 easier. Quicksilver was advanced
North Texas
about $3 per flask as a
92,550
91,300
85,000
87,200
West Central Texas
55,700
56.250
56,750
69,700 consequence of a sharp jump in the European market. SpecWest Texas
351,550
338,500
351.750
145,900
East Central Texas
21,150
21.250
21,600
32,950 ulative manipulation and the prospect that foreign producers
Southwest Texas
25,350
25,050
25.050
.32,500
North Louisiana
41.000
42,150
41,500
57.509 may artificially restrict output are assigned as reasons for
Arkansas
87,500
88,750
91.350
106,650 the advance. The "Engineering and Mining Journal"
Coastal Texas
adds:
105,300
104,750
106,250
125,200
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
28.200
113.500
60,300
10,050
8,250
2.850
642,000
26,750
114,000
59,200
10,100
7.900
2,700
642,500
26,850
115,000
62,550
10,150
8,100
1,900
644,000
15,500
114,000
60,600
16,750
6,750
2,700
612,100
Except for a few scattering transactions, most of the copper sold during
the week was for September delivery. It is believed that not more than
half of the September requirements of domestic consumers has been provided for. Most of the sales were for Connecticut delivery at 14U cents a
pound. Brass makers predominated as buyers in the domestic market.
Sellers of zinc held out for 6.25 cents a pound, St. Louis basis, except in
Total
2,404,150 2,386,250 2.401,850 2,577.150 one or two instances in which spot lots brought 6.22%. Statistics indicate
The estimated daily average gross production of the Mid-Continent field, that galvanizers are bought for only a brief period in advance.
Including Oklahoma, Kansas, Panhandle, North, West Central, West,
Little change is reported in the lead situation. A fair tonnage was taken
East Central and Southwest Texas. North Louisiana and Arkansas, for the by cable makers, blue lead, pipe and paint manufacturers, but sales to
week ended Aug. 4, was 1.433.700 barrels, as compared with 1,418.350 bar- battery makers continue infrequent.
rels for the preceding week, an increase of 15,350 barrels. The Mid-ContiConsumers have taken a moderate amount of near by tin, but little internent production, excluding Smackover, Arkansas, heavy oil, was 1,376.250 est has been exhibited in forward shipment.
barrels, as compared with 1,360,450 barrels, an increase of 15,800 barrels.
The production figures of certain pools in the various districts for the
Shipments of Slab Zinc Again Exceed Production.
current week, compared with the previous week, follow (figures in
barrels
of 42 gallons):
Aug. 4. July 28.
OklahomaNorth LouisianaTonkawa
13,350 13,600 Haynesville
Burbank
29,400 29,400 Urania
Bristow Slick
21,050 21,400
Arkansas
Cromwell
9.400 0,250 Smackover,light
Seminole
50,100 50.700 Smackover, heavy
Bowlegs
56.550 58,550 Champagnolle
&aright
12,700 12,950
Coastal Texas
Little River
43,400 40.150 West Columbia
Earlsboro
75.700 77,100 Pierce Junction
St. Louis
39,500 38.050 Hull
Allen Dome
21,950 21.900 Spindletop
Panhandle Texas
Coastal Louisiana
Hutchinson County
35.700 34,000 Vinton
Carson County
6.650 6,700 East Hackberry
Gray County
20,300 21.000 Sweet Lake
Wheeler County
900
800 Sulphur Dome
North TexasIn/omit:9Wilbarger
32,800 31,150 Balt Creek
Archer County
20,500 20,600
West Central Texas
Montana
Shackelford County_ ___ 10.850 10.550 Sunburst
Brown County
12.200 12,400
West Texas
California
Reagan County
17.950 17,700 Santa Fe Springs
Pecos County
71.350 63,100 Long Beach
Crane & Upton Cos_ _ - 64.150 63,400 Huntington Beach
Winkler County
183,800 177,300 Torrance
East Central Texas
Dominguez
Corsicana Powell
10.550 10,600 Roseerans
Nigger Creek
1,000
1,050 Inglewood
Southwest Texas
Midway-Sunset
13,250 13.100 Ventura Ave
Luling
Laredo District
8,700 8.600 Seal Beach
Aug. 4. July 28.
6,050
6,900
6,100
7,300
7,550 7,450
57,450 57,900
12.650 13,450
8,200 8,200
11,700 12.050
10,400 10,650
36,650 37,000
4,500
6.050
3.900
3,900
4,600
4,300
4,350
4,200
39,800 38.200
8,300
8.300
asmo
36,500
202,000
53,000
17,000
11,000
6,000
29.000
71,000
53.000
33.000
198,000
52,000
17,000
11,000
6,000
29,000
73,000
53.000
32,000
Shut Down Agreement In Seminole Oil Area Extended
to Sept. 16.
Special advices to The "Wall Street News" from Tulsa
(Okla.), Aug.8, state:
At meeting yesterday of operators of Seminole and St. Louis-Pearson
Mission pools was extended
30 days from Aug. 15 when the current agreement would have expired.
However, no agreement was reached as to including the St. Louis-Pearson
district under the Seminole curtailment agreement, although a motion
calling for Seminole advisory committee and umpire to devise some plan
for handling outlying regions and to present a plan for operators' consideration as soon as possible, was carried after much argument.
T. B. Slick, an Important independent operator in the Seminole area,
emphatically stated that he would not pinch his wells in the St. Louis
district and would not join any proration program based on percentage of
potential production. The bitter opposition to any curtailment in the St.
Louis-Pearson area will probably be a stumbling block in the path of the
committee endeavoring to work out a plan.
'I'. B. Slick has completed his No. 2 Harper in section 19-7-5, St. Louis
pool, flowing 350 bbls. an hour, or at the rate of 8,400 bbls. daily. from
areas, the shut-down agreement in Maud and
July was the third month this year in which shipments,
foreign and domestic, of slab zinc exceeded produetion.
Shipments in this month ran 2,258 tons over output, the
month of June showed an excess of 757 tons and the month
of February an excess of 846 short tons. For the seven
months, however, from Jan. 1 to July 31, shipments were
365,841 tons, while production was 366,967 tons. According to the American Petroleum Institute, Inc., stocks of
slab zinc amounted to 42,210 tons on July 31, as compared
with 40,751 tons at the end of December 1927 and 39,329
tons at July 31 1927. Shipments in July totaled 53,148
tons, of which 49,510 tons went to domestic markets and
3,638 tons were exported. This compares with 51,582 tons
shipped in the preceding month and 56,162 tons in July 1927.
There were produced in the month of July 1928 a total of
50,980 tons of slab zinc, as compared with 50,825 tons in
the previous month and 47,627 tons in the corresponding
month a year ago. The "Institute" has also released the
following figures:
Metal sold, not yet delivered, at the end of July 1928 amounted to
16.986 tons; total retort capacity at July 31 was 115,720 tons; the number
of idle retorts available within 60 days, 48,932; the average number of
retorts operating during July. 65.864; the number of retorts operating at
the end of the month, 62,384. The monthly statistics are as follows:
PRODUCTION, SHIPMENTS AND STOCKS AT END OF PERIOD
(FIGURES IN SHORT TONS).
ProDosnulic
Total
Stoet.z at
Month ofExports.
duction.
Shipments.
Shipments. End. of M.
-July
1928
50,890
3,638
49,510
53,148
42,210
June
1,802
50,825
49,780
51,582
44,468
May
53,422
49.818
3,138
52,956
45.225
April
53,493
3,746
46,517
50.263
44,759
March
55,881
3,786
51,856
5!.612
41,529
February
50,042
46,754
4,134
5e.Srei
41,290
January
52,414
45,771
5,231
51.002
42,163
Total 7 mos. 1928..366,967
340,006
25,475
365.481
1927-December
52,347
46,483
4,433
50,916
40,751
November
49,217
44,374
1,746
46,120
39.320
October
50,185
46,602
1,637
48,239
36,223
September
47,735
44,038
4,007
48.045
34.277
49,012
August
49,739
4,009
53,748
34,587
July
47,627
43,359
4,803
56.162
39,329
June
49.718
43,122
4,784
47,907
43.858
May
51,296
45,560
4,898
50.458
42,046
April
51,626
44,821
1,876
46,697
41,208
March
56,546
48.107
5.098
53,205
36,279
February
51.341
43,555
4.760
48,315
January
32.938
56,898
45,884
2.989
48,873
29,912
Total in 1927
613,548
849.644
45,040
594,684
......
760
FINANCIAL CHRONICLE
Ralph M. Roosevelt on Stability of Slab Zinc Market.
In response to a request by trade and other papers for a
statement regarding the price situation on slab zinc, Ralph
M. Roosevelt expressed his views as follows Aug. 2, not as
President of the American Zinc Institute nor as an official
of the Eagle-Picher Lead Co.:
'As to the possible reasons for the recent stability of theslab zinc market.
there may be as many opinions as there are interested individuals.
"At one time slab zinc was produced by comparatively small companies,
operated by an individual responsible for both the production and sales of
the zinc produced. There still are some small companies operating under
these conditions, but the majority of slab zinc at the present time is produced by companies so large that it has become necessary to put the probem of production under one individual and the sales of the same under
another.
"When the companies producing zinc were making money,no controversey
existed between these two above-mentioned individuals. Recently, however, the smelters have had considerable difficulty showing a profit. Naturally, the Operating Department has tried to throw the responsibility on the
Sales Department, and the Sales Department has tried to throw it on the
Operating Department. The result has been that some Companies have
found it advisable to establish what might be called an umpire between
these two departments. In one case I have in mind,this umpire is the daily
metal quotation of the American Metal Market. The plant sells its Slab
Zinc to the Sales Department on this quotation, and the Sales Department
makes a profit or loss in accordance with the amount it realizes for its zinc
over or under this above-mentioned quotation. This system forces the
Sales Department to refrain from speculating on the market.
"It also prevents the Sales Department from selling "futures" on a rising
market, which is just the phenomenon which has been exhibited on the recent rise.
"Such a system also forces the Sales Department to attempt to get for
its zinc at least the price of the quotation at which it buys it from the Production Department.
"On the other hand, it was not so long ago that a consumer coming into
the market for as much as 500 tons of zinc would have to pay a premium
unless he gave the order to a broker to split up in small lots, thus concealing
the fact that there was any considerable inquiry. At the present time I
believe a zinc consumer can request prices for any quantity he desires and
know that his business will be handled in a business like manner.
"Another thing which tends to stabilize the slab zinc market at the present
time is an increasing tendency to sell to consumers, either directly or through
brokers, but not to speculators. At one time, when the industry was controlled by smaller companies, the speculator played a very important part
in the industry. In times of slack business he absorbed the production of
the weaker companies, really acting in the capacity of a banker and furnishing a cushion to a falling market, the same as the short interests act on a
declining stock market. When business revived and the slab zinc market
went higher, the speculator unloaded and, perhaps, broke the market
several times in the promos of unloading. Today most of the companies
in business are able to carry their own stocks in times of slack business, and.
naturally when business revives, they use much more care in unloading
their surplus stocks than the speculator has done in the past. One large
producing interest, which for years has been selling without regard to the
hands in which the metal went, has, within the last few months, changed its
policy and now sells only to consumers. The influence on the market of this
change in policy may have been considerable.
"There is really no reason why the price of zinc should fluctuate more
than the price of similar metals."
Review of Activities of American Zinc Institute—
Special Committees Named to Decentralize Responsibility—Weekly Statistics Proposed.
In a statement to members, issued under date of Aug. 1,
Ralph M. Roosevelt, President of the American Zinc Institute, Inc., -thus surveys the activities of the Institute:
[VOL. 127.
who are not members of the institute. It was formed with the idea of
giving to the President and the Executive Committee a picture of the
American Zinc Institute as seen by the general public—a picture which
the members of the institute might otherwise be unable to see due to their
too close association. This committe Is in no manner a publicity committee or a dipenser of information, and willingness to serve on this committee by an individual does not in any way curtail his liberty to criticise
the institute or the individuals therein and, of course, under such circumstances, any statements made by any individual of this committee are
the statements of such individual and are not the statements of the committee or the institute. This committee at the present time is composed
of members of the press, and is an experiment which may or may not prove
successful. So far it has been one of the most interesting and helpful
committees the institute has ever had.
The zinc extension committee is a committee organized to investigate
the possibilities of extending the uses of zinc.
The zinc coated products committee has been in existence for several
years. and all of its efforts are being expended in an attempt to get the
galvanizing industry to coat their products in a proper manner and with
a sufficient quantity of zinc to insure as near permanent protection as possible to the objects SO coated.
The remaining committees are extending their efforts to improve the
efficiency of their individual branches of the industry by the gathering,compilation and exchange of technical and other information relating to facts
which have already occurred. All statistical information gathered at the
request of special committees is received and compiled by the general
office of the institute and only the composite tabulations are given out
to any individual and a copy of any and all such information so gathered
is being filed with the proper Government Department.
The activities of these committees are subject to the supervision of the
Executive Committee, and each committee has contact only with the
Executive Committee and with no other committee of the institute. The
institute has been so strict in this regard that the so-called adjustment
committee, which has been in operation for the past two years, has not
been continued this year.
The institute for a long time has gathered monthly statistics on production, stocks, shipments and prices received for slab zinc: also the number
of retorts in operation. At the request of the slab zinc producers committee, it is now attempting to gather these statistics weekly.
The prices of zinc formerly published by the institute were for the price
of deliveries during the month regardless of whether the contract for such
deliveries was made during the month in question or was made speculatively six months before delivery. These prices do not reflect the current
market price, so that in the future the prices published by the institute
will be the sales price of zinc in contracts closed during the current month
regardless of date of delivery.
The membership of the institute since the annual meeting has increased
8.4%. Capt. Stader, assistant to the President, is now on a trip throughout the West. The object of this trip is to keep the Western branch of the
industry in closer touch with the activities of the institute, and to secure
more members from the Western fields. In this regard, it might be well
to explain that the American Zinc Institute is composed entirely of individuals and that its by-laws do not provide memberships for corporations
Or groups.
National Metal Exchange, Inc., Secures Quarters at
27 William Street.
The National Metal Exchange, Inc., has selected quarters
in the Wall Street section for its new trading floor, the second
floor of the Lord's Court Building, 27 William Street, Erwin
Vogelsand, newly elected President, announced on Aug. 5.
Edward I. Shire, the architect for the Rubber Exchange and
the National Raw Silk Exchange, has been engaged to supervise the installation of equipment and the erection of the
ring, &c. "The building committee," said Mr. Vogelsand,
"consisting of F. R. Henderson, Kenneth Guiterman and
Irving J. Louis, has been canvassing the Wall Street district
for some time for suitable quarters for the new exchange and
the site at William Street and Exchange Place seemed ideal
for our purposes. The old New York Metal Exchange occupied quarters on the third floor of this building." Stating
that renovations and changes are expected to be effected
before the end of September, Mr. Vogelsand said:
The American Zinc Institute meets but once a year, and in order to keep
its members more closely in touch with its activities this letter recapitulates
in an informal manner the work of the Institute so far this year.
The American Zinc Institute was formed approximately ten years ago
and its by-laws were adopted to meet the necessities of that time. It had
a board of directors numbering approximately 21, who met generally twice
a year. It had an executive committee who could meet only in case a
quorum was not present at a regularly called meeting of the board.
Until this year there has been no material change in the by-laws nor in
From present in ications the new National Metal Exchange will begin
the method of conducting the institute. At the annual meeting this year functioning
around Oct. 1. Tin, spot and futures, will be dealt in at first,
the by-laws were changed and the Executive Committee was given all although other
metals will be traded in later. Various committees are now
the powers of the Board of Directors when the Board of Directors were being appointed to
arrange for the clearing house, the fixing of commisnot in session. This allows the President to call a meeting of the Executive sions, the minimum
and maximum fluctuations that will be allowed in one
Committee as often as he thinks proper, and at the present time this com- day's trading, and other
matters.
mittee meets approximately once a month, except during the month of
The last reference in these columns to the National Metal
August. The directors of the Institute are advised of all meetings of the
Executive Committee and invited to attend.
Exchange appeared in our issue of Aug. 4, page 618.
The institute also has created the position of assistant to the President
and appointed Capt. Stader, recently of the Department of Commerce,
to this post.
The Institute is making an attempt this year to decentralize responsi- Production
of Steel Ingots in July Shows Increase.
bility and to work out an organization through the appointment of special
committees that will show the institute to use the experience and training
The American Iron & Steel Institute in its monthly report
of as many of its members as possible in order to forward the interests of
ssued on Aug. 8, places the production of ingots in July, by
the industry.
In proceeding along these lines there has been appointed, or there is companies which made 94.68% of the open-hearth and
In the process of being appointed, not only the usual standing committees, Bessemer steel
ingot output in 1927, at 3,608,797 tons. Of
Such special committees are:
but a number of special committees.
this amount 3,075,247 tons were open-hearth and 533,550
I. Public relation); committee.
tons Bessemer. For the same month last year the output
2. Zinc extension committee.
3. Zinc coated products committee.
aggregated 3,033,232 tons. On this basis the calculated
4. 'Fri -State Producers Committee.
production of all companies in July is 3,811,573 tons against
5. Sulphuric acid manufacturers committee.
8. Slab zinc producers committee.
3,204,135 tons the previous year. The approximate daily
7. Oxide manufacturers committee.
output of all companies in July was 152,463 tons with 25
S. Lithepone manufacturers committee.
An advisory committee (formerly development of industry committee) working days as compared with the daily output last month
has not yet been appointed, but will consist of a chairman who is a member of 143,960 tons with 26 working days and as against 128,165
of the institute.
we give
The public relations committee is an advisory committee only, and can- tons in July, 1927, with 25 days. In the following
not function in any other manner, because it consists entirely of individuals the production by months since January, 1927:
Am. 11 1928.]
FINANCIAL CHRONICLE
761
MONTHLY PRODUCTION OF STEEL INGOTS, JAN. 1927 TO DEC. 1927
- PRODUCTION OF STEEL COMPANIES FOR OWN USB-GROSS TONS..
(GROSS TONS).
kliefellial$ and Ferromanganese.*
Reported for 1927 and 1928 by companies which made 94.68% of the open-hearth
and Bessemer stee Ingot production in that year.
Months
1927.
January._
February.
March ___
April
May
June
July
Openhearth.
3,042,133
3,043,492
3.702.660
3,341.750
3,273.593
2,823,107
2,596,349
Calculated
Monthly
Approx. Per
output
monthly No.of daily
ceot
Bessemer. companies output all w10. output all Opelreporting. companies. days.
51104.5
cat.
545.596
565,226
590,709
565,440
557,785
486,053
436,883
3,587,729
3,608,718
4.293,369
3,907,190
3.831.378
3,309.160
3,033,232
3,789.874
3.812,046
4,535,272
4.127.335
4,047.251
3.495,609
3,204,135
26
24
27
26
26
26
25
145.764
158,835
167,973
158,744
155,663
134,446
128,165
79.21
86.31
91.28
86.26
84.59
73.06
69.65
7 mos.- 21.823,084 3.747,692 25.570,776 27.011,522 180
August._ 2.806,347
505,596 3,311,943 3,498,549 27
September 2,622.977
471.548 3.094,525 3,268,881 26
October_ 2.643,562
495,845 3,139.407 3,316.292 26
November 2,478,627
481,599 2,960,226 3.127,015 26
2,557,955
December
448,154 3,006,109 3.175,484 26
150,064
129,576
125.726
127,550
120,270
122,134
81.55
70.41
68.32
69.31
65.36
66.37
Total_. 34,932,552 6,150,434 41,082,988 43,397,743 311
1928.
January
February_
March
April
May
June
July
3.280,247
3,308.728
3,700,411
3,509,637
3,397,631
3,016,487
3,075,247
498,746
521,366
587,309
564.039
581,949
527.351
533.550
3,778,993
3,830,094
4,267,720
4,073.676
3,979,580
3,543,838
3,608,797
3,991,332
4,045,304
4.507,520
4,302,573
4.203.190
3.742.964
3.811,573
26
25
27
25
27
26
25
139,543 75.83
153.513
161,812
166,945
172,103
155,674
143,960
152,463
81.43
85.84
88.56
91.29
82.58
76.37
80.88
7 mos.. 23.288.388 3,704,310 27,052.698 25.004.456 101
150,036 83 83
x The figures of "per cent of operation" are based on the annual
capacity as of
Dee.31 1927, of 58.627,910 gross tens for Bessemer and open-hearth steel
Ingot'.
Total Iron
Spiegel and Ferro.
1927.
1928.
1927.
2,343,881
2,256,651
2.675,417
2.637.919
2,619.078
2,343,409
Half year
July
August
September
October
November
December
Year
2,155,133
2,274.880
2.588.158
2.555,500
2,652.872
2,448.905
31,844
24,560
27,834
24.735
28,734
29.232
7.486
7.045
7,650
12,907
9,783
10,535
22,298
19,320
27.912
18,405
29.940
32,088
14,876.355 14,675,448
166,939
55,411
149,963
2,163,101 2.464,896
2,213,815
2.090,200
2,076,722
1,938,043
1,987.652
January
February
March
April
May
June
1928.
26.394
21.279
20,675
17,710
17,851
20.992
9,350
9.104
6.037
6,129
6.521
6.816
32,909
291,840
99,368
....... 27,345,888
Fe-Man. Bpisget. Fe-Man. 8171001.
*Includes output of merchant furnaces. x Data not available for publication.
DAILY RATE OF P10 IRON PRODUCTION BY MONTHS-GROSS TONS
Merchants.'
Steel Works.
Total.
1927-July
25.421
69,778
95,199
August
71,413
23,660
95,073
September
22,825
69,673
92,498
October
22,819
66,991
89.810
November
23.679
64.600
88,279
December
22.742
86,950
64,118
1928
-January
69,529
23.053
92.573
February
78.444
21.560
100,004
March
83,489
19,726
103.215
April
21,000
85.183
106,183
May
20,355
85,576
105,931
June
81,630
102,733
21,103
July
19.578
79,513
99,091
July Pig Iron Output Falls Off.
•Includes pig iron made for the market by steel companies.
Actual data for the pig iron production in July reveal TOTAL PRODUCTION
OF PIG IRON BEGINNING JAN. 1 1926
-OR.TONS
considerable variation from the estimate published in the
1926.
1927.
1928.
1927.
1926.
1928
"Iron Age," Aug. 2, states the latter in its issue of the Jan- 3,316,201 3,103,820 2,869,761 July_ _ 3.223.338 2,951,160 3,071,824
Feb- 2,923.415 2,940,679 2,900,126 Aug __ 3.200,479 2.947.276
9th inst. The actual July output was higher than the I Mar 3.441.988 3.483,362 3.199.674 Sept__ 3,136,293 2,774.949
3,459.122 3.422.226 3,185,504
estimate by 257 tons per day. The July rate was 99,091 , Apr- 3,481,428 3,390.940 3,283,858 Ovt_ 3.334.132 2,784,112
May..
Nov.. 3,236,707 2.648,378
June.- 3,235,309 3,089.651 3,082,000 Dec __ 3,091.060 2,695.755
tons per day compared with 98,834 tons per day as the I
estimate in the compilation of which the last two days of 34 yr_19.848.461 19.430.678 18,520,921 Year*.29.070,470 36,232,306
July were calculated by the producing companies. irotai
*These totals do not include charcoal pig iron. The 1927 production of this Iron
July coke pig iron production was 3,071,824 gross tons or was 164.569 tone.
Rogers Brown & Crocker Bros., Inc., in their weekly letter
99,091 tons per day for the 31 days as contrasted with 3,082,000 tons or 102,733 tons per day for the 30 days in Tune. under date of Aug. 9, say that the indications of a more
This is a decrease for July of 3,642 tons per day, or 3.5%. active pig iron market noted in their previous report, have
The estimate showed a decrease of 3.8%. July is the third been further emphasized during the week under review.
month in succession to show a decrease, the June recession The market is much broader, they say, and then add:
Following the placing of several round tonnages by the larger interests,
having been 3%. Last year the July production was 2,951,increasing
orders
160 tons or 95,199 tons per day. Thus the decline in July an sales to a number of smallerfigure. have brought the aggregate tonnage
very substantial
of
Continued requests for shipments
this year of 3.5% in the daily rate compares with a decrease against contracts indicates an increasing foundry molt. The confidence
among buyers that business will continue to improve Is indicated by a
in July last year of 7.5%, continues the "Age," adding:
desire to cover future requirements to a greater extent than has prevailed
Capacity Active Aug. 1.
There were 195 furnaces active on Aug. 1, having an estimated
operating rate of 98,445 tons per day. This contrasts with an operating
rate
of 100,855 tons per day for the 189 furnaces active on
July 1. Seven
furnaces were blown in during July and 11 were shut
down. Of the
furnaces blown in, two were Steel Corporation stacks, four were
independent steel company units, and one was a merchant stack.
The 11
furnaces shut down were as follows: Steel Corporation, five furnaces;
Independent steel companies, three furnaces, and merchant
producers,
three furnaces. Thus the Steel Corporation had a net loss of
three furnaces for the month, independent steel companies a net gain of
one furnace, and merchant companies a net loss of two furnaces.
Steel and Merchant Iron.
Steel-making iron in July was made at the rate of 79,513
tons per day,
which was about 80% of the total. In June the 81,630 tons
per day of
steel-making iron was also about 80% of the total
daily rate for the
month. Merchant iron was, of course, about 20% in
each ease. Is
July, 1927, the merchant iron was nearly 27% of the
total daily rate.
Possibly Active Furnaces Reduced.
The Carbon furnace in the Lehigh Valley, the
Tod furnace of the
Youngstown Sheet & Tube Co. in the Mahoning Talley,
and one Iroquois
stack of the Youngstown Sheet & Tube Co. in the
Chicago district have
been abandoned during the last month and will be
dismantled. This reduces the number of possibly active blast furnaces in the United
States from
342 to 339.
Furnaces Blown /n and Oct.
During July the following furnaces were blown in: One
Bethlehem
stack of the Bethlehem Steel Co. in the Lehigh Valley; one
Sparrows
Point furnace of the Bethlehem Steel Co. in Maryland; one
Donors furnace of the American Steel & Wire Co.; one Carrie furnace of the
Carnegie
Steel Co., and one Eliza stack of the Jones & Laughlin Steel Corp.,
in the
Pittsburgh district; the Colonial furnace in western
Pennsylvania, and
one Indiana Harbor furnace of the Youngstown Sheet & Tube Co. in
the
Chicago district.
Furnaces blown out during the month were as follows: One Susquehanna stack of the Hanna Furnace Co. and the Niagara furnace in the
Buffalo district; one Sparrows Point stack of the Bethlehem Steel Co.
in Maryland; one Carrie, one Clairton and one Edgar Thomson furnace
of the Carnegie Steel Co., and one Midland furnace of the Pittsburgh
Crucible Steel Co. In the Pittsburgh district; one Farrell furnace of the
Carnegie Steel Co. in the Shenango Valley; one Hubbard stack of the
Youngstown Sheet & Tube Co. in the Mahoning Valley; one Gary furnace
of the Illinois Steel Co. in the Chicago district, and one Ford stack in
Michigan.
Another New Record in Ferro-manganese.
At 32,909 tons, the July output of ferromanganese was again the largest
since separate records have been kept, surpassing the 32,088 tons made in
June.
for a long time. There appears to be little change in prices, but sellers
will no longer make concessions and prices are firmer in all districts at
recognized schedules.
The coke market has shown strength in furnace grades and domestic
sizes, with indications of a more active market, especially for domestic fuel.
Ferro alloys are moving regularly on contracts but comparatively little
new business is offered.
Rolled Steel Capacity Now 52,196,000 Tons-Pittsburgh
District Still Dominant Producer Except in Rails.
Total rolled steel capacity of the United States has increased 21% in the last five years, according to an analysis
by districts appearing this week in the "Iron Age." The
country's total rolling mill capaeity, as of Jan. 1 1928, was
52,196,000 tens, as compared with 43,157,846 at the beginning of 1928. In making tb,e revision of figures the "Iron
Age" received verification or correction of former capacities
from more than 200 steel companies.
The survey of the capacities for the production of nine
specific items, viz: rails, plates, structural shapes, bars,
sheets, tin plate, pipe, wine rods and drawn wire, in the
twelve different steel-making districts, shows that the
Pittsburgh district is still the dominant producer of each
product except rails, in which Chicago leads. With 26.9%
of the country's total capacity, Pittsburgh's share of the
various items varies from 20.5% of the aggregate in sheets
to 44% of all pipe.
By subdividing the capacity of each district into the
leading items of product, it appears that bars furnish
the
leading item in most districts. "In the small Hastern
district," the article continues, "this reaches nearly
76% of
the total, but drops to 12% in the Ohio River
district."
Plates take the lead in the Philadelphia
district, while
sheets in both the Wheeling and the Ohio
River districts
are ahead of all other products. In the
latter, in particular, sheets account for more than 65%
of the total.
Considering sheets and tin plate together,
more than half
of the total capacity of the Wheeling
district is thus covered.
FINANCIAL CHRONICLE
Loss in Unfilled Tonnage of United States Steel Corporation in July.
In its •nsual monthly statement, issued yesterday (Aug.
110), the United States Steel Corp., reported unfilled orders
'an the books of the subsidiary corporations as of July 31,
1928 at 3,570,927 tons which is a decline of 66,082 tons from
the orders on hand as of June 30, 1928. Orders on hand as
-July 31, 1927, aggregated 3,142,014 tons and the year previous 3,602,522 tons. A comparison of the amounts back
to 1923 is shown below. Figures for earlier dates may be
.obtained from our issue of April 17, 1926, page 2126.
[vor,. 127.
alike are most meager, consumption is correspondingly high.
Undoubtedly, this is the best summer in the history of the
metalworking industry, of which increased demand for
many lines of finished steel in the past week affords substantiation, but the changing trends in consumption frequently tinge the markets with a spottiness belying this
pace, adds the "Review," continuing:
Most steel lines tying in with the automotive industry, from road building machinery to the most fashionable motor car accessory, contine pressed
to make deliveries. On the other hand, freight car and locomotive shops
and many metalworking plants producing for direct or retail store selling
have rarely operated so poorly.
In the aggregate, however, as measured by ingot production, a record
volume of steel is being absorbed and, so far as the industry can discern,
nib/FILLED ORDERS OF SUBSIDIARIES OF U. S. STEEL CORPORATION.
it is not anticipatory. Current specifications for steel foreshadow the usual
End of Month 1928.
1924.
1927.
1926.
1925.
1923.
fall upturn in automobile assembly. The dullness surrounding railroad
equipment and shipbuilding gives signs of lifting and may presage a revival
January
4.275,947 3.800,177 4,882,739 5.637.323 4,798,429 6.910,779
February
4,398,189 3,597,119 4,616,822 5.284,771 4,912,901 7.283,989 in the closing months of the year. The bolder attitude of producers toward
March
4.335.206 3,553,140 4,379,935 4,863.564 4,782.807 7.403.332 fourth quarter prices and their avoidance of contracts denote their confiAxel
3.872,133 3.458,132 3,867,976 4,446,568 4,208.447 7.288,509 dence in the situation.
Pig iron also makes a show of greater activity and, because many furMay
3.418,822 3,050,941 3,649,250 4,049,800 3.628,089 8.981,851
June
3,637,009 3.053.246 3,478.642 3,710,458 3,262,505 6,386.261 naces are clearing out their stocks, consumption is heavier than present
July
3,570,927 3,142,014 3,602,522 3,539.467 3.187.072 5,910,783 production indicates. Increased specifications from sanitary ware and
3,196.037 3,542,335 3,512,803 3.289,577 5,414,863 radiator manufacturers in the Pittsburgh district are unmistakable signs
August
3.148,113 3,583,509 3.717.297 3,473.780 5,035,750 of a higher melt. Sales in the Cleveland district, including coverage by
'September
3,341.040 3,683,661 4,109.183 3,525,270 4,672,825 Detroit automotive foundries, jumped to 48,000 tons in the past week.
October
November
3,454.444 3.807.447 4,581,780 4,031.969 4,368,584 Fourth quarter contracting is under way at Chicago. At New York and
3.972,874 3,960.969 5.033.364 4.816,676 4.445.339 St. Louis some big consumers have covered. Except at St. Louis, where
some users have won a reduction of 50 cents, pig iron prices either are
either stable or firmer.
Beehive furnace coke, tong inactive, has experienced a slight reflex
Volume of Steel Business Continues-Steel Prices
from this brisk pig iron situation through supplemental purchases by blast
furnace interests. An upward trend is barely discernible in spot coke
Firmer.
prices. In iron and steel scrap the predominant influence is toward strength
One full week of August continues the record of sus- and heavy sales have been made in the East. Semi-finished steelmakers
tained steel consumption which marked July, states the "Iron have been unable in all cases to obtain their $1 per ton advance but their
Age" of Aug. 9, in its market review. Output was slightly shipments are seasonally heavy.
Fifty thousand tons of structurals now pending for New York subways
curtailed by hot weather, particularly in sheet and tin features the heavy steel market. Twelve thousand tons, chiefly plates,
plate mills, but this served only to hold back shipments will be needed for eastern ship construction. The 1000-ton barge project
maturing. Heavy skelp orders have come to Pittsburgh
slightly and without disturbance to consumers, seeing that at Pittsburgh is result of recent record line pipe orders. Steel bar specifiplate mills as a
demand, while for known needs, is not essentially urgent.
cations at Chicago last week were the heaviest in 60 days.
Hot weather has retarded sheet production but not demand, and deThe steel ingot returns for July emphasize the unusual
liveries have backed up. Fourth quarter inquiry is appearing at Pittsburgh
summer activity. The production of open-hearth and Bes- but makers, sensing a stronger market than the current 2.00c. for blue
semer steel showed an expansion of nearly 2% over June, annealed, 2.65c. for black, 3.50c, for galvanized and 4.00c. for autobody
besides immediately following a record half-year output. avoid commitments. Sheet & Tube Co. has closed on 25.000 tons of pipe
The Youngstown
It was 19% greater than the production of July, 1927, and for a southwestern gas line, while the National Tube Co. has a tentative
year compares with a falling off booking of a 100.000-ton gas line project. Since oil was struck a few days
the increase over June this
ago in a new sector of the Santa Fe field, near Los Angeles. 42
last year of more than 8%,from June to July. The 3,811,573 have been erected and 20,000 tons of seamless casing ordered. drilling rigs
Car builders are encouraged with an order for 550 refrigerator cars from the
tons turned out last month brought the seventh
gross
months' total nearly 1,600,000 tons ahead of the like period Pennsylvania and inquiry from the Erie for 500 box and 500 flat cars. The
Erie also may buy 1,000 ore cars and 2.000 underframes. The Burlington
of 1927, continues the "Iron Age," which is further quoted: will build 33 suburban steel cars in its own shops. A western railroad has
The improvement has extended to the railroad car industry, which has placed. 4,000 tons of rails at Chicago.
July's steel ingot total of 3.811,573 tons and its daily rate of 152,463
taken contracts for 550 cars for the Pennsylvania RR, and is now figuring
on ears and under-frames for the Great Northern, which will require 45,000 tons have never been exceeded since monthly production figures were first
compiled in 1917, and therefore seem a record. The seven-month total.
tons of steel.
The diversified sources of business are indicative of a notably healthy at 28.604,456 tons, easily outdistances the 27,011,522 tons of the like
situation among most manufacturing lines using pig iron as well as steel, period of 1927 and the previous record of 27,965,382 tons of 1926. The
for pronounced activity in forward pig iron covering in several centers is July daily rate of 152,463 tons compares with only 128.165 tons last July
one of the week's developments. In Chicago steel sales have not been ex- and the previous top of 143,520 tons in July 1918. In June the daily
ceeded by any appreciable margin since the last week of March, when rate receded 7.5% from May but the comeback of 5.7% in July almost
operations were close to capacity.
recovered the ground lost.
One result Is that prices are showing more firmness than in many weeks.
Steel corporation subsidiaries are operating this week at 76%. 1 point
Complete returns of pig iron production last month show an output of higher than last week and 5 higher than a year ago. Independent productons, or 99,091 tons a day, a recession of 3.5% from June. tion averages about 70%. Four more open hearth furnaces are active in
3,071,824 gross
On Aug. 1 the 185 furnaces active were making iron at a rate of 98,445 tons the Mahoning valley; putting 42 out of 53 independent units in operation,
the most this year. Pittsburgh averages 75%. a rate Chicago finds difficult
a day, against 189 on July 1 producing at a rate of 100,855 tons.
A pig iron buying movement of large proportions is under way in the to maintain. Bethlehem Steel Co.'s schedule for August is based on an
At Cleveland, 50,000 tons were sold on top of close to that 80% rate against a 75% one in July.
Central West.
Due to a minor adjustment in semifinished steel, the "Iron Trade Reamount in the previous week. Chicago sales in July were 150,000 tons and
business so far this month has continued at a corresponding rate. The view" composite of 14 leading iron and steel products is down 4c. this week,
market also is more active in the East, the week's sales at New York total- to $34.89, which compares with an average of $34.91 in July and $36.25
ing 20,000 tons About 50,000 to 75.000 tons of Buffalo iron, being brought last August.
down by barge from Buffalo furnaces, will be stored at New Jersey tidewater
There was a small decrease in steel operations the past
points to be reshipped by rail during the fall and winter to nearby consumers.
Heavy melting steel has moved up 75c. a ton at Pittsburgh and 25c. a ton week, the "Wall Street Journal- reports: Ingot production
marked increase in demand, but supplies
at Chicago. There has been no
of the leading companies is at approximately 72% of capacity,
prevailing.
are scarcer because of the low price which has been
Fabricated structural steel demand still gives high promise. New compared with around 72% the preceding week and
tons, including 11,000 tons
slightly better than 71% two weeks ago, continues the
projects appearing in the week call for 52,000
Commission, 6,300 tons for a railroad
for 98 barges for the Mississippi River
buildings in Chicago requiring 2.000 to "Journal," which we further quote as follows:
bridge over Newark Bay and five
For the U. S. Steel Corp. the decline has been approximately 4i of 1%
2,500 tons each.
finished steel has advanced from the leading interest running at a fraction over 76%. against slightly bettcr
The "Iron Age" composite price for
2.348c. The pig iron com- than 76%% in the previous week and about 75% two weeks ago.
2.319c. a lb.. holding the last three weeks, to
Leading independent steel companies are estimated to be averaging in
ton, as the following table shows:
posite price remains at $17.04 a gross
the neighborhood of 69%, contrasted with approximately 70% in the prePig Iron.
Finished Steel.
ceding week and 68% two weeks ago.
Aug. 7 1928, 117.04 a Gross Ton.
Aug. 7 1928. 2.3480. a Lb.
$1177..0049
At this time last year there was a sharp curtailment in the production
2.3190. One week ago
Jne week ago
ago
of ingots. and the leading companies had an average of around 65%. The
2.3260. One month
One month ago
18.13 Steel Corp. was working at 69%, while the independents were
2.3670. One year ago
around 63%.
One year ago
15.72
-year pre-war average
1.6890. 10
10
-year pre-war average
Comparisons of present operations with those of a year ago would indicate
Based on average of basic iron at Valley
Based on steel bars, beams,tank plates.
sheets, furnace and foundry irons at Chicago, that the larger companies will show an increase on production and deliveries
wire, rails, black pipe and black
Buffalo, Valley and Mr- during the current month over Aug. 1927. In addition the price situation
constituting 87% of the United States Philadelphia.
mingham.
is being firmly held and net earnings for the month should reflect this
output.
Low.
High.
L010.
High.
$17.04 July 24 change for the better.
1928_2.364c, Feb. 14 2.3140. Jan. 3 1928..117.75 Feb 14 17.54 Nov 1
Buying of steel products, while at a satisfactory rate, is not up to the
1927_2.453c, Jan. 4 2.2930. Oct. 25 1927__ 19.71 Jan 4 19.46 July 13
5
1926_2.453o. Jan. 5 3.4030. May 18 1926__ 21.54 Jan, 13 18.96 July 7 high record which was established during June and early July. Consumers
Aug. 18 1925__ 22.50 Jan.
1925_2.5600. Jan. 6 2.3960.
19.21 Nov. 3 are now away on vacations and only those needing the steel in the com4924-2.789o. Jan. 15 2.4600. Oct. 14 1924- 22.88 Feb. 26 20.77 Nov.20 ing 6 Weeks have entered the market with inquiries or orders.
923_2.824o. Apr. 24 2.446c. Jan. 2 1923._ 30.86 Mar.20
Within month or so, however, there should be a substantial expansion
More steel was produced last month than in any July on in buying according to expectations of the leading interests. At that time
on their known
the
record, and if the gait of the first week of August is main- finalusers will be actively figuring price situation onrequirements for the
quarter of the year and if the
the leading
tained a new August record is in the making, declares the continues as firm as at present many are likely to anticipate their products
needs in
its weekly summary of the iron an attempt.to get the slightly lower levels prevailing on third
"Iron Trade Review" in
consumers business.
producers and
a
quarter
and steel industry. Since stocks of
763
FINANCIAL CHRONICLE
AUG. 11 1928.]
of
Efforts of customers recently to place contracts for the final 3 months
disclosed a
the year at the existing levels for third quarter deliveries have
considerfirm attitude on the part of the steel interests. This has caused
the late
able comment among users and might result in a buying _wave in
months of the current year.
downward tendency in operations
That there is likely to be a moderate
August
in the coming weeks is still the opinion in leading trade circles.
excepusually is a month of curtailment and few expect this year to be an
tion in this connection, especially if the hot weather which prevailed UP
to a day or two ago returns.
With the middle of September, however, there should be a definite uP•
ward trend in steel mill activities, and the high point for the fall and winter
.
months is likely to be reached during October or early in November
Railroads are expected to be important purchasers of rails within the next
Most of these orders will be for shipment next year,
6 weeks or 2 months.
and will not have any material influence on operations late this year.
However, the sentimental effect of buying by the carriers upon other consumers has always been a factor in the market, and may bring in considerable business in other products from general users.
Preliminary Estimates of Production of Coal and Beehive Coke for the Month of July 1928.
The following preliminary estimates for the mcgath of
July, as given in the United States Bureau of Mines report,
are subject to slight revisions, which will be issued in the
weekly coal report about the 15th of this month. All current estimates will later be adjusted to agree with the results of the complete canvass of production made at the
end of the calendar year. The figures as now reported show
that at 36,230,000 net tons bituminous coal production in
July 1928 increased 267,000 net tons over the previous
month and 2,593,000 net tons over the figure for the month
of July 1927. Anthracite production during July 1928
showed a loss of 860,000 net tons as compared with the
preceding month and was 587,000 net tons under the total
for the month of July 1927. The statistical tables as given
by the Bureau of Mines are appended:
Total for
Month
(Net Tons).
Number of Average per
Working Working Day
Days.
(Net Tons).
July 1928 (preliminary)a
36,230,000
25
1,449.000
Bituminous coal
4.441,000
25
178.000
Anthracite
269.000
25
10.760
Beehive coke
June 1928 (revised)
35,963,000
26
1,383,000
Bituminous coal
5,301,000
26
204.000
Anthracite
301,000
26
11,577
Beehive coke
July 1927
33,637,000
25
1,345,000
Bituminous coal
5,028,000
25
Anthracite
201,000
467,000
25
Beehive coke
18,680
a Slight revisions of these estimates will be issued in the weekly coal report about
the middle of the month.
Bituminous Coal Production Higher-Anthracite and
Coke Output Declines.
According to the United States Bureau of Mines, the production of bituminous coal during the week ended July 28
totaled approximately 8,959,000 net tons, as compared with
8,642,000 net tons in the previous week and 8,594,000 net
tons during the week ended July 30 1927. Output of anthracite during the week ended July 28 1928 is estimated at
1,067,000 net tons, a decrease of 128,000 net tons, as compared with the preceding week and 283,000 net tons less than
in the week ended July 30 1927. Production of beehive
coke in the United States is placed at 59,000 net tons for
the week ended July 28 1928 and compares with 62,000 net
tons in the preceding week and 106,000 net tons in the
week ended July 30 1927. The report of the Bureau of Mines
is as follows:
The total production of soft coal during the week ended July 28. including
lignite and coal coked at the mines, is estimated at 8,959,000 net tons.
Compared with the revised estimate for the r receding week, this shows an
increase of 317,000 tons, or 3.7%. Production during the week in 1927
corresponding with that of July 28 amounted to 8,594.000 tons.
Estimated United States Production of Bituminous Coal (Net Tans), Incl. Coal Coked,
1927
1928Cal. Year
Cal. Year
Week.
to Date.
to Date.a
Week.
249,729,000
8,245,000
291,232,000
8.610.000
July 14
1,510,000
1.374,000
1,762,000
1,435,000
Daily average
258,371.000
8,259,000
299,491,000
8,642.000
July 21_13
1,507,000
1,377.000
1.748,000
1 440,000
Daily average
267,330,000
8,594,000
8,959.000
308,085,000
July 28.c
1,506,000
1,432.000
1,738.000
1 493,000
Daily average
a Minus 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 production of bituminous coal during the present calendar
year to July 28 (approximately 177 working days) amounl,s to 267,330,000
net tons. Figures for corNsponding periods in other recent years are
.
given below:
1924
264,580,000 net tons
308,085.000 net tons
1927
325,482,000 net tons
1923
304,245,000 net tons
1926
210,452.000 net tons
1922
267,786,000 net tons
1925
As already indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended July 21
amounted to 8.642.000 net tons. This is an increase of 32,000 tons, or
0.4% over the output in the preceding week. The following table apportions the tonnage by States:
Estimated Weekly Production of Soft Coal By States (Net Tons).
July 1923
Week Ended
July 21'28. July 14 '28. July 23 '27. July 24 '26. Average.a
291,000
368,000
299,000
389.000
295,000
Alabama
28,000
32,000
30,000
24,000.
Arkansas
152,000
158.000
130,000
165,000
139,000
Colorado
1,268,000
114,000 1,012.000
703,000
736,000
Illinois
337,000
451.000
203,000
228,000
214,000
Indiana
72,000
8,000
87,000
50.000
48,000
Iowa
68,000
23,000
76,000
19.000
19,000
Kansas
949,000
735,000
940.000 1,031,000
Kentucky-Eastern _ 950,000
494,000
247.000
.202,000
234,000
Western
228,000
53,000
55,000
42,000
49,000
44,000
Maryland
6,000
17,000
16,000
10,000
11,000
Michigan
45,000
58,000
34,000
52,000
55,000
Missouri
41,000
36,000
33.000
45,000
47,000
Montana
52,000
49,000
41,000
48,000
New Mexico_
49,000
15,000
14,000
8,000
10,000
North Dakota
12,000
854,000
412,000
136,000
269,000
Ohio
267.000
46,000
'49,000
46,000
Oklahoma
43,000
48,000
Pennsylvania
2,200.000 2,240,000 2,096,000 2,684,000 3,680,000
113,000
98,000
95,000
Tennessee
105,000
115,000
19,000
23,000
Texas
17,000
21,000
17,000
87,000
75,000
57,000
80,000
Utah
68,000
272,000
239,000
254,000
Virginia
244,000
240,000
37,000
34.000
Washington
41.000
32,000
44,000
W. Va.-Southern b_ 1,940,000 1,896,000 2,090,000 2,165,000 1,555,000
830.000
Northern c
755.000
749.000
791,000
725,000
115.000
Wyoming
86.000
88,000
83,000
85,000
4,000
5,000
Other States.d
1,000
1,000
4,000
Total bituminous 8,642,000
Pennsylvania anthra. 1,195,000
8,610,000
1,112.000
8,259,000 10,064,000 11,208,000
1,339,000
1,927,000
1,950.000
Total all coal
9,837,000
9,722,000 9,598,000 11,991,000 13.158.000
a Average rate maintained during the entire month. b Includes operations on the
N. & W.: C. & O.; Virginian; K. & M., and Charleston division of the B. & 0.
c Rest of State, including Panhandle. d This group is not strictly comparable In
the several years.
ANTHRACITE.
The total production of anthracite during the week ended July 28 is
estimated at 1,067,000 net tons. Compared with the output in the preceding week, this shows a decrease of 128.000 tons. or 10.7%. Production
in the week of 1927 corresponding with that of July 28 amounted to
1,350,000 tons.
Estimated United States Production of Anthracite (Net Tons).
1928
1927
Cal. Year.
Cal. Year
Week.
to Date.
Week.
to Date.a
Week Ended1,112,000
38,929,000
1,297,000
43,002,000
July 14
1,195,000
1,339,000
40.124.000
44,341,000
July 21..b
1.067.000
41.191,000
1,350,000
July 28.c
45,691.000
a Minus one day's production first week in January to equalize number of days
In the two years. b Revised. c Subject to revision.
BEEHIVE COKE
The total production of beehive coke for the country as a whole during
the week ended July 28 is estimated at 59.000 net tons, as against 62.000
tons in the preceding week. The accumulative production of beehive coke
during 1928 to July 28 amounts to 2,521,000 tons, a decrease of 2,338,000
tons compared with that in the corresponding period of 1927.
Estimated Production of Beehive Coke (Net Tons).
July 28
1927
July 21
July 30
1928
Week Ended
1928.b
to Date.a
1928.c
1927.
to Date.
Pennsylvania and Ohio__ _
38.000
42.000
74.000 1,801,000 3,809,000
West Virginia
11,000
466,000
12,000
15,000
349.000
Ala., Ky., Tenn. and Ga.
158,000
2,000
1,000
5,000
105,000
Virginia
206.000
4.000
6,000
141,000
4,000
Colorado, Utah & Wash
125,000
220.000
4,000
3,000
6,000
United States total_ ___
59,000
62,000
106,000 2,521,000 4,859,000
Daily average
14.000
27.100
9,800
10.300
17,700
a Minus one day's production first week in January to equalize number of days in
the two years. b Subject to revision. c Revised.
The total quantity of bituminous coal mined in the United
States during the week ended Aug. 4, according to the estimate of the National Coal Association, was 8,750,000 net
tms, a decrease of about 200,000 tons from the total of the
preceding week.
Current Events and Discussions
The Week with the Federal Reserve Banks.
1. After noting these facts, the Federal Reserve Board
The consolidated statement of condition of the Federal proceeds as follows:
The principal changes in holdings of discounted bills were decreases
of
Reserve banks op Aug.8,made public by the Federal Reserve
$21,300,000 at the Federal Reserve Bank of Chicago and $10,500,000 at
Board, and which deals with the results for the 12 Reserve New York. and increases of $8,800.000 at San
Francisco, $4,000,000 at
banks combined,shows decreases for the week of $24,500,000 Dallas, and $3.800,000 at Atlanta. The System's holdings of
bills bought
bills, of $4,000,000 in bills bought In open market declined $4,000.000 and of
in holdings of discounted
certificates of indebtednesa
open market, of $3,800,000 in Government securities, and $3.900,000. while holdings of United States bonds and Treasury note,
in
of $77,900,000 in member bank reserve deposits, and an remained practically unchanged.
Federal Reserve note circulation shows an increase of
$4,800,000 at the
increase of $14,900,000 in Federal Reserve note circulaticn, Federal Reserve Bank of
Cleveland. $2,000.000 each at Kansas City
decline in cash reserves. Total bills and :43,11adelphia. $1500,000 at San Francisco;
and
and a nominal
and $14.900,000 at all Federal
securities were $32,300,000 below the amount on held Aug. Reserve banks.
764
The statement in full, in comparison with the preceding
week, and with the corresponding date last year, will be
found on subsequent pages—namely, pages 791 to 792. A
summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
Aug. 8 is as follows:
Increase (+) or Decrease (—)
During
Year.
Week.
.tflju
—$100,000
--402.600.000
+5,900,000
Total reserves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U. S. Govt. obligations
Other bills discounted
—32,300,000
—24,500,000
—51,600,000
+27.100,000
+421,100,000
+648,200.000
+378,500,000
+269,700,000
Bills bought in open market
—4,000.000
—13,900,000
U. B. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
—3,800,000
+200.000
—212.400,000
—136.400,000
—1,300,000
—74,800,000
—3,900,000
Federal reserve notes in circulation
+14,900,000
—40,000,000
Total deposits
Members' reserve deposits
Government deposits
—67.800,000
—77,900.000
+12.300,000
—19,700.000
—49,500,000
+32.200.000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also began to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics
covering the entire body of reporting member banks—now
636—cannot be got ready.
The following is the statement for the New York member
banks and that for the Chicago member.banks thus issued
in advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks, which this week show an
increase of $14,488,000, the grand aggregate of these loans on
Aug. 8, being $4,273,884,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES,
New York-45 Banks.
Aug. 11928. Aug. 11928. Aug. 101927.
Loans and investments—total
7,219,168,000 7,363,653,000 6,585,026,000
Loans and discounts—total
5,349,387,000 5,409,792,000 4,742,772,000
60,284,000
Secured by U. S. Govt. obligations... 53,237,000
36,354,000
2.469.448.000 2,560,225,000, . .
Secured by stocks and bonds
2,826,702,000 2,789,283,000 2,462,628,000
All other loans and discounts
1 869,781,000 1,953,861,000 1,842,254,000
Investments—total
1 001.211,000 1,080,638,000
U.S. Government securities
Other bonds, stocks and securities_..868.570.000 873,323,000
Reserve with Federal Reserve Bank__ 688,747,000
52,159,000
Cash in vault
Net demand deposits
Time deposits
Government deposits
759,026.000
49.843,000
883,469,000
958,785,000
751,599,000
56,566,000
5022,155,000 5,252,388,000 5,245,809,000
1156.115,000 1,158,557,000 1,017,981,000
35,117,000
49,504,000
5,846,000
Due from banks
Due to banks
85,741,000 102,859,000
83,056,000
1,088,655,000 1,228.197,000 1,152,186,000
Borrowings from F. R. Bank—total_ _
244,215,000
Secured by U. S. Govt. obligations_ __
All other
254,786,000
81,742,000
120,570,000
123.645,000
177,220,000
77,566,000
54,450,000
27.292,000
Loans to brokers and dealers (secured by
stocks and bonds):
860,487,000 928,466,000 1,063,670,000
For own ascount
For account of out-of-town banks_ _1,549,423,000 1,498,299,000 1,216,369,000
1 863,974,009 1,832.631,000 910,290,000
For account of others
Total
4,273,884,000 4,259,306,000 3,190,329,000
3,360,271,000 3,304,351,000 2,391.369,000
913.613,000 955,045,000 798,960.000
-43 Banks.
Chicago
2,053,328,000 2,064,609,000 1,939.474,000
investments—total
Loans and
On demand
On time
1 568,957,000 1,576,698,000 1,505,300,000
16,412,000
13,921,000
14,450.000
Secured by U. S. Govt. obligations_ _ _
785,534,000 786,606,000 798,742,000
Secured by stooks and bonds
769,502,000 773,680,000 692,108,000
All other loans and discounts
Leans and diseounte—total
484,371,000
487,911,000
434,174,000
U. 8. Government securities
Other bonds, stocks and securities
221,835,000
262,536,000
221,475,000
266,436.000
179,204,000
254,970,000
Reserve with Federal Reserve 13ank_
Cash in vault
179,966.000
16,945,000
185,953,000
16,349,000
173.551,000
18,630,000
Investments—total
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
1,231,811,000 1,235,796,000 1,286,425,000
679.920,000 888,184,000 614,570,000
3,941,000
15,950,000
14,322,000
142,828,000
347,382,000
166,228,000
351,669,000
150,468,000
367,870,000
Borrowings from F. R. Bank—total____
76,100,000
93,020,000
8,317,000
Secured by U. S. Govt. obligations_
All other
69,534,000
6,566,000
71,674,000
21.346.000
7,400,000
917.000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
[VoL. 127.
FINANCIAL CHRONICLE
simultaneously with the figures for the Reserve banks themselves, and ecrvering, the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, now
6615, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business Aug. 1:
The Federal Reserve Board's condition statement of 636 reporting
member banks in leading cities as of Aug. 1 shows increases for the week
of $169,000,000 in loans and discounts, of $62,000,000 in investments,
8173,000.000 in Government deposits, of 5135.000,000 in net demand
deposits, of $8.000,000 in time deposits, and of 356,003.000 in borrowings
from the Federal Reserve banks.
Loans on stocks and bonds, including United States Government obligations, were $135,000.000 above the July 25 total at all reporting banks,
an increase of $139,000,000 being reported by member banks in the New
York district, of 810,000,000 in the Chicago district, and of 37,000,000in
the Boston district, and declines of $6,000,000 each in the San Francisco
and Minneapolis districts. "All other- loans and discounts increased
323.000.000 at reporting banks in the Chicago district and $34.000,000_at
all reporting banks.
Holdings of United States Government securities were 885,000,000 larger
than the week before, the principal Increases by districts being: Chicago
318.000.000, Philadelphia 517,000.000, Boston and Cleveland $15,006,000
each, and Atlanta 89,000,000. Holdings of other bonds, stocks and securities declined $11,000,000 and 89,000,000, respectively, in the New York
and Chicago districts, and 822,600.000 at all reporting banks.
Net demand deposits, which at all reporting banks were 3135.000,009
above the July 25 total, increased $114,000,000 in the New York district.
$14,000,000 in the Boston district, $9.000,000 in the Cleveland district.
and $6,000,000 each in the Chicago and Kansas City districts, and declined
$7,000,000 and $6,000.000 respectively, in the Minneapolis and Dallas
districts. Increases of $13,000,000 in time deposits in the New York
district and of 36.000,000 in the Chicago district were partly offset by a
decline of $8.000,000 in the San Francisco district, all reporting banks showing a net increase of $8,000,000. All districts participated in the increase
of $173,000.000 in Government deposits.
The principal changes in borrowings from the Federal Reserve banks.
which at all reporting banks were 856.000,000 higher than a week ago, were
Increases of 333,000.000 in the New York district. $29,000,000 in the
Chicago district, and $9,000,000 in the Philadelphia district, and a decline
of $10,00,000 in the Cleveland district.
A summary of the principal assets and liabilities of 636 reporting member
banks, together with changes during the week and the year ending Aug. 1
1928, follows:
Loans and Investments—total
Increase (-I-) or Decrease (—)
During
rear.
Week.
Aug. 11928.
s
$
$
22,449,478.000 +230,932,000 +1,817,244,000
Loans and discounts—total
15.860.571,000 +168,885,000 +1.223.332,000
Secured by U. S. Govt. obligations 144,304,000 +14,614,000
Secured by stocks and bonds
6,716,213.000 +120,249,000
All other loans and discounts
9,000,054.000 +34,022,000
Investments—total
+27,418.000
+696,665,003
+499,249.000
6,588,907,000
+62,047,000
+593,012,000
3.041,290,000
Other bonds, stocks and securities_ 3,547,617,000
+84,521,000
+22,474,000
+522,156,000
+71,756.000
Reserve with Federal Reserve banks_ 1.738,509,000
Cash in vault
235,442,000
+48,931,000
—6,110,000
—6,634,000
—18.005,000
13,185,605,000 +135,016,000
6,913,371,000
+7,966,000
244,690,000 +172,998,000
—126,063,000
+626,505,000
+156,458,000
1,117,472,000 +50,356,000
3.183,191,000 +123,400,000
—21.349,000
—146,874.000
U.S. Government securities
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F.R. banks—total_
854,716,000
+56,184,000
+569,672,000
Secured by U.S. Govt. obligations
All other
550,456,000
304,260,000
+50,109,000
+6,075,000
+349,119,000
+220,553,009
Summary of Conditions in World's Markets According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases
for publication Aug. 11 the following summary of market
conditions abroad, based on adviees by cable and radio:
ARGENTINA.
Business throughout the week was slightly better but still
quiet. Liabilities of commercial houses which failed during July amounted to about
10,000,000 paper pesos. Customs house receipts from Jan.
1 to Aug. 3
1928 showed an increase of 10% as compared with the
corresponding
period of 1927. July bank clearings were 8% in excess of July 1927.
Crop conditions are good.
AUSTRALIA.
Slight improvement is noticed in seasonal trade throughout the largo
centres of Australia. All States have now signed the financial Agreement Act. A large contract for the supply of iron ore to Japan has been
announced. According to reports the Federal Governmnt will take over
all Australian class A broadcasting stations shorty.
CANADA.
Canada's imports from the United States in June were valued at $75.472,000, compared with $64,192,000 is June 1927. Exports of $40,395,000
were more than a $1,000.000 less than last year. For a year ending June
imports from the United States account for 850.000,000, and from the
British Empire 830.000.000 of the $87,000.600 increase in total Canadian
imports during that period. Farm implements head the list of important
increases in June, the trade this year being more than twice as groat as last.
Automobiles and parts increased between 35 and 40%•
Western areas continue outstanding in reports of brisk trading, but
Eastern cities are also reporting a good volume of business. Trading
on the Montreal Stock Exchange during July was the most active on
record for that month, although there was a seasonal decline from June.
The trend of prices was downward, owing to the tightening of the money
market. The Canadian bond market is quiet, with prices at a fairly
stationary level. Few new issues have been offered or announced. Tele_
AUG. 11 1928.]
FINANCIAL CHRONICLE
765
graphic reports from the nine Provinces indicate generally favorable crop sales of winter lines. The building boom continues with
large increases in
conditions at the end of July. Ontario and Quebec have suffered from all types of construction. July shipments to the
United States total
excessive rainfall. it is reported, which has reduced the quality and yield $105,000 of which sheepskins account for $46,000,
scoured wool. $25.000:
of some crops, particularly hay. Satisfactory crops of potatoes are indi- goatskins, $14,000; wild animal skins, 87.000; ostrich
feathers, $5.000, and
cated in Prince Edward Island and New Brunswick. The condition ostrich skins, $3,000. The mineral production of the Union in
June, excludof fruits in British Columbia is described as generally good, but in Nova ing diamonds, is valued at £4,133,206, of which the gold
output of 861.106
Scotia it is reported to be somewhat below the average. The Railway fine ounces is valued at £3,657,750. This compares with
gold output in
Association of Canada announced Aug. 1 that no car shortage is indicated May of 887,969 fine ounces, and a total mineral production
of £4,215,000
in connection with the movement of this year's crops in western Canada, in that month.
where 80,000 cars are now available. The movement is expected to comUNITED KINGDOM.
mence from ton days to two weeks earlier than usual.
Unemployment continues to increase in Great Britain and this situation
May 1928 was a profitable month for the Canadian railways, which Is causing the Government to consider
alleviation steps. The total number
carried more freight than during any previous May. Owing to the heavy of persons registered for employment
in Great Britain was 1,283.000 on
movement of grain, the total traffic was 10,465.565 tons (a year ago. July 23 as compared
with 1.193,000 one month previous. About one-half
9,632.717 tons); and gross freight revenue. $32,175,432 (a year ago, 828,- of the unemployment increase is within
the coal industry and the remainder
296.128). Fewer passengers were carried, however, with a consequent is chiefly in the iron and steel,
shipbuilding, textile, leather, automobile,
reduction in revenue from that source.
clothing, and building trades. The present slackness is said confined
chiefly to the northern districts, particularly in the coal mining areas, and
CHINA.
Operating conditions on railways in North China are not appreciably and the Government is reported considering schemes for industrial transImproved. All lines are declared operating under a very reduced status, ference and emigration. Railway receipts and returns of ocean freights
with heavy losses in revenue. Tientsin wool prices are advancing owing to both show declines while the level of imports and exports on a two-months'
an anticipated shortage in stocks following disrupted transportation on the average show no particular change from last year. Provincial bank clearKinsul (Peking-Suiyuan) railway. Carpet stocks are not yet appreciably ings during the past several weeks are approximately the same as for the
affected, but it is anticipated by the trade that higher prices for wool will corresponding periods of 1927, while London bank clearings in the four
force carpet prices up. The South Manchuria Railway Co. plans to erect weeks ended July 18 were about £300,000,000 greater. Banker's advances
a steel plant at their Ansh .n iron mines to manufacture tin plate, black at £944,723,000 at the end of June showed a drop of £6,567,000 as compared
with the previous month. Half
-yearly railway revenue was less by 14,sheets, bars, railway sleepers, and poles.
777,000 than for the first half of 1927. The iron and steel trade Is quiet
CZECHOSLOVAKIA.
with production decreasing. Many works are closed for annual holidays
General industrial and trade conditions in Czechoslovakia are still ex- and although some will restart with a fair accumulation of orders, others
cellent. Capacity production is reported in the iron and steel, machinery, are badly in need of new business. The pig iron market is depressed
but
automobile, building materials, lumber, shoe, and paper industries, and demand for sheets is steady and tinplate mills are fully engaged on
seasonal
improving conditions prevail in the plate glass, veneer, beer and carpet contracts. The coal trade in July continued at the low summer
level.
branches. Industries showing declines are porcelain, sugar, alcohol, Production was ICI% below that of
July 1927. Unemployment in the
wool and enamelware, and the demand for chemicals is only fair. Due to Industry is steadily increasing but the minimum price schedule Is being
export handicaps, the unsold stock of sugar is abnormally large. The Na- generally maintained and a slight improvement in foreign demand is being
tional Bank further relaxed its stock exchange restrictions, effective Aug. 1; experienced in connection with Welsh coal.
transactions under 1.000.000 crowns are permit free, and the regulations
affecting larger amounts have been simplified. Total exports in June were
valued at 1,629,000,000 crowns and imports at 1.390,000,000 crowns, rep- Former Premier MacDonald Says that So-Called Dole in
resenting an increase of 45,000.000 crowns in exports and a decline of
Great Britain Is only Insurance Against Unem173,000.000 crowns in imports as compared with May.
DEMIARK.
Official Danish wholesale index for June remains at 155 compared with
152 a year ago. The increase Is chiefly duo to a rise of three points from 131
to 134 in the indexes for raw materials and semi-manufactured goods. Imports remain unchanged at 151 as against 146 during June 1927. The export index. however, advanced from 129 for May to 134 during June, as
compared with 132 for June 1927.
EGYPT.
Egypt's f reign trade data for the first half of 1928 show a marked improvement over the same period of 1927. Exports were valued at LE 27.106.530 as against LE 23.378.120, or an increase of 20%, while imperts
totaled LE 2-1.785,920 against LE 21 439,600. or an increase of 15.6% for
the first six months of 1927. The value of cotton exports rose from LE 18.438,600 to LE 21.224,850. or about 15%. (LE equals approximately
$5.00.)
INDIA
A general strike on the South Indian railways is declared hampering passenger and freight service in that region and a strike on the Indian ,PeiainIonia Railway is also reported threatened. India imports in June amounted
to 185,500,000 rupees, showing little change from the same month of last
year, but exports increased from 221.000.000 to 276.600.000 rupees.
Among the principal imports motor trucks, sugar, colored piece goods.
aniline dyes, electrical equipment, and machinery registered increases,
while receipts of motor mars and motor cycles, gray and white piece goods
and g-alvanized iron sheets and plate', declined. All principal exports
except jute cloth increased. The United States supplied 8% of Indian
Imports In June compared with 10% for the same month of last year, while
the share of the United Kingdom declined from 50 to 46% and that of
Germany increased from 6 to 10%.
JAPAN
No adverse effects to business are noticeable following the formation of a
new political party headed by Takeiho Tokonami, one of the leaders of the
faction now opposed to the party in power. The stock market remains
firm, while a slight improvement is noticeable in the silk market.
MEXICO
Increased mining activity, heavy exports of fresh vegetables and the prosperity of the cattle industry on the West Coast feature Mexican economic
conditions. The situation in other sections of Mexico is unchanged, with
the exception of the Monterrey district, where conditions are more satisfactory, and the Saltillo district, which has been said hard hit by the
poor
wheat and other crops.
NEWFOUNDLAND
City and outport wholesale and retail trade in Newfoundland is reported
dun, although returns from the codfishery have been fair with good
prices
paid for early shipment. The flour market is soft but that for pickled
meats is firm. Extensive mineral prospective continues with no new
discoveries.
PORTO RICO
Seasonal business dullness remains more evident in Porto Rican rural districts than in the cities. San Juan and Mayaguez seem to be affected less
than other points by the slowing down of the commercial movement.
Collections remain slow, In most lines, particularly in tobacco districts.
and wholesalers continuo to carry many retailers by extending their loans
at the banks. Bank clearings at San Juan for July were $20,359,000 as
compared with $25,785.000 in the same mouth last year. New automobile
registrations in July were 212 as compared with 234 in July 1927. During
the past week the sale of 600,000 pounds of old crop tobacco was reported.
leaving an estimated balance between 350,000 and 750,000 pounds. All
but one small mill have completed the grinding of the current sugar crop.
The 41 mills which have completed the campaign produced 741,956 short
tons as compared with 623,659 tons hist year. The mill which is still
grinding will have a final production of about 4,000 short tons. Rainfall
for the week ending July 28 was considerably below normal but the first
August brought increased precipitation,
particularly along the
few days of
north coast.
SOUTH AFRICA.
July business was normal in all sections of the Union of South Africa with
merchandise. Because of the mild winter, and
a satisfactory turnover of
Transvaal merchants are conducting extensive
the advent of spring stocks.
ployment.
Ramsay MacDonald, former Premier of Great Britain,
addressing the Canadian Club at Montreal on Aug. 6
denounced as absolutely without foundation assertions that
there is such a thing as a dole in Britain. A dispatch to
the New York "Times", in stating this added:
What was called the dole, he said, was simply insurance against unemployment and should be looked upon as the proceeds of an ordinary insurance policy are looked upon. No one had a right to divert such funds
any more than to change the terms of an insurance policy. Talk of the
dole did Britain harm in Canada and the United States, said Mr.
MacDonald.
He declared that though Britain was passing through distressful times the
British people were as buoyant as were the Canadian people and had the
determination and ability to recognize British industry so that "the name of
Britain will be as conspicuous in the markets of the world as it has ever
been in the past."
Mr. MacDonald held Canada up as an example of how majorities and
minorities can co-operate and live together In harmony and wished that
representatives of European nations which have after-war minority problems could visit Canada to benefit by the Canadian example.
These European nations, especially the victor nations, did not always
handle such minority problems with skill and political sagacity, he said.
Report on Unemployment Insurance in Canada:
The following regarding a report on unemployment insurance is from the June "Monthly Review" of the Bank of
Nova Scotia:
A parliamentary paper of more than usual importance has recently
become available—the Report of the Select Standing Committee on Industrial and International Relations. Authorized by resolution of the House
of Commons -to investigate and report on insurance against unemployment.sickness, and invalidity," the Committee made the following, among
other recommendations:
1. That the necessity of providing some method of unemployment
insurance is one that will inevitably have to be dealt with before long, as a
solution, in part, of the industrial problems of the present day.
2. That we accept and endorse the principle of unemployment insurance.
based on compulsory contributions derived from the State. the Employer
and the Employee.
3. That the evidence of the Justice Department makes it clear that the
responsibility for such legislation rests on the l'rovincial authorities, it
being within their jurisdiction under the provisions of the B. N. A. Act.
but that it would be within the power of Parliament to contribute.
It 'will be recalled that the Royal Commission on Industrial Relations. of
1919, made a finding somewhat similar. Various methods of Unemployment Insurance, private and public, have been inaugurated or proposed
during recent years in various parts of the world. The system contemplated
by the Committee, whatever variations may be necessary to meet the conditions of Canada, finds its best example in Britain, where an increasing
number of workers has been insured against this risk since 1912; with the
result that the long years of depression in Britain since the War have
witnessed relatively little destitution and the minimum of hardship. Without expressing an opinion on the questions that are bound to rise in connection with any scheme of Insurance against unemployment in this country,
the Bank of Nova Scotia believes that an outline of the chief provisions of
the system as It works in Britain will be interesting and timely. This
system, as everyone knows, is maintained by the State.
The first problem which insurance involves is actuarial. Insurance is
based upon data measuring the risk underwritten, and if it is to be carried on
successfully, provision must also be made, by the limitation of "bad risks,"
against liabilities endangering solvency. In this connection the "bad
risks" may be broadly classified as (a) workers who for any reason, physical
or otherwise, are incapable of retaining a position; (b) malingerers, who
would rather draw benefit than work for wages.
Ample statistical data were to hand in Britain. where there is a continuous
record of unemployment in trade unions, beginning in 1851. Thus, when
the scheme was broached in 1911, the rates of benefit and contribution were
based on an experience of sixty years.
The collection of comparable data was not begun in this country till 1917.
Over a period of three years, from Jan. 1912 to Dec. 1914, elaborate statis-
766
FINANCIAL CHRONICLE
tics of employment in Ontario factories were gathered by the Ontario
Commission on Unemployment of 1916, and published in its Final Report.
Since the War ended, detailed monthly records have been published, both
of unemployment in trade unions, and of employment in the non-agricultural
Industries of Canada. These series are analogous to the statistics of
employment and unemployment kept by the British Department of Labour,
and while they cover a period of less than ten years, may be regarded as
authoritative in their field.
The necessary limitation of"bad risks" has been accomplished in Britain
by four means.
(a) The worker must show that he is ablebodied. If of pensionable age,
he can claim an old age pension. If unemployed owing to sickness, he
becomes eligible for benefit and medical attendance under the system of
sickness insurance, a parallel organization which is, however, administered
separately. He cannot, in either case, establish a claim for unemployment
benefit.
(b) The system is compulsory. Within the specified industries and
occupations, including altogether many millions of workers, everyone
without exception is insured. The presence of a proportion of "had risks"
Is thus offset by the fact that the "good risks," who might be reluctant to
Join a voluntary scheme of which they do not feel the need, are included
automatically.
(c) Before becoming eligible for benefit, an unemployed worker must
show that he has paid a minimum number of weekly contributions to the
scheme, during a period of continuous employment. Moreover,the number
of weeks during which he may continue to draw benefit is also strictly
limited. Thus the type of worker who can never get a foothold in his trade
is prevented from becoming a deadweight of expense.
(d) At the time when he puts in claim for benefit, an unemployed worker
is invariably confronted with an offer of work,if work in his trade is available
at the local rate of wages, and Within a reasonable distance. Refusal to
take such employment at once disqualifies for benefit.
The maintenance of this ready test of willingness to work devolves upon
the system of employment offices, which was established by the British
Government in 1909, two years before the system of insurance against
unemployment was inaugurated. From the beginning, the local administration has been in the hands of these employment offices, with which the
worker's "unemployment book" is lodged when benefit is claimed, and
through which benefit is paid. In order to remain eligible for benefit, the
worker must remain in constant touch with the nearest employment office;
and if work is not at once available, he will be confronted with it as soon as
any can be found.
If the worker is one of the parties in a labour dispute, either strike or
.lockout, this of itself makes him ineligible for benefit. A simple arrangement for appeal against the decisions of local employment officers, when
employment has been refused on the ground that the work offered is outside the worker's trade, unduly distant from his home, or paid at less than
the local rate of wages, effectively safeguards the rights, in these respects.
of unemployed insured persons.
Such, in outline, is the British scheme, now sixteen years of age. The
very severe unemployment experienced in recent years has made irrelevant,
at least for the present, the statistical data which originally formed its
actuarial basis. Several revisions of the rates of contribution and benefit
have been necessary since 1920, to maintain its solvency. Nevertheless, it
has stood the test of time.
This country has possessed, for more than ten years past, a system of
Government employment offices. An administrative organization is thus
available, in the Employment Service of Canada. While in certain of our
provinces a wide extension of the service would probably be necessary, to
cope with the task of administering an insurance scheme, there would be
no need to set up new machinery.
British Idle Rush to Canadian Work—More Than Half
10,000 to Be Sent Overseas Recruited in a Day.
More than half of the 10,000 men who are to assist In
gathering the Canadian harvest had registered at the four
-recruiting centers opened on Aug. 5, say Associated Press
advices from London Aug. 6, published in the New York
"Times"; the cablegram adds:
The mining districts especially were filling their quotas quickly.
Totals from the recruiting agencies were reported to-day as 2,000 at
Manchester, 1,500 South Wales, 1,000 Edinburgh and 1,000 Bristol. If the
lists are overfilled, preference will be given to men from the districts
where there is especial industrial depression, the Dominion Government
having rcommended that 75% of the total should be unemployed
miners.
Reduced rates for the emigrants have been granted by railway and
steamship lines and they will be available for the return journeys of such
men as come back to England. Officials concerned in the movement here
hope that the great majority of the 10,000 can find permanent employment
and homes in Canada.
The plans of the British Government to settle workless
miners in Canada to assist in farming were referred to in
our issue of Aug. 4, page 625.
No Surplus Labor in Western Canada—Demand for
Farm Workers Attracts Many from United States
—Wages We Day and "Keep."
In its issue of Aug. 7 the "Wall Street Journal" printed
the following from Winnipeg:
sight.
From the lake head to Vancouver there is no surplus, idle labor in
Before the demand for farm labor, incident to the approach of harvest, the
Cominimum of casual labor was idle on the prairies and in British
construclumbia, according to the provincial labor bureaus. Railway
lumber and other
tion, increased freight and passenger traffic, mining,
industries had absorbed the last of the unemployed.
annual
While the reduced harvest rates have not yet begun to pour the
flood of men and women into the prairies, many have come in, paying
full fare. These, however, are the "regulars" who work in the same district, year after year. For two weeks harvesters from south of the line
have been coming in, almost wholly in their own cars. Four or five
harvesters, chiefly those who have followed the ripening grain right
through from Texas, occupy a single car.
Under the customs rules, these cars, once on this side, can not be used
for business by the occupants but they can be and are driven to a central
point and used later to go to other points where labor is required and
For.. 127.
to return over the line. In this way between 10,000 and 15,000 experienced harvesters from the United States come into the prairies each
summer. Not infrequently husbands are accompanied by their wives
who work around the farm homes. Many of these women are so experienced they can drive cars or teams on the farm and take a man's place
easily.
These experienced harvesters earn $5 a day and "keep" and women
from $3 to $4. When the rush comes the wages drop but not for the
experienced help from the East and from British Columbia.
In other years many men from the coal mines of Alberta have been
utilized for field work. But the mines are not closed generally this
season and those miners who have been given a vacation have gone north
into the mining district where they can draw wages of $10 a day. The
railways have found it necessary to employ 20% more extra help than in
other years in road work and moving freight trains.
National Union of Railwaymen Accepts Proposed Cut
in Wages of British Railway Workers.
Press adviees from London Aug. 9 in the New York
"Times" stated:
The railroad worker's acceptance of the provisional agreement made
between their leaders and the railroad managers for a reduction of 234%
in wages is practically assured.
The delegate conference of the National Union of Railwaymen to-day
endorsed the proposal by 77 votes to 3. The Associated Society of Locomotive Engineers and Firemen zccepted the agreement yesterday and the
approval of the Railroad Clerks' Association is expected when it meets
to consider the proposal Sunday.
There remain, however, the craft unions which have not participated
In the negotiations which led to the agreement and their attitude is yet
to be determined.
To-day's decision of the National Union of Railwaymen was reached
despite the efforts of extremists to induce the delegates to vote against
the wage reduction.
It is planned to put the reduction, which is also to apply to the salaries of railroad executives, into force next Monday, and the yearly saving
to the railroads is estimated at nearly $15,000,000.
An item regarding the proposed wage cut appeared in our issue fo Aug
4, page 625.
Bank of England's Large Gold Surplus—Origin and
Effect of Influx.
The London "Financial News" of July 20 under the above
head observes that apparently the whole of the £6,000,000
gold imported by the Midland Bank, with a view to expanding the basis of credit, has up to the present been
sterilized by a corresponding reduction of the "Other Securities" item in the Bank of Englands' return. The gold
may, none the less, says the "News," serve the useful purpose as a shock-absorber in the autumn when seasonal pressure might result in an efflux of gold. The comments in
the "News" follow:
Since the end of May, every weekly Bank Return has registered a fresh
high record in the Bank's gold reserve. The return for the week ended
July 18 has not broken the succession of records, as it shows an increase
of the gold reserve by 41,545,000. The coin and bullion held by the
Issue Department has reached the figure of 4173,153,805, as compared
with 4150,223,235 a year ago, and 4151,468,435 in the last Bank Return of 1927. At the same time, the gold and silver coin held by the
Banking Department has also increased by nearly 42,000,000 since the
beginning of this year. Thus, the total increase of the Bank's bullion
holding since the end of last year is nearly 424,000,000.
An analysis of gold import figures shows that the major part of this
increase—about 49,250,000—has been due to purchases of South African
gold. The next largest item is made up of shipments from the United
States and Canada, amounting in all to about 47,000,000, while Soviet
Russia has contributed about 43,750,000. Fair amounts also have been
received from Switzerland and gathered from the country's domestic circulation.
During the earlier part of this year, the Bank parted with some of
its newly-acquired gold, mainly to India and the trade. During the last
few months, however, there has been hardly any demand upon our central
institution.
Midland Bank's Gold.
By far the most interesting transaction has been the import of over
46,000,000 by the Midland Bank from New York. Although the shipment
was supposed to yield a nominal profit, it is. generally known that its
object was to increase the basis of credit. Banking circles have watched
with great interest the attitude of our central institution towards this
apparent intervention in its monetary policy by a joint-stock bank. There
were two ways of counteracting the effect of the import. The Bank of
England could pass on the gold to some other central bank desirous of
increasing its reserve, or it could sterilize the surplus by means of selling
securities.
It is the latter alternative which was chosen, partly because there was
no special demand for gold on the part of Continental central banks at
the Bank of England's selling price; partly because the gold itself was
not unwelcome, so long as it did not interfere with official monetary
policy.
Sterilizing Gold.
Comparison of the latest Bank Return with that of the beginning of
May shows a decline in "Other Securities" by about 46,500,000. This
amount is slightly in excess of the amount of gold imported by the Midland Bank. It is difficult, of course, to gauge from the Bank of England's
weekly returns—notoriously obscure documents—exactly what policy the
authorities have pursued, but actual market experience as well as the fall
in Other Securities, suggest that the gold imports were not allowed to
exercise their full and normal effects.
Another interesting circumstance is that, despite the heavy gold influx
the note circulation has remained practically unchanged. The increase
of the gold reserve produced its effect upon the note reserve in the Banking Department, but left the active note circulation unaffected. As a
result, however, of the increase in "Other Deposits," there has been an
expansion in bank deposits. The deposit' figures of the London Clear-
AUG. 11 1928.1
FINANCIAL CHRONICLE
767
tag Banks show an increase from an average of about £1,690,000,000 in an equally balanced national budget, for the first time in 18 years, in
January of this year. This did not, however, include extraordinary
April and Nay to £1,731,000,000 in June.
appropriations which usually are covered by internal loans.
Future Prospects.
May Amortise Debt.
Although sterling has moved considerably from its gold import point,
After having floated an 885,000,000 434% internal loan in February,
and is not likely to return there this year, gold prospects are nevertheless
fairly favorable. None of the Continental countries is anxious to buy gold, it is now considering conversion of its permanent debt into an amortizable
except France, which satisfies its requirements in New York. The Ar- debt. The total debt of Spain is 18,700.000,000 pesetas (about $3.141.gentine demand for gold is over, and possibly some of the gold imported 800,000), 53% of which carries interest at 4%. The result of this is that
by that country during the last twelve months will be returned. There the Spanish state is continually burdened with heavy interest payments.
is at present no active demand from India, and the requirements of the Refunding, although it would augment the amortization annuities, would
within a few years diminish the debt. It is believed that this refunding
trade are comparatively moderate.
operation would be the final financial undertaking preparatory to a return
It is, of course, possible that the autumn pressure will result in an efflux
to the gold basis.
of gold to the United States, or will divert the South African gold from
The same paper, in its issue of Aug. 8, observed that
the Bank. In possession, however, of a surplus of £24,000,000, the
Bank can well afford to lose a fair amount without embarrassing the speculative operations in the Spanish peseta, reduced to a
market to a very great extent. If open market policy has been used
minimum several weeks ago when the government appointed
to sterilize gold imports, there is surely ground for supposing that it may
a committee to stop depreciation of the currencyby such operalso be used to counteract the effects of gold exports.
ations, was begun anew on Aug. 7 as announcement was
made of the $50,000,000 international credit. It went on
J. P. Morgan & Co. In Association With Banks Here to say:
and Abroad Arrange Private Credit For Spain For
The market, which had closed the previous session at 16.44 cents for
Regulation of Peseta Exchange—Stabilization of cables as against the gold parity of 19.3 cents, opened almost 10 points
higher at 16.5334 cents, reflecting the rise in the London market. The
Currency Forecast.
tendency thereafter was upward, and the session ended with the peseta
Announcement that a private banking credit had been 29 points higher, over ;i cent, at 16.73 cents for cable transfers.
Well-informed foreign exchange traders saw no indications of purchases
arranged for the Bank of Spain in furtherance of plans for
for the Spanish Government in yesterday's rise and attributed the advance
regulating peseta exchange, was made as follows by J. P. solely to speculative purchases by operators who interpreted the granting
Morgan & Co. on August 6:
of the $25.000.000 credit by J. P. Morgan & Co. here as an indication that
J. P. Morgan & Co. in association with banks and trust companies in Spain is going to lift its currency back to the old gold parity of 19.3 cents.
New York and other parts of the country have arranged a private banking
credit for the Bank of Spain in connection with its plans for regulating the
peseta exchange.
While no indication is furnished in the above as to the size
of the credit it is reported as $25,000,000. An "Evening
Post" dispatch from Washington Aug. 9 stated:
The State Department to-day announced the formal approval of the
$25,000,000 loan of J. P.Morgan & Co.to the Bank of Spain for the purpose
of aiding in stabilizing the currency of Spain.
The total of the loan will be $50,000,000. Half will be handled by an
American syndicate under the Morgan firm and half by the Midland Bank
of England.
It is understood that the Spanish Government plans to return to the gold
standard. The immediate purpose of the loan will be the control of the
peseta rate.
The Spanish Government's moves to discourage speculation, after succeeding for a time, have thus caused it to flourish anew, though in a different
direction.
The "Times" of Aug.8 said:
The buying of the peseta yesterday followed the precedent established
when other credits of similar character were established here. The mere
existence of such protection has a tendency to prevent pressure without the
credit being actually called into play. No immediate announcement of
the Spanish stabilization plan is expected to be made. In discussing the
probable revaluation point bankers said it was not necessarily to be
expected that the rate would be restored all the way to its old parity. It
was recalled that years ago, even when Spain was officially on a gold basis
the peseta customarily held around 18 cents, or 1.30 cents below parity.
The Spanish Government's measures to maintain the
value of the peseta were referred to in these columns June
An item from Madrid Aug. 7 (by cable to the New York 23, page 3859, and June 30, page 4021.
"Times") had the following to say regarding the credit:
In order to facilitate the regulation of Spanish Exchange and to prevent
Too High Peseta Will Hit Production—Madrid
further fluctuation of the peseta, a committee organized a month ago to Fear
Industrialists Forecast Higher Prices.
work with the Bank of Spain is opening important credits in pounds and
dollars in London and New York. In New York the syndicate which will
According to a Madrid cablegram Aug.9 to the New York
co-operate with the Bank of Spain has been organized by J. P. Morgan
& Co.,and in London,the Midland Bank,13arclay's, Lloyd's, Westminster, "Times" the Spanish Government's efforts to keep the peseta
Lazard Brothers & Co., Hambro's and Martin's are all taking part in the stabilized on an equal gold and silver basis with other curoperation to prevent daily fluctuation of the peseta.
with the disapproval of Spanish industrial
Spain always has hitherto remained in a kind of isolated position in the rencies is meeting
world financial market, and the action of the committee in seeking by and commercial banking circles, but the censorship, which is
means of such powerful support to keep Spanish money stable has general
stricter that that exercised over the press discussions of
approval here.
of Aug. 7 in its account of the political questions, is suppressing the slightest criticism of
The "Herald-Tribune"
the Government's policy. •The cablegram adds:
credit said in part:
The Government claims that Spain's gold reserve is second only to that
Spain is the only remaining European neutral country whose currency
has not been returned to the pre-war gold basis.
Arrangement of the credit here confirms the report published in the
"Herald Tribune" on July 21 that the international guaranty was being
negotiated, following appointment of a government committee in June
to intervene in the foreign exchange market•when necessary.
A return of the Spanish peseta to its original gold parity of 19.3 cents.
or revaluation at or around yesterday's closing quotation of 16.44 cents,
will leave only four European countries which have not returned to gold.
Switzerland is to all intents on the gold standard, but Roumania, Jugoslavia, Portugal and Turkey have not yet formally stabilized their currencies.
Roumania has just contracted for an $80,000,000 loan for the purpose,
however, and her announcement of a new basis is expected momentarily,
while Turkey has formed a State Bank, backed by proceeds from the sale
of jewels of former Sultans, which will pave the way for a return to gold.
It is regarded as not improbable that the end of this year will see all nations
of Europe on the gold or gold exchange standard. .
A royal decree issued at Madrid at the end of June authorized the Spanish
Government to take measures to combat the depreciation of the peseta,
which was declared to be the outcome of totally unjustified speculative
maneuvers. . . .
France is the only European power which has stabilized without the
aid of foreign credits, but she accumulated more than $1,100,000,000 in
gold bullion before proceeding. When England undertook to bring the
pound sterling back to its pre-war parity of $4.8665 she obtained credits
from the Federal Reserve banks of the United States and from J.P. Morgan
& Co. These credits expired last year. . ..
The Spanish official decree has given the impression that the peseta
will be gradually lifted by exchange operations to its gold parity rate.
Spanish resources are fully equal to the task of deflating sufficiently to
send the currency to 19.3 cents, and bankers feel that unless this is done.
eventually the credit of Spain will suffer. However, advices from London
indicate that bankers there feel that the pegging recently accomplished
will prove to be the forerunner of revaluation.
Argument Seems Sound.
Their argument is supported by the fact that once the rate continues at
a definite level for any considerable period of time and the Spanish economy
becomes adjusted to that level, it will be extremely difficult to alter it.
A return to the old gold basis of 19.3 cents from the present 16.44 cents
would necessitate a deflation process in Spain with its accompanying hardships. The peseta was at its highest this year during the week ended
Jan. 7, when it touched 17.36 cents. Speculative manipulation has abetted
the ordinary forces in bringing it to its present rate.
Internal conditions in Spain recently have been on the up grade and
have pointed to currency reform. The Spanish Government announced
of the United States and that it is greater than that of Britain. Therefore.
the Bank of Spain believes that the fluctuation of the peseta is not justified.
The economists blame the unfavorable trade balance for the necessity of
establishing a committee to work with the Bank of Spain to facilitate the
regulation of the Spanish exchange.
Critics of the Government think that a too rapid recovery of the peseta
will diminish the sale of Spanish products because it will cause higher or
lower wages. The Government is accused of having ignored the effort
on international trade when it negotiated with a group of American houses,
a credit to protect the exchange by buying pesetas. The existing peseta accounts of foreigners in Spain amount to 500.000,000.
French Credits in U. S. Put At $500,000,000—Total
May Be Larger as Private Banks Carry Balances
Not appearing in Statements.
A Paris cablegram Aug. 3 to New York "Times" stated:
The Bank of France at the moment is not intervening in the exchange
market to support franc quotations and they are ruled by the law of supply
and demand. Most gold currencies, except sterling and lira are now at a
premium against the franc, but such firmness creates no anxiety. The export gold point is not yet reached. Berlin, which now has the highest
premium against the franc, has nearly reached the export gold point.
The best proof of the non intervention of the Bank of France in the exchange market is that its reserve of foreign currency has not diminished
since stabilization. On the contrary, it has been augmented by the amount
of currency loaned and since called in. The public continued selling gold
and silver coins. The gold pieces are brought to the bank direct or by
brokers who installed offices in neighborhood cafes. Since stabilization.
the bank has purchased nearly 1,000,000 gold francs, the reserve having
risen from 28.935,000,000 francs to 29.918,000,000 francs.
It is very difficult to estimate the credit of French banks in the American
market, particularly as the amount varies constantly. So far as can be
judged from the bank return, the amount should aggregate $500,000,000
but may be higher, as private banks hold balances in New York which do
not appear clearly in their balance sheets.
Bank of France Buys Gold Coins—Estimated Citizens
at Stabilization Had 1,200,000,000 Pre-War Francs
in Gold Hoarded.
The "Wall Street Journal" of Aug.8 reports the following
• from its Paris office:
FINANCIAL CHRONICLE
768
That the French peasant still hoards gold is proved by the long ques of
people you may see any day outside the main offices or branches of the
Bank of France in Paris and the provinces.
These people are waiting their turn to exchange their gold coin into
notes."One consequence of the stabilization was the demonetization of all
existing gold pieces, but the Bank of France undertook to buy them according to their contents of the yellow metal on the basis of the new gold
content of the franc. For the past four weeks it has been absorbing gold
coin. And the gold coins offered to it date from any time in the past 100
years or more.
Calculations made by experts of the bank indicate that on the eve of
the war gold coins in circulation amounted to about 5,500,000.000 francs
or about $1,000,000,000 while in the vaults of the bank there were some
4,000,000.000 francs composed of 1,590,000,000 in coin, 1,490,000,000 in
ingots and 1,010,000,000 in sterling and dollars. Thus the total stock of
gold in France was about 9.500.000,000 francs or $1,900,000,000.
[VOL. 127.
Banks Must Reply in Soviet Gold Case—Federal Court
Directs Answer to Amended Complaint Be Made
by Aug. 17.
The Equitable Trust Company and the Chase National
Bank, defendants in a suit by the Bank of France for $5,200,000, representing the value of gold sent to them by
the Soviet State Bank last February and later returned to
Europe, are directed to reply by Aug. 17 to an amended
complaint of the Bank of France under a ruling by Federal
Judge Goddard which became known on Aug. 8, according
to the "Times" of Aug. 9, whose advices also state.
The defendants had contended that the attorneys for the Bank of France
had no right to amend their complaint and should be limited to the
grounds in their original papers,filed on March 6.
When the war began the government appealed to all citizens to surrender
The Bank of France sued here for the value of the gold, alleging that
their gold. In return they received bank notes and a gracefully-worded It
had been confiscated by the Soviet rulers. On June 14 Maurice Leon
letter of thanks for their patriotism, signed by the governor. In this way
ofthefirm of Evarts,Choate,Sherman Leon,counsel for the Bank of France;
the bank got in 2,500,000,000 francs. It is reckoned that 500,000,000
francs gold passed into the hands of the Germans during the war, since amended the complaint, the chief change being a withdrawal of the assertion that the gold had been entrusted to the old Imperial Bank of Russia
they seized all gold they could find in the occupied territories. It is further
by the Bank of France and contending that the plaintiff was entitled to
reckoned that 1,000.000.000 francs gold (always on the old parity) were
recover the value ofthe geld whether or not it was the identical metal alleged
exported or melted down or lost during and after the war.
to have been seized from France by tho Soviets. On July 3 a motion to
In the fall of 1926 the Bank was authorized by law to buy in gold coin
strike out the amended complaint was denied by Federal Judge Winslow,
against its notes and it offered various prices—gradually declining as the
who gave leave for a further amendment of the complaint. On July 9
paper franc appreciated on the exchanges—for the same. In this way it
a now amended complaint was filed, representing chiefly a typographical
received 325.000,000 francs gold.
Total of these sums represents 4,300,000,000 francs. Thus some 1,200,- correction. The New York banks renewed their objections and again were
overruled,this time being directed to file an answer by Friday of next week.
000,000 were left in the hands of the public.
In the latest hearing, the New York banks asserted that they were
"Innocent bailees." that the demand made upon them by the Bank of
Prospects After Stabilization.
France referred to the gold having been entrusted to the Imperial Russian
How ranch of this will be offered now that the franc has been stabilized?
Bank, and that they had no right to rely on that statement. For the Bank
A rough guess is 500,000,000. Already some 100,000,000 have been reof Franco,it was contended that the banks here were not "innocent ballees,'!
ceived.
nor purchasers for value of the gold that the Soviet Bank had confiscated
But it is pointed out that in any case the stock of gold in France is now
the metal and had acquired no title and could give no title to the defendants.
less than it was in 1914. The bank's statement shows gold in vaults (inThe gold was sent here In an effort to promote commercial relations beclusive of the sums still earmarked in New York and in process ofshipment)
tween this country and Russia, but was sent back when an embargo by the
at 35,000,000,000 of the new francs, or 7.000,000.000 of the old ones. Add
United States Treasury Department prevented its admission to the assay
the gold coin still believed to be in the hands of the public and we have
office here. Actual trial of the suit is not expected to begin before next
total of about 40,000,000,000 new francs or 8,000.000,000 old ones. This
year.
Is 1.500,000,000 old francs below the pre-war total. Instead of $1,900.000,000 France possesses $1,600,000
Since gold coin is out of circulation and not likely to be put back into cir- Report That Bank of England Favors Pegging of Open
culation for many a year and since there is already ample cover for notes
Market Discount Rates.
and deposits in the bank's stock of gold in vaults, there is no need to expect
The following is from the "Evening Post" of Aug.8:
that the Bank of France will attempt to Increase its hoard, though it might
On
Intimation was given at a meeting of the Committee of London Discount
easily do so by buying gold with its holdings of sterling and dollars.
the other hand, it will certainly do everything to guard its present stock Houses in that City to-day that the Bank of England wishes the open
market discount rates to be pegged at 4IS %.
of the yellow metal
It Is understood In London that the move Is designed to prevent further
transfer of funds to New York. Three months' bllis are now quoted in the
British capital at 431%.
Still Maintained!
During the War.
Tariff Policy of Holland—Free Trade
Adviees received from the Amsterdamsche Bank, Amster- Court Extends Time for Deposit of Funds from Sale of
dam, by Stone & Webster and Blodget, Inc. (made public
Irish Republic Bonds.
Aug. G), contain the following comment on the tariff policy
New York State Supreme Court Justice Peters granted
of Holland:
on Aug. 6 the application by the receivers of the funds deApart from the fact that protectionism tends to stir up the antagonism
between various countries, there is in Holland a strong conviction that it posited here from the sale of Irish Republic bonds, to conis not an effective method for the prevention of a slump in certain branches tinue until
Dec. 31 next the right of all persons entitled
of industry. An interesting instance of the conditions to which protection may lead is afforded by the history of the Dutch cotton in- to share in the proceeds of the bonds to file and establish
their claims. The "Times" from which we quote adds:
dustry.
Free trade, then, is still being maintained, despite the prejudice to
which, in many respects, Dutch trade and industry is exposed from the
measures taken by foreign countries. For instance, the Dutch enamel
industry is hard hit by the British decision to levy a 25% ad valuta
import duty on enamel goods. Holland thus loses an important market
for her enamel goods, althongh it has been admitted in Britain that the
decline of the enamel industry of that country is in part due to defects
in organization. Dutch wages, Iv., are not, for instance, lower than
British.
The Court remarked that the last previous extension ended on May 15.
but up to that time only 117,814 claims had been filed, and on June 30
1928, when the receivers applied for the extension, only 3,005 additional
claimants had established their rights.
Justice Peters said that the receivers now hold $2,600,000 and that the
estimated aggregate amount of the claims filed, without interest,is $2,944,547. "The receivers have advertised and have done all within their power
to secure the widest publicity throughout the country so that subscribers
to these funds may be informed as to their rights," said Justice Peters.
"Slightly more than half the number of claims have been filed that should
have been filed." Justice I'eters ruled that any holders of bond certificates who fail to file before Dec. 31 "will be forever barred from participation In the flinfls."
Move to Increase Russian Soviet Grain Crop—Peasants
Selling to Government.
Under date of Aug. 3 Associated Press advices from Hungary Aids Industry—Authorize Chattel Mortgage
Borrowing to Make Long-Term Loans More Available.
Moscow, said:
The following is from the "Wall Street Journal" of Aug. 9:
Pravda, official Communist Party organ,states that excellent progress Is
being made in the Government's campaign to obtain greater grain supplies.
The paper says that this results directly from a favorable reaction on the
part of the peasants to recent legislation enacted with the view of making
the sale of produce to the Government attractive while leaving the peasant
a free agent.
Grain not only is plentiful but of fine quality, says the newspaper.
During the last few days of July, Souzchleb, the largest all-Russian grain
purchasing organization, bought 15,000 tons, 200% more than during the
five preceding days.
Big progress was reported In Northern Caucasia. where higher purchase
prices attracted large quantities of barley and wheat of the highest quality.
Favorable reports also were stated to be coming from other parts of Russia.
At the same thne, Pravda discussed various deficiencies in the purchasing
organization,such as keen competition among the central and local Government buying organizations on the one hand and the co-operatives on the
otner, and also the shortage of manufactured goods in a number of industrial
districts.
Hungary has taken steps this year to make long-term loans more readily
available to industry, through a bill authorizing corporate borrowing on
chattel mortgages, a device familiar here but hitherto unknown In Hungary. Hungarian industries have not previously been able to obtain longterm credits by mortgaging their entire property, as only realty mortgages
have been recognized.
Bill.authorizing the chattel mortgage calls for formation of a Hungarian
Industrial
- iii-age
i
c industrial mortgage bonds
threibiile whi- la—
will be issued. The Institute is espected to float a loan in United States,
probably for $2,500,000, thLs year or early next year. It will be managed
by representatives of industry and the government and will receive its initial
capital from the Government.
It is empowered to issue up to five times its capital, which must be at
least 10 000,000 pengos, or about $2.000,000, the bonds to be secured by
first mortgages on industrial plants to not more than one-third of appraised
value. Bonds of the Institute will be legal trustee securities in Hungary,as
are bonds of the Hungarian Land Mortgage Institute, which has borrowed
in this market.
MO
Russian Bread Price Rises—One Copeck Per Kilo Is Gold Notes of Provincial Bank of Westphalia Ready
Increase with Grain Price Elevation.
For Delivery.
Associated Press advices from Moscow, Aug. 6 were
It is announced that the International Acceptance Trust
published as follows in the "Evening Post."
Company is ready to deliver Provincial Bank of Westfalia
Along with the 18% increase in the price of grain purchased from the
$3,000,000 five-year 6% gold notes at its office 52 Cedar
decree raising the price
peasants, the Trade Commissariat has published a
of baked bread one copeck per kilo. The larger industrial centers, such as Street, New York, in exchange for outstanding temporary
certificates.
Moscow and Leningrad, were made exempt from the increase.
AUG. 11 1928.]
FINANCIAL CHRONICLE
769
and its organization will follow the lines of the Federal Reserve banks of
the United States.
Reserve Bank of Cuba will hold in deposit all of the banking reserves of
the island, and the branches of foreign banks established in Cuba will be
allowed the privilege of joining the system upon the same terms and conditions as the native banks.
Function of the Reserve Bank of Cuba will be to make payments in behalf
of the Government out of the funds that the latter may have on deposit with
it; to make loans to the Government secured by collateral of Cuban national
bonds and Issues of the United States Government; to rediscount bills of
exchange, drafts and notes endorsed by banks carrying deposits with it;
to buy and sell both within and without Cuba rherks and drafts, gold
and silver in coins or in bars; to issue drafts payable abroad and to issue its
bank notes secured by the paper in its portfolio and its reserves of bills
The most important feature of the program of financial reconstruction and gold coin of the United States.
adopted by the Greek coalition cabinet early in 1927, was the stabilization
Cuba's proposed commercial bank will not transact any business relating
of the drachma. In order to secure the required funds for this stabilization, to real property; the agricultural credits banks are to lend money to the
Greek Government. early in 1927, requested the support and authoriza- planters; the territorial bank and the mortgage credit bank may make
the
tion of the League of Nations for the flotation of a foreign loan. The loans guaranteed 50% of the real property to be appraised in advance and
Financial Commission of the League of Nations, after carefully investigat- the savings bank 'will pay 3% to depositors. Depositors are to be invested
ing and financial condition of Greece, authorized the flotation on condition in Cuban Government issues, commercial paper and first mortgages.
that the privilege of issuing bank notes should be transferred from the
National Bank of Greece to a new institution, to be known as the Bank of
Indian Rupee Loan—Books Opened Aug. 7.
Greece and that a foreign "observer" be appointed by the League of Nations.
The new bank was organized in Nov. 1927, and started its operations on
Regarding the issuance by the Indian Government of
May 14 1928. The drachma was stabilized on the same date. The decree
providing for the stabilization and the opening of the bank was signed by 434% bonds repayable 1955-1920, and 434% bonds due
the cabinet of May 12 1928. and reads as follows:
1934 (subscription books were opened August 7), we quote
Provisions of Decree.
the following from the London "Financial News" of July 27.
Article 1. The pure gold contained in the drachma which will hereafter
For some little time past the announcement of the terms of the Indian
be in force as the monetary unit of Greece. Is hereby fixed as follows:
51.212.87 drachmas are equal to 1,000 grams of pure gold,and each drachma Government's rupee loan, as foreshadowed in Sir Basil Blackett's Budget
is equal to 10,512.1287 of one gram of pure gold, to 0.01952634 grams. speech in April, has been eagerly awaited. A year ago the loan made its
(This makes the new par value of the drachma equal to 1.2977 cents.)
Article 2. The operation of the Bank of Greece and it obligations to appearance on July 5; this year it has doubtless been held back owing to
exchange its bank notes for foreign exchange are to begin on May 14 1928. the prolonged seasonal stringency in the Money Market. Now that the
The newly founded Bank of Greece, immediately after its opening on loan has come, it is instructive to compare the terms with those offered
May 14 1928. issued the following circular.
In consideration of Article 5 of the Statutes of this Bank. and of the last year.
A COMPARISON.
Decree of May 12 1928, re fixation of the pure gold content of the drachma,
we hereby announce that the "exchange on London is the foreign exchange
In July last, the Government offered 4% stock. repayable 1934-37. at
which this Bank is obliged to sell and buy at the following rate, according
a price of Rs. 94-8, while special conversion terms were offered for 6%
to Article 5 of its Statutes."
1927 and 535%1928 bonds. The result, as is well known, was disappointParity of Pound Sterling.
ing. In response to the Government's offer of a maximum amount, in cash
1. The parity of the pound sterling to the drachma,in accordance with
conversion, of Rs.24 crores total subscriptions were only Rs.19.44 crores,
the pure gold content of the drachma provided by the Decree of May 12 or
of which Rs. 8.16 crores were in cash, and the remainder in conversions.
1928. la hereby fixed as follows: One pound sterling-375 drachmas.
2. The rate at which the Bank is obliged to sell and buy the above Several reasons have been advanced for the moderate success of the loan.
exchange is fixed as follows:
The short duration of the bonds offered did not render them especially atSelling: 375 drachmas to the pound sterling, plus a maximum of 0.667
to insurance companies and other investors who prefer a long-dated
per cent, or 2.50 drachmas, representing the transportation cost of gold tractive
stock. Again,the prevailing weakness of rupee securities during the period
from Athens to London.
Buying: 375 drachmas to the pound sterling, minus a maximum of that the loan was open, and the maintenance of the Bank rate at 5% until
0.667 per cent, or 2.50 drachmas, representing the transporation cost of within three days of the closing of the loan, did not help to make the issue
gold from London to Athens.
a success.
This method of stabilization has not disturbed current transactions. It
It is not surprising, therefore, that the terms offered this year are more
has merely confined the fluctuations of the drachrna between a minimum generous.
buying rate of 372.50 to the pound sterling and a maximum selling rate of
The present issue is twofold. First, a comparatively long-dated stock,
377.50.
repayable 1955 1960, is offered on the basis of 44% at Rs.94, which yields
Statement of Bank.
appreciably more than the coasting 1960-70 loan. Second,the Government
As cover for the stabilization, the proceeds of the 3.000.000.000 drachmas offers 4%% bonds, 1934, at Rs.97.8 annas, which, in turn, yield more
stabilization loan floated in London in Jan. 1928 (at 6% interest and issued than the existing 1935 bonds at their present market value.
at 92) were used. The assets and liabilities transferred to the Bank of
Treasury Bill Terms.
Greece, according to the Bank's statement of May 14 1928, are as follows:
A decidedly interesting feature of the new loan is the Government's inCover for Currency.
clusion of Indian Treasury bills among the media through which subscripAssets—
Drachmas.
tion may be made. These bills will be accepted at their cash value. less
Gold, bullion and bars
876,306,261
on the unexpired currency of the bills.
Foreign gold exchange
3,191,081,165 discount at the rate of 2% per annum
Other foreign exchange
9.827.590 As a result of the Government's heavy borrowings on Treasury bills during
Commercial bills
49,999,309 the early months of this year, considerable maturities have to be faced this
Debt of Government
3.759,525,381 autumn,so that the problem will be greatly reduced if the present invitation
Other assets
42,938,226
is accepted.
Total
Although even on the higher basis adopted this year the Government will
7,929,677,932
Liabilities—
be borrowing more cheaply than it borrowed in London in January, the
Capital
400,000,000 terms now offered should meet with a readier response. The loan opens
Banknotes circulation
4,863,352,808
Deposits and current accounts: Government. 666.738,254;
on Aug.7 and closes on Aug. 18, the maximum amount offered being Rs.35
banks, 964,587,723; other, 891.430.859
2,522,756,836 awes, as against Rs.32 crores budgeted for. Recently, there have been
Liabilities in foreign currencies: Gold exchange. 103,383.316:
signs of a rapid easing of Indian monetary conditions. so that a lower
other exchange, 9.827.590
113,210,906 Bank rate before the lists open would not be a surprising development.
Other liabilities
30,357,382
Financial Reconstruction Arrangements in Greece—
Decree Stabilizing Drachma—New Bank of Greece.
The assets and gold cover of the new Bank of Greece,
which began operations on May 14 1928, are declared by
Commercial Attache Gardner Richardson, Athens, to be
more than sufficient to maintain the stability of the drachma
in relation to gold, according to a statement made public
by the Department of Commerce August 3, says the "United
States Daily" of Aug. 6, which gives the statement as
follows:
Total
7,929,677,932
The statutes of the Bank of Greece provide a cover for the currency in
circulation of not leas than 50% in gold and gold exchange. According to
the bank's statement for May 14 1928, the actual cover was equivalent to
81.51% of the bank-note circulation, and to 53.67% of the bank-note
circulation plus the deposits and current accounts, as shown in the
following
table:
In dollars, the 35 crores of rupees are given as $126,875,000.
Agricultural Bank Established in Venezuela—Capital
Supplied by Government.
Details of the creation of an agricultural bank, established in Maracay, Venezuela, with a capital of 30,000,000
bolivars, supplied by the Government, are contained in the
following statement, issued Aug. 1 by the Department of
Commerce at Washington, and published in the "United
States Daily":
Gold (bullion and bars), 876,306,261; gold exchange (net),
3,087.697,849;
total 3,964,004,110 drachmas; bank-note circulation,
4.863,352,807;
deposits and current accounts,2,522.756.836,;total, 7,386.109.643
drachmas.
The bank's assets and gold cover are believed to be more than sufficient
to ensure the realization of its aim, which is the maintenance of the
stability
of the drachma in relation to gold. The level at which the drachma was
stabilized ia generally considered as representing its actual present value.
An agricultural bank, known as a Farmers and Stock Raisers Bank
The stabilization of Greek currency is an important step in assisting Greece
(Banco Agricola y Pecuario), has just been established in Maracay,
to recover from the financial uncertainties of the last six years.
Venezuela, the Department of Commerce is advised by ita office in Caracas,
The opening of the Bank of Greece was noted in our issue Venezuela.
The bank is independent of the national treasury. Its concession is for
of May 19, page 3054.
a term of 30 years, which may be extended by special law. Its capital,
totaling 30,000,000 bolivars, is supplied by the nation at 2%% interest
further contributions from the Government, as
Banking Commission for Cuba Formed—Body Will and may be increased by law. The nation, in turn, is to have a priviauthorized by the budget
Study Proposals for Organizing Reserve Bank and leged position with respect to any other creditor of the bank,
The capital may be invested only in loans guaranteed by first-class
Other National Banking Organizations.
mortgages on farm property, or used for the cancellation of existing
Special advices from Havana to the "Wall Street Journal" farm mortgages. In the discretion of the federal executive, however, up
to 10% of the bank's capital may be used for crop loans. The proceeds
of Aug. 9 state:
employed exclusively for the promotion of agriAt a recent meeting of the Banking Commission, at which the Secretary of the loans are to be
raising.
of Finance was present, regulations governing the Commission were culture and cattle
One of the most notable features of the law is contained in Article 6,
approved and Senator Alberto Barreras was elected President and Jose E.
securities, thus indicating that
Obregon, Manager of the Havana branch of Chase National Bank, Vice- which prohibits the issuance of any class of
President. Commission is composed of representatives of all banks in loans will be made without recourse to the sale of mortgage cedulas.
Under certain limited conditions the bank may engage in normal banking
Havana.
Important matters to be studied by the Commission are the organization operations, provided that such transactions are not in conflict with the
of a Reserve Bank of Cuba, a commercial bank, an agricultural credits law establishing the bank nor its essential character as an aid to agribank, s mortgage or credit bank, a territorial bank and a savings bank. culture and cattle raising. The Government, however, assumes no reThe proposed Reserve Bank of Cuba will be analogous in character to the sponsibilitiy for such operations nor may creditors institute bankruptcy
Federal Reserve banks of the United States and the Reserve Bank of Chile, proceedings against the bank as a result of them.
770
FINANCIAL CHRONICLE
The loans made by the bank are to be redeemable in fixed installments
comprising interest and amortization payments. The interest rates in no
case may exceed 5% or the rate of amortization, 3%. The Federal executive shall determine the proportion which loans shall bear to the value
of the property offered as security; but no loan of more than 100,000
bolivars may be made on any single property or to any one person.
The bank will make an accounting of its operations every six months.
One-half of the profit is to be used for the formation of a reserve fund
and the other half for certain limited normal banking operations provided for in Article 7 of the organic law. In case of liquidation, the
capital furnished by the nation, plus interest, will be paid off before
other obligations are met.
John Loomis Appointed Financial Adviser to Liberia.
John Loomis,former Treasurer General of Santo Domingo,
has been appointed Financial Adviser to the Republic of
Liberia, under the agreement with the Finance Corporation
of America and the National City Bank. This is learned
from the United States Daily which says:
Announcement of the appointment was made August 1 by the Department of State.
Under the bankers' agreement, the Financial Adviser is appointed upon
the recommendation of President Coolidge. The announcement by the
Department follows in full text:
Word was received August 1 at the State Department that the Liberian
Government had accepted the resignation of Sidney De la Rue as Financial
Adviser to the Republic of Liberia, and had appointed John Loomis, of
Strasburg, Va., as his successor.
Mr. Loomis was recommended to the Liberian Government for the position by Pres. Coolidge under the terms of the 1926 Loan Agreement between
the Liberian Government and the National City Bank of New York,Fiscal
Agents, which provides for the appointment to its service by the Liberian
Government of a Financial Adviser, to be designated by the President of
the United States to the President of Liberia, and, subject to the latter's
approval, appointed to that office.
Mr. Loomis has had extensive experience in governmental finance,
• having served in the Phillipine Government service 1905-1916 and in the
Customs Receivership of San Domingo 1916-1920.
He was Treasurer General of the Republic of San Domingo 1920-22,
and after engaging in private business in Cuba for two years, became a
member of the American Financial Mission to Persia where he occupied
the post of Provincial Director of Finance of the three eastern provinces
of Persia until March, 1928, when the Mission was withdrawn from Persia.
Mr. Loomis is 50 years of age and is married. He expects to sail for Liberia at an early date to assume his duties as Financial Adviser.
For,. 127.
Circulating notes outstanding amounted to $649,095,000, showing an
increase of $2,439,000 since February, but a decrease of $1,851,000 in the
year.
Balances on the books of reporting banks to the credit of correspondent
banks and bankers,including certified checks,cashiers'checks and dividends
checks outstanding, totaled $3,152,988,000, showing a decrease of $244,145,000 since February and a decrease of $244,939,000 in the year.
Total deposit liabilities were $22,639,337,000, exceeding these liabilities
in February by $360,255,000 and were $864,214,000 more than in June
of 1927. Demand deposits, including United States deposits of $185,916,000, were $11,189,711,000, an increase of $299,975,000 since Febrtuu7,
and an increase of $126,139,000 in the year; and time deposits, including
postal savings, aggregated $8,296,638,000, the latter figure exceeding
by $304,425,000 and $981,014,000, respectively, time deposits on Feb. 28
1928 and June 30 1927. The total individual deposits (time and demand)
were $19,300,433,000 on June 30 1928.
Liability for money borrowed, represented by bills payable of $622,108,000 and rediscounts of $179,077,000, aggregated $801,185,000, as
compared with $394,698,000 and $368,042,000 on Feb. 28 1928 and June
30 1927 respectively.
The percentage of loans and discounts to total deposits on June 30 1928
was 66.90, in comparison with 64.63 on Feb. 28 1928 and 64.09 on June 30
1927.
Shortage Reported in Nebraska Bank Deposit
Guaranty Fund.
From Lincoln (Neb.) Aug. 3 the New York "Journal of
Commerce" reports the following:
A deficit of between $7,000,000 and $8,000,000 in the State deposit
guaranty fund is indicated in the annual report, just filed of the Guaranty
Fund Commission, in charge of its administration. Since 1911 the fund
has paid $47,000,000 to depositors in failed banks, and until a year ago
was able to make reasonably prompt payment after the claims had been
proved. At the present time it has been forced to adopt a policy of paying
50% in the first six months after the institution is closed and 20% during
the remainder of the year.
On July 1 1927,the fund owed depositors a total of $17,147,000. During
the year it paid off $9,653,000, but during the year it took over sixty-three
banks, which have total liabilities to depositors of $17,187,000, so that at
the beginning of this fiscal year, July 1, the fund owed depositors $24,650,000.
Assets of Wed banks in the hands of the Commission have a face value of
$40.000,000, and if the previous percentage of collections is maintained.
these have a sale value of $18,000,000. A few other State banks of the 777
now in operation will probably have to be taken over, so that, Secretary
Peterson says,in the windup, not far distant, the fund will be short between
$7.000,000 and $8,000,000 of enough to pay all depositor claims.
The present law gives the State the power of assess a total of slightly in
excess of $1,600,000 a year upon the solvent banks. As the depositors'
claims, when reduced to judgment, bear 7% interest, a considerable
percentage of the annual assessment would be required to take care of
interest and make it a matter of eight or ten years to bring the fund back
to complete solvency.
A number of bankers are urging repeal, some sentiment exists for the
State to assume the burden of restoring solvency if the fund is to continue.
while other plans suggested for legislative action include making the
interest rate 4% on depositors'judgment and forbidding payment of solvent
banks of interest on time certificates.
W. D. Moore & Co. Fail—Suspended from New York
Stock Exchange.
The New York Stock Exchange firm of W. D. Moore &
Co., 71 Broadway, this city, which has been in business for
the past forty-two years, was automatically suspended by
the New York Stock Exchange on Thursday of this week
(Aug. 9) when it notified the exchange of its inability to
meet its engagements. The firm was also suspended from
Rethe New York Curb Exchange in which it held an associate Dr. Lewis H. Haney of New York University, in
viewing Financial Situation, Forecasts Rising
membership. In reporting the failure, the New York
Money Rates.
"Times" said in part:
The firm made no formal statement, but H. M. Curtis, a partner, said
Discussing the outlook for the money market, Dr. Lewis
t was expected that creditors would receive 90 cents on the dollar.
H. Haney, director of the Bureau of Business Research of
No explanation was made by the Exchange or the firm as to the reason
for the embarrassment. The firm did strictly a commission business and New York University, points out that July was the first
it was said the suspension was not due to the action of any stock. The month on record in which the average rediscount rate of
firm's floor member, Spencer W. Aldrich, was not a specialist in any issue. the New
York Reserve Bank was higher than the average
Besides Mr. Curtis and Mr. Aldrich, the partners included Ernest V. Clark
yield on high grade stocks, and the first time since 1920
andlNorman W. Halliday. Mr. Aldrich bought his seat in 1917.
that commercial paper rates averaged above the stock yield.
Bank Resources June 30 at $28,508,239,000 Dr. Haney sums up the conditions tending to raise or thwer
National
Interest rates, as follows:
Highest in History.
At least ten points at present indicate tighter money. These are:
Comptroller of the Currency McIntosh announced Aug. 7 (1) The borrowing of the member banks, as measured in bills disthat the total resources of national banks in the continental counted by Reserve banks, failed to decrease as usual in July and is too
large fore safety.
United States, Alaska and Hawaii on June 30 1928, the date
(2) There was a net gold low of over $40,000,000 in July.
(3) The Federal Reserve ratio averaged lower in July than in June,
the recent call for reports of condition, were $28,508,239,of
000, the largest in the history of the national banking sys- which is contrary to the usual seasonal trend.
Go(v4er)nmTehnet Reserve
bondsReserv
have gradually reduced their investments, both
ble.
tem, exceeding by approximately $350,000,000 the resources
banksbills.
Dec. 31 1927, the only other date when they
me e benmbea banre
The m e
of the banks on
r
kshave steadily liquidated investments in nonreached the 28 billion dollar mark. The figures for the government bonds and stacks.
)Cg mercial loans increasedsharply and reached the highest point,
nomrhe seas
current call were reported by 7,691 national banks, and ex- considering
(7) Brokers' loans have seen little liquidation and are too large.
ceeded also by $934,552,000 the returns of 7,734 banks as of
(8) The ratio of loans and discounts to net demand deposits is
Feb. 28 1928, the date of the previous call, and were $1,over 120%,
deposits ii
926,296,000 greater than reported by 7,796 banks on June over 111%. and the ratio of loans and investments to total
(9) Net .emand deposits have been sharply reduced during the last
three menrhsd
30 1927. Comptroller McIntosh adds:
Loans and discounts,including rediscounts, on June 30, 1928 amounted to
$15,144,995,000, in increase of $745,548,000 since February 28 1928 and
greater by $1,189,299,000 than the figures reported on June 30 1927.
Holdings of United States Government securities totaled $2,891,167,000
which is a decrease of $9,729,000 since February, but an increase of $294,989,000 in the year. Other miscellaneous bonds and securities owned aggregated $4,256,281,000 and were $76,277,000 and $459,241,000, respectively, more than in February of 1928 and June of 1927.
Balances due to reporting banks and bankers, including lawful reserve
with the Federal Reserve Banks of $1,453,38.3,000.aggregated $4,202,315,000, and were $88,916,000 greater than in February, but $221,207,000 less
than a year ago. Cash in banks, $315,113,000, showed deseases since
February of the current year and June of last year of $55,115,000 and $49,091,000, respectively.
The paid in capital stock of reporting banks on June 30 1928 was $1,593.856,000 and showed increases since Feb. 28 1928 and June 30 1927 of
$56,642,000 and $119,683,000, respectively. Surplus and undivided
profits aggregated $1,977,132,000, as compared with $1,888,743,000 on
the date of the previous call, and $1,765,366,000 on June 30 1927.
(10) The period of seasonal tightening in money markets is near.
The only conditions tending to offset these factors are the declining
trend of commodity prices, the decline in the volume of new issues and
In trading on the stock exchange the large volume of funds loaned on
call by corporations and other non-bank lenders, and the reduction in
gold exports,
Dr. Haney concludes that "the indications on the whole
suggest a rising trend in money rates, which may result
in serious stringency before the end of September, unless
the much needed liquidation soon occurs."
Federal Reserve Bank of New York on Gold Movement.
Discussing the gold movement, the Federal Reserve Bank
of New York, in its Aug. 1 Monthly Review, says:
AUG. 11 1928.]
711
FINANCIAL CHRONICLE
The net loss of gold during July was the smallest for any month since
the gold outflow began last September. Heavy shipments continued,
but consisted largely of gold that had been previously taken from the
gold stock of this country and held under earmark for foreign account. Most of the foreign exchanges were closer to the gold import
points than to the gold export points during July, and, in fact, some
gold was received from Canada on exchange transactions which approximately offset special purchases of gold by foreigners in this market during
the month.
The principal gold movements during July included the export to
France of about $61,500,000 of gold previously earmarked, exports of
$4,000,000 to Italy and $3,000,000 to Brazil, and imports totaling
$8,000,000 from Canada. The official figures on gold movements during
July will also include the export of $3,000,00 0th Poland, which was
previously reported as shipped in June. Earmarking transactions during
the month included the release of $61,500,000 from earmark for shipment, and new earmarking of $500,000.
The following table shows the net gain or loss of gold through exports,
imports, and earmarking transactions, since the beginning of the export
movement last autumn.
GAIN OR LOSS OF GOLD.
(In Millions of Dollars.)
Net Increase in
aNet Exports Earmarkinos(—)
(—) or
or Releases from Net Gain
or Loss.
Imparts(+). Earmark (+).
Month—
—11
—9
—20
1927—September
—9
—25
—34
October
—53
—40
—93
November
—8
—76
—68
December
—14
+6
—8
1928—January
—11
+3
—8
February
—95
+36
—59
March
—91
+46
—45
April
—82
—26
—108
May
—80
—50
+30
June
b-64
b-3
b+61
July
b-578
b+74
b-504
Total 11 months
a Including export of gold previously earmarked. b Preliminary.
In addition to the extract which we have already quoted
from the "Times," we also take from that paper the following:
The complaint asserts that for six years or more the people of the
United States have experienced great prosperity and are enjoying it to-day,
that industry and commerce have been and are being profitably conducted,
and that fundamental business conditions are good and are getting better.
Because of this condition, it is explained, large numbers of the people, including the plaintiff, have invested in securities of various railroad and
industrial corporations. A number of these securities, it is alleged, were
purchased with money borrowed from banks and brokers, and loam of this
character are part of the legitimate credit function and have been so
conceded by the defendant.
"No part of the Federal Reserve rediscount facilities are used in making
these loans nor are involved in them, as plaintiff is informed and believes," the complaint continues.
Mr. Raichle says that at all times this year there has been and now is
an abundance of credit available for the needs of American industry and
agriculture, as well as for investment, and that at no time has there
albe.n a strain upon the credit structure of the country. It is also
leged that collateral or brokers' loans have increased and that commercial
loans have decreased during the last few years.
"An awakened American public, in an age of efficiency, has sought to
eliminate the bank in the matter of money loans just as American business
has sought to eliminate, wherever possible, the middleman who stands
between production and consumption with his charge or profit," Mr.
ltaichle asserts.
Mr. Raichle said last night at the Hotel Ambassador that he was
wanted "in
bringing the suit entirely on his own responsibility because he
be disa businesslike way to bring the question out where it could
partner, had
cussed and determined." He said Colonel Donovan, his law
nothing to do with the suit.
Mr. Raichle is 29 years old. He is Treasurer of the banking company
had
of Pistell, Deans & Co. of Buffalo. He asserted this company also
no connection with the suit.
•
•
•
Complaints Against Banks.
the
It is alleged that business men have found banks in certain parts of
country inclined to charge high rates of interest and to be lacking vision
The Federal Reserve Board, in its July Bulletin, has the with respect to the development of the country. Therefore, it is said,
money through sefollowing to say in giving rates on recent issues of Treasury business men have found it more desirable to borrow the complaint concurity offerings at a lower rate of interest. Then
of Indebtedness.
Certificates
,
, The
tinues:
total credit available in the United States at this time is in exThe last borrowing of the Treasury on a six-months cerand the total of brokers' loans approximates
tificate, previous to that of June 15, was in September 1927 cess of $50,000,000,000, This percentage is trifling and does not justify
this amount.
2
/
present year the Treasury issued 61% ofthat too much of the credit available in the country is involved
at 3%. In March of the
a claim
a nine-months certificate at 33%. The rates offered in in collateral of brokers' loans."
engaging in
The Reserve Banks charged with willfully and illegally
June on securities of these terms were substantially higher.
in the
conduct in 1928 having for its object "an arbitrary reduction
Short-term borrowings on certificates during the fiscal years volume of collateral or brokers' loans and the general reduction of security
1927 and 1928 have been at rates varying from 3 to 4%,as prices, as the plaintiff is informed and believes, and is now continuing
wrongfully
shown below. On six-months certificates the Treasury has the same course of conduct." The Reserve Bank is accused of shortage
illegally spreading propaganda concerning an alleged money
paid rates ranging from 3 to 4%,on nine-months certificates and "has expressed alarm over the increasing volume of collateral loans,
and
%
from 33i to 37 % and on one-year certificates from 33( to whereas no shortage exists other than one of their own making which is
technical in its nature and artificial in its essence.
34%.
the •
"Due to the high sources and seemingly high authority from which
MATURITY TERMS AND RATES BORNE BY TREASURY CERTIFICATES.
continues, "many persons have
Term of Maturity.
Rate (%). propaganda emanates," the complaint
Date of Issue—
credit
9 Months
been caused to believe that reason for concern exists over the
1926—Sept. 15
334
9 Months
Dec. 15
334
situation (whereas it does not), and have been induced to sell securities, 6 Months
1927—Mar. 15
334
thereby contributing to a decline in market prices."
1 Year
334
Mar. 15
6 Months
3
It is also alleged that the Federal Reserve Bank and the Federal ReSept. 15
7 Months
Nov. 15
334
serve System generally have deliberately and illegally "set about to re1 Year
334
Dec. 15
strict the supply of credit available for investment purposes and cause a
9 Months
334
1928—Mar.15
1 Year
general liquidation of security loans with a resultant in quoted security
e
Mar 45
6 Months
inpt 15
prices."
9 Months
Jour 15
Charges Artificial Shortages.
Reserve banks, it is charged, have sold securities, aggregating many
"for the sole purpose of taking money and
ction Against New York Federal Reserve Bank 11, millions of dollars, during 1928 market, thus curtailing credit and causing
its attendant credit out of the
Restrain Advance in Discount Rate.
an artificial money shortage."
Since Jan. 1, 1928, it is alleged, the rediscount rate of the Reserve Bank
Suit for an injunction to restrain the Federal Reserve
present rate. Mr. Raichle
Bank of New York from enforcing its increased discount has been raised on three occasions to 5%, the with the effect of raising
charges the rate was fixed "for the purpose and
rates has been brought by Frank G. Raichle, of Buffalo, interest rates generally, and call market rates on the New York Stock
N. Y., a law partner of William J. Donovan, Assistant to Exchange, and reducing the volume of security loans. Interest rates have
high, =United States Attorney-General Sargent. Papers in the increased and through the action of the defendant have become
in amount."
in the United States District Court in New reasonable and uncertain
action were filed
re.
The bank is also charged with threatening to raise further the
York on August 3. According to the "Times," Mr. Raichle discount rate. It is charged that pressure is being brought to bear "upon
the indeasks the court to issue an order restraining the bank, its its member banks to reduce collateral loans made On account of Reserve
the course of the
officers, directors, agents and employees "from spreading pendent resources of the member anks." If plaintiff and others will
Bank is not restrained, the complaint says, the
propaganda concerning an alleged money shortage and suffer irreparable damage.
Rates on Recent Issues of Treasury Certificates of
Indebtedness.
credit stricture, from any act calculated to curtail the credit
resources of the country, and in particular from engaging
in unwarranted and excessive open market operations and
removing a large amount of cash and its incidental credit
from the use of the investing public." He also asks that
the order restrain the Bank and those under its control
from interfering, by coercion, intimidation or persuasion,
with the member banks in the free and unrestricted use
of their independent resources in all legitimate banking activities.
In the Buffalo "Courier-Express" Mr. Raichle is quoted
as saying:
The action which I have brought, in my opinion, raises the issue as to
whether or not the Federal Reserve act created a monetary despotism
controlling all the credit resources of the country paternalistic in its concept and pernicious in its present action or whether it in fact created
a central banking -power for the purpose of furnishing an elastic currency and affording needs of rediscounting commercial paper as stated in
the preamble of the act.
I intend to apply for a temporary injunction restraining the acts complained of and to move the case for trial at the earliest opportunity.
In the "Courier-Express" (Buffalo) we find the following remarks credited to Ma Raichle:
"I find nothing in the credit structure which, in my opinion, justifies
the attitude of the Federal Reserve Board and the Federal Reserve Bank
of New York. I find nothing in the law which justifies their conduct.
"Three months ago Mr. Young, the Governor of the Federal Reserve
Board, made the following statement under oath:
My
The board made some Investigations through such channels as it could:was:
question
own idea of Investigating was to answer several questions. The firstInformation I
brokers' loans safely and conservatively made? From all the
Are
can gather. I do not think there can be any question about the safety of those loans
at this time and of their liquidity.
The second enquiry that I made of myself was this: Is this volume of credit
that is going to the stock market denying commerce and industry credit? I can rind
no evidence of credit denied to commerce or productive industry.
The third enquiry I made of myself was this: Are brokers' loans a Part of the
necessary credit structure of the country, or are they based upon unwarranted
speculation? I find that you can answer that both ways. Part of the brokers'loan
account Is a legitimate credit function in America at the present time. Some of it,
speculano doubt, Is based upon marginal accounts, which borders very closely upon where
tion. If it is not actual speculation. It is sometimes extremely difficult to say
speculation starts.
Assuming that some of this credit has been used for speculation purposes, the next
Federal Reserve
enquiry I made of myself was: Is any of the Reserve credit of the
system being used for that purpose. Naturally, we look to the rediscount functions
we find
first. We went to the comptroller's office and made enquiries there, and Reserve
Federal
that they have no evidence at all of banks borrowing from the
system and simultaneously lending on call on the New York Stock Market, except
772
FINANCIAL CHRONICLE
[VoL. 12T.
for very short periods. That I will cover a little
is aafe in saying at this time that insofar as thebit later. So I think that the board banks have been restricting loans has raised call loans rates and so
afforded
Reserve system are concerned that they are not rediscount facilities of the Federal the corporations the present high
being used to further the brokers'
returns.
loan account. . .
"Even though the New York banks place restrictions and impose
Now, I am not prepared to say whether the brokers' loans are too
higher
high or too low. commissions on placing stock market loans for corporations,
/ do not think anybody else can say so. I am
still the corsatisfied they are safely and con- porations can
servatively made.
place their loans through the medium of outside banks, which
"On the same occasion, Mr. E. H. Cunningham, another member of will have to pay no larger commissions, or through money brokers or Stock
Exchange members. The situation is serious, but for Chicago bankers
the Federal Reserve Board, also said under oath:
it still holds humor.
While I personally do not think that the use of credit for Investment in brokers
"In the present money market situation, the large investment houses
loans, which are secured by stocks and bonds
investment nature, has been, or here are adopting
Is at this time so great in amount as to In anyof an restrict
a policy of withholding all new issues from the market
way
the availability of credit until
for the needs of agriculture, industry or commerce.
the present congestion is relieved and money rates are more favorable
to borrowers."
"Me went further and made the following statement:
I do not feel that the Federal Reserve Board should undertake
to dictate as to
what use the member banks shall make of their own resources.
Banking Institutions Increase Interest Rates on
"These statements impress me as being entirely inconsistent with the
Deposits in Accordance with Clearing House
activities of the Federal Reserve at that time and since. The press has
Amendment.
recently contained many statements to the effect that the Federal Reserve Board and the Federal Reserve Bank of New York City were deFollowing the action taken last week by the New York
termined to reduce brokers' loans.
Clearing House in adopting measures providing for increased
"Monetary Despotism."
interest rates paid on deposits by member banks, the insti"Believing that they had no right to do so and believing further that
nothing but harm could come as a result of their ill-advised effort tutions in the Association have issued notices relative to
to do so I considered the legal question involved and find ample precedent the change in interest rates in furtherance of the Clearing
for the principle that unlawful and coercive measures of the Federal House amendment
; as typical of these individual announceReserve Board and banks may be stopped by injunction.
ments, we quote
A press dispatch from Washington on Aug. 3 said:
Federal Reserve Board officials said late to-day that they had received
no report concerning the suit brought against the Federal Reserve Bank
of New York by Frank G. Reichle of Buffalo. They felt that
the Reserve Bank was strictly within its legal rights in any action taken
in regard to rediscount rates, and board officials were not inclined
to view the
action seriously.
Associated Press advices from Washington Aug. 3 were
reported as follows:
Governor Young of the Federal Reserve Board said to-day
that press
reports constituted the only information that he
had received regarding
the filing in New York of an injunction to restrain
the New York Federal Reserve Bank from enforcing its rediscount
rates.
Other officials of the Federal Reserve Board,
when told of the injunction action, expressed the opinion that the most
which possibly could
happen would be the granting of a temporary
restraining order, pending
the ascertainment of fuller facts in the case.
They predicted, however,
that the obtaining of an injunction would be
virtually ruinous to whoever
sponsored the action because of the huge bond that
likely would be required.
Trust Co.:
the following notices of the New York
Effective Aug.6 1928 and until farther notice, the
following schedule le
interest rates will apply upon your daily average
balance:
When $10,000 and over,
% per annum.
When $1,000 to $10,000, 2% per annum.
Until further notice we will allow interest at the rate of
314% Per annum
on time deposits of $10,000 or more.
T. C. HOVEY. Treasurer.
Aug. 8 1928.
The action of the Clearing House, which also included
provision for higher service charge, was noted in our issue
of Aug. 4, page 627.
Governor Strong of New York Federal Reserve Bank
Returns from Abroad.
Benjamin Strong, Governor of the Federal Reserve Bank
of New York,returned from Europe on the steamer Olympic,
which reached New York Aug. 7. Governor Strong had
A. F. Bemis Elected Class B Director of Boston Federal been abroad since May; items regarding his trip appeared
in these columns May 19, page 3062; May 26, page 3222,
Reserve Bank.
and June 2, page 3375. The "Times" of Aug. 9 said:
A. Farwell Bemis has been elected a class B director
He conferred informally with Goy. Montagu Norman of the Bank of
of the Federal Reserve Bank of Boston to fill the va- England and with the heads of several other European central banks while
cancy caused by the death of Charles G. Washburn of abroad, but had no comment to make for publication yesterday on international conditions. He appeared to be in better health than when he
Worcester, it is learned from the Boston "Herald" of Aug. 3, went away.
from which we also take the following:
Mr. Bemis will serve until Dee. 31 1930. Member banks participating Roy A. Young of Federal
Reserve Board on Credit
in the special election were those in Group 3, which is
composed of banks
Situation.
having a combined capital and surplus of less than
$300,000.
• Mr. Bemis is Chairman and Director of Bemis Brothers
Roy A. Young, Governor of the Federal Reserve Board
Bag Company.
He is also President and Director of the Housing Company;
Chairman of Washington, in Pittsburgh on Aug. 8 said production and
and Director of Atlantic Gypsum Products Company;
Director of Boott trade throughout the
Mills, Lowell, and of Angus Co., Ltd., Calcutta, India.
country are greater than a year ago
For 10 years ending in 1926 he was a director of the Second National
Bank of Boston. and have been well maintained since early in the year.
From 1911 to 1914 he was an alderman in Newton,
and from 1914 to Pittsburgh advices to the "Wall Street Journal" in reporting
1916 director of the Boston Chamber of Commerce. He
was President of this, added:
the National Association of Cotton Manufacturers, 1916-1918,
and is a
Gov. Young was here to attend a meeting of directors of Pittsburgh
life member of the Corporation of Massachusetts Institute
of Technology. branch
He is a member of the American Academy of Political and
Social Science,
Philadelphia, and of the National Industrial Conference
Board,
New York Reserve Bank Amusing Chicago—Arthur
Reynolds Cites Its Mistakes—Chicago Loan Charges
Hold.
The following from Chicago Aug. 4 appeared in the
New York "World":
The big Chicago bankers are glancing with amusement at the waning
power of the New York Federal Reserve Bank in its effort to curb brokers'
loans. Chicago banks are not going to follow New York and increase
the charges for loan service. The brokers' loan bogy is considered a half
myth here. President Arthur Reynolds of the Continental de Commercial
National Bank says the New York Reserve Bank and Roy A. Young of
the Reserve Board In Washington are chiefly to blame for the situation
which now confronts the New York banks.
"Phere is no doubt that an uncomfortably large amount of credit is
being extended on securities," Mr. Reynolds said, "but it is not the stock
market that is entirely absorbing this credit. I believe fully a third of
what is classed as brokers' loans represents credit extended on new bond
flotations, many of which still remain on the dealers' shelves.
"But what is the cause of the present credit situation? It harks back
to a year ago, when the New York banks and the Federal Reserve Board
cheapened credit unduly with the purpose of helping European finance.
Chicago bankers and our Federal Reserve Bank opposed that policy on
the ground that it would also cause stock market inflation, but we were
forced to conform.
"What we predicted is exactly what has COME) to pass. Now for several
months the New York banks and the Reserve Board have been endeavoring
with little success to correct their error. The Reserve Board attempted
to curtail speculative credit by its open market policy of selling securities and absorbing credit. But that had little effect on the stock market
and now the Reserve banks have no more Government securities to dispose
of. So that policy proves a failure.
"Simultaneously, there has been a change In corporation investments.
Big concerns with great amounts of temporary funds are not investing
In bonds as was their former custom. They are finding it more lucrative
to place these funds in the call money market.That is what is the matter
with the bond market. And the fact that New York banks and the Reserve
of the Federal Reserve Bank of Cleveland.
dlnedember hank cred b higli int ofg af
"M somewb t from titeand r win le t
o
' .
of Juryv ba Youag said
ir Res ,'eMrnke hnve de
:
"but the amount of credit outstanding has continued to be in unusually
large volume for this season of the year, and money rates remain decidedly
firm."
"Activity of iron and steel mills in July was maintained at a higher level
than has been customary for that month. Automobile production has
been In large volume this summer, and employment at Detroit factories
is now larger than at any time since the spring of 1926. Industries /reducing machine tools and agricultural implements also have been unusually active this year."
Handling of Third Liberty Loan Bonds for Payment
at Maturity Sept. 15—Notice of New York Federal
Reserve Bank.
In a circular issued Aug. 8 to banking institutions in this
district, the Federal Reserve Bank of New York calls
attention to the fact that on Sept. 15 1928 all Third Liberty
Loan bonds become payable and will cease to bear interest,
as announced in the Treasury Department Circular 403
(given in these columns July 7, page 50). Such bonds
should be presented at once for payment on Sept. 15 1928,
says the circular of the Reserve Bank, which further states:
Methods to Expedite Payments.
At the present time a little more than one billion dollars of the bonds are
outstanding. A large proportion of this amount is held In the smaller
denominations by many thousands of owners. Due to this wide distribution
payments will be facilitated if banking institutions will use separate "payment applications" when surrendering both coupon and registered bonds.
Coupon Bonds.—Coupons dated Sept. 15 1928, which become payable
on that date, should be detached and such coupons should be collected by
the holders in regular course.
Registered Bonds.—Registered bonds must be assigned by the registered
payees or assigns thereof, or by their representatives, to "The Secretary of
the Treasury for payment." In accordance with the general regulations of
the Treasury Department governing such assignments.
The transfer books for registered bonds of the Third Liberty Loan will
not close prior to Sept. 15 1918. Final interest due onthat date will not
AUG. 11 1928.]
FINANCIAL CHRONICLE
be paid by interest checks in regular course but will be covered by payments
to be simultaneously with the payments on account of principal. Payment
of the proceeds of registered bonds will not be made until registration has
been released by the Treasury Department. Due to the handling of a
volume of work incident to a payment the usual time required is from a
week to ten days to discharge the registration.
Bond Shipments at Holders' Risk.
The bonds must be delivered at the expense and risk of the holder.
Facilities for transportation of bonds by registered mail insured may be
arranged between incorporated banks and trust companies and the Federal
Reserve Hank of New York, and holders may take advantage of such
arrangements, when available, utilizing such incorporated banks and trust
companies as their agents.
Further Information.
Further information together with an additional supply of the payment
applications may be obtained froth this bank upon request.
The co-operation of all holders of Third Liberty Loan bonds is earnestly
requested in handling the bonds, particularly with respect to registered
bonds, and holders are therefore respectfully urged to present their bonds
now to insure prompt payment of principal and interest at maturity on
Sept. 15 1928.
Bureau of Engraving and Printing Starts Printing
of New Smaller-Sized Paper Currency.
Printing of the new and smaller-sized paper currency
was begun on Aug. 7 at the Bureau of Engraving and
Printing. The first batch run off the presses consisted of
dollar bills, which will constitute 53% of the total of nearly
a billion bills of different denominations. The printing
of the first of the notes, comprising 12 one-dollar bills,
was attended by Assistant Secretary Bond of the Treasury,
who has charge of the fiscal offices; Alvin W. Hall, Director
of the Bureau; other Treasury officials, and Charles A.
Baker, Superintendent of the plate printing division of
the Bureau. Mr. Bond autographed the first sheet that
came off the presses and it will be preserved in the Treasury
records. The new currency will be in denominations of
$1, $2, $5, $10, $20, $50, $100, $500, $1,000, $5,000, and
$10,000. The printing of the $2 bills will be started soon,
Treasury officials said. "Journal of Commerce" advices
from Washington state:
Officials anticipated that it probably would be July 1, 1929. before any of
the new paper would be put in circulation. With manufacture starting
to-day it no doubt will be possible to put a sufficient supply of the new money
of all denominations into circulation simultaneously in all parts of the
country next summer. Distribution will be made through the Federal ReServe Banks. The old money will be taken in and destroyed as rapidly as
possible and it was believed that within six months after circulation of the
small money starts most of the old will have found its way back to the
Treasury.
The size of the now bills is 6 5-16 by 2-11-16 inches, compared to the dimensions of the present paper currency, 7 7-16 by 3S-6 inches. The new
bills are approximately one-third smaller than the old.
For the first time in history the new United States notes will bear the signature of the Secretary of the Treasury. Heretofore signatures of the
Register of the Treasury and the Treasurer of the United States have
been carried on the notes. but some time ago the Treasury decided to
eliminate the name of the Register. The Secretary of the Treasury
already
signs the Federal Reserve notes.
Budget Estimates Submitted to President Coolidge
By Director of the Budget H. M. Lord.
Preliminary Government budget estimates of $3,669,792,000 for the fiscal year 1929-30 were announced by Gen.
Herbert M. Lord, Director of the Budget, after a conference on Aug. 6 with President Coolidge at the summer
White House at Cedar Island Lodge, Wis. Telegraphic
adviees from Superior to the "United States Daily" state:
This figure. based on the reports of all the various Department
heads, is
8208,000 under the maximum of 83.700,000 set by the President last
June when he addressed the semi-annual business meeting of the
Government
in Washington.
Of outstanding interest in the budget, General Lord
said, is the sum
to be set aside for national defense. The United
States plans to spend
8659,000,000 in building up its Army and Navy during the
year 1929-30.
General Lord stated. This is an increase of
$38,000,000 over the appropriation for the current year.
General Lord also has included in his estimates a total of
for retirement of the national debt and the meeting of other S551,000,000
Federal obligations as compared with $621,000.000 for this year.
Ile said the estimates for erection of public buildings
would cost the
Treasury about $35,000,000 in 1930, an increase of
81,400,000.
There will be a fixed post office deficit of $82,000.000,
the General
stated, and he predicted that supplementary estimates
would not be in
excess of 5100,000,000.
General Lord spoke of a "paper deficit" of slightly less than
$100,000.000
that the Government will sustain for the year ending on June
30 next,
but he declared that increased revenues, undoubtedly will absorb
it. lie
placed the responsibility for this "deficit" on Congress, which,
he said.
passed many money bills last session that he had not contemplated
in the
bu get.
Report on Commercial Policy of League of Nations
Economic Committee—Tariff Systems, TreatyMaking Methods and Most-Favored-Nations Treatment.
At the session which it held towards the end of June
the Economic Committee of the League of Nations decided
to address to the Council a report which constitutes a general statement of its doctrine as regards commercial policy,
a doctrine, says the report, which has been drawn up in ac-
773
cordance with the conclusions of the International Economic Conference of May 1927. This statement is in three
parts, the first dealing with tariff systems and treaty-making methods, the second with the most-favored-nation treatment and the third concerning collective action with a view
to tariff reduction.
An official announcement coming to us regarding the
report says:
In the first part, the Committee unanimously recognizes that no new
tariffs should be instituted nor existing tariffs reorganized without
taking account of the effect which the rates or methods of application
of these tariffs may have on international trade. However, the various
States may desire to adapt independently their tariffs to their financial
or economic requirements, the Committee considers that they should, nevertheless, not establish them without considering what obstacles they may
constitute for international trade. But whereas certain of the members
considered that the procedure for this purpose should be that of negotiations with a view to an exchange of tariff guarantees, others maintained that tariff treaties were incompatible with the theory and practice
of certain States which claimed the right to make their laws as they
wished in this respect, subject to the condition that these laws should
be applied without discrimination prejudicial to the interests of any
country.
Those members of the Committee who expressed themselves in favor
of systems which alone afford the general possibility of negotiating as
regards the rates of customs tariffs propose that States adopting such
systems should henceforth consent to negotiate prior to the putting into
force of the tariffs and should undertake to revise the rates after negotiation so as to bring them into harmony with the reductions agreed upon
by treaty.
The Committee is, nevertheless, of the opinion that the system of unalterable tariffs cannot be considered as contrary to the resolutions of the
International Economic Conference so long as tariffs are established with
moderation, as is the case for certain countries. This incompatibility
would only exist in cases where tariffs which constitute an insurmountable
obstacle for foreign trade are established by States which refuse to contemplate reduction by negotiation or which impose constantly varying
tariffs upon the trade of other States.
Without taking a decision as regards the principle of unalterable
tariffs, the Committee nevertheless considered that States applying this
system should be prepared to examine the possible claims of other States
and that they should, as far as they considered possible, establish their
tariffs for fairly long periods.
The Committee also dealt with the question of bargaining tariffs, that
is to say, autonomous tariffs which may be reduced by treaty, or double
column tariffs, which do not exclude adaptation by treaty.
In this connection it unanimously recommended measures which may
be stated as follows: Reduction of the margin of negotiation, negotiations prior to the application of tariffs, far-reaching consolidation of
tariffs and the conclusion of long-term agreements, the avoidance of
constant modifications of a tariff which has formed the basis of a
statute established as a result of negotiation.
In the second part the report states that the different ideas as regards
the tariffs and treaty-making methods seem in general bound up with
varying ideas of the most-favored-nation treatment. Whereas certain
States which refuse to negotiate with regard to tariffs claim the mostfavored-nation treatment as a preliminary condition for any treaty and
as a right which cannot be discussed, other States which have established
their tariffs with a view to negotiation and which attach more value to
tariff conventions than to the legal guarantee constituted by the mostfavored-nation clause, when accompanied by tariff advantages, consider that the grant of this clause depends upon agreement as regards
tariffs.
The Committee considered that the Economic Conference of 1927 had
not accepted the idea that equality of treatment was an incontestable
right, but it nevertheless could not fail to recognize that the Conference
had definitely expressed itself in favor of the reciprocal granting of the
most-favored-nation treatment, of the greatest possible extension of its
scope and of an extremely liberal practice as regards its application.
On this subject, as on that of tariff and treaty-making systems, the
Committee expressed itself in favor of a compromise rather than a choice
between the conflicting theories. It noted that it might be possible
to reach unanimity on the principle that most-favored-nation treatment
should be the normal system and that the refusal of this guarantee or
the institution of a differential system should only take place when
States refuse to pursue an equitable tariff policy or resort to discriminatory practices.
The Committee also dealt with exceptions to the most-favored-nation
clause and the report sets forth its conclusions as regards customs unions,
the establishment of a preferential colonial or imperial tariffs, the preferential system between States with ethnical, historical or geographical
bonds, the special case of trade between frontier zones.
The report further describes the position as regards certain studies which
are not yet terminated and which will continue on the following questions, the drafting of the clause, reprisals in the event of certain exceptions considered as illegal, certain exceptions as regards the obligations
resulting from the clause, the effect of the most-favored-nation clause
in bilateral treaties upon multi-lateral treaties. . . .
The third part of the report draws attention to the fact that the
resolutions of the Economic Conference laid stress upon the necessity of
bringing about a reduction of tariffs, not only by bi-lateral agreements
but also by the collective action of States. Various systems were conby a definite pertemplated for the gradual reduction of all tariffs .
centage.
During the discu.ssion it nevertheless became clear that the time was
not yet ripe for a general reduction of tariffs and the Committee felt
that it would be preferable first to study specific cases and to test
the value of the methods and systems put forward.
Noting the results of the Conference on hides and bones, the Committee recognized that for the settlement of certain questions different
methods had been selected and sometimes combined. It considered
that the recommendation of the International Economic Conference for
concerted action of States with a view to a general and simultaneous
reduction of customs tariffs should not be last sight of, but that it was indispensable to advance gradually so as to secure as a result of
well
conducted experiments the gradual adherence of the nations to a
general
system of tariff reduction.
774
FINANCIAL CHRONICLE
[Vor. 127.
The Committee accordingly selected a number of key industrial products n their respective sections or to put President Coolidge in a hole. It
and also certain foodstuffs in regard to which it will undertake, in accomplished neither, for the majority of thinking farmers have no concollaboration with the Sub-Committee on Customs Nomenclature, pre- fidence in the measure, and did not blame the President for vetoing a bill
liminary investigations with a view to a study of a concerted reduction he regarded as not only unwise but unconstitutional.
They passed that bill under the driving influence of the same advocates
of tariffs. These inquiries will take place with the assistance of the
Secretariat, and for each product will be conducted by a special rap- who are now discussing the subject with you, an many of those who voted
for the bill have abandoned it since they returned home and learned the
porteur.
The products selected are aluminum, semi-manufactured iron products, real sentiment of the farmers.
Neither the McNary-Haugen bill nor anything based on that principle
cement, leather, log and sawn wood, cellulose and paper, fresh fruits and
will solve the farming problem, as all who have thoroughly studied the
vegetables, rice.
subject know. Co-operative marketing in an organized nation-wide
system, under independent control of the farmers themselves and not of a
Governor Smith, Democratic Nominee for President, Federal board, is certain to be the final solution. And to succeed, this
system must,as you know,befounded onsound business principles.
Not Committed to Equalization Fee Plan in
This would be fought, of course, by the advocates of McNary-Haugenism, for their bill was not only unsound and unworkable, but would have
McNary-Haugen Farm Relief Bill.
operated more in the interest of the largo produce dealers than in that of
Governor Smith, Democratic nominee for President, in a the farmers themselves.
The Democrats can present a marketing plan that Is sound, practical
talk with newspaper men in New York on Aug. 3, definitely indicated his position on the equalization fee, as and would be profitable to the farmers of the entire country, but they
cannot do it by picking up the discarded remnants of the McNary-Haugen
provided for in the McNary-Haugen farm relief bill ve- bill and following the false prophets of that discarded and exploded theory.
They don't hold the farm vote in their pockets. They can't deliver
toed by President Coolidge. From the "Times" of Aug.
4 we quote the following relative to the Governor's stand: it, and any one who thinks they can will be deceived.
Sincerely yours,
Governor Smith's expression of his view on the equalization fee came
B. F. YOAKUM.
In response to a question put to him during an interview in the Biltmore
as to whether his statement of the day [the 2nd] before could be construed as endorsing it.
George N. Peek, Advocate of McNary-Haugen Farm
"My views are summed up in an editorial in this morning's 'World,'"
Bill, to Support Gov. Smith for President—Critihe said.
cism of Mr. Hoover.
Picking up a clipping, he read:
"We take it that Governor Smith's declaration comes down to this:
Following a conference on Aug. 2 with Gov. Smith, Dem"(a) That the Democratic Party is committed to the principle of
controlling the sale of agricultural surpluses, the cost to be borne by ocratic nominee for President, George N. Peek of Moline,
Ill., made known his intention to support the Governor in
the group benefited.
"(b) That the plan for applying this principle contained in the his campaign for election as President. Mr. Peek is ChairMcNary-Haugen bill is not acceptable to him.
man of the Executive Committee of Twenty-two of the North
"(c) That he has no plan of his own for carrying out that prinCentral States Agricultural Conference, and a supporter of
ciple.
"(d) That he promises after election to work out such a plan."
the McNary-Haugen farm relief proposals. Mr. Peek's
Interprets Statement.
Adding that his own statement of Thursday spoke for itself, the Governor vouchsafed the interpretation, "I am committed to a system or
principle that will provide for the orderly and proper marketing of
agricultural surplus. I am not committed to the present detailed equalization fee."
This elaboration of the candidate's stand was taken by his party associates to be satisfactory to the farm interests and not unacceptable to
business and industry. It is the Democratic belief that a method of paying
for the cost of controlling and marketing the agricultural surplus can
be devised along economic lines which will not too closely follow the
much criticized features of the equalization fee. It was this item in
the McNary-Haugen bill which brought harshest condemnation from
President Coolidge.
Governor Smith's statement of the 2nd was given out
following a conference on that day with George N. Peek,
of Moline, Chairman of the Executive Committee of Twenty-two of the North Central States Agricultural Committee,
and an advocate of the McNary-Haugen measure.. As we
indicate in another item, Mr. Peek likewise issued a statement after his conference with the Governor, in which he
declared that he would support the Democratic nominee
for President. Governor Smith's statement of Aug. 2 follows:
After my talk with Mr. Peek, I am more than ever satisfied that the
Democratic national platform soundly declares the fundamental basis for
relief of the appalling agricultural distress which not only threatens the
farmer himself, but is destroying the farm market of $10,000,000,000 for
the industries of the country. Control of the sale of agricultural surplus
Is recognized by our platform as an essential need, its cost to be imposed
on the unit to be benefited. That principle is fixed by our platform on
which I stand—only the detail of its accomplishment remains.
As I have said, I shall immediately, if I am elected, ask the best
farm leaders and economists to work out this detail with me. I shall ask
them to serve irrespective of locality or party. Republicans like Governor Lowden, as well as Democrats who have studied this problem, will be
called upon by me for this patriotic service. I shall discuss the question at length in my acceptance speech.
B. F. Yoakum in Letter to John J. Raskob Says It
would Be Unfortunate for Gov. Smith's Campaign
for Democratic Party to Indorse McNary Haugenism.
Under date of Aug. 2 B. F. Yoakum, former head of the
Atchison, Topeka Sz Santa Fe Railroad, addressed the
following letter to John J. Raskob, Chairman of the Democratic National Committee, in which he declared that "it
would be unfortunate both for Gov. Smith's campaign
and for the future of the country for the Democratic Party to
espouse the cause of McNary-Haugenism."
statement of Aug. 2 follows:
As a result of my conference with Governor Smith this morning I feel
certain that he has a clear and correct understanding of the farm problem and that he will solve it with intellectual honesty if he is elected
President. Upon the strength of his statement to me as epitomized in his
public statement this morning I shall support his candidacy for President.
I have been asked what I think will be the effect of Mr. Hoover's forthcoming statement on agriculture in his speech of acceptance. I think that
no campaign promise which Mr. Hoover now makes for the purpose of
insinuating himself into the good graces of the farmer will obliterate his
past record from the memory of grain and live stock producers, many of
whom have lost, or are in the process of losing, their homes.
As Food Administrator during the war, he is largely responsible for the
expansion of agriculture, and as the agricultural adviser of the past two
administrations he is more responsible for its continuing depression than
any other man in the nation.
To illustrate the reason why his campaign promises should not Inspire confidence at this time, I need only call attention to the fact that
in 1917, when promoting the Food Administration Bill, he said that If
such a measure were not passed, wheat would go down to $1.50 a bushel
on account of the concentrated purchasing of European countries. A
few months later, in May, 1918, he said before a meeting of grain dealers
in New York that had it not been for the intervention of the Government,
he "agreed with the contention of some farmers that wheat would have
sold for five or possibly ten dollars a bushel."
Two years later, in the Spring of 1919, he is on record as stating his
purpose to hold down the price of wheat to the figures prevailing during
the war (the minimum price named by Congress), while recently some of
his supporters, notably Senators Brookhart (of Iowa) and Sackett (of
Kentucky), have claimed that at this period he was active in trying
to hold up the prices of the farmers' products.
The juggling of the corn-hog ratio prices by Mr. Hoover In 1917 and
1918 is known to every hog raiser. By shifting from Chicago corn to
farm corn he attempted to buy hogs at a price of $2 a hundred below
that which the farmer had a right to expect from the previous agreement
with the Food Administration.
The farmer knows that all the foregoing was in the interest of European
purchasers and not in the interests of American farm producers.
In 1921, shortly after Mr. Hoover went into President Harding's Cabinet as Secretary of Commerce, he undertook to have the Bureau of
Markets of the Department of Agriculture transferred to his own department. Farm leaders believe this transfer was sought in the interest of
dealers in and manufacturers of farm products. In correspondence of
record he said: "The functions of the Department of Agriculture should
end when production on the farm is completed and movement therefrom
starts, and at that point the activities of the Department of Commerce
should begin."
In December, 1924, in correspondence of record, Mr. Hoover denied
ever having sought to transfer the Bureau of Markets to the Department
of Commerce.
In 1925, Mr. Hoover advocated a reduction of production of farm
products to the demand of domestic markets while a year or so later one
of his bureau chiefs attempted to deny that Mr. IIoover ever had made
such recommendations.
All of these incidents and more have been referred to in the United
States Senate and Mr. Hoover was invited to join in a request for an
investigation of the facts in order that the Country might know the truth
about his record as a friend of the American farmer as distinguished from
the propaganda on his behalf to capture the farm vote. But Mr. Hoover
maintained a discreet silence. He may claim he held down prices of farm
products in the temporary interests of consumers, but he can hardly persuade the farmers that such a benign activity was in their interest. It
stands to reason, I think, that in the face of such a record he will find it
difficult to persuade the farmers that any campaign promisee he may
now make can be relied upon or will be carried out by him in the event
of his election.
New York, Aug. 2 1928.
Mr.John J.Raskob,Chairman,Democratic National Committee:
Dear Mr. Raskob:—From Newspaper reports I see that you are in conference with advocates of the McNary-Haugen bill.
It would be unfortunate both for Governor Smith's campaign and for the
future of the country for the Democratic Party to espouse the cause of
McNary-Haugenism. Had that bill been enacted into law it would have
resulted in greater hardships, would have been more obnoxious to the farmers than any Congressional Act by the Republican or any other administration.
From the "Times" of Aug. 3 we take the following:
Nothing approaching a majority of the Members of Congress believe,
Mr. Peek made it plain to newspaper men that he was speaking only
or ever did believe. in the principles of the McNary-Haugen bill. Eighty
for himself in pledging support to Governor Smith's Presidential canPer cent, of those who voted for it at the last session did so either because
of the Executive Committee
they thought it might strengthen their position politically with the farmers didacy and not in his capacity as Chairman
Aug. 111928.]
FINANCIAL CHRONICLE
775
of Twenty-two of the North Central States' Agricultural Conference. He purpose the advancement of agriculture in legislative channels, lie
said he would return West immediately to take up with individual mem- charged Mr. Peek, who had first rebuked the Governor for deserting the
bers of his committee the question of a formal indorsement for Governor principles of the Committee and the McNary-Haugen bill, with "injecting
your dislike for the individual (Hoover) into the cause of agriculture"
Smith on behalf of the committee.
The committee, Mr. Peek explained, was appointed at a conference of and by so doing failing "to serve the cause which you are supposed to
the Governors of eleven corn belt States with two members from each represent."
Instead of directly answering Mr. Peek's suggestion that the Governor
of the Commonwealths. Since then the scope of the committee has been
call the Executives of the States represented on the Committee of Twentyincreased by the coming in of two additional States.
organization were: Ohio, Indiana, Illinois, two into a new conference to decide whether the Committee would indorse
The original States in the
Wisconsin, Iowa, Minnesota, South Dakota, Missouri, Kansas, Nebraska one of the candidates for President, Governor Hammill defied Mr. Peek
Committee along with you into politics."
and Michigan. The States which became affiliated with the conference "to try and take your
Says Peek Violated Trust.
later were North Dakota and Montana, Mr. Peek said. In 1926 the committee was pledged to the support of the McNary-Haugen bill, both ver"You suggest," Governor Hamill wrote, "that I now consider calling
sions. Mr. Peek said the formal action of the conference itself would another conference of Governors to re-define their position, particularly
be required to release the committee from that pledge and enable it to on the question of leadership. I assume that you desire another conestablish a new affiliation with the Democratic candidate for President. ference to decide whether the Committee will go into politics as you have
"I know of no member of my committee who has endorsed the candidacy clearly done by your recent action.
of Mr. Hoover up to the present time, and of the Governors from the
"The function of the Committee of Twenty-two is not to conduct politithirteen States included only one, Hamill of Iowa, has come out for the cal campaigns or even to enter into them. The Committee of Twenty-two
said.
Republican candidate," Mr. Peek
was formed to further the legislative function of farm relief. The policy
the Committee has never been changed.
In the Chicago "Journal of Commerce" of July 30, it was of"If you, as Chairman of the Committee, desire to take the Committee
stated that Mr. Peek made public on July 29 a letter ad- into politics along with yourself, it is within your authority to call its
action as
to them
dressed to oGvernor Hamill of Iowa in which Mr. Peek members together and submit the question assume tofor such the entire
act for
judgment the facts warrant, but to
reminded the Governor that the Committee of Twenty-Two In their on your own motion is a violation of the trust it has reposed
Committee
was appointed by him and challenging Governor Hamill to in you as Chairman."
take effective action to change the instructions given the
Committee at the time of its formation. The account in John J. Raskob, Chairman of Democratic National
Committee, Enlists E. R. A. Seligman to Study
the Chicago paper continued:
Farm Problem.
These instruztions were that the committee fight for the equalization fee.
This the committee did, and the bill was twice passed by Congress, each
John J. Raskob, Chairman of the Democratic National
time being vetoed by President Coolidge. Now Governor Hamill has
announced on Aug. 6 that he had enlisted the
endorsed Secretary Hoover's candidacy for the President and has repu- Committee,
services of E. R. A. Seligman, MoVickar Professor of Ecodiated the equalization fee.
at Columbia University, to make a study of the
Mr. Peek's letter demands an explanation from the Governor; describes nomics
announcement follows:
Mr. Hoover as more responsible than any other man "for the continued farm problem. Mr. Raskob's
depression in agriculture during the past eight years"; and makes it
plain that the Committee of Twenty-two will support "a candidate for
President who will respect the platform pledges of his party and who can
be relied upon to sign a measure adequately addressing the problem of
surplus control and of making the tariff effective on our surplus crops
when such a measure has been passed by Congress." It is expected that
the Committee will later make formal decision to support Governor Smith.
Mr. Peek's letter, written July 24, but so far unanswered, reminds the
Governor "that this committee was appointed by you and approved by
the conference which you convoked in Des Moines, January 28, 1926, of
which you were chairman, and which was composed of the governors or
their accredited representatives from the states of Ohio, Indiana, Michigan,
Wisconsin, Illinois, Iowa, Nebraska, Missouri, Kansas, Minnesota and
South Dakota."
At this conference, he says, the equalization fee was endorsed; "the
right of leadership of farmers through their farm organizations was recognized and the support of the conference pledged to them ;" and "the
probable attempt of sinister interests to divide farm support was anticipated and the whole conference solemnly and explicitly pledged themselves not to surrender any of these principles."
The letter adds that Governor Hamill, with the sanction of the
conference, appointed a committee of two members from each of the
eleven states, to continue "for a period of five years, or longer, if needed,
to carry out the will of the convention." The committee, according to
the letter, has so acted; the farm surplus control bill was twice passed
and twice vetoed, and Mr. Hoover, who constantly opposed it, has been
nominated by the Republican party.
"I understand that you now endorse the action of the Kansas City
convention and the candidacy of Mr. Hoover," writes Mr. Peek. "This
raises a question, fundamental in the organization of the executive committee of twenty-two, 'Who has the right to speak for agriculture, the
farmers themselves through their selected leaders, or the politicians, officeholders, and candidates?'
"In 1926 at your conference you recognized the right of leadership of
farmers through their organizations. Do you desire to change your
position in this respect at this time? And if you do, do the other governors responsible for the existence of the committee of twenty-two share
your view?
"This matter is of such importance that I am prompted to suggest that
if you now desire to repudiate the action of your conference in 1926 and
of the committee of twenty-two appointed by it, you now consider calling
another conference of governors of the same states represented at your
conference in 1926, for the purpose of keeping the record straight and
of permitting them to re-define their position, particularly on the question of right of leadership."
Mr. Peek adds that it is his purpose "to stand on the resolutions adopted
in 1926 until they are withdrawn or modified in as formal a manner as
they were adopted," and that unless the farmers "place economic interest
above partisanship" and vote for candidates who represent their views
they "will never secure equality for agriculture with industry and labor."
It is learned in a dispatch from Des Moines Aug. 5 to
the New York "Times" that Governor Hamill has answered
Mr. Peek's challenge to reconcile his support of Herbert
Hoover as the Republican nominee for President with his
work for agricultural equality. He had no apologies to
make, the Governor asserted. The "Times" dispatch adds:
Neither, said Governor Hamill, did he have any criticism of Mr. Peek
as a private citizen in supporting Governor Smith of New York, but he
did criticize Mr. Peek's action in bringing the Committee into politics
by publicly approving as Chairman of the Committee the Democratic
farm relief policy and in pledging farm votes to the Democrats.
Outs His "Personal Views."
"When you assume to act for the entire Committee of Twenty-two,"
Governor Hamill wrote. "you violate the trust it has reposed in you
as its Chairman. You have no right to publicly claim your personal views
are the views of the Committee when no action of the Committee as such
has ever been taken."
Governor Hamill pointed out in his answer, which he has been preparing since he arrived home from a vacation trip Thursday, that the
Committee of Twenty-two is a non-political organization, having fee its
It is difficult to understand why I should be quoted in two articles on
Saturday last as saying I "saw nothing economically unsound in the equalization fee." In my interview I made it plain I had no opinion on the subject: that I had never even read the McNary-Haugen bill or studied the
economics underlying the equalization scheme, so could have no opinion
on it.
I further stated that there is no question in my mind but that a plan
providing for orderly instead of chaotic marketing will result in higher
prices to the farmers for their crops. Beyond this I expressed no opinion
on the farm situation.
In order to enable me to thoroughly understand the true economics
underlying this whole farm problem, I have asked E. R. A. Seligman,
McVickar Professor of Economics at Columbia University, to make a study
for me personally. Professor Seligman and I are warm personal friends,
and I regard him as one of the foremost economists of the world. I do not
know his politics. This study will be in no sense a political study. It is
purely economic and on account of its magnitude will require many weeks
If not months of hard work.
Our industries pay high wages in order to maintain the high and happy
standards of living we have adopted. Both the Democratic and Republican
Parties, through the Administrations of Presidents Wilson, Harding and
Coolidge, have protected industries and their workmen through tariff
legislation. Our farmers, too, must compete for labor and pay high wages.
To assume that society cannot evolve a way to give our farmers protection
along lines economically sound is an insult to our intelligence.
The Democratic Party is committed to find a way, and under the fearless
leadership of Alfred E. Smith, the human engineer whose heart ever beats
in sympathy with the people, and particularly with those in real trouble
there should be little difficulty in developing a plan to bring relief to our
farm situation. In the last analysis all must recognize that our farmers
and their crops constitute the backbone and prosperity of this great nation.
New York Cotton Exchange Refuses Request to Auction First Bale of Georgia Cotton for Democratic
National Campaign Fund—Auctions Confined to
Charitable Objects.
The New York Cotton Exchange on Aug. 8 declined to
accede to a request of the Atlanta Commercial Exchange to
have the first bale of 1928 Georgia cotton auctioned off on
the floor of the New York Exchange and to turn the proceeds over to the Democratic National Campaign fund.
The refusal was based on the ground that the Exchange,
being a non-partisan organization, could permit such an
auction to be held only if the proceeds were to be devoted to
some charitable object. President Gardiner H. Miller
advised the Atlanta exchange that the New York Cotton
Exchange would be glad to hold the auction for such a
purpose. The request to auction the bale for the benefit
of the Democratic campaign fund came in the form of a
telegram from T. W.Tift, President of the Atlanta Commercial Exchange, dated Aug. 7, which read:
Georgia's first bale of cotton left Candler Field by airplane at 3.30 this
afternoon consigned to New York Cotton Exchange. Will land Hadley
Field. Pilot R. L. Stephens of Doug Davis Flying Service. This first
shipment (of) bale of cotton by air. Will appreciate your co-operation
in getting this bale on floor New York Cotton Exchange to be auctioned
off. Proceeds to go to Democratic campaign funds.
President Miller wired the following reply:
Your telegram received regarding shipment Georgia's first bale. Regret
we cannot co-operate, as first bale auctions here are confined strictly to
charitable objects. Would be glad to handle the bale on that basis.
Auctions of first bale cotton of new crops have been held
on the floor of the New York Cotton Exchange for years
past and have always brought out spirited bidding, but this
is the first time the Exchange has ever been requested to
turn the proceeds over to anything but charity.
776
FINANCIAL CHRONICLE
Special Meeting of New York Cotton Exchange to
Consider Trading in Wool Futures and 50
-Bale
Cotton Contracts.
A special meeting of the members of the New York Cotton
Exchange has been called for Wednesday, Aug. 22, to
consider reports of the spedial committees on trading in
wool futures and trading in a 50
-bale contract in cotton.
Net Weight Sales Urged for Cotton Advocated at Meeting of Cotton States Agricultural Commission.
The adoption of a resolution urging that cotton be sold
by net instead of gross weight, and discussion of the use of
cotton instead of jute bagging for cotton bales featured a
meeting of the Cotton States Agricultural Commissioners
in Atlanta on Aug. 6. In stating this, the Atlanta "Constitution" said:
Addresses were made by Commissioners from five Southern States.
William A. Graham, Commissioner from South Carolina, discussed the
nse of cotton in place of jute bagging which must be imported from India.
"The use of jute bagging or any other material not made of cotton furnishes an excuse for deducting from each bale of cotton a certain number
of pounds called tare." said Mr. Graham. "If farmers wlll use cotton they
will save about $30,000,000. The cotton raiser penalizes himself seven
pounds every time he wraps cotton in jute bagging."
la 8. Odenheimer. President of the Lane Cotton Mills Co. of New Orleans,
pointing out that the South has a virtual monopoly in cotton, suggested
that Cotton growers' associations be governed by a central organization
insofar as the price basis of the staple is concerned. This price, he suggested. would govern all cotton growers' organizations during a period
of time to be determined by the central body.
A resolution offered by Harry D. Wilson of Louisiana. President of the
organization, was adopted. The resolution reads:
^ "The Cotton States Commissioners, in session at the Henry Grady
Hotel, Monday, Aug. 6, recommend and urge that cotton be sold by yet
weight instead of gross weight and indorse bills now before Congress to
establish net weight for cotton."
Commissioners present at the meeting included Harry D. Wilson of
Baton Rouge, President; Eugene Talmadge of Georgia, Secretary; William
A. Graham of North Carolina; J. W. Shealy of South Carolina; and J. M.
Moor of Alabama. George S. Harris, representing the Textile Institute,
and S. Odenheimer of New Orleans, were also present,
Tariff Planks in Democratic and Republican Platforms—
Comparison by Dr. Miller of National Association
of Credit Men—Would Have Powers for Determination of Schedules Placed in Hands of Federal
Board.
Comparing the tariff planks of the Democratic and Republican platforms in the August "Credit Monthly," Dr.
Stephen I. Miller, executive manager of the National Association of Credit Men, finds that the two parties appear
nearer to a common mind regarding foreign trade policy
than in any previous presidential year. To point the apparent similarity, he quotes the two platforms:
For.. 127.
be placed in the hands of a board with all the powers and
dignity of the Board of the Federal Reserve system. The
one is as complicated and as delicate as the other."
Compromise Rates on Lake Cargo Coal Shipments Approved By Inter-State Commerce Commission to
go Into Effect Aug. 15.
Compromise rates on lake cargo coal shipments from Kentucky, Tennessee, West Virginia, and Virginia to Lake Erie
prots, proposed by Southern carriers, were allowed by the
Interstate Commerce Commission on Aug. 7, to be effective
on Aug. 15. This was announced in Associated Press advices from Washington, Aug. 7, which stated:
The commission, in It. decision, gave notice that it would not inter
fore with the new proposed lake cargo rates in view of the court contest
made upon its previous ruling by Southern railroads and coal producers.
The rates which the Commission allowed to become effective Aug. 15
will constitute a 10 cents a ton advance on lake cargo coal shipments from
Southern territory, but are complicated by a refund provision under which
shippers after Jan. I will be entitled to draw back a portion of their payments.
After the proposals of the Southern lines to cut the lake cargo rates in
spite of the objection of the Commission, Northern railroads serving Ohio
and Pennsylvania also reduced their rates to allow competing coal from
that territory to gain a footing in the lake trade.
After both Northern and Southern roads had put the reductions into
effect, a railroad conference at New York was called to terminate the
threatened rate war. An agreement was made under which the Southern
carriers agreed to put up their rates and it was the schedules filed under
this agreement that the commission approved to-day.
The agreement reached by the carriers in the controversy
was referred to in our issue of July 14 page 216.
U. S. Shipping Board and Isthmian S. S. Line to Cooperate in Developing Trade Between United States
and India.
After several conferences between T. V. O'Connor, Chairman of the United States Shipping Board, and j. A. Farrell, President, United States Steel Corporation, the United
States Shipping Board and the Isthmian Steamship Line
have agreed to co-operate in the development of the carrying trade between the United States and India and have
to-day concluded the arrangement, according to an announcement Aug. 9 by the U. S. Steel Corporation, which
says:
Prior to 1920 there were no American steamers sailing direct from
Calcutta and Colombo to South Atlantic and Gulf ports. Prior to 1923
there were no American steamers sailing from Calcutta and Colombo direct
to North Atlantic ports. Since these times, the Isthmian Steamship Line
has maintained a regular service on these routes. In 1927 the Shipping
Board entered the field and the competition of all lines, British and
American, resulted in an excess of tonnage with an effect upon rates which
has brought the business to an unprofitable basis for the steamers and has
demoralieed the marketing of Indian products to a point where merchant'
Republican—"We endorse a protective tariff for certain industries and consumers
in this trade demanded a stabilized situation.
which cannot now successfully compete with foreign producers because
Through the instrumentality of the United States Shipping Board,
of lower foreign wages and the lower cost of living abroad."
differences, foreign and domestic, have been composed and all lines in
Democratic—"Tariffs should be based on the actual difference between the trade
will co-operate as to sailing's, rates and cargo.
cod of production at home and abroad, with adequate safeguards for the
American steamers will have eighteen (18) sailings annually from Calwages of the American laborer."
cutta and Colombo direct to North Atlantic ports, of which sailing. the
Impressed by the surface similarity of the two declara- Shipping Board will have twelve (12) and the Isthmian Line six (6).
tions, Dr. Miller is frankly puzzled to discover just what The Shipping Board will have twelve (12) sailing' annually from New
York to Indian ports, and the Isthmian Line four (4).
they would mean in actual operation—how far either party
The Isthmian Line will continue its twelve (12) sailing! annually,
would go in practice toward neutralizing the differences or more if the trade requires, from Calcutta and Colombo to South Atlantic
and Gulf ports, a service which the Isthmian Line inaugurated and haa
in costs of competitive commodities.
with
"Put the statisticians and accountants to work on this maintained lines American flag steamers since 1920. There have been
no foreign
in this direct trade from India to South Atlantic and
problem," he says, "and In fifteen minutes they would ask, Gulf ports, it having been etrictly an American flag service.
The above arrangement assures American steamers of an adequate share
`Do you want us to determine average foreign costs as well
of the
as average American costs for every commodity that enters portantjute, burlap and other Indian cargo homeward, as well as an imrepresentation in the outward sailing". It also affords proper
Into trade?—or the highest cost in the industry? And do protection to shippers as to space, frequency of service and proper alignyou want us to keep these costs revised from month to ment of rates. A return to normalcy in this important trade has been
greatly desired by all concerned.
month, and from country to country?' If this be the intent
of the two parties, then Atlas with the world on his shoulders had an easy Job." Dr. Miller adds:
Readjustment of Freight Rates on Iron and Steel
Assume that accurate cost information could be obtained and kept up-toRecommended in Report to Inter-State Commerce
and that a tariff policy could be devised flexible enough to keep In
date,
Commission by Examiners.
step with changing economic conditions, then are we ready to set aside
the conclusion of the world's leading economists that the advantage of
In a report submitted Aug.4 to the Inter-State Commerce
foreign trade is to be found in the doctrine of comparative costs?
Commission by Examiners Howard C. Faul and C. M.
Stated briefly, the comparative cost argument is "Let each nation produce that which it can produce at the greatest economic advantage, send- Bardwell a readjustment of freight rates is recommended
ing the surplus abroad to command the products of other countries." Is on iron and steel shipments in territory North of the Ohio
this basic consideration in the exchange of commodities to be entirely River and
East of the Mississippi River, known as official
scrapped? The neutralization of differences in the costa of production,
logically followed out by all nations, would place foreign commerce in territory. This territory, says the "Journal of Commerce,"
includes all land east of the Mississippi River and north of
the position of an antique.
A consideration of most vital importance in determining the Ohio River and the line of the Norfolk & Western
tariff policy, Dr. Miller holds, is the increasing necessity Railway from Bristol, Tenn., Va., to Norfolk, Va., as well
of finding markets abroad for American goods. Speaking as the lower peninsula of Michigan and a narrow strip in
as an economist, he sees the tariff as "the most dynamic southern Wisconsin. The territory produces 90% of the
problem before the American people at the present time," iron and steel products of the nation. It is added that the
and argues that the making of tariff schedules is far too United States Steel Corporation and the Bethlehem Steel
technical a matter to be left to Congress. "The determina- Co. control more than half of the ingot capacity and nearly
tion of technical tariff schedules," he concludes, "should half of the capacity for manufactured steel in the entire
AUG. 11 1928.]
FINANCIAL CHRONICLE
territory. The "United States Daily" in its account of
the recommendations says:
The basic scale of rates recommended by the examiners as the reasonable
maximum ranged from 6c. per 100 pounds for distance of 5 miles and under
miles,subject to a carload minimum weight
to 56e. per 100 pounds for 1200,
of 36,000 pounds. Another scale of rates is proposed by the examiners'
report for application in New England.
The effect of the proposed findings would be a slight reduction in railroad
revenues but the readjustment would involve both reductions and increases
in rates.
The New England scale begins with 6.5c. and runs up to
45e.for 665-700 miles, for which the corresponding rate in
the other scale is 41e.
The report, says the "United States Daily," is the first
that has been issued in Docket No. 17000, the general
rate structure investigation instituted by the Commission
March, 1925, pursuant to the Hoch-Smith resolution enacted
by Congress in January, 1925. The conclusions of the
examiners as published in the "Daily" are given in part
herewith:
Both the carriers and the shippers rely to some extent upon the provisions of the Iloch-Smith resolution. No depression, such as is quite
generally urged on behalf of agricultural and livestock interests, is apparent in the steel industry. On the contrary, the Industry, generally
speaking, is in a prosperous condition and the commodities under consideration move freely.
The shippers, however, urge that under the provisions of the resolution
It is the duty of the Commission to distribute the burden of all rates on
sound economic principles and to give to the general public the benefit of
competitive rates on freight from all producing districts; that It contemplates the development of industry and that no commodity shall bear an
unfair portion of the transportation burden.
The task assigned to the Commission by the resolution Is to distribute
the burden of the transportation charges equitably "as between the various
localities and parts of the country, the various classes of traffic, and the
various classes and kinds of commodities," having duo regard to the natural
and proper development of the country as a whole and to the maintenance
of an adequate sytem of transportation. It is evident that in the accomplishment of this task the principle of what the traffic can or wW
bear is a factor which must be given due weight.
Conclusions: The record leaves no doubt as to the need and the desirability of a thorough revision of the rate structure here under investigation
Aside from any question of reasonableness of the present rates, there is
disclosed an utter lack of consistency and orderly arrangement, accompanied by many instances of unlawful prejudice and preference which
should be removed. The failure of the present rates to meet the requirements of the law In this respect was alleged or conceded generally by both
shippers and carriers. The various proposals submitted, although differing
widely as to the rate level, are in each instance designed to remove inconsistencies and to produce a more harmonious rate structure.
Uniform Level of Rates Said to 73e Desirable,
The evidence is persuasive that, with certain exceptions to be discussed
hereafter rates on manufactured steel should be on a uniform level
throughout the territory under consideration. It is obvious that except
where appreciable differences in traffic and transportation conditions appear
a uniform rate level is required if undue prejudice and preference are to
be
avoided, particularly In view of the keenly competitive conditions
existing
in the steel industry. Between the Mississippi River and New
England
there is little or no showing that such differences exist to an
extent that
would justify different rate levels.
The evidence on this subject is not extensive. Cost of
construction is
heavier and operating conditions are more severe in trunk-line
than in
central territory due to the mountain ranges which traverse the
former; but
this disadvantage of the trunk lines is probably fully
compensated by their
greater traffic density. 'rho average levels of steel rates In the two
territories seem to be nearly the same, although in the present state of the
rate
structure it is impossible to determine this accurately. It is noteworthy
that the basic scale proposed by the trunk lines is lower for the
distances
over which the heaviest traffic moves than the scale proposed by
the
central carriers generally, although slightly higher than that proposed
by
the Illinois rate committee lines.
That the needed rate revision should be based on a distance scale or
scales is so strongly indicated by the record as to require little discussion.
The majority of tho proposals submitted by both shippers and
carriers
took that form. The most important exception was the proposal
of the
carriers to retain the McGraham percentage formula in constructing
interterritorial rates. In support of this proposal the carriers say that
the
McGraham system has stood the test of almost 50 years with less
attack
and criticism than any other adjustment in the country, and that it
offers
the only possible and feasible moans of constructing interterritorial
rates.
Large Shippers Oppose AleGraham System.
However,In this proceeding,reprtnentatIves of some of the largest
shippers
strongly opposed its retention and none of them appeared in its
defense.
It Is possible that this, or some similar formula, would be desirable
in
making rates between two territories having different intraterritorial
rate
structures, but if the same system of rate making and the same
general
rate level is to prevail in each, the necessity for such a connecting
link
disappears.
As previously indicated, opinions differed widely on the question of
the
measure of the basic scale. They ranged from the fifth-class c. f. a. sada
proposed by the central carriers for application within their territory to
the Coakley scale proposed by the United States Steel Corporation
for
general applistion, except within New England.
The proposals of the carriers, if adopted, would result generally in increasing the present rate level. Those of the shippers for the most part contemplate reductions, and some of them would make heavy inroads into the
carrier's revenues from the steel traffic. Calculations based on the tonnage moving during the revenue test of 1925 show the annual revenue
changes which would result from the application of the 15110 scale and
under the Coakley scale as follows:
Under the 15110 Scale:
Within Central Territory
Within Trunk-Lino Territory
From Central to Trunk-Line
From Trunk-Line to Central
From Central to New England
From Trunk-Line to New England
Net loss
Loss.
32,153.994
950,209
754.571
214,589
Gain.
*3191,395
•110.857
$3,768,111
Under Coakley Scale:
Within Central Territory
Within Trunk-Line Territory
From Central to Trunk-Line
From Trunk-Lme to Central
From Central to New England
From Trunk-Line to New England
777
$6,404.057
3.234.389
3.1.99.365
2.25.5.392
676,918
687,850
Total loss
$16,417.971
* Gain.
estimate that the application within their territory of the
The trunk lines
scales which they propose would result in an annual gain in the revenue of
$450.635.
The carriers do not seriously argue that this traffic should produce more
revenue than at present but do not contend strenuously that no general
reduction in the present rates is justified. They defend the admittedly
high level of the steel rates on the ground that the traffic is moving freely
under those rates and that, therefore, so long as the carriers are earning
less than the statutory fair return, no reduction in the revenues from this
source should be made.
trans Present Rates Said to be Too High.
It is the Commission's duty in this proceeding to fix reasonable rates on
steel. While the record does not warrant as great reductions as would result
from the application of the scales proposed by the shippers, it does indicate
that many of the present rates are too high. A comparison of steel with
other commodities moving at fifth-class rates or lower, the large and constant volume in which it moves, its heavy loading, the almost total absence
of risk in connection with its transportation, and its small value per weight
unit, all are persuasive that fifth-class rates are not a proper basis for this
commodity.
It has been shown that the classification basis does not now apply on
steel with any degree of uniformity. Commodity rates lower than the
corresponding fifth-class rates to be found in almost all parts of official
territory. Such rates have been prescribed or approved by the Commission
in various cases. In Illinois Classification, 55 I. C. C.290, decided during
the period of Federal control, the carriers proposed to cancel commodity
rates on steel products in the Illinois district and to apply fifth-class rates.
The Director-General submitted the matter to the Commission under the
provisions of Section 8 of the Federal Control Act. The Commission
recommended that the rates be revised by reverting to the commodity
rate basis in effect prior to Oct. 26 1914. and adding the equivalent of the
subsequent percentage increases, thus in effect disapproving the fifth-class
basis.
In iron and steel to Virginia cities, 831. C. C.82, the Commission found
not justified a proposal to increase to the fifth-class basis commodity rates
on steel articles from Pittsburgh-Buffalo territories to the Virginia cities.
In the report on further argument in American Shipbuilding Co. vs. DirectorGeneral,89 I. C. C.601, the Commission,reversing the findings in its original report, found the fifth-class rate of 21.5 cents applying on steel articles
from Pittsburgh to Cleveland unreasonable to the extent that it exceeded
the aggregate of intermediate rates of 19 cents. Finally, as already stated.
the Commission in Docket 15110 prescribed for application on steel articles
in portions of central territory a reasonable maximum scale, which for
distance up to 460 miles. Is lower than the fifth-class scale applicable in
that territory. In the case last mentioned the Commission said:
"In placing these iron and steel articles in the fifth class in the official
classification the carriers have grouped them with many other commodities
in a higher stage of manufacture,such as machinery,agricultural implements
stoves, Paints, glassware, cereal beverages, canned goods, commercial oils
and acids, and cured meats. As to a number of such articles the average
loading is less, and often considerably less, than that of iron and steel.
The loadine of iron and steel articles probably somewhat exceeds the average
loading of fifth-class articles, and the car-mile earnings are relatively high.'
The 15.110 scale is now the basis for rates in a considerable portion of
central territory. That scale or scales modeled thereon are favored in this
proceeding by shippers in the eastern producing districts, by the Chicago
independents, and by the carriers in trunk-line territory. Its initial rate
is 6c. which is the same as that of the Crawford Williamson scales and of
trunk-line scale No. 1 and lc. higher than that of the Ilammond and Coakley scales. The only proposed scales whose initial rates vary more than lc.
from that of the 15,110 scale are the Ithodehouse scale which starts at 3c.
and the Ogden c. f. a. fifth-clans scales whose initial rates are 8 and 10c..
respectively.
Objection Made to Rafe of Progression.
One of the principal objections to the 15,110 scale was directed against
Its rate of progression. As previously shown, It progresses uniformly
after the first 100 miles at a rate of lc. for each 20 miles. or Sc. for each
100 miles. Advocates of this and similar scales say that commercial and
competitive conditions should have no influence in the construction of a
scale; that the function of the scales Is to provide a measure of the relative
charges to be made for the transportation involved in hauls of different
lengths; that the influence of terminal costs and of local or way-freight
service disappears at approximately 100 miles; and that there are no logical
reason exists for charging less for the fourth or fifth 100 miles than for the
second or third 100 miles.
Opponents of a uniform rate of progression contend that the point at
which the terminal service is entirely absorbed in the rate is much higher
in the scale than 100 miles They also urge that the relatively high long-haul
rates which result from this method of scale construction tend to localize
the markets, thereby taking from the carriers much profitable long-haul
traffic and from consumers the benefit of additional competition.
In the light of the comprehensive record now before the Osmmission,
does not appear that the 15,110 scale offers an entirely satisfactory solution
of the problems here presented. For the first 100 miles it would, if universally applied, result in considerable increases in the present rates.
Between 101) and 400 miles, where approximately 45% of the tonnage and
50% of the revenue occur, it would, based on the movement shown in the
1925 revenue test, result in a reduction In rates of about 12%. Above
400 miles, where there is only about 21% of the total tonnage and 31%
of the revenue, the application of the 15.110 scale extended at its regular
rate of progression would increase rates about 1.5%. In other words,
it would reduce rates where the heaviest movement and the greatest amount
of revenue are involved and would increase them where somewhat lower
rates might reasonably be expected to result in added traffic and would
not in any event seriously affect the revenues.
New Scale is Designed to Equalize Rate Structure.
The basis sada here recommended represents an attempt to offer a
consistent and equitable rate structure than now in effect and one
more
which will make only such reductions in the carriers' revenue as must result
from the application of what from all the evidence seem to be maximum
reasonable rates.
The record contains no terminal cost studies to assist in arriving at a
resonable initial rate. As previously stated, most of the proposed scales being
with either 5 or 6 cents. The average rate for the first 5
-mile block in
both central and trunk lino territories as shown by the 1925 revenue test
was less than 4 cents. The average rate for the first 25 miles was 4.8
cents in central territory and 5.8 cents in trunk line territory.
778
FINANCIAL CHRONICLE
The value of these figures is somewhat impaired by the probability that
the revenue test included switching rates which are not covered by this
investigation. The average car of 1.c.i. freight, weighing 12,000 pounds.
at the c.f.a, scale third-class initial rate of 19.5 cents would earn $23.40.
An average carload of steel, weighing 65,000 pounds,at the c.f.a. fifth-class
initial rate of 10 cents earns $65. The scale herein proposed starts with
6 cents, which would earn $39 on an average carload.
In discussing the question of scale progression one of the principal witnesses for the carriers said:"If it were possible to correctly allocate the costs
of the terminal service, and then build a scale of rates on a constant rate per
ton-mile for the road haul service, then perhaps we would have a scientific
scale."
He doubted, however, if such a scale would move the traffic as freely as
one whose rate of progression decreased with distance.
In constructing both class and commodity scales the Commission has
with few exceptions reduced the rate of progression at two or more points
as distance increased. In the recent decision in the Consolidated Southwestern Cases, 123 I. C. C.203, wherein a general rate structure based on
distance scales was prescribed, the Commission, in determining the rate of
progression and the resultant relationship between long and short haul
rates, followed substantially the same principles as in the Southern Class
Rate Case, saying:
Minimum Weight Figure Is Reduced.
"In the Southern Class Rate Case we adopted rates of progression, based
upon testimony dealing with terminal and line-haul costs, under which one
rate of progression was used up to 75 miles, a second was used from 75 to
160 miles, a third from 160 to 400 miles, a fourth from 400 to 800 miles, and
a fifth from 800 to 1,500 miles. The first rate of progression was comparatively high, on the theory that the service for 75 miles is usually in
way trains, the most expensive freight trains operated by carriers. Each
succeeding rate of progression was made somewhat lower than the next
preceding, on the theory that line-haul costs decreased with distance,
through-train service being considered less expensive per mile than localtrain service. On this theory the greater proportion of through-train
service the lower the cost."
-mile block from
The scale herein proposed progresses .5 cent for each 5
-mile block from 110 to 260 miles, 1 cent
5 to 110 miles, .5 cent for each 10
-mile block
-mile block from 260 to 400 miles, 1 cent for each 25
for each 20
from 400 to 500 miles, and thereafter at the rate of 3 cents for each 100
-mile blocks and one 300
-mile block.
miles divided between two 35
The records contains nothing which would warrant a change in the
minimum weight of 36,000 pounds now applying generally on steel articles.
Most forms of manufactured steel articles can be readily loaded much in
excess of the minimum and are generally so loaded where commercial
conditions permit. As previously shown, the average loading Is nearly
twice the minimum. But the evidence indicates that the establishment
of a higher minimum would seriously affect the business of the Jobber and
small fabricator without increasing the average loading sufficiently to effect
any appreciable economy in the use of railway equipment.
[VOL. 127.
In noting that the list of exemptions from tax grows
steadily with each revenue law, Mr. Holmes says the new
act authorizes four new exemptions. "The growth of
exemptions is not desirable," he says, adding that Congress
should "look with increasing disfavor upon the practice."
Referring to the action of Congress in delegating semilegislative power to the Internal Revenue Bureau in determining taxable profit on the sale of property acquired during the
affiliation of two or more co-operations and afterward sold,
Mr. Holmes says if this action proves practicable it may
result in future revenue acts being drawn along broad lines
of general principales with delegation of quasi-legislative
power in the administrative officers.
Mr. Holmes notes that the new law is still complicated as
to interest rates, in some cases 6% and in others 12% a
year. As a remedy, he suggests that the interest rate should
in all cases be on a commercial basis and should not be used
as an additional penalty. As to further changes in the law,
Mr. Holmes says:
"A system under which one group lays down rules of
construction; another collects the tax and a third hears
appeals in particular cases, each independent of the other,
ought to function towards a fair and impartial result, which
is not possible where the collecting group dominates the
group charged with interpreting the law."
Trust in Lieu of Dower not Subject to Tax.
A decision of importance in connection with the payment of income tax on real estate holdings has been
handed down by the Circuit Court of Appeals for the first
district, according to the National Association of Real
Estate Boards, in its news service slips issued at Chicago July 31, The Association's account of the decision
follows:
The decision holds that where a widow is given and accepts the income from a trust left by her deceased husband in lieu of her dower and
any other claims she might have against his estate, such income from the
trust constitutes not income but capital in her hands (U. S. v. Wilfred
Steel Industry Fears Hardship in New Iron and .Steel Bolster, Executor, 2208, decided June 13).
The decision means that in general whenever a widow receives income
Freight Rates.
from a trust in lieu of her dower such income is not subject to tax.
The cases cited in the opinion seem to indicate that it does not matter
A Youngstown (Ohio) dispatch Aug. 6 to the "Journal
whether the amount received by the widow is equal to or more or less
of Commerce" stated:
than the fair market value of her dower right, according to an opinion
Report of the examiners of the Inter-State Commerce Commission on given to the National Association of Real Estate Boards by its general
proposed new iron and steel rates in the territory north of the Ohio and counsel, Nathan William MacChesney.
Potomac and east of the Mississippi is disclosing drastic changes as well as
"One important question is suggested by this case, but not decided:
a basis for rate making on a mileage scale.
if the amount received by the widow during the tax years in question
Keen interest centers on the report owing to the effect the new rates exceeded the
value of her dower, would that excess be subject to tax?
ordered by act of Congress may have on existing differentials among produc- This point
has not been decided," General MacChesney points out.
ing centers to leading consuming points. Shippers have to Sept. 15 to
The details of the case are as follows: Orlando H. Davenport of Massastudy the report and file such protests as they may desire to register with the
chusetts died Jan. 11 1915 leaving a will which created a trust, the
Inter-State Commerce Commission. The examiners brand as unfair the
classification of steel among fifth class products like machinery, paint, income of which was to be paid to his widow during her life in lieu of
dower and all other claims.
glassware and many other articles manifestly deserving a higher rate.
For the years 1919 to 1923 inclusive this income amounted to nearly
Existing export rates are retained. Short haul rates for this section of
$114,000, and the widow paid the tax on it each year. The widow died
the affected area are disapproved. Substitution of new rates worked out on
a scale basis therefore will work a hardship to the industry owing to the May 28 1923 and her executor brought this suit to recover the tax she had
great amount of interplant shipments and other short haul traffic, it is paid and obtained judgment.
This case was decided in favor of the executor of the will on the
said.
The rate into the Michigan motor making area will be reduced nearly theory that the receipt of this income from the trust by the widow conmore ad- stituted consideration paid for her relinquishment of her dower right.
10% for this district and its differential with Pittsburgh made
vantageous. This is important here where large tonnages of motor steel Accordingly she is regarded as a purchaser for value under the provisions
of the will; and is not regarded as a devisee under the will.
are produced.
Final study of the report, however, is required to disclose its real import,
shippers declare.
The New Internal Revenue Act Commended.
"The new internal revenue law marks important progress
towards improvement of our income tax system," says
George E. Holmes, tax attorney of New York,in the August
"Mining Congress Journal." Mr. Holmes is Vice-Chairman
of the General Tax Committee of the American Mining
Congress and an authority on tax questions.
"Eighty per cent of the taxpayers of the country will find
practically all of the provisions of interest to them in the
first 23 pages of the act, instead of being required to search
to and fro through the entire act as required in the past,"
says Mr. Holmes. "The general provisions of the act contain only 42 cross references as compared with 285 in the
1926 Act, and very few are not sufficiently explanatory to
enable the taxpayer to determine whether or not they
interest him."
Commenting on the failure of Congress to reduce taxes on
incomes between $21,000 and $80,000, Mr. Holmes states
that "taxpayers in that class still labor under an undue
burden as compared with others."
Mr. Holmes says the new corporation rate of 12% is
"still unduly high as compared with the normal tax rate on
individuals" and that "a logical equalization of the burden
as between stockholders and others among taxpayers will
not be found until these rates are more nearly at a parity."
Richard & Co. Sued on Bancitaly Stock—Dr. G. Tomasulo Asks $96,740 for Alleged Failure to Execute
"Stop Loss" Order—Says Stock Exchange Committee Investigated Transaction and Cleared Brokers.
A suit arising from the sudden decline in stock of the
Bancitaly Corp. in June last was filed in the Supreme Court
on Aug. 7 by Dr. Giuseppe Tomasulo against the Stock
Exchange firm of C. B. Richard & Co., in which the plaintiff
asked $96,740 damages for alleged failure to execute a "stop
loss" order. We quote from the "Times" of Aug. 8, which
says:
The complaint asserted that Tomasulo instructed the brokers when he
opened his account on April 20 last that when the collateral on his account
bad decreased to 40% of the account it was to be sold. He said that on
June 25 last the brokers were carrying 600 shares of Bancitaly stock at an
average price of $198 share, a total of $118,000, and that he had other
stock, making the total value of the collateral $129,075.
The plaintiff asserted that on June 9 the collateral fell to 40% and that
under his orders the Dancitaly stock should have been sold a 158 2-5, but
the brokers failed to sell continuing to carry the stock until it declined further, with the result that the plaintiff claims damages of $62,740 for a
violation of his order. He makes a second claim of $34,000 on the ground
that the brokers wrongfully pledged his credit to obtain 400 additional shares
of Bancitaly stock and 162 shares of the Bank of America, and refused to
release this stock.
Ernest W. Fiender, member of the Richard firm, said yesterday that Dr.
Tomasulo was one of a number of Eiancitaly investors who "overstaid their
market" and who are "unable yet to understand what happened." He
said the brokers carried out the plaintiff's orders and there was no ground
for the suit which would be contested. The Business Conduct Committee of
the Stock Exchange investigated a complaint concerning the transaction,
Mr. Flender said, and cleared his firm.
;•
•
AUG. 11 1928.]
FINANCIAL CHRONICLE
779
item regarding the adjournme nt of the meeting from July
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
in these columns July 28, page 501.
Arrangements were reported made this week for the sale 26 to Aug. 9 appeared
Stook Exchange membership for $375,000.
of a New York
The Bank of America Nat-ional Association of this city
Last preceeding transaction was for $350,000.
announces the opening of a Corona Office at Roosevelt and
Alburtis Avenues. With the opening of this office this inA regular membership on the New York Produce Exchange stitution will have twenty-nine offices in Greater New York.
was reported sold this week for $14,000.
It is the second branch to be opened since the consolidation of
Bowery and East River National Bank and the Commerstates that arrangements have the
The "Wall Street Journal"
cial Exchange Bank with the Bank of America. A complete
been completed for the sale of a Los Angeles Stock Exchange banking service will be available at the new office.
membership for $90,000. An increase of $5,000 over the
last preceding sale.
Henry Demarest Brewster, Vice-President since 1920 and
Trustee since 1900 of the Excelsior Savings Bank of this city,
Announcement of the approval by the comptroller of the died on Aug.7 at Beacon, N. Y. Mr. Brewster was seventyCurrency on Aug. 8 of a new bank to be formed in this city four years of age. Mr. Brewster began his career as an emunder the annae of the Commercial National Bank & Trust ployee of the clothing firm of Brokaw Bros., whose ViceCompany was carried in the local papers on Aug. 9. The President he eventually became. Nineteen years ago he
only official information which we have been able to gather severld his connection with that firm and retired temregarding the project, is that the institution will be organized porarily from business. Upon re-entering active life in
with a capital and surplus of $6,000,000 each. The "Times" 1920 he became Second Vice-President of the Excelsior
of yesterday (Aug. 10) stated that although the bank will
Savings Bank and a director of the Lawrence Cement Comnot be ready to begin business for several months, its capital
made First Vice-President of the Saybeen oversubscribed, it was said on Aug.9 pany. In 1923 he was
stock has already
-ings Bank and served as Acting President from Feb. 25, 1924,
by Elmer Schlesinger of the legal firm of Chadbourne,
to June 16 of the same year. He has been a member of the
Stanchfield & Levy, counsel for the new institution. The
Finance Committee of the Bank since 1906. Mr. Brewster
"Times" also stated:
was also a Trustee of the Clinton Hall Association, Director
A location has not been selected, but it will be in the Wall Street district.
N. Y. C.,
The President will be a man trained in banking, but he has not yet been of the Mercantile Library, Midtown Hospital
chosen, nor have the directors decided on a slate ofother officers.
President of the Board of Trustees of Rutgers Presbyterian
One of the accounts of the new bank,—that appearing in Church and a member of the Union League Club.
the "Journal of Commerce" of Aug. 9—is given in part
A. W. Hill, formerly Southern representative of the Bank
herewith:
the
Wall Street comment was focused upon the directorate, which includes an of America of this city, has become associated with
unusually large number of investment bankers and representatives of other National Shawmut Bank of Boston, according to the New
Wall Street interests. Attempts to read into this fact special significance
York "Evening Post" of Aug. 7. Mr. Hill, it is said, will
were numerous.
It was suggested that the investment bankers n1ht be interested In the represent the Shawmut in various parts of the United States,
formation of a hank to carry new issues until they are absorbed. This calling on the large number of banks and commercial custheory, however, generally was discounted on the grounds that the devotion
tomers scattered all over the country. He has a wide
of an unusually large portion of funds to that purpose would be less than
acquaintance, particularly in the South, his native city being
banking.
sound
There were also attempts to find a connection between the creation of Atlanta. He was graduated in 1912 from the Georgia
the new bank and the situation created by the action last week of the ClearTechnology with the degree of electrical engineer.
ing House in ordering a fixed charge by Clearing House members upon loans School of
offered by corporations. The chief argument in favor of this was the fact Previous to his connection with the Bank of America, Mr.
that yesterday the now bank was not listed as a Clearing House member. Hill was associated with George H. Burr & Co.
It was pointed out, however, that in view of the fact that the bank charter
had been applled for fully two months ago that this notion was impossible.
The view held in most favor was that it was simply good business for a
group ofinvestment bankers, with wide connections, to enter the commercial
banking field. The directors of the new bank, as shown by the directory
of directors, together hold directorships in 125 commercial, industrial and
The institutions with which the new directorate
financial institutions.
Interlocks include Mack Truck, Crutiss Aeroplane & Motor Co. and others
equally large.
The directors are Robert Lehman of Lehman Bros. and director of
Gimbel Bros., National Beau Hess Co.. Yellow Truck & Coach, Corn
Exchange Bank and twelve other institutions; R. F. Hoyt, of Hayden.
Stone & Co. and director in thirty-seven firms, including Best & Co. and
Mack Truck, of which he is Vice President; W. B. Scarborough, of Hitt.
Farwell & Co. and holding three directorships; A.J. Miller. of Hallgarten
& Co. and director in eleven steamship and railroad companies; S. L. Fuller,
of Kissel, Kinnicut & Co.and director in three firms; George Blumenthal, of
Lazard Freres; David A. Schulte, of Schulte Cigars; William Wrigley, Jr.,
of the chewing gum company bearing his name.
There are also Edwin C. Jamieson, president of Globe, Rutgers Fire Insurance Co. and director in insurance, rail companies and industrials;
C. M. Keys, of C. M. Keys & Co. and president of Curtiss Aeroplane &
Motor Co.. director of National Cash Register Co.; Rogers Caldwell,
holding seventeen directorships in industrial companies; Henry C.
Ickelhelmor, of ileidelbach, Ickelheimer & Co.. a director of S. H. Kress
& Co. and of other industrial and financial houses; T. L. Chadbourne, of
Chadbourne,Stanchfield & Levy,director in Mack Truck, Wright Aeroplane,
Otis Elevator and in other companies, and E. P. Farley, who has several
steamship connections.
Five additional directors of the now bank were announced as follows on
Aug. 9: George R. Hand, attorney, of Pittsburgh; Sloan Colt, VicePresident of the Farmers' Loan and Trust Company; Sidney R. Kent,
general manager of the Paramount Famous Lasky Corporation; George
Hamm, of the Oliver estate, Pittsburgh, and Jacob France, President of
the Mid Continent Petroleum Corporation.
On Aug. 6 the investment banking firm of Hornblower &
Weeks, 60 Congress Street, Boston, celebrated its fortieth
anniversary in the investment banking and brokerage business—a noteworthy occasion in financial circles, not only of
Boston but throughout the country. The house, we learn
from the Boston "Evening Transcript" of Aug.6, began business on Aug. 6, 1888, as a small purely local firm having
membership in the Boston Stock Exchange. Today it is a
national institution, with memberships in the New York,
Boston, Chicago, Cleveland, Detroit, Pittsburgh, Salt Lake
and Providence Stock Exchanges- and with nine offices in
leading financial centres of the country. It was organized
by Henry Hornblower and the Late John W. Weeks and its
first office was a single room in the old Merchants' Exchange
Building at 51 State Street. At the start there was only
one employee, James J. Phelan, now one of the leading
members of the firm. At present there are about 900 employees. Since the early days, the late Mr. Weeks had
been honored with high public offices such as United States
Senator and Secretary of War. In February 1901, the firm
established a New York office and in February, 1907, its
first Western office was opened at Chicago. The present
partners in the firm with their date of entry (as contained
in the paper mentioned) follows:
Phelan, Boston. 1900;
Henry liornblower, Boston, 1888; James J.
42 Broadway. New
Edward L. Geary, Boston, 1902; John W. Prentiss,
Gloucester, 1006; Henry
York, whose summer residence is Eastern Point,
Broadway, New York
N. Sweet, Boston, 1909, Charles T. Lovering, 42
Fayne,42 Broadway,
City, 1910; Ralph Hornlower, Boston, 1913; James A.
Avenue, New York
New York City, 1917. James S. Dunstan, 731 Fifth
City, 1917; Paul
City. 1917; Herbert C. Sierck, 42 Broadway. New York
H.
B. Skinner, Chicago, 1917; Percy W. Brown, Cleveland, 1023; Alfred
Meyer,42 Broadway, New York City, 1924.
William H.Averell, of 39 Broadway,has been made a member of the Staten Island Advisory Committee of the American
Trust Company of New York. Mr. Averell has been for
sixteen years a resident of Staten Island. He is President of
the Harriman Building Corporation; Vice-President and
Director of the Seaboard Shipping Corporation; Vice-PresiVictor L. Frazier, for the past seven years Cashier of the
dent and Director of the Bear Mountain Hudson River
director
Bridge Company, and Director of the United States Express High Street Bank of Providence, R.I., was elected a
6,
Company. He formerly was General Manager of the Balti- of the institution at a meeting of the stockholders on Aug.
Railroad Company.
according to the Providence "Journal" of Aug. 6. Mr.
more and Ohio
Frazier has had a long banking career, being connected with
change in the par value of the stock of the Public the cash department of the Rhode Island Hospital Trust
A
National Bank & Trust Company of this city from $100 to Co. before he was made Cashier of the High Street Bank.
$25 was voted by the stockholders on August 9. The stockFrom the Boston "Herald" of Aug.'5 it is learned that a
holders also voted to move the institution's main office from
new bank has been organized by residents of Needham,
89 Delancey Street to Broadway and 25th Street. An
780
FINANCIAL CHRONICLE
Mass., to be known as the Needham National & Savings
Bank, which will have paid-in capital and surplus of $225,000. The new bank is to be a local institution and will be
under the management of Needham residents, but the
Shawmut Association(a subsidiary institution of the National
Shawmut Bank of Boston) will own 50% of the stock. The
board of directors will comprise the following:
[Vol,. 127.
According to Passaic advices Aug. 8 to the Newark
"News" a half dozen stockholders representing a few more
than 100 shares on Aug. 8 temporarily blocked a plan to
assess each share of Hobart Service Trust Company (Passaic)
stock $10. The object of the assessment, which is desired
to be unanimous, was to create an additional surplus or
reserve of $400,000, says the dispatch, which also states in
part:
Horace A. Carter, James M. McCracken, Lloyd K. Allen, Robert M.
Tappan, Frederick M.Thayer, Paul C. Cabot, Warren W.Loomis, Preston
One advantage of this would be probable membership in the Federal
Mitchell, T. James Creasman, Charles M. Donahue, George A. Lord,
Reserve System. It is expected that the holdouts will be persuaded
to
Walter K. Queen, Ralph P.Preble, William W.Gallagher. William F.Leach
change their position and that the plan will prevail.
Ralph E. Bally, David Simon.
John J. Stamler, President of the Broad & Market National Bank &
Trust
The Boston "Transcript" in its issue of Aug. 6 stated that Co. of Newark, who is serving as President of the Now Jersey Bankers'
the new bank will build a home on land now occupied by the Securities Company at the request of Vice Chancellor Backes before whom
receivership
First Baptist Church at Great Plain and Highland Avenues, personal pleaproceedings against the company are pending, made a strong
for unanimity among the Hobart Service shareholders.
one of the prominent corners of the town. As soon as possiThe New Jersey Bankers holds more than 30,000
of the 40,000 shares of
ble the bank will start work on its building, which, besides Hobart Service and Mr. Stamler voted these for the assessment proposition.
Several thousand other shares were voted for it.
commodious banking quarters, will include'several stores.
Some forty shareholders of the more
As the name implies, the new bank will give complete service sided over by Jacob V. Smeaton, who than 200 attended the meeting, preis serving as President without rein all departments—checking, savings, investment, foreign, muneration in an endeavor to straighten out the affairs of the company
snarled, it Is held, by its former management. Harry
H. Weinberger of
loans and discounts. It is also planned to have an up-to- this city, lawyer, organizer and deposed
president of the
date safe deposit department and vaults. It will be the only ers, was President of the Hobart Service until recently. New Jersey BankBoth Mr. Smeaton and Mr. Stamler told the
Massachusetts bank, it is stated, with national and savings Hobart Service is
shareholders that the
sound financially
in combination in its name. The "Transcript" furthermore operated to the best advantage. but is not in a position where it may be
Mr. Stamler, who, because of his dominating position
stated that plans contemplate the opening of the new bank
in the New Jersey
Bankers, holding more than the control of Hobart
Service stock, is a power
in temporary quarters about Sept. 4.
in the trust company, made his plea for unanimity a personal
one, and,
after a vote had shown some 114 shares
from
—A special meeting of the stockholders of the National his own pocket those who could not putholding out, offered to financetime.
up the necessary cash at this
Mr. Stamler's offer was to advance the money needed
Rockland Bank of Boston, Boston, Mass., will be held
and exact no interest nor
of principal until
Sept. 6 to take action on a proposal of the directors to stockholderreturnof future earnings. the Hobart Service paid both to the
s out
increase the capital of the institution from $1,000,000 to
$1,500,000, according to the Boston "Transcript" of Aug. 3,
The New Jersey Bankers Securities Corporation was yeswhich went on to say:
terday (Aug. 10) refused, by Vice-Chancellor Backes an inIt is proposed to sell the 5,000 additional shares of stock at $350 a share. junction
to restrain the Guaranty Securities of Passaic from
The institution, which has surplus and undivided profits of
$2.611,000 and selling 600 shares
of Hamilton Trust Company of Paterson
deposits of $20,819.000, began business in 1853 with an original capital
of
$100.000. This was increased to $150,000 in 1854, raised
to $300,000 in stock. Associated Press advices from Allenhurst, N. J.,
1864 and then to $1,000,000 in 1925.
in stating this in dispatches yesterday added:
It was contended
the securities
A charter has been issued by the Comptroller of the Cur- guaranty on account by the purchase firm that $120.000 was paid to the
of
of the stock
$345 a share.
rency for a new Massachusetts bank,namely the Newton Nat- Harry H. Weinberger, formerly President of the at a price ofBankers, had
New Jersey
agreed to pay $375 a share, the Guaranty alleged.
ional Bank at Newton, according to the Boston "Transcript"
Weinberger testified today that he had agreed to buy the
of Aug. 1. The new institution, which is sponsored by a a share, but when he found his concern could not finance stock for $345
the deal, agreed
group of well known business men, will start with a capital to pay the Guaranty company $375 a share if it would buy the stock for
him. The difference
of $200,000 and surplus of $100,000. The stock has been financing the deal, of $18,000 would be the profit to the Guaranty for
he said.
oversubscribed, it is said. The subscriptions were at $150
John J. Stamler, who succeeded Weinberger to the Presidency
of the
a share, $100 going to capital and $50 to surplus fund. New Jersey Bankers, alleged the $10,000 actually represented profit to
Weinberger. The deal was not authorized by the board of
the directors
Organization of the new bank, it is stated, has proceeded so of the company, he said.
rapidly that officers have been elected and plans made for a
In refusing to grant the injunction, Vice-Chancellor Backes ruled
that at
new building to be erected in Centre Street, Newton Corner, the time of the transaction, Weinberger was an authorized agent of the
firm and had the right to make such an arrangement with
the Guaranty.
in which the institution will open for business the latter part
After the hearing. Stamler said his company would still
buy the shares
of October next. The officers elected are Thomas Weston, at $345.
President and George W. Sweet and William
C. Sills,
The Labor National Bank of Jersey City on Aug. 1 opened
Vice-Presidents.
its new building at 26 Journal Square, Jersey City, N. J.
On July 31 Roy A. Hovey, Bank Commissioner of Massa- The bank was formerly located
in the Universal Securities
chusetts, asked permission of Judge Crosby of the Supreme Co. Building. Among those
present at the opening of the
Court to pay a sixth and final dividend of 2.07% to deposi- banks new quarters were Governor
Moore, and Mayor
tors in the commercial department of the defunct Cosmo- Hague. The bank has been
in operation since June 1926.
politan Trust Co. of Boston, according to the Boston "Tran- The officers of the bank
are: President, Theodore M.
script" of Aug. 1. Judge Crosby ordered the matter return- Brandle; Vice-Presidents, Charles
J. Jennings, James C.
able in court on Aug. 29 and if, at that time, no one appears Larkin, and Henry W. Runyon;
Cashier, Charles G. Leeds;
in opposition, the request will be granted, it is said, and the Assistant Cashier, Louis J. Knoepfel.
affairs of the institution settled. To pay the dividend asked
for will require $120,696.27. Commercial depositors have
Advices from Washington, Pa., to the New York "Times"
previously received 36% of their claims, the payment of which on Aug. 1 stated that W. D. Cotterel, President
of the
required $2,279,150.05. Savings department depositors have Union Deposit & Trust Co. of Waynesburg, Pa., had been
received 92.04% of their claims (as noted in the "Chronicle" elected President of the Dollar Savings & Trust Co. of
of May 14 1927, page 2860) and the liquidation of this de- Pittsburgh. Mr. Cotterel organized the Union Deposit &
partment has been closed. The Cosmopolitan Trust Co. Trust Co. in 1901, and served as its Secretary and Treasurer
until 1920, when he became President. He will continue
was closed the latter part of 1920.
as
a Director of the institution. He is Vice-President of
the
The Directors of the Guardian Trust Company of Newark, Pennsylvania Bankers'
Association.
N. J., at a special meeting called for that purpose on Aug. 9,
The Pennsylvania State Banking Department on Aug.
adopted a resolution approving the general plan for the merging of the institution with the Broad & Market National 4 took over for liquidation the Modern State Bank of PittsBank & Trust Company, also of Newark. A merger com- burgh, an institution owned and operated by Negroes,
mittee consisting of Michael Hollander, Chairman of the according to the Philadelphia "Ledger" of Aug. 6, which
Board of Directors of the Trust Company, and Clarence G. continuing said:
The
Appleton, the President, has been appointed to work out the bank's liquidation was made necessary, L. was said here, because of the
inability
details of the merger with a similar committee consisting legal reserve. to meet clearings and failure to maintain the 111303Saari
of John C. Alvey and John J. Stamler, appointed by the
The election of Guy C. Brown and Clarence R. Wylie
Broad & Market National Bank & Trust Company at a
meeting of its Board of Directors also held to-day. The as directors of the Metropolitan Trust Co. of Detroit, Mich.
contemplated consolidated bank will be headed by John was announced last week by Harvey B. Wallace, President of
J. Stamler as President and Clarence G. Appleton as Chair- the bank, according to the Detroit "Free Press" of Aug. 1.
man of the Board.
Mr. Brown is Vice-President and Secretary of the Campbell
Ewald Co., advertising agents, and has a wide reputation
AUG. 11 1928.]
FINANCIAL CHRONICLE
as an expert in national advertising and merchandising.
Prior to his advertising work he served as managing editor
of Pontiac, Mich., and Flint, Mich. newspapers. Mr.
Wylie recently resigned as industrial engineer of the Briggs
Manufacturing Co. to devote his attention to his personal
interests. He is internationally known,as an expert authority on electrical engineering matters.
Charles R. Hull, Asst. Manager of the bond department
of the Union Trust Co. of Detroit died very suddenly Aug.
6 at Martha's Vineyard, Cape Cod, Mass. Mr. Hull was
born in Detroit on May 11 1883 and was educated in the
public and private schools of Detroit. Mr.Hull was wellknown in financial circles in Detroit. Before he became
affiliated with the Union Trust Co. in July 1927, he was
Manager of the Detroit office of Lee, Higginson & Co. of
Boston and Now York and of Tillotson & Wolcott of Clevelnd• For two years he was Secretary of the Michigan
group of the Investment Bankers Association. He also
served the Bond Men's Club of Detroit for a term as President.
A charter was issued by th-e Comptroller of the Currency
on Aug. 1 for the Citizens' National Bank & Trust Co. of
Terre-Haute, Ind., with capital of $200,000. The institution represents as a conversion of the Citizens' Frust Co. of
Terre Haute. D. Russ Wood is President of the new bank
and Charles C. Newlin, Cashier.
781
Second Wisconsin National Bank, Grand & Sixth National
Bank, Mechanics National Bank, Vliot Street State Bank,
Northwestern National Bank, Bay View Commercial &
Savings Bank, and Oakland Ave. Bank.
The First National Bank of Minneapolis—an institution
forming with the First Minneapolis Trust Co. and other
Minneapolis banks the First National Group of banks in
Minneapolis, with resources of more than $150,000,000—
announces that it has assumed the deposits and taken over
the assets of the North Commercial State Bank of Minneapolis, and that effective Aug.6, the business of the acquired
institution was merged with that of the North Side Office
of the First National Bank and the combined institutions
now occupy new quarters at 242 Broadway (near Washington
Ave.) where they will operate under the name of the North
Side Office of the 'First National Bank. Frank R. Sleavin,
Assistant Cashier of the North Side Office, and B. W.
Lohmar, formerly of the North Commercial State Bank,
as well as all employees of both institutions, continue with
the enlarged office.
Advices from Jefferson City, Mo., on July 30 to the St.
Louis "Globe-Democrat" stated that S. L. Cantley, the
State Finance Commissioner, on that date had issued a
charter to the First State Bank of New Hampton, at New
Hampton, Harrison County, Mo., which would take over
at once all the business and assets of the Bank of New
The application to convert the Hyde Park State Bank of Hampton and the Farmers' Bank of New Hampton.
Hyde Park, Ill., into the Hyde Park National Bank of
The closing on Aug. 1 of the Morehead State Bank of
Chicago, Ill., was approved by the Comptroller of the
currency on July 24. The capital of the institution was Morehead, Ky., and the placing of the bank temporarily in
increased from $300,000 to $500,000 on July 24, and the the hands of W. A. Dickens, Deputy State Banking Comsurplus to $500,000 on the same date, making it a million missioner, was announced in Frankfort, Ky., advices to
dollar bank. The name Hyde Park National Bank will be- the New York "Journal of Commerce." Mr. Dickens is
come effective as soon as the charter is received from the reported as stating that an examination revealed the bank
Comptroller.
to be suffering from too many frozen loans. It was further
stated in the paper quoted:
Mr. Dickens will supervise reorganization of the institution. It will be
Acquisition of a controlling interest in the Central State
Bank at 448 Mitchell St., Milwaukee, by the First Wisconsin reopened about Aug. 15, it is expected. H. H. Shanks and Shelby Martin.
bank examiners, made the inspection which resulted in closing the bank's
National Bank of that city, was announced on Aug. 3, doors temporarily.
The bank is capitalized at $15.000 and has a $22,000 surplus. Deposits
following a meeting of the stockholders of the former, accordamount to $225.000
loans are
ing to the Milwaukee "Sentinel" of Aug. 4. The acquired of the insitutiion andand P. Davis S277.000. S. M. Bradley is president
M.
is Cashier.
bank, which has a combined capital and surplus of $142,439
A dispatch from Chattanooga, Tenn., under date of Aug.8
and deposits of $1,393,535, will be consolidated with the
Mitchell Street branch of the First Wisconsin National Bank, to the "Wall Street Journal" states that a consolidation
it is stated, and its officers and staff will continue with the of the Hamilton Trust & Savings Bank of that city with
consolidated bank President W. P. Celichowski, assuming the Hamilton National Bank and the increasing of the
active charge of the Mitchell Street branch. Other officers capital of the latter to $2,000,000 are planned. Meetings
of the acquired bank are as follows: Emil Czarnecki and of the stockholders of both banks have been called for Oct. 24
Albert Smukowski, Vice-Presidents, and H. A. Maurer, to act upon the proposed merger. The institutions are
at present under the same ownership and management.
Cashier.
T. R. Preston is President of both banks and also President
The First Wisconsin National Bank of Milwaukee will of the American Bankers Association. The
advices furestablish a new department for small personal loans to begin thermore state that a securities company capitalind
at
operation about Oct. 1, it was announced Aug. 2. In inaugu- $500,000 will be formed.
rating this service for the small borrower, the First Wisconsin
The Board of Directors of the Hibernia Bank & Trust Co.
is following the lead of the National City Bank of Now York,
which recently established a similar department. Under the of New Orleans, La., has appointed George Picou of Algiers
now plan loans will be made to salaried men and women in Manager of their Algiers Branch. Mr.Picou, who is a native
amounts of from $50 to $500, for what are deemed worthy of Thibodaux Parish, graduated from Thibodaux College in
purposes, such as consolidating urgent debts, repaying 1918 and enlisted in the U. S. Army. On being discharged
unsatisfactory loans, doctor and hospital bills, tuition fees, from the army he entered the Hibernia Bank as a runner.
family emergencies home improvon ents. It is pointed out This was in 1920. Later he became manager of the analysis
that this service differs from the usual bank loan procedure department. In 1924 he was made Manager of the transit
in that no security is required other than a satisfactory state- department and held that position until his present promoment by the borrower as to his financial and personal tion.
responsibility and the signatures of two responsible persons
as
Crocker First National Bank and Crocker First Fed -raj
co-makers of the note given by the borrower. Discount of
announce the organization of
6% will be charged, and this is the only charge which will Trust Co., San Francisco,
the Crocker First Co. to embrace the functions of the
be made. There are no fees, no investigation costs, no
the bank and to engage in a general
service charges. "Our reason for establishing this Personal bond department of
securities business. The company is organized with an
Loan Department," said Walter Kasten, President of the
initial capital of $500,000. The capital stock, consisting
First Wisconsin National Bank, "is to enable the salaried
no par value, is held by the President,
obtain loans for meritorious purposes without being of 60,000 shares of
worker to
Vice-President and Cashier of the Crocker First National
obliged to put up collateral or pay exorbitant interest
Bank as trustees for the stockholders, in the same manner
charges." Loans made under the Personal Loan Plan will
in which the stock of the Crocker First Federal Trust Co.
be repaid by accumulating the total amount of the note in a is held for the stockholders of that
institution. Officers
special savings account, through a series of regular deposits are: W. H. Crocker, President;
W. W. Crocker, E. Avenali
semi-monthly or weekly. The bank will
made monthly,
and F. G. Willis, Vice-Presidents; A. J. Lowrey, Vicepay interest at tho rate of 3% on these deposits, and the President and Manager; D. J.
Murphy, Treasurer; R. H.
the interest may be applied on the principal of Harter, Secretary, and W.
amount of
P. Pflueger, Assistant Secretary.
the loan. The service offered by the First Wisconsin The company does not
propose to engage in retail disPersonal Loan Department will be available through the tribution of securities,
but in other respects will participate
main office, the two branches of the bank, and all the banks in the activities of an
investment securities organization.
affiliated with the First Wisconsin Group, namely the
losartons
782
FINANCIAL CHRONICLE
[VOL. 127.
The following regarding the Pacific Bancorporation and small. The market moved irregularly downward on Wedbanks acquired by it is from a dispatch from Coquille, Ore., nesday as a result of the uncertain money situation together with the weakness of General Motors. The latter
to the Portland "Oregonian" of July 24.
The Pacific Bancorporation, which was incorporated July 17, has pur- opened on a block of 5,000 shares at 18634 as compared
chased four banks in southwestern Oregon, according to Senator Charles with the previous close at 1883, and during the early
Hall of Marshfield, one of the incorporators, it was learned here today
trading it sold down to 185. The recessions quickly exwith word that one of the Coquille banks was included in the purchase.
It was also announced by Hall that $250,000 worth of stock had already tended to the independent stocks and such issues as Packard,
been subscribed, much of this being unsolicited. It is the purpose of the Hupp, Hudson and Chrysler suffered setbacks ranging from
Pacific Bancorporation to purchase bank stock and act as a holding com1 to 4 points. As the day wore on selling extended to the
pany for them. The corporation will follow the eastern companies' setup,
It was learned from Hall. Common stock will be paid in full, as a pro- industrial group, United States Steel common slipping back
tection to the preferred stock which is open to investors.
to 140. Atlantic Refining Company receded 534 points to
Nine thousand shares of the Pacific Bancorporation's stock will be 15334 and
most of the speculative favorites dropped back
cumulative preferred, with a guaranteed dividend of $3.75 per share.
One thousand shares are to be common stock and will draw a dividend up from 3 to 5 points.
On Thursday prices were slightly higher, but trading
to $3.75 per share, after which all additional earnings of the corporation
are to be participated in equally by the preferred and common stock lagged and, while the volume of sales did not increase during
holders. Both stocks are of no par value.
Hall pointed out that all banks have been purchased on a cash basis. the afternoon, there was no great weakness apparent. InHe is well known in banking circles, having organized the Bank of dustrial shares superceded railroad issues as market leaders,
Southwestern Oregon and the American bank of Marshfield, being at the General Motors advancing
234 points to 185%. Steel
present time president of the American bank. His most recent actvity was
in connection with the merger of the independent telephone companies of shares were in active demand, Republic Iron & Steel attractOregon and Washington, which were merged into the West Coast Tele- ing considerable attention in the early dealings by a sharp
phone companies.
advance to 6334, though it slipped back to 61 in the final
Senator Charles Hall was in Portland yesterday, and in a telephone
hour, and United States Steel common again crossed 140.
conversation confirmed statements made in the above dispatch from
2
Coquille. He declined to make further statements at this time. He Montgomery Ward again moved up to 1973/-its record
would not give names of the banks acquired by the new bancorporation. high. On Friday the market was confused and uncertain
It has been said by persons professing to know that one of the national until the final hour when
it turned definitely downward.
banks of Marshfield and the First National of North Bend round out the
Chrysler Motors was the outstanding feature of the session
group of four institutions.
and soared upward to new record levels. General Motors,
THE WEEK ON THE NEW YORK STOCK EXCHANGE. on the other hand, was heavily sold and slipped rapidly
downward, while other market favorites lost from 1 to 3
Speculative activity in this week's stock market centered points. Steel stocks attracted considerable attention, United
largely in industrial shares and specialties, though brief States Steel common again advancing to 141 with a gain of
spurts of buoyancy were occasionally displayed in the oil 2 points for the day. Montgomery Ward continued its
and copper issues. Prices moved generally upward during record breaking advance and crossed 199 for the first time
the forepart of the week, but were inclined to sag toward in its history. Radio Corporation advanced 4 points in
the week end. Call money again touched 7% on Tuesday the early trading, but reacted downward later in the day.
and on Friday 8%. Moreover time money advanced to Columbia Gas and Consolidated Gas of New York were
63,4% on Thursday and to 634% on Friday. The Federal the stars of the utility stocks and St. Louis & Southwestern
Reserve Bank statement of brokers' loans on Thursday moved to a record top at 95. The final tone was weak.
showed a further increase of $14,488,000. The stock market
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
was fairly strong during the brief trading period on SaturDAILY. WEEKLY AND YEARLY.
day. Chrysler moved briskly upward to 8634, though it
slipped back somewhat near the close of the day. Pierce
Railroad.
State.
United
Mocks,
Week Ended Aug. 10.
Municipal &
States
&c.,
Number of
Arrow pref. moved ahead four points. Timken Roller
Bonds.
ForeIgn Bonas.
Bonds.
Shares.
Bearing and Bosch Magneto also were strong and improved Saturday
$120,000
953,740
81,680,000
$794,000
Monday
281,000
2,188,200
3,847,000
1,734,000
from two to three points. New high records for the year Tuesday
466,500
2,434,320
4,787,000
1,944,000
or longer were recorded by Union Ice, American Ice, Union Wednesday
193,000
2,052,820
4,797,000
1,956,000
Thursday
458,000
1,662,601
5,354,000
2,125,000
Carbide & Carbon and Electric Auto Lite. Atlantic Re- Friday
276,000
2,111,200
5,045,000
1,487,000
fining continued to attract attention and opened with a
Total
81,794,000
11,402.881 325.510.000 810.040,000
sharp break to 15734 on a block of 2,800 shares, making
Sales as
an overnight loss of 534 points, but rallied to 161%* and
Week Ended Aug. 10.
Jan. 1 to Aug. 10.
New York Stock
closed at 160 with a net gain of 234 points for the day. The
Exchange.
1928.
1927.
1928.
1927.
market enjoyed a vigorous advance on Monday, the early Stocks, No. of shares__ 11,402,881 11,081,938 463,020,417 333,928,259
Bonds.
trading being directed toward the copper shares which Government
$200,696,550
bonds__
3130,937,250
$1,794,000 $1,911,250
moved briskly upward with the market leaders. Kenne- State and foreign bonds 10,040,000 13,455,000 512,492.565 521,102,400
crossed 96 to the highest top in the history of the com- Railroad & misc. bonds 25,510,000 36,616,000 1,553,811,025 1,391,655,050
cott
Total bonds
837,344,000 $51,982,250 $2,197,240,840 $2,113,454,000
pany, followed by Greene-Cananea which improved more
than four points and Cerro de Pasco and American Smelting
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
& Refining, both of which reached higher levels. Oil
BALTIMORE EXCHANGES.
stocks continued firm, Atlantic Refining first losing three'
Boston,
Baltimore.
Philadelphia.
points and then going upward to 16134 and finally closing
Week Ended
Aug. 10 1928.
at 15934. Steel stocks were sluggish in the early trading,
Shares. Bond Saks. Shares. Bond Sales. Shares. Bond bales.
but later in the day improved about two points. Colorado Saturday
11,875
35,000
895
al1,020
813,000
Monday
24,930
41,000
85,000 a15,430
1,547
10,500
Fuel & Iron was the leader of the independent shares and Tuesday
28,598
29,900
23,100
1,781
1,000 a15.056
.
8 Wednesday
21.433
20.100
1,965
3,300
7,900
a9.207
sold up to 643,as compared with its previous close at 613/ Thursday
24,200
24,018
5,000 013,189
853
17.000
19134 and closed at 19034 Friday
General Motors advanced to
8,043
14,000
a4,994
24,000
1,075
8,000
with a net gain of 334 points. Chrysler continued to move
Total
118,897
822.300
68.896
895,500
8,116 8106,300
ahead to 8834 and closed at 8634 with a gain of more than a Prey, week revised 123.122 3101.750 95.032 395.700 8.128 5159.200
point. United States Steel common gained more than two
a In addition, an es of rights were: Saturday, 500; Monday, 700; Tuesday, 1,050:
points and closed above 142. One of the strong features Wednesday, 4,500; Thursday, 830; Friday, 2,400.
was the advance in Warner Bros."A" stock which bounded
forward 83/2 points to a new high at 7334. Allied Chemical
THE CURB MARKET.
& Dye moved up 47/i points and declined one point; MontPrice movements on the Curb Market this week were
gomery Ward rose 4% points and dipped two points; Radio
Corporation advanced 534 points and receded three points, very irregular the high rates for call money being the adverse factor. The volume of business increased somewhat
and Sears-Roebuck gained 334 points and lost 34 point.
first hour on Tuesday, and Warner Bros. Pictures continues to absorb the attention
Prices continued to rise in the
%
numerous substantial gains were recorded. St. Louis- from 5834 it reached 79, reacted to 663 and recovered
Southwestern was the leader in the railroad group and finally to 7234, Auburn Automobile was a weak feature,
moved forward 4 points to above 89. Public Utilities dis- dropping from 101% to 85, the close today being at 92.
played considerable improvement, particularly Interborough Bancitaly Corp. eased off from 11434 to 11134, and ends
%
Rapid Transit and Columbia Gas, the latter gaining about the week at 1123 . Columbia Graphaphone a strong feature
4 points. Consolidated Gas sold up to 1458, as compared the last few weeks turned weak and lost some 834 points to
%
with its previous close at 14334. As the day advanced call 703 . The close to-day was at 72. Consol. Dairy Prod.
money moved up to 7% which brought recessions all along Corn. sold up from 3934 to 4534 the final transaction to-day
the line. The net losses, however, were comparatively being at 4534. The Safe-T-Stat Co. corn. after an early
advance from 4E4i to 51% declined to 46, the close to-day
being at 47. Utilities, without feature recovering within
a narrow gauge. Oils somewhat lower but losses not pronounced. Cumberland Pipe Line broke from 104 to 96 and
ends the week at 97%. Prairie Pipe Line sold down from
194% to 188 and at 190 finally. Gulf Oil of Pa. dropped
from 129% to 123%.
A complete record of Curb Market transactions for the
week will be found on page 810.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
BONDS(Par Value).
*STOCKS(No. Shares).
Week Ended
Aug. 10.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Indus. dt,
MisceU.'
135,820
311,700
456,040
286,745
266,255
213,905
Oil.
Mining.
18,700
72,980
62,600
54,040
60,350
73,140
Total.*
34,600 189,120
48,220 432,370
93,250 611,890
64,500 405,285
60,060 386,665
86,920 373,965
Foreign
Domestic. Government.
8565,000
1,294,000
1,602,000
1,147,000
1,401,000
1,440,000
8131,000
514,000
468,000
556,000
448,000
462,000
1,670,465 341,810 387,550 2,399,295 87.449,000 82,579,000
Total
• In addition, rights were sold as to lows: Saturday, 1,600; Monday,4,700; Tuellday, 700; Wednesday, 1,200; Thursday, 3,000; Friday,5,000.
St. Louis Stock Exchange.
-Record of transactions
at St. Louis Stock Exchange, Aug. 4 to Aug. 10, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par Price. Low. High. Shares.
Bank Stocks
100 170
Boatmen's Bank
100
First National Bank
Nat'l Bank of Com _ _ _ _100 169
State National Bank_ _ _100
170 170
327 327
169 17434
18234 18234
Trust Co.Stocks
100
Mercantile Trust
545
Street Ry.Stocks
• 2534
St L Pub Serv com
•
Preferred
545
2534 2554
88
87
42
10
140
16
Range Since Jan. 1.
Low.
168
320
157
180
20 533
35
126
ImportsU. S. S. R
British West Africa
British South Africa
Other countries
MA.
Mar
Apr
Apr
July
192%
345
236
200
July 570
20
Jan
7834 Apr
Mining Stocks
Cons Lead Je 2 Co"A" ___*
1234
12
1234
Street Ry Bonds-D
Un Railways43 C __1934
June
Feb
May
Jan
Jan
3234 June
89 June
84
84
Miscellaneous Bonds
Nat Itenrinz Metal Rs _1047 104
104
165
11
Mar
1734 Ma
84
28,000
84
Aug
85% Ja
tns
1.4•Ann
no.. ,-- .....
£1,009,900
25,330
823,518
5.278
Exports
Germany
Switzerland
Egypt
Other countries
£25,530
68,198
25.450
61.317
£1,864,026
E180,495
On the 19th inst. the Imperial Bank of India lowered its rate of discount
from 6 to 5%.
The following figures (in lacs of rupees) relate to India's foreign trade
during June last:
Imports of merchandise on private account
1855
Exports,including re-exports, of merchandise on private account_ _ _ _ 2828
173
Net imports of gold
20
Net imports of silver
3
Net imports of currency notes
816
Total visible balance of trade-in favor of India
-against India
113
Net balance on remittance of funds
SILVER.
The market remained for some days in a languid condition, and prices
receded on the 20th inst. to 27 1-16d. for cash and 274. for two months'
delivery. Monday a sharp rise ensued to 27 7-164. for both deliveries
owing to apprehension in Shanghai that Japan was likely to take a strong
line of action as a consequence of China's decision to abrogate existing
treaties. The nervousness thus engendered has continued to keep prices
fairly firm, and 27 5-164. has been quoted for the last two days. India
let out silver on the rise, but has been inclined to make some small purchases
at the set back. America on the whole has been steady in tone. The
Continent has not been so much of a seller this week.
On the 14th inst. 127 silver bars were shipped from Marseilles to Pozt
Said per the S. S. Macedonia.
The following were the United Kingdom imports and exports of gold
registered in the week ended noon on the 19th inst.:
Exports
Imports£ 34,550
£79,888 Egypt
Belgium
93,998
72,408 British India
France
12.692
Other countries
97,253
Mexico
British India
214,955
11,019
Other countries
Miscellaneous Stocks
•
21
21
2 20 July 27
Best Clymer Co
Ain
48
48
5 45 June 553$ Apt
100
Brown Shoe corn
13
•
13
25 12 July 1734 Jan
Burkart com
21
21
• 21
70 19
Mar 2434 API
Preferred
112 110
150 75
100 110
Aug
Feb 110
Corno Mills Co
6234 1,750 21
Mar 6234 Atli
Coca Cola Bot See -31.00 6134 61
•
47
47
Jan 52 May
25 45
E L Bruce cow
100 100
10 98
100
.
Preferred( _
Jan 100% June
Jar
110 2854 July 33
ElydeWalkerDryGds com25 293$ 29H 2934
5 110 July 120 May
100
let preferred
1133.4 11334
26
26
35 24 July 37
Fred Medart M tg cora ___• 26
API
21
21
30 18 June 30
Hamilton-Brown Shoe _25 21
Jaf
• 21
21
21
43 20 July 27
Huttig SA D corn
Fin
97
100
97
10 95 May 99 May
Preferred
4% 434
454
Hydraulic Pr Brick coin 100
50
6 May
334 Apr
80
80
Preferred
100
10 7434 Apr 8234 July
Fet
Independent Pkg com_ •
173( 173$
25 1634 Jan 20
100 95
96
95
Jar
Preferred
10 95
Aug 105
International Shoe corn_ • 8134 8034 8134
620 62
API
Jan 87
ioo 111 110 110
Mai
Preferred
12 10934 July 113
• 53
53
53
Koplar pref
200 52 June 54 Sum
100 100
Laclede Gas Light prat_ 100 100
10 100
Aug 120
Jai
• 2334 22
2334
.Mo-Ills Stores com
538 17
Jan 233.4 Ate
.
4334 44
Mo Portland Cement _ _25 44
417 38
Mar 52 Ma:
19
35 19
19
Mahoney Aircraft
1,186 19
Aug 2334 Jut
• 1834 1834 1854
Nat Candy com
320 18 July 2334 Jal
110 110
Fc1
100
1st preferred
5 110
Aug 120
2134 213$
•
Pickrel Walnut Co
125 2134 Avg 223$ Jut
• 3634 36
3634
Pedigo-Weber Shoe
180 35 June 45 Mal
2034
Rice-StixDryGds cool_ _ • 2034 20
142 20 ' Aug 2334 AP
108 109
iiio
15 108
1st preferred
AD
Aug 117
100
993$ 993$
15 99 July 104
2d preferred
Jai
19
-V-B D0cum_ _25 20
226 16
Scruggs
2034
Apr 22 Jul:
•34 35
170 31
Scullin Steel pret
All
Jan 46
43
•
43
15 37
Skouras Bros"A"
Apr 4534 Ma:
Ma
SouthwTo Bell Tel prof 100 1173$ 11734 118
224 11734 June 121
30
100
30
50 17
St Louis Screw Co
Au
Jan 30
3334 3334
•
100 27
/Rix Baer & Fuller
Mar 333/ Jul:
• 9034 94 102
Wagner Electric com
2,838 37
Feb 120 Ma'
104 104
Wagner Electric Corp pf100
10 9634 Jan 10634 Jun
...
• No par value.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
July 25 1928:
GOLD.
The Bank of England gold reserve against notes on the 18th inst. constituted a fresh high record, namely .e173,153,805 (as compared with
£171,608,425 on the previous Wednesday), and represents an increase of
-when an effective gold standard
£19,247,490 since the 29th April 1925
was resumed.
In the open market this week about E745,000 bar gold was available
Of this amount £650,000 was taken for export to Germany and the balance
was absorbed by the Home and Continental trade.
The following movements of gold to and from the Bank of England have
been announced, showing a net influx of £66,000 during the week under
review:
July 19. July 20. July 21. July 23. July 24. July 25.
Nil
Nil £120,000
Nil £146,000
Nil
Received
Nil
Nil
Nil 200,000
Nil
Nil
Withdrawn
20th and 23d inst. were in bar gold understood to be
The receipts on the
of Soviet origin. The £200,000 sovereigns withdrawn were destined for
Columbia.
The following were the United Kingdom imports and exports of gold
.egistered in the week ended noon on the 19th inst.:
783
FINANCIAL CHRONICLE
AUG. 111928.]
£141.240
£475,523
INDIAN CURRENCY RETURNS.
July 15.
July 7.
June 30.
(/n lots of rupees.)
17893
17811
17716
Notes in circulation
10156
10074
Silver coin and bullion in India
10104
Silver coin and bullion out of India
2976
2976
Gold coin and bullion in India
2976
Gold coin and bullion out of India
4277
4277
4184
Securities (Indian Government)
484
484
452
Securities (British Government)
The stock in Shanghai on the 21st inst. consisted of about 45,100,000
ounces in sycee, 78.500.000 dollars and 7,800 silver bars, as compared with
about 43.800.000 ounces in sycee, 76,700,000 dollars and 6,380 silver bars
on the 14th inst.
Bar Gold
-Bar Silver per Oz.Std.Per Oz. Fine
2 Mos.
Cash.
Quotations during the Week84s. 1034d
1-164.
1927
July
84s. 10%d
27d.
27 1-14d.
July 20
2734d.
84s. 1030
2750.
July 21
84s. 103'4d
27 7-164.
277-164.
July 23
84s. 10344
27 5-164.
275-164.
July 24
84g. 10544
27 5-164.
27 5-16d.
July 25
84s. 10.84
27.8084.
27.2294.
Average
The silver quotations to-day for cash and two months' delivery are
3-164. and 30. above those fixed a week ago.
respectively
COURSE OF BANK CLEARINGS.
clearings the present week show a decrease as comBank
pared with a year ago. Preliminary figures compiled by us,
based upon telegraphic advices from the chief cities of the
-day (Saturcountry, indicate that for the week ending to
day, Aug. 11) bank exchanges for all the cities of the United
States from which it is possible to obtain weekly returns will
be 5.5% smaller than for the corresponding week last year.
The total stands at $9,222,132,261, against $9,759,716,036
for the same week in 1927. At this centre, there is a loss
for the five days ending Friday of 5.4%. Our comparative
summary for the week follows:
Clearings-Returns by Telegraph.
Week Ending Aug. 11.
1928.
1927.
Per
Cent.
New York
Chicago
PhiladelphLs.
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$4,499,000,000
499,372,021
365,000,000
330,000,000
123,755,322
105,800,000
151,600,000
145,101,000
131.836,566
135,542.254
92,335,509
74,036,886
48.043,390
-5.4
$4,761,000,000
597,505,455 -16.4
412,000,000 -11.4
-6.5
353,000,000
-0.3
124,184,850
-3.0
109.100.000
+3.2
146,955,000
+8.1
134.257,000
-4.0
137,325,529
-1.3
137,368,777
-8.7
101,185,978
84,963.594 -12.9
52.120,238 -11.7
Thirteen cities, 5 days
Other cities, 5 days
58.899,422,948
985,887,270
$7,150.988,421
974,422.000
-8.3
+1.2
Total all cities. 5 days
All cities, 1 day
$7,885,110.218
1.537.022,043
$8,125,388,421
1,634.327,615
-5.4
-6.0
Tntsd all Mllem,for week
59.222.132.261
$9.759.716,036
-5.5
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day inasmuch as the week ends to-day (Saturday), and the Saturday figures will not be available until
noon to-day. Accordingly, in the above the last day of the
week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete results for the week previous-the week ended Aug. 4.
For that week there is an increase of 9.1%, the 1928 aggregate of clearings for the whole country being $11,274,008,467, against $10,333,423,397, in the same week of 1927.
Outside of this city, the clearings show an increase of only
2.5%, the bank exchanges at this centre recording a gain
781
FINANCIAL CHRONICLE
of 13.5%. We group the cities now according to the Federal
Reserve districts ,in which
-they are located and from this it
appears that in the New York Reserve District (including
this city) the totals are larger by 13.3%, but in the Boston
Reserve District there is a loss of 6.4% and in the Philadelphia
Reserve District of 5.4%. The Cleveland Reserve District
has an increase but of only 1.0%,while the Richmond Reserve
District shows decrease of 8.6% and the Atlanta Reserve
District of 2.0%. In the Chicago Reserve District clearings
are larger by 9.2%; in the St. Louis Reserve District by
4.9% and in the Minneapolis Reserve District by 6.8%.
The Kansas City Reserve District records a gain of 7.9%,
the Dallas Reserve District of 16.9% and the San Francisco
reserve District of 4.0%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
[VoL. 127.
Week Ended August 4.
Clearings at
1928.
S
s
Week End. Aug. 4 1928.
1927.
1928.
1926.
1925.
Federal Reserve Mits.
3
526,454,954 -6.4
lst Boston_
580,415,019
464,536,535
_12 cities
523,032,945
7,176,546,102 6,333,239,020 +13.3 6,000,291,865 5,045,121,429
2nd New York_11 "
574,525,539
534,973,879
565,635,319 -5.4
3rd Philadelphial0
556,963.925
371,442.048
409,731,952
405,507,056 +1.0
4th Cleveland_ 8 "
404.662,826
185,289.238
212,610,958 -8.6
5th Richmond _ S"
206,313,547
200.939,609
170,865,824
174,306,306 -2.0
185,657,815
6th Atlanta____13 "
219.813,934
1,057,139.227
968,112,395 +9.2 1,010,090,161
7th Chicago_ _ _20 "
927,656.222
217,961,726
207.846,817 +4.9
215.837,423
8th Bt. Louis _8 "
210,643,319
126.294,437
118,228,129 +5.8
9th mInneapolls 7 "
117,668.258
119307,689
260.951,990
241,736,969 +7
237,992,741
10th Kansas City12 "
=5,017,183
72,795,377
62,230.64 +16.
llth Dallas
59,886,752
5
67.469,493
538,376,770
517,464,625 +4.0
1210 8518 Fran_ _17 "
536,027,286
486,834,745
Total
129 citlee 11,274,908,467 10.333,423,397 +9.1 10,158.289,553
4,239,491,943 4,136,133,473 +2.5 4,233,816,590
Outside N.Y.City
Canada
31 cities
471,588,624
363,100,278 +29.9
375,408,772
8,913,944,997
3,994.151,884
308.054,379
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended August 4.
Clearings at
1928,
First Federa I
Maine-Bangor _
Portland
Mass.
-Boston _ _
Fall River_ _ _
Lowell
_
New Bedford_ _
Springfield_ _ _
Worcester_ _ _ _ _
Conn
.-Liartfor d
New Haven_ _ _
11.7.
-Providentc
N.11.-Manches t
I
1927.
inc. OP
Dec.
1926.
5
3
$
%
Reserve District- Bosto a693.5411
799.721 -13.3
854,033
3.664,8121
4,916,934 -25.5
4.750,866
466.000.0001 466,000,000
0.0 526.000.000
1.665.2811
1,894,984 -12.1
1.802,793
1.037.9471
1,153.594 -10.0
1.115.448
978.5481
1,120,589 -12.7
1,184,959
5,250.5761
5.316.281 -1.2
5,759,942
3,585,548
3,635.007 -1.4
3,905,193
16,829.044
19,159.236 -12.2
14.765,098
7,948.928
8.786,033 -9.5
7,354.786
14.602.8001 12,988.200 +12.4
11,944.200
684,325 +29.7
887,701
825,9201
Total(12dtles) 523,082,915 526,454,9.54
Second Fed r al Reserve D 'strict-Nevi
6,755,3741
N. Y.-Albauy _ _
6.813,714
1.902.7061
Binghamton__ _
1,990.942
59.923.5501 51,943.811
Buffalo
1.473.130
Elmira
1,068.590
Jamestown__ _ _
1.227.390
1.290.4171
New York _ _ _ _ 7.03.4.516.52410.197.223,924
13.893,636
15,862,073
Rochester_ -- _
7,391.222
7.119.747
Syracuse
4.027.000
Conn.-Stamfor 1
3,880.139
853,911
1,047.792
N. J.-Montcla r
44,428,602
44,994.898
Newark
-8.4
580,415,019
1925.
$
746,736
3,438,238
410,000,000
2.020.373
1,185,125
1,302,863
5,471.578
3,920.270
15,762,683
7,793.164
12,082.100
813,405
4.64,536,535
York-0.9
6.376,857
6,438,652
+0.1
1,698.257
1,586,800
+15.4
50,920.096
56,780.685
+37.9
1.022.173
942,513
+5.1
1.361.860
1.740,000
+13.5 5,874,472.963 4,919.929.113
-12.4
13.434,609
13,596,708
+3.8
6.931.774
7,930,833
+3.8
3,621.620
3,599,516
-18.6
847,371
487,671
-1.3
39,604,285
32,088.934
)
Total(11 cities 7.176.546,102 6.333.239.020 +13.3 6,000.291,865 5,045,121,425
Third Feder°1 Reserve Dist rlct-Phila d el9h 1 a1,527,784
Pa.-Atoona_ _ _ ,
1,687,558 -9.5
1,603,412
1.568.440
4,503.536
4,427,685 +1.7
Bethlehem_ _ _
4.330,632
4,268,104
1.396,243
1,407.696 -0.8
Chester
1.225,781
1,858.133
2.014.135 -18.4
_
1,642.846
2,227,801
Lancaster_
2,882,723
Phibuleloilla -. 502,000,000 531,000,000 -5.5 540.000.000 522.000,000
4,091.954 -3.1
3,966.518
3,969.524
Reading
5.069,718
7,278.311 -8.2
6,679,537
7,571,475
Scranton
6,571,185
4,592,472 -2.2
4,490,395
4,843,785
Wilkes-Barre.
4.348,349
2,249,587 +5.0
2,361.553
2,287.847
2,327,726
York
6.885,921 -7.0
6,405,467
6.465.282
6,069,547
-Trenton_
N.J.
574,525.539
556,963,925
-t-Clev eland
Fourth Fede at Reserve D istric
7.331,000 -5.0
6,963,000
Ohio-Akron.
4.209,738 -10.4
3.851,216
Canton
69,434,145 +2.5
71,162.862
Cincinnati__ _
124,794,000 118,079,537 +5.7
Cleveland
19,246,600 -7.1
17,875.400
Columbus
2,072.592 -15.9
1.742,137
Mansfield
5.288.930 +9.8
5,809,753
Youngstown
177,533,584 179.754.514 -1.2
Pa.
-Pittsburgh _
5.984,000
4.290,334
70,073.471
118,054.389
18.106,100
2,167,622
5,488,234
180,498,676
5,446,000
4.095.802
65.770,885
109,070.937
17,781,500
1,958,061
5,058,855
162,257,008
-F1.0
404.662.326
371.442.048
Fifth Federal Reserve Dist rict-Rlchm ond1,376,939 -11.4
1,220,013
4,929,363 -11.4
4,369.516
Va.-Norfolk____
45,381.000 -13.3
Richmond
39,345.000
.1,800,000 -16.7
S.C.-Charleston
y1.500.000
Md.-13altimore _ 112,002,287 132.700,749 -15.6
26,419,002 +1.6
26.852,422
D.C.-Washing'n
1,575,326
8.355.801
41.360.000
1,843,647
126,178,310
27,000,403
1,534,633
7,493.957
48,508.000
1.874.000
123.833,947
25.595.019
-8.6
206,313,547
208,039.606
Sixth Federal Reserve Dist rict-Atlant a6,036,154 +25.0
7.547,942
Tenn.-Chatt'ga •
Knoxville
.3.500,000 -24.1
2,657.000
Nashville
21,832.564 -14.8
18,602.281
Georgia-Atlanta
41,097,78.5 +3.2
42.411,968
Augusta
1.568.972 +2.4
1,607,387
Macon
2.218.9.55
1.898.825 +16.9
Fla.-Jack'nville.
13,614.397
15.820,582 -13.9
Miami
2.048,000
3,894.000 -47.4
22.088,567
23,241,664 -5.0
Mobile
1.677.285
1.591,907
+5.4
1,782.000
1.484.000 +20.1
Vicksburg
322.298
322,389 -0.1
La.-NewOrleans
54.287.744
52.017,374 +4.4
5,563.927
*3,300,000
18,112.427
45,756.187
1,711.163
2.057,233
22,721,504
8,046,534
22,243.260
2,179,753
1.602.218
394,449
51.969,160
5,999.787
3,479,973
20,363.901
56.673.245
1,453.070
1.738,131
27,541,665
9,889.657
21,684,172
1,890,241
1.265.909
328,164
47,506.019
Total(13 cities)
185,289.238
170.8435.824
405,507.056
212.610,958
174.306.306
-2.0
927,656,202
217,961,726 207,846,817 +4.9 215.837.423
Ninth Fe teral Reserve Dist rict -Minne !spoils
-Dui in...
Minn.
8.500,736
9,519,2011 -10.7
6,529,976
Minneapu Is...
82,292,417
74,719,219 +10.1
74.826,891
St. Paul_ _ _ _ _
28,392,943
27,098.128 +4.8
29.876.239
,
N. Dalc.-1 irgo2,003,570
2071.235 -3.3
1,896,158
S. D.
-Aber leen
1,342,261
1,204.327 +11.5
1,340.568
Mont.
-Bill ngs _
617,960
619,020 -0.2
557,671
Helena_ __ 3.145.000
2,997,000 +4.9
2.640,755
210,643.319
Total (8 ci lies)..
7,196.589
76,776,736
29.118,420
1.852,073
1,359,801
602,469
2,701,601
Total(7 el:led_ 126,294,437 118,228,129
+6.8 117,668,258 119,607,689
Tenth Fe feral Reserve Dist net
-Kansas City
Nth.-Fre 3115 _
481,516
470,724
543.663
452.538
+2.3
Hastings_
579,072
769.590 +24.8
727,864
661.147
Lincoln_ _
4,446,170
5.851,256 -24.0
5.497.335
4,190,784
Omaha_ _ _
43,124,588
40,160,085
41.310,085
42.287,508
+7.4
Kan.-ToDe tri
3.934,335
4.346,960
3,732,159 +5.4
3,371,776
Wichita _
10,856,775
8,875,697
9,070,834 +19.7
9.215.000
Mo.-Kan. Sliy_ 160,211,338 145,916.810
+9.8 142.068.312 135,091.858
St. Joseph -- 7.039,000
8.201_258
8,760.276
6,931,619 +1.5
-Okla City
Okla.
27,827,000
21,194.569
22.838,318
26,338,000 +5.7
-Col. 111gs.
Colo.
960,044
1.608.645
1,580,546
1,256,888 -23.6
Denver_ _
a
a
a
a
a
Pueblo.._ _
1,402,152
1.063,865
1,121,887
1,239,004 +20.4
Total(12c1 les). 260.951,990 211,736,969 +7.9 237,992,741
225.017.183
Eleventh Fede ral Reserve District -D aliasTex.-Aus
--1.505.580
2.159.039
2.117.166
1,235,243 +21.9
Dallas_ _ _ _
48,170,006
37.079.848
38,827,901 +24.1
33,335,552
Forth Wor Ch._
13.008.376
10.725.579
11.083,945 +17.4
11,618.248
Galveston
_
5,671.343
5.647.004
6,429,149
6,919,000 -18.0
La.-Slareve -rori_
4,440,072
4,275,282
3,969,378
4.214,760
+5•3
Total(5 cltles)_
72,795,377
59.886,752
62,280,849 +16.9
57,469.493
Twelfth F eder al Reserve D istrict-San Franci sco-Seat Ie._
Wash.
46.291.408
42,596.424
46.986,048 -1.5
41,767,347
Spokane...
---.
12,139.000
11.713.000
11.885.000 +2.1
11,267,000
Yakima__ ---1,197,534
1,213,320 -1.3
1.322.862
1.302,197
Portland_ _ --37,491,583
36,991,168 +1.4
45,569.803
41.504.628
Utah-S. L. City
16,177,352
15.621,275 +3.6
15.490,311
14,986,749
-Preen0...
Calif.
3,381,092
3.734,191 -9.5
3,496,815
3,618,655
Long Beat 3--7,677,125
7,759,726 -1.1
7,016,883
6,619.773
s_
Los Angelo
174,242,000 166,188.000 +4.9 171,618,000 141,945,000
Oakland_ _ .--17,076,553
17.200.974 -0.7
20,105.761
19.978,679
Pasadena. .--5,575,661
6,251,910 -10.8
6,017,352
5,937,168
Sacrament /...
6,427,770
8.555,883
6,399,231
9,791,418
+0.4
San 1)lego -5,319.788
5,115,191
5.156,662
5.748.939
+4.0
San Franc 500_ 195,659,000 182,548,000
+7.2 186,610,000 173,100,000
San Jose_ _ --3,423,645
3.389.951
3.143,915 +8.9
3.154.443
Santa Barb are.
1,601.526
1,505,748
1.418,483 +12.9
1510.689
Santa MonIts.
2,211.133
2,422.373
2,362,693 -6.4
2,333.120
Stockton__ ....
2,481,600
2.720,400
2,645,500 -6.1
3,017,500
Total(17 cl ties) 538,376,770 517.464,625
+4.0 536,027,286 486.863,745
Grand total (1'9
-cities)- - -11274008467 10333423397
+9.1 10 158289553 8,913.944,997
Outside N.Y
4.239,491,943 4.136,133,473
+2.5 4.283.816.590 3.994,115,884
Week Ended Aug. 2.
Clearing: at
1028.
185.857.815 219.813.934
+9.2 1,010.090,161
Wis-18.0
+13.3
-12.9
+0.7
-10.2
-6.0
-14.8
-9.7
5.226,957
143.700.000
30.833,526
437,824
15,847,566
12,132,295
615,475
1,849,676
Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
Loudon
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Mouse Jaw
Brantford
Fort William-New Westminster
Medicine list....
Peterborough_ __ _
Sherbrooke
Kitchener
Windsor
Prince Albert__ _ _
Moncton
Kingston
Chatham
Sarnia
+...•., Ill ritinal
1927.
5
159,657,757
130,573.485
81,159.631
20,731.120
7,234,315
6.731.204
4.955.874
6,655.460
9.003,574
2,794.635
2,402.061
3,109,534
6.041.672
8,130,136
799,795
761,761
2,931,486
1,152.171
1,466,955
1,072.536
1,048,390
413,776
895,154
954,801
1.190,542
5,968.400
456,853
799,594
741,812
697,090
1,062.050
471 I:u0 non
C .Q..NMQ.COO.-.00...s.N..8MC>N20.1.NOOZ:1moo
,.1,,,M=N b etr.., 1s00.41
,
)0N,C>.0...tO
CO.VMOYOMMN ,
MNRONA,Oncf!WONCO4
Nt r. 40
4 :. 601dt
.
:06 A-.N44COCCOMMN,ia
,
1,
..*04,
1.,199,D
nc0 ,
-40C0=3000COMN.N.C5.-...
.op.g. oMwM...rnel
.
..oms,c..vonomuzgm amt
-c.=
Total(6 elties)_
409,731.052
505.635,319
968,112,395
4,963,290
144.600.000
32.389.910
413.310
17,898,266
13,142.961
673.017
1,756.669
....
Total (8 cities)
534,973,879
5
Eighth F sieve 1 Reser ve Dis trict-St.Lo
Ind.
-Evan ./111e_
4,962,672
8,051.355
Nio.-St. gils
155,000,000 136,800.000
Ky.-Loulsv Me
28,875.355
33,157,118
Owensbor
460,213
457,212
Tenn.-Nie nphis
15,477.857
17,246.034
Ark.
-Little Rork
11,246,033
11,959,800
Jackso[Mile
412,728
484.479
Quincy__
1,526,868
1,690,819
M
-5.4
Total(10 cities
1925.
1926.
3
%
Seventh ceder al Reserve D istrict-Chic ago
Mich.-Adr tan .. _
248,146
241.524
251,440 -1.3
231,888
Ann Arbor_ _ __
1.060,406
1,160.858
1,134,925 -6.6
949.223
Detroit_ _
196,353,790 161,784.351 +21.4 173,381,185 158,779.407
Grand 11.•.pids_
11.483,091
8,642.885
10,209,971 +12.5
8.913,608
Lansing _
3.108.145
2,953.002 +5.3
2,591,336
3,280,218
Ind.
-11. 1 Jayne
3,063,609
3,046,765 +0.6
2,813,961
3.030.081
IndlanapoIls
22,357,000
24,464,000 -8A
24,014.000
18,328.000
South Be 16
3.329.800
3.004.700 +10.8
3,281,300
3.035,500
Terre Ha te_ _
4.330.400
6.376,108
5.637,256
5.308.384 -23.1
Wis.-1 111waukee
/
1
4
39,285.212
42,503,696 -7.6
38,135,594
43,017.393
Iowa-Ced. 50.513_
2,947,080
3.161.599 -6.8
2.761,116
2,993.047
Des Molte8
9,593,925
10.708.019 -10.4
10,935.542
10,592.714
Sioux Clt r
6,980,218
6,466,178
6,194,503 +12.7
7,280,627
Waterloo_ _
1.420.902
1,328.319 +7.0
1,249,842
1,345,844
-Bloom tigton
111.
2,087,226
1.533,761 +36.1
1,638,482
1,698,880
Chicago_
736,663.477 678,126,110 +8.6 707.538.903 651,645.260
Decatur...
1,182,736
1,353,659 -12.6
1,613,692
1,464,348
Peoria _
5,210,714
5,078.380 +2.6
5,330,231
5.190.380
Rockford
3,206,636
3.194,375 +0.4
3,417,067
2,829,981
Springflel 1....
3,225,714
2,791,931 +15.5
2,977,899
2.935,005
Total(20 ;ides) 1,057,138,227
Inc.or
Dec.
ine. or
Dec.
1927,
wt, 1 nn o,u
A .4.• c,
Dec.
1926.
%
$
1025.
5
+30.7
+46.6
+28.8
+14.3
+14.3
+0.6
+35.1
+27.8
-27.7
+1.0
+3.6
+15.4
+1.0
-1.3
+17.3
+30.4
+9.9
-23.1
+34.7
+47.7
-1.6
+34.4
+74.9
-5.8
+21.8
+47.6
+7.8
-10.4
+6.5
+12.7
+73.3
115.440.646
88,474,861
81,142.913
18,640.437
5.833.496
6,244.189
3,195.025
5,205,496
13,749,983
2.705.414
2.646,487
2,515,345
5,598,386
6,380,702
707.221
600,967
2.193,547
1,233.112
1,053.808
789.314
894,429
315,641
562.919
1,115,196
810.798
4.071.311
421.980
792.844
691,489
716.327
684.489
106,472.578
77.529.142
52,565,138
17,145,762
5,575,447
5,915,417
3,293,966
5.170,026
4,069,961
2,916,413
1.901,226
2,376.133
4,254.360
3,628,996
694.720
535,228
2.005.245
1,112.174
925.238
976,301
772.799
292,747
782.582
981,625
947,096
3.280,687
312,428
784,473
836,491
a on n
'17 . Ang 770
,
fine 054 270
a Manager of c caring house refuses to report weekly figures. •Estimated.
ENGLISH FINANCIAL MARKET—PER CABLE.
Tho daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Fri.,
Thurs.,
Wed.,
Tues..
Mon.
Sat.
Aug. 10.
Aug. 8.
Aug. 9.
Aug. 6.
Aug. 7.
Aug. 4.
275-16
2731
27 3-16
Holiday
2734
Silver, per oz _d 2734
84.11346. 84.11 A d. 84.1130. 84.1130.
Gold,per fine ca 84.11d. Holiday
55A
Holiday
5534
5534
55A
Consols, 234% ____
102)
10231
10234
10234
British, 5%-------Holiday
9334
,
Holiday
9834
9834
98A
British, 434% _
French Rentes
68.05
68.15
68.60
68.30
68.20
(In Parls)_fr_
French War L'n
93.20
92.95
92.95
92.90
93.30
fin Paris)_fr_
The price of silver in New York on the same days has been:
Silver in N.Y., per oz.(cts.):
Foreign
5881
583:1
59
5834
5934
593
Government Receipts and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disubrsements for July 1928 and
1927.
—Month of 'TWO—
Receipts.
1927.
1928.
Ordinary—
$
8
Customs
44,590,733 50,481,464
Internal revenue:
33,170,833
Income tax
32,603.289
Miscellaneous internal revenue
50,001,279 60,23.3,639
Miscellaneous receipts:
Proceeds Government-owned securities—
Foreign obligations—
Principal
26,000
28,970
Interest
19,360
3,872,525
Railroad securities
665,529
All others
106,799
72,483
6,394,578
Trust fund receipts (reappropriated for Investment)._
5,812,184
834,004
Proceeds sale of surplus property
1,674,563
Panama Canal tolls, eic
2,075.907
1,530.015
Receipts from miscellaneous sources credited direct to
511,595
aPpropriations
1,095,645
16.223,546
Other miscellaneous
16,743,417
Total ordinary
154,858,547
Excess of ordinary receipts over total expenditures chargeable against ordinary receipts
Excess of total expenditures chargeable against ordinary
receipts against ordinary receipts
123.761,016
Expenditures.
Ordinary (Checks and warrants paid, &e.)—
General expenditures
Interest on public debt a
Refund of receipts:
Customs
Internal revenue
Postal deficiency
Panama Canal
Operations in special accounts:
Railroads
War Finance Corporation
Shipping Board
Allen property funds
Adjusted service certificate fund
Civil service retirement fund c
Investment of trust funds:
Government life insurance
District of Columbia Teachers' Retirement
Foreign,Service Retirement e
General Railroad Contingent
173.969,860
29,608,700
170,322,550 152,784,973
15,428,423
16,006,151
1,707,873
8,951,403
1,977,994
14,848,323
601,443
683,039
7.885
5104.949
56,160
5124,102
1,7N: 7 "
4
7
Dag:
5227,722
270,140
8117,941
''0 039,996
6,099,296
222.701
147,000
72,581
225,561,512
Total ordinary
5,551,671
187,876
197,600
72,637
194,778,560
Public debt retirements chargeable against ordinary receipts—
Sinking fund
53,047,550
Purchases and retirements from foreign repayments_
Received from foreign Governments under debt settlements
Received for estate taxes
Purchases and retirements from franchise tax receipts
(Federal Reserve and Federal Intermediate Credit
banks)
Forfeitures, gifts, &c
10,500
Total
53,058,050
8,800.000
8,800,000
Total expends, chargeable against ordinary recelpt5_278.619,563 203,578,560
Receipts and expenditures for June reaching the Treasury in July are Included.
a The figures for the month and for the fiscal year 1929 to date each includes
$59,217.76, accrued discount on war-savings certificates of matured series, and for
the corresponding periods last year the figures include $134,080.83.
O Excess of credits (deduct).
c The amount of the appropriations available July 1 1928 of 519,950,000 for the
Civil Service retirement and disability fund and $213,000 for the Foreign Service
retirement fund were invested in special issues of 4% Treasury notes maturing June
30 1933, in accordance with the procedure already established for investments for
account of the Adjusted Service certificate fund. Variations in working cash balance account for any difference in amounts charged above.
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
July 31 1928 are sot out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury as of July 31 1928.
Assets—
Gold coin
Gold bullion
CURRENT ASSETS AND LIABILITIES.
GOLD.
Liabilities—
• 3
696,492,271.89 Gold ctts. outstanding_ _1,494,379,009.00
2,485,557,861.46 Gold fund, F. It. Board
(Act of Dec. 23 1913,
as amended June 21
1917)
1 357.540,509.77
Gold reserve
156,039,083.03
Gold in general fund..
174,091,526.55
3 182,050,133.35
Total
Total
3 182,050.133.35
Note—Reserve against $346,681,016 of U. S. notes and *1,301,150 of Treasury
notes 01 1800 outstanding. Treasury notes of 1890 are also secured by silver dollars
In the Treasury.
SILVER DOLLARS.
blabflutes—
$
Assets—
430,967,206.00 Silver Mts. outstanding_ 474,799.774.00
Sliver dollars
Treas. notes of 1890 outstanding
1.301.150 00
Silver dots.In gen.fund_
4.866,282.00
Total
185
FINANCIAL CHRONICLE
AUG. 11 1928.1
480,067,206.00
Total
480,967.206.00
GENERAL FUND.
Assets—
Liabilities—
$
S
Gold (see above)
174,091,526.55 Treasurer's checks out4.412,974.24
Silver dollars (see above)
4,866,282.00
standing
2,927,601.00 Deposits of Government
United States notes
1,076,462.00
officers:
Federal Reserve notes
150,110.00Post Office Dept
1,087,432.89
Fed. Res. bank notes___
Board of trustees,PosNational bank notes____ 22,093,921.00
2,742,050.44
tal Savings system:
Subsidiary silver coin_ _ _
2,592,415.67
5% reserve, lawful
Minor coin
7,609,221.24
money
7,858,881.52
Silver bullion
Other deposits
434,805.92
Unclassifled—Collec'ns,
3,796.450.98
Postmasters, clerks of
&.c
courts, disbursing
28,331,644.06
Deposits In F. R. banks_
47,430,519.85
officers, &c
Deposits in special deDeposits for:
positaries acc't of sales
Redemption of F. It.
of ctfs. of indebtedness 96,727,000.00
notes (5% fund,
Deposits in foreign de166,223,090.20
gold)
positaries:
Redemption of nat'l
To credit of Treasurer
108,059.38
bank notes(5% Id.,
United States
26,695,259.89
lawful money)
To credit of other
Retirement of addyl
361,785.87
Government officers
circulating notes
Deposits in nat'l banks:
2,430.00
Act May 30 1908_
To credit of Treasurer
7,128,949.69 Uncollected items, exUnited States
4.205,846.05
changes, &.c
To credit of other
19,101,288.29
Govt. officers
258.101.580.28
Deposits in Philippine
116,750,284.38
Net balance
Treasury:
credit of Treasurer
To
897,436.21
United States
374.351.864.66
Total
374,851,864.66
Total
a Includes receipts from miscellaneous sources credited direct to appropriations.
-day was
Note.—The amount to the credit of disbursing officers and agencies to
6402.882,079.90. Book credits for which obligations of foreign Governments are
held by the United States amount to 533.236,629.05.
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank notes are
paid into the Treasury as mLscellaneous receipts, and these obligations are made,
under the Acts mentioned, a part of the public debt. The amount of such obligations to-day was 643,078,412.
$433,520 In Federal Reserve notes and $22,073,921 in national bank notes are in
the Treasury in process of redemption and are charges against the deposits for the
respective 5% redemption funds.
Preliminary Debt Statement of the United States
July 31 1928.
The preliminary statement of the public debt of the
United States July 31 1928, as made upon the basis of the
daily Treasury statement, is as follows:
Bonds—
Consols of 1931)
Panama's of 1916-36
Panama's of 1918-38
Panama's of 1961
Conversion bonds
Postal savings bonds
First Liberty Loan of 1932-47
Third Liberty Loan 01 1928
Fourth Liberty Loan of 1933-38
Treasury
Treasury
Treasury
Treasury
Treasury
$599,724,050.00
48,954,180.00
25,947.400.00
49,800,000.00
28.894,500.00
15,875,560.00
$769,195,690.00
$1,939,154,150.00
1,070,899.250.00
6,284,041,600.00
9,294,095,000.00
$758,984,300.00
1,036,834,500.00
489,087,100.00
493,037,750.00
95,217,400.00
bonds 01 1947-52
bonds of 1944-54
bonds 01 1946-56
bonds 01 1943-47
bonds of 1940-43 (see footnote)
Total bonds
Treasury Notes—
Series A-1930-32, maturing Mar. 15 1932
Series B-1930-32, maturing Sept. 15 1932
Series 0-1930-32, maturing Dec. 15 1932
Adjusted Service—
Series A-1930
Series A-1931
Series B-1931
Series A-1932
Series A-/933
Civll Service—
Series 1931
Series 1932
Series 1933
Foreign Service—Series I933
2,873.161,050.00
$12,936,451,740.00
$1,215,153,200.00
615,095,700.00
607,399,650.00
Treasury Certificates—
Series TD 1928. maturing Dec. 15 1928
Series TD2-1928, maturing Dec. 15 1928
Series TD3 1928, maturing Dec. 15 1928
Series TM-1929, maturing Mar. 15 1929
Series T142-1929, maturing Mar.15 1929
Treasury Settings Certificates (a)—
Series 1923. issue of Sept.30 1922
Seires 1923, Issue of Dee. 1 1923
Series 1924, issue of Dec. 1 1923
Total interest-bearing debt
Matured Debt on 1Vhich Interest Has Ceased—
Old debt matured—issued prior to Apr. 1 1917_
Second Liberty Loan bonds of 1927-42
354% Victory notes of 1922-23
434% Victory notes of 1922-23
Treasury notes
Certificates of indebtedness
Treasury savings certificates
Debt Rearing No Interest—
United States notes
Less gold reserve
30,300,000.00
53.500,000.00
70,000.000.00
123,400.000.00
123,400,000.00
31,200,000 00
14.400,000.00
35,900.000 00
365,000.00
$261,761,000.00
201,544,500 00
360,947,000.00
216,371.500.00
211.784,000.00
2.920,113,550.00
1,252,408,000.00
$21,641,639.85
23,324,641.60
94,006,987.05
138,973.268.50
$17,247,946.558.50
$2,023,170.26
28,116.100.00
22.330.00
2.164,100.00
1,773,500.00
1,879,200.00
2,997,575.00
38,975,995.26
$346.681,016.00
156,039,088 03
$190,641,927.97
Deposits for retirement of national bank and
Federal Reserve bank notes
Old demand notes and fractional currency__
Thrift and Treasury savings stamps, unclassified sales, dm
43,078.412.00
2,045,485.77
3,531,091.46
239.296,917.20
$17,526,219,470.96
Total gross debt
outstanding.
a Net redemption value of certificates
Note.—The amount of these bonds issued in exchange for Third 4145, according
to latest reports from the Federal Reserve banks, was $107,518.200. The figure
of 195,217,400 represents only those actually cleared at the close of business July 31.
In addition $251,528,600 of these bonds was sold for cash, delivery and payment
to be made Aug. 1.
COMPARATIVE PUBLIC DEBT STATEMENT.
[On the basis of daily Treasury statements.]
Aug. 311019
When War Debt July 31 1927 June 30 1928
Last Month. July 31 1928.
Was as Its Peak. A Year Ago.
26,596,701,648 18,463.199.183 17,604.293,201 17,526,219,470
Gross debt
164,540,960
265,526,980
116,750,284
Net bal. In gen.fund_ 1,118,109,534
Gross debt less net
bal.in gen.fund 25,478,592,113 18,298,658,222 17,338.766.220 17,409,409,186
786
FINANCIAL CHRONICLE
genumercial nuttAlisceIlaneonsnews
[VOL. 127.
CONSOLIDATION.
July 31-The Citizens National Bank of Denison, Tex
100,000
The National Bank of Denison ,Tex
100.000
Consolidated to-day under Act, Nov. 7 1918, and under
the charter and corporate title of the "Citizens National
Bank of Denison," No. 12728, with capital stock of
5150.000.
Breadstuffs figures brought from page 849.
-All
the statements below regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
Auction Sales.
-Among other securities, the following,
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wedneseach of the last three years.
day of this week:
Receipts at- Flour. 1 Wheat.
Corn.
Rye.
Oats.
Barley.
By Adrian H. Muller & Sons, New York:
Chicago
Minneapolis_
Duluth
Milwaukee_ -Toledo
Detroit
IndL%napolia_
St. Louts_ _
Peoria
Kansas CRY Omaha
St. Joseph_
Wichita
Sioux City-
bbls.1961bs. bush.60 lbs bush.56 lbs.bush. 32 lbs.bush.48lbs.bush.5e1bs
.
234,000 2,825,000 5,517,000 1,404,000 295.000
8,000
1,473.000
83,000
77,000
130,000 399,000
462,000
4,000
124,000
9,000
61.000
639,000
89,000
100,000 204,000
1,000
206,000
24,000
16,000
4,000
24,000
13,000
8,000
137,000
413,000
418,000
122,000 4,012,000
$42,011
513,000
13.000
5,000
260,000
260,000
59,000
182,000
50,000
8.751,000
493,000
126,000
618,000
718.000
3.421,000
5,000
120,000
52,000
1.101.000
1,248,000
17,000
8.000
22,000
26.000
113,000
311,000
Tot. wk.'28
Same week '271
Same week '29
Since Aug.1-1
1928
1927
1926
476,090
416,000
530,000
I
476,000
416,000
11101100
24,870,000 8,275,000 4,026.000 1,115,000
24,373,000 2,741.000 3,150,000 504.000
23,580,000 2,689,000 2,917,000 552,000
105,000
198,000
194,000
4,026,000 1,115.000
3.150,000 504,000
2.917.000 552.000
105.000
198,000
194.000
24.870,000 8,275,000
24,373,000 2,741,000
22 580.000 2.639.000
Total receipts of flour and grain at the seaboard ports for
the week dnded Saturday, Aug. 4,follow:
Receipts at-New York_ _ _
Philadelphia-Baltimore.._
Newport News
Norfolk
New Orleans•
Galveston_ _
Montreal
._
Boston
Houston
Flour.
Corn.
Oats.
Bushels.
Barley.
Bushels.
Wheat.
Bushels. I
Barrels.
2,033.0001
268.00
28.000
176.0001
23.000
732,0001
1,000
1,000
14.0001
54.0001
852,000
63,0001 6.322,0001
30,0001
Rye.
Bushels. Bushels.
16,000 330,000
18,000
20,000
10,000
20,000
20,000
5.0001
14.0001
54,000
15,000
10,000
1.000
561,000
10,000
70,000
71,000
60,000
Total week'28 464,000 10,129,000
104,000
632,000 531,000
38,000
Since Jan.1'28 13,796,000 118,221000 62,089,000 19.279,00017,620,00010,931,000
Week 1927._1 339.000 4,945,600
105,000
294,000
1,000
Since Jan.1'27 12,616,000 151,945,000 6,022,000 16.087,000 21,939,00020,824,000
• Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Aug. 4 1928, are shown in the annexed
statement:
scsponsfromNew York
Boston
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Galveston
Montreal
Houston
il heat.
,
Corn.
Flour.
Oats.
Rye.
Bushels. Bushels. Bushels. Bushels. Bushels.
1,424,882
48,480
44.799
4,000
33,000
104,000
40: 00
0
1,000
1,000
82,000
38.000
13.000
7,000
336,000
1,000
4.060,000 217,000
90,000 495,000 181,000
Total week 1928
6,039,882 255,000
Same week 1927._ 3.958,978
11,000
158,480 542,000
139,721 251,130
225,799
57,000
Barley.
Bushels.
256,164
6,000
60,000
322,164
321.037
The destination of these exports for the week and since
July 1 1928 is as below:
Flour.
Exports for Week
and Since
Week
Since
July 110Aug. 4, July 1,
1928.
1928.
Wheat.
IVeek
Aug. 4,
1928.
Since
July 1,
1928.
Corn.
Week
Aug. 4,
1928.
Since
July 1,
1928.
Barrels. Barrels.
Bushels.
Bushels. Bushels Bushels.
United Kingdom_ 58,296
381,312 1,711,159 7,355,630 217,000 331,500
Continent
78,660
397,434 4,282,759 14,738,814
So.& Cent. Amer. 2,000
40,000
10,000
1,000
42,000
West Indies
10,000
46,000
2,000
11.000
37,000
231,000
Brit. No.Am.Col.
Other countries... 9,524
81,789
43,984
454,845
2,250
Total 1928 •
158,480 926,535 6,039,882 25,470,289 255,000 806.750
Total 1927
139.721
673.816 1958.978 17,719,328
11,000
184,000
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE RECEIVED WITH TITLE
REQUESTED.
CAPITAL,
Aug. 1-The Souderton National Bank, Souderton, Pa
5100,000
Correspondent, Gideon M. Haas, Souderton, Pa.
CHARTERS ISSUED.
Aug. 1
-The Citizens National Bank & Trust Co. of Terre
Haute, Ind
200,000
President, D.Russ Wood. Cashier, Charles C. Newlin.
Conversion of Citizens Trust[Co., Terre Haute, Ind.
Aug. 1
-The Hyde Park National Bank of Scranton, Pa
125,000
Conversion of the Hyde l'ark Deposit Bank, Scranton.
Pa. President, Gomer C. Davis. Cashier, H. T.
Harris.
Aug. 1
-The Stewardson National Bank, Stewardson, Ill
25.000
President, Albert Meitzner. Cashier, Edwin H.Faster.
CHANGES OF TITLES.
Aug. 1-The Central National Bank of Peoria, Ill., to "the Central National Bank & Trust Co. of Peoria."
Aug. 1-The First National Bank of East Chicago, Ind., to
the "First National Bank & Trust Co.of East Chicago."
Aug. 1-The Third National Bank of Plainview, Tex.. to the
"Plainview National Bank."
VOLUNTARY LIQUIDATIONS.
Aug. 1-The Citizens National Bank of Latrobe. Pa
50,000
Effective at close of businest(July 31 1928. Liq. Agent.
The Latrobe Trust Co.. Latrobe. Pa. Absorbed by
the Latrobe Trust Co.
Aug. 1-The First National Bank of Monetta, Ark
50,000
Effective Jan. 12 1927. Lig. Agent, John V. Hancock.
Monette, Ark. Succeeded by Citizens State Bank of
Monette.
Shares. Stocks.
per sh. Shares. Stocks.
$persh.
200 Burden Iron Co. cum.8% pf_- 15 50 Mototeria Co., pref.; 25 Cl. B
244 Pacific Devel. Corp., par $50--$3 lot
$125 lot
common, no par
140 Horace L. Day & Co., Inc.,
400 American Hydro-Carbon Co.,
pref.; 840 corn., no par
$100 lot
$75 lot
Inc., par $5
50Universal Chain Theatres Corp.,
8% prof.; 50 corn., no par_324 per unit
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per sh.
35 Arlington Mills
35
25 Winthrop Cotton Yarn Co
2
2-8 Pepperell Mfg. Co
1134
7 Pepperell Mfg. Co
89
100 Sharp Mfg. Co., pref
1%-1%
60 Aetna Mills, pref
$16 lot
325 U.S. Worsted Corp., com__16e.-19e.
65 U.S. Worsted Corp., 1st pref_ 1%
5 Meredith Linen Mills, pref
41
37 Whitman Mills
1834
16 Boston Mfg. Co.,6Si% met__ 25%
12 Brookside Mills
60
9 Saco Lowell Shops, con
4
10 So Lowell Shops, 2d pref
65i
100 Sharp Mfg. Co., con
30c.
35 E. E.Gray Corp., corn, class B. 1
18 Lamson & Hubbard Corp.,corn_ 16
8 Fisk & Co., Inc., pref.(ctf. of deP.)16
25 Shawmut Bank Investment Corp. 31
291 Old Colony Trust Associates... 5234
5001d Colony Trust Associates.52-53)4
special units First Peoples Trust _ _ 334
3Dennison Mfg.Co.(deb.stk.) 141 & div.
$ liersh.
Shares. Stocks.
m
22 Plymouth Cordage Co
18 New Eng. Pub. Serv., corn.... 81)4
30 Regal Laundry Co
3g
15 Beacon Participations,Inc..class
A participating pref
21
6 units First Peoples Trust
5434
200 Beacon Participations, Inc ,
class A participating pref
21
7 Rockland Lt. &Power Co.. corn.
113
v.t.c.. par 550
10 Eastern Mfg.Co., pref
69
500 Beacon Participations, Inc.,
class A participating pref
5 Elec. Lt.& Power Co.of Abington 21ac
& Rockland (undep.). par $25___ 50
8 units First Peoples Trust
54%
100 Deacon Participations, Inc.,
class A participating pref
21
43 Beacon Participations,Inc.. class
A participating pref
21%
Bonds$500 Converse Rubber Shoe Co. 75, Cent.7
due July 1932
1034 flat
By R. L. Day & Co., Boston.
Shares. Stocks.
$ per sh.
$ per sh. Shares. Stocks.
25 Merchants Nat. Bank, Boston--425 6 units First Peoples Trust
54
75 Nat.Shawmut Bk., Boston_314-315M 3 units Commercial Finance Corp 42%
2 Webster & Atlas Nat. Bank
193 2 Mossberg Pressed Steel Corp..
70 Naumkeag Steam Cotton Co_ _135
pref.; 1 common
$
10 Gosnold Mills, pref
15 0
8
834 4 Mass. Bonding & Insurance Co__ 25 1"
10 Farr Alpaca Co
119% 10 New England Power Assn., pref. 99
41 Lancaster Mills, common
10634
1% 20 American Glue Co., pref
41 Arlington Mills
39
15m 20 G5
$2 reat Northern Paper Co., par
8 York Mfg. Co
75
57 Naumkeag Steam Cotton Co_ _133% 12 New England Power Assn., pref. 99
88-140 Amer.Founders Trust,corn. 82 62 Joint Stock Secur. Co. of Mass
3%
3 Dennison Mfg., 7% pf_.10534 & div. 10 units First Peoples Trust
5434
Per cent.
5 Cape Cod 44 New Bed!. SS. Co..315 lot
Bonds.
m
10 Lamsr &Hubbard Corp., prof.
( ass
$2.800 Boston Lodge B. P. 0. E..
2d mtge. 6s, April 1940
87%
60t
Correction.
" ed
-Our last week's report of R. L. Day & Co.'s auction sales sta lot
101 shares New England Power Assn. pref. stock sold at 89. This was an error.
It should have been 99.
By Barnes & Lofland, Philadelphia:
Stocks.
$ per sh. Shares Stocks.
al.Shres
12 Sixty-Ninth St. Term. Title$&per
106
160 AberfoYle Mfg. Co.,corn
16011
Trust Co.. par $50
11 Lewisburg Nat. Bank, par $50..126
650
15 Lewisburg Bridge Co., par $50._105 8 Integrity Trust Co., par $50
65
$17 lot 30 FalrhIll Trust Co., par $50
250 Thomas Graham Co
7-15ths of $15,000 legacy, under the
--210
1 Collingswood (N. J.) Trust Co.
60
will of Sarah E Esrey, deceased,
5 Glenside Trust Co., par 250
100 Thomas Henry & Sons, Inc
to the Delaware Co. Trust Co. of
lot
Chester, Pa., as trustee for
common
Thomas Graham. subject to life
4 Philadelphia Bourse, corn., par
34
estate of his mother. Mary E.
$50
$80 lot 10 W. J. McCahan Sugar Ref. &
Graham
95
28 Continental Equitable Title &Molasses Co., pref
335 30 United Securities Corp., corn-- 1834
Trust Co.. par $50
ao
5 Camden Realty Co
5 Bryn Mawr Ice Mfg. &Cold
35
Storage Co., par $25
Membership in the Rolling Green
750
260
Golf Club
25 Southwestern Nat. Bank
-204
10 Queen Lane Nat. Bank
14234 75 units Bankers Bond & Mtge.
755 50 Bankers Bond & Mtge..
3 Philadelphia Nat. Bank
con"--103
5 Fern Rock Trust Co
10 Mitten M.& M. Bank & Trust
115
Co.,stamped
Per Cent.
Bonds.
20 Security Title & Tr. Co., par 250 70
10 Susquehanna Title & Trust Co.,
$17,500 Lake Tracy Farms Co. let
unpaid coupons at58
135, 1932,
$9,000 lot
1615
Trust
par50T
tached
2 Girardru Co
250 $1,000 Wilkes-Barre & Hazleton
9 Colonial Trust Co., par $50
R.R. let col. trust 55, 1951-- 38
2 Northwestern Tr. Co., par $50_ _1011
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
$ per :h.
1,602 units (all or none) Modern
Service Finance Corp., pref.,
with 1.502 shares common33 per unit
50 Western States 011 & Land Co.,
2e.
par SI
Sc.
1,000 Night Hawk, par $1
$ per shl
Shares. Stocks.
4 Modern Service Finance Corp.,
50e.
common, DO par
1,000 Baldwin Gold Mines, par 21_ le.
100 New Sutherland Divide, par
500. lot
$10
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:
Name of Company.
Railroads (Steam).
Chestnut Hill (quar.)
Chic. it. I.& Pacific, corn.(quar.)
Cleve.& Pittsburgh, guar.(guar.)
Special guaranteed (quar.)
Delaware & Bound Brook (quar.)
Gulf Mobile & Nor.,8% pref.(quar.)
Missouri-Kansas-Texas, pref. (quar.)_..
Pere Marquette. corn. (quar.)
Prior preferred & preferred (quar.)--.
Phila. Germantown & Norristown (qu.)
Plttsb. Bessemer & L.E.,com.(qua:.)..
Pittsb. Youngs.& Ash., pref.(quar.)St. Louis-San Francisco, corn. (qu.)._
Common (extra)
6% preferred (guar.)(No. 1)
6% preferred (guar.)
Southern Pacific (quay.)
Union Pacific,corn,(quar.)
Preferred
Vicksburg Shreveport & Pacific, corn...
Preferred
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
•154 Sept. 4 *Holders of rec. Aug. 20
•134 Sept.29 *Holders of rec. Sept. 7
'
87340. Sept. 1 Holders of roe. Aug. 10a
50e. Sept. 1 Holders of rec. Aug. 104
*2
Aug. 20 *Holders of rec. Aug. 16
•1S4 Oct. 1 *Holders of roe. Sept. 15
•1yi Sept.29 *Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 70
Nov. 1 Holders of rec. Oct. 5a
Sept. 4 *Holders of rec. Aug. 20
Oct. 1 *Holders of rec. Sept. 15
Sept. 1 *Holders of rec. Aug. 20
Oct. 1 *Holders of rec. Sept. 1
Oct. 1 *Holders of rec. Sept. 1
Nov. 1 *Holders of rec. Oct. 8
Feb.129 *Hold. of reo. Jan. 7 '29
Oct. 1 *Holders of rec. Aug. 24
Oct. 1 Holders of rec. Sept. 1
Oct. 1 Holders of rec. Sept. 1
Oct. 1 *Holders of roe. Sept. 8
Oct. 1 *Holders of rec. Sept. 8
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities.
250. Sept. 1 Holders of rec. Aug. 16
Amer.Power & Light, corn.(quar.)
Associated Gas & Electric
187110 Oct. 1 Holders of rec. Aug. 31
Original series pref.(quar.)
1111.75 Oct. 1 Holders of rec. Aug. 31
$6 preferred (quar.)
13i Sept. 1 Holders of rec. Aug. 15a
Paton Rouge Elec. Co., pref. A (quar.)
Buffalo Niagara & East. Power
*30c. Oct. 1 *Holders of rec. Sept. 15
Common and class A (atlar.)
*400 Oct. 1 *Holders of rec. Sept. 15
Old preferred (quar.)
*$1.25 Nov. I *Holders of rec. Oct. 15
First preferred (quar.)
"700. Sept. 1 'Holders of rec. Oct. 15
(E. J.) & Sons (quar.)
Brach
1X Aug. 15 Holders of rec. Aug. 2
Cabot Mfg.(mum)
Case (J. I.) Thresh. Mach., corn.(quar.) '1)4 Oct. 1 *Holders of rec:Sept. 10
•14( Oct. 1 *Holders of rec. Sept. 10
Preferred ((Mar.)
134 Sept. 1 Holders of rec. Aug. 150
Central Ark.Pub.Serv., pref.(guar.)
*$1.75 Sept. 1 'Holders of rec. Aug. 18
Central Gas& Elec.. $7 pref.(quar.)
"1 1.8244 Sept. 1 *Holders of rec. Aug. 18
88X preferred (quar.)
Central Public Serv. Corp., cl. A (qu.)_- '43340 Sept.15 *Holders of rec. Aug. 28
11.4 Sept. 1 Holders of rec. Aug. 15
Cleveland Electric Ill., 8% pref. (qu.)._
Colonial Investors Shares (Baltimore)._ *520. Aug. 15 *Holders of rec. July 15
Connecticut Light & Power, corn.(qu.)- •135 Sept. 1 *Holders of rec. Aug. 15
Sept. 1 *Holders of rec. Aug. 15
*2
8% preferred (quar.)
*IX Sept. 1 *Holders of rec. Aug. 15
7% preferred (quar.)
'1)4 Sept. 1 'Holders of rec. Aug. 15
8X preferred (quar.)
•144 Sept. 1 *Holders of rec. Aug. 15
5)4 preferred (quar.)
Empire Gas& Fuel8% pref.(mthly.)_•68 24 Sept. 1 *Holders of rec. Aug. 15
*500. Sept. 1 *Holders of rec. Aug. 15
6% preferred (monthly)
s54 1-80 Sept. 1 'Holders of reo. Aug. 15
6X% preferred (monthly)
•58 1-3c Sept. 1 *Holders of roe. Aug. 15
7% preferred (monthly)
20e. Oct. 1 Holders of roe. Sept. 130
Federal Light &'Frac.. corn.(quar.)____
fl5c. Oct. 1 Holders of rec. Sept. 136
Common (payable in corn,stock)
1)4 Sept. 1 Holders of rec. Aug. 206
Preferred (mum)
$1.80 Sept. 1 Holders of rec. Aug. 20
Gary Railways, class A pref.(quar.)
Indiana Service Corp.,7% pref.(guar.). 134 Sept. 1 Holders of rec. Aug. 15
134 Sept. 1 Holders of rec. Aug. 15
6% Preferred (quar.)
500. Aug. 18 Holders of rec. Aug. 4
Medart(Fred) Mfg.,corn.(quar.)
Metropolitan-Goldwyn Piet.. pt. (qu.). '47)(e Sept.15 *Holders of rec. Aug. 25
1X Sept.15 Holders of rec. Aug. 31
Montreal Cottons, Ltd., corn. (quar.)
134 Sept.15 Holders of rec. Aug. 31
Preferred (guar.)
*40c Sept.25 *Holders of rec. Aug. 27
National Public Service, corn. A (qu.)
14 Sept. 1 Holders of rec. Aug. 16
Nebraska Power, pref.(quar.)
New York Steam Corp.,$8 pref.((Mar.).•$1.50 Oct. 1 *Holders of rec. Sept. 15
•$1.75 Oct. 1 'Holders of rec. Sept. 15
$7 preferred (quar.)
141 Sept. 1 Holders of rec. Aug. 20
Nor. States Power (Wisc.), pref.(qu.)
'134 Sept. 1 *Holders of rec. Aug. 17
Phoenix Hosiery, pref.(quar.)
Southern Cities Utilities, $6 pr. pt.(qu.) $1.50 Sept. 1 Holders of rec. Aug. 11
Southern Ice & Utilities, $7 pref. (quar.) $1.75 Sept. 1 Holders of rec. Aug. 15
$1.75 Sept. 1 Holders of rec. Aug. 15
Participating preferred (quar.)
Southwestern Power & Light. pref.(qu.) 134 Sept. 1 Holders of rec. Aug. 14
1.34 Oct. 1 Holders of rec. Sept.30
Wagner Electric, pref.(quar.)
144 Sept. 1 Holders of rec. Aug. 15
West Ohio Gas, class A pref.(quar.)
Name of Company.
*134
*134
134
Books Closed
Daus Inclusive.
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.
$2
Aug. 1 Holders of rec. July 31
Alaska Packers Assn. (guar.)
*144 Aug. 15 *Holders of rec. July 31
Albers Bros. Mfg., pref.(quar.)
Sept.29 *Holders of rec. Sept.13
*$2
Amer. Locomotive, corn.(guar.)
Sept.29 'Holders of rec. Sept.13
Preferred (quar.)
•$1.50 Sept.29 *Holders of rec. Sept.15
Amer. Railway Express (quar.)
75e. Oct. I *Holders of rec. Sept. 20
•
American Seating (quar.)
134 Oct. 2 Holders of rec. Sept. 56
Amer. Sugar Refg., pref.(quar.)
Sept.15 Holders of rec. Aug. 21
1
Atlantic Refining (quar.)
*50c. Sept. 1 *Holders of rec. Aug. 15
Bastian Blessing Co., corn. (quar.)
Bird Grocery Stores,Inc., pref.(guar.).- '134 Sept. 1 *Holders of ree. Aug. 20
*700. Sept. 1 *Holders of rec. Aug. 15
Brach (E. J.) & Sons, corn.(quar.)
Sept. 1 *Holders of rec. Aug. 20
Brill Corp.,7% pref.(quar.)
82340. Sept. 1 Holders of rec. Aug. 20
Brown Shoe,common (quar.)
25c. Sept. 1 Holders of roe. Aug. 15
Cleveland Stone (extra)
250. Aug. 7 Holders of rec. July 31
Columbia Sugar Corp.. class A (quar.)
Corrugated Paper Board, pref. (quar.)... '134 Sept. 1 *Holders of roe. Aug. 18
*50e. Sept.15 *Holders of rec. Sept. 1
corn.(qu.)
Curtiss Aeroplane & Motor,
Durkee-Thomas Co.,cony. A (No.1)-- •4334t Sept. 1 'Holders of rec. Aug. 15
*20e. Sept. 1 *Holders of rec. Aug. 15
Convertible B stock (No. 1)
*$1.25 Oct.
Eastman Kodak, common (quar.)
*750. Oct.
Common (extra)
*180. Oct. 1 *Holders of rec. Sept.14
Fifth Avenue Bus Securities(quar.)
3
Sept. 1 Aug. 18 to Sept. 2
Fifty-five Park Ave., preferred
*500. Aug. 20 *Holders of rec. Aug. 1
Fisher Brass, pref. A (quar.)
"t1.25 Sept.12 *Holders of rec. Aug. 13
General Motors, common (quar.)
•1% Nov. 1 *Holders of reo. Oct. 8
6% preferred (quar.)
*134 Nov. I 'Holders of rec. Oct. 8
7% preferred (quar.)
'13,4 Nov. 1 *Holders of rec. Oct. 8
6% debenture stock (quar.)
*40c. Sept. 1 *Holders of rec. Aug. 18
Golden State Milk Products (quar.)2
Oct. 1 Holders of rec. Sept.156
Guantanamo Sugar, pref.(quar.)
*50e. Sept. 1 *Holders of rec. Aug. 15
Hale Bros. Stores, Inc
50c. Sept. 1 Holders of rec. Aug. 20
Hartman Corp.. class A (guar.)
30c. Sept. 1 Holders of rec. Aug. 20
Class B (quar.)
Hawaiian Comml & Sugar (mthly.)---- *25c. Sept. 5 *Holders of rec. Aug. 25
*250. Sept. 5 *Holders of reo. Aug. 25
Extra
*25c. Oct. 5 *Holders of roe. Sept.25
Extra
"250. Nov. 5 *Holders of roe. Oct. 25
Extra
Aug. 15 *Holders of rec. Aug. 4
Hercules Powder, pref. (quar.)
2
Sept. I Aug. 21 to Sept. 1
Higbee Co.. 2nd pref.(quar.)
50o. Sept. 1 Holders of rec. Aug. 15
Hires(Charles E.) Co.,tom. A (qu.)
*50o. Aug. 25 'Holders of reo. Aug. 20
Homestake Mining (monthly)
134 Aug. 15 Holders of rec. Aug. 6
Roam Cotton Mills, pref.(quar.)
Imperial Chemical Industries
(o) Sept. 8 *Holders of rec. Aug. 16
Amer. deposits receipts
Imperial 011, Ltd.,registered tquar.)---- *2150 Sept. 1 *Aug. 16 to Aug. 31
*1244c Sept. 1 *Aug. 15 to Aug. 31
Registered (extra)
*250 Sept. 1 *Holders of coup. No. 15
Coupon (quar.)
*12%c Sept. 1 *Holders of coup. No. 15
Coupon (extra)
Sept. 1 Holders of rec. Aug. 20
Indiana Limestone, prof. (qtiar.)
Si Sept. 1 Holders of rec. Aug. 15
Inland Steel (quar.)
55o Sept. 1 Holders to rec. Aug. 15
International Securities, corn. A (quar.)_
123.4e.Sept. 1 Holders of rec. Aug. 15
Common B (quar.)
144 Sept. 1 Holders of ree. Aug. 15
Seven per cent pref. (guar.)
144 Sept. 1 Holders of rec. Aug. 15
preferred (quar.)
634%
13,4 Sept. 1 Holders of rec. Aug. 15
Six per cent preferred (guar.)
*75c Aug. 21 *Holders of rec. Aug. 3
Joske Bros. Co.(quar.)
2% Oct. 1 Holders of rec. Sept. 206
Lawyers Title Guaranty
750 Sept. 1 Holders of reo. Aug. 15
Lehn & Fink Products, cam.(quar.)-*Holders of rec. Aug. 18
*50c Sept.
Loblaw Grocerterlas, Ltd. (quar.)
2)4 Sept.
Holders of rec. Aug. 11
Ludlow Mfg. Associates (quar.)
750 Sept.
Holders of rec. Aug. 15
Lyall(P.)& Sons Construction, corn__ _ _
50c Sept.
Holders of lee. Aug. 18
Manhattan Shirt, common (quar.)
*Holders of rec. Aug. 20
McCrory Stores Corp.com.&com.B(qu.) *500. Sept.
14( Sept.
Holders of ree. Aug. 5
Mengel Company, pref.(guar.)
141 Oct. 1 Holders of rec. Sept. 15
Mitchell (J. S.) Co.. pref. (quar.)
Monarch Royalty Corp., pref.(mthly.). 134 Aug. 10 Holders of rec. July 31
'134 Sept. 1 *Holders of rec. Aug. 10
National Baking, pref. (quar.)
National Dept. Stores, 2d pref. (qu.)-- - *134 Sept. 1 *Holders of rec. Aug. 15
14( Oct. 1 Holders of rec. Sept. 4
National Sugar Refining (quar.)
Aug. 15 *Holders of rec. Aug. 12
*2
Neild Manufacturing (quar.)
*2
Aug. 15 *Holders of rec. Aug. 8
Newmarket Manufacturing (quar.)
*50e. Sept.20 *Holders of rec. Sept.14
N.Y.Transportation (quar.)
Oct. 1 *Holders of rec. Sept. 14
.
1
. 82
Omnibus Corp., Prof.(quar.)
*750 Sept.27 *Holders of rec. Sept. 17
Parafflne Co,.. Inc. (quar.)
"250. Sept.27 *Holders of rec. Sept. 17
Extra
'3734c Aug. 15 "Holders of rec. Aug. 6
Peak. Slow & Wilcox (guar.)
*154 Aug. 15 *Holders of roe. Aug. 15
Pickwick Corp., 7% pref. (quar.)
Pillsbury Flour Mills, pref.(quar.)
134 Sept. 1 Holders of rec. Aug. 15a
Oct. 1 *Holders of rec. Sept. 15
*2
Pittsburgh Plate Glass (quar.)
Pro-phy-lac-tic Brush, pref. (guar.)._ _ _ $1.50 Sept.15 Holders of rec. Aug. 31
Aug. 15 Holders of rec. Aug. 5
2
Quissett Mills. common (quar.)
Dec. 1 *Holders of rec. Nov.21
*3
Preferred
Roxy Theatres Corp., class A (quar.)__ 873Io Sept. 1 Holders of rec. Aug. 15
50c Aug. 31 Holders of rec. Aug. 28
Russ Manufacturing (quar.)
$1.75 Aug. 31 Holders of rec. Aug. 17
Shippers' Car Line Corp., pref. (quar.)
1)4
' Sept. 1 *Holders of rec. Aug. 17
Simon (Franklin) Co., pref.(quar.)
Simons(H.) & Sons, Ltd., pref.(guar.). $1.75 Sept. 1 Holders of rec. Aug. 20
Aug. 15 *Holders of rec. Aug. 3
*2
Soule Mills (quar.)
134
'
When
Per
Cent. Payable.
Miscellaneous (Concluded).
Spalding(A.G.)& Bros., torn.(qu.).__. $1.25 Oct. 15 Holders of rec. Sept.29
Oct. 15 Holders of rec. Sept.29
$1
Common (extra)
14( Sept. 1 Holders of rec. Aug. 18
First preferred (guar.)
Sept. 1 Holders of rec. Aug. 18
2
Second preferred (guar.)
154 Sept. 1 Holders of rec. Aug. 15
Spear & Co., 1st & 2d pref.(guar.)
*62340 Sept.15 *Holders of rec. Aug. 17
Standard 011 (Calif.)(quar.)
'62340 Sept.15 *Holders of rec. Aug. 18
011(Indiana)(quar.)
Standard
.25c. Sept.15 *Holders of rec. Aug. 16
Extra
*63c. Sept.20 'Holders of rec. Aug.25
Standard Oil (Nebraska) (quar.)
*25c. Sept.20 'Holders of roe. Aug. 25
Extra
*25c. Sept.15 *Holders of rec. Aug. 26
Sun 011 Co.. common (quar.)
134 Sept. 1 Aug. 21 to Aug. 31
Timken-Detroit Axle, pref. (guar.)
Sept. 6 *Holders of rec. Aug. 20
Timken Roller Bearing, corn. (quar.)
"25c. Sept. 5 *Holders of rec. Aug. 20
Common (extra)
*134 Sept. 1 *Holders of rec. Aug. 21
(quar.)
Truscon Steel, pref.
Underwood-Elliott Fisher Co..com.(cm.) $1 Sept.29 Holders of rec. Sept. 14
$1.75 Sept.29 Holders of roe. Sept. 14
Pref. and pref. B (quar.)
$1.25 Sept. 1 Holders of rec. Aug. 18
Union Tank Car Co.(quar.)
Aug. 25 *Holders of rec. Aug. 15
United Amusement
Sept. 1 *Holders of rec. Aug. 16
Bond & Share, tom
U. S.
*$2.50 Dec. 1 *Holders of rec. Nov. 15
Common (extra)
*250. Suet. 1 'Holders of rec. Aug. 15
Participating preferred
*50c. Dec. 1 *Holders of rec. Nov. 15
Participating preferred (extra)
*40c. Sept.30 *Holders of rec. Sept.15
Gypsum, corn.(quar.)
•13.4 Sept.30 *Holders of rec. Sept.15
Preferred (guar.)
$1 Sept.15 Holders of rec. Aug. 22
U. B. Realty & Improvement
75c. Sept.20 Holders of rec. Aug. 31
Vacuum Oil (quar.)
*500. Sept. 1 *Holders of rec. Aug. 15
Waitt & Bond. class A (qar.)
*400. Oct. 1 *Holders of rec. Sept. 15
Class B (guar.)
250. Aug. 31 Holders of rec. Aug. 20
Welch Grape Juice, corn.(quar.)
Di Aug. 31 Holders of rec. Aug. 20
Preferred (quar.)
Wesson 011 & Snowdrift, pref. (quar.).. 144 Sept. 1 Holders of rec. Aug. 15
Sept. 1 Holders of rec. Aug. 116
- 1
Western Dairy Products, class A ((Iu.)Aug. 15
White (J. G.) Engineering, pref.(quar.). 154 Sept. 1 Holders of rec. Sept.12
50c. Oct. 1 Holders of rec.
White Rock Mineral Sim., corn. (qu.).134 Oct. 1 Holders of roe. Sept.12
First preferred (quar.)
23,4 Oct. 1 Holders of rec. Sept.12
Second Preferred
Aug. 15 Aug. 8 to Aug. 15
5
Willcox & Gibbs Sewing Machine
Holders of rec. Aug. 4
Winter (Benjamin) Inc., pref. (Quar.)-- $1.25 Aug. 15 *Holders of rec. Aug. 4
•150. Aug. 15
Wolverine Portland Cement
Aug. 15 "Holders of rec. Aug. 11
Worcester Salt, pref.(2 mos.)(No. I)._
Miscellaneous.
787
FINANCIAL CHRONICLE
AUG. 11 1928.]
Name of Company.
Railroads (Steam).
Alabama Great Southern, pref
Preferred (extra
)
Atch. Topeka & Santa Fe. COM.(QUM%)Baltimore & Ohio, corn.(oust.)
Preferred (quar.)
Bangor & Aroostook, common (qual.)..
Preferred (mar.)
Boston & Albany (quar.)
Buffalo Rochester & Pitts.. common.....
Preferred
Central RR.of N. J.(quar.)
Cuba RR.. preferred
Delaware & Hudson Co.(guar.)
Hudson & Manhattan. prof
Illinois Central, common (quar.)
Preferred
Internat. Rys.of Cent. Amer.. pf.(cm.).
Maine Central. common (quar.)
Preferred (quar.)
New Orleans Texas & Mexico (guar.)_ _
N.Y.Chic.& St. Louis. corn.& pt.(qu.)
Norfolk & Western. corn.(quar.)
Adjustment preferred (guar.)
Old Colony (quar.)
Pennsylvania RR.(quar.)
Reading Co., first pref. (guar.)
Second preferred (quar.)
St.Louis-San Francisco. pref.(quar.)..Texas & Pacific (guar.)
Wabash Ry., pref. A (guar.)
When
Per
Cent. Payable.
Books Closest
Days Inclustoe.
Aug. 15 Holders of rec. July Ila
$2
$1.50 Aug. 15 Holders of rec. July lla
Sept. 1 Holders of rec. July 270
234
134 Sept. 1 Holders of roe. July I4a
Sept. 1 Holders of rec. July 140
1
88c Oct. 1 Holders of rec. Aug. 316
154 Oct. 1 Holders of rec. Aug. 31a
Sept.30 *Holders of rec. Aug. 31
*2
Aug. 15 Holders of rec. Aug. 66
2
Aug. 15 Holders of rec. Aug. 66
3
Aug. 15 Holders of rec. Aug. 3a
2
Feb 1'29 Holders of rec. Jan 15'29
3
*234 Sept.20 *Holders of reo. Aug. 28
234 Aug. 15 Holders of rec. Aug. la
13,4 Sept. 1 Holders of rec. Aug. la
Sept. 1 Holders of rec. Aug. la
3
IK Aug. 15 Holders of rec. July 31a
Oct. 1 Holders of rec. Sept.15
1
134 Sept. 1 Holders of rec. Aug. 15
IK Sept. 1 Holders of rec. Aug. 156
134 Oct. 1 Holders of rec. Aug. 15a
Sept.19 Holders of rec. Aug. 316
2
Aug. 18 Holders of rec. July 316
1
134 Oct. 1 Holders of rec. Sept. 156
8734 Aug. 31 Holders of rec. Aug. la
50e Sept.13 Holders of rec. Aug. 23a
500. Oct. 11 Holders of rec. Sept. 200
13,4 Nov. 1 Holders of rec. Oct. 15a
134 Oct. 1 Holders of rec. Aug. 31a
IK Aug. 24 Holders of ree. July 25a
Public Utilities.
July 27
Allied Power & Lt.. 8.5 pf. MO (No.1)_ $1.25 Aug. 15 Holders of rec. July 27
750 Aug. 15 Holders of rec.
$3 preferred (guar.) (No. 1)
(NO.1) $1.50 Aug. 15 Holders of rec. Aug. 1
Am.Gas& Power,$8 lstPf.(qu.)
$1.50 Aug. 15 Holders of ree. Aug. 1
$8 preference (quar.)(No. 1)
134
' Sept. 1 *Holders of rec. Aug. 31
Amer.Teleg.& Cable (quar.)
25c Aug. 15 Holders of rec. Aug. la
Water Works & Elec.,corn.(qM.)Amer.
Common (one-fortieth sh. corn. stk.). (f) Aug. 15 Holders of rec. Aug. la
$1.50 Oct. 1 Holders of rec. Sept.126
$8 first preferred (guar.)
Associated Gas & Elec., 88 pref.(guar) l$1.50 Sept. 1 Holders of rec. July 31
IS 1.6234 Sept. 1 Holders of rec. July 31
$634 pref.(guar.).
Associated Telep. Utilities. $7 pf.(qu.). $1.75 Sept.15 Holders of rec. Aug. 31
$1.50 Sept.15 Holders of rec. Aug. 31
86 preferred (quar.)
440 Sept. 1 Holders of rec. July 31
Brazilian Tr. L & P., new corn.(quar.)_
Sept. 1 Holders of me. Aug. 86
2
Brooklyn Edison Co. (quar.)
Brooklyn-Manhattan Tran.,set. A (au.) $1.50 Oct. 15 Holders of rec. Oct. la
$1.50 Jan1519 Holders of rec. Dec. lila
Preferred series A (guar.)
$1.50 AprI579 Hold, of rec. Apr. 1 '296
Preferred series A (quar.)
$1.50 Oct. 1 *Holders of rec. Sept.30
Central ill. Pub. Serv., pref.(quar.)...- •
Central & S. W. Utilities
Holders of rec. July 31
$1.75 Aug. 1
Preferred and prior pref. (quar.)
Holders of rec. Aug.216
650. Sept.
Chicago Rapid Transit, pr. pf. A (qu.)
Holders of rec. Aug. 216
600. Sept.
Prior preferred B (quar.)
of rec. Aug. 1
Service Pr. & Lt.,$8 pf.(mthly.)- *50c. Aug. 1 *Holders of rec. Aug. 1
Cities
• 58 1-3c Aug. 1 *Holders
7% preferred (monthly)
*Holders of rec. Sept. 1
Coast Cos. Gas & Elec., let & 2d pf.(ou.) •13,4 Sept.1
Holders of rec. July 20a
Columbia Gas & Elec., common (guar.). $1.25 Aug. 1 Holders of rec. July 200
1K Aug. I
13% preferred, series A (quar.)
*S2.50 Sept. *Holders of rec. Aug. 20
Power, common
Connecticut
"134 Sept. *Holders of rec. Aug. 20
8% preferred (guar.)
Aug. 1 to Aug. 15
81.125 Aug. 1
Conn. Ry.& Leg., corn. & pf.(guar.)'Holders of rec. Sept. 15
75e. Get.
corn.(lu.) .
Consol. G. E. L. & P., Bait.,
"Holders of rec. Sept.15
Oct.
*134
Preferred A (guar.)
'Holders of rec. Sept.15
'134 Get.
Preferred D (guar.)
"Holders of rec. Sept.15
'1)4 Oct.
Preferred E (quar.)
Holders of rec. Aug. 8a
Sept.1
Consolidated Gas, N.Y..cont.(qual.)... $1.25 Sept.
Holders of rec. Aug. 24
330
Utilities, class A (No. 1)
C011/30I. Gus
Holders of rec. Sept. 15
134 Oct.
(War.)
Consumers Power Co.6% PM.
Holders of rec. Sept.15
1.65 Oct.
6.6% preferred (guar.)
Holders of rec. Sept. 15
154 Oct.
7% preferred (quar.)
Holders of rec. Aug. 15
50c. Sept.
ill% preferred (monthly)
Holders of rec. Sept. 15
50e. Oct.
8% preferred (monthly)
Holders of rec. Aug. 15
550. Sept.
6.6% preferred (monthly)
Holders of rec. Sept.15
55e. Oct.
6.6% preferred (monthly)
St. RY.
Eastern Mass.
Holders of rec. July 31
Aug. 1
1st preferred and sinking fund stock... 3
Holders of rec. July 276
50e Aug. 1
F.astern Utilities Associates (quar.)
Holders of rec. Aug. 8
50c. Sept.
Service. class A (guar.).
Federal Water
Holders of rec. Sept.12 t
General Gas & Elec., corn. A (quar.)“.... 373,4c. Oct.
Holders of rec. Sept. 12a
Oct.
$2
preferred class A (quar.)
$8
Holders of rec. Sept. 12a
$1.75 Oct.
(quar.)
$7 preferred class A
.Holders of rec. Sept. 126
51.75 Oct.
Preferred class B (quar.)
Holders of rec. Oct. 1
Western Power, pref. (guar.).--- '154 Oct. 1
Great
Holders of reo. Aug. 10a
13,4 Sept.
Havana Elec. Ry., pref.(quar.)
lh Aug. 1 Holders of reo. July 20
Havana Elec.& Util., let pref.((lust.).$1.25 Aug. 1 .Holders of ree. July 20
preference (quar.)
Cumulative
_Holders of rec. Aug. 20
Internat.fly.(Buffalo). pref.(No. 1)- - •62.13 Sept.
Kentucky Utilities, junior pref. (guar.). *134 Aug. 2 -Holders of ree. Aug. 1
Sept.
Holders of rec. Aug. 18
Keystone Telephone of Phila., pref.(au.) $1
788
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
[VOL. 127.
Books Closed
Days Inclusive.
Per
When
Books Closed
Name of Company.
Cent. Payable.
Days Inclusive.
Public Utilities (Concluded).
Atlantic Coast Fisheries, corn. (guar.)__ $I
Sept. 1 Holders of rec. Aug. 20
Louisville Gas & Elec., corn. A & B (qu.) 434c. Sept.2 Holders of rec. Aug.
31
Atlantic Gulf & West 1, S. S. Lines
Los Angeles Gas & Electric, pref.(guar.) •1M Aug. 1 *Holders of rec. July 31
Preferred (guar.)
75c Sept.20 Holders of rec. Sept. 10a
Marconi Wireless Teleg. of London.
Preferred (guar.)
75c. Dec. 31 Holders of rec. Dec. 1 la
ordinary (interim)
10
Aug. 3 July 18 to July 24
Alias Powder,common (guar.)
$1
Sept. 10 Holders of rec. Aug. 3I0
Memphis Power & Light.$7 pref.(qu.)-- 51.75 Oct.
Holders of rec. Sept. 15
Atlas Stores Corp.(No. 1)
434c Sept. 1
56 preferred (guar.)
$1.50 Oct.
Holders of rec. Sept. 15
Babcock & Wilcox Co.(guar.)
Middle West UM., corn.(guar.)
14 Oct. 1 Holders of rec. Sept. 20a
51.75 Aug. 1. Heiders of rec. July 31
Quarterly
14 Jan 1'29 Holders of rec. Dec. 20a
Prior lien (guar.)
2
Sept.! Holders of rec. Aug. 31
Quarterly
36 prior lien (guar.)
15-9 Aprl'29 Hold, of rec. Mar. 20'290
$1.50 Sept.! Holders of rec. Aug. 31
Balaban & Katz (monthly)
Monongahela West Penn Pub.Serv..25c. Sept. 1 'Holders of rec. Aug. 20
Monthly
7% preferred (guar.)
•25c. Oct. 1 'Holders of rec. Sept.20
4359e. Oct.
Holders of rec. Sept. 15
Preferred (guar.)
National Power & Light. corn.(quar.)__
'15-9 Oct. 1 'Holders of rec. Sept.20
25c. Sept.
Holders of rec. Aug. Ila Bamberger (L.) & Co.
North American Co., common (guar.)._ ./235 Oct.
Holders of rec. Sept. 5a
Preferred (guar.)
Preferred (guar.)
Sept. 1 Holders of rec. Aug. ha
75c. Oct.
Holders of rec. Sept. Sc
Preferred (guar.)
North American Edison Co., pref.(qu.)_ $1.50 Sept.
151 Dec. 1 Holders of rec. Nov. 10a
Holders of rec. Aug. 150 Bankers Capital Corp.,
pref. (guar.)
North Amer. Utility Securities Corp.
$2
Oct. 15 Holders of rec. Oct. 1
Preferred (quar.)
First preferred (guar.)
$2
Jan15'29 Holders of rec. Dec. 31
$1.50 Sept.! Holders of rec. Aug. 31
Bastian-Blessing Co., pref. (guar.)
First preferred allot. ctfs. (quar.)____ (m) Sept.1
$1.75
Holders of rec. Aug. 31
Baumann (Ludwig)& Co., 1st pf.(qu.).. •1X Oct. 1 Holders of rec. Sept. 206
Northern Liberties Gas
Aug. 15 'Holders of rec. Aug. 1
$I
Sept.! Aug. 5 to Sept. 11
Beacon manufacturing, Prof. (quar.)
Northern Ohio Pow. & It., 7% pf.(qu.) 14 Oct.
'14 Aug. 13 *Holders of rec. July 31
Holders of rec. Sept. 15
Beacon Oil, preferred (guar.)
6% preferred (guar.)
1.873-4 Aug. 15 Holders of rec. Aug. 1
1% Oct.
Holders of rec. Sept. 15
Beaton & Caldwell Co.(monthly)
Northern Texas El. Co., pf. (In scrip)_. 03
*25c. Sept. 1 'Holders of rec. Aug. 31
Sept.
Holders of rec. Aug. I50
Monthly
Northwest Utilities, pref. (guar.)
*25c. Oct. 1 "Holders of rec. Sept.20
14 Aug.! Holders of rec. July 31
Belding CorUcelli. Ltd., pref.(quar.)_
Ohio Ecilson Co.,6% pref.(guar.)
__
I31 Sept. 15 Holders of rec. Aug. 31
14 Sept.
Holders of rec. Aug. 15
Bethlehem Steel, pref. (guar.)
6.6% preferred (guar.)
14 Oct. 1 Holders of rec. Sept. la
1.65 Sept.
Holders of rec. Aug. 15
Big Lake 011
*10
7% Preferred (guar.)
Aug. 14 'Holders of rec. Aug. 8
559 Sept.
Holders of rec. Aug. 15
Bishop Oil Corp
5% preferred (guar.)
10c. Sept. 15 Holders of rec. Sept. 1
14 Sept.
Holders of rec. Aug. 15
Blauners. corn. (guar.)(No. 1)
6% preferred (monthly)
30c. Aug. 15 Holders of rec. Aug. la
50c. Sept.
Holders of rec. Aug. 15
Preferred (guar.) (No. 1)
6.6% preferred (monthly)
75c. Aug. 15 Holders of rec. Aug. is
55c. Sept.
Holders of rec. Aug. 15
Bloch Brothers Tobacco, corn.
Pacific Gas & Elec., pref. (guar.)
(quar.)-- 3734c Aug. 15 Aug. 10 to Aug. 14
"3734c Aug. 1 'Holders of rec. July 31
Comm on (guar.)
Pacific Lighting. common (guar.)
37 Mc Nov. 15 Nov. 10 to Nov. 14
75c. Aug. 1
Holders of rec. July 31
Preferred (gear.)
•I
134 Sept.30 Sept. 25 to Sept.29
5% Preferred (guar.)
Aug. 1 'Holders of rec. July 31
Preferred (guar.)
Penn-Ohio Edison Co.
1.4 Dec. 31 Dec. 26 to Dec. 30
Bond & Mtge. Guarantee
7% prior preferred (guar.)
(guar.)
Aug. 15 Holders of rec. Aug. 8
5
14 Sept.
Holders of rec. Aug. 20
Borden Co., com. (guar.)
Pennsylvania-Ohio P. & L., $6 pr. (g11.) $1.50 Nov.
$1.50 Sept. I Holders of rec. Aug. 15a
Holders of rec. Oct. 20
Smut Manufacturing, common
7% preferred 'guar.)
(guar.).- $2.50 Aug. 15 Holders of rec. July 31
14 Nov.
Holders of rec. Oct. 20
Preferred (guar.)
7.2% preferred (monthly)
51.75 Aug. 15 Holders of rec. July 31
60c Sept.
Holders of rec. Aug. 20
Bristol-Myers Co.(guar.)
7.2% preferred (monthly)
SI
Sept. 29 Holders of rec. Sept. 19
600. Oct.
Holders of rec. Sept.20
Quarterly
7.2% preferred 'monthly)
31
Dec. 31 Holders of rec. Dec. 21
60c. Nov.
Holders of rec. Oct. 20
Brown(John W.) Mfg.(guar.)
6.6% preferred (monthly)
*25c. Sept. 1 'Holders of rec. Aug. 15
55c. Sept.
Holders of rec. Aug. 20
Extra
•12
Sept. I *Holders of rec. Aug. 15
55c. Oct.
.
5 6% Preferred (monthly)
Holders of rec. Sept. 20
Brunswick-Balke-Coll Co.. corn, (qu.)__
6.6% preferred (monthly)
75c. Aug. 15 Holders of rec. Aug. 5a
65. Nov.
Holders of rec. Oct. 20
Buckeye Pipe Line (guar.)
Philadelphia Company. 5% pref.(quar.) $1.25 Sept.
$1
Sept. 15 Holders of rec. Aug. 17
Holders of rec. Aug. 100 Bucyrus-Erle Co.. common
Philadelphia Electric (guar.)
(guar.)
25c Oct. 1 Holders of rec. Sept. 8a
50c. Sept. I
Holders of rec. Aug. 316
Preferred (quar.)
Phila. Suburban Water. pref.(quar.)
14 Oct. 1 Holders of rec. Sept. 8a
14 Sept.
Holders of rec. Aug. ha
Convertible preference (qar.)
Portland Elec Power, 2d pref. (ouar.)_ _
624c Oct. I Holders of rec. Sept. 8.1
14 Sept.
Holders of rec. Aug• 15
Burns Bros., common (guar.)
Power Corp. of Canada.6% pf. (OIL)52
75c. Oct. 15 Holders of rec. Sept.20
Aug. 15 Holders of rec. Aug. la
Burroughs Adding Machine-PubUc Service Corp. of N.J.. torn.(qu.)
50c. Sept.20 Holders of rec. Sept. la
Stock dividend
6% preferred (monthly)
e25
Aug. 17 Holders of rec. July 31a
50c. Aug. 31 Holders of rec. Aug. 30
No par value stock (guar.)
6% preferred (monthly)
75c, Sept. 10 Holders of rec. Aug.246
50c. Sept.29 Holders of rec. Sept. la Butler
Brothers (guar.)
7% preferred (guar.)
50c. Aug. 15 Holders of rec. Aug. 1
14 Sept.20 Holders of rec. Sept. la California
Dairies, pref. A (guar.)
8% preferred(guar.)
•$1.50 Sept. 1 'Holders of rec. Aug. 10
2
Sept.20 Holders of rec. Sept. la
California Packing
Public Service Elec.& Gas,6% pfd.
$1
Sept. 15 Holders of rec. Aug. 31a
134 Sept.20 Holders of rec. Sept. la Calumet & Hecht (guar.)
Consol. Copper (qM.)
7% preferred (guar.)
50c. Sept. 15 Holders of rec. Aug. 31s
141 Sept.20 Holders
Radio Corp. of America, pref. A MIL)... 8714e. Oct. 1 Holders of rec. Sept. la Cam pbell.Wyant & Cannon Fdy.(guar.)
50c. Sept. 1 Holders of rec. Aug. 15
of rec.
Ban Joaquin L. & P., 7% pref. (quar.)_ _ •13i Sept. 15 'Holders of rec. Sept. la Canada Vinegars. Ltd.(No. 1)
*40c. Sept. I "Holders of rec. Aug. 15
Aug. 31
Canadian Converters', Ltd. corn,
6% preferred (guar.)
(guar.) $1.75 Aug. 15 Holders of rec. July 31
end Sept. 15 *Holders of rec. Aug. 31
Canfield Oil, corn. (guar.)
Southern Calif. Edison. corn (attar.) _ _ _ _
Sept.30 Holders of rec. Sept.20
2
50c. Aug. 15 Holders of rec. July 200
Common (guar.)
7% pref. series A (guar.)
Dec. 31 Holders of rec. Dec. 20
2
4331c Sept.15 Holders of rec. Aug. 20
Preferred (guar.)
6% pref. series B (guar.)
14 Sept.30 Holders of rec. Sept.20
374c Sept. 15 Holders of rec. Aug. 20
Preferred (guar.)
Southern Canada Power, corn. (qtrar.)-- 51
14 Dec. 31 Holders of rec. Dec. 20
Aug. 15 Holders of rec. July 31
Casein Co.of Amer.,Corn.
SOuthern Colo. Power. corn. A (quar.)__
14 Aug. 15 Holders of rec. Aug. 7
(guar.)
50c. Aug. 25 Holders of rec. July 31
Caterpillar Tractor,common
Preferred (guar.)
(guar.)- - -- *55c. Aug. 25 'Holders of rec. Aug. 15
Sept.I5 Holders of rec. Aug. 31
Common (extra)
So'west Gas Ut11., pref. (qu.)
*25c. Aug. 25 "Holders of rec. Aug. 15
1.624 Nov. 1 Holders of rec. Oct. 20
Celluloid Corp., 1st pref.
Preferred (guar.)
$1.75 Sept. I Holders of rec. Aug. 10
1.624 Febl'29 Hold,of rec. Jan. 20'29
$7 preferred (guar.) (guar.)
Preferred (quar.)
Holders
$1.75
1.624 1%11 1"2 Hold. of rec. Apr.20 29
, ,
Central Investors Corp., cl. A (Outer,).,.. •374c Sept. 1 'Holders of rec. Aug. 10
Oct. 1
Syracuse Lighting, 6% pref. (guar.). - • 34 Aug. 15 *Holders of rec. July 31
of rec. May la
1
Class A (guar.)
"374c Jan2'29 "Holders of rec. May la
6).% preferred (guar.)
•15 Aug. 15 'Holders of rec. July 31
Centrifugal Pipe Corp.
15c. Aug. 15 Holders of rec. Aug. 6
7% preferred (guar.)
•1X Aug. 15 'Holders
Century Ribbon Mills (guar.)
of rec. July 31
8% preferred (guar.)
"2
Aug. 15 *Holders of rec. July 31
Preferred (guar.)
Tampa Elec. Co.,corn.(guar.)
151 Sept. 1 Holders of rec. Aug. 20a
*500. Aug. 15 'Holders ef rec. July 25
Chelsea Each.Corp.. A & B (qu.)
25c Aug. 15 Holders of rec. Aug. 1
(No.1)
Common (1-50th share,in corn.st k.)_ _ (.1) Aug. 15 *Holders of rec. July 25
Class A & 13 (guar.)
25c. Nov. 15 Holders of rec. Nov. 1
Tennessee Elec. Power Co.
Class A & B (guar.)
25e. Fb15'29 Hold. of rec. Feb. 1 '29
5% first preferred (guar.)
13( Oct. 1 Holders of rec. Sept. 15
Class A & B (guar.)
25e. 3.1y15'29 Hold, of rec. May 1 '29
6% first preferred (guar.)
1)6 Oct. 1 Holders of rec. Sept. 15
Chicago Mill& Lumber, corn.
(quar.)__ _ •51.50 Aug. 15 *Holders of rec. Aug. 7
7% first preferred (guar.)
151 Oct. 1 Holders of rec. Sept. 15
Common (extra)
"55
Aug. 15 Holders of rec. Aug. 7
7.2% preferred (guar.)
1.80 Oct. 1 Holders of rec. Sept. 15
Chicago Yellow Cab (monthly)
25c. Sept. 1 Holders of rec. Aug. 204
6% first preferred (monthly)
50c. Sept. 1 Holders of rec. Aug. 15
Childs Company.common
(guar.)
6% first preferred (monthly)
60e. Sept. 10 Holders of rec. Aug. 271
50c. Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
7.2% first preferred (monthly)
14 Sept. 10 Holders of rec. Aug. 27
60c. Sept. 1 Holders of rec. Aug. 15
Chile Copper Co. (guar.)
824c Sept.20 Holders of rec. Sept. 5a
7.2% first preferred (monthly)
60c. Oct. 1 Holders of rec. Sept. 15
Chrysler Corp., common (guar.)
75e. Sept.29 Holders of rec. Sept,17a
United Gas Improvement (guar.)
SI
Oct. 15 Holders of rec. Sept. 156
Preferred Mar./
Sept. 29 Holders of rec. Sept. 176
Virginia Elec.& Pow..7% pref.(on.)--.
2
159 Sept.20 Holders of rec. Aug. 31a
Preferred (guar.)
Jan2'21) Holders of rec. Dec. 170
6% preferred (guar.)
2
134 Sept.20 Holders of rec. Aug. 310 Cities Service, common
(monthly)
34 Sept. 1 Holders of rec. Aug. 15
West Penn Elec. Co., class A (guar.)--I% Oct. 1 Holders of rec. Sept. 15a
Common (payable In common
stock)_. f4 Sept. 1 Holders of rec. Aug. 15
141 Aug. 15 Holders of rec. July 200
7% Preferred (guar.)
Preferred and preferred 1313
3-4
Holders of rec. Aug. 15
(monthly)Six per cent preferred (guar.)
5c. Sept.
1.4 Aug. 15 Holders of rec. July 20a
Prmerred B (monthly)
Holders of rec. Aug. 15
West Penn Rys., 6% pref. (guar.)
Sept.
14 Sept. 15 Holders of rec. Aug. 25
City Ice & Fuel. common (quar.)
75c. Sept. 1 Holders of rec. Aug. 10
Western Power Corp.. 7% pref. (guar.)1% Oct. 15 Holders of rec. Oct. 1
659% preferred (guar.)
•1% Sept. 1 'Holders of rec. Aug. 10
Wilmington Gas. pref
3
Sept. 1 Holders of rec. Aug. Ila City of Paris (dept. store,
San Francisco)
Wisconsin Power & Light. pref.(guar.). •1% Sept. 15 'Holders of rec. Aug. 31
Preferred (guar.)
Aug. 1.5 'Holders of rec. July 31
Cleveland Stone (quar.)
50c. Sept. 1 Holders of rec. Aug. 15a
Trust Companies.
Coca-Cola Co.,co m mon(guar.)
Holders of rec. Sept. 12a
$1.50 Oct.
Title Guarantee & Trust (extra)
Sept.29 Holders of rec. Sept 22
5
Colorado Fuel & Iron, pref. (quari_
Holders of rec. Aug. 100
2
Congoleum-Nalrn, Inc., pref. (guar.) _ _ _
Sept,squ
Aug.25 "Holders of ree. Aug. 15
Fire Insurance.
Consolidated Cigar Corp.. pref.
14 Sent, I Holders of rec. Aug. 15
American Re-Insurance,common (guar.
(quar.)) 75c. Aug. 15 Holders of rec. Aug. I
Consurn ers Co.. prior pref.(guar.)
General Reinsurance (guar.)
$1.25 Aug. 15 Holders of rec. July 310
'134 Oct. I 'Holders of rec. Sept. 15
Preferred
•334 Aug. 20 'Holders of rec. Aug. 10
Continental Can.corn.(guar.)
51.25 Aug. 15 Holders of rec. Aug. 9a
Miscellaneous.
Crane Co.. common (quar,)
3734c Sept. 15 Holders of rec. Sept. 1
Allis-Chalmers Mfg., corn. (guar.)
$1.75 Aug. 15 Holders of rec. July 241
Preferred (guar.)
Holders ot rec Sept. 1
Aluminum Manufactures. corn. (qual.).
159
50c. Sept.30 Holders of rec. Sept. 15e Crosby Radio (stock
e4
SeP. 3
Dcc.151
t
Common (guar.)
50c Dec. 31 Holders of rec. Deo. 15a Crosley Radio Corp. dividend)
(guar.)
25C. Oct. 1 Holders of rec. Sept. 200
Preferred (guar.)
14 Sept 30 Holders of rec. Sept. 156
Quarterly
25c, Jan 1'29 Holders of rec. Dec. 200
Preferred (guar.)
13( Dec. 31 Holders of rec. Dec. 15a Crown Overall Co., pref.
'2
Sept. 1 'holders of rec. Aug. 15
American Bank Note. common (quar.)_ 50c. Oct. 1 Holders of rec. Sept. 120 Crow's Nest Pass Coal (guar.)
•1t..6 Sept. 1 *Holders of rec. Aug. 10
(guar.)
Preferred (guar.)
75c. Oct. 1 'folders of rec. Sept. 12a Como Press, pref.(guar.)
14 Sept. 15 Holders of rec. Sept. la
American Can,corn.(guar.)
50c Aug. 15 Holders of rec. July 31a Curtis Publishing, common
(monthly)...
50c. Sept. 2 Holders of rec. Aug. 206
Amer. ChatIllon Corp.. pf.(0110
*51.75 Nov. 1 Holders of rec. Oct. 20
Common (extra)
50c. Sept. 10 'folders of rec. Aug. 30
American Chicle, common (guar.)
75c. Oct. 1 Holders of rec. Sept. 150 Cushman Sons, Inc.,
common (guar.)-- SI
Sept. 1 'folders of rec. Aug. 15a
Prior pref.(guar.)
14 Oct. 1 Holders of rec. Sept. 15a
SS preferred (mar.)
$2
Sept. 1 Holders of rec. Aug. 15a
6% preferred (guar.)
*134 Oct. 1 *Holders of rec. Sept. 15
7% preferred (guar.)
131 Sept. I Holders of rec. Aug. 15a
Amer. European Securities, Pref. (qu.)
51.50 Aug. 15 Holders of rec. July 31
Davis Industries, class A (guar.)
'3134c Oct. 1 'Holders of rec. Sept.20
American Ilardware Corp.
Class A (guar.)
'3131c Jan!'29 "Holders of rec Dec. 20
Quarterly
Oct. 1 Holders of rec. Sept. 15a
Class B (guar.)
.314c Oct. 1 *Holders of rec. Sept. 20
Quarterly
Jan 1'29 Holders of rec. Dec. 154
Clam If (guar.)
$1
.314c Jan 1'29 "Holders of rec. Dec. 20
American Home Products (monthly)...
25c Sept. 1 Holders of rec. Aug. 140 Davis Mills, common (quar.)
Sept.22 Holders of rec. Sept. 8
I
Amer.Laundry Machinery, corn.(guar.) .81
Sept. I 'Holders of rec. Aug. 20
Decker (Alfred) & Cohn, corn.
(guar.)
•50c. Sept. 15 "Holders of rec. Sept. 5
Amer. Linseed, pref.(guar.)
1% Oct. 1 Holders of rec. Sept.200
Preferred (qear.)
14 Sept. 1 Holders of rec. Aug. 205
Preferred (guar.)
141 Jan2'29 Holders of rec. Dec. 21a Deere & Co., common (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 15
American Manufacturing. corn. (quar.).. 1
Oct. 1 Holders of rec. Sept. 15a
Preferred (guar.)
131 Sept. 1 Holders of rec. Aug. 150
Common (guar.)
Dec. 31 Holders of rec. Dec. 15a Delaware Division Canal
1
$1
Agu. 15 Holders of rec. Aug. 30
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 156 Diamond Match (quar.)
2 Sept. 15 Holders of rec. Aug. 31a
Preferred (guar.)
111 Dec. 31 Holders of rec. Dec. 150 Dominion Bridge. Ltd. (guar.)
,
65e. Aug. 15 Holders of rec. July 31
American Metal. common (guar.)
75c. Sept. 1 Holders of rec. Aug. 21a Dow Chemical (guar.)
$1.50 Aug. 15 Holders of rec. Aug. 1
Preferred (guar.)
Preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 21a
14 Aug. 15 Holders of rec. Aug. 1
Amer. Mulrigraph, corn. (guar.)
50c Sept. 1 Holders of rec. Aug. 15
Drug. Inc. (guar.)
51
Sept. 1 Holders of rec. Aug. I5a
American Radiator, common (guar.)--- $1.25 Sept.20 Holders of rec. Sept.15a Dunhill International
(guar.)
$1
Oct. 15 Holders of rec. Oct. la
Preferred (guar.)
14 Aug. 15 Holders of rec Aug. 64
Quarterly
51
lan15'29 Holders of rec. Dec. 31a
Amer. Smelt. & Refg., pref.(guar.).Quarterly
14. Sept. 1 Holders of rec. Aug. 3a
ApI5'29 Hold. of rec. Apr. 1 '29a
51
Arnercan Sumatra Tob., pref. Mani__
159 Sept. 1 Holders of rec. Aug. 150 Duplan Silk Corp., common (guar.)50c Aug. 15 Holders of ree. Aug. 1
Amer. Tobacco, corn. & corn. B (qu.)__ _ $2
Sept. 1 Holders of rec. Aug. 10a Eastern hankers Corp.. preferred (guar.)
14 Nov. I Holders of rec. Sept. 30
Amer. Wringer, pref. (acct. accurn. dlv.) 17
Aug. 13 Holders of rec. July 31
Preferred (guar.)
141 Febl'29 Holders of rec. Dec. 31
Anaconda Copper Mining (guar.)
$1 Aug. 20 Holders of rec. July 19a Eitingon Schild Co., corn.(guar.),
6234c Aug. 31 Holders of rec. Aug. 16a
Angle Steel Tool (guar.)
Preferred (guar.)
20c. Oct. 15 Holders of rec. Oct. 5
14 Sept. 15 Holders of rec. Sept. la
Artloom Corp., corn. (guar.)
75c. Oct. 1 Holders of rec. Sept. 21a Electric Storage Battery. corn.&
PL(:Pr.)
Common (guar.)
75c. Jan 1'20 Holders of rec. Dec. 21a Emporium Capwell Corp., corn. fatutr.)_ 81.25 Oct. 1 Holders of rec. Sept. 86
.,10 c. Sept.24 Holders of rec. Sept. la
50
0
Preferred (guar.)
1% Sept. 1 Holders of rec. Aug. 170 Equitable Cara. & Surety (qu.)(No.
His. Aug. 15 Holders of rec. Aug. 1
1)- Preferred (guar.)
151 Dec. 1 Holders of rec. Nov. 16a Evans(E. S.) Auto Loading (in stock).._
Sept. 1 *Holders of rec. Aug. 15
Associated Dry Goods, 1st pref.(quar.)_
134 Sept. 1 Holders of rec. Aug. 1 la Fair (The), corn. (monthly)
20e. Sept. 1 Holders of rec. Aug. 210
.2d preferred (guar.)
Common (monthly)
159 Sept. 1 Holders of rec. Aug. lb
20c. Oct. 1 Holders of rec. Sept. 20a
Name of Company.
151
151
AUG. 11 1928.]
Name of Company.
FINANCIAL CHRONICLE
W-hen
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
75c. Sept.29 Holders of rec. Sept. 12a
Fairbanks, Morse & Co.. corn.(quar.)_.
1% Sept. 1 Holders of rec. Aug. ha
Preferred (quar.)
25c. Oct. 1
Fanny Farmer Candy Shops,corn.(qu.).
25c. Jan 1'29
Common (attar.)
50c. Aug. 31 Holders of rec. Aug. 170
Fashion Park, Inc.. corn.(quar.)
50e. Nov. 30 Holders of rec. Nov. 300
Common (quar.)
20c. Oct. 1 Holders of rec. Sept. 15a
Federal Motor Truck (quar.)
2% Oct. 5 Holders of rec. Sept. 150
Stock dividend
Sept. 1 Holders of rec. Aug. 15
Finance Service Co.(lnae.), common_ _ 4
1% Sept. 1 Holders of rec. Aug. 15
Preferred (quar.)
Aug. 15 *Holders of rec. Aug. 4
Financial & Indust.Sec., corn.(Interlm)_ *11
Firestone Tire de Rubber,7% pref. (qu.) 141 Aug. 15 Holders of rec. Aug. 1
First Federal Foreign Invest. Trust (au.) $1.75 Aug. 15 'folders of rec. Aug. 1
$1.75 Nov. 1 Holders of rec. Nov. 1
Quarterly
1214c. Sept.
First Trust Bank, Inc.(guar.)
Holders of rec. Aug. 1
214c. Sept.
Extra
Holders of rec. Aug. 1
Fisk Rubber, 2d pref. cony.(quer.)_ _ _ _ $1.75 Sept.
Holders of rec. Aug. 15
a
Fitzsimmons & Connell Dredge & Dock,
corn. (quar.)
*50c. Sept.
*Holders of rec. Aug. 21
25c. Oct.
Formica Insulation (guar.)
Holders of rec. Sept. 15a
Extra
10e. Oct.
Holders of rec. Sept. 15a
25e. Jan 1'29 Holders of rec. Dee. 1Sa
Quarterly
10e. Jan l'2 Holders of rec. Dec. 150
Extra
General Asphalt, pref. (quar.)
1% Sept.
Holders of rec. Aug. 150
General Cable, class A (quar.)
SI
Sept. I Holders of rec. Aug. 104
General Cigar, Inc.. pref. (quar.)
1% Sept. 1 Holders of rec. Aug. 224
General lee Cream Corp.. pref.(quar.)
Sept. 1 Holders of re. Aug. 20
I
General Outdoor Advertising. cl. A.(au.) $1 Aug. 15 Holders of rec. Aug. 60
Preferred (quar,)
•114 Aug. 15 Holders of rec. Aug. 6
'
Gillette Safety Rater (quar.)
$1.25 Sept. 1 Holders of roe. Aug. la
Cladding, aleBeen dr Co.. monthly
25c Sept. 1 Aug. 21 to Aug. 31
Monthly
25c. Oct. 1 Sept. 21 to Sept.30
Monthly
25c. Nov. 1 Oct. 21 to Oct. 31
Monthly
25e. Dec. 1 Nov. 21 to
Nov. 30
Glidden Co., prior pref.(quar.)
.31.75 Oct. I *Holders of rec. Sept. 14
Globe Democrat Publishing, pref. (qu.)_
Sept. 1 Holders of rec. Aug. 20
& Miffing, corn. earsar.)_
Globe Grain
.2
Oet. 1 *Holders of rec. Sept. 20
Eight per cent rreferred (guar.)
*2
Oct. 1 *Holders of rec. Sept. 20
Seven per cent preferred (quar.)
*141 Oct. 1 *Holders of rec. Sent. 20
Goodrich (13. F.) Co.,common (quar.)_ _
$1 Sept. 1 Holders of rec. Aug. 100
Preferred (quar.)
I 3d Oct. 1 Holders of rec. Sept. 100
Gorham Manufacturing, 1st pref. (911.)13-1 Sept. 1 Holders of rec. Aug. 15
Gossard (II. W.) Co., corn. (monthly) 33 1-3c Sept. 1 Holders of rec. July 204
Common (monthly)
33 1-3c Sept. 1 Holders of rec. Aug. 210
Common (monthly)
33 I-3c Oct. 1 Holders of rec. Sept. 200
Common (monthly)
33 1-3c Nov. 1 Holders of rec. Oct. 19a
Common (monthly)
33 1-3c Dec. 1 Holders of rec. Nov.200
Common (monthly)
33 1-3c Jan1'29 'folders of rec. Dec. 20
Great Lakes Dredge & Dock (quar.)_ _
2
Aug. 15 Holders of rec. Aug. 7
Greene Canunea Copper (quar.)
$1
Oct. 1 Holders of rec. Sept. 190
Greenfleld Tap & Die Corp.,6% pt.(qu.) 1;4 Oct. 1 Holders of rec. Sept. 15
2
8% preferred (quar.)
Oct. 1 Holders of rec. Sept. 15
50c. Sept. 1 Holders of rec. Aug. 204
Gruen Watch, common ((war.)
Common (quar.)
50c. Dec. 1 Holders of rec. Nov.200
50c. alar1 29 Holders of rec.Feb.19'290
Common (quar.)
.
Preferred (quar.)
141 Nov. 1 Holders of rec. Oct. 20a
Febl'29 Hold, of rec. Jan. 19'29a
Preferred (quar.)
1% Sent. 1 Holders of rec. Aug. 10a
Hamilton Watch, pref.(quar.)
.25e. Aug. 15 "Holders of rec. July 31
Hammermal Paper, corn. (quar.)
15 Sept. 1 Holders of rec. Aug. 20
0.
Hanes (Ii. II.) Knitting, cons.& corn. B_
1% Oct. 1 Holders of rec. Sept. 20
Preferred (quar.)
1% Sept. 1 Holders of rec. Aug. 210
Harbison-Walker Refrac., corn. (quar.)_
134 Oct. 20 Holders of rec. Oct. 100
Preferred (quar.)
Hart
-Carter Co.,cony.pref (qu.)(No. I) .50c Sept. 1 *Holders of rec. Aug. 15
Aug. 31 'Holders of rec. Aug. 15
Hart, Schaffuer & Marx, Inc.(quar.)_ - *2
*75o Aug. 15 'Holders of rec.
Hartford Times, Inc., pref.(quar.)
.25c Aug. 24 *Holders of rec. Aug. 1
Hazeltine Corp.(quar.)
Aug. 4
.15c Sept.15 'Holders of rec. Aug. 15
Heels Mining (guar.)
$1.50 Aug. 15 Holders of rec. July 25a
Hershey Chocolate, prior pref. (quar.)
Convertible preferred (quar.)
Aug. 15 Holders of rec. July 250
$1
35c Aug. 31 Holders of rec. Aug. 24
Hibbard, Spencer,Bartlett&Co.(mthle)35c Sept.28 Holders of rec. Sept.21
Monthly
Hollander (A.)& Son.Inc., corn.(au.)
62% Aug. 15 Holders of rec. Aug. la
10c Aug. 11 Holders of rec. July 25
Hollinger Consol. Gold Mines (monthly)
25c. Sept. 30 Holders of rec. Sept. 15a
Holly 011 (quar.)
Hood Rubber Products, pref. (quar.) _ _ _ *S1.75 Sept. 1 *Holders of ree. Aug. 20
31.75 Sept. 1 *Holders of rec. Aug. 11
Horn & Hardart of N. Y.. pref. (qu.) -.
Household Products (quar.)
87 4ic Sept. 1 Holders of rec. Aug. 15a
Illinois Brick (quar.)
60c. Oct. 15 Oct. 4 to Oct. 15
SI
Indiana Pipe Line (ouar.)
Aug. 15 Holders of rec. July 13
$1
Extra
Aug. 15 Holders of rec. July 13
75e. Sept. 1 Holders of rec. Aug 60
Ingersoll-Rand Co., corn. (quar.)
Internat. Agricul. Corp., prior Pref.(an.) 141 Sept. I Holders of rec. Aug. 15a
Internat. Business Machines (quar.)_ _ _ _ 31.25 Oct. 10 Holders of rec. Sept. 220
50e. Aug. 31 Holders of rec. Aug. 164
I nt. Combustion EnginnerIng,corn.(qu.)
International Harvester
Preferred (guar.)
Sept. 1 Holders of rec. Aug. 40
Aug. 15 Holders of rec. Aug.
Internat.Paper.common (quar.)
la
Internat. Shoe preferred (monthly)
Sept. 1 Holders of rec. Aug. 150
Preferred (monthly)
Oct. 1 Holders of rec. Sept. 1.50
Preferred (monthly)
Nov. 1 Holders of rec. Oct. 15a
Preferred (monthly)
Dec 1 Holders of rec. Nov. 15a
International Silver, common (quar.) - Sept. 1 Holders of rec. Aug. 150
Interstate Iron & Steel, corn.(quar.)- - - Oct. 15 Holders of rec. Oct. 5a
Common (quar.)
J'n15'29 Hodders of rec. Jan.5'290
Preferred (guar.)
Sept. 1 •Holders of rec. Aug. 20
Intertype Corp., common (quar.)
Aug. 15 Holders of rec. Aug. la
Common (extra)
Aug. 15 Holders of rec. Aug. la
First preferred (quer.)
Oct. 1 Hoklers of rec. Sept. 14
Investors Trustee Shares aeries A
Aug. 15 Holders of rec. July 15
Isle Royale Copper Co
Sept.15 "Holders of rec. Aug. 31
Jaeger Machine,corn.(quar.)
Sept. 1 Holders of rec. Aug. 17
Jewel Tea, corn.(quar.)
Oct. 16 •Holders of rec. Oct. 2
Preferred (quar.)
Oct. 1 'holders of rec. Sept. 14
Jones & Laughlin, common (quar.)
Sept. 1 *Holders of rec. Aug.
Preferred (quar.)
Oct. 1 Holders of rec. Sept. 15
150
Kinney (G. R.) Co., pref. (qua'.)
Sept. 1 *Holders of roe, Aug. 17
Kirby Lumber, connion (quar.)
Sept. 10 Holders of rec. Aug.
31
Common (quar.)
Dec. 10 Holders of rec. Nov.
30
Kroger Grocery & Baking. rem.(qu.)._ _
Sept. 1 holders of rec. Aug. 10a
Kruskal & Kruskal, Inc. (guar.)
Aug. 15 Holders of rec. July 310
Lackawanna Securities
.
83
Sept. 1 11olders of rec. Aug. 15
.
Landers, nary & Clark (quar.)
75c. Sept.30 Holders of rec. Sept.210
Quarterly
750. Dec. 31 Holders of rec.
Dee. 220
75c. Aug. 15 Holders of rec.
Landis Machine
5
LanatOn 'genotype Machine (quar.)_ _ _ _
1% Aug. 31 Holders of rec. Aug. 21s
Aug.
$1
Lehigh Coal & Navigation (quar.)
Aug. 31 Holders of rec. July 310
Litthy-Owens Sheet Glam. corn. (quar.)_ .50c. Sept. '
1 Holders of rec. Aug. 22
Preferred (guar.)
•13i Sept. 1 *Holders of rec. Aug. 22
Liggett & Myers Tobacco
Common and common 13 (guar.)
$1
Sept. 1 Holders of rec. Aug.
1 3d Sept. 1 Ilolders of rec. Aug. 15a
Lindsay (C. W.) de Co., Ltd.. pf (qu.)
50c. Aug. 211 Holders of rec. July 20
Lit Brothers (quar.)
pref.(qu.)-3 1.62% Aug. 15 Holders of rec. July 100
Loewat Incorporated $6
280
.4c. Aug. 15 *Holders of rec. July 13
Los Angeles Investment (quar.)
1 .6214 Aug. 15 Holders of rec. Aug. la
Louisiana Oil Refg pref.(quar.)
$1.25 Aug. 15 July 28 to Aug. 10
Macy (R.IL) Co., common (quar.)..
10014 Aug. 15 Holders of rec. July 31
Mansfield Theatre, Ltd., prof
• el00
Aug. 15
Marlon Steam Shovel (stk. div.)
141 Aug. 15 Holders of rec. July 28
Massey-Herds C,o.. Ltd.. Preto( quar.)._
$1
Sept. 1 Holders of rec. Aug. 1.5a
May Dept. Stereo, cons. (quar.)
25c. Sept. I !folders of rec. Aug.
McIntyre Porcupine Mines, (auar.)_ _ _ _
la
10e. Oct. 1 Holders of rec. Sept. 20a
McLellan Stores, class A &II(No.2)_ _
Mercantile Stores Co., Inc.. corn. (qu.)_ 31.25 Aug. 15 Holders of rec. July 31
$1.75 Aug. 15 Holders of rec. July 31
Preferred (guar.)
$1.25 Sept.29 Iloiders of rec. Sept. 5a
Mergenthaler Linotype (quer.)
25e. Sept.29 IIolders of rec. Sept. 5a
Extra
3
Sept. 1 holders of rec. Aug. 1
Merrimac Mfg., common
215 Sept. 1 Ilolders of rec. Aug. 1
Preferred
3714c Aug. 15 Holders of rec. Aug. la
Mlaml Copper (qua!')
$1.75 Sept. 1 Holders of rec. Aug. 15a
MId-Continent Petrol., pref.(quar.)
Name of Company.
789
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Minneap.-Honeywell Regulator, corn_ _ _ $1.25c Aug. 15 Holders of rec. Aug. 4
Preferred (quar.)
14£ Aug. 15 Holders of rec. Aug. 4
Preferred (guar.)
1% Nov. 15 Holders of rec. Nov. 3
Mohawk Mining (guar.)
31
Sept. 1 Holders of rec. July 31
Montgomery Ward & Co., corn. (quar.)_ $1
Aug. 15 Holders of rec. Aug. 40
Class A (quar.)
$1.75 Oct. 1 Holders of rec. Sept. 20a
Montreal Loan & Mtge.(quar.)
3
Sept. 15 Holders of rec. Aug. 31
Morris (Philip) dr Co., Ltd., Inc.(au.)
25e. Oct. 15 Holders of rec. Oct.
a
Quarterly
25c.Ja n. 1629 Hold. of rec. Jan. 2 '29a
Morse Twist Drill (quer.)
$1.25 Aug. 15 *Holders of rec. July 26
Mortgage Bank of Colombia
American shares
1.84 Aug. 15 Holders of rec. Aug. 6
ulford (H. K.) Co., corn.(quar.)
*51.50 Aug. 15 'Holders of rec. July 14
75e. Sept. I Holders of rec. Aug. 16a
Munsingwear, Inc. (quar.)
Murphy (G. C.) Co.(quar.)
25c. Sept. 1 Holders of rec. Aug. 22
Quarterly
25c. Dec. 1 Holders of rec. Nov. 21
50c. Nov. 1 Holders of rec. Oct. 155
National American Co., Inc.(quar.)_ _ _ _
1% Sept. 1 Holders of rec. Aug. 21a
National Hellas Hem Inc., pref. (quar.)_
National Biscuit, corn. ((Mar.)
51.50 Oct. 15 Holders of rec. Sept.28a
14 Aug. 31 Holders of rec. Aug. 174
Preferred (quar.)
114 Aug. 15 Holders of rec. July 31
National Brick, pref. (quar.)
75c. Oct. 1 Holders of rec. Sept. 440
Nat. Dairy Products. corn. (quar.)
Preferred A & B (quar.)
*31.75 Oct. 1 *Holders of rec. Sept. d4a
50c. Sept. 1 Holders of rec. Aug. 20
National Family Stores, pref.(quar.)
Nat tonal Food Products class A (qu.)- - - 62340. Aug. 15 Holders of rec. Aug. 60
National Lead,common (quar.)
11.25 Sept.29 Holders of rec. Sept.146
Preferred class A (mar.)
1% Sept.15 Holders of rec. Aug. 31a
Preferred class B (quar.)
1% Nov. 1 Holders of rec. Oct. 19a
Natlona! Refining,corn.(quar.)
37%c Aug. 15 Holders of rec. Aug. 1
National Supply, common (quar.)
$1
Aug. 15 Holders of ree. Aug. 4a
Nauheim Pharmacies, Inc.. pref.(quar.) 6234e Nov. 1 Holders of rec. Oct. 17
Oct. 1 Holders of rec. Sept. 186
Nelson (Herman) Corp., stock div
el
New Cornelia Copper (quay.)
50c Aug. 20 Holders of rec. Aug. 3a
Newberry (.1. J.) Co., pref.(quar.)
31.75 Sept. 1 *Holders of ree. Aug. 16
.
Nichols Copper. common
50c Dec. 15 Holders of rec. May 24
Nineteen Hundred Washer (quar.)
50c Aug. 15 Holders of rec. Aug. 1
North Central Texas Oil (quar.)
15c Sept. 1 Holders o rec. Aug. 10
Ohio Oil (quar.)
.50c. Sept.15 'Holders of rec. Aim 14
Ohio Seamless Tube,common (guar.)...
$1 Aug. 1 August 1 to August 14
1010 Fifth Ave.. Inc., prof
Aug. 1.5 Aug. 1 to Aug. 15
3
Ontario Steel Products, corn.(quar.)_ _ _ _
40e. Aug. 15 Holders of rec. July 31
Preferred (guar.)
1% Aug. 15 Holders of rec. July 31
Oppenheim, Collins & Co.(guar.)
Aug. 15 Holders of rec. July 27
$1
Otis Elevator, pref.(quar.)
144 Oct. 15 Holders of rec. Sept. 296
Overseas Securities Co
50e. Aug. 15 Holders of rec. Aug. 1
Extra
50c. Aug. 15 Holders of rec. Aug. 1
Packard Motor Car Co. (monthly)
25e. Aug. 31 Holders of rec. Aug. 156
Monthly
25c. Sept.29 Holders of rec. Sept.156
Monthly
25c. Oct. 31 Holders of rec. Oct. 15a
Monthly
25c. Nov.30 Holders of rec. Nov. 15a
•f.32%
Palmolive Peet, corn.(In flock)
*Holders() l' roe. Aug. 10
Paragon Refining. pref.(No. 1)
Oct. 1 *Holders of rec. Sept. 15
.53
75c. Oct. 14 Minders of rec. Sept.295
Park & Tilford (quar.)
Oct. 14 holders of rec. Sept. 29a
Stock dividend (guar.)
el
75e. Ja 14'29 Holders of rec. Dec. 290
Quarterly
Ja 14'29 Holders of rec. Dec. 29s
Stock dividend (quar.)
el
75e. Ap14'29 Hold. of rec. Mar.29'204
Quarterly
Aple2e Hold, of rec.Mar. 29 '293
el
Stock dividend (quar
(r) Aug. 21 Holders of rec. Aug. 4a
Patine Mines Enterprises (Interim)
.81 Aug. 15 *Holders of rec. Aug. 6
Peumans. Ltd.. corn ((mar.)
62440 Sept. 1 Holders of rec. July 31
Pennsylvania Divesting, clam A
373,4c Aug. 31 Holders of rec. Aug. 200
Perfection Stove (monthly)
3734e. Sept. 30 Holders of rec. Sept. 200
Monthly
3744e. Oct. 31 Holders of rec. Oct. 20a
Monthly
37340. Nov. 30 Holders of rec. Nov.204
Monthly
37340. Dec. 31 Holders of rec. Dec. 20a
Monthly
750 Sept. I Holsters of rec. Aug. 206
Phillips Jones Corp....urn.(guar.)
Pick (Albert) Barth 6: Co.. Panic. Prof.
4341c. Aug. 15 Holders of rec. July 25
(quarterly)
40e. Sept. 1 Holders of rec. Aug. 156
PIII•bury Flour Mills. Inc.. corn. (cm.)..
Holders of rec. Aug. 15a
50c.. Sept.
Common (extra)
*Holders of rec. Aug. 15
Pines Wintertront Co., el. A & B (quar.) _ *75c. Sept.
Pittsburgh Screw & Bolt, corn. (quar.)_ _ .75e. Aug. I *Holders of rec. June 29
I% Sept.
Pittsburgh Steel, pref. (quar.)
Holders of rec. Aug. 115
Pittsburgh Steel Foundry, pref. (quar.) 'lid Oct.
*Holders of rec. Sept.15
Plymouth Oil
.
25c. Aug. 1 *Holders of rec. Aug. 8
151 Sept.29 Holders of rec. Sept. 1
Pressed Steel Car, pref. (quar.)
Aug. 15 *Holders of rec. July 250
Procter & Gamble, corn. (quar.)
*2
Prudence Co., Inc., pref. (quar.)
134 J an 1529 Holders of roe. Dee. 31a
Pullman Co.(guar.)
$1.50 Aug. 15 Holders of rec. July 31a
Pullman, Inc.(quar.)
$I
Aug. 15 Holders of rec. July 240
Pure OIL corn. (amar.)
12%e Sept. 1 Holders of rec. Aug. 100
Quaker Oats. prof.(guar.)
1% Aug. 31 Holders of rwc. Aug, le
Quaker Product Co., el. A (quar.)
15e. Aug. 15 Holders of rec. July 15
Rapid Electrotype (quar.)
374ic. Sept. 15 'Holders of rec. Sept. 1
Remington Typewriter, lot pf. (quar,)_.. 141 Oct. 1 Holders of rec. Sept. 150
Second preferred (quar.)
2 Oct. 1 Holders of rec. Sept. 15a
Republic Iron & Steel, corn.(quar.) _ _ _
$I Sept. 1 Holders of rec. Aug. 14a
Preferred (quar.)
141 Oct. 1 Holders of rec. Sept. 14a
Richardson Co (Oust.)
Aug. 15 *Holders of rec. July 31
*2
Richfield Oil. corn. (guar.)
50c. Aug. 15 Holders of roe. Jury 20s
River Raisin Paper (quar.)
20c, Aug. 15 Holders of rec. Aug. 1
St. Joseph Lead (quar.)
50c. Sept.2 Sept. 9 to Sept. 20
Extra
25c, Sept.20 Sept. 9 to Sept. 20
Quarterly
50c. Dec. 2 Dec. 9 to Dec. 20
Extra
25e. Dee. 20 Dec. 9 to Dec. 20
Sanitary Grocery Co.,corn.(quar.)
Holders of rec. Sept. 5
Sept.1
32
Preferred (quar.)
Holders of rec. Aug. 17
• 1.6244 Sept.
Savage Arms, new corn. (quar.)
Holders of rec. Aug. 150
50c. Sept.
First preferred (quar.)
*Holders of rec. Sept. 15
.
141 Oct.
Second preferred (quer.)
.
114 Nov. 15 *Holders of roe. Nov. 1
.114 Aug. 15 *Holders of ree. Aug. 1
Savage Arms, Prof. (quar.)
8744e Sept. 1 Holders of roe. Aug. 15a
Schulte Retail Stores, corn. (quar.)
8744c Dec. 1 Holders of rec. Nov. 15a
Common (auar.)
Common (payable In corn. stock)
u45 Sept. 1 Holders of roe. Aug. 15
Common (payable In corn,stock)
634 Dec. 1 Holders of rec. Nov. 15
is% Mar '29
Common (payable In corn. stock)
.30c. Aug. 14 'Holders of rec. Aug. 6
Scotten Dillon Co.(quar.)
,
•20c. Aug. 14 'Holders of rec. Aug. 6
Extra
(Pay.in stk.) *el Sept. 1 .1IOPICTS Of rec. Aug. 15
Sears, ltoenuck & Co.(au.)
Nov. 1 'Holders of rec. Oct. 15
*el
Quarterly (payable In stock)
Febl'29 *Holders of rec. Jan15'29
*el
Quarterly (payable In stock)
Myl'29 Hold. of rec. Apr. 15 '29
*el
Quarterly (payable in stock)
35c. Sept. 30 Holders of rec. Sept. So
Shell Union Oil (quar.)
75c. Nov. 1 Holders of rec. Oct. 20
Shepard Stores, Inc.. Cl. A (guar.)
75c. Febl 29 Hold. of rec. Jan. 20 29
Class A (quar.)
75c. Mayl 29 Hold. of rec. Apr.20 29
Class A (quar.)
750. Aug. 15 Holders of rec. July 31
Sherwin-Williams Co., corn. (quar.)-- _ _
1244e Aug. 15 Holders of rec. July 31
Common (extra)
1% Sept. 1 Holders of rec. Aug. 15
Preferred (quar.)
Aug. 15 *Holders of rec. Aug. 1
pref.(cluar.)
.
32
Sinclair Consol
50c Sept.15 Holders oh ree. Aug. 15a
Skelly 011 (guar.)
.300. Aug. 15 'Holders of rec. Aug. 1
Smith (A. 0.) Corp.. corn. (quo!'.)
•ly, Aug. 15 'Holders of rec. Aug. 1
Preferred (quar.)
.15c. Sept. 1 *Holders of rec. Aug. 15
Southwestern Stores. pref.(quar.)
. Sept. 1 *Holders of rec. Aug. 15
15c.
Class A (No. 1)
.11.75 Sept. 1 ...Holders of rec. Aug. 15
Co., lot & ad pref.(quar.)
Spear dr
Sept. 1 Holders of rec. July 31
$1
Standard Chemical, Ltd
.5
Standard Investing. $514 pref. (qua!'.) 1.3734 Aug. 15 Holders of rec. July 270
*40c. Sept.15 *Holders of rec. Aug. 17
Standard 011 of N.Y.(quer.)
I% Sept. I Holders of roe. Am'. 10
Standard ON (Ohio), pref.(quar.)
1
Aug. 15 'folders 01 rec. Aug. 1
Standard Royalties Wewoka Corp., pf _
42e. Aug. 25 Holders of rec. Aug. 6a
Standard Sanitary alfg., corn. (qu.)..
Preferred (guar.)
131 Aug. 25 Holders of rec .Aug. So
Stewart-Warner Speedometer (User.). _ _ $1.50 Aug. 15 Holders of rec. Aug. 4a
Stromberg-Carlson TeleP. Mfg., COM..
25c. Sept. 1 Holders of rec. Aug. 20
Stroock (S.) & Co. (Oust.)
.750. Oct. 1 'Holders of rec. Sept.15
.7.5c Dec. 22 *Holders of rec. Doc. 10
Quarterly
Studebaker Corp., corn.(quar.)
$1.25 Sept. 1 Holders of rec. Aug. 100
Preferred (flum%)
131 Sept. 1 Holders of roe. Aug. 10a
134 Sept. 1 Holders of rec. Aug.
Sun on. prof.(quar.)
10a
790
[VOL. 127.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Name of Company.
Books Closed
Daps Inclusive.
Miscellaneous (Concluded).
Swan Fasch Oil Corp., pref.(qu.)
• 433(0. Sept. 1 *Holders of rec. Aug. 10
SwiftInternational
800. Aug. 15 Holders of rec. July 14s
Thatcher Mfg., pref. (Guar.)
90e, Aug. 15 Holders of rec. Aug. 4
Thompson (John R.) Co.(monthly).
- 300. Sept. 1 Holders of rec. Aug. 23a
Tide Water 011, pref. (quar.)
1% Aug. 15 Holders of rec. July 13a
Tobacco Products, class A (guar.)
13E Aug. 15 Holders of res. July 25a
Traymore, Ltd., com.(quar.)
• 12340. Oct. 1 *Holders of rec. Sept.15
Union Financial Corp.,c1.A.(gu.)(No.1) 37340. Sept. 1 Holders of rec. Aug. 15
Union 011 Associates (quar.)
•50e. Aug. 10 *Holders of rec. July 19
Union Storage (quad)
6214c Nov. 10 Holders of rec. Nov. 1
United Biscuit of Am.,corn.(quar.)400. Sept. 1 Holders of rec. Aug. 18
United Biscuit, class A (guar.)
Sept. 1 *Holders of red Aug. 10
'Si
United Milk Crate, A (qu.)(No. 1)_ _ _ _ .390. Sept. 1 *Holders of rec. Aug. 15
Class A (attar.)
*50c. Dec. 1 *Holders of rec. Nov. 15
United Paperboard. pref.(quad)
$1.50 Oct. 15 Holders of rec. Oct. la
Preferred (quar.)
$1.50 Jan8'29 Hold, of rec. Jan. 2 '29a
Preferred (guar.)
$1.50 AD15'29 Hold, of rec. Apr. 1 '29a
United Piece Dye Works,634% pf.(qu.)_ 1% Oct. 1 Holders of rec. Sept. 200
% preferred (quar.)
1% Jan2'29 Holders of rec. Dec. 200
U.S. Cast Iron Pipe & Fdy.,corn.(cm.). 235 Sept. 15 Holders of rec. Sept. 3a
Common (quad)
234 Dec. 15 Holders of rec. Dec. la
Preferred (guar.)
1% Sept. 15 Holders of rec. Sept. la
Preferred (auar.)
134 Dec. 15 Holders of red Dee. la
U.S. Dairy Products. corn. A (quar.)
*Si Aug. 31 *Holders of roe. Aug. 20
.1 1% Sept. 1 *Holders of red Aug. 20
,
First preferred (quar.)
- Second preferred (guar.)
Sept. 1 *Holders of roe. Aug. 20
*2
U .S. Envelope, corn
*4
Sept. 1 *Holders of red Aug. 15
Preferred
.334 Sept. 1 *Holders of rec. Aug. 15
U.S. Hoffman Machinery (quid.)
Sept. 1 Holders of rec. Aug. 210
Si
U.S. Playing Card, (quar.)
Oct. 1 *Holders of roe. SePt.20
*El
U.S. Print. & Lith. 2d pref.(quar.)---- 134 Oct. 1 Sept. 21 to Sept. 30
Second preferred (quar.)
1% Jan l'29 Dec. 22 to Dee. 31
U.S. Realty & Invest. (guar.)(No. 1)_ _ *3734c Oct. 1 'Holders of rec. Sept. 15
U.S.Sheet & W.G.. pref.(quad)
*2
Oct. 1 *Holders of rec. Sept. 21
U.S. Steel Corp., cont. (guar.)
1% Sept.29 Holders of rec. Aug. 30a
Preferred (quar.)
13( Aug. 30 Holders of rec. Aug. 80
Universal Pipe & Radiator. pref.(qu.)
$1.75 Nov 1 liciders of rec. Oct. 15a
Vanadium Corp.(quar.)
750. Aug. 15 Holders of red Aug. la
Vapor Car Heating, pref.(guar.)
13.1 Sept. 10 Holders of rec. Sept. la
Preferred (guar.)
141 Dec. 10 Holders of rec. Dec. la
Sc. Aug. 15 Holders of rec. July 31
Venezuelan Petroleum (quad)
Vesta Battery Corp., pref.(quar.)
*$1.75 Sept. 1 *Holders of rec. Aug. 20
Va.-Carolina Chem., prior pref.(qu.).
1% Sept. 1 Holders of rec. Aug. 17a
Participating pref. (No. 1)
3
Sept. 1 Holders of rec. Aug. 17a
Wayagamack Pulp de Paper( guar.)
75e. Sept. 1 Holders of roe. Aug. 15
Western 011& Refining. pref
4
Sept.15 Holders of rec. Aug. 15
White (J. G.) & Co., pref.(quar.)
134 Sept. 1 Holders of red Aug. 15
White Motor Securities, pref.(quar.) _ •154 Sept.29 *Holders of rec. Sept. 15
White Motor (quar.)
25c Sept.29 Holders of rec. Sept. 150
Will & Baumer Candle,corn.(Quar.)___
25c. Aug. 15 Holders of rec. Aug. 1
Wire Wheel Corp. of Amer., cl. A (qu.). •$1.75 Aug. 15 *Holders of rec. Aug. 1
Preferred (quar.)
$1.75 Oct. 1 Holders of rec. Sept. 20a
Preferred (quar.)
$1.75 Jtuz1'29 Holders of roe. Dec. 20
Woolworth (F. W.) Co.,(quar.)
$1.25 Sent 1 Holders of reo. Avg. 10
Wright Aeronautical Corp.(guar.)
600. Aug. 31 Holders of roe. Aug. 15a
Wrigley (Wm.)Jr. Co., corn.
260. Sept. 1 Holders of red Aug. 20
Common (monthly)
250. Oct. 1 Holders of rec. Sept.20
Common (monthly)
250. Nov. 1 Holders of red Oct. 20
Common (monthly)
25c. Dec. 1 Holders of rec. Nov.20
Yale & Towne Mfg.(quad)
Oct. 1 Holders of red Sept. 70
$1
Yellow & Checker Cab, corn. A (mthly
) 6 2-3c Sept. 1 Aug. 28 to Aug. 31
Common class A (monthly)
8 2-3c Oct. 1 Sept.26 to Sept. 30
Common class A (monthly)
8 2-3c Nov. 1 Oct. 28 to Oct. 31
Common class A (monthly)
8 2-3c Dec. 1 Nov. 28 to Nov.30
Zellerbacb Corp.. Pref.(guar.)
*134 Sept. 1 'Holders of rec. Aug. 15
Unite Products Corp., corn. (quar.)
•250. Aug. 15 Holders of red Aug. 6
•From unofficial sources. f The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. 6 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.
Payable in common stock. g Payable in scrip. is On account of accumulated
dividends. .1 Payable in preferred stock.
Associated Gas & Electric dividends payable in cash or in class A stock as
follows: On $8 prof 3.33-100 shares class A stock; on $8.50 pref., 3.81-100 shares
class A stock; on original preferred, 2.28-100 of a share of class A stock; on $7 preferred, 3.95-100 of a share of class A stock.
m $1.50 for each 8100 paid in.
Payable either in cash or class A stock at rate of one-fortieth of a share.
o Dividend is one shilling six pence, less deduction for expenses of depositary.
r Patin° mines & Enterprises dividend Is four shillings per share, equal to 80.9733
a basis of $4.8865 to the E.
u Mune Retail Stores declared 2% in stock, payable 3.4% quarterly.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ending Aug. 3:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR WEEK ENDED FRIDAY. AUG. 3 1928.
NATIONAL AND STATE BANKS
-Average Figures.
Loans.
OtherCash Res. Dep., Dep.Other
Gross
Including N. Y. and Banksand
Gold. Bk.Notes. Elsewhere. TrustCos. Deposits.
Manhattan$
$
$
s
$
$
Bank of U.S
143,233,200 10,700 1,760,000 15,344.800 1,141,900 138,430,700
Bronx Borough__ _ 20,141.000 7.400 740,000
21,065,000
850,000
Bryant Park Bank 2,054,000 71,500 148.300
2.107,200
151,300
Chelsea Exch.Bk_ 20.833.000
20,199,000
____ 1,482,000
758,000
Cosmopolitan_ _ _
. 8,842,027 2,944 244.827 2.190,298
10,325,401
*Grace National__ 17.833,140 5.500
77,978 1,400,263 1,429,737 15,500,197
Harriman Nat'l_ 33,598,000 20,000 845,000 4,249,000 817,000 37,119,000
Port Morris
4 472.000 28,500
3,832.700
90,000
174.200
Public National_ 112,842.000 22.000 1,793,000 8,851,000 2,617,000 105 898,000
Brooklyn
First National
19,844,800 31,100 429,100 1,858,0,00 351,600 17,397,600
Mechanics
54,130,0130 254,900 1,535,300 7,833,000
52,452,000
Municipal
45.023,500 21,300 1,323,100 2,888,400
28,300 42,010,800
Nassau National_ 22,845.000 85,000 283,000 1,751,000 407.000 20,083,000
Peoples National_ 8,306,000 3,700 132.300
588,000
87,000 8.187,000
Traders National_ 2.858.500
del Ann
111 100
14 200
2.850.700
• Clearing non-member.
TRUST COMPANIES
-Average Figures.
Loans.
Cash.
Res. Dep., Dep, Other
Gross
N. Y. and Banks and
Elsewhere, Trust Cos. Deposits.
Manhattan$
8
3
3
8
American
52,238,200
55,830 54,541,000
895,400 9,928,300
Bronx County
22,522,534
21,1154,984
703,810 1,528,085
Central Union
244,491,000 *34,848,000 5,088 000 3 429.000 284,199.000
Empire
73.994.400 •4 497
3,288,200 70,253,200
2 950
Bank of Europe & Tr- 18.354,892 ' 3300 ' 900
15.728,588
829:433
73: 37
Federation
18,188,742
251.103 8,515,831
283,798 1,370.210
Fulton
18,184,000
18,218,700 2,080,800
305,900
Manufacturers
278,887,000 2,383.000 34,005,000 1.377,000 255,851.000
United States
88,631,934
80,830,342 4,400,000 7,797.299
Brooklyn
Brooklyn
85,843,200
81,990,800 1,388,700 10,083,900
Kings•County
25,204,889
28,887,008 1,887,139 2.837,382
Bayonne, N.J.
Mechanics
9.680.170
366.403
304.274 9,757,966
773.387
• Includes amount with Federal Reserve Bank as follows: Central Union, $31.111,000; Empire, 82.954,000; Fulton, 81,941,700.
Boston Clearing House Weekly Returns.
-in the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
I
July 31
1928.
Changesfrom
Previous Week
July 24
1928.
July 17
1928.
S
s
s
Capital
84,150,000
84,150,000
84,150,000 Unchanged
Surplus and profits
108,448,000 108,448,000
108,448,000 Unchanged
Loans, disc'ts & invest'ts_ 1,138,485,000 +19.789,000 1,118,8913,000 1,120,999,000
Individual deposits
880,039.000 -11,431,000 871,470,000 870.121,000
Due to banks
138,949,000 +5.553,000 133,398,000 137,935,000
Time deposits
283,453,000 -2,438,000 285,891,000 288,7134,000
United states deposits
5,184.000
29,272,0011
38,469,000 +27,197,000
Exchanges for Clg. House
23.358.000
20,195,000
-912,000 • 27,107.000
Due from other banks_ _.
85,887,000
82,974.000
78,253.000 -4,721,000
Res've in legal deposit'les
81,443,000
81,515,000
81,511,000
-4,000
Cash in bank
8,518,000
8,742,000
8,958,000
+214,000
Res've excess in F.R.Bk_
392.000
528.000
1.022.000
4222_000
Weekly Return of New York City Clearing House.
Beginning with Mar. 31, the New York City Clearing House
Association discontinued giving out all statements previously
Philadelphia Banks.
-The Philadelphia Clearing House
issued and now makes only the barest kind of a report. The
new return shows nothing but the deposits, along with return for the week ending Aug. 4, with comparative figures
the capital and surplus. We give it below in full:
for the two weeks preceding, is given below. Reserve
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING HOUSE requirements for members
of the Federal Reserve System
ASSOCIATION FOR THE WEEK ENDING SATURDAY AUG. 4 1928.
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
Time
•Surplus ek Net Demand
Deposits
Deposits
Clearing House
*Capital. Undivided
is not a part of legal reserve. For trust companies not
Average.
Average.
Profits.
Members.
members of the Federal Reserve System the reserve required
S
S
S
3
55,728.000
7,808,000 is 10% on demand deposits and 'includes "Reserve with
Bank of N.Y.& Trust Co..-- 8.000,000 12,875.200
31,395,000
Bank of the Manhattan Co__ _ 12,500.000 19,228,500 144,201,000
51,805,000 legal depositaries" and "Cash in vaults."
Bank of America Nat. Assoc__ 25,000,000 37,009,900 130,400,000
90,000,000 73,961,000 a873,842,000 155.878,000
National City Bank
Beginning with the return for the week ending May 14, the
5.899,000
Chemical National Bank
8,000 000 20 014 500 127 410.000
53.382.000 Philadelphia Clearing House
National Bank of Commerce_ 25,000,000 48.295.200 308.585.000
Association discontinued showing
43.809,000
14.868.400 183,002,000
Chat.Phenix Nat.Bk.&Tr.Co. 13 500 000
2,953,000 the reserves and whether reserves held are above or below requireHanover National Bank
5,000,000 26,702.400 113.748,000
29,181.000
Corn Exchange Bank
11,000,000 17,782.700 188,801,000
9,858,000 ments. This will account for the queries at the end of the
National Park Bank
10,000,000 25,069,500 119,564,000
10,430,000 table.
First National Bank
10,000,000 87 588 203 242,374.000
52,522,200 384,720,000
53,248,000
Amer.
Exchange Irving Tr.Co.
Continental Bank
Chase National Bank
Fifth Avenue Bank
Garfield National Bank
Seaboard National Bank
State Bank & Trust Co
Bankers Trust Co
U.S. Mortgage & Trust Co
Title Guarantee dr 'Trust Co
Guaranty Trust Co
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Farmers Loan & Trust Co-- _
Equitable Trust Co
Colonial Bank
40,000,000
1,000.000
80,000.000
500.000
1,000,000
9,000,000
5,000,000
25,000.000
5,000.000
10,000,000
40,000.000
4,000,000
3,000.000
10,000,000
10,000.000
30,000,000
1,400,000
1,438,900
77,826,700
3,158,700
1,899,000
12 351 100
8,831.700
75,000.000
5,951.400
21,857,400
59,231,700
3,848,500
3,845,200
24,009,500
22,149,200
25.591,000
3,705.800
8.242.000
b533,991,000
24,005,000
14,831,000
118,542.000
34,916.000
c335,821,000
57,858,000
37,741.000
d483,1f5,000
40,344.000
20,303,000
145,523,000
el12,852,000
f326,792,000
28,782,030
1300,000
85,078,000
851,000
479,000
7.009,000
59.485,000
52.375.000
4,188.000
2,011,000
78,699,000
4,501.000
2,728,000
28,385.000
19,884,000
42,805,000
7,039,000
Clearing Non-Member.
Mechanics Tr. Co.. Bayonne_
500,000
773,900
3.853.000
5.747,000
Ann Ann nnn non nAT onn C 11 1 025 AAA
.
01A AAA Ann
'"
Included deposits In foreign branches: (a) $288.074.000: (8) $13,239,000; (c)
$48,300,000; (d) 888,858,000: (e) 52.420,000;(1) $115,808,000.
• As per official reports, National, June 30 1928; State, June 30 1928; Trust co's,
June 30 1928.
Two Ciphers (00)
omitted.
Week Ended Aug. 4 1928.
Members of
Trust
P.10. System Companies.
Capital
54,790.0
Surplus and profits_ _ _ 172,807,0
Loans, disets. & invest. 1,029,120.0
Exch. for Clear. House
34,209,0
Due from banks
88,588,0
Bank deposits
120,528,0
Individual deposits_
802,801,0
Time deposits
210,025,0
Total deposits
933,354,0
Res. with legal depos
Res. with F. R. Bank_
88,882,0
Cash in vault•
8,792.0
Total res. & cash held_
75,874,0
Reserve required
Excess reserve and cash
n vault
1928.
Total.
July 28
1928.
July 21
84,290,0
84,290,0
84,290,0
9,500.0
18,293,0 191,100,0 191,100,0 191.100,0
107,073.0 1,138,193,0 1,120,875,0 1,132,625,0
38,793.0
31,890.0
35.128.0
919.0
89,341,0
83,780,0
87.111,0
525,0
3,480,0 123,988,0 122,081.0 128,299,0
50,849,0 853,850,0 839.887,0 858,404,0
29.987,0 239,992,0 240,015,0 238,138,0
84,278.0 1.017.830.0 1.001.983,0 1,022,841,0
7,584,0
8,188,0
8.588,0
8,588,0
137,457.0
138,105,0
88,882,0
11,510,0
11.727,0
11.384,0
2.572,0
75,041,0
88.834,0
88,020,0
11.180,0
• Cash In vault not counted as reserve for Federal Reserve members.
791
FINANCIAL CHRONICLE
AUG. 11 1928.1
Weekly Return of the Federal Reserve Board.
Aug.9, and showing the condition
The following is the return issued by the Federal Reserve Board Thursday afternoon, present the results for the system
table we
the
of the twelve Reserve banks at the close of business on Wednesday. In and first those of the corresponding week last year.
with
as a whole in comparison with the figures for the seven preceding weeks of the twelve banks. The Federal Reserve Agents'
The second table shows the resources and liabilities separately for each Federal Reserve notes between the Comptroller and
Accounts (third table following) gives details regarding transactions in The Reserve Board's comment upon the returns for the
Reserve Agents and between the latter and Federal Reserve banks.
Discussions."
latest week appear on page 763. being the first item in our department of"Current Events and
BANKS AT THE CLOSE OF BUSINESS AUG. 8 19211.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE
1928. Aug. 101927.
,-lug. 8 1928. Aug.1 1928. July 25 1928. July 18 1928. July 11 1938. July 3 1928. June 27 1928 June 20
$
$
5
5
$
5
$
$
s
RESOURCES.
1,135,840,000 1,615,882,000
1,107,601,000 1,117,466.000 1,119.717,000 1,130.963,000 1,161,160,000 1,120,584,000 1.128,276,000
Gold with Federal Reserve agents
41,752,000
62,534.000
63,482,000
62,100,000
67.361,000
73,465,000
71,406,000
63,309,000
72,563,000
Gold redemption fund with U.S. Treas.
1,228,521,000 1,191,684,000 1,191,758,000 1,198,374,000 1-657,634,000
Gold held exclusively agst. F.R.notes 1,180,164.000 1,180,775,000 1,191,123,000 1,204,428,000
694.771,000 644,942,000
695,550.000 690,048,000 680,561,000 661,912,000 666,960,000 699,796,000 700.173,000 687.772.000 705.429,000
Gold settlement fund with F.R. Board
699,395.000 655,010,000 691,379,000
Gold and gold certificates held by banks_ 729.702,000 728,715,000 732,347,000 733.252,000
2,580,917,000 3,008,005,000
2,005,416,000 2,599,538.000 2,604,031,000 2,599,592,000 2,594,876.000 2,546.490,000 2,583,310,000 156,354,000 146,158,000
Total gold reserves
150,042,000 156,037.000 157,154.000 159,244,000 152,361,000 146,100,000 154,974,000
Reserves other than gold
2,737,271.000 3.154.163,000
2,755,458,000 2,755,565,000 2,761.185,000 3,758,836.000 2,747,237,000 2,692,590,000 2.738,281.000
Total reserves
56,560,000
64,107,000
62,335,000
54.273,000
63,113,000
65,096,000
64,517,000
58,337,000
60,172,000
Non-reserve cash
Bills discounted:
225,487,000
615,037,000 713,372,000 777,480.000 701,618,000 653,196,000 187,618,000
603,944,000 655,500.000 596,385.000
Secured by U. S. Govt. obligations
337,631,000
457,341,000 430,276,000 428,724.000 396,730,000 375,896,000 413,530,000 330,256.000
Other bills discounted
1,031.874.000 990,827,000 413,105,000
1,061,285,000 1,085,770,000 1,025.109,000 1,011.757,000 1,089,268,000 1,191,010,000
Total bills discounted
233,882,000 175,707,000
161,847,000 165,879,000 169,083,000 181,035,000 187,642,000 209.664.000 223,432,000
BM bought In open market
U. S. Government securities:
55,928,000 191,611,000
57,979,000
56,024,000
55,701,000
60,968,000
55,259,000
55,044,000
55,099,000
Bonds
88,913,000
78,260.000
87,584,000
89,505,000
90,687,000
87,720,000
87,306,000
87,641,000
87,677,000
Treasury notes
88.680,000 139,753,000
66,374.000
63,813,000
69,077,000
73,177,000
64,968,000
65,391,000
68,887,000
CertifIcate.s of indebtedness
223,868,000 420,277,000
207,868,000 211,663.000 207,641,000 209,342,000 217,765,000 219,565,000 211,937,000
Total U. S. Government securities
1,300,000
590.000
490,000
490.000
490,000
490,000
490,000
490.000
490,000
Other securities (see note)
389 000
010, .
1,438,167,000 1,
Total bills and securities (see note)._ _ 1.431,490,000 1,463.808.000 1.402.323,000 1,402,624,000 1,495,165,000 1,620,729,000 1,467.733,000
Gold held abroad
48,759,000
572,000
571,000
573,000
571,000
571,000
574,000
573.000
573,000
Due from foreign banks (see note)
729,581.000 594,915,000
593,054,000 651.501,000 626,843,000 740.451,000 687.818,000 758,391,000 626.380,000
Uncollected items
59,414,000
60.089,000
60,096,000
60,047.000
60,056.000
60,063,000
60,123,000
60,113,000
60,115,000
Bank premises
15,542,000
7.902,000
8,063,000
8,431,000
8,563,000
8,520,000
8.628,000
8,743,000
All other resources
8,463,000
5,036,074,000 5.062.523,000 5,195,121,000 4,963.462.000 5.037.689,000 4.939,742,000
4,907,779,000 5,000,197,000 4.924,182,000
Total resources
LIABILITIES.
1,668,488,000
1,627,586,000 1,612.690,000 1,606.582,000 1,618,863,000 1.640.150,000 1,660,132,000 1,604,635,000 1,599,372.000
F. It. notes in actual circulation
Deposits:
2,332,162,000 2,315,141,000
3,265,606.000 2.343,504.000 2,299,893,000 2,306,632,000 2,365,396,000 2,402,892,000 2,344,709,000
Member banks—reserve account
10,125,000
3.478,000
11,274,000
13,735,000
21.468.000
12,230,000
42,277,000
20,331,000
29,970,000
Government
4,639,000
10,134,000
8,703.000
10,057,000
8,852,000
9,476,000
8,724,000
8.651.000
9,523,000
Foreign banks (see note)
24,229,000
20,388,000
17,114.000
18,618,000
26.104,000
20,339,000
17,803,000
17.241.000
19.197,000
Other deposits
2,366,162,000 2,354,134,000
2,334.410,000 2 4 2
, 0 .191,000 2,346 116 000 2,349,042,000 2,407.441,000 2,459.316.000 2,381.800,000 678,174.000 545,023,000
Total deposits
672,160.000 619,630,000 682,191,000 582.086,000
547,270,000 587,799,000 574:543,000
Deferred availability Items
140,318.000 140,309,000 130,058,000
143,057,000 143.009.000 143 024,000 143,116,000 143,221,000 141,210,000
Capital paid in
233,319.000 228,775,000
233,319.000 233,319,000 233'319,000 233,319.000 233,319,000 233,319,000 233,319,000
Surplus
13,264,000
20,353,000
21,304,000
18,953,000
18,762,000
19,574,000
22,137.000
20,598,000
All other liabilities
21,186.000
5,036,074,000 5,062.523,000 5,195.121.000 4.963,462,000 5.037,689,000 4,939,742,000
4,907,779,000 5,000,197.000 4.924,182.000
Total liabilities
Ratio of gold reserves to deposits and
74.8%
65.1%
64.8%
61.8%
64.1%
65.5%
65.8%
64.3%
64.7%
F. R. note liabilities combined
Ratio of total reserves to deposits and
78.4%
69.0%
68.7%
65.4%
67.9%
69.5%
69.5%
69.9%
68.6%
F. R. note liabilities combined
Contingent liability on bills purchased
310,888,000 309,038,000 305,068,000 297.824.000 155,453,000
305,018,000 306.285,000 305,452,000 305,186,000
for foreign correspondents
s
$
a
s
s
S
Distribution by Maturities—
98,312.000 111,460,000
94,671,000 103,443,000
73,920,000
76,020.000
51,655.000
57 426 000
1-15 days bills bought In open market _
52 006 000
845,383,000 322,069,000
883,129,000 896.
844:643:000 828,869,000 936,325,000 1,044,234,000 892,132,000
bills discounted
1-15 days
105.000
19,294,000
736.000
6,942,000
3,220.000
405,000
1,235,000
805,000
1-15 days U. S. certif. of indebtedness_
1,210:000
100,000
1-15 days municipal warrants
30,151,000
49,300,000
47,389,000
37,114,000
37,839,000
29,072,000
bought in open market _
37,852,000
36 340 000
39 364 000
18-30 days bills
20.860,000
39,389,000
36,139.000
43,862,000
39,563,000
40,928,000
40,727,000
0
38,675: 00
16-30 days bills discounted
41:08400
2,362,000
U. S. certif. et Indebtedness
16-30 days
16-30 days municipal warrants
22,340,000
48,376,000
42,764,000
37.931,000
44,012,000
43,478,000
40,716,000
31-60 days bills bought In open market _
42 714 000
44 314.000
38,608,000
55.103,000
48,934,000
68,759,000
53,506,000
54,585,000
71,495,000
80,142,000
31-60 days bills discounted
81:514,000
63,408,000
31-60 days U. S. certif. of Indebtedness
warrants
31-60 days municipal
16,231,000
22,887,000
23,651,000
26,099.000
36,663,000
24,602,000
25,410,000
26,143,000
25,519.000
81-90 days bills bought In open market _
23,532,000
31,916,000
35,368,000
40,859,000
59,333,000
43,594,000
45,324,000
57,393,000
51,540,000
81-90 days bills discounted
81-90 days U. S. certif. of Indebtedness.
81-90 days municipal warrants
1.525,000
5,007.000
6,185,000
7,101,000
7.329,000
5.722,000
5,593,000
Over 90 days bills bought in open market
6,276.000
5.431,000
8,036,000
19,036,000
19,311,000
13,868,000
16,297,000
15,201,000
12,903,000
11,963,000
Over 90 days bills discounted
14,631,000
73,983,000
69,386,000
65,638,000
66,235,000
65.857,000
63.408,000
64,588,000
Over 90 days certif, of Indebtedness_
63.733,000
87,767.000
Over 90 days municipal warrants
2,904,294,000
F. It. notes received from Comptroller 2.810.200,0002,825.782.000 2,822,202,000 2,831,152,000 2,824.675,000 2.819.200,000 3,817,335.000 2,810,515,000 859,995,000
F. R. notes held by F. R.. Agent
804,820,000 806,970,000 799.770,000 796.880,000 783.160,000 798,775,000 817,380,000 811,770,000
—
2,044,299,000
Issued to Federal Reserve Banks
2,014,380,000 2,018,812,000 2,022,432,000 2,034.272,000 2,041.515,000 2,020,425,000 1,999,955,000 1,998,745,000
a
How Secured—
By gold and gold certificates
Gold redemption fund
Gold fund—Federal Reserve Board
By eligible paper
s
$
350,977,000
354.620,000 413,277,000
348.477,000 352,477.000 352,476.000 354,977.000 355,376.000 355,376.000
94.335,000 103,546,000
88 624,000
98 552 000
99 815 000
95.355,000
94,652.000
91 446 000
99,798,000
1,099,059,000
7
8
5
2000 706:3 8:000 6 7:6 6:000 6 4:2 6,000 686,870,000 558,173,000
7
3
601,972,000 669.193,000 875:794:000 6 3.1 6
8
1,195,831,000 1,159.342.000
1.191,942,000 1,213.595,000 1,160.789,000 1,157,472,000 1,322,349,000 1.318,795,000
00
'Total
2,299.543,000 2.331.061.000 2.200 506 0(102.280.435 non 2 303 509 0002 448.379.000 2,324,107,000 2,295,182.0002,174,055.0
and amounts due to
NOTE.—Beginning with the statement of Oct. 7 1925. two new Items were added in order to show separately the amount of balances held abroad
was changed to
foreign correspondents. In addition, the caption "All other earning assets," previously made up of Federal Intermediate Credit bank debentures,
"Other securities," and the caption "Total earning assets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total of the
discount acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which, t was stated, are the only Items included therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG. 8 1928
Two ciphers (00) omitted.
Federal Reserve Bank of—
Total.
Boston,
RESOURCES.
$
$
Gold with Federal Reserve Agents 1,107,601,0 109,508,0
72,563,0 8,541,0
Gold red'is fund with U.S.Treas.
Gold held cod. nest. F.R.notes 1,180,164,0 118,049,0
Gold settle't fund vwith F.R.Board 605,550.0 71.888,0
729,702,0 25.438,0
Gold and gold certificates
Total gold reserves
Reserve other than gold
2,605,416,0 215,375,0
150,042,0 13,663,0
2,755,458,0 229,038,0
Total reserves
58,337,0 5,402,0
Non reserve cash
Bills discounted:
Sec. by U. S. Govt. obligations 603,944,0 30.425,0
457,341,0 32,978,0
Other bills discounted
Total bills discounted
Bills bought in open market
U. B. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
Total U. S. Gov't securities
1,061,285,0 63,403,0
161,847,0 14.361.0
55,259,0
87.641,0
64,968,0
703,0
1.713,0
4,427,0
207.868.0
6.843.0
Afinneao. Kan.City. Dallas. San Fran,
Phila. Cleveland. Richmond Atlanta. Chicago. Si. Louis.
S
$
$
$
3
$
S
$
$
I
3
177,854,0
175,367,0 75 315 0 131.507,0 24 496,0 68,158,0 214,742,0 22,345,0 43,509,0 48,612,0 16,188,0 3.049,0
6,012,0 3,873,0 2,273,0 1,269,0
4,828,0 9,131,0
0
2:138,
19,661,0 6:576:0
50 52,
2
180,903,0
195,028,0 81 891 0 136 759.0 26,634,0 72,986,0 223,873,0 28,357,0 47.382,0 50,845,0 17,457,0 43,347.0
175,915,0 49'428 0 76 182.0 20,959,0 10,769,0 149,867,0 24,474,0 18,164,0 44,864,0 9,693,0 31,287,0
'
.
8,311,0 7,651,0 54.814,0 12.337,0 5,220,0 6,544,0 13,712,0
494.806,0 27,595, 41 0987,
,
0
255,537,0
865,749,0 158 914 0 254 928,0 55,904,0 91,406,0 428,554,0 65,168,0 70,766,0 102,353.0 40.862,0 10,203,0
5,149,0 5,644.0
28,505,0 8,87040 1 :192,0 11,030,0 18,054.0 18,023.0 16,413,0 2,296,0
:
46.500,0 265,740,0
894,254,0 165 784 0 269 120,0 66.934,0 109.460,0 448,577,0 81.581,0 73,062,0 107,402,0 2,475,0 3.391,0
,
18,539,0 1,858 0 3,051 0 3,897.0 4,834,0 8,743,0 3,332,0 1.078,0 1.737.0
,
New York.
11,081.0 17,015,0 47.660,0
184,205,0 68 307 0 52 247.0 20,977,0 17,598,0 127,745,0 18,977,0 7.707,0 12,885,0 13,759,0 25.121,0
145.188,0 23,37020 3 :901,0 33,759,0 57,704,0 37,133,0 35,297,0 7,246,0
,
23,966,0 30,774,0 72,781.0
329,393.0 91 677 0 85,148,0 54,736,0 75,302,0 164,878.0 54,274,0 14,953.0 8,512,0 11,835,0
20.367,0
128,0 10,184,0
32.170.0 13:89 :0 18,678,0 7,461,0 12.754,0 11,507,0
0
934,0
1,384.0
585,0
11,523.0 9,0020 26,623,0
15,594,0 11,340,0 5,550,0
— --2R mil n on no, n lq 10, n
1,153,0
594,0
1,529,0
1 07A
is
2,90 19,927,0
3,055,0 3,847,0
1,900,0 9,197,0
a oasis
39071
7,125,0
9,500,0
0 in
ft9;
4,519,0 10,890,0
3,925,0 2,912,0
2,214,0 4,327,0
n In
ASS
n
00 190
41,0
7.968,0
3,393,0 11,554,0
3,964,0 4,926,0
is 15
/Oil
n In so, n
792
FINANCIAL CHRONICLE
RESOURCES (Concluded)
Two Ciphers (00) omitted.
Total.
Boston.
$
490,0
Othersecurldes
Total bills and securities
Due from foreign banks
Uncollected !terns
Bank premises
All other resources
Ness York.
I
$
1,431,490.0 84,607,0
574,0
37,0
593,054,0 55,533,0
60.123,0 3,824,0
8,743,0
79,0
Total resources
LIABILITIES.
[VOL. 127.
Cleveland. Richmond Atlanta. Chicago, B. Louis. Minneap, Kan.City. Dallas. San Fran.
Phila.
$
S
$
11
1
$
490,0
4
S
1
$
390,064,0 126,494,0 136,933.0 65.473,0 93,040,0 200,356,0 71,027,0 36,285.0 50,607,0 57,935,0 109,669,0
219,0
47,0
25.0
540
21,0
69,0
35,0
17,0
21,0
18,0
13,0
154,481,1 48,576,0 54,916,0 45,342,0 21,385,1 74,006.0 25,173,0 13,968,0 39,180,0 23,954,0 36,540,0
16,568,1
1,752,1 6,806,0 3,482,1 2,833,0 8,720,0 3,902,0 2,202,0 4,308,
1,892,0 3,834,0
402.0 1,283,0 1,000,0
1,277,0
368.0 1,287,0
503,0
599,0
669,0
415,0
861.0
4,907,779,0 378,520,0 1,475.402,0 344,879,0 472,165,0 185,555,0 232,856,1 748,471,0 185,705,0 127,469,0 203,667,0 133,282,0 410,808,0
r. It. notes in actual circulation_
1,627,586,0 142,475,1
Deposits:
Member bank-reserve acct_ 2,265,606,0 150,350,0
Government
42.277,0 1,453,0
Foreign bank
8.724,0
650,0
Other deposits
17,803,0
162,0
863,957,0 131,825,0 182,421.0 67,633,0 64.819,0 346,932,0 79,306,0 48,822,0 87,836,0 62,690.0 179,006,0
15,182,0 1,409,0
925,0 2,958,0 3,343,0 2,146,0 1,615,0 1,806,0 2,007,0 3,469,0 5,064,0
2,412,0
914,0
835,0
448,0
369,0 1,222,0
624,0
378,1
237,0
308,0
317,0
9,058,0
228.0 1,394,0
294,0
94.0 1,150,0
387,0
28,0 4,350,0
227,0
431,0
Total deposits
Deferred availability items
Dept tal 9610 10
hirplus
kll otherliabillties
890,609,0
127,780,0
47,564,0
63.007,0
6,491,0
2,334.410,0 152,625,0
547,270,0 54,216,0
143.057,0 9,895,0
233,319,0 17,893.0
22,317,0 1,416,0
339,951,0 /28,879,0 103.621.0 52,409,0 128,771,0 275,889,0 57,490,0 53,829,0 57,931,0 30,479.0 165,882,0
134,297,0
44,469,0
14,181,1
21.662,0
1,391,0
185,654,0 71,333,0 68,625,0 351,450,0 81,686,0 51,002,0 90,591,0 66,504,0 189,944.0
52,263,0 42,210,0 19,114,0 66,370,0 29,521,0 11,387,0 41,188.0 22,935,0 35.817,0
14,301,0 6.078.0 5.136,0 18,223.0 5,381,0 3,017,0 4,202,0 4,318,0 10,761,0
24.021,0 12,324.0 9,996.0 32,776, 10,397,0 7.039.0 9,046,0 8.527,0 16,629,0
2,305.0 1,201.0 1,214,0 3,761,0 1,230,0 1.105,0
795,0
519,0
709,0
Total liabilities
4,907,779,0 378,520,0 1.475,402,0 344,879.0 472,165,0 185,555,0 232,856,0 748,471,0 185,705,0 127,469,0
203,667.0 133,282,0 419,808,0
Memoranda,
leserve ratio (per cent)
77.6
69.5
72.7
63.0
54.1
71.0
55.5
71.2
68.8
T4.7
69.6
72.3
48.0
:onlingent liability on Ma purchased for foreign correspond'ts 305,018,0 22,924.0
85,562,0 29.037,0 31,787,0 15,588,0 12,837,0 42,185,0 13,143,0 8,253,0 11.003,0 10,698,0 21.701,0
C. R. notes on band (notes reed
from F. R. Agent lees notes In
circulation
3.86.794.0 25.170.0 121.497.0 28.436 0 90 440 0 14791.0 26.3170 41 9116 ft in , n 7 747 n a ono n
...tn
x 400 n nn 0In (1
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT C .0SE OF BUSINESS
AUGUST 8 1928.
Federal Reserve Agent at-
Total.
Boston.
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Let40. 3finneap. Kan.City. Dallas. San Fran,
Two ciphers (00) omitted.
$
S
P.R. notes reed from Comptroller 2,819,200,0 234,595,0
F.It. notes held by F. R. Agent-- 804.820,0 66,950,0
$
$
$
$
3
$
3
3
3
$
3
734,768,0 182,715.0 253,299,0 00,089,0 224.078,0 450,494,0 87.470,0 79.095,0 99.509,0 54.990.0 328,098.0
273,320,0 25,400,0 31,230,0 22,839,0 68,990,0 131,400,0 19,440,0 17,519,0 32,580,0 19,102,0 95,000,0
F.R. notes Issued to F. R. Bank_ 2,014.380,0
Collateral held as security for
P. R. notes Issued to F. R. Bk.
Gold and gold certificates__ 350.977,0
Gold redemption fund
94,652,0
Gold fund-F.R. Board
661,972,0
Eligible paper,.,..
1,191,942,0
461,448,0 157,315,0 222.069.0 67.200.0 155.088.0 319,094,
Total collateral
167,645,0
35,300,0
16,208,0
58.000,0
77,744,0
_ 2.299.543.0 187.252.0
68,030,0 61,576,0 66,929,0 35,888,0 232,098.0
153.161.0
50,000,0 20,396,0 22.750,0
7,900,0 14,167,0
12.303,0 35.000,0
17,206,0 11,738,0 11.507,0 4,100,0 7,908,0 1,742,0 1,445,0 1,342,0 2,752,0 2,885,0 15.819,0
5,000,0 63,577,0 70,000,0
37,500,0 213,000.0 13,000,0 28,000.0 45,860,0 1,000,0 127,035,0
60,132,0 88,007,0 176,228,0 54,375,0 22,882,0 32,356,0 42,591,0 92,627,0
353,279,0 88,809.0 102,912.0
528 nen (1 104 194 n )14 410 0 84.628.0 156 165 0 non n70 0 70 790 0 00 301 n an one n so 770 !I 970 sal n
Weekly Return for the Member Banks of the Federal Reserve System.
Following Is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resource
and liabilities of the 636 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our department of "Current Events and Discussions," on page 764, immediately following which
we also give the figures of New York and Chicago reporting member banksfor a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS AUG. 1 1918 (In thousands of dollars).
Federal Reserve District-
Total.
Loans and investments
-total
Loans and discounts-total
Boston. New York
Phila.
Cleveland. Richmond Atlanta, Chicago, St. Louis, Minneap. Kan.City. Dallas. San Fran,
_ 15,860,571 1,084,857 6,175,017
Secured by U. S. Gov't obliga'ns
144,304
Secured by stocks and bonds._ 6,716,213
All other loans and discounts-- 9.000.054
$
$
677,692
$
s
642,633 3,318,884
719,542
5
369,837
680,167
$
$
459,664 1,975,648
844.546 1,479,454
515,373
601,163 2.422,773
505,836
233,999
439,040
333,756 1,324.057
13,112
672,830
793,512
3,744
182,060
329,569
4,221
22,254
131,763 1,053,646
365,179 1.346,873
4.585
215,430
285,621
2,237
74,613
157,059
3,016
123,486
313,438
3,700
86.088
243,968
4,718
346,012
963,327
$
$
$
$
$
22,449.478 1,548,788 8,570.240 1,253.9502,232.435
s
10.995
62,161
415,516 2,941,617
653,346 3 171,
,
239
9,471
463,152
371.923
6,588,907
463,931 2,395,223
409,404
752,981
162,319
141,470
896,111
213,906
135,838
240,227
125,908
651.589
U. S. Government securities_ _
3,041,290
Other bonds, stocks and securities 3.547,617
178,786 1,176,933
285,145 1,218,290
124,563
284,841
331,225
421,756
74.640
76.679
69,095
72.375
383.312
512,799
75,734
13812
73,210
62,628
114.604
125,623
85,786
40.122
353.402
298.187
76,883
12,619
130,362
26,846
39,374
11,231
38,717
11,057
263,427
39,912
45,319
7,107
23,727
5,632
57,017
10,504
33,425
8,811
114,778
21.407
319,630 1,828,974
241,408 1,263.632
14,918
28,487
378,682
240.780
6,411
210,708
128.963
3,209
505.672
177,320
5,387
Investments
-total
Reserve with F.R.Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
1,738,509
235,442
96,312
17,381
818,268
62,935
13,185,605
6,913,371
244,690
911.273 5,823,954
488,982 1,695.397
38,039
55,276
716,137 1,045.303
308,787 979,518
24.242
24,271
353,220
245,365
6.445
1,117,472
3,183,291
63,910 137,459
137,760 1,288,620
60,814
161,876
96,649
210,554
47,313
92,426
64,807
91,773
238,540
489,053
43,929
113,837
46,894
82,998
121,275
235,754
Borrowings from F. R. Bank-total
854,716
42,193
300,708
64,475
72,061
30,396
45,101
158.122
36.604
11.488
Secured by U. S. Gov't obligalis_
All other
550,456
304,260
14,645
27.548
217,840
82,868
48,267
16,208
41,309
30,752
11,512
18.884
8.339
36,762
120,234
37.888
13,527
23,077
5,825
5,663
630
30
78
49
704
61
11
no
041
.
0,
'
,
timber of renorting banks
281,086 810,966
131,934 1,011,285
26,462
11.543
52,309
85,482
143,578
193,148
16,336
19,513
57,719
6,927
9,409
13,033
6,480
48,998
8,721
I' 4
A t
cc
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 Aug.8 1928, In
comparison with the previous week and the corresponding date last year:
Aug.8 1928. Aug. 1 1028. Aug. 101927.
Resources
Gold with Federal Reserve Agent
Gold redemp.fund with U. S. Treasury_
175,367,000
19,661,000
175,367,000
16,372.000
331,454,000
13,918,000
Gd held exclusively agst. F. R. noteS
Gold settlement fund with F. R. Board_
Gold and gold certificates held by bank_
195,028,000 191.739.000
175,915,000 218,902.000
494,806,000 491,012,000
345,372.000
230,270,000
471,095,000
Total gold reserves
Reserves other than gold
865,749,000
28,505,000
901,653,000 1,046,737,000
30.801,000
30,228,000
Total reserves
Non-reserve rash
Bills discountedSecured by U. S. Govt. obligations__
Other bills discounted
894,254,000
18,539,000
931,881,000 1,077,538.000
13,815,000
18,064.000
184,205.000
145,188,000
240,904,000
98,979,000
81,537,000
43,297,000
329.393,000
32,170,000
339,883.000
35,288,000
124,834,000
72,711,000
1.384.000
11,523,000
15,594,000
1.384.000
14,481.000
19,614,000
27.392,000
19,874,000
29,815,000
28,501,000
35,479,000
77,081,000
390,064,000 410.650.000
274,626,000
Resources (Concluded)
Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank Premises
All other resources
Total resources
Total bills discounted
Bllis bought In open market
U.S. Government securities
Bonds
Treasury notes _.
Certificates of indebtedness
Total U.S. Government securities__
Total bills and securities (See Note).__
Aug.8 1928. Aug. 1 1928. Aug. 10 1927
219,000
154,981,000
16,568,000
1.277,000
218.000
186,572,000
18,568.000
1,267,000
1 475,402.0001,5136.120,000 1.548,720,000
LiabilitiesFed'I Reserve notes in actual circulation
Deposits
-Member bank, reserve acctGovernment
Foreign bank (See Note)
Other deposits
339,951,000
863,957.000
15.182,000
2,412,000
9,058.000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
890,609,000 953.343,000
127,780,000 155.886,000
47,564.000
47,564,000
63,007,000
63.007,000
6,253,000
6,491,000
Total liabilities
Ratio of total reserves to deposlt and
]
Fed. Ites've note liabilities combined_
Contingent liability on bills purchased
for foreign correspondence
13,641,000
147,312.000
16,276.000
5,512,000
340,067.000 370,099,000
935,417,000 929,622.000
1,382,000
7.229,000
1,253,000
2,248.000
16,672,000
8.440.000
948,929,000
126,420,000
39,054,000
61.614,000
2,604.000
1,475,402,000 1,566,120.000 1,548,720.000
72.7%
72.0%
81.7%
85,562,000
86,829.000
44,470,000
NOTE.
-Beginning with the statement of Oct. 7 1925. two new Items were ad( ed in order to show separately the amount of balances held abroad anti arncunts due
to foreign correspondents. In addition, the caption. "All other earing assets," previously made up of Federal Intermediate Credit Bank denentures, was changed to
"Other securities," and the caption. "Total earning assets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total of
the discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of the Federal Reserve Act, which. it was stated, are the only Items included
theveln.
AUG. 11 1928.]
793
FINANCIAL CHRONICLE
New York City Banks and Trust Companies.
(All prices dollars per share.)
Wall Street, Friday Night, Aug. 10 1928.
-The reivew of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 782.
to 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 Aug. 10.
Sales
for
Week.
Range for Week.
Lowest.
I
1
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Par. Shares $ per share. 3 per share. $ per share l5 per share.
Railroads
-50 120 Aug 10 120 Aug 10 120
Aug112534 June
Ala & Vicksburg____100
200 75 Aug 7 7534 Aug 6 58
100
Feb 83
May
Boston & Maine
lrebj 86
Apr
90 67 Aug 7 70 Aug 10 60
100
Buff Roch & Pitts
100
30 98 Aug 8 98 Aug 8 94
Ma 105% May
Preferred
50
40 6234 Aug 8 63 Aug 10 6234 Aug69
May
Erie & Pitts
*
200 10 Aug 8 losi Aug 7 10
Mar 1734 June
Havana Klee Ity
100
30 72 Aug 7 7234 Aug 6 64
Ma 7234 May
Preferred
100
20340 Aug 6340 Aug 6 340
Hocking Valley
July 440
may
80 80 Aug 4 84 Aug 9 7934 Jun 86
Apr
III Cent leased line100
1
20 3 Aug 8 2 Aug 8 2
Mar 5% Mar
Iowa Central
Minn di St Louis__ _100 1,500 234 Aug 4 234 Aug 4 134 May 634 May
50
10 8834 Aug 4 8834 Aug 4 83
Morris & Essex
July 89 June
70 172% Aug 8 177 Aug 4 125% al 204% May
Nash Chat & St Louis_ _ _
20 13834 Aug 713834 Aug 7 125
Apr 14834 May
New On Tex & Mex_100
50,600 6 Aug 4 634 Aug 6 534 Julyl 634 June
N Y Central rights
200 34 Aug 10 34 Aug 10 26
NY State figs pref_100
FebI 45 June
200 25 Aug 8 273-4 Aug 7 22
May
Pacific Coast 20 pf__100
Aprf 39
May
Rena & Saratoga_ __ _100
5014334 Aug 614334 Aug 6 14334 Aug 150
60 126 Aug 812934 Aug 7 100
So Ry Si & 0 ctfs___100
Jab 15935 Jail
Indus. & Miscell.
Abitibi Pow & Pap pf 100 2,600 88 Aug 10 8934 Aug 4 88
July 102% Apr
Am Pr & Light pref____. 80010234 Aug 410334 Aug 6 102
July 10734 May
10 108 Aug 10108 Aug 10 104
Am Wholesale pref_100
Apr 11034 .July
300 27 Aug 7 2834 Aug 4 2634 Aug 3234 June
Barker Bros
111
100 98 Aug 7 98 Aug 7 9634 Aug 10134 June
Preferred
Brockway Mot Trks_ _ _• 11,700 5334 Aug 7 5534 Aug 10 4534 Jun 5734 May
100
100 114 Aug 10 114 Aug 10 110 June 11734 May
Preferred
1,300235 Aug 7 244 Aug 9'235
Bklyn Edison Mrs
Aug 252
May
20 119 Aug 0119 Aug 6 117
Brown Shoe pref____100
Jan
Mar 120
Canada Dry G A rights_ 3,200 13-4 Aug 4 134 Aug 4 1
July 134 July
Cent Alloy Steel pref 100
Jan 11134 May
1011034 Aug 611034 Aug 6 107
10 140 Aug 8 140 Aug 8 12734 June 140
Aug
Colo Fuel & Iron prof 101
Aug 7
Conley Tin Foil stpd_* 1,100 1 Aug 7 1
1.4; Jan 334 May
Chickasha Cot 011_ ___10 4,300 50 Aug 9 5234 Aug 6 4534 June 5634 July
24 Aug 6 23
Cons Film Ind pref____* 2.300 2334 Aug
July 2534 July
Container Corp cl A__20 3,700 2234 Aug 6 24 Aug 10 2134 Mar 36
Apr
• 9.90 1134 Aug 6 1234 Aug 10 1034 Mar 1934 API'
Class B
Cushmans Sons pf 8%_C
1 11334 Aug 411334 Aug 4 112 June 11614 Mar
400 5334 Aug 10 5434 Aug 4 52 June 60
Apr
Cutter-Hammer alfg_10
A Aug 4
% Aug 4
Davison Chem rights__ 29,300
% Aug
34 Aug
Debenham Securities_5a 1,000 41 Aug 8 42 Aug 6 41
Aug 4934 May
*33,000 1634 Aug 8 1834 Aug 10 1234 June 1834 Aug
Dodge Bros A ctfs
.49,800 8334 Aug 4 9434 Aug 10 64 June 9434 Aug
Pref ctfs
7,7
95 Aug 9 9734 Aug 6 80
Drug Inc
Mar 9934 May
Eltbagon Schild pref_100
30010134 Aug 1010234 Aug 4'101% Aug 11434 June
Engineers Pub Ser pref.. 1,00 9734 Aug 10 99 Aug 9 9734 Aug 99
Aug
July
Gen Gas & El class 11 • 400 7034 Aug 10 71 Aug 9 37
Jan 75
• 3,700 76 Aug 10 7934 Aug 6 7434 July 8234 July
Gen Ice Cream
100 10934 Aug 710934 Aug 7 10934 Aug 112
,
Apr
Gen Motors pref (6)-i
170 104 Aug 910434 Aug 7 104
Gen fly Signal pref _ _100
Aug 11534 Feb
. 5
32 Aug 4 32 Aug 4 2634 Junel 3634 June
Graham-Palge Slot et's
100 0,400 77 Aug 4 7934 Aug 7t 6534 June 7934 Aug
Grand Stores
100 30010734 Aug 8109% Aug 10 107 June 10034 Aug
Preferred
• 5,100 2734 Aug 6 3034 Aug 6 2
Grand Union
634 July 3034 June
Preferred
• 1,500 4634 Aug 10 4
834 Aug 6 4634 Aug 50 June
1 10734 Aug 810734 Aug 8 104
Gulf States St lot pf_100
Apr
Jan 110
10 31 Aug 6 31 Aug 6 2534 July 3831 June
Hackensack Water pf_25
Internet Nickel pref _1
500 118 Aug 6119 Aug 811034 Jan 119
Aug
• 900 6834 Aug 6 7034 Aug 7 6634 Aug 7234 July
Int Paper Ws
Prof efts
100
500 100 Aug 710034 Aug 8 9734 Aug 103
July
Keith-Albee-Orpheum ..59,900 1834 Aug 8 27 Aug 8 1534 May 27
Aug
1001 1,711 7994 Aug 6 8234 Aug 8 7534 May 99
Preferred
May
.26.700 934 Aug 7 1034 Aug 4 734 July 2234 Apr
Kelvinator Corp
Roister Radio Corp_ •19,• i 1 5134 Aug 9 5634 Aug 6 5134 Aug 5834 July
111 110 Aug 10110 Aug 1010834 May 110% May
Lehigh Port Cem pref100
*
30010134 Aug 1010134 Aug 7 9934 Mar 110% May
Loew's preferred
McKeesport Tin Plate.. 4,701 6634 Aug 9 6734 Aug 4 6234 June 7234 Apr
Maytag pref
*
800 41 Aug 8. 42 Aug 7 41
May
AugI 52
• 1,011 9134 Aug 10 9134 Aug 8 91
Prior pref
JulyllOi
May
•13,800 29 Aug 10 3134 Aug 6 2534 July 3234 Aug
Mengel Co
10 110 Aug 1 110 Aug 10 10534 Ap 111 June
Milw El fly & Lt pref 100
•16.801 122 Aug 1013234 Aug 6 94
Motor Products
July 134
Aug
421 11334 Aug 611334 Aug 6 11234 May 114% may
Outlet Co Prof
10
Pacific Lighting
• 901 8234 Aug 10 84 Aug 7 80 June 8534 June
Penik & Ford pref___100
2010434 Aug 010434 Aug 010334 Jan 115
Mar
Pa Coal & Coke
50 700 834 Aug 7 9 Aug 7 831 Au 1434 Jan
Phillips Jones Corp__ _ _• 800 4834 Aug 8 52 Aug 9 38
may
APTI 533-4
Postal Tel & Cable pref• 40010134 Aug 9 102 Aug 410134 July 103
July
Rena Typewr 2d pref 100
10 118 Aug 6118 Aug 6101
Mar 12434 July
1st pref
100
10 114% Aug 1011434 Aug 10 106
July 11434 Aug
Sloss-Shef St & Ir pf_100
100 110 Aug 10 110 Aug 10 110
Mar
Aug 123
Spang Chalf & Co
• 700 29 Aug 6 30 Aug 7 26
July 30
Aug
Standard San Mfg
* 3,400 3634 Aug 9 383.6 Aug 10 34 June 4234 May
Stanley Co
• 4,900 38 Aug 9 41
Aug 8 38
Aug 4134 July
Trice Products
10034,800 3834 Aug 9 439-4 Aug 6 3234 June 4334 Aug
Tobacco Products etfa B
101 1914 Aug 10 1934 Aug 10 1934 Aug 24
June
Certificates C
200 2234 Aug 10 23 Aug 10 2234 Aug 23
Aug
United Dyewood _ _ _ _100
90 1134 Aug 10 12 Aug 4 5
July
Feb 12
United 1'aperboard..lO0 400 20 Aug 6 21 Aug 4 1734 Aug 2734 Apr
Bank, Trust & Insurance Co. Stocks.
Bank of Comrnerce..100I
Bank of Manhattan.100I
Equit Tr Co of N Y..100I
• No par value.
20 627
110720
150,488
Aug 9643 Aug 8 550
Aug 873934 Aug 4 560
Aug 10525 Aug 6 410
Feb 770
1'eb940
Jan 599
June
Slay
May
a Shillings.
New York City Realty and Surety Companies.
(All prices dollars per share.
Bid
72
285
420
345
Alliance It'ItY
Amer Surety.
Bond & 58 G.
Lawyers Mtge
Lawyers Title
& Guarantee 330
Ask
85 Mtge Bond__
295 N Y Title &
435
Mortgage__
352 U S Casualty.
336
Bid
165
600
380
Ask
Bid
175 Realty Assoc's
(liklyn)corn 280
605
1st pref____ 96
395
20 pref____ 93
Westchester
Title & Tr_ 650
Ask
290
99
95
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Dee. 15
Dec. 15
mar. 15
Mar.15
1928._
_
1028...
1929._
1929--
int.
Rale•
334%
4%
394%
314%
- e I.
Maturity.
-99"8; 9911811.ept. 15 1930-32
i1911
. 99",, Mar. 15 1930-32
99*.;
91Pir Dec. 15 1930-32
99u
119"82
Bid.
Int.
Rate.
Bid.
3%%
334 %
34%
1 71.,
,
971n
971,,
Asked.
97"n
9711,1
971Isi
Banks-N.Y. Bid
America
172
Amer Iinfon... 229
Bronx Bank.. 700
Bryant Park. 230
Central
185
Century
240
540
Chase
Chath Phenix
Nat Bk &Tr 505
Chelsea Exch. 275
Chemical_.. 905
Colonial._ _ _ 1275
Commerce__ 631
Continental._ 575
Corn
___ 642
Cosmopolit'n• 500
Fifth Avenue_ 200
First
3900
Garfield
Grace
400
Hanover
1300
Harriman
950
285
Liberty
Manhattan... 720
National City 794
Perk
680
Penn Exch
180
Ask
175
235
750
__
195
260
544
,Banks-N.Y.
Port Morris__
Public
Seaboard.
Seventh
Seward
State.
Trade.
Yorkville_ _ _
575
orktown.___
285
Brooklyn.
925
__ First
637 Globe Exch..
625 Mechanics._
650 Municipal._
_ _ Nassau
2300 Po:gale's
4000 Prospect
600
Trust Cos.
1320
New York.
1000 Am Ex Iry Tr
295 Banes Comle
735
Italians Tr_
805 Bank of N 1
& Trust Co
690
190 Bankers Trus
Bid
675
745
800
265
175
700
300
250
220
Ask
725
760
815
275
180
715
325
290
475
325
362
410
430
950
170
525
375
368
420
450
190
420
425
425
475
695
932
710
938
Tr. Cos.-N.Y. Bid
Bronx Co Tr_ 400
Central Union 1640
675
County
Empire
428
Equitable Tr_ 484
Farm I. & Tr_ 790
Fidelity Trust 400
Fulton
565
Guaranty
640
Intl Germanic 235
Interstate
270
Lawyers Trust __
Manufacturer,
New 525 par 222
Murray Hill.. 265
Mutual(Westchester)____ 365
N Y Trust__ 720
Times Square 180
Title Gu & Tr 802
U S Mtge dr Tr 495
United States 3050
Westchest'rTr 1000
Brooklyn.
Brooklyn__ 21100
(Kings Co_...2600
265
Ad
450
1670
723
435
488
800
420
600
6441
245
278
225
280
395
730
185
812
510
3200
1100
1200
2800
280
'State banks. I New stock. z Ex-divi lend. o Ex-stock div. y Ex-rights.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
The transactions in registered bonds are
Stock Exchange.
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Aug. 4. Aug. 6. Aug. 7. Aug. 8. Aug.9. Aug.10.
99"n
99";:
9921,,
5
----
99"r
99113
99";
9
,
- --.
Total sales in $1,000 units__
-__
------__-Converted 434% bonds High 100"is 100rin 100". 10011n
{
:::: 100
100:::
100
10 0
Lo .e 00
of 1932-47 (First 4%s) ciw_ 100
0 :
2'1.: 100:
:
2 0 :';
15
12
17
25
Total sales in $1,000 units__
Second converted 434 % High
bonds of 1932-47 (First( Low_
------------Second 434 )
,
Total sales in $1,000 units__
----100
-100',,100
10ii
-High 100
Third Liberty Loan
100
100
100
d%% bonds of 1928
Low_ 100
100
100
100
Close 100
(Third 44a)
25
38
19
a
Total sales in $1,000 units__
High 101 1;; 1011;; 1011n 10111,,
Fourth Liberty Loan
n 10111,, 100"12
Low_ 1011n 101,
434% bonds of 1933-38
Close 10113; 1011n 100113: 100",,
(Fourth 4115)
73
207
202
43
Total sales in $1,000 units__ _
. 110",,
,
____ 111 n 111 1
High
Treasury
,
-___ 111 :: 1111;: 110",,
Low_
414s, 1947-52
434*,
. 110",,
(Close
Close--- ja IC,, 111 1
11
10
.___
. 1
Total sales in 41.000 units__
g9.112
99"n
9911n
7
--100";
100 1;
00:1
First Liberty Loan
High
334% bonds of 1923-47_ Low_
(First 314)
Close
Total sales in $1,000 units__
Converted 4% bonds of Iligli
{
1932-47 (First
99".
99".
09";:
____
____
____
____
----
99113;
99",:
9921::
15
----
1
--loii.,,
100
100
100",
100";
100",
15
4s. 1944-1954
Total sales in 51,000
units__riig la
Low_
Close
Total sales in $1.000 units___
High
39-4s, 1943-1947
LowClose
Total sales in $1,000 units__
High
*3 Ns, 1940-1943
Low_
Close
Total sales in $1,000 units_
394s, 1946-1956
Note.
-The
bonds.
1 1st 434s
1 3d 434s
i;
10'.3ii- 103=c2
_ _ : : -_
_ : :
____ 103". 103"1:
__
____ 103"; 103";;
____
20
10
____
____
98211
; 9821,,
____
____
98",,
98";
____
-___
9s2a,,
981%
____
____
___ _
____
13
2
9520.:
98"8
9Snn_
. 9s1.,
9511
982in
____
, W11,,
95,11
9512
.
13
170
____
18
100100
100
63
1001 g;
100;;;;
100;2n
108
105
--111;
105",,
10510n
31
1031n
10 3
-q
1021en
10311
10211s;
103"
11
10
981;;;
08"
9811n
9S"
081;
98,
%;
30
12
9S1s;
9Sn
ogn)
981r;
egoa
981,,
1
10
above table includes only sales of coupon
Transactions in registered bonds were:
100"n to 100,1;1122 4th 4345
99103; to 991..21
.
10011 to 101
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.85 1-160
4.85 3-16 for checks and 4.85 7-16@4.8534 for cables. Commercial on
banks, sight, 4.84 13-16@4.85, sixty days, 4.81% @4.81%; ninety days,
4.7934@4.7934, and documents for payments, 4.81 ©4.8134: cotton
for payment, 4.84%. and grain for payment 4.84 •
To-day's (Friday's) actual rates for Paris bankers' francs were 3.9034 ©
3.90 11-16 for short. Amsterdam bankers'guilders were 40.08©40.1o34 for
short.
Exchange at Paris on London, 124.20 francs; week's range. 124.20 francs
high and 124.16 francs low.
The range for foreign exchange for the week follows:
Sterling, ActualHigh for the week
Low for the week
Paris Bankers' Francs
High for the week
Low for the week
Amsterdam Bankers' Guilders
High for the week
Low for the week
Germany Bankers' darks
High for the week
for the week
Low
Checks.
485.30
4.85 1-16
3.90%
3.9034
Cables.
4.85 19-32
4.85 7-16
3.9134
3.9034
40.15
40.07
40.15
40.1034
23.8594
23.7934
23.8534
23.8134
-The review of the Curb Market is
The Curb Market.
given this week on page 783.
A complete record of Curb Market transactions for the
week will be found on page 810.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Seven Pages-Page One
For sales during the week of stocks not recorded here, see preceding page
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday.
Aug. 4.
Monday,
Aug. 6.
Tuesday,
Aug. 7.
Wednesday, Thursday,
Aug. 9.
Aug. 8.
Friday,
Aug. 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Railroads.
Par
2 per share 8 per share i per share $ per share $ per share 8 per share Shares
187 188 *18712 189
189 1907 188 18914 18714 18714 18814 18934 7,300 Atch Topeka & Santa Fe-100
8
100
400 Preferred
91033 10414
4
*10314 104 10358 1043 *104 105
10412 10412 *10334 10414'
4
100
*16614 167
16514 16514 165 16514 1,200 Atlantic Coast Line RR
1657 16614 168 166 *16112 166
100
10538 10512 10558 10618 1053 107
10514 10613 10514 10.534 105 10538 6,900 Baltimore az Ohio
4
600 Preferred
100
80
78 *78
78
78 78
*78
*773 80
4
78
7812 78
50
1,700 Bangor & Aroostook
7118 72
73
72
7218 71
71
73
*71
7312 71
71
10 Preferred
100
*111 112 *111 115
112 112 *111 115 *111 115 *111 115
8484 10,400 Bklyn-Manh Tran v t c_No par
63 6314 6312 643
647 654 6418 6412 63
8
66
8 64
600 Preferred v t c
90
90 *89
8918 8918 .89
No Par
89 89
'8712 89 *8712 89
4
42
4258 44
8
443
8 423 433
8 4012 423 17,900 Brunswick Term & Ry Sec_100
s
8 415 4314 4019 417
Buffalo & Susq pref
45
100
*32
*32
45
*32 48 *32 48
*32 48 *32 48
Canadian Pacific
20314 20218 204
100
7,900
206 206 20512 20614 20514 208 203 205 20252
100 Central RR of New Jersey-100
*310 350 *310 350 *310 350 308 308 *308 350 *310 350
18113 182
100
3,100 Chesapeake & Ohio
4
4
182% 1833 1834 1833 18314 18478 183 18318 1813 182
4
7k 1012 1014 1038 2,600 Chicago & Alton
*9
10
1012 10
100
3
93
4 9 4 10
93
4 94
3
3,900 Preferred
100
15
163
8 1588 1618 1518 1514 .1478 16
*1418 15
*1412 15
500 Chic & East Illinois RR..„100
4012 4012 *4012 4112
41
41123 4118 41
42
*40 42 *40
Preferred
62
100
*5818 60 858
95812 60
*5812 60 *5812 60 *5812 61 '
3.700 Chicago Great Western__ _100
133
4 1318 1314 123 13
s 13
4
1314 137
131
13
13
13
2618 5.500 Preferred
8 26
8 2614 263
100
8
4 263 263
2614 2612 2618 2638 2614 273
4 35
353
4 7,900 Chicago Milw St Paul & Par_
3514 35
8
3512 3512 353 3552 3512 36% 35% 353
4618 14,600 Preferred new
8 46 4614 46
4612 4714 4612 4712 4614 467
4678 47
82 823
4 82 8214 8114 823
4 4,300 Chicago & North Western-100
8214 83
83 83
*82 83
Preferred
100
*13712 143 *13718 141 .13712 141 *13712 141 *13712 141 *13712 141
,
11512 116% 4,900 Chicago Rock Isl & PacifIc_100
11612 11718 117 11812 1167 11712 116 116
1163 117
4
ROO 77 preferred
1073 1073 10712 10712 10712 10712 10734 10734
4
4
100
•107 108 *10712 108
500 6% preferred
102 102
102 102
10112 10112 *10112 102
100
102 102 *10112 102
200 Colorado & Southern
8
110 110 *107 1187 *107 110
100
107 107
.10618 110 *10612 110
First preferred
5_
100
*____ 79 *---- 7912 *---- 7912 *---- 7912' _ _ _ 79 •____ 79
Second preferred
5_
100
*____ 76 •___ 76 •_ _... 75 ' --- 75 *____ 79 *____ 79
73
7418 7412 743
7311 74
7452 7352 7414 1,700 Consol RR of Cuba pref
4 74
75
100
*73
188 18914 187 188
189 189
1,800 Delaware & Hudson
18713 18713 19112 192
100
*187 190
13114 132
4
130 13031 1,300 Delaware Lack & Western_ 50
•132 13212 13212 13213 13213 13212 1313 132
56
56
.5512 56
1,100 Deny & Rio Or West pref 100
55
56
55
56
*5412 56
*56
57
400 Duluth So Shore & AtI
3
4
3
3
3
.318 33
4 *318 312 *318 312 *314 33
100
6001 Preferred
5
5 18 *512 612 *512 612
100
*512 612 *512 612 *512 612
511? 5014 51
8 51
4
5134 5318 503 517
12.900 Erie
4
5218 503 52
100
52
56
573
8 55
7,7001 First preferred
5678 55
55
3
100
583 587
4
8 573 5812 5714 59
*558 56 •52% 56
800! Second preferred
*5214 55
55 55
57 57
100
*55
57
9738 9612 9612 96
9652 9714 97
*96
97
9611 96
2,700 Great Northern preferred 100
96
0412 9912 9412 9438 • 700! Pref certificates
9412 95
95
*9413
95
*94
100
*94
95
2012 21
2012 2038 205 2078 6,600 Iron Ore Propertles__No par
4
8
21
2118 203 21
205 21
8
*4314 45 *4314 44
4512 *4312 46
700 Gulf Mobile 42 Northern__ _100
43 433
4 44
*43 45
*99-2 100 '
200 Preferred
8
4
99912 100
100
4
•100 1013 100 10138 *101 1013 1003 101
4
563
4 563 563
57 5818 5814 5814 *56
100
4 5658 5538 1,000 Hudson & Manhattan
*563 59
4
1 Preferred
*89
91
91
91 •84
*84
*85
92
91
100
*85 9012 *85
2,0001111nois Central
s
100
3
13914 139 4 14114 14114 1418, 14152 1417 142 *140 14012 141 141
200 Preferred
100
*135 13912 13912 13912 *13912 14114 14114 14114 *138 142 *138 143
*47
4812 5,600 lot RY8 of cent America 100
2
467
8 4714 4818 483 5052 49 49
4578 4578 46
I Preferred
.4
4
100
6
*7834 801 •78% 8014 *783 8014 9.783 8014 •7834 8014 *783 8014
391 41
4
4018 41% 413 437
423 44
8
42
4312 12,700 Interboro Rap1/1 Tran v t c. 100
413 93
/
100
4712 4814 2,500 Kansas City Southern
4712 4712 *4712 48
477 49
8
47 47
*47 48
67
*6412 6712 *67
*65
gg
67 67
67 67
300, Preferred
100
6612 6612
50
1003, 102 *99 102 *56 101
800 Lehigh Valley
*96 100
*96 100
*98 101
141 142
142 14212 143 143
900 Louisville & Nashville
142 144
100
*140 145 *140 142
85 85
85 85
8518 8518 86 86
110 Manhattan Elevated guar_100
8412 87
90
*88
451 455, 1,400 Modified guaranty
*4612 48
100
453 4952 4752 4713 *47 48
4
45 45
*4
54
413 "412 5
*41
5
412 4% '
100 Market Street Railway __ _.100
5
*414 5
I Preferred
30 *15
100
30 *15
30 *15 30 *15
*15
*15
30
30
46 *45 46
100
4514 4514 *45
463 463 *45
4
4
47
300 Prior preferred
*45
47
*11
16
Second preferred
100
*11
16
*11
16
16
*11
*11
16
*11
16
J
4918 4912 4914 4914 4912 50 4 2,600 Minn St Paul & 58 Marle_100
4918 5012 4914 504 4912 50
3
Preferred
*79 84 *81
83
100
84 •79 84 *81
4
85
813 813 *79
4
100
*65
- *65 667
4
20i Leased lines
s 65
65
*65 66713 *65 663 *60
No par
3612 - -3712 36
363
4 36
363
8 3618 3612 3614 38
373 57,800 Mo-Kan-TeX RR
8
36
100
8
8
01033, 10312 10312 10312 1033 10332 10312 1035 10318 10318 103 10338 1,500 Preferred
100
6418 61
4 61
623
4 6012 613
613
8 6018 6118 32.600 Missouri Pacific
6158 61
61
100
11538 1167 11514 11558 11334 11412 11318 11434 8.900 preferred
8
4
8
11452 1147 1133 115
25
52 4 3
3
23
4 23 .2 4 3 I ' 3
4
200 Nat Rys of Mexico 2d pref_100
23
4 *23
*23
4 28
7
4 3
100
New York Central
4
s
4
162 16214 1627 1633 1633 16514 16338 16434 162 16312 16138 16212 19,400
100
12512 12534 12512 12512 125 12512 1,700 NY Chic & St Louis Co
126 12612 12514 12512 *125% 127
100
5001 Preferred
1065 10658 *10612 108
8
10612 108
10814 10814 10812 10812 108 108
50
90 N Y & Harlem
9277 286 *275 280 271 275 *266 286 *266 280 252 2631
,
100
5,100,N Y N H & Hartford
563 5778 5614 5678 56
s
8
8 557 56
561s 5513 56
5534 557
7001 Preferred
11418 11418 114 114
115 115
1133 1133 11312 114
4
4
114 114
2718 2718 2612 2712 2618 2718 2613 263
8 2,900 NY Ontario & Western___100
*2614 27
8
4 267 267
4 978 *734 858 *734 85
818 814 *73
200 NY Railways pref ctfs_No par
8
4 818
818 *73
*78
100
400 Norfolk Southern
39
*36
39
935
39
*36
39 '
38
39
38 •36
.36
100
1.500 Norfolk & Western
17812 180
178 178
8
17712 17712 *17512 17712 1773 178 *17812 180
100
I Preferred
*85
88
86
8614 *85
8614 *85
8612 *85
8612 *85
*85
100
957 9658 C55 963
8
8 9514 9534 3,400 Northern Pacific
*9533 9612 951$ 9552 9552 96
/
100
1,300! Certificates
*9434 9434 *95 9512 9612 9512 9518 9514 95189514 9478 95
100
000 Pacific Coast
*20
28
*20
28
2518 2734 *20
28
28
*24
28
*20
50
6338 637
8 6312 6352 6314 6312 6,500 Pennsylvania
635 64
8
633 64
4
64 64
100
400 PeOrla & Eastern
30
27% 2714 *27
30
29
2912 *27
*28
30
*27
30
100
400 Pere Marquette
s
12914 12914 *128 12914 1277 128
9128 13012 129 129
'128 130 '
100
Prior preferred
*97
98
*97
98
98
98 •97
93 *97
98 *97
*97
100
200 Preferred
9412
1412 *94
94 •14
*94
9413 94
94
94
.92% 94
100
200 Pittsburgh & West Va
139 139 *136 13834 *136 139 *136 144
*137 142
131 142
50
9912 9912 6,200 Reading
99 10078 9912 100 •99 100
9912 99% *99% 101
4313
First preferred
50
4312 *42
4312 *42
431* *42
942
*42 4312 *42 4312 '
50
1001 Second preferred
48
546
48 '
48
48
48 •46
48 *46
•46
48 *46
Rutland RR pref
100
70
*60
70
*50
70
70 *60
70 *60
*61
70 *61
100
2,300 St Louis-San Francisco
11212 113
11278 11278 11314 11314 11318 1137 113 11314 11212 113
s
100
800 1st pre paid
4
*9658 9712 *965 964 973 9752 *9634 973, 963 9718 965 984
8
100
4
84
8512 85 883
85 85
907
8 88% 9314 923 9514 34,300 St Louis Southwestem
4 87
100
70 Preferred
92
*89
92
589
89 '
89
92
92 *89
*89
93 •89
100
1312 1,200 Seaboard Air Line
1314 *13
133
4 13
5
1312 1312 1312 13 8 •13
•1312 14
100
1712 174 1712 1712 1712 1,200 Preferred
17
17
17
1714 1714 .1714 18
100
8
8
4
1191$ 1197 11S52 1203 12012 12112 120 1207 120 12012 119 12012 8,800 Southern Pacific Co
100
147 14812 14714 14714 2,200 Southern Rallway
150 15012 *149 150
14913 15038 148 149
100
800 Preferred
1934 9978 9912 921_
.9914 9912 9912 9912 9912 9912 *9978 100
100
3,900 Texas & Pacific
172 172 *168 172
170 1701? 170 172 172 17434 *170 173
100
5,400 Third Avenue
32
33
34
*32
34
*30 32
3218 3478 *32
32 32
300 Twin City Rapid Transit_100
43 43
44 *43 44
43
*44 45 *43 45 *43
45
Preferred
_ .*102 104% •102 1043
102 10434 *102 10434 *102_ •102
100
194 194
19411 19434 1943 1947- 19312 19458 19214 19312 19212 19314 3,600 Union Pacific
8 - 8
100
300 Preferred
8314 8314
*8314 89
*8314 8414 *8314 8414 833 8334 *8314 84
4
100
7018 717 15,1100 Wabash
72
72
7312 7314 7414 7318 7612 7114 7378 71
200 Preferred A
9313
100
*92
93 93
*92
95 •92
9378 937
95 *93
94
Preferred B
100
*90
93
*90
93
93
93 *8812 91
*90 93 *90
*90
100
8
3952 4()14 3952 4014 4012 4314 4052 4213 4014 4114 393s 407 28,700 Western Maryland
300 Second preferred
100
*3812 40
43 *4012 4212 *3912 41
3934 3931 42
*384 42
66
PER SHARE
Range Since Jan. I.
On basis of loo-share iota
Lowest
Highest
PER SHARE
Range for PreeiSUI
Year 1927.
Highest
Lowest
8 per share $ Per sbars 5 nor 821171
2 Per share
18238 Mar 2 19718 Apr 27 16134 Jan 200 And
10213 Jan 5 1081 Apr 9
9913 Jan 10614 Dee
164 June 19 19112MaY 7 1747 AM 20513 Aug
8
103341une 19 1197 Apr 12 10612 Jan 12•
5 011
78 Aug 6 85 Apr 4
7314 Jan 83 June
44 Jan 10312 Mal
61 June 12 8414 Jan 11
110 July 7 1163
4May 31 10113 Jan 122 JUn4
8
43 Aug 707 Jan
4May 3
533 Jan 17 773
8
78% Oct 88 Jan
8May 3
82 Jan 4 953
1412 Jan 6 453
712 Oet 191e Dee
4July 6
48I2May 2 5634 Apr 26
40 Apr 88 JUDO
19512June 19 22334May 8
--- ---- ---- -- - 29734 Feb 17 375 May 7 185 Jan 348 June
17512June 19 20514 Jan 6 15114 Jan 21813 Oot
4% Jan 1053 June
552 Jan 30 183
4May 2
7 1 Feb 20 2638May 2
712 Jan 1858 July
7
3012 Jan 51 July
37 Fell 28 4814may 10
59 Aug 3 765
8Mar 4
6
3 Jan 8471 001
9% Feb 8 1638May 2
813 Jan 2212 May
2
2012 Feb 20 3218May 2 --------447 June
2214 Mar 6 4013 Apr 26
9 Jan 198 Dec
37 Mar 2 5152 Apr
__ ____ 3713 Dee
78 June 19 9414May 26- 1 Jan 975, Bel)
72 3
1
138 July 19 150 May 2 12414 Jan 150 Oot
68% Jan 116 July
8may 10
106 Feb 18 1225
10814 Feb 9 11112May 31 10252 Jan 1118* Dec
100 Feb 24 105 May 31
9514 Jan 104 Nov
106 Feb 21 126 May 3
4
84 Jan 1378 July
87 July 3 85 Apr 10
70 Jan 78 Dec
68 Jan 75 Oet
72% Jan 3 85 May 9
69 Apr 12 8758June 1
66 Aug 77 May
16314 Feb 10 226 Apr 26 17118 Jan 230 June
,
129 Feb 20 150 Apr 9 1801 Oct 173 Mar
4118 Jan 67114-Tu0e
3
50% Feb 20 65 4 Apr 28
28 Apr
3 Aug 3
7 8 Dee
7
6 4 Jan 6
1
4 Mar 1114 Dee
912May 2
438June 19
8913 Jan 6952 Sent
4834June 19 6e61, Jan 4
521$ Jan 66% Aug
60 June 18 8374 Jan 7
49 Jan 64% Aug
4914June 20 62 Jan 6
931 Feb 6 109 May 14
5
79 8 Jan 10378 Sept
911a Feb 7 10534May 15
8518 Mar 101 Sept
8
18 July 2852 Bent
19%June 12 25 Jan 24
3518 Jan Ms JU17
8May 10
43 Aug 6 617
100 July 12 109 May 1 106 Jan 11214 APO
4015 Jan 6578 may
61 Jan 3 7313 Apr 24
78 Jan 9012 Ma 1
133 Jan 16 93% Apr 26
13152 Jan 11 14814May 9 12118 Jan 13918 00
13018 Jan 13 147 May 15 12078 Jan 140 Oct
23 Apr 4213 Oct
3612Mar 16 51 June 16
4
62 Apr 741 001
6978 Jan 8 82 May 2
30% Aug 6218 Feb
29 Jan 5 62 May 3
41% Jan 70% July
43 June 13 5318 Jan 7
6612 Aug 10 77 Apr 20 647 Jan 73 Dee
12
8
8813 Oct 13713 June
8418 Feb 20 116 Apr 26
13912July 21 15912May 10 12818 Jan 15918 Oct
7814 Dec 90 Feb
75 Jan 9 96 May 4
40 Jan 10 64 May 3 4152 Dec 5478 Feb
874 JUDO
418 Nov
4.18 Apr 3
713May 15
18 Feb 2518 June
21 Apr 17 2913May 8
45 Mar 27 543
6158 Feb 59% Aug
4May 4
1112 Oct 171 June
814May 24 1618May 4
27 Jan 6811 Dec
40 June 21 5238 Jan 6
74 Feb 7 871
60 Apr 8813 Dee
4May 16
6312July 17 7113 Jan 9 68 Mar 71 Nov
14
3111 Jon 6613 June
3012June 13 411k Jan 8
9614 Jan 109% Dee
10112June 12 109 Feb 8
377k Jan 62 Apr
4178 Feb 7 6958June 4
8
90% Jan 1185 Nov
105 Feb 20 12338May 11
51 Apr 26
8 Oa
14
114 Aug
2 Feb 17
156 Feb 16 19112May 10 18714 Jan 171% Oe
123%July 23 146 May 11 5110 June 24013May
10658 Aug 8 110 Jan 4 102 Mar 110 Dee
168 Jan 3 605 Apr 26 167 Dec 188 Apr
4158 Jan 6314 Dee
5438June 19 8838May 2
113 July 21 117 May 3 11052 Oct 1148 Nov
2
24 Feb 20 89 May 2
2314 Jan 6114 Sept
514 Jan 24 13 May 8
458 Dec 1552 Jan
32 June 12 4913 Jan 11
3718 Jan 8412711M
175 June 19 197 May 9 158 Jan 202 Nov
7912 Apr 26 90 June 12
83 June 90 July
92% Feb 7 10512May 15
78 Jan 102% Dee
903 Feb 20 10194May 16
8
84 July 987 Dec
4
1913May 14 3478May 25
1514 Feb 3152 Dee
6178June 19 721k Apr 27
888 Jan 68 Oct
4
26 Mar 12 87 May 1
20 Jan
124% Feb 9 146 April. 114% Jan 14013May
97 June 9 10134Mar 28
93 Jan 9914 Dee
94 Aug 2 1003 Mar 30
4
89% Jan 9713 Dee
12114 Feb 20 161 Apr 9 12218 Jan 174 May
94% Feb 7 1193
94 Jan 12314 June
sMay 10
42 July 16 46 Apr 9
4012 Jan 4313 Dee
44 Jan 28 597
8May 1
4352 Jan 60 Feb
60 Feb 21 7214May 18
43 Jan 69 May
109 Feb 7 122 Mar 23 10052 Jan 11714 June
9578July 17 101 May 21
__- ---- - --- 81
Jan 98 June
6712 Feb 8 9514 Aug 10
3
89 July 14 95 Jan 3
767 Jan 94 4 Dec
8
2818 Mar 4114 Feb
115 Mar 8 3013 Jan 3
3
3212 Apr 451s July
17 Aug 4 88 Jan 3
1178* Feb 7 13114May 9 10614 Jan 12678 Dee
1391, Feb 8 165 May 7 119 Jan 149 Des
94 Mar 10118 Dee
9814June 19 10214 Jan 17
53 8 Jan 10378 Noy
7
99% Jan 3 177 July 24
2852 Aug 41 Feb
2818 Jan 10 4618May 3
14
44 Nov 65 Feb
43 Aug 8 56 May 8
99 Apr 106 May
102 July 14 107 Feb 10
1 Feb 8 20414May 9 159 Jan 1978* Dee
11
186,
77 Mat 8514 Das
83 Mar 13 8714 Jan 20
4013 Jan 81 Jute
51 Feb 18 9814May 11
76 Jan 101 Jute
8812 Feb 7 102 May 18
65 Jan 98 Jai e
87 Feb 4 9913May 18
1352 Jan 6778 Jul e
8134 Feb 8 5434May 10
23 Jan 6713 Jute
3312 Feb 8 5478May 10
6684 July
•Bid and asked prices; no sales OD this day. z Ex-dividend. a Ex-dlvldend and 82•412111112 a Ex-Righta. b Ex-dlv. of Vie the shares of Chesapeake Corp. stook.
New York Stock Record-Continued-Page 2
795
For sales during the week of stocks not recorded here,see second page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Aug. 4.
Monday,
Aug. 6.
Tuesday, i Wednesday, Thursday,
Aug. 9.
Aug. 7. I Aug. 8.
Friday,
Aug. 10.
Saks
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Bitted Jan. 1.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Rasps for Preston.
Year 1927
Lowest
Highest
Railroads (Concluded).
$ per share
Per share $ Per share $ Per share I per share $ per share 3 per share Shares
$ per share 5 per share $ per char.
2914 2914 2914 2914
3012 2938 30
*2978 3012 *2933 3012 30
900 Western Pacific new
100 2814 Feb 7 8715 Jan 13
2518 Apr 6715 June
54 *53
55
55 *53
200 Preferred new
100 84 Aug 2 6215 Jan 13
56
*53
55
*53
55 •53
54
55 Apr 764 Feb
Industrial & Miscellaneous.
4818 49% 4812 4914 48h 4912 4912 50% 8,500 Abitibi Pow & Pap new _No par 47 July 30 85 Apr 82
48% 50
49
50
95 95 '94 94% 94% 95 *94
*92 100 *9314 100
300 Abraham & Straus___No par 90 June 19 11118 Apr 13 - ;Mar 1114 Nov
9412
61
1
8
Preferred
100 11015 Mar 8 11412June 18 109 Aug 11815 Feb
*1105 11212 *11031 11213 *110 s 11212 *11038 11212 *11058 11212 *1105* 11212
100 195 Jan 4 378 Aprt7 124 Jan 210 Nov
*300 315 *295 315 *295 310 *295 305 *295 305 295 295 .
100 Adams Express
4
4
4
*343 961s *943 9612 *943 9612 *943 9612 *943 96!
4
*9434 97
Preferred
100 93 Jan 18 9915 Mar 28
4
9454 Nov 9618 Dee
4114 4114 42 43% 4218 44% 4134 433
100 1115 Feb 8 5014June 6
4 4138 42
75s Oct 155 Feb
4014 421 16,000 Advance Rumely
4
4
55
5512 *5313 55
55
56 4 54
,
54 54 *54
14
224 Oct 4584 Nov
1,800 Preferred
100 84 Jan 17 8712June 6
53
54
3% 3t4
318 314
3
318
318
318
3
318
234 Jan 17
1
278 3 12,100 Ahumada Lead
5 4 Mar 20
5
254 June
64 Sent
66 6818 663 6638 6718 713 19,200 Air Reduction, Inc, newNo par 59 June 19 747
*
65 65 8 6612 6812 67 68
8
,
8May 7
8
71 iii); 138g
8
• 818 814
8
818
818
8% 814
712June 12 1438 Jan 24
8 8 814
,
No par
8
818 8,800 Ajax Rubber,Inc
334 4
3% 3%
3% 3%
*3% 33
4
1 Jan 5
478 Apr 27
1 June
33
24 Feb
4 3%
3 8 334 1,800 Alaska Juneau Gold Min_ 10
,
27
28
2434 243
25
27
28
4 25
25
2712 27
18 Ara 32 Sent
3.100 Albany Pert Wrap Fap_No par 23 Mar 15 3114 Jan 26
27
98 June 103 Bees
Preferred
100 9812 Jan 17 111h Mar 14
177 181
17612 17834 179% 184 180 184
17734 181
176 1783 44,400 Allied Chemical & Dye_No par 148 Feb 18 184 Aug 6 181 Jan 113914 Sept
4
123 123
1221212234 *12213 124 *12212 124
*12212 123 123 123
1,000 Preferred
100 12018June 28 12758May 4 120 Mar 124 Aug
126 12612 124 124
*124 1251 126 127% 127 127
88 Jan 11854 Dec
100 1154 Feb 18 12954 Apr 27
12514 1263
4 3,000 Allis-Chalmers Mfg
4 1114 1114 1114 1114 *1114 1214 *1114 12
*1114 113 *1114 113
4
1158 Nov 244 Feb
700 Amalgamated Leather_No par 1018June 12 1654 Apr 19
76 •73
76 *73
*73
77
76 *73
*73
77
1 Preferred
69 Mar 2 90 Apr 19 68 Dec 108 Feb
*73
77
32% 3112 3238 3012 31's 3012 3118 3012 303
3214 3214 32
27 8 Apr 374 Feb
5
No par 2718 Feb 20 3854 Mar 31
4 5.900 Amerada Corp
19
1914 20'8 1834 19'2 1834 187 *18h 1914 3,600 Amer Agricultural Chem__100 155 Feb 20 2314May 24
191
*183 19
4
84 Ain* 214 Dee
8
8
71
69% 721
733
8 698 72
682 681
69
2814 Apr 723 Dec
5912 6912 70
4
5
7,500, Preferred
100 55 8 Feb 20 75 May 25
116 1207 119 12112 117 11834 11714 11714 117 117
*116 117
41
Jan 98 Nov
3,300 Amer Bank Note
10 7434 Jan 17 159 May 9
631 *61
631 *61
*81
631 *61
631 *61
617k 617
5618 Jan 85 Sept
62
20 Preferred
50 61 Feb 10 657s Jan 3
8
197 2218 203 2133 2114 22
1934 20
*1934 20
4
1518 Oct 23 4 Mar
5
22
2212 12,000 American Beet Sugar_No par 1434July 13 2212 Aug 10
5712 571
59
60
*55
58
58% 587 •5714 59
36 Dec 8018 Jan
500 Preferred
*57
100 36 Feb 17 61 June 18
5712
32
3318 341
3234 347
33
3153 317g 3134 3178 318 3213 16,400 Amer Bosch Magneto__ o par 154 Feb 18 41 June 4
13 Jan 2854 Oct
4018 404 4018 4012 40
4034 407
4034 403
354 MAY 48 July
4012 404 4014 2,100 Am Brake Shoe & F newNo par 397 July 17 4918 Jan 27
*12418 1281 *12018 1261 *12418 12618 *1241 1261 *12418 12618 *1241 12618
1 Preferred
100 12418 Jan 4 128 June 12 11714 Feb 128 Mar
05312 13% 13h 137
1338 1378 1313 131
54 Aug 8918 Jan
1314 1353 1314 1314 2,100 Amer Brown Boyer'El_No par 10h Apr 27 2614May 21
*5014 51
51
5114 51
*5014 51
51
*51
5114
*51
40 Aug 98 Feb
51
50 Preferred
100 4014 Apr 27 8578May 21
,
93% 94% 93 8 943
925* 9518 913* 931
435s Mar 774 Dee
9114 925
9114 9353
25 7911 Jan 18 9534 Aug 1
14112 *14014 1411 14014 141 *14014 14112 *14014 14112 *14038 14038 158,600 American Can
*14014
4
500 Preferred
100 1863 Jan 10 147 Apr 30 126 Jan 1419, Deo
9212 9212 921
91
9214 89
92
9112 89
9014 90
2,400 American Car & Fdy.._No par 88 4July 31 11118 Jan 3 95 July 111 Dee
90
*114 11812 *11612 1181 11612 11612 *11478 11812 *1141 11813 11412 11412
200 Preferred
100 110% Aug 1 1371284ar 81 12454 Oct 1844 June
*101 103 *101 103 *101 103 *101 103 *101 103 *101 103
American Chain pref
100 994 Mar 7 166 June 4 9815 Dec 108 Sept
81 81
81
8112 8014 80% 8014 82
8014 81
86 Jan 74 4 Nov
5
8134 821
No par 69 Jan 12 8954May 11
4 5,300 American Chicle
11034 1103 11034 11034 *11034 111 *11034 111 *11034 111
4
*110 8 111
,
90 Jan 110 Dee
3001 Prior preferred
No par 107 Jan 5 114 May 21
,
,
1112 11 8 11% 11 8 1112 1134 1113 1134 1112 1134 1112 1112 6,500 Amer Druggists Syndicate_10 11 Feb 18 1515 Apr 10
94 Apr 154 Nov
6511 6512 •
62 6512 66
66
66
67
*86
661 *63
884 Aug 5718 Nov
1,100 Amer Encaustic "Illing_No par 63 Jan 4 75 Apr 25
66
192 192
190 191
18512 18812 *186 190
•190 185
100 169 Jan 10 20754June 6 127 Jan 183 Nov
18812 18612 1,100 American Express
3313 3312 33% 3314 3314 3412 3314 34% 3318 3378 33
1872 Feb 31 Dec
5
3331 5,600 Amer & Forn Power__ _No par 22 8 Feb 28 3878May 1
108 108
108 10812 •10753 10812 1075* 1075* 1075* 10731 1,0001 Preferred
*107% 108
864 Feb 109 4 Dec
5
No par 10154June 25 110 May 24
9112 9112 *9114 92
92
9218 92
92
92
92
92
.Ai
No par 81 Feb 24 9634 Apr 27 ..
92
1,6001 2d preferred
*1014 10 8 *1014 104 •10
,
1012 *10
103
4 10
10
934 10
Apr -- 7 Oct
1 ;
1
400 American Hide & Leather_100
93 Aug 10 1553 Feb 1
4
*42 43 *42 433
4 4112 4178 *41
42 *4012 42 *73
41
68 Mar 884 July
500, Preferred
100 40 June 13 674 Feb 1
4218
73
733 *73
*73
7414 *73
733
4
4 7313 73h 7318 7318
804 Jan 71 Nov
500 Amer Home Products_ _No par 59 Feb 18 81hMaY 31
4513 4314 44
44
4518 4513 46% 44
4331 4414 .4312 4412 39,800 American Ice new
8
8
97
2544 Oct 32 Aug
No par 28 Jan 10 484 Aug 6
*9714 98
*9714 98
9714 9714 *96
*97h 98
98
1001 Preferred
100 90 Jan 7 9918May 9 84 Jan 9618 Ma,
9514 95% 9518 9712 9514 971
9334 953
4 94
953
37 Mar 724 Dec
4 931 96
18,700 Amer Internet Corp---No Par 71 Jan 5 125 May 17
*53
4 6
53
4 53
4
53
4 6
6
6
6% 678
10 Jan
778May 7
4 June
5 Jan 12
14
612 63
4 5,000 Amer La France & Foamite_10
68 68 *69
70
70
*62 68 •62
70
701 *70
60% Dec 9018 Jan
100 56 Jan 10 74 Mar 27
300j Preferred
74
110% 112% 109 11112 10812 109% 10833 11114 109 109
109 112
2018 Apr 7218 Nov
100 564 Jan 13 11878June 20
12,400 American Linseed
120 120
120 120 *115 120 *115 120
120 120 •120 124
1658 Mar 9215 Nov
100 8812 Jan 13 13018June 25
3001 Preferred
9212 881 9114 90
3014 8912 9014 9,200 American Locomotive_No par 87 June 21 115 Jan 31
92% 9218 92% 93% 91
9914 Oct 116 May
116 116 31115 116
*117 11818 117 11718 116 116
100 114 June 26 134 Mar 24 1194 Feb 127 July
115 115
7001 Preferred
*146 150 *147 154 *146 152 .146 148 .146 149
734 Jan 18812 Dee
145 146
200 Amer Machine & Fdy_ _No pa 12912June 19 180 Mar 28
•115 116 *115 116 *115 116 *114 116 *115 116 *115 116
• 11112Mar 1 116 Jan 13
1 Preferred ex-warrants
4812 48
48
48
48% 48 4812 48
4734 48
-1
477 48
8
3,800 Amer Metal Co Ltd __No par 39 Mar 13 51 June 4 113;Nov 4931
110 110
109 109 *110 111
*110 111 *110 111
10 109 Aug 8 11712May 14
110 110
300 Preferred (6%)
1612 1612 *163 173
8
4 1714 1812-------- 1778 177 *1612 1734 1,600 American Piano
2015 Dee 484gone
4
No par 123 July 19 25 Feb 7
5314 5314 *5213 59
*52 60
5218 5218 53
53
100 504July 12 90 Jan 8 84 Nov 11014 Mar
*5212 59
301 Preferred
8
4 7914 .8133 762 8178 80
78% 7814 78% 7812 7853 803
64 Jan Ws Oct
807 16,300 Am Power & Light__ _No par 6214 Jan 11 95 May 14
8
14778 1477 '
*145 14512 145 14612 147 148
8 3146 147
25 13018 Jan 18 152h Mar 30 11018 Jan 14771 Sept
147 147
'American Radiator
1,400
120 120 *120 121 *120 123 *120 123
120 120 *120 121
874 Apr 11614 Nov
500'Amer Railway Express__ _.100 11015 Jan 4 13854 Feb 21
6234 6433 6333 64% 6514 71
65 6818 6418 6633 63
5114 Feb 7 85 Apr 12
354 Jan 8218 Dee
667 22,100'American Republics__ -No Pa
8
6234 623
4 63% 633
4
4 6253 623
4 613 6212 613 6134 6112 62
42 July 13478 Nov
4
56 Jan 10 6878June 1
1,400 American Safety Razor_No pa
30 30
3018 3012 *30
303
4 3053 3234 2934 3253 30
2918 July 16 45 May 14
887 Oct51 July
8
No pa
3,500 Amer Seating v t c
313
4
37
4
4
4
31
*373 4
4
312 Aug 9 618May 28
38
7
37
24 Oct1354 Jan
33
4 33
4 2,5001Amer Ship & Comm__ _No pa
*841 8' *91
8413 8412 *87 105
95
*90
95
80 Jan 12354 Nov
*90
10 American Shipbuilding---100 8412 Aug 4 119 Jan 6
95
130 204
4
1973 20112 19712 1997 1963 19912 27,900'Ame,Smelting & Refintnig _100 189 Feb 27 2053gJu1y 31 13258 Jan 18854 Dee
20018 2008 20014 204
4
*13412 13512 *13412 13512 13412 13412 *13413 136 *13412 136
100 13158 Jan 9 142 Apr 20 1194 Mar 133 Dec
13434 1343
4001 Preferred
4
5 *160 165 *160 165 *160 165 *16214 165
5
100 141 Jan 5 17418 Apr 13 119 8 Jan 1464 Nov
162 162
100 American Snuff
3110 114 *110 11178 *110 114 *110 114
*110 114 '
100 102 Jan 5 120 June 5 9412 Jan 10612 Oct
101 Preferred
110 110
5218 5312 5118 52
*527 5373 5288 53
8
51
52
6118 Apr 7254 Dec
51
5018June 18 704 Jan 11
5112 6,000 Amer Steel Foundries-No pa
111 111
111 111
111 111
*11012 111
11034 1103 *11012 111
10 109 June 19 120 Feb 29 11014 July 115 Jan
401 Preferred
69 69
6853 693* 69
6812 so 6814 69
69
55 Feb 18 7814 Jan 12
13514 Nov95 Ma,
54
6812 69
10
4,800 Amer Sugar Refining
8
10712 10712 *10712 10853 *10713 1081 10712 10712 *10713 1087 10713 10713
10 100 Feb 17 I1012May 31 104 Nov11818 May
3001 Preferred
65 4 6714 6514 653
,
6512 663 6612 6712 6712 68
4738 Feb 27 68 Aug 7
No pa
414 Jan 6854 Oct
10,300 Am Bum Tob v t c
251 '
32' 25
, *25
*25
2512 2518
2512 25
25
*65
25
300 Amer Telegraph dr Cable_ 100 25 Mar 2 82 Jan 17
26 Apr 885 Aug
4
6513
2
6
17478 17512 17412 1757 17431 17553 1735 17478 1735* 175
17353
1491 Jan 18518 Oct
4
Amer Telep & Teleg
10 172 July 24
1613 1613 161 16134 16114 163 x1603 17514 26,300 American Tobacco com____5 152 June 19 211 May 17 120 Jan 189 Nov
4
4
*160 161 *160 161
176 Jan 8
4 16034 4,500
16012 16231 16014 16234 181
16134 1613 162 1623
4
4
16312 x15814 162
6 152 June 19 177 Jan 3 1194 Jan 188 Nov
5,7001 Common class B
*117 11812 *117 11812 •117 11812 *117 118
117 117 *117 118
1001 Preferred
100 117 July 24 126 Apr 20 1104 Jan 120 Dec
*108 1114 112 112 *108 11138 •109 1114 *109 111
10978
200 American Type Pounders _100 1094 Aug 10 1264 Jan 3 11971 Nov 168 Feb
8
110 110 *109 110 *109 110 *109 110 *109 110 *109 1097
301 Preferred
110
100 10758 Jan 7 115 Mar 31 107 4 Feb 116 Sept
7
56% 56 4 57
57
57
,
*5614 58
57
5512 5512 5513 5512 1,500 Am Wat Wks & El new_No par 52 June 11 7054May 4
4.8 Aug 7218 Sept
•100 101 *10038 101 *100 101 *10058 101 *10058 101
100 101
2001 1st preferred
100 July 3 106 Apr 13 993s Oct 10318 Dee
*1714 1712 *1714 1712 1714 1712 1612 1731 1614 167
8 1614 1612 3,400 American Woolen
1618 June 334 Jan
4
100 14 July 27 243 Feb 14
4434 443 *43 44
4
*43
45
43
4458 *42
43
467s June 884 Jae
4114 4212 1,000j Preferred
100 doh July 27 6214 Feb 14
1312 1314 1314 1234 13
*13
133 *13
8
127 127
978 May 2414 Oa
1178 13
1,300 Am Writing Paper ctfs_No pa; 1012June 20 194 Feb 9
40% 4018 *37
*40
41
40
*7 40 *37
4112 *37
254 Apr 67 AM
14
101 Preferred certificate___100
34 June 12 484 Mar 1
4212
2512 26% 26% 2778 26% 273
8 251 267
8 2513 28% 27
4May 16
54 Sept 1014 Feb
.25
2834 26.700 Amer Zinc, Lead & Smelt..
65* Jan 10 828
8614 873
8 867 868 847 8478 8414 8778 8518
*84h 86
*
85 Oct 514 Feb
25 40 Jan 16 98 Apr 11
8753 4,3001 Preferred
6818 6814 6712 66
66
67% 653 6653 01A3 ....4 00* 00
4
.....-4 0101
614 June 6018 Dee
22,700 Anaconda Copper M(fling_ _50 54 Jan 18 7478June 4
v....2 oks
8312 8512 8412 88
8212 84
8312 853
4 83
837
38 Mar 68 Dec
8 8212 84
8,400 Archer, Dan'Is, MidI'd_No par 5514 Feb 20 97 May 9
11312 11312 *11312 114 •1131 114 •1131 114
114 114
4
701 Preferred
100 1125 Feb 20 1154 Mac 113 106 Jan 11312 Dec
9412 *9414 9412 94% 943* 94% 9413 •1131 114
93% 93% *94
94
/
1
4
9412 1,200 Armour & Co (Del) pref_ _ _100 86 Jan 3 9712June 7 79 Oct 9814 Feb
20
193
2012 19% 20% 19
4 183 1914 1853 19
4
84 May 157s Jan
6
4
10% 1114 103 1118 1088 1034 1014 1010 1018 10% 1831 20 69,000•Armour of Illinois class A _25 114 Jan 16 2114.1une 11
6 Dec
94 Jan
1018 103
658 Jan 10 1315May
25
Class B
8
S6 8714 87% 8712 8712 877 87 87 - 8618 87 861 8618 32,3001 Preferred
1,600
100 674 Jan12 9112June 6 80 Apr 884 Jan
3934 3834 3834 3814 3812 3778 3814
38% 39 4 39
,
21 Apr 554 Nov
3612 377 10,200,Arnold Constable Corp_No par 354 July 23 5124 Apr 2
8
*29
31
29
30
*29
29
29
29
*29
22 Jan 82 June
31
•281 30
200 Art Metal Construction__ _10 2512 Jan 10 3434 Apr 19
323 323
4
*3234 34
4 3331 3312 *33
37
*33
4014 Dec 5454 Jan
34 "321 35
N;par 29 July 20 444 Mar 30
300'Artloom C op
*109 110 *109 110 *109 110 *10914 110
110 110 • 2812 30
100 107 July 25 114 Mar 19 1094 Nov 11412 Nov
601 Preferred
47% 4814 47% 48% 4718 4888 4512 4714 46
394 Feb 535 Nov
8
4714 455* 47
23.100 Assoc Dry Goods
No par 4014June 13 4878 Aug 6
*103 10312 *103 104 *103 104 *102 10313 *100 10312 100
974 Mar 112 Dee
100 103 June 4 11378 Apr 3
let preferred
10312
•110 113 *110 113 *110 113 *108 113 *108 113
11912 Jan 27 105 Mar 114 Dec
100 110 June 5
112 113
2d preferred
4434 44% 4638 48
47% 4712 48
48 *48
85 Oct 5014 Feb
49 *4858 4814
25 3712 Feb 18 50 June 13
48
170,Associated Oil
9
48% 4712 4812 4714 4733 47
47% 4718 48
9584 Fe 9 ,18 Aug , 3058 Dec 113h Aov
59
48%
2 7001Atl G & WI 58 LIne-No par 8715 F b 18 1 972May 21 1" Mar 13181 N us
*52
54
52
53
*51
54
54
' 1 Preferred
54
2954 Mar 4153 Nov
5213 541
100 38 Feb 27 5714July 3
1,600,
16112 15412 16014 1531 158 8 153% 15614
4
1571 16112 1563
,
53
100
2 15138 53 4
%
13116 118 *116 118 *118 118 *116 118 *116 11815 116% 1573 92,300 Atlantic Refining
100 lio July 21 1184 Jan 3 11618 Feb 119 Aug
Preferred
118
79
*76
7912 1.116
78
78
80
80
*79
81
No par 133 Jan 8 101 Mar 23 584 Mar 70 June
* la 10312
200,Atlas Powder
82
10214 10218 108 108
1310314 105
1074 10734 *103 108
98
Jan 107 July
100 102 July 24 11018May 31
103l
1201 Preferred
1318 *13
*1318 1414 13
137 *13
8
1313 13
7 June 1218 Apr
14
814 Jan 5 1758June 6
13 •123 13
No par
400 Atlas Tack
4
47
478 48
43
4 4 4 *4% 478
,
914May 14
61 Mar 104 Jan
4
458 Jan 3
900!riustin,Nichols&Co via No par
48
45
8 454
458 43
4
2512 *25
27
*25
27 *25
*25
27
234 Dee 61
*25
27
100 25 July 13 & Jan 21
Jan
25
2001 Preferred
2514
623 623 62 62h 62 62 '
4
4
*62 63
361
7214 Dec 80 4 Nov
60 July 16 76 May 9
63 .61
5
700 Austrian Credit Anstalt
63
*8 8 10
,
*8 8 9
,
*838 83
4 *853 9
84 Jan 18 1758May 25
458 Mar 11 Dee
*8% 9
No par
Corp
lAutosales
*3353 9
34 *__ 32 *18
34 *20
*19
34
*203 34 *2034 24
28 May 421 Dec
4
50 26 June 11 8734May 25
Preferred
4
*4414 46
*4414 46 .44
*4414 46
46
*44
43 Nov 487 Nov
46
8
Anton:Sat Razor "A"_No par 4318 Jan 10 5212May 1
*44
46
*245 255 *245 255 245 245 24712 24718 249 249 235 260
400 Baldwin Locomotive Wks_100 235 June 11 285 Mar 31 1431s Jail 285 4 Beat
3
*115 118 *115 118
11615 11612 •115 118
•115 118
4
100 11612 Aug 8 1245 Apr 11 116
Jan 1254 July
115 118
1001 Preferred
*1074 10912 *1074 10912 *107h 10912 *10734 10912 *10734 10912 10734 10912
Bomberger(L)& Co pref__100 10815 Apr 26 1117s Jan 5 1084 Mar 1107 Dee
s
*2318 26 *22
2412 25
25
*24
2512 *22
40 Jan 597s Feb
No par 2412 Aug 6 5212 Feb 1
247 *2213 25
300 Barnett Leather
3
24 2414 24% 24% 2433 2512 2413 253* 2412 2514 243* 247k 50,000 Bamsdall Corp class A
25 20 June 12 2678 Apr 80
204 Oct 284 Feb
11
•23
25 *2312 25 *2412 28 *24
25
*24
25
25 20 June 14 274 Ape 30
3124
I Class B
20 Oct Me Feb
1e
25
ifir
•Bid and asked prices; no sales on OW day. s Ex-dividend. a Ex-rIghte..
796
New York Stock Record-Continued-Page 3
For sales during the week of stocks not recorded here, see third page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Aug. 4.
Monday,
Aug. 6.
Tuesday,
Aug. 7.
Wednesday, Thursday.
Aug. 8.
Aug. 9.
Friday,
Aug. 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCIIANGE
PER SHARE
Range Sifted lee. 1.
OW Oasts of 100-s84relots
PER SIIARII
Range for "Mows
Year 1927
Iltohest
Lowest
Lowest
Highest
per share $ Per share $ per share $ per share $ Per share $ per share Shares Indus. &Miscell.(Con.) Par
$ per share
$ per share $ per share $ Yet Mos
•10512 110 •10512 110
109 109
300 Bayuk Cigars, Inc
1083
108 108 *100 199
4
No par 98 June 20 14012 Mar 1
494 Jan 109 Dec
107 107 .10614 107 *10614 108 .10614 10831 106 10614 10512 106
100 First preferred
107
100 104 June 19 1103, Mar 28 101
Jan 110 Aug
16
16,
4 1614 16%
1612 17% 165 1718
1614 17
8
20,100 Beacon 011
163 17
4
No par
1214 Mar 16 2014 Apr 25
14
Oot 184 June
*74
7512 744 753
4 7414 7412 74114 74,
7312 2,200 Beech Nut Packing
4 731z 7312 73
20 70 8July 13 8312 Feb 9
3
5014 Apr 7414 Nov
133 133
4
4 1358 13% 1312 14
1312 133
1,700 Belding Ilem'way Co .No par 13 July 26 22 Jan 12
4 1314 1312 *134 14
2714 Jan
11512 July
8512 853 .85
86 .85
4
8512 8512 85
86
8514 .85
8012 1,000 Belgian Nat Rys part pref__ _
85 June 12 9212May 14
693 70% 7014 714 70% 71% 70
4
7012 693 704 69% 695s 4,400 Be-st & Co
4
No par 633 Jan 19 7212July 30
4
- - 59% Nov
Aug
56% 567
8 .5618 573
557 5612 56
8
s 16'2 5814 55 4 57
2
57% 16,600 Bethlehem Steel Corp
100 517
4334 Jan 604 Sept
8June 19 69% Apr 14
117 117 .117 11718 11718 11718 11718 11712 1173 11812 *11714 11814
800 Beth Steel Corp PI (7%)..100 11618June 29 125 Apr 13 104 4 Jan 120 Dee
4
3
3412 3 2 35
4/
3512 35
3512 354 354 36
.3514 353
4 1,000 Bloomingdale Bros..._.No par 3358July 23 444 Jan 5
36
34 June 62 1 Nov
7
*10912 110 .10912 110 .19912 DO
10912 10512 *10912 110 *10912 110
50 Preferred
100 10912 Jan 11 1113
4July 3 1084 Jan 119 Nov
91
91
93
93
9612 97
460 Blumenthal & Co prof
9612 97% 9612 9612 964 9612
100 87 June 27 98 May 14
44
Jan 95 DM
69 8 69% 69% 6912 *6912 70
7
SOO Bon Aml class A
6912 6912 6912 70
69
69
No par 8514 Jan 3 78 4 Jun 27
5
6318 Jan 69/4 Dee
73
4 7%
7% 7%
712 712
712 83
4
8
812 9,
8% 31,300 Booth Fisheries
2
No par
44 Sept
811 Aso
54 Jan 4
8
912 Aug 9
.49
50
*49
51
48% 503
5618 6012 7,800 1st preferred
4 504 544 5512 61
100 4114 May 14 61 Aug 9
36 Sept 1571 May
4
.160 161
161 101
15914 16114 158 15814 158 159
15912 160
2,200 Borden Co
50 152 June 19 187 Jan 11 16712 Dee 169 Deo
.13
14
.13
144 .13
.13
19
1414 •134 14
13
200 Botany Cons Mills class A_50 12'z July 11 23 Jan 4
1318
18 May 3012 Sept
354 3614 35% 373
4 353 3712 3522 36
4
3514 35% 334 35 3 127,600 Briggs Manufacturing_No par 2118 Feb 4 424June 4
3
194 Sept apt Feb
.34, 414 *314 4
312 312
*33
4 4
314 33
4
312 312 1,100 British Empire Steel
100
2 Dec
lls Jan 10
Ix Apr
914May 25
*64 714 .
200 2d preferred
61s 61s
64 714 .618 612 4w, 71,
64 Ws
74 Dee
24 Jan 5 12 Feb 1
100
1
Apr
.235 242 .235 245
240 244
23612 23612 z238 2313
240 2443
1,400 Brooklyn Edison Inc
100 20634 Jan 10 26814 Apr 13 14812 Feb 225
Deo
.139 143 .139 142
140 141 *138 141 •138 142 .138 142
300 Bklyn Union Gas
No par 139 June 13 1694 Apr 14
895 Apr 16712 Dec
8
*4712 49
*48
4812 48
*4712 4814 4758 475
*4712 48
48
8
200 Brown Shoe Inc
No par 4518June 11 554 Apr 5
N12 Feb 1014 Des
46
46% 4514 4534 4518 4614 443 453
4
4 4414 4434 43% 444 7,400 Brunsw-Ballie-Collan'r_No par 2712 Feb 20 6138May 16
t
257 July 35% Jan
354 3614 3512 3512 344 354 3412 35
3414 344 34
343
8 4.800 Bucyrus-Erie Co
10 2412 Feb I. 507
sJune 2
4518 45
45
4558 443 444 4414 443
4
4534 4,3001 Preferred
4 4418 444 44
10 33% Feb 17 5458May 14
.120 124
120 120
11912 11912 *117 119 .117 1194
120 120
400 Burns Bros new clAcomNo par 9312 Feb 17 125123131,e 2 - 1 June 121i4 Jan
11- 11
.33
35
351a 3534 35 3512 .331z 3412 *33
*33
35
5001 New class 13 corn_ __No par
35
167 Mar 8 434June 4
8
1614 Mar 3434 Jan
1054 1051 .103 10512 10514 10512 .105 10512 10512 10512 105% 1057
8
110 Preferred
100 974 Feb 21 1103
Jan
90 June 100
4June 11
*17212 174 •172 174
174 174 .172 174 .172 174 .172 174
100 Burroughs Add MachNo par 139 Jan 14 175 July 18 x90 Mar 145 Del
5012 5014 *504 5.5
5012 5012 *5014 52 .5014 55 .5014 55
,Bush Terminal new____No par 50 June 20 6714 Apr 13
300
294 Jan 80 Nov
107 107
10712 10712 10612 1071
10714 10812 107% 108 *10712 108
4201 Debenture
100 10512 Aug 10 115 May 21
9114 Jan 11178 Dee
*112 117
11212 11212 113 113 .113 117 •113 117 .113 117
30 Bush Term 13Idgs pref
100 111 Aug 1 11912June 15 103 2 Feb 120 Aug
3
718 7%
74 714
73
712 712
7544
7
712 4.200 Butte Copper & Zinc
714 753
5
44 Jan 19 10 May 28
33 Mar
4
We May
43
43
45
41
4
4512 443 45
4312 43
4518 5,400 Butterick Co
4514 45
100 440 July 13 6712May 15
Oct 6114 Feb
44
914 1012
8 4 els
3
9
2
9%
912 97
8 4 9,
3
8
9
9 12 14,600,Butte & Superior Mining. l0
834 Aug 6 163
111 Jan
4
4May 21
7% Nov
.73
74
75 .72
75 .72
75 .72
7114 713 .71
721z
300 By-Products Coke
4
No par 85 Mar 1 8014May 24
Jan 924 June
46
9512 94
95
97
9612 97
9612 961
07
93
95
9412 3,800 Byers & Co (A :51)._
No par 904 Jan 16 1174 Jan 27
42 Jan 102% Dog
*1103 11412 .113 11412.112 11412 •1103 -- 110 4 -•117
4
4
3
Preferred
ito 108% Apr 13 11212 Jan 14 10314 May 1124 Del
72
*714 713
*71
8 7053 707
4
4 7012 713 *7012 71 2 7012 705
,
8 1,800 California Parking
No par 8812June 18 79 4 Apr 13
6014 Apr 79 Dee
3
8
32 .31
32
.315 32
3214 31 12 32
3012 3012 .30
3112
900 California Petroleum
25 2514 Mar 18 3234May 22
4
2
8
23
212 23
23
23
4 27
4 27
4 213
24 24
24 214 8,000 Callahan Zinc-Lead
10
13 Mar 8
14 Sept
4
.lin
5% Apr 30
8 5,200 Calumet Arizona MinIng
94i2 945
9414 9412 9412 9612 9618 973
8 9514 962
4 9414 95
10 89 Feb19 12014 Jan 3
6112 June 12312 Deo
235
8 23
23
22% 231s 223 23
2
23
234 23
227k 23% 5,900 Calumet & Hecht
25 2018 Jan 10 2514May 28
4
1414 July 243 Dee
7312 733
734 75
7412 75
4 7252 73
7212 73
73
7312 3,600 Canada Dry Ginger Ale-No paa 547 Jan 5 8612May 8
Jan 604 At g
2
88
325 31412 328 3343 320 3242 315 32212 320 321
4
.330 332
4
4,900 Case Thresh Machine
100 247 Jan 21 36612July 5 132
Jan 28314 Oct
.121 125 •121 125 .121 125 •121 125 •121 1241 .121 124%
Case Thresh Mach pref__ .100 1243
Feb 129 Deo
8June 28 13512 Mar 30 111
3314 3312 334 33
33
334 323 3318 323 33
4
4
3252 3312 7.700 Centro/ Alloy Steel__ __Na par 2818 Mar 27 403
24 Apr 33 Apr
4May 24
12
.113 12
4
1214 124 12,
12
113 12
4
4 12
.1112 12
1,000 Century Ribbon Mills__No par 11's Feb 18 175 Apr 4
164 Aug
1012 Jan
8
*7812 80 .7812 80
.7812 80
7812 7812 .7812 80
*7812 80
10 Preferred
100 7812 Aug 3 92 May 15
Jan 884 Deo
70
765 763
8
764 7812 764 78% 7612 78
76% 773
4 7612 773 23,500 Corrode Pasco Copper _No par
4
5612 Jan 3 7014July 6
58 June 724 Dec
4314 44
4218 43
433 433
4
423
2 4218 4212 42
41
4212 8,200 Certain-Teed Products_No par 4034May 24 845 Apr 28
42 Jan 858 May
4
8
.94% 97 .94% 97 .9412 97
*9412 96
*9412 96
7% preferred
*9412 931
100 944July 26 100 May 21
713 714 7112 7112 *71
4
713 *71
4
7112 71
7112 71
dCrrp
o leo c
70000
72
No par 71 May 3 7712June '2
- 7
/S T4
- 61
11
1012 111
1118 113
11%
912 103
1014 1014 10 2 1112 18,8
4
3
ChandlerCleveland MotNopar
14 Mar
413 Nov
5 2 Feb 29 1312May 15
,
2214 23% 2312 2514 2312 25
2112 233
4 22
23
224 2353 45.700 Preferred
No par
13 June 2814 May
14 Mar 13 253
8May 15
6512 6512 65
65
6512 6512 64
6414 64
644 6414 643
4 1,900 Chesapeake Corp
No par 623 July 13 814 Jan 0
644 June 86% Oct
1
4
*115 116 .114 116
1153 1153 1134 115
4
114 114
4
113 11412 1,400 Chicago Pneumatic Tool_ _100 113 Aug 10 14114 Jan 30 1201/ Jan 1374 Mar
31
*30
30 30
.30
31
30
30 .30
31
.30
60 Chicago Yellow Cab
31
No par 297 Aug I 43 Jan 14
Oct
38 July 47
8
47
4812 47
49
47% 484 46
4612 46
4614 47
473 13,400 Childs Co
48% Mar 85% Aug
No par 37 Apr 19 5312 Jan 7
4414 441, 44% 4412 444 44% 44
4414 437 44
13,200,Chile Copper
433 44
4
33% June 444 DM
25 373
8Mar 5 464July 5
.8012 83
83
82
81
81
.81
90 .81
400 Christie-Brown tom etfallo par 79 June 20 131 Jan 23
SO
81
81
2
344 Jae 907 Deo
844 86,2 8412 873
s 85
874 8312 854 8314 853
4 8614 943 048.400 Chrysler Corp
4
No par 643 Jan 18 904 Aug 101 3818 Jan 634 Dec
4
•11512 1167
8
Preferred
No par 113% Jan 9 117 Mar 12 102% Apr 116 Dot
531, 5318 53
557k .
537 •S3
53
*53
537
1,3.1
150 City Stores class A
53
53%
No par 514 Jan 19 6414June 11
464 Mar 54 Deo
8512 *8212 854 80
85
*82
.84
85
2
8.514 85111 *82
8314 1,800 Class B
414 Apr 6412 Deo
No par 62 Jan 6 102 June 8
.79
80
79
79
4 7812 7812 77
7853 783
77
51 June 8412 001
1,000 Cluett l'eabody & Co No par
76
77
76 Aug 10 1094 Apr 5
11812 12012.118 121 44118 1201 .119 121 *11912 12012 .11912 12012
Preferred
100 1184 Mar 21 1243 Mar 19 11114 Jan 1254 Nov
4
3
.16312 163 4 16212 16333 162 1635 162 182
8
1583 162
2
6,800 Coca Cola Co
15812 160
No par 127 Feb 20 1773
4Slay 15 89612 Ain' 1994 Apo
60 6012 6014 61% 60
615
8 5814 60
58
594 5712 59% 11,600 Collins & Alkman new_No par 50 June 25 1113 Jan 3
86 Aug 1134 Boo
4
97 .92
.92
97 .92
97 .92
Preferred
97
.92
97
.92
97
100 9014July 6 109 Jan 3 10212 Sept 109 4 Dee
3
614 61144 6118 6414 61
6214 5818 607
4
8 583 8014 5812 594 13,700 Colorado Fuel & Iron
100 5212June 25 8412 Jan 31
42% Jan 98 s July
3
85 .82
•82
8514 *83 844 8412 8412 .83
84
84
85
800 Columbian Carbon v t eNo par 79 June 12 984 Jan 24
841% Jab 1014 Nov
4
110 11014 109 2 1103 110 1133 1114 1147 11212 11614 11314 116% 67,700 Colum (1118 .9 Flee new_No par
52
5
2
2
827 Feb 983 may
4
8May 16
2
8913 Mar 15 1183
*10714 1074 1074 10712 107 107 *10712 10814 107 107
1073 1073
4
4
400 Preferred new
994 Jan 1104 Dee
100 106 June 19 11018 Jan 3
4
4 77
7714 77% 773 773
784 77
783
4 7714 78 4 74% 7818 7,800 Commonwealth Power_No par
3
4
6214 Jan 11 874May 8
48% May 783 Oct
3112 323
327 *31
2
4 324 324 32
3214 31% 3112 31
314 2,400 Commercial Credit.. ___No par 21 Feb 20 353
14 June 2412 Dee
8May 4
2412 •24
2412 *24
*24
243
4 24
24
.24
2412 *24
50 Preferred
2412
25 23 Feb 3 27 May 8
17 June 244 Sept
2512 26
*2512 26
.25
: 26
1
26
26 .25
26
.25
26
120 Preferred B
25 23 Feb 7 274May 11
18% Juue 25 Deo
*8814 8912 *8814 8912 *8814 8812 *8814 8812 8812 8812 884 8812
50 1st preferred (63i %)_ - _100 85 June 12 96 Mar 16
69 July 89% Dee
6914 6914 69
70
*69
6914 6812 69
69
70
71
72
4,600 Comm Invest Trust_ ___NO par 553 Mar 1 74 Apr 17
6118 May 62 Dee
4
*1043 109 *106 109 *106 109 *106 109 .106 109 •106 109
7% preferred
p4i2 Sept 102 Dee
100 99 Jeri 27 109 May 14
9712 972 973
2
9712 *95
2 96
.95
96
*95
97 .95
97
300 Preferred (56()
100 923
,
861 July 9814 Dec
8June 10 9712May 11
145 147
146 146
148 148 •146 149
14514 14514 148 147
2,500 Commercial Solvents__No par 1377
145 Nov 203 Sept
eJune 19 18912 Mar 28
62 .5812 GO
60
60
*56
60
.59
.59
60 .59
60
100 Conde Nast Publlea__ .No par 48 Jan 14 65 June 2
39 Aug 53 Deo
2
223 2412 233 244 2312 2414 23
232
4
4 2234 23
2234 23
35,700 Congoleum-Nairn Inc.
.No par 23 June 12 3112 Apr 17
2934 De,
1714 Jan
3
7214 7112 7212 7112 7112 70 4 7112 71
.72
71
70% 70% 1,600 Congress Cigar
No par 67 Feb 18
47 Mar 8812 De,
s
17 Jan 3
8914 89 4 89
894 884 9914 89
90
2
.83
90% 90
91% 4,600 Consolidated Cigar
3
No par 794 Jan 20 99 June 4
7414 Oct 86 4 Jul,
99
99
97
97
9712 9712 .9714 99
98
.95
•9712 09
300 Preferred (6)
100 96 4June 26 102414 Apr 18
,
Consolidated Distrib'erallo par
12 Oct -231 Feb
3 May 18
7 Jan 21
8
1435 145% :1423 143
8
8
145 14734 145 14734 36,200 Consolidated Gas(NY)
14333 343 144
94 Mar 1264 Dec
No par 1 195 Jan 10 17014May 7
,
1004 1004 100 10312 100 10312 10312 004 99 8 103
3% 0
3
33
1
312 012
0
3
•100 103
3
35
0
2,7001 Preferred
93 Mar 103 Bet
No par 9032 Aug 10 105 Mar 28
5,900 Consolidated Textile_ _No par
3% Mar
3 Aug 3
718 June
5 8141ar 28
3
27% 23
4
2914 283 29
28
28
28
.27
12 28
2712 28
5,300 Continental Baking cl ANo par 2813 Apr 10 634 Jan 13
334 Apr 74% Jan
44 412
414 43*
412 434
4,
4 414
.414 412
414 43
2 4,7001 Class 11
it May
No par
1014 Jan
13
34 Apr 10
764 7612 .7612 77 12
4
763 7712 7712 7712 7712 7712 7712 78
900 Preferred
72 Apr 974 Nov
100 73 Apr III 96 Jan 20
612
N57 107
10612 1083 108 11172 11012 1143 109 11112 110 1134 111,400,Continental Can
2
2
Inc___No par 804 Jan 10 1147 Apr 16
58114 Apr 867 Dee
8
8
4
4
3
4
4
•1243 12653 12612 12612.124 4 12512'1243 127 .1243 127 •1243 127
101 Preferred
Jan 128 June
100 123 Jan 5 128 afar 26 120
7811 7612 7812 .7712 78
7914 77
73
794 794
79
5.500 Continental Ins temp etfs_.10 75 Feb 15 19478May 15
79
7412 Dec 934 Dec
8 1112 115
4
8 113 11, 17,700 Continental Slotors_ _ __No par
8 113 12% 1112 115
8
1114 1112 1112 123
2
10 Mar 13
133 Jan
87 Nov
4
8
147
8May 8
7714 76
8 76
767
7718 78% 764 777
78
7714 78
791g 12,000 Corn Products Refining_ ___25 64% Jan 3 827* Apr 13
46% Jan 68 Nov
14014 145 .1404 145
14014 14014
1001 Preferred
•14014 145 .14014 145 *14014 145
100 13812 Jan 16 1464 Apr 10 128
Jan 1424 Dec
2
185 186
1894 1937 1894 1897 186 186
2
5,900 Coty Inc
191 195
8
1865 190
No par 123 Jan 3 195 Aug 6
Jan 123 Deo
58
713 72
•72
73
7212 7253 7253 73
73
2,300 Crucible Steel of America...100 6914July 3
4 73
723 723
4
764 Oct 963 Mat
93 Feb 7
4
116 116 .115 117
5001 Preferred
11412 115 *114 120 .114 120 •114 120
100 11212 Mar 16 121 May 11 103 Jan 115 Sept
2618 2512 254 2512 2618 13.400 Cuba Co
25
2514 27
2
2412 257
234 24
No par 22 Apr 4 287
1812 Aug 3414 Jan
8May 8
5
5
2.800,Cuba Cane Sugar
44 5
2 5
47
47
2 5
5
5
No par
43
8July 31
7I2May 12
47 Oct 104 Jan
8
8
5
1812 *1712 1812 .1712 1812 14% 18is 2,6001 I'referred
18
1712 18
17
17
100 15 July 31
2838 Nov 60% Jan
3233 Jan 12
175 173
173 18
8
4
18
4 2,400 Cuban-American Sugar_ 10 17% Aug 10 2414May 25
184 18
1818 184 18
19
.18
187 Nov 2811 Jan
8
3001 Preferred
2
•102 10212 102 102 .101 10212.101 102% •101 102, 100 101
100 100 Aug 10 108 Feb 1
974 Nov 107 Aug
Cuban Dotn'can Sug newNopar
14
8, . 4 8,
8
75
4
4 814 .77
8 .73
.7 4 83
4 84 .73
4 814 .73
3
734 Aug 1
1012 Nov
Jan
18
12 Jan
70% 7212 11,800,Cudahy Packing new
7114 72
4
7412 725 744 713 73
744 7514 73
50 64 Jan 3 754 Aug 3
434 Apr 584 Sept
8
4
103 10514 10412 10612 10212 1043 10112 10312 985 10214 22,600 Curtis her & Slot Co__No par 5.3% Feb 27 1923
102 103
Dee
4518 Nov 69%
4May 16
...... Preferred
100 1173 Jan 6 14318 Apr 18 111 Nov 118 Doe
4
Cushman's Sons
6
'170 180 *170 180 *171 18 - *iio" 116Yr) par 1443 Jan 13 198 Juno ft 103 Apr 152
Oct
4
custanan's Sons pre( (7)._100 114 Jan 11 130 Aug 3 107 Apr 125 Deo
.128 ____ *123
____ .123 130 .123 130 .125 130 .125 130
50
50
600 Cuyamel Fruit
.504 514 5012 5012 50
494 494 •4912 50
50
No par 49 July 27 6611 Jan 20
30 Apr 5512 001
4
13,700,Davison Chemical v t e_Aro par $44 Feb 18 57 July Si
5012 51
51
5014 524 50
5152 527
2 513 5242 5014 52
2
2614 Apr 4812 Deo
520 Deere & Co prof
12314 12314 12312 1237 124 124
2
124 124
124 124
124 124
100 1154 Feb 1 1263
4May 15 1054 Jan 1204 Nov
200;Detrolt Edison
40
951 0
196 196 *1482 2 812
*195 198 *115 198 *198 198 •194 196
100 1664 Jan 11 2093
4June 4 1331a Jan 1704 Dec
9001Devoe St Reynolds A__No par 40 Jan 3 61 Apr 16
.49
494 .484 494 4812 4812
50
3
3812 Aug 427 Dec
49 4 40 4 49
3
8
114 114
20 1st preferred
114 114
.114 115 .114 115 .114 115 .114 115
Jan 11412 Dee
100 108 Jan 9 120 May 16 101
110 Diamond Match
159 159
158 158
15612 15712 15418 15418 15514 15514 155 155
100 1345 Jan 18 161 Feb 2 115 Feb 1474 SOPS
22,300 Dodge Bros Class A__ __No par
18%
17
8
167 17
164 1712 167 173
8 17
4
1712 163 17%
12 June II 24% Jan 4
1314 Oct 274 Jan
45,0001 Preferred certlf
8612 96
86
85
83
8618 8.518 8712 854 8712 8414 86
5812 Oct 85 Feb
No par 6312June 19 06 Aug 10
300 Dome Mines, Ltd
818
8
8
8
8
8
No par
8
818
8
8114 84
8
7 June 1414 Dee
8 June 13 1312 Jan 6
700 Dunhill International_ _No par 654 Jan 9 76 Mar 29
.58
5812 .58
58
58
59
58
5814 584 58, .5853 5812
49 Aug 624 Oel
4
1.000 Duquesne Light 151 met_ _.100 1003
•10012 102 •10012 102 *101 102
101 101
101 101
101 101
4July 18 11612 Mar 3 1144 Mar 117% Nov
17612 17972 6,700 Eastman Kodak Co
18214 18233 182 18412 183 185
17914 181
No par 163 Feb 20 194' July30 12514 Jan 1754 Sept
179 183
601 l'referred
•130 132 .130 132
130 130
1254 1254 129 130 *130 132
100 125 Mar 7 134 Apr 3 11914 Jan 1314 Oct
65,000 Eaton Axle & Spring..
44
2114 Oct 29 JUDO
40
4012 397 4012 40
2
.No par 28 Jan 11 45 Aug 10
4114 3912 40
3918 4114 404 45
Jan 3434 003
3,400 El du Pont de Nunsnew.Vo par 310 Jan 10 40512June 4 198
3703 371
375 375
4
375 37612 367 3701, 367 370
3674 370
2501
% non-rot deb
.11312 115 *11412 115 .11412 115
11412 11453 11412 11453'114 114,
2
114 July 18 12111May 8 10512 Feb 118 Don
100
19-31
•Bid and asked prices; no sales on this day. z
s Ex-di/hut. S 8.21.111111=111.
New York Stock Record-Continued--Page 4
For sales
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday.
Aug. 4.
Monday,
Aug. 6.
Tuesday,
Aug. 7.
Wednesday
Aug. 8.
797
during the week of stocks not recorded here,see fourth page preceding
Thursday,
Aug. 9.
Friday.
Aug. 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Stowe Jan. 1.
On basis of 100
-share Iota
Lowest
Highest
PER SHARE
Range for Prowlers
Year 1927
Lowest
Highesi
$ per chars
per agars g per same
Per share $ per share $ per share Shares Indus.& Miscel.(Con) Par $ per share
per share
Per share If per share
25 12% Jan 8 23 Apr 12
1034 Nov 184 Feb
*1414 15
*1414 15
200 Eisenlohr ds Bros
1412 141
15
15 *14% 16% *1414 15
No par 60 June 25 84 4 Aug 7
3
81
827
8 82 83% 8014 84% 79 8212 7712 7934 7812 82 72,700 Electric Autolite
No par 11 June 19 1718June 6 -- - Mar 2253 Aug
1112
11
1114 11
1118 12
4,100 Electric Boat
11
12
12
1112 11% 1112 12
No par 2811 Jan 10 4512May 14
4
1618 Jan 32 1 Dee
3
34
35
4 34% 35
12,800 Electric Pow .4 Lt
3412 35% 3414 343
35
351
34% 35
96 Jan 109 Noy
Preferred
No par 10812 Jan 10 110% Mar 8
10714 10714
2
•10714 108 *10712 108 10758 1075 *10714 108
10714 10714
6114 Nov 37% Jan
6°° ElectricRefrigeration_No par 11% Feb 6 17% Mat 19
63 MAY 7912 Jan
14
4 76% 7814 6,900 Eft° Storage Battery...No par 89 Feb 20 8478May 16
7818 79 2 7718 7812 77% 783
3
7714 79
*7758 78
7 Dec 15 MAY
6 June 19
9 Jan 1
8p
Elk Horn Coal Corp___No par
*612 74 re% 714 *812 784 *812 714 *812 714 *812 714
*97g 10
514 Feb21 1512June 4
3 Oct 13 Apr
10
9% 9% *9
9% 10
9% 9%
800 Emerson-Brant Class A.No par
10
10
30 July 3712 Mar
*3012 31 .3012 31
No par 30 July 3 33 Mar 1
30
*3012 31
30
*3012 31
70 Emporium Corp
*3012 31
5434 Jan 8114 Dec
1,300 Endicott-Johnson Corp_-__50 754June 12 85 Apr 17
774 774 7718 7718 *7714 781
7814 784 7712 771
*78
80
100 12114 Jan 27 127 May 18 118% Jan 125 Bern
125 125
900 Preferred
•1233 125 *12334 125 *12334 125 .12334 125 •12334 125
4
3814 373 373
213 Jan 39% Oet
4
38
4
37
38
8
4 385 3714 3,700 Engineers Public Serv__No pro 33 Feb 18 4614May 7
365 36% 38% 37
2
933 Jan 1083 Dec
4
s
Preferred
No par 107 Jan 24 11114June 21
5 334 Feb 20 381s Jan 23
243± Jan 35 Dee
72
Erie Steam Shovel
a
4
"ii" "ilia "317i ;ilia Ili -iii, 111 "311"3 "3f5; "5112 "31b" 1,000 Equitable Office Bldg_ _No par 3114July 20 3314July 3
8
51/ Aug Wis Nov
*81
62
*61
82
60 60
61
61
60 60
500 Eureka Vacuum Clean_No par 60 Aug 9 79 Jan 8
62
*81
154 Jan 23 Dee
*2012 2212 *2012 2213 *2013 221
8May 7
3
300 Exchange Buffet Corp--No par 192 July 17 227
*2012 2112 *2012 2112 20 4 21
304 Nov 434 May
4 423 44
4412 443
421 425
No par 324 JAI) 5 54 • Apr 19
443± 457
8 425 4224 2,700 Fairbanks Morse
45 45
4May 14 107 Deo 112 Mar
112 11234 *110 113 *110 112 *110 112
100 104 Jan 9 1143
90 Preferred
11112 112 112 112
92 July 115% Des
13132 133% 54,100 Famous Players-Lasky _No par 11114 Jan 18 13634 Aug 7
133 1331 13234 13812 134 13634 13318 13524 130% 133
374 Jan 47 May
4May 2
513± 52
518 5178 517 517 *5134 52
15 42 Jan 10 563
*5112 52 *511 52
500 Federal Light & 'Frac
914 Feb 100 Aug
8
No par 98 Jan 6 109 Apr 19
1027 1057
201 Preferred
•1025 105 *1023± 105 *10224 105 *1025 105 *1023± 105
8
60 Feb 187 June
Federal Mining & Smelt•g_100 120 Apr 17 145 May 15
128 *110 128 *110 128 *110 128 *110 128 *110 126
•110
754 Jan 97 Mar
100 914 Jan 3 9938May 21
100 Preferred
*9712 9812 98 98 •9713 9812 49712 99 2 49712 9912 *9712 991
17 Dec 307 Jan
4
1814 1814 1718 1734 17% 1714 1718 1718 17
171
•1714 18
1,2001Federal Motor Truck__No par 1658 Aug 1 2578May 8
811
82 82
8112 8112 81
82
7912 8113 80 80
1,600 Fidel Piton Fire Ins NY new 10 7514June 12 9411May 16
*81
10 Nov 147g May
*1212 14 *1213 14
*1212 14
*1213 14
1212 121
No par 1114 Jan 9 1514May 10
10 Fifth Ave Bus
' 14
1212
104 MAY 30 Feb
3834 37
3734 37
8
37
38
No par 28 Ape 4 39 Aug 6
3612 373± 385 39
3714 38 27,308 First Nat'l Stores
1114 1114 11
1114 103± 1114 1034 107
8 103± 103
143± Oct 20 Apt
9 Aug 10 173± Jan 4
4
No par
9
103 19,400 FLsk Rubber
8
81 Jan 100 Sept
70 *6912 71
68
70
69
65
68
60
651
70 70
2,800 lst preferred stamped-100 60 Aug 10 914 Jan 10
9412 July 102 Bert
*8914 70
68 69
14 65
88 *60
62
100 86 Aug 9 0724 Jan 5
*8914 70 *8914 70
800 1st preferred cony
6818 Feb 711i Dec
72
70
713± 6912 7012 69
69% 7014 7018 713± 71
701 31,800 Fleischman Co new_ _ _Ne par 65 June 19 7838 Apr 14
35 Nov 8824 Apt
423 4512 4213 4212 *423 4434
4
46 •44 48
*43 46 •44
No par 42 Mar 5 5534May 18
4
600 Foundation Co
50 June 854 Dee
8314 8812 8312 8534 8114 843± 8134 84 64,900 Fox Film Class A
No par 72 June 12 9214June 2
80 4 8112 8114 83
3
344 Jan 10612 Dee
3 62
633± 6114 6318 8014 62
61
8112 6018 813 16,100 Freeport Texas Co
No par 55 July 23 10914 Jan 11
8
617 835
4
0104 105 *104 10512 *104 105 10412 10412 104 10412 *104 1041
No par 1031 Mar 17 1097 Apr 23
s
400 Fuller Co prior pref
22 Dec 59 Aol
8
8 1814 1812 185 1858 18% 1818 *18
No par 15 Mar 23 284 Jan 5
•18% 188 1812 187
183
1,500 Gabriel Snubber A
612 Jan 154 Dee
812 84
812 9
*85
8 87
8
812 834
9
11
No par
714June 12 1634 Feb 2
1014 107
9,000 Gardner Motor
Jan 643± Dee
de
8 713 713
4
4 7018 7018 *70
7012 70
s
711 71% 703± 715
723
2.700 Gen Amer Tank Car.._No par 607 Feb 20 774May 15
100 10914June 23 11134May 15 1063± Mar 1124 Sept
*109 110 *109 110 *109 110 *109 110 *109 110
1097 1097
8
100 Preferred
7712 73 7512 73
74
7512 75
65 Aug 96% Mat
74
7258 741 17.600 General Asphalt
74
100 68 June 12 9478 Apr 80
74
115 115 *11312 120 *115 1174
118 118
100 11018June 12 14112 Apr30 10714 Aug 14474 May
•114 118 *114 118
3001 Preferred
314112 146 *14112 146 *14113 146
14212 14212 14112 14112'
.No par 134 Jan 26 150 June 8 11812 Apr 160 Oil
•14212 146
60 General Baking pref..
2634 2734 2812 2612 2812 2612 25% 2612 6,400 General Cable
281
No par 21 Feb 4 354 Apr 28
*2814 2812 28
741
75
78
72
72
75 372
Dec 6212 Dee
No par 56 Feb 9 807/ Mar 20
74
7212 7312 7234 78
19,4001 Class A
1
52 Jan 747 Dec
*8014 61
1,000 General Cigar, Inc new_No par 591:June 12 758 Feb 2
603± 8012 8014 6058 6014 6018 8014 6014 *8014 81
100 11534June 18 130 Apr 27 116 Jan 186 Sept
*11812 120 *11812 120 11812 11812 *11812 120 •118% 120 *11812 120
101 Preferred (7)
545 Apr 597 Nov
90% 5012 35014 5014 5014 503± 50% 50 8 *50
3
a
503± 50
50
1,800 Gen Outdoor Adv A_ _No par 491 Aug 1 58% Jan 3
3214 3214 3214 32% 33 3312 33 33
3212 33
37 Jan 583± Nov
*3214 33
1.3001 Trust certificates_ _ _ _No par 2912 Aug 1 523± Jan 7
148 15112 1473 14934 14714 1497 31,400.General Electric
4
81 Jan 1463± Sept
No par 124 Feb 27 17412 Apr 18
150 1503± 15034 15238 150 153
11 June 113± Jan
•1118 1114 1118 1114 1118 1114 1118 113± 1118 111
11% 1118 4,700 General Electric special..___10 1118July 11 12 June 7
5514 5614 5413 55
5614 58
34 Apr 4712 Feb
58
58
58
58
11,000 General Gas & Eiec A_ _No par 3514 Jan 18 6014 Aug 2
5718 58
1093 1093
4
•11012 115 11012 11012 *1091± 120 *10912 120 *10912 115
200IGen Gas & Elec pf A (7) No par 10812 Jan 4 118 May 10 100 Jan 1104 ON
4
No par 12214 Mar 22 144 Apr 18 1134 Mar 12338 Nov
Preferred A (8)
*120 128 *120 127 *120 127 *120 127 *120 127 *120 127
96 Jan 1051s Dee
No par 10512 Jan 17 11478May 16
Preferred B (7)
•107 108 •107 108 *107 108 *107 112 *107 112 *107 112
Oct
130 Jan 10 210 May 7 1134 Aug 141
1867 1871± 187 1913± 18714 19318 18318 18714 18418 1871 18114 18712 943.700 General Motors Corp flew..
2
125 125
125 12512 1,4001 7% preferred
100 12312 Jan 26 1274 Apr 12 1184 Mar 1253± Dee
125 12514 125 125
•12412 1243 12434 125
9784 9512 97
8214 Jan 1534 Sept
96
95% 97
99
16,400 Gen Ry Signal new...__No par 8414June 20 1235, Jan 3
973 9914 98 10024 97
4
4712 477 50
4714 4711 4714 4714 4734 4734 47
2,500 General Refractories__ _No par 4514June 13 82 Jan 3 88 Jan 81 Dec
47% 47
9878 997
95 4 Nov 1094 Oct
3
988 998 14,300 Gillette Safety Razor. No par 971/June 19 1124 Apr 13
8
4
4
1003 1017s 1003 1013 1003 10114 991 100
3512 Dec 59 Sept
5258 5358 5234 5312 15,700 Gimbel Bros
5212 54
No par 34% Mar 6 biraJuna 14
55
57'2 548 58
54% 557
91 Nov 108% July
99
100 87 Mar 6 101 June 15
99 *98 99 *98
987 987
99
2
99
8
*98 99 •98
200 Preferred
1412 May 22 Mai
2234 233± 2212 23l 13,800 Glidden Co
23% 24
23
No par 20% Jan 27 2638May 23
22'8 22
218 217
± 22
86 Aug 101 June
101 101
100 95 Jan 4 10478-tune 1
3103 1031 10012 10012 101 101
100 101 *100 10012'
40 Prior preferred
42 Ma, 7834 Dec
881z 87
88
88
88
Corp v t 4-- _No par 71 Jan 16 10538 Feb 15
8812 90
87
4,100'0old Dust
8912 9014 891 90
4234 Jan 9612 Dee
No par 6812June 18 9988 Jan 4
76
7612 375
751 13,3 SIpreferr CoB F)
7534 77
7818 7658 78
77
764 773
0
0
3 Goodrlch
95 Jan 11111 Dee
1
100 1094 Feb 17 115 8May 1
preferred
11034 1103 *110 113 *110 113 *110 11134 11114 1111
4
•110% Ill
483± Aug 691, Dee
537 5452 515 56
5414 555 53% 54% 5334 54
8
521 54
19.600 Goodyear T & Rub...._No par 4518June 25 7212 Jan 4
9612 9818 96'8 1,8001 1st preferred
No par 9212 Mar 16 9912 Jan 13 924 Nov 98% Dee
9612 98% 98
9614 9612 981
9578 961 *96
No par 75 June 13 937k Apr 14
78
57% Jan 858, Dee
80 803
7814 77% 777
7712 774 787 801
4:300 Gotham Slik Hosiery
47 0 New
0
783 76
4
58 Jan 834 Dee
,
7814 765 771
No par 75 June 19 93 Apr 14
78% 77
77
77
7914 70 2 79% 78
77
115 115 '
511314 1164001 Preferred New
100 112 Aug 6 130 Apr 12 104 Jan 122 Sem
112% 11212 *11314 116
112 112
116
*114
Preferred ex-warrants___100 109 Jan 8 112 May 7
•10814 112 *10814 112 *10814 112 *10814 112 *10814 112 *10814 112
*714 71
- Wei il53Noi
4
No par
7 June 23 1258 Feb 2
714 714 *714 712 *714 71
Coupler
f
Cl 1
Gouldrsilam i i9 A
73± 73± *712 8
3214 33
3214 33
3514 327 347
Motors_No par 1634 Feb 18 397 Apr 12
3214 333± 4628
3312 344 34
5312 532 93% 5212 931
11;
/May 15 - -1 Jan 45 May
5312 5358 5358 5414 5318 538 53
8.800 Granby Cons M Sm di Pr_100 394 Feb 18 567
3212 3234 32
354 Dec Ws MA
3213 5,900 Great WesternSugarnewNopa
31 Jan 26 38 Jan 7
323 333± 327 3314 33 33% 328 327
4
116 116
11534 11678 11812 1161±
100 1124 Feb 20 120 Jan 3 1164 Feb 123 Sept
2301 Preferred.
*116 11714 118 11718 *116 117
8 9912 10012 9934 10034 99% 1017 25,200 Greene Cananea Copper-100 8938June 19 1644 Jan 4
100 1037
2914 Jan 1514 Dee
8
993± 994 10012 104
4614 612 *6% 84 *814 64
614 61
64 64 *614 614
7 044 114 May
2001Guantanamo Sugar--Ne pa
6 July 13
93± Jan 4
..9g 12 43 12
4,
*97 101 •99 101
Preferred
100 90 July 11 107 Jan 7 957k Jan 106 Dee
*97 101
'
597 101
6
40 Oct 64 Feb
10
51 Jan 9 69 June 1
63 63% *62 65 *58 65
308 Gulf States Steel
80 65
*
25
25
2134 2434 *2412 25
22 Aug 27 Jul,
2
23 Jan 5 30 Jan 31
*244 25 *2412 26 *2412 25
120 Hackensack Water
6258 83
6234 63
63 63
56 Jan 725s Dec
6213 6234
59 May 25 7934 Jan 19
280 Hanna lot pref class A....„10
*6212 8312 8212 63
2434 *24
25 *24
2434 25
25 •24
25
Corp class A_No pa
2312 Aug 2 2758 Feb 3 224 Oct 274 Mal
•
23 25
25700
1712 1734 173 *1718 1734 3,20011" 1m13
4
18% Dec 293± AIN
4 178 17% 17
C
rlass
1858 Aug 6 2572 Jan 27
168 173
•
No pa
4
•170 18
784 Jan 125 041
5108 110 *108 11314 *198 11314 *108 11314 *108 11314
2 1033
4June 13 11812 Feb 20
'Reline (C1 W)
•
108 112 '
1
____ •1304 --. *1304 - --- *13012 - _
13012 13012
._ •13012
100 121 Jan 3 134 May 28 1184 Jan 180 July
•13012
55
*52
55 *52
53
52 *52
50
52
3471 Dec 604 Dec
52
54
•
52
1,10 Herie e rred
1° PXhtey Cbocolate__No par 3034 Jan 81 64 Apr 26
0
74
7312 7312 73 74
74
7S 73
73
7014 Dec 7512 Dec
No par 704 Feb 6 82 Apr 16
73
1.2001 Preferred
*73 734
:
99% Dec 103 Dec
100 10114Ju5y 26 105 Apr 14
10112 1014 .10118 10158 1011 um,*no 10158 *um 101 *100 101
200' Prior preferred
2312 *2112 2312 *2112 231± 211 2113
22
2212 23
s
22 Jan 617 July
No par 19 July 13 SO% Jan 20
*2112 22
700 Hoe(R)& Co
2812 2812 *2734 2814 2734 2734 2734 2734 2713 30
3114 June 40114 OM
*273 30
4
700 Hollander & Son (A) _N. par 27 July 30 367 Apr 13
74 '
573
74 •72
75 •73
7213 7212 •72
60 Jan 75 Oct
73
75
*72
100 67 Jan 4 75 Apr 11
100 Homestake Mining
4 70 70
70
70
4314 Jan 70% Nov
71 •70 703
70 7012
71
*70 71
600 Househ Prod.Ine.tem stfNopar 644 Feb 21 7312June 1
1351. 13812 133 138
4
604 Jan 175 Oct
4
133 13934 15,800 Houston Oil of Tex Sem ct11100 119 June 19 161 Apr 9
12714 1383 13814 1403 137 142
5714 56
5818 56
49812 9713 5834 5778 56
56
343 July 484s Dec
4
5534 56
No par 40% Feb 18 6284may 28
4,500 Howe Sound
791k 8034 7814 803 78,000 Hudson Motor Car_ __ _No par 75 Jan 16 997 Mar 16
4
798 81
6814 Jan 914 Aug
8 81% 8338 803 83
1
8214 827
8
, 5812 8114 5714 5952 57
5884 575 5912 146,800 Hupp Motor Car Corp____10 29 Jan 16 65 June 2
16 Oct 3614 Dec
5912 618
8
59% 61
3 252 2818 25% 257
25
2614 2573 287 24,800 Independent Oil & Gas_Ne par 2134 Feb 20 817, Apr 30
178s May 323± Feb
2518 257
25% 251
33
13 Mar 47 Dec
3012 31
272 29% 2978 3412 31
3114 3114 8,100 Indian Motocycle
274 28
No par 27 Aug 3 70 Apr 27
59412 110 *100 110 *100 110 •100
92 Jan 10234 Dec
10314 1031 '
'10314114
132,4020,00ianReming
Preferred
100 1004 Jan 8 115 Apr 1
74 may 1212 Sept
34% 3532 3284 3434 3114 331s 314 321
3414 357
3214 11001
3414
9 Feb 18 395,July
10
74 June 12 Sept
31% 3234 31% 323± 2958 3112 2812 30
2818 283
84 Jan 18 3714 July
283± 3078 20,0001 Certificates
10
99 Oct 112 Mal
•
235 245 240 241 *225 240 *220 235 220 220 *220 240
100 101 Jan 4 241 Aug
Preferred
500
874 Nov 964 Apt
Apr 1
90 90
9212 *90 92
*89% 92 '89l 92
*90 921 •90
92
Ingersoll Ra new--__No par 90 Feb 18 98
lnd
41 Feb 623s Dee
mil 674 5718 5713 573 573
4 58
571
4
57
57 *57
' 9712 1.12
No par 46 Mar 3 68 Jan
111 Jan 118 Oct
100 1154 Jan 6 118 Feb 1
-..,,- -- - 2 ......1 Preferred
2 10
1212 June 254 Jan
2-8 .
638 ;”;
-4
;
82i- I11- -His I17 -2i- --14 "Hort "if" "iois 2
5,700 Inspiration Cons Copper---20 18 Feb 25 2578May 2
11 Nov 25 Nov
*148 10
4
07
8 97
9
*93 10
4
984
84July 2 313± Jan
*914 10
914 9 4 1,400 Intercont'l Rubber----No par
3
641 Apr 16% De
1512 1534 *1912 1922
1512 1534 1512 1512 1558 157
4.1534 16
No per 13 Feb24 207sMay 17
,800 Internet Agrioul
8012June 18 33 Mar 664 May
791 *781 7912 *78
7958 7858 7812 78% 7813 781 •78
791
100 483 Mar 26
600 Prior preferred
12058 122
12012 121
12212 12212 12014 122
*12012 123 *120 123
1,300 lot Business Machines_Ne par 114 Jan 16 14744 Feb 3 5318 Jan 11934 Dec
2 6338 631 14 200 International Cement..
4 63% 63% 6312 633
64 6414 634 643
:
Par 56 Jail 8 7412May 16 4514 Jan 435% May
.
5832 84
7
100 1084 Jan 4 110 s Apr 26 100 Oct 118 Dec
Preferred
72118-Tune 8 aoli Oct 64
4
Feb
-iii4 ii- "isij Ill "86iii" -ii5i2 I62¼ *10312 107 *10378 108,.10378 1614 -iii4 - 14 1 lioo Inter Comb Eng CorPNo Par 4514 Mar 20 109 May 16 101 Oct 10514 Mar
81O"
Dee
21
'10312 107
108 *10378 2891± 5.90 InPurgaertri0endal
100 103
108
105% 10512 4
100
0
4
268
Harvester...100 2243 Feb 18 290 June 4 1353± Jan 2551 Dee
'
3289 270 26812 271% 270 273 289 270 268 271
8
1414 1417 14178 14172 •14014 141
142 142
100 13844 mar 1 147 May 1 12634 Jan 139 Dee
14014 14014 2,700 Preferred
*14014 142
418 418
P‘MAr 28
73
sMay 9
34 Oct
34 May
3
44 44
4
414 43±
100
44
418 418 1,500 lot Mercantile Marine
412 412
4
3514 38
35
o36
3812 381 3818 353 36
3514 35
100 8418June 12 6458 Jan 17 3212 Oct 0058 MAY
35
4,300 Preferred
7 10212 10358 102 1027 10112 103
k
93% Jan 3 12178May 14 62 Mar 954 Dee
1035 104
8
104% 10472 103% 105
7358 Feb24 10338 Aug 6 3814 Jan 8912 Dec
ate?
9934 1033±
4m
1 n
100% 102
4 1
9811 9814 96% 991 2• 91218 1: r=Plic'
9731 714 9511 98
6814 87% 11X171 67
71
6818 694 6812 6914 17,000 International Plper-No Par 88 June 19 863sMay 14 a3912 May 8111 Nov
674 68% 68
*9834 104
100 9612,july 27 107 Apr 12 854 July 106 Del
*9834 104
Preferred (6%)
. 4 105 *9834 105 .9834 105 *984 104
983
9958 100
100 100
*
100 9852 Aug 2 108 Jan 14 964 Jan 1121 Dec
9934 100
4
2,700 Preferred (7)
982 9824 084 981a 100 104)
54
54
53
100 4912 Mar 28 683± Jan 12 63 Sept75 Des
58
54
554
*54
54 '
54
5512
190 International Salt
.
54 58
100 126 June 20 196 Jan 24 1354 Mar 198 Noy
3138 14514 .138 150 *138 150 •136 150International Silver
*136 145 *136 14514 '
3122% 127
100 12314June 20 181 JAI)27 109 Mar 128 Oct
Preferred
•12314 126 *12214 127 •12214 1275 *12214 127 *12214 127 '
1693 17034 1697k 17112 9,500 Internal Telep & Teleg
4
100 13912 Feb 20 197%June 2 1224 Jan 1583± Sept
4
17114 172% 1711 175 s 170 170
1717 173
8
--
-.
Igh1511
•IN sad faked prhee; no sales on this day. s Ex-dleidend. •Mix-righta.
798
Mew York Stock Record-Continued-Page 5
For sales during the week of stocks not recorded here, see fifth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT,
Saturday,
Aug. 4.
Monday,
Aug. 6.
Tuesday,
Aug. 7.
Wednesday Thursday,
Aug. 8. I Aug. 9.
Friday,
Aug. 10.
Sales
for
the
Week.
STOCKS
NEW YORK SVOCK
EXCIIANYE
PER SHARE
Range Since Jan. I.
On basis of 100-share:Os
Lowest
111011ea1
PER SHARE
Range for Preefou
Year 192?
Lowest
Iltghest
$ per share $ per snare
per share Per share
Per share $ UT share 3 per share 3 per share Shares Indus. & Miscel. (Con.) Par $ per share
$ per share
2712 .26
1912 Jan
3918 June
.26
Intertype Corp
29 .
26
28 .26
28
2712 .26
No par 28 July 30 384 .180 20
2712 *26
.4812 50
4812 Mar 87 Sept
48
600 Island Creek Coal
4812 4712 471? 48
1 4712 Aug 7 61 May 14
48
48
48
•4712 4812
5312 J80 86 Dec
2,100 Jewel Tea, Inc
•116 124
11512 11512 1154 117
3
114 115
11338 11514 115 115
No par 774 Mar 1 1177 Aug 1
I Preferred
•124 126 •124 126 *124 126 *124 126 .124 126 .124 126
100 120 Jan 18 125 Ma 23 11112 July 1254 Mat
12812 13014 125 1293 122 12718 122 1265, 12218 124, 12018 125
90,500 Johns-Manville
8
No par 9614June 19 134 May 10
2
,Jones & Laugh Steel pref__100 11918July 2 12414May 7 117 Feb ftii "CCoi
.121 122 *121 122 •121 122 .121 122 .121 122 •121 122
300 Jones Bros Tea, Inc. _ _No par 25 8 Mar 31
*2712 30
10% Jan 34% Dee
*2812 30 .2812 30 .28
4
30
403 Jan 10
5
2912 2912 2714 2714
224 Jan
3,300 Jordan Motor Car
12% July
1014 10% 1018 1012 1018 103
1518May 31
10
No par
10
3 10
818 10
10
818 Aug 10
80 Kan City P&L 1st pf B No par 104 Aug 2 114 Apr 26
•108 112 *108 110
110 110 *110 11012 110 110 *110 11012
11,800 Kayser (J) Co v t c
Le;
7112 72% 7112 724 72
49
7012 71
Apr 154 4
8
No par 623 Jan 5 7612 Mar 30
72% 713 7134 703 713
8
3214 Nov
2,000 Kelly -Springfield Tire
19
1918 193
19
94 Jan
8 19% 20% *194 20
19
19
8
19 14 19,
25 15 Feb 17 273 Jan 3
4
1001 8% preferred
•
68
35 Fe, 102 Sepi
69
69 .
70
65
*67
69
70
*65
66% .65
66
100 5514 Feb 17 84 Jan 6
I 6% preferred
44
Jan 9712 Sept
*67
69 .63
70 .
66
68
68
*63
70 .66
100 68 Feb 17 80 Jan 26
70 .63
10,600 Kelsey Ilayes Wheel... No par 2212 Jan 10 3812May 18
323 33% 3212 3318 32
19
31
Oct 27 July
32
3034 32
3
323
8 3C3 32
4
50, Preferred
•10212 109 *10212 109
109 109 .10212 109 *10212 109 .10212 109
100 106 Mar 8 11018 Jan 5 103 July 110 Doe
50.700 Kennecott Copper
Feb
90/11 Dee
93% 94 2 93% .96% 945 96
60
4 935 943
8
,
933 953
4
No par 804 Feb 20 9653 Aug 6
8
3 937 95
200 Kinney Co
Jan
*37
40
493 June 45
*377 4473
4
*38
40
40
39
40
39 .3812 40
No par 38 June 21 52 Jan 19
140 Preferred
93
93
93
93
92
•9212 9312
93
9214 93
937 937
100 8718 Mar 22 100 Apr 11
3
56 June 93 Dee
8
di) June 627 Yell
4
64 13 64 2 643 6512 6458 653* 6312 6412 634 64 4 63% 6412 9.000 Kraft Cheese
,
,
,
25 53's Mar 31 76 May 17
72% 7158 7212 8,600 Kresge (S S) Co new
8 72
7218 725
8 715 723
8
725
4
72
7212 72
ars Jan 771 Set t
.10 6053 Feb 24 76 June 1
20, Preferred
•112 11412 11412 1147 .112 11412 .112 1141? .112 11412 *112 11412
100 11014June 14 118 Apr 27 11018 Feb 118 July
200 Kresge Dept Stores.._ _No par
22
.21
*2034 22 .21
2 .21
21% 2118 214
2112, .21
10 June 18 Dec
211
1312 Jan 18 2714 Feb 29
I Preferred
45 Nov
Jan
71
*66
71
71
80
.66
63
.63
71 I .63
71
.63
71 .
8May 11
100 513 Feb 1 725
4
100 Kress Co new
104 104
•100 105 .101 105 .101 104 *101 104 .102 103
Jan 105/2 Sept
No par 87 Feb 20 11412 Mar 29
59
8
8
1098 111
8
1095 1103 10814 1103 1073 110, 1074 10918 x10714 1037 66,200 Kroger Grocery & Bkg_No par 734 Mar 27 11112 Aug 1
8
8
4
200 Laclede Gas L (St Louls)__100 200 Jan 10 260 Feb 2 1/3 4 Jan 267 2 June
235 240
•220 245 .225 250 .225 250 .225 250 .225 250
.-1-1
501 Preferred
10012 10012
•10012 102
1001? 10012 *10012 112 .10013 112 .10012 112
96
Jan 130 May
100 100 Jan 5 12413 Jan 26
2,000 Lago Oil & Transport__No par 27% Feb 20 3918 Apr 17
32
.3212 33 .32
4
4
2012 Jan 373 Nov
3214 324 3213 3112 32
32% 313 337
6,800 Lambert Co
106 10614 10412 106
8
Jan 884 Oet
•1074 108
10712 107 2 106 10818 1055 108
,
No par 7912 Jan 10 1217
66
8May 9
19
19
194 193
8 1.500 Lee Rubber & Tire__ No par
184 Dee
19
1914
1912 10
19
195 .
1914 20
7 Jan
1714 Jan 3 2412May 1
505 5114 10.000 Lehn & Fink
8
517 523* 514 5214 5114 5212 507 5118 5012 51
8
3258 Apr 43 Nov
No par 38 Jan 17 544July 24
1,100 1.1fe Savers
295 •
8 29
29
29
4
*294 2912 29
29% 283 29
29 4 29
2014 Sept 3414 Dec
,
No par 284 Aug 10 36, Feb 7
,
91
200 Liggett & Myers Tobacco...25 8318June 22 1224 Jan 3 .8711 Feb 128 Sent
91
92
9012 90 2 .
94
90
93 .91
,
94 .91
.91
3,9001 Series 11
3
90
9012 8912 90 4 8958 9014 8812 89% 878 88
Oot
897 90
8
25 8014June 19 1234 Jan 3 .865 Feb 128
200 Preferred
136 136 .134 139 .134 139
•132 136 *133 136 •133 136
100 134 Aug 2 147 Apr 11 124% Jail 140 DSO
43 43
1,600 Lima Log Works
4212 4212 43
42
42
43
4212 44 .4214 45
49
Oct 76% AD
No par 38 July 27 657851ay 14
4,700'Llquld Carbonic certifs_No par 634 Feb 20 77% Jan 13
71
713
7218 7112 7212 71
4 70% 7112 70
4534 Sept 781 Dee
8
70,
2 6912 70
3
2 533 57,2 5312 54% 533 543 30,100 Loew's Incorporated...No par 4918June 19 77 May 9
3
4
8 5353 54,
53% 5412 533 543
s
43% Jan 037 Mar
714 83
6%
64 64
6g
3
V
8% 93 70,100 Loft Incorporated
6 4 63
,
67
3
Oct
7% Jan
5
933 Aug 10
No par
5% Feb 9
3318 334 .33
*33
3314 3212 33
33
331 1 33
600 Long Bell Lumber A
254 Dee 43 Mat
3212 33
No par 26 Jan 3 3534 Feb 3
5314 51
483 4834 48
4
527 48,700',L000e-Wiles Biscuit new.__.25 4414June 19 69 Ap 26 03512 July 574 Dee
51,2 51
527
8 4914 5112 51
1 18t preferred
•100 120 *____ 120 •____ 120 •____ 120 •____ 120 •____ 120
Jan 123 Nov
100 11914June 27 125 May 9 118
8 27% 2 ,
2812 29% 2712 287
2814 29
29% 8.500'Lorillard
8 4 28
117% July
2933 29
2311 May
8
25 233
4June 12 467 Apr 19
98
98 .96
*954 08 .9512 98
98 .95
*95
Preferred
*954 98
100 93 July 13 114 Mar 13 107 June 11812 Jan
1412 1518
8
1412 1438 144 147 19,700 Louisiana Oil temp ette_No pa,
143 1514 145 1518 1438 1518
4
10
Oct 12 Aug
8
193 Apr 30
4
9% Feb 21
8
90
90 .
91
85
•853 90
89% .853 89% •853 897
10 Preferred
.86
8
8
8
8514 Dee 97 Feb
100 78 July 24 96 Apr 30
34% 34% 34% 34% 34% 344 34% 34% 3412 35
*3412 34% 1,900 Louisville G & El A__.No par 28 Feb 7 41 May 16
23% Jan 3012 Dee
53
6014 58
5,400 Ludlum Steel
57% 58
5914 574 5731 57
60 4 57
,
Oct 3314 May
57
No par 25% Jan 11 6812May 21
20
.48
300 MacAndrews St Forbes.No par
49 •48
493 *4858 50 •48
4
49
48
49
483 •48
s
43 Nov 5814 Dee
46 Jan 6 57% Apr 14
•125 127, •125 1277 126 126 •123 126 .122 1277 .122 127
8
3
100 Mackay Companies
8
100 10812 Mar 2 134 Mar 20 105 June 134 Aug
.783 80 .78% 79
300 Preferred
8
79
78% 78 8 79
,
67 Aug 74 Aug
8
.7833 80 .785 80
100 6814 Jan 13 84 Mar 19
9214 9012 9212 894 90% 89
8914 9012 90
21,900 Mack Trucks, Inc
4
90
8814 90
8814 Jan 1183 PAS1
No par 83 Apr 17 107% Jan 3
200 Macy Co
362 362 .360 362 *360 366 .362 367 .362 367
3633 3633
4
Jan 24312 Nov
36514 Aug 1 124
No pa, 235 Jan 10
245 2513 24% 243
8
4 2478 25
2413 25
2418 2418 244 2414 2,700 Madison Sq Garden.
2012 Aug 28% Oct
..No par
2214 Jan 9 34 May 7
.5018 51
5114 52% .
5014 51
504 50% 49% 5018 50
2912 Feb 58% D180
5013 4,400 Magma Copper
41May 28
No par 433 Feb 27 563
4
2212 227
8 23
22
23% 23
23
1113 Apr 204 Dec
22
21% 213
4 2112 2212 3,800 Mallinson (II R) & Co.No par
16 Jan 20 28% Apr 12
360 Preferred
10114 10114 104 105
100 10412 .1034 10412 101 10412 101 101
98•8 July 95 Dee
18
100 87 Jan 30 106 Aug 1
Feb
.2712 30
*2712 30
*2712 30 .2712 30 .2712 30
Manatl Sugar
27 Nov 46
*2712 30
41 Jan 14
100 2912 Aug 1
Oct 80% Doe
200 Preferred
*50
70
48
•50
•50
5112
57
57 .50
493 493 *43
4
60
4
100 4931 Aug 9 88 Jan 17
200 Mandel Bros
*33
3918 Dec 49% Aug
333 .3253 33 .3212 35
35 • 8 35
3
333
33
*32% 33
No par 32 June 25 4012 Jan 24
11,8C0 Manh Elec Supply _ _ _No par 50 Jan 11 6638June 6
Oct 132 Aug
43
59
59% 6012 6018 607
59
60
58
3 5912 6218 59
60
.
700 Manhattan Shirt
34
34
3312 3312 *33
34
34
2414 Jan 35% Dee
3412 3412 34
34
34
4
25 313 Feb 18 43 May 14
Oct 224 Jan
12
•17
1718 173
600.Maracalbo 011 Expl_ -.No Par 1212 Feb 20 2513 Apr28
17
4
18
1814 .
4 173 17% •17
18
16% 17
38
38
31 June 6813 Jan
3712 3612 37 8 36,300 Mariam' 011
391y 37
38% 3812 39
,
3812 37
No par 33 Feb 17 4412 Apr 17
1
Jan 557 NOV
800 Marlin-Rockwell
27
5812 58% .57
57% 57% 58% 5858 .58
60
*r7
59
59
No pa
4514 mar 6 6513May 24
L512 Dec 24% Feb
1,100 Martin-Parry Corp___.No par
177 1833 1712 1712 1714 1712 174 1714
•1712 18
1714 1714
1218 Mar 12 2553June 4
12.500 hIathleson Alkali WorksNo par 11734June 19 137 8 Apr 12
4
Jan 1325 Dee
13014 13458 13412 13612 132 136
82
129 13 4
1314 13313 131 132
7
0,
I Preferred
Jan 120 Deo
•I22 125 .122 125 .122 125 •122 125 .122 125 •122 125
100 115 Jan 12 130 Apr 27 103
3,100 May Dept Stores new
783 79
7812 7812 797 80
4
7612 78
78
78
765 78
8
6614 June 90% Nov
8 Jan 3
3
2' 75 July 17 85
700 Maytag Co
18
18
•1814 1812 18
18
18
183
8 18
18
.18
1814
No par
18 Aug 3 22 May 24
300 McCall Corp
•7114 72
71
.7114 72
71
*71
7112 71
71
.703 71
4
No par
58 Feb 3 74% Aug 1
8
-- Dee
850 McCrory Stores class A No par 77 Feb 13 1047
103 1035 103 10312 10312 10353 103 103
1013
4
100
1013 102
4
55 Mar 90 8July 20
564 Mar 964 Dee
2,400 Class B
10812 110
108 10933 •107 109
107 10812 106 107
106 106
No par 8012 Mar 14 112 July 20
1001 Preferred
•112 115 .112 115 •112 115 •112 115 .112 115
07 Mar 11612 Bent
115 115
July 19
100 109 Feb 8 117
*217 23 .21% 22% 217 22 .21
8
500 McIntyre Porcupine Mines. _5 21% Aug 8 2812 Mar 16
• , 23
21 4
8
2212 .21
241/ Mar 28% Oct
23
*2518 2512 .2514 2512 *25
800 Metro-Goldwyn Pictures pf_27 25 July 17 2718May 29
2512 2512 257
2512 2512 *2512 26
244 Jan 2614 Feb
2812 2813 264 285 3112 273 3012 273 30
94 Feb
28
8
293* 31 168.900 Mexican Seaboard 011__No par
4
3 Aug
8
45 Jan 19 39 may 14'
.195 20
8
8
1934 2014 197 2011 20
203
3 20
2014 20
1318 June 204 Dee
2012 7,700 Miami Copper
5 1784 Jan 5 22 May 28
3114 31
307 31
3114 31
31
31
303* 303
3014 303* 15,300 Mid-Continent Petro.
254 Oct 31)% Jan
Apr 28
.No par 25.8 Feb 20 3314
11212 1121? .111 114 •111 114 .111 114 *111 114
•110 114
97
100 Mid-Cost Petrol pre(
Apr 105 Feb
100 10314 Feb 20 11518May 11
4% 4%
4
412 43
4
412 43
138 Jan
413 43
34 June
413 45,
412 418 9,400 Middle States Oil Corp.__ AO
8May 10
73
23 Jan 3
8
34 312
34 34
34 312
34 Jan
358 33,
24 Juna
34 34 2.400 Certificates
34 3 3 .
,
578May 10
112 Jan 3
10
2137 216
8
215 216
•213 218
212 215
Apr 315 Dee
2,510 Midland Steel Prod pref___100 193 June 19 290 Jan 4 106
21112 21312 210 210
174 Nov 36% Ape
19
19
19 .183 19 .1812 19
19
19
4
19
1,000 Miller Rubber ctfs
*1812 19
27 Jan 3
No par 187
85lay 9
•147 167 .117 167 •147 167 .147 167 .147 167 *147 167
Montana Power
8112 Jan 1094 Oct
100 1024 Jan 10 175 May 3
1883 19712 192 1963 193 1981.1 1963 1993, 324,300 Monte Ward & Co III Corp_10 117 Jar. 19 1903 Aug 10
4
4
8
186 1873 18614 191
6038 Feb 12318 Dee
s
33
812
8
8
712 712
833 85
84
758 • 713 758 5.700 Moon Motors
6 June 1213 Jan
7,
8
No par
5% Feb 6 1112May II
212 25
8
14 Oct
212 212
212 23
212 212
8
Ps Jon
25 212 9,600 Mother Lode Coalition.No par
2,
2 22
,
418May 14
23 Aug 10
8
712 812 *64 7
712 712
1,7001Motion Picture
712 712 .74 8
51/ Sent 16% Mee
.8
9
No par
5 Mar 29 11 May 9
1718 1812 .17
1512 1512 1512 1512 1513 17%
384 Apt
8,000 Motor Meter A
1712 17
17 Nov
17
Jan 12
No par
13 Mar 22 234
397 403 40,000 Motor Wheel •
5
4 393 4018 3938 40
41,
4 39% 413
394 4012 40
4
203 Jan 2778 !Ass
3
4
No par 2512 Jan 12 41.3 Aug 7
7334 744 7112 7112 70
704 73
715
Jan 7914 Dee
6912 70
71
7212 5,800 Mullins Mfg Co
10
No par 6914June 19 944 Apr 13
8
8
8
10 Preferred
•105 110 .1063 110% .106% 1107 •1063 11073 110 110 *1063 1107
3
Jan 11014 Dela
80
8
4
100 1043 Jan 17 1103 Jan 9
4
51
51
5118 51
51
3,58 May 53 Nov
4
5
51
514 5118 51
5012 503
4 1,700 Munsingwear Inc
No par 464 Mar 5 6212May 18
47% 487 47.000 Murray Body new. _ _.No par 21 12 Feb 1 583
493 51,
8
2 48% 51% 4734 4912 4788 495
483 493
8
8
1614 or' 43 Feb
4June 1
8
25,300.Nash Motors Co
87% 835 8512 833 853* 8312 85
4
MA Apr 101% Dee
874 87% 86
867 877
8
8
No par 8014 Feb 20 1013 Jan 3
1418 144 1418 1418
74 Oct
1414
1338 1414 6,600 National Acme stamped_....10
5 Feb
141 1 1412 14
•1414 147
Jan 4 19141May 2
74
8514 85 4 85
3
,
8.518 3,700 Nat Hellas Hess
,
31 18 Sent 4613 Deo
86% 86% 853 86 3 854 86
*864 37
No par 41 Jan 3 95 May 4
,
100 Preferred
AD
•106 10612 .106 10612 106% 106% •10612 1067 .106 108 •106 108
85 4 Sept 97
,
100 9014 Jan 3 Ill May 7
165 166
1663 1663
4
4 9,400 National Biscuit
16512 1653i 16512 17012 1664 1604 164 167
4
943 Jan 187 Der
35 15912July 12 182 Jan 27
200 Preferred
144 144 •144 145 .144 145 •14313 145
Jan 142 010
14314 14314 *14314 144
100 13718 Feb 29 150 Apr 11 130
4 6412 6534 64% 6612 42.900 Nat Cash Register A w I No par 4714 Jan 16 6753July 27
,
4 65 8 6653 6413 653
64% 653
39% Jan 51% Dec
4 654 663
594 may 68% Aug
8
8112 834 814 833 57,200 Nat Dairy Products_. No par 641/ Jan 5 8818May 15
4
823 843
4
8 817 837
83
82
82
81
27
*26
265 .26
3
Nat Department Stores No par 21% Jan 5 29 June 4
27 .26
27
.26
27
2014 June 27% Ma/
. 4 27 .26
263
100, 1st preferred
*9414 95 .9414 05
944 94,
694 July 944 Jan
*944 96
4
*9414 95
*9414 96
100 91 Jan 10 102 May 2
413
4 4018 423 42,300 Nat Distill Prod ctts.....No par 2914June 12 584 Jan 9
3
Oat
Feb 60
17
4
4212 4514 423 457g 40% 43% 394 4112 40
63 6314 6212 6212 6212 6212 1,5001 Preferred temp (Ifs_ _No par 5114June 13 71% Jan 9
66
.63
43 Mar 004 June
66
673
8 66
66
3012 29% 29% 3,600 Nat Enam & Stamping_ _100 2314 Mar 26 3712 Apr 12
Ws Apr 35% June
294 3012 30
3018 31,
.303 31
4
2 30% 31
Preferred
694 Apr 9173 July
100 904 Mar 28 9912May 15
100 National Lead
122 *118 120 •118 120
*lig- 122 '118 122 iZoTs
100 115 July lb 136 Jan 31 895 May 20234 May
'144i 145 •14414 145 •14414 145 *1444 145 •14414 145 14414 1444 3001 Preferred A
100 139 Jan 3 147145fay 18 11312June 139% Dee
) Preferred B
_- .119
.119 -- *119 -- •119
1
•119
•119
100 11212 Mar 20 122 July 17 1047 JUllo 1154 Deo
325 3314 x321,3 3318 31,200 National Pr Sr Lt ctfs_Vo par 21% Jan It
3
1914 June 26% Sent
32% 3314 3212 33
8May 15
8
3212 3278 325 33
367
364 Nov 304 Nov
1812 1831 4.200 National Radiator_ No par
8
184 1918
19
4 1g4 1912 18
193 21
4
1913 193
14 July 25 40% Jan 9
300L Preferred
70
96 Nov 98 Dee
•62
70
70 .62
No par 60 July 24 9812 Jan 17
70
7012 *62
80
*70
80
.70
8
2,300 National SuPply
91
*9018 90 4 01
,
75 May 977 1)62
893 91
4
897 89% . 13 89
50 8414June 12 110 Apr 19
3
89
% 8918 90
420 National Surety
299 3063
305 305
4
307 309 .303 305
308 308
*304 305
100 28712June 13 370 May 15 a218 July 373 Deo
Apr 180 Dee
3,000 National Tea Co
27812 281
27612 276 2 275 275
,
Vo par 160 Jan 17 28612 Aug 6 10/i
*26712 274
284
27414 28612 280
12118 June 20.• Doe
4
8 2213 22% 2212 223 19,300 Nevada Consol Copper No par 17% Jan 18 25%May 16
2212 227
2218 2218 2218 23
3 2212 227
1t 50 June
Si)', (1,
4218 5,500 N Y Air Brake
4212 41% 41% 42
3
No par 40 June IV
•4213 43
8
,
427 4458 425 433 42
5012 Feb 10
4001New York Dock
Jan 65% Nov
34
*4714 49
4714 49
*4714 49 .
*5314 54
100 47', July 16 6414 Jan 4
474 47, 4 4712 49
4
Preferred
,
72 8 Feb 5312 NOV
89
89
*85
89
*85
.85
95 Jan 4
87 .85
89 .85
89 .85
100 8512July ID
934 Feb 10212 Oct
101N Y Steam prof (6)-----Vs par 994 Jan
10512May 16
4
*100 10214 .10012 1013 .101 1013 *101 101% 101 101 .101 1013
4
4
Jan 11412 Oct
bet preferre
200
111% 113
_No par 102 Jan 91 115 Apr 1.. 105
113 113 .11212 113 *11212 113 .1124 113 .11212 113
8
Niagara Falls Power pf new_25 274 Apr 17 2912May 17
274 Jan 295 May
45% Jan 6412 001
"7o34 "ift;
7818 may 14
8,000 North American Co
7114
/13
3
-704 76 71 70g -71- 70
8
10 585 Jao .5
3
/1 4
-350
Jan
55 Aug
5
.5313 5412 *'• 5458 5313 54 54 5412 53 53 *51 -- 7001 Preferred
50 63 Aug 9 55 8May 16
0e1
96% Jai) 105
3,600,No Amer Edison pref. _No par' 10014June 29 10578 Feb 7
1017 10173 .1014 101 102 10218 101% 1017 102 102 •1014 102%
78
8
59 Beni
47/4 Jan
00 Northwestern Telegraph_ ..50 50 Jan it 65 May 15
.51
54
54
*51
54
5012 51,2 *5012 5112
51
51 12 5112 .
fris Feb
118 June
700 Norwalk Tire & Rubber__ 10
31, 312 .33
5 MEW 21
8 312
34 3 4 *314 312
212 Mar 15
,
3% 3
,2
314 3 4 .
,
13
Pta
8114 Doe
•012 07,
97
97
g *913 97
2 07
8 •9
1001Nunnally Co (The)____No par
*9
10
8 Mar 8 13 May 14
10
8 •01.
I
I
•Bid and asked priced; no sales on this day. z La-dividend. a Ea-rignts.
New York Stock Record-Continued-Page 6
799
For sales during the week of stocks not recorded here, see sixth page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Aug. 4.
Monday,
Aug. G.
Tuesday,
Aug. 7.
1Vednesday, Thursday,
Aug. 9.
Aug. 8.
Friday.
Aug. 10.
STOCKS
NEW YORK STOCK
EXCHANGE
Sales
for
the
Week.
PER SHARE
Range Since Jan. 1.
Os basis of 100-share lots
PER SHARE
Roses for Preteens.
Year 1927
Lowest
Highest
Lowest
Highest
--per share $ per share
$ per :Date
share S per share $ Per share Shares Indus. & Miscel. (Con.) Par $ nos saws
$ Per share $ per share $ per share $ per
13 41 Jan 11
3114 Jan 384 Dec
25 2014.1une
1,800 011 Well Supply
2218
8 2258 223
8
4 2214 2238 2218 2214 22
8
8
223 223 *223 227
4
100 07 June 14 1104 Jan 11 1023 Mar 110 June
70 Preferred
*97 100 .97 100
100 100
8
997 997 *97 100
8
100 100
11 Mar
No par
104 July 12 1511 May 10
1718 June
600 Omnibus Corp
11
11
1118
11
.1118 1138
11
11
•1142 113 *11
1138
8
81
Jan 994 Ma,
100 90 Jan 11 9938June 12
200 Preferred A
*9312 97
9518 934 95 .9312 974 .9312 97
*93
.93
9518
8812 Jan 7
5811 Feb 823 Dee
8
900 Oppenheim Collins & CoNo par 6812June 23
70 .68
•68
69
69
•68
4 6914 6914
6812 693
.6812 69
2374 Dec 35
1 18 May 9 244 Jan 9
Ape
'Orpheurn Circuit. Inc
__ _ _ *- - - 2
612
•____ 26 2 •____ 2612 .____ 2612 •____ 2612 *19
,
100 75 May 9 102 Jan 6 10234 Nov 1084 Jure
Preferred
*8012 87
*8012 87
.8012 87 .8012 87 .8012 87
.8012 87
50 14718 Feb 20 20912May 25 s103 Feb 1553 Oct
4
Elevator
198 198
2,900 Otis
19514 196
198 198
195 20114 198 201
•19414 195
4
100 11914 Jan 24 1263,July19 108 Feb 1243 Aug
*12612 _ _
301 Preferred
•12612
- 12612 12612
*12812
- - •12612 ____ *12612 ____
714 Feb
1212 June
104 Jan 18 2538.1une 1
No par
2214 22
2212 15,000 Otis Steel
2212 22
2314 2212 2314 22
22
224 22
614 Feb 91 Noy
pref
100 8212 Jan 10 9778May 16
200 Otis Steel prior
94
95
9512 •94
94
9512 *94
96 i .94
*95
05
95
523 Jan 99 Dee
4
"Jo par 81 June 19 91 Jae 6
' Outlet Co
89
*83
89
*83
89
•84
89
.84
89
*84
89
.86
73 Dec 354 Dec
25 744 Jan 3 954 Apr 18
500 Owens Bottle
*77
78
7712 78 .77
*773 78
4
7712
4
.7712 7812 773 78
Jan 120 Not
100 1143 Jan 3 117 Mar 18 107
4
Preferred
4May 4
31
Feb 50 Dee
25 434 Feb 28 533
4
2
475 ifs; 47 47 2 -47T4 171 -471. 471- -4714
17 2 2,900 Pacific Gas-Elec new
-11;
214 Apr 27
1 May
17 Jan
2
14 Jan 3
No par
114
138
114
114
114
114
114
13
8 3.500 Pacific Oil
138
13
8
138
114
100 145 June 12 160 May 17 124 Mar 162 Dee
Pacific Telep & Teleg
•146 148 .146 148 .146 148 *146 148 *14712 148 .14712 148
333 Apr 62 Dee
4
10 584 Feb 18 8412June 7
7413 7614 103,100 Packard Motor Car
764 737 747
7812 74
8
76
4
8
764 753 783
75
404 Dec 654 Jan
4
4114 4212 41
42
43
*4212 43
-404' 404 2,200 Pan-Amer Petr dr Trans...._.50 3814 Feb 20 533 Apr 3
*43
4312 43
4014 Dec 663 Jan
2
4
50 373 Feb 20 5438 Apr 30
15,7001 Class B
4278 43
8 4278 4378 424 4338
434 4418 4312 4414 4338 447
1634 Oct 374 Jan
6,400 Pan-Am West Petrol B _No par 1512July 23 284 Apr 28
17
174 1658 167 *164 17
1612 1734
8
184 17
•1614 17
4May 14
8
Apr
184 Jan
213
11 12 Feb 11
15
•1434 15
8 15
4 1,000 Panhandle Prod & ref_ _No par
143 143
8
1512 1512 1512 157
8
•1512 157
83 No4
54 Sept
100 70 Feb 21 10614May 15
2001 Preferred
86
86
8512 8512 .85
9818 *85
98
95
984 .85
*85
20
Jan 463 Oct
2
79
794 78
77
78 1 7812 80
7912 773 793 10,600 Park & Tilford tern ctts_No par 34 Mar 10 85 May 31
8
4
77
77
Jan
104 Dec
6
1
93 Jan 3 144 Jan 5
4
1014 10
1014! 10
103
8 10
1014
10
1014 24,200 Park Utah C M
1018 .104 10
334 Dec
12 June
918klay 10
2 Feb 8
No par
412 9
412 43
4'
414 43
412 4 8
,
63 193,900 Pathe Exchange
8
4
54 63
4
53
8
184 Dec 434 June
818 Feb 9 34 Aug 8
227 257
8
70,200 Pathe Exchange A new_No par
8 2112 25
187 187
8
8 1812 1812 1712 1812 1734 34
1812 Aug 277 Feb
4
8 3212 333
323 34341 333 3512 3214 337
4
4
4 3214 3314 18.600 Patino Mines & Enterpr____20 234 Jan 3 42 Apr 30
4
323 33
20
Apr 32
Jan
s
Peeless Motor Car
50 147 July31 2578 Mar 18
.17
18 I 167 1778 1618 163 .1614 1612 *1614 1612
8
900
4
8
1612 167
1912 Sept 274 May
2
No par 223 Jan 7 37 Apr 17
29
29
*2914 293
4 294 294 29
293
4 2,200 Penlck & Ford
8 283 293
*2918 30
4
2
2112 Dec 393 Jan
1414 July 18 31 May 2
15
1578
1512 1512 1514 1514
1,800 Penn-Dixie Cement- - No Par
.153 153
8
4 1512 16 1 1512 18
91 Sept 100 May
100 78 Aug 1 964 Apr 25
80
78
80
80
80
•75
8118 *78
794 80
8018
*78
4001 Preferred
4
Jan 1683 Nov
180 180
179 179
17912 182 *179 182
179 179 *170 175
800 People's 0 L & C (Chle)...100 151h Jan 6 18912 Feb 2 126
4May 4
8514 Jan 15312 Dee
Philadelphia Co (Pittsb)_ _50 145 Mar 24 1743
.
*150 160 *155 160 *155 158 *150 158 .150 155
•150 160
Jan 51 Dee
40
50 454 Mar 15 4812May 7
5% preferred
48 .47
.47
48 .47
48 .47
47
48
48 .47
.
48
50
Jan 5312 Sept
50 52 Jan 3 57 Mar 29
1,200 6% preferred
8 5214 5214
*5214 5212 524 5212 5212 5212 *5214 5212 524 523
8
373 June 473 Mar
8
4
2818 285
8 28
2814 28
28
2814 2812 28
2814 4,200 Phila & Read C & I_ _ _No par 2738June 13 393 Jan 3
2814 28
3714 June 67 Mar
27 Mar13 38 Jan 12
1 Certificates of Int.__ No pa
18 Sept 4112 Jan
15 Mar 1 2512May 28
2
74
-1. ; 1738 171- -1 71- 173 -17i8 1714 --1718 17 4 1714 1714 2,300 Philip Morris & Co.. Ltd_ 10
177
'173*
364 Oct 6014 Feb
3514 Feb 20 443 Apr 30
2
No pa
4 4014 41
39
,
4012. 387 3912 387 3918 20,700 Phillips Petroleum
4018 40 8 4018 403
8
8
354 Dec524 Aug
5 27 Aug 10 38 May 8
27
28 .27
23 .27
29 •
28
*27
28
•27
27
27
100 Phoenix Hoslery
Jan 10714 July
Feb 14 103
100 98 Jan 9 10314
9814 9912 •9814 9912 *9314 9912 9814 984 9912 9912
210 Preferred
*9314 9912 .
52
94 Oct 23 Mat
1012 Feb 18 183aMay 31
14
1412 1312 1412 1312 1414 1312 14
1312 12,6001 Plerce-Arrow Mot Car_No pa
13
1312 13
373 Oct10212 Jan
4
397 Feb 16 6214 lune 23
8
10
8112 5914 5934 59
58
613
4 5914 604 60
60
5812 5812 16,8001 Preferred
118 June
4 Mar
25
12 Mar 3
54 Apr 27
neree 011 Corporation
212 23
8
212 238
214
214 6.800
212 212
23
8 24
214 23
8
1312 Mar 24 June
Preferred
100 1614 Feb 20 3012 Apr 26
*21
23 1 •19
22
•
2212 23
*19
22 .20
23
23 .20
313 Feb 16
512 June
212 Mar
83 API 27
2
438 412
418 4121
412 44
44 414
418 43
4
43
8 o,000Plerce Petrol'm tern etts No par
8
3234 Feb 18 45 Aug 1
3078 Nov3712 Aug
4218 43 1 4212 427
424 43
8 4214 437
8 4212 4314 424 4314 15,0001PHIsbury Flour Mills. _No par
Oct
100 108 Jan 5 12018May 14 104 Aug109
4
*115 1163 116 116 *114 11678 116 116
117 117
117 117
900 Preferred
323 Mar 7412 June
4
100 3818June 12 55 July 8
4712 4712 4712 4712 4634 4778 46
463
4 46
46
46
464 4,600 Pittsburgh Coal of Pa
7058 Mar 98 Sent
100 81 May 1 8812July 9
87
*86
88 .86
86
86
*8512 87 .8512 8618 8512 8512
300 Preferred
Jan
94 Dec 101
Pittsburgh Steel pref
100 83 July 13 96 Feb 9
•82
88
.82
87
*82
88
.8612 88
*8612 88
*8612 88
3012 Apr 55 June
100 26 Feb 10 384 Mar 20
*2812 30
*2814 30
29
29
32814 2913 *2814 30
200 Pitts Terminal Coal
2818 2818
74
Apr 8411 Dee
100 71 July 20 82 8.381 13
Preferred
•6318 76
*
6318 76
*6618 78
*6618 76
.6618 76
*6618 78
8
65 Aug 9112 Jan
*5514 57
*551 57
.55
58
5712 58 .55
300 Porto Rican-Am Tob el A.100 533 July 8 797 Jan 6
55
55
58
8
15 Aug 527 Dee
8July 2 3512May 18
2412 24
No par 233
2514 2514 *2412 2512 .24
24
25
24
25
500 Class B
24
923 Mar 1264 Dee
2
s
No par 613 July17 13612May 31
863 673
4
8 664 6738 6614 684 8514 8712 654 663
85
130.400 Postum Co. Inc
6012
4
364 Feb 7814 Dee
,
18 June 13 267 Jan 3
*2012 22
2112 22
21
234 .21
23 .21
23
.21
2,100 Pressed Steel Car new_No par
23
784 Feb 024 May
100 72 Aug 6 88 Jan 4
•
70
79
72
76
74
75
*70
7612 *7312 76
7012 761
600 Preferred
163 Jan 334 1day
4
26
2512 2512 2514 257
8 25
4 2414 2412 24
2412 243
2414 4,700 Producers & Refiners Corp_50 16 Feb 17 2838June 6
8June 6
384 Jan 60 Feb
50 41 Feb 20 495
*424 45
*4214 45
*4214 45
*4214 45
*4214 45 .4214 45
I Preferred
55 Feb 71 Sept
Pro-phy-lac-tic Brush_ _No par 694 Jan 4 91 Feb 17
*6012 75
*6912 75
*6912 75
*6912 75 .6912 75
.6912 75
Jan 467 Sept
8
8May 7
32
55
557
8 5518 557
8 55
554 544 5512 540 553
8
4
4 543 5519 14,800 Pub Ser Corp of N JnewNo par 414 Jan 9 663
9812 Feb 105 Nov
2
100 1033 Jan 6 115 May 4
•10614 107
10612 10612 *10612 107
1057 10612 10512 10.512 105 105
8
1,100 6% preferred
100 118 Jan 21 12912May 31 10811 Jan 12014 N. V
•125 127 *125 127
preferred
125 125 •125 127
128 126 .125 127
200 7%
Jan 13514 Nov
100 134 Jan 7 150 May 41 125
, 8% preferred
•133 144 *133 1434 •138 14318 •138 14314 .138 14318 .138 14378
Jan 11012 De*
107 107 1.107 1087 .107 1087
•10812 1084 •10712 10812 107 107
8
400 Pub Serv Flee & Gas pfd 100 107 Aug 7 11012 Apr 25 102
8
7913 Feb 21 94 May 15
73 4 Aug 84 4 Dig
3
1
No par
Pullman Co new
8018 804 8018 8012 8014 814 8014 8041 80
807
8 80
81
10,000
27
Oct 457 Jan
2
50 2314 Aug
19
344 Jan 3
*2534 2612 .253 263 •25
4
263 *24
4
25 1 .25
26
4
*25
Punta Alegre Sugar
26
25
Oct 334 Mac
2712 Jan 5
25
Feb
2338 234 234 233
8 233 2434 2314 2314, 2314 2312 x23
4
2318 22,800 Pure 011 (The)
11212 11212 *11212 113 *11212 113
100 108 Mar 15 119 June 6 1113* Jan 11512 Dec
1124 1124 11212 11212 11234 113
150 8% preferred
8May 7
8012 8012 •78
75 June 15 897
80
80
80
80
80
*79
8012 797 81
8
2,200 Purity Bakeries new
Nov
No par 9614 Jan 3 171 Apt 12
1 Class B
-13-4 -1.5"; 5:5-7-2
1
6 2
105 July 12 11512May 11
*HI/ 1661; *- 5/ 109l *id/ 1- 1- •107" 109 ;107 109 107 109Preferred new
41I, Apr 101 No,
1693 1703 171 17612 17012 1757 16812 17212 1693 1754 172 178 123,600 Radio Corp of Amer___No par 8514 Feb 20 224 June 2
8
4
8
4
49 May 57 Apt
8
50 544 Jan 4 60 May 16
•
5512 5612 5612 5612 553 5612 564 567 .553 .5612 *56
4
4
800 Preferred
561_
3712 3512 37
3512 3718 36
2912 Nov 69 Mar
3814 37
10 244 Jan 17 374 Aug 2
3334 353
8 33
34
14,200 Real Silk Hosiery
94
94
93
94
94
80 June 99 Dee
*92
9412 9412 .89
Preferred
100 8012July 12 95 Aug 3
94
92
290
92
*712 812 .712 8
9
.8
8
8
*712 8
512 Feb 23 13 May 15
5 8 July
3
9 June
No par
300 Reis (Robt) & Co
*712
283 2934 284 294 2818 287
8
8 2712 2814 274 2814 31,300 Remington-Rand
2912 30
No par 2318 Jan 20 3612May 31
204 Nov 4714 Dec
*95
97
97
95
*95
95
97
*95
95
8712 Nov 10212 Apr
95
100 93 Jan 16 98 June 2
95
4001 First preferred
95
98
95
98 .95
*95
95 .93
98
*95
Oct 110 Apr
95
90
100 93 Apr 19 100 Jan 24
*93
200 Second preferred
95
8 263 263
2612 267
8
4 254 264 255 2618 26
263 27
4
8
10 224 Jan 21 3334June 4
2512 Dec 264 Dee
11,300 Reo Motor Car
26
8
58
58 18 567
8 57
564 563
61
6312 8014 6218 38,600 Republic Iron & Steel_ _100 4918June 19 8934 Feb 7
53
Oct 754 Mae
•10514 106 *10514 10712.105 10712 *10512 107 .106 10712 10712 10712
965 Jan 106 Ma,
100 102 June 25 112 Feb 6
100 Preferred
11 14 113
4
1112 13
1014 1012 1014 123
1114 1 158
4
No par
814 Feb 18 147
8June 4
4
Feb
13 Dee
1118 1112 32,000 Reynolds Spring
13112 13478 *13212 134
13212 13234 13212 13312 132 13212 13112 132
9818 Feb 162 Dee
8,200 Reynolds (RJ) Tob class B_25 128 Apr 24 16118 Jan 3
4
4718 473 4812 4612 4814 46
467
2 4618 403
46
4 4512 464 59,300 Richfield Oil of California..25 2312 Feb 17. 63 May 15
2538 Dec 283 Dee
8
16418 16418 162 162
160 161 *163 168
164 164 .162
25 145 June 13 233 May 4
74
Jan 194
Oct
600 Rossia Insurance Co
08 5538 5512 5512 163
55
55
55
8
544 547 5514 5414
54
56
443 Jan 20 564 July18
8
4414 July 344 Feb
8.200 Royal Dutch Co(N Y shares)_
*397 40
8
4012 393 41
4
•
40
4014 40
393 40
4
36 May 437 Mat
e
10 37 Mar 16 49 May 18
393 4012 3,400 St Joseph Lead
8
387 3918 3712 39
8
40
39
3712 373
39
39
4 37
373
4 4,200 Savage Arms Corp_ _ __No par 37 Aug 10 4114July 31
23
8
2
214 212
212 24 4- 14
212 212
21
214
214
214 1.400 Seneca Copper
418May 23
1 June
33 Jan
2
No par
2 Jan 18
58
56
56
58
5514 5912 57
5512 551
5934 5
55 Aug 7478 Nov
812 5912 9,000 Shubert Theatre Corp No par 54'4Junel9 693 Jan 9
4
583 603
4
4 5812 60,4
56
564 56
563
4 564 59
47
Jan 57 Sept
8
122.100 Schulte Retail Stores.._No par 497 Feb 18 674 Apr 14
12012 12012 12012 12112 1213 12138
12012 1204 121 121
8
110. Preferred
100 1187gJune28 129 Api 11 1164 Jan 123 Aug
4.1412 144 1412 145
1412 1412 14
8
1412, •14
1414 1
521491'8 162 11%
83 Sept 1534 Dee
4
1414
10 Feb 18 1712.1une 18
No par
800 Seagrave Corp
,
125 128181 1253 127
1227 12314 12212 125 8 12518 128
8
8
12618 12814 144.100 Sears, Roebuck & ConewNopar 8218 Jan 18 12814 Aug 10
51
Jan 0112 Dec
4
1243 130
123 12734 1213 1243 12112
126 120'4 127 129
8
4
563 Jan 10112 Oct
2
1233 31,100 Shattuck (F G)
No par 8012 Feb 17 131 Aug 3
483 483 *4312 50
4
4,
•49
.483 50
8
50
*483 50
8
•4938 50
4112 Oct 474 Feb
8
200 Shell Transport Sr TradIng_.£2 393 Jan 24 51 June 27
4
8 263 2718 263 27
8
s 263 267
8
4
263 207
2614 2612 26
243 Oct 31' Feb
8
263 10,500 Shell Union 011
8
No par 2314 Feb 8 31 Apr 30
2034 2112 21
211
203 2112 2058 213 •2012
8
20 4 211
3
8
1414 July 263 Dec
8
21
MI Feb 20 26 Mar 30
2,800 Simms Petroleum
10
4
59
60
594 59
60
'2 593 604 5912 60
595
8
3312 Jan 6482 Dee
4June 10 73 Apr 4
5,200 Simmons Co
NO par 553
8 277 291
8
2714 283
2714 2838 27
2714 28
5 4 59314
15
Oct 223 Jan
2
6
2778 29 27 234,900 Sinclair Cons 011 Corp_No par
173 Feb 20 3014 Apr 30
8
*105 107 *105 107 .106 107 .10714 108
107 107 *108 108
97
Jan 10412 Dec
100 Preferred
100 10212 Jan 4 10912 Apr 26
3214 32
3214 3114 32
324 3212 32
3114 313
8
244 June 37 Feb
/
1
4
25 25 Rh 15 34 Apr 30
10,000 Skelly 011 Co
•100 112 .100 112 *100 112 .100 112 *100 113 .130 113
0 1's 31.3
Sloss-Shefneld Steel & Iron 100 102 June 23 134 Feb 8 1104 Nov 13412 Apr
16
1714 *16
171 .16
8
17
•157 16
.16
17
1138 June
18
1153 July
4
181
123 Jan 8 20 Apr 30
8
1,700 Snider Packing
No par
45
45 , .4518 473
8 441• 45 .44
4412 441
46
44 Nov
544
5214 July
46
No par 44 Jan 5 60 Jan 11
500 Preferred
463
8 423 447
8
45
8 42
4412 451
423
4 413 4214 4112 424
4
2May 24
3372 Aug 423 May
8
33,600 So Porto Rico Sug new_No par 3212 Feb 18 493
413612 140 *13612 140 .13612 140
140 14112 14212 14412 .138
141
100 133 Feb 1 14412 Aug 9 •11812 Mar 137 Not
40 Preferred
47
47
463 4714 4812 4714 461 2 463
4
*4714 471
4 4612 47
313 Jan 44 Dec
2
25
2,200ISouthern Calif Edison
37
•38 .39
38 8 3513 363
,
4
*363 39
4 35
36
f
16 May 654
5
.4
2 1
20
*35
5 60145 Y
an
36
231:
2,700 Southern Dairies cl A__No par 44 Jan 25 543 542
20
193 193
20
4
1818 1912 1712 1812 17
4
1912 20
Jan
No par
18
9 Jan 23 30 Apr 2
7,6001 Class B
*11512 1 16 •11512 116 •1154 116 •11514 116 *11512 116 •1155* 116
1093
.,
116 Soy
1212
e
Spalding Bros 1st pre__ 100 109 Jan 7 120 Apr
•12 8 13
,
13
13
1212 1212 12
•12 8 13
,
1218 1218 121
May
12 Jan 16 20 Feb 2
Dee
No par
400'Spear & Co
83 .86
8712 8712 .85
88
83 .86
88
88
73 Feb 88 Dee
•86
2
88
100 79 Feb 25 923 Feb 2
201 Preferred
3414 34
8 34
344 3414 347
34
3412
3334 34
2012 Jan 287 Ma7
3312 34
8
No par 234 Jan 12 4214alay 1
4,500 Spicer Mfg Co
104 Feb 11112 Nov
Apr 11 11338Ju1,e
Preferred
4
,
"294 313 3184 -331- 514 3338 297 32 3112 3134 3114 321 26,500 Stand Comm Tobacco_ No 101 110 June 22 3712 Mar
par 26
634 64
63 8 64
,
6312 6312 6312 643
8312 6378
4 6318 6312
4May
14- Jan 16 June
Co_No par 574 Jan 12 743
4
8
8
8 663 663
4 6614 6612 6614 6612 6618 664 5.100 Standard Gas & El
6612 0612 663 663
8742 Jan 110,3 No,
50 65 Jan 3 7112May 1
1.8001 Preferred
0Z
6
4
113 115
114 12012 116 118
112 112
•11012 114
11612 11812 12,200 Standard Milling
7014 Jan
100 100 Jan 5 127 Apr 2
10312 10312 .10312 108 .
•10312 106 •I0312 106 •l0312 106
10312 106
84
Jan
100 10018 Jan 3 112 Apr 2
101 Preferred
8 573 584 571 2 573
4
53
5814 5818 594 584 593
4 5712 5734 14,400 Standard 011 of Cal new No par
53 Feb 20 837 Apr 3
8
5034 Apr 6034 Jan
,
8
4
4 443 457
4514 4512 453 46 8 4514 4634 443 453
4
8 4414 4538 81.500 Standard 0110? New Jersey _2' 373 Feb 18 49 Apr 3
4
3512 Apr 413, Feb
8
3712 353 364 3518 36
3 36
3514 3534 3512 373
354 353 145,300 Standard Oil of New York_ _25 283 Feb 17 4112 Apr 3
4
2934 June
4
Mar
43
412
8 43
8 •4
438 438 *414 412 .4
43
8
4
24 Jan 3
74 Feb 2
418
2
14 Jung
600 Stand Plate Glass Co_ No pa
1912 1912 17
19
1913 1912 •17
197 20
8
17
.17
100 10 Jan 18 40 Feb 2
19
1201 Preferred
10 Mar
15 Jun.
No pa 13414 Feb 28 150 Jan 2
Sterling Products
90 2 j er 1437: Not
2 : Jan 9
564i s4a
ot
9i- -91- - - .1- 91
92 2
-91;2 92 - -1 -152T8 9438
92;
III;-6638 -. 3 17,390 Stewart-Warn Sp Corp _No pa 7714 Feb 18 10112May
611
Not
5014 4912 50
50
60
50
50
51
5018 •49
50
51
64 Jan 3 7434June
44
Carburetor_ No pa
3,100 Stromberg
6
0 Sept
I
I
*BM and asked prices; no sales on We day. 2 F1e-r11
-v--eaai a Ex-rIgnu• S Kt-dividend and ex-r1g5te,
800
New York Stock Record-Continued-Page 7
For sales during the week of stocks not recorded here, see seventh page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Aug. 4.
Monday,
Aug. 6.
Tuesday,
Aug. 7.
Wedmsday, Thursday,
Aug. 8.
Aug. 9.
Friday.
Aug. 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
per share 3 per share
Per share S per share S per share $ per share
7218 73 2 73
74
72
,
3
734 7012 7218 70 4 717
8 6912 7138
*125
*125
•125
•125
•125
_ _ 124 124
.3
314
34 418 .33
314 4
*314 4
8 4
34 34
493 5014 4914 5018 49
4
50
4712 464 473
47
8
8 475 48
*106 108 .
106 108 *106 108
106 106 .106 108 .106 108
634 7
85
8 7
65
8 7
64 714
612
6
6
64
*19
2012 •1918 20
20
19
20
•1812 20
194 *1812 20
•14
1434 •14
14 4
3
137 14
8
.133 1412 •1312 1412 .1312 14,
4
2
.41z 5
*412 5
•412 6
*412 5
.412 5
412 412
•1218 1212 12
1218 •1112 1212 *1112 12
•1112 1212 .1112 1212
18
18
.18
183
4 185 184 1712 18
.18
8
18
18
1812
1414 1414
1414 15
15
153
8 143 1514
143 1518 144 15
4
4
6318 635
8 6318 6412 624 84 8 61
3
8314 61
623
8 6014 813
4
684 703
8 6912 703 8812 69% 68
4
8
683
4 677 8812 6712 684
145 143
8
8
4 143 143
4 1414 144 14
8 14
143
14
137 1418
8
25 8 26
25 8 26
3
3
244 283
8
25 8 235 244 233 2414
8 24
5
4
2812 2612 *2612 27
2612 2812 2514 26
25
26
264 28
•4818 49
.487 49 • 4 49
49
8
49
483
483 484 .48
4
4814
*3814 3712 *3614 363
4 3812 364 3612 3612 3612 3612 .3612 37
8
8
L•607 6212 .807 6212' *6112 6212 8112 6112 6112 6112 61
61
1812 19
183 19
183 19
1814 19
4
4
1814 184 1814 187
8
.8612 87 .87
877
8 87 873
4
8 8712 873
8 873 88
88
89
•
2518 2514 2514 257
8 25 4 2618 2614 264 27
3
8
2738 267 264
863 883
4
88
88
.86
.86
88 .
4 88
871 •853 87
86
4
8
12812 1323 129 13212 12612 1293 12312 12612 123 1263 123 1253
4
8
8
96
97
95 9612 93
94
9512 9712 96
34
964 943 96
4
8
*1103 111
110 112
4
1097 11112 1103 11112 111 111
8
110 11012
8
8
73
84
8 18
8
4 74
8 14
7 4 84
3
73
4 74
4912 48
4812 4812 48
48
48
•48
*4712 481
47
474
72
7214 7312 7112 72
72
7018 7112 68
69
69
70
____ 122
___ •122
*122 ___ _ •I22
•122
.122
37
38
37
38
3814 3814 .
37
37 .
3612 38
3612 -- -37
8
8
15914 16412 1633 18712 16218 1657 1594 16314 15918 1614 1584 162
5214 504 51
8 51
52
4
5214 513 523
5012 5114 5014 5012
8
1173 1173 •115 117 .115 117 ,•114 117 •115 117 .115 117
8
39
3958 383 404 4 3 427
8
*3812 39
04
8
8 444 4418 445 4638
•I1114 123 •11114 123 .11214 123 1.113 123 •113 123 •113 123
227 24
24
8
25 I 24
227 23
8
2514 24
243
4 237 2418
8
•10512 10712 •10512 10712 •10512 10612 .10512 10612 .10512 108
10812 10812
PER SHARE
Range Bina Jas. 1.
Os basis of 100
-share lots
Lowest
Highest
PER SHAER
Range for Previous
Year 1927
Lowest
11‘01481
Shares Indus.& Miscel.(Con.) Par
Dee share
per heti
$ per share 111 per share
99,700 Studeb'reorp(The) new No par 57 Jan 10 821251ay 25
49 June 6312 Sent
10 Preferred
100 12112 Feb 25 127 June 19 118 Feb 1354 Nov
Submarine Boat
2,900
24 Feb
No par
84 May
3 Feb 14
614 Mar 21
6,100 Sun 011
No par 3112 Jan 9 5038 Aug 3
30 Mar 34% Jan
100 Preferred
100 WO Jan 6 10912 Apr 26
2
99 Aug 1013 Dee
22,900 Superior 011
No par
212 Feb 17
9125lay 16
612 Feb
34 Dec
400 Superior Steel
100 18 Jan 18 237 Feb 6
8
18
Oct 28 MAY
300 Sweets Co of America
1912 Apr 26
50 11% Feb 8
7
Apr 14 Dec
100 Symington temp ctfs_._No par
412 Jan 6
7 May 8
0 JIM
218 Sept
200 Class A temp ctfs___No par
12 Aug 6 193 Apr 27
8
6
1
Oct 15 4 Nov
2,900 Telautograph Corp.._ ...No par 1514 Jan 28 223
1113 Mar 1714 Nov
85Iay 17
18,800 Tenn Corp & C
NO par 104 Jan 16 183
1134 Jan
8May 28
84 June
63,200 Texas Corporation
25 50 Feb 17 663
45
Apr 58
JAI)
8May 21
33.400 Texas Gulf Sulphur new No pa- 8218June 12 8052 Jan 4
Jan 81% Sent
49
9,200 Texas Pacific Coal & 011_
1212 Mar 1
174 Apr 30
12 Apr 18% June
Texas Pac Land Trust new_ _I 20 June 13 304 Apr 27
41,400
1512 Jan 40 Jane
3,000 Thatcher Mfg
No par 22 Jan 5 3912May 8
1612 Aug 234 Baca
300 Preferred
No par 47 Apr 13 535
8June 1
63 Aug 5012 Nov
600 The Fair
No par 34 Jan 3 43/,May 16
2414 Jan 38 Aug
400 Thompson (.1 R) Co
25 5614June 13 713
4June 4
Jan 86% Dee
47
22.100 Tidewater Assoc 011_ __No par
143 Feb 20 20% Apr 30
4
15% Oct 194 June
2,100 Preferred
100 814 Mar 15 90 May 2
85
Oct 90% June
5,900 Tide Water 011
100 194 Mar 7 2732 Aug 9
19 July 294 Jan
200 Preferred
100 864July 26 9412May 4
85 Nov
904 Sent
48,200 Timken Roller BearIng.No Par 11258 Mar 3 134 Jan 4
Jan 14212 Aug
78
17,400 Tobacco Products Corp_ _100 93 Aug 6 1184 Apr 16
92% Oct 117% Dee
2,000 Class A
100 1097 Aug 7 128 Feb 14 108
8
Apr 123% Dee
26,300 Transc't'l 011 temctfnewNo par
63
4June 13 104 Jan 12
1032 Nov
3% Apr
600 Transue & Williams St'l No par 453 Jan 3 5912 Feb 7
4
10 May 50 Dec
7,900 Under.Elliott Fisher CON,,par 63 June 13 753
2May 16
Jan 70 Dec
65
Preferred
100 119 Mar 1 126 Apr 21 120
Jan 125 Dec
400 Union Bag & Paper Corp_ _100 3612 Feb 20 49% Feb 1
384 Jan 734 June
75,500 Union Carbide & Carb _No par 136,2 Feb18 16712 Aug 6
9918 Jan 1544 Nov
4,200 Union 011 California
25 42% Feb 11 57 Apr 16
3958 June 5612 Jan
100 Union Tank Car new . _100 115 July 2 12812May 8
_
Jan 12712 Dee
94
12,300 United Biscuit
No par 3412 Apr 30 463 Aug 10
8
3918 Dec 4014 Dec
Preferred
100 11214 Mar 22 118 Jan 23
15,500 United Cigar Stores new__ _ _10 227 Aug 4 345 Feb 10
8
8
Si° Dec 11131e July
100 Preferred
100 10518 Aug 1 11418 Apr 6 104 July 109 June
United Drug
100 190 Jan 5 210 Mar 17 159
Jan 2004 Nov
1st Preferred
60 59 Feb 28 6012 Jan 4
581 Jan 61 Dee
:
;6 7412 ;ii" WI; '71 74's 74l 747 ;Hi 16- 7412 -7:f7s
220 United Dyewood Pref
100 45 4 Jan 20 747 Aug 8
1
3
8
Jan
3812 July 49
136 138
13612 1361 2 .136 137
135 1357 134 136
8
United Fruit
1343 135
2,700
4
No par 13112June 12 14814May 7 11312 Jan 150 Sent
.7012 72
.7012 72
*7012 72
7012 7012 •7012 72 .
7012 72
100 Universal Leaf Tobacco No par 60 8June 13 8512 Apr 5
3
6018 Nov 7412 Dee
97
97
97
.963 9712 97
963 963 •9612 96/4 •9612 963
4
4
4
30 Universal Pictures 1st P111-100 9318May 7 100 Feb24
4
963 Dec 10312 Apr
4
8
1914 1912 193 2014 20
2012 1914 1914 193 194 19
8
1914 2,900 Universal Pipe & Bad. No par 155
8June 12 28 Apr 13
244 Sept 3714 Mar
94
.80
•86
92 *____ 84
.86
94
•88
94 .
Preferred
88
94
100 88 Jan 5 102 Jan 12
81% Jan 98 Dec
•
230 250 .230 250 .230 250 .230 250 .230 250 .230 250
U S Cast Iron Pipe & Fdy_100 19012 Feb 27 300 Apr 9 1901: Aug 246 MAY
*124 125 •124 125 .124 125
125 125 •125 130 •124 125
100 Preferred
100 115 Mar 10 137 Mar 19 112 Mar 125 Nov
1814 17
17
18
163 177
4
8 1612 17
1618 164 153 16
17,400 US DIstrib Corp new_ _No par
4
1312June 22 2014 Jan 4
144 May 22% July
.81
8212 83
84
•815 84
8
.8112 84 .81
83
300 Preferred
8112 81,
100 79 Apr 5 90% Jan 16
2
81 May 9614 Hera
8 5114 5213 6 4 583
5118 5118 514 527
8
03
4 503 503
4 494 5012 4,500 US Hoff Mach Corp vtcNo par 4818June 18 683 Jan 23
44
2
Oct 633 May
2
11012 11112 111 11638 11318 11712 111 11518 11118 115 11318 11434 34,400 U S Industrial Alcohol___ _100 10218June 19 12214 Mar 19
69 Mar 11112 Doe
•12014 121 •12014 121
12014 12014 *12014 121 .12014 121 •12014 121
10 Preferred
100 119 Jan 13 12214May 28 10714 Apr 121 Dec
4412 4514 453 463
8
8 4414 45 2 4418 4434 4418 44,
,
4418 9,800 U S I.eather
No par 22 Jan 18 51 May 7
4 43
14 July 254 Nov
3
•
6112 83 8 6234 623
4 6112 623
4 6118 6178 614 613
8 60
No par 52 Jan 5 72 Apr 25
6112 3,400 Class A
273 June 564 Dee
4
*107 108
107 107 .107 108 •107 108
108 108 *107 108
900 Prior preferred
89 July 10612 Nov
100 1044Juue 23 10912May 14
81
.8012 80 4 81
81
81
3
80
8012 797 813
8
8 80
8012 4,400 US Realty & Impt new.No par 6114 Feb 4 935261ay 4
54
Apr 69% Dee
33
3214 3318 3214 327
33
3212 3112 3214 3112 3214 12,900 United States Rubber
8 32
3714 June 6712 Feb
100 27 June 27 6314 Jan 4
82
62
81 14 6238 .61
6134 .604 61
604 60 4 61 14 6112 3,100 1st preferred
,
85 4 June 111% Apr
3
100 65 July 2 1008 Jan 13
47
47
47
474 .48
*4614 47
47
4618 4614 4618 4612
800 U S Smelting, Ref & Mtn _50 394 Feb20 52 June 4
335 Jan 48% Dec
8
*54
55 .54
, 55 .5414 55
•53
55 .53
55 .53
Preferred
55
45% Jan 54 Dee
50 51 Jan 26 6514May 2
140 14012 1403 1427 141 14314 13914 141
8
4
13914 14014 13912 14114 169.900 United States Steel Corp new
8June 25 154 Apr 12 111% Jan 1604 Sept
1323
•14034 1413 21383 1383 .139 139 4 1393 14012 13914 140
8
4
4
3
4
1393 1393
4
4 1,100 Preferred
Jan 14114 De,
8
100 1335 Jan 5 14714 Apr 211 1 129
*873 89 .874 89
8
•873 89 .874 89
8
•873 89
8
100 US Tobacco
873 873
8
s
Jan 974 Deo
No par 86 June 18 105 Apr 161 67
1
•129 134 .129 134 *129 134 *129 134 .129 134 •129 134
Preferred
100 12712 Jan 14 139 June 7 123
Jan 127 Nov
*150 165
165 165 •160 165 •150 165 •150 165 .150 165
20 Utah Copper
10 139 Jan 17 165 Aug 6 111
Feb 162 Dec
373 383
4
3814 3814 3
8 38
8
813 383 39
3938 4118 3912 41
19.800 Utilities Pow & Lt A. No par 2812 Feb 20 453
4May 31
Jan 34 MAY
27
8 73
73
7318 7312 747
7514 71
4
734 693 7112 693 72
12,800 Vanadium Corp
4
No par 80 Jan 18 98 Mar 15
Jan 67% Dec
37
.17
177 .1714 177 *1714 177
8
8
8 1714 17, .15
177 .15
4
8
100 Van Rualte
177
8
No par
7% Jan 7 1934June 23
53 Sept 14% Feb
4
*53
53 53
55
55
55 .54
55
*52
54
54
40 1st preferred
54
100 43% Jan 6 60 June 25
4214 Dec 64 Feb
5
6814 69
6812 6812 684 6812 6818 684 687 70
8
1,500 Vick Chemical
6818 69
No par 58 Jan 17 74 May 14
Jan 63% June
68
95 4 9714 9412 97181 93 4 95 4 934 96
3
3
3
935 9510 934 951 67.900 Victor Talk Machine .No par 52% Jan 3 1043
8
4May 8
32 July 54% Des
*190 19912 •188 19912 *184 200 •180 200
1995 1995 .186 200
8
8
1 8% preferred
No Par 10814 Jan 3 28212May 7
Oct 111% Dee
87
8I•107 10712 *10714 1074 .107 108
•107 1077
107 10714 *107 108
200 7% prior preferred
100 10112 Jan 6 11112 Mar 28
9614 Oct 10212 Dee
1312 13121 137 137
8
8 134 137 .1312 13
8
4 1314 133* 5 34 0 8 4,600 Virg-Caro Chem
1 4133
r
No par
712 May
12 June 12 1634 Feb 10
1512 SeP1
*5318 54
5312 5312 53
534 53
53
53
53
1,500 6% preferred
100 44% Jan 18 5512July 25
2612 Apr 48% Dec
•94
.9412 9512 .94
96
96
*94
95 .
04
95
597
7% preferred
9712
100 8812 Jan 16 97 Apr 27
73 June 91 Nov
•28
35
35 .28
.28
30 .28
33
•27
30 .27
Virginia Iron Coal & Coke_100 31% Apr 25 50 May 22
35
Jan
36 Dec 51
5214 50
.50
•50
.50
52
SO
50
50
50 .50
50 Preferred
52
100 50 Aug 2 823 Jan 13
6212 Dee 764 Aug
8
1438 1412 1412 15
1418
.14
14
15
1412 145
8 1412 1412 2,580 Vivaudou (V)
No par 113
o
2014 Dec 3914 June
4June 26 252 Jan 4
8
8313 .80
8312 .80
8312 *80
*81
84
.80
84
Preferred
.80
8312
95 Dec 1184 June
100 78 June 22 100 Jan 28
3212 3178 32
3312 3 4 .33
* 24 3312 32
3
4 35
3
317 344
8
160 Vulean Detinning
100 2212June 13 433 Jan 11
1612 Jan 80 Aug
4
*7818 89
.7818 89 I *784 89 .7818 89 .7818 89
.
7818 89
Preferred
100 74 June 21 97 Jan 12
Jan 125 Aug
90
23
24
2312 .23
24
*23
224 227 .2278 24
8
.227 24
8
60 Class A
100 191:June 29 38 Jan 11
Jan 593 Aug
16
4
2114 2114 2114, 21
•21
21
21
21
2012 21
2014 21
1.700 Waldorf System
No par
1814 Dec 25 Feb
1912 Jan 3 27 Apr 9
8
• .1518 1512 154 153 •I518 1512 1412 1518
1478 15 .15
1512 2,109 Walworth Co ctfs
No par 1412 Aug 8 19 May 16
17 Dec 2412 Apr
92 .91
.91
92
95 I .91
•91
92
•9I
92
.91
92
Ward Baking Class A.
.No par 91 July 27 123 Feb 2
894 Apr 11834 Oct
18
4 1714 1914
185
8 173 18
•I714 173
8
18
1818
1714 17,
2 4,800 Class B
No par
174 June 334 Feb
1512July 27 29% Jan 13
90
•88
90 .88
*58
88
90
88
.88
90 .88
90
100 Preferred (100)
No par 88 Aug 2 974 Jan 19
Apr 10014 Nov
84
8312 7514 8078 724 7734 744 7934 437,500 Warner Bros
3
643 65 4 6514 7312 75
8
Pictures A _
1814 Dec 454 Jan
22 Jan 5 8312 Aug 7
8 38
385
3834 8712 3818 37
8 38
383 383
8
8
374 367 3714 6.300 Warner Quinlan
No par 28 Feb 17 413
8Juno 7
24 June 3412 Dec
157 157
167 157
•15612 15712 157 157
159 159
1613 164
4
4,400 Warren Bros
No par 140 June 20 19212 Apr 11
Jan 180 Nov
65
52
52 .
52
52
52
56
57
.52
.52
56
.52
56
20 1st preferred
50 50 Jan 6 61 Apr 10
43 Aug 71 Dec
*1612 17
1612 154 16
17
1612 18
17
16
.16
600 Warren Fdry & Pipe__ No par
164
13 June 12 254 Apr 14
18
Oct 27 June
63 .62
63 .62
.62
63 •
63
62
*62
64
.62
64
Weber & Bent% new e_No par 5918June 12 7012May 8
6614 Dec 7512 Aug
•100 101 .100 101 .100 101 .100 101 .100 101
100 100
200 Preferred
144 144
142 14812 144 14714 144 14538 3,200 Western Union Telegram. 100 9912June 19 103 Jan 3 10114 Nov 103% Aug
4
*14514 1483 *144 148
.100 13912 July 11 1774 Jan 3 1444 Jan 178 Dec
4412 433 4418 434 433
4
443 4512 4412 443
4
45
4 44
45
4 7,700 Wstnebse Air Brake newNo Par 424June 4 673 Jan 27
40
2
Oct 6012 Sent
947
8 9412 9514 934 9512 9414 9612 9414 955 23,800 Westinghouse Elec &
94
94
94
8
mfg_ _50 884 Jan 5 112 Mar 31 67% Jan 9414 Dee
99
9812 99
.9812 10212 .984 10212 .9812 10212 99
99
99
40 1st preferred
50 953 Jan 5 110 Mar 31
4
8
82 Mar 1037 Dee
4
2212 213 22
215 215
8
8 2112 22
4
8
2214 223 *213 2212 22
2.700 Weston Elec Instrum't_No par
1212 Jan 6 2412June 7
11 Sept 184 Feb
3212 3212 .3212 33 .3212 33
*3212 33 .3212 33 .3212 33
100 Class A
No par 301 Jan 3 4012May 22
4
30 July 84% Ape
10712 10712 10518 107
107 107
*10612 109 *10612 109 •107 109
20 West Penn Elec el A vtt No par 103 June 22 112 Apr 9
977 Jan 111 Aug
1
8
8
11018 11012 1107 1104 11014 11178 1105 11178 .11012 112 .11012 112
190 Preferred
100 108 June 13 11514 Apr 0 102
Jan 112 Sent
8
•100 10114 •100 10112 10114 10114 10114 10112 997 10112 101 10112
190 Preferred (6)
100 9812July 21 10412 Apr 10 101 Dec 101% Dec
11612 11612 116 116
1153 1153
8
8
•11512 11612 11512 11512 116 116
130 West Penn Power pref
100 114 Apr 9 118 June 27 111
Jan 118 May
110 110 .108 110
110 110
108 108
110 .108 110
60 6% preferred
•108
100 103 June 28 113 Jan 5 10012 Jan 111 Dec
61 .
5712 61
.57
56
*5712 61
56
61
58 .56
100 West Dairy Prod Cl A_ _No par 5312 Jan 6 78 Apr 11
.56
5318 Dec 57 Nov
8 28
2818 2818 28,
285 293
8
30
4 284 287
3612 3012 29
2 4,000 Class B
No par 203 Jan 5 49 Apr 12
8
2414 Dec 28% Nov
247 2512 2412 243
8
4 243 243
4
2512 26
255 257
4 3.300 White Eagle 011,4 Refg_No par 204 Feb 21 20% Aug 1
8
8 254 26
20 Dec 2712 Feb
3712 3612 37
383
8
6,000 White Motor
s 374 3
37
14 37 4 373 3912 38
712 37
,
No par 3014 Feb21 433
58% Feb
304 Nov
4June 1
3812 3812 3812 38 4 3814 2,000 White Rock Min Sp ctf
384 3878 *38
,
39
3712 3712 38
50 344 Jan 19 443
:
Jan 411 Sept
8May 11
28
3512 3512 3438 35
3412 3514 3438 3514 354 363
3,000 White Sewing Machine_No par 3314June 13 65 Mar 7
4 36
36
2111 Mar 5314 Aug
53
54
53
*53
523 523
4
4
53 .
300 White Sewing Mach pf_No par 52 June 13 6514Juno 6
*523 54
5214 54
4
52
Jan
46 Feb 59
2112 2212 214 22
2214 2318
2114 217 62,900 Willys-Overland (The)
2214 224 224 23
8
5 17% Jan 16 2858 Apr 9
4
134 Oct 241 Mar
97
97
200 Preferred
977 *97
•9714 98
•9714 98
8
*9714 98
974 •
973
4
100 92% Jan 3 101125lay 25
87 June 96 Aug
127 1278 127 124 1212 1258 2,400 Wilson & Co Inc, new_No par 114 Jan 3 18 Feb 14
8
8
13
8 1318 1318 13
1258 125
121, Feb
10 May
8 2712 28
1,100 Class A
2912 .284 2912 2812 293 •28
284 .2712 277
8
•
29
No par 22 Jan 3 35 May 15
8
1614 MAY 527 Feb
6912 68
69 6912 6914 6912 69
6812 .6712 6812 .8712 6812 1,100 Preferred
100 66 Jan 3 774 Feb 11
Apr 84 Feb
58
1843 185
186 1877 1857 1873 18412 1873 18418 18612 21814 18412 20,700 Woolworth (F W) Co
8
8
8
4
8
25 17512 Feb 20 1963
4
4May 9 1171 Jan 19812 Dee
4214 4212 4134 4314 41
m
8
427
8 3918 4112 3812 4134 395 4112 26,500 Worthington p
100 28 Jan 5 44 Aug 3
2012 Jan 46 JUDO
.58
82
•58
Preferred A
6012 .58
6012 .58
6012 .58
593 .58
4
60
44 Dec 0111 JUDO
100 4614 Jan 19 61 Aug 3
51
51
51
51
50 •48
51
50
5012 1,000 Preferred 11
*4312 50
*48
Oct 5412 JUD41
37
100 41 Jan 4 52 Aug 3
156 157
15612 16014 156 160
152 158
28,600 Wright Aeronautical_ _ _No par 69 Feb 27 24.5 May 16
1523 15512 149 155
4
244 Apr 904 Dee
69 .69
70
•
68
897 694 .68
8
70
200 Wrigley(Wm Jr)
70 .6812 697
.68
8
No par 68 July 26 791
50% Jan 72% Dee
:Mar 22
65 8 654 .65
3
66
6512 6512 *65
300 Yale &Towne
66
8
6813 653 854 .65
704 Jan 8412 Aug
25 6.5 Aug 3 8412 Apr 25
3214 3258 323 33 4 323 334 32
8
4
,
26,200 Yellow Truck & Coach Cl 11_10 275 Feb28 40 May 8
8
324 3112 325
8 313 32
Jan 40 Aug
26
8
96
96
*82
*82
•82
98
Preferred
•
85
93 .85
86
834 Aug 99% July
100 875 Jan 9 96 Apr 20
2
8938 894 *8612 Ili- 88
804 81
89 89
*
400 Youngstown Sheet.2 T _No par 8312June 19 1067 Jan 20
88 .86
87
804 Oct 10012 Dee
2
•3151 and egged prices; no sales on this day. a Ex-dividend: •Es-rights. • No Pal Yarn,
801
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
irderest"-nrcept for iruome and defaulted bouts
Jan. 1 1909 file Exchange method of quoting bonds was changed and p.ices are now "and
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 10.
r.
Week's
Range or
Laic Safe.
Price
Friday,
Aug. 10.
Ask
Bid
U. S. Government.
First Liberty Loan
3D 991.32 Sale
354% of 1932-1947
Cony 4% of 1932-47
3D
Cony 434% of 1932-47
3D 1002344 Sale
25 cony 451% of 1932-47
3D
Third Liberty Loan
Sale
434% of 1928
M 5 100
Fourth Liberty Loan
*0 1001344 Sale
434% of 1933-1938
1947-1952 AO 1133441113344
Treasury 4549
1944-1954 3D 1051344 Sale
Treasury 48
1946-1956 MS 1023344 Sale
Treasury 334s
981744 Sale
1943-1947 J
Treasury 3349
Treasury 3515 June 15 1940_1943 3D 9834. Sale
"
12108 No.
Low
Low
High
'
991,44 991 h4 132 199044101268
100344101 1%4
100344June'28
10013441003314 126 lat
10313.4
102344 1021144
102344 Apr'28 100
100144
162 993144100'344
1003%4101 344 795 100344 104
32 11013441163n
1103342111744
10510441053144 37 1051%4111"n
10210441033%4 51 1021°,41081044
0
98 44 983344 57 980441031°4s
98344 083244 238 98 242 991641
-Col) 79 '46 J D
Cundbaamarca (Dept
Czechoslovakia (Rep of) 89._1951 A 0
1952 A 0
Sinking fund 8s ser B
Danish Cons M mild')8s A 1946 F A
1946 F A
Series B 9 f 8s
1942 1 J
-year extl 6s
Denmark 20
Deutsche Bk Am part ctf 68_1932 M S
Dominican Rep Cust Ad 5548 '42 M El
1940 A 0
tat ser 554s of 1926
1940 A 0
2d series sink fund 5 Ma
Dresden (City) external 79_1945 M N
1947 J J
Dutch East Indies extl 6s
1062 M S
-year external 6s
40
1953 M S
-year external 554s
30
-year external 5 Ms____1953 M N
30
State and City Securities.
N Y City-4348 Corp Stock_1960
•S
4348 Corporate Stock_ _ _ _ 1964 MS
1960 * 0
454 ti Corporate stock
1972 AO
4348 Corporate stock
1971
45451 Corporate stork
D
4548 Corporate stock.July 1967 J J
1905 3D
4548 Corporate stock
1963
4558 Corporate stock
•S
1956 NON
48 registered
1959 MN
4% Corporate stock
1958 MN
4% Corporate stock
1957 MN
4% Corporate stock
1930 MN
49 registered
1957 MN
455% Corporate stock
1957 MN
434% Corporate stock
354% Corporate st__May 1954 MN
354% Corporate st__Nov 1954 MN
_
____
--__
_
--__
97%
_
--__
- ----
9934 July'28
8
1023 10234 June'28
10234 103 June'28
10314 105 151ar'28
109 10812 June'28
107 107 July'28
4
1063 107 June'28
8
1083 1053 July'28
4
9812 June'28
9918 98
15
98
100
9812 July'28 8
997 9918 July'28 - _
4
993 May'28
10618 1063 June'28
4
10618 10614 June'28
4
003 91312 July'28
9012 July'28
New York State Canal 4s___1960
Mar 1962 MS
45 Highway
10514 Apr'28
10312 June'28
Foreign Govt. &Municipals.
1947 FA 8914 Sale
Agile NItge Bank s f (is
97 Sale
Antioqula (Dept) Col 78 A 1945 J
1945 J J 97 Sale
External a f 75 ser B
1945 J J 96% Salo
External if 75 series C
1957 AG 9514 Sale
External s f 7s 1st mr
1957 AO 9514 9512
Extl see 5 f 78 25 ser
1057 AG 94 8 Salo
,
Esti sec 5 f 78 3d ser
Argentine Govt Pub Wks 69_1960 AO 9912 Sale
Argentine Nation (Govt of)
Sink fund Os of June 1925 1959
D 9912 Sale
Extl 8 f Os of Oct 1925____1959 AG 99% Sale
1957 Ms 9934 Sale
Sink fund 138 series A
External Os series B__Dec 1958 3D 9914 Sale
9912 Sale
1060 MN
Esti f 6s of May 1920
External 81 Os (State Ry)_1960 MS 99% Sale
9912 Sale
Esti (is Sanitary Works_ _1961 P A
8
Ext Os pub wke(May '273.1961
N 993 Sale
94% Sale
Public Works exti 5549._ _1962 FA
1945 MS 9I7 Sale
8
Argentine Treasury 55 L
Australia 30-yr 5s __July 15 1955 ii 9612 Sale
External 58 of 1927...Sept 1957 MS 97% Sale
1956 MN 87 Sale
Esti g 4518 01 1923
1943• D 102% Sale
Austrian (Govt) a f 78
89
97
9618
95%
941,
9412
8
945
99
92
97
97
8
973
95
9514
9514
9912
9912
99
8
993
9918
9914
99
9914
99%
94%
91%
902
9034
87
102
100
99%
4
993
100
100%
4
993
9912
99%
9512
9238
9712
97%
8812
103
1945 FA
Bavaria (Free State) 654s
Belgium 25-yr ext af 7515 8_1945 3D
1941 P A
20-yr 5 f 85
25-year external 0348.
1949 MS
1955 ▪ J
External a f Os
1055 31)
External 30-year 8 f 7s
1956 MN
Stabilization loan 78
Bergen (Norway) s f 8s
1945 MN
-year sinking fund 08.„1949 AG
15
Berlin (Germany) 5 f 654s...1950 * 0
1945 * 0
Bogota (City) ext'l S f_88
Bolivia (Republic of) extl 85_1947 MN
1958 J J
sec 79
Bordeaux (City of) 15-yr 69.1934 M N
97 Sale 96
11412 Sale 11418
110% Sale 109%
105 Sale 105
100% Sale 10018
4
1073 Sale 107%
10512 Sale 10514
11314 1137 11312
8
4
4
1003 Sale 1003
9918 Sale 99
4
1053 Sale 10514
10514 Sale 105
96 Sale 96
9914 Sale 9914
97
11431
110%
106
10012
10814
10612
113 2
,
1003
4
99%
10534
10512
9078
4
993
1941 3D
Brazil (1.1 of) external 89
External e f 654a of 1926 1957 * 0
Exti Sf()Ms 01 1927
1957 AG
1952
75 (Central Railway)
D
714s (coffee secur) (flat).1952 AG
Bremen (State of) exti 79_1935 51 S
1957 MS
Brisbane (City) 5 f 58
1962 • D
Budapest (City( esti s f 6s
Buenos Aires (City) 6548_1955 Ji
1900 * 0
Extls f Os ser 0-2
Esti 9 f Os ser 0-3
1900 AG
Buenos Aire- (Prov) extl 09.1961 MS
Bulgaria (Kingdom) a f 7s 1967
'3
109 Sale 10812
9012 Sale 96
9012 Sale 9612
2
10012 Sale 1005
10412 107 10514
101 12 Sale 101
91% 90%
91
8312 Sale 8312
10012 Sale 10014
98%
98%
99 Sale 98
94 Sale 93%
91% 9014
90
Caldas Dept of(Colombia)734s'46
Canada (Dominion of) 58_ _1931 A0
10
1929 FA
-year 5558
1952 MN
55
4548
1936 P A
Carlsbad (City) a f 88 ' 1954
3
'
Cauca Val (Dept) Coiom 7348 40 * 0
Central Agri.; Bank (Germany)
Farm Loan a f 7s Sept 15 1950 M S
Farm Loan a f 6s.July 15 1960 33
Farm Loan a f 68_0et 15 1960 * 0
Farm Loan Os ser A _A pr 15 '38 A0
Chile (Republic) extl a f 88..1941 P A
1942 MN
-year external 8 f 7s
20
External sinking fund (18._1960 * 0
1961 P A
External a f 08
1961 1 .1
Ry ref extl a f 68
Chile Mtge lik 634,June 30 1957 3D
S f 614e of 1926__June 30 1961 3D
Apr 30 1961 A0
Guar 5 f (13
Chinese (Ilukuang Ry) 55_1951
D
Christiania (Oslo) 30-yr a f (Is '54 MS
9912 100
10014 Sale
10018 Sale
105 Sale
99 Sale
108 Sale
10014 101
99%
10014
10018
105
9834
108
10014
8
1007 101
8712 Sale
86% Sale
90 Sale
4
1013 103
8
1023 Sale
1)334 Sale
9414 Sale
94 Sale
97 Sale
9914 Sale
92 Sale
32% Sale
101 102
Cologne (Gity)Germany 63481950 141
9712 9814
Colombia (Republic) 68____1961
3
' 91 Salo
External af (ism 1928____1961 A0 91 Sale
Colombia Mtg Bank of 6 M5.1947 * 0 883 Sale
4
Sinking fund 78 of 1926___1946 MN 93 Sale
Slaking fund 7s of 1927___1947 P A
92 Sale
1952 3D 96 Sale
Copenhagen (City) 58
1953
8
N 883 Salo
7.15-yr g 414e
Cordoba (City) extl• f 78...1957 FA 9612 Salo
9612
External a f 78 Nov 15 1937 MN 96
4
993 1003
4
Cordoba (Prov) Argentina 781942 .1
Costa Rica (Repub) extl 78.1951 MN 9612 Sale
1944 MS 100 100%
Cuba 58 01 1964
External Si of 1914 ser A.1949 FA 10212
9934
External loan 434,ser C..1949 FA 99
102% Sale
Sinking fund 5548_Jan 15 1953 J
c On the basis of $5 to the
sterling.
Price
Friday,
Aug. 19.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 10.
Range
Since
Jan. 1.
,
cn
4
993 1023
8
102% 10512
103 105%
105 105
10812 109%
107 11018
107 109 4
3
111534 1093
4
9812 100 4
3
98 1013
4
4
9812 1013
9918 1013
4
99% 100%
10612 10870
10014 108114
90
93%
9012 9312
I
3
Week',
Range cc
Lau Sate.
Ast Low
Elioh
High No, Low
Bid
10
9312 100
100
8
997 Sale 997
10912 13 108 119
10918 10912 109
17 108 112
109 Sale 10812 109
5 1104 11211
11112
III% Sale 111 8
11112
1 110 11172
111 11112 11114
7
9
17
4
,
3
09
10412 Sale 10412 107 % 22 103 196 2
97 Sale 97
97 100 1
2
7
9914
9914 10014 9914
1
9412 1003
4
____ 953 95 July'28 -- -9918
943
96
4
9412 Sale 9412
10 100 1025
8
101
10012 Sale 10012
23 103 105 6
3
104
4
103% Sale 1033
34 103 1051
104
104 Sale 103%
4
0
10
8 101% 1041:
4
1023
4
1023 ____ 10214
2
103
103 Sale 103
948 J J
El Salvador (Repub) 8a...A.
Finland (Republic) exti 6s1945 M S
S
External sinkfund 7s____1950 MS
lsf
E
C 1956 NO
6345
1958 F A
Extl sink fund 5548
Finnish ,',tun Loan 6548 A 1954 A 0
1954 A 0
External O3 series B
-4s
4
,1 J
French Republic ext 7349_19, D
1 D
External 79 01 1024
German Republic ext'l 79...1949 A 0
1954 M N
8s
Gras (Municipality)
Gt Brit ..tc Irel(UK of) 5149_1937 F A
1929 F A
-year cony 554s
10
4% fund loan £ op 1960_C 1990 M N
5% War Loan £ opt. 1929.1947 J D
Greater Prague (City) 7548..1952 Si IV
Greek Government 9 f see 79_1964 MN
1968 F A
Sinking fund sec 6s
23
S
33
27
1091 4
4
993
0
9
10812
108 Sale 108
.4
963 Sale 9012
78 00
8
9
10014 Sale 19774
10012 17
10018 100% 100
9612 28
9012 Sale 9512
10412 10412 Aug 28 ---10414
9958 10
9934 Sale 99%
9
951
8
9918 Sale 943
5
5
100%
9718 Sale 97
10
8
1003 Sale 10012 101
5 27
963
8
96 Sale 953
9814 280
9714 Sale 9714
3
96
96
4
953 97
7
95
9434 9512 9418
11
96's
967 Sale 96
2
93
8
8
927 Sale 927
5
4 1023 150
4
1013 Sale 1013
6
10012
100 10012 10014
5
8
983
984 9834
98
15
993
9912 Sale 9912
Netherlands 65(Hal prices)._1972 M El
1954 A 0
-year external 65
30
New So Wales (State) ext. 5s 1957 F A
Apr 1958 A 0
External a f 55
1943 F A
-year extl Os
Norway 20
1944 F A
20-year external 65
1952 A 0
-year external 6s
30
1965 J D
-year a f 514s
40
Mar 15 1963 M S
External 8 f 58
Municipal Bank exti s f 58.1967 J D
Nuremberg (City) extl 68_1952 F A
Oslo (City) 30-years f 68._1055 MN
1946 F A
Sinking fund .5149
4
107 10712 1073 July'28 ____
8 16
1017
10112 Sale 1011 4
105
95
9412 Sale 9412
88
95
9412 Sale 9412
18
10214 103 10212 103
10234 10
10212 Sale 102
8 13
102 10234 10212 1027
78
101
100 Sale 100
9612 91
96% Sale 9618
Aug'28 ____
4
913 92
9234
9
92
913 Sale 911 4
16
101
101 Sale 10012
5
101
9914 101 101
1953 J D
Panama (Rep) extl 534s
1961 J D
Esti see 5 f 63-4
,
Extl 9 158 set A __May 15 1903 M N
Pernambuco (State of) ext. 75 '47 Al 13
Peru(Republic of)
DUI a f sec 7345 (of 1920)_1956 M 5
1959 M 5
Ext1 a f sec 78
1960 ./ D
Nat Loan esti 5 f Os
Poland (Rep of) gold 68_ _1940 A 0
Stabilization loan a f 79_1947 A 0
1950 J J
Ext sink fund g 88
1901 J 0
Porto Alegre (City of) 8.9
1966 J J
Extl guar sink Id 73.4s
8
1017
8
1027
9414
94
Queensland (State) extl s f 7a 1941 A 0
1947 F A
-year external 63
25
Rio Grande do But extl s f 8.1 1946 A 0
1960 M N
Extl s f 78 01 1926
:x
o e at 0 44
Illi di l Jane1ro25-yr a f 89....1946 A 0
1953 F A
1952 A 0
Rome (City) extl 8345
Rotterdam (City) extl Bs__ _1964 Si N
Saarbruecken (City) 68
3M j
Sao Paulo (City) s I 8s__Mar 112 j N
1 57 61 N
Extl a f 61.48 of 1927
San Paulo (State) extl at 89_1936 3 J
1950 1 J
External sec 9 I' 8s
External, f 7s Water L'n_1986 M 5
Santa Fe (Pros'. Arg.Rep.)78 1942 M S
hi .1
Seine, Dept of (France) extl 78'42 J N
Serbs. Croats .1c Slovenes as '62
1936 M N
Solssons (City of) extl 6s
1940 P A
Styria (Prey) extl 75
1939 1 D
-year 6s
Sweden 20
1954 M N
External loan 5 Ms
Swiss Confed'n 20-yr a f 88_1940 J J
Switzerland Govt ext 5148_1946 A 0
Tokyo City 55 loan of 1912_1952 M S
1061 A 0
Esti a f 5545 guar
1127s 11312
1045 105
106 sale
98 Sale
8
1073 Sale
9512 Sale
92% Sale
1028 105
8
20
7
37
41
18
96
9912
114 110
109 11184
10314 10914
8
987 10112
10614 109
10414 10814
4
1123 1133
4
98% 102
97 100
1037 108%
8
1031/ 108
93% 9812
99 101%
109
96%
9612
100%
10712
10112
91
84
101
99
9812
9412
8
917
16
67
88
29
2
28
4
52
38
2
19
90
2
107 113%
92
1)912
9512 9912
97 103
103 1083
e
10014 10312
90% 95%
8312 89%
100 10214
96% 9914
96
99%
93
97
89% 93%
100
101
8
1003
1051,
99 .10812
10014
19
29
25
58
47
26
98
100
997
8
10418
983
8
105
98,
4
102
10212
10214
109
1017e
109%
103
10614
10114 25
88
47
8718
861e
8712 124
90
903
4 80
1097 Aug'28
10118
102% 37
93%
9418 84
93
9414 69
9418 119
93%
9878 47
97
101
9914,
186
92
93
47
8
317
32%
7
10114 Aug'28
99
8718
'2
86
90
108%
100%
91%
91%
9318
95114
,
96 4
91
251e
%
99
10114
93%
4
933
96
Ill%
104
97%
97
97
,
99 4
101
95
32%
101%
9734
9712
2
9134 23
4
883
9114 83
9038
8 35
892
88%
9344
9234
3
92
93
12
9634 81
95%
8914 148
2
883
9614
97
9612 July'28
9934
100
4
96% 20
9612
10018
4 10
1003
10214 July'28
-98 July'28 -- - 10212 103
11
981. 99%
3
8834 95 2
3
90 8 9512
4
863 93%
923 98
8
98
92
34
95 101
8772 89 2
,
95 301
95 100
98 10112
4
9412 993
99% 10234
10012 10314
96 10014
10132 1047a
1
997
0 1.4 1002
1973,8 11443
951s 10012
96
91
37
92
9112 Sale 91
971 101
1
9712
9812 Sale 9712
1 017 19 4
98
98
8
4
973 987
13
18
86 19
116
11518 Sale 115
4
1073 210 10512 10912
10712 Sale 10672
3
8
106% 113 1047 107 4
10614 Sale 10614
25 101 104141
103
10112 Sale 10112
4
104% 53 1033 10634
Sale 104
8
1047
16 11634 119
11814
11814 Sale 11814
1 c86 903%
86
c86 Sale c86
8
8
8
c977 9912 c9914 July'28 ____ c985 993
4
3
10514 1063 10512 1054 37 1043 10914
9
99
99 Sale
86'818 9214
94 199
4
80
86
85% Sale 8514
1952 A 0
Haiti (Republic) 9 f Os
1946 A 0
10514 10514 Hamburg (State) 6s
10312 10312 Heidelberg (Germany)ext 7 Ms50 .1 1
Hungarian Mimic Loan 734s 19453 1
External s f 7s____Sept 1 19403 J
Hungarian Land NO Inst 7545 '61 M N
Ilungary (Kingd of) if 7548_1944 F A
Irish Free State extls. 5 f. 59_1960 M N
9
95
89
5
8
9412 1003 Italy (Kingdom of) ext'l 79 1951 l D
Italian Cred Consortium 79 A1937 Si 9
7
94% 99
1947 Si 13
Extl see s f 78 ser B
16
94
983
4
5
4
933 99% Italian Public Utility ext 79.1052 J .1
1931 J .1
0...er
33a a I 6 ils
10
9312 9812 Japanese Govtf oan 4a
1954 F A
2
94% 9612
33
99 10012 Leipzig (Germany)s f 75__1947 F A
Lower Austria (Prov) 7 14s 1950 J 0
-year 68_1934 M N
67
99 100 4 Lyons (City of) 15
3
24
99 100
52
62
99 10114 Marseilles (City of) 15 yr 68_1934 M N
76
2
987 10112 Mexican Irrigat Asstrtg 4149_1943_ _
.
57
99 10034 Ntexico(US)exti 5s of 1890£ '45 Q -.I
1945 _ ___
Assenting 5s of 1899
56
98% 101
Assenting 5s large
53
99 10112
Assenting 48 01 1904
41
99 101
____
Assenting 48 of 1910 large
46
9472 9714
Assenting 45 of 1910 small
15
8
91% 937
88
Treas fis of'13 assent (large)'33 i"-i
95% 99
Small
158
4
953 99
723
4
8(13 92% Milan (City, Italy) ext'l 634s '52 A 0
39 1.02 104.% Montevideo (City of) 79____1952 J D
54
11
76
76
58
71
Rosie
Since
Jan 1,
993 Sale
3412
33
_
4 if%
-363 _
24i4 gale
---- -__ -
-5§i2
3
16 4
____ ____
92 Sale
10212 10212
9914
3312
4934
3712
38%
2412
27
2412
8
385
37%
91%
10234
4
993
Aug'27
Jan'28
4
373
July'28
25
27
24%
391s
8
375
9214
Aug'28
8
Sale 1017
8
103 1027
Sale 9312
Sale 94
37
____
__-2
____
31
5
20
11
11
74
____
5
8
1017
11
103
207
95
8 20
947
4
9133 102
9412 991s
10314 10812
9834 101
11
97
94
8
975 101
10012 10311
9714
95
9614 10011
s
9514 997
94 100
9514 10114
4
913 9414
1g
10014 105
99 101%
98 102
99 10111
99
31
49%
35
30
4
223
25
2
27 2
3 4
10112
4
873
4984
4314
43%
3412
5
327
6
3
417,
91115 95%
39 2 46
102 105
5
1057 109
.4
4
1003 1031
96
93
96
93
4
1013 10312
101 10411
e
1013 10314
997 102%
98
94
9112 9311
3
8912 93 4
3
99 4 103
99
10112
102
93
94
0414
103
10414
97
9812
57
105
10412 Sale 10412
10114 Sale 1001, 101% 22
80
91
91 Sale 9012
8334 41
0312 Sale 83
8834 204
8812 Sale 8812
1001 108
100 Sale 991.2
10612 1073 10734 Aug'28 ____
4
8
10212 Sale 10212 10234
4
10312 1071
,
100 104 2
9012 94
8011 87
i
917
88
2
9811 1017
10412 109
413
1014 10
7
11312
15
105
19
106
8 54
987
8 13
1077
39
97
9314 180
6
10234
_
11970
Aug'28 __ _9
11214 115%
104 10811
106% 1084
9712 10012
2
1053 11014
9312 9714
9114 9611
10234 106
9012 941s
014
% 0
12
19614 120
11278
104
10554
4
973
10718
9512
9212
4
1023
116 Sale 19112
99', 922 15
97 Sale 97
106 10614 106
10718 Sale 10612
10114 102 10012
9612 Sale 9612
1053144 SaleSal 105
7 Sale 97
9
4
8
987 983
98
9214 Sale 0214
10212 Sale 10212
104 Sale 104
111 112 111
1022 103 102%
s
8112
81% 82
9112 9114
91
2
100% 175
8 13
1073
11
101
9734 27
10512 21
105
106
5e
108
109%
94144 1"14
190 100 41
3
10314 100 4
.9
35
4
25
12
44
11
2
59
9111
98
97 102
0214 97
10218 105
10512
10211
1
4
1093 113 e
5
1017 10511
7613 84
8712 95
3
95 Sale 95
1947 M N
95
Tolima (Dept of) cal 78
9514 9612 9514
2
8
9615
Trondlidem (City) 1st 5 Ma_ _1957 M N
9814 9634 July'28 ____
(Prov) 714_ _ 1945 1 D 97
Upper Austria
86
87
External a f 6 Ma_June 15 1957 .1 D 86
5
3
3
59
107 4
3
3
Uruguay (Republic) extl 85.1946 F A 10814 109 4 109 4
1960 Si N
9654 51
965 Sale 9614
8
External a f 6s
9714 31
Yokohama (City) esti 65....1961 J D 9012 Sale 9612
4
9314 973
94% 9912
3
96 4 9914
99- 8
993
93
103
8
1043
112
5
1035
8112
8
917
904
99
10714 1101
9614 100
94 100
802
New York Bond Record—Continued--Page 2
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Aug. 10.
Pries
Pritta(.,
Aug. 10.
Biel
Weerit
Range or
Lass Sale,
Ask Gow
453
Range
Since
Jan. 1.
11108 No. Low
4.„
BONDS
d
N. Y. STOCK EXCHANGE. zr.
Week Enaed Aug. 10.
4Z.,
Price
Friday.
Aug. 10.
Week's
Range or
Last Sale.
Rasps
Since
Jan, 1.
Bid
High Chic Milw dr St P (Concluded)—
MO) No. Low
Ark LW
High
73% Mar'28
Gen & ref ser A 430__Jan 2014 AO
723 747
s
s
Gen ref cony ser 11 Is Jan 2014 A
704 75
75 Mar'28
Ala Gt Sou 1st cons A 5s____1943 J D 05 105 10512 June'28 - - 10bq 108
Debentures 4548
3
4
71
1932 3D
75 Mar'28
75
131 cons 4s ser 13
1943 J D 9212 94
13
94
94
98
Debentures 4s
93
71
714 Feb'28
73 4
1925 • D
5
Ala Mid 1st guar gold 5s
1928 M N 100
100 July'28 --__ 100 100 4
25-year debentures 4s
3
704 737
1934 .1
7214 Feb'28
s
Alb dr Susq 1st guar 354s
1948 A 0 8214 - 4 90 July'28
903.74
9111 Chic Nillw SIP & Pac 5s
87
9214, 9818
1975 FR
9212 Sale 9212
9312 -2
Alleg & West 1st g gu 4s
1998 A 0 ____ 89
617 79%
1
Cony ad) 58
90 July'28 —__
34
95
90
Jan 1 2000 40 7214 Sale 724
7434 999
Alleg Val gen guar g 4s
1942 M
923 97
4
9234 July'28 ____
Chic & N'west gen g 3145__1987 MN
923 99
7512 86
4
77 July'28
/
1
2
754 86
Ann Arbor 1st g 4s
1995 Q J
7518 784 79 July'28
Registered
8414
79
78
843
1
78 June'28
Q F
Atch Top & S Fe—Gen g 48_1995 A 0 9112 Sale 9112
8 81
General 4s
925
9112 99
98
89
1987 MN
90 Sale 00
9012 14
Registered
A 0 90 Sale 90
1
Registered
/
94
1
94
90
982
•F
90
94 Apr'28
Adjustment gold 4s__July 1995 Noy 89 Sale 883
Stpd 4s non-p Fed in tax '87 MN 89's 94-55 89 Aug'28
89
5
4
89
8812 94
96%
'
Registered
Nov
Gen 4 Us stpd Fed Inc tax_1987 51 N 10214 10312 104 July'28
913 June'28
_
4
91
91%
102 113
Stamped
July 1995 M N
8814 Sale 8814
Gen 5s stpd Fed Inc tax...1987 51 N 10012 108 108 July'28
8914 10
873 94
4
104% 117
Cony gold 4s of 1909
1955 J D 89 Sale 89
89
Registered
5
88
113 113
64
,
NI N
113 Mar'28
Cony 48 of 1905
1955 i D 87
92
Sinking fund 68
90 July'28
8912 94
1011 10252
/
2
1879-1929 A0 lOi4
1011 July'28
/
2
Cony g 4s Issue of 1910
1960 .1 D 85
_
93
Registered
933 Jan'27
4
AO
10114 10114
10114 May'28
Rocky Mtn Div let 4s
-6614
1965 .1 J
_
Sinking fund 58
9114 July'28
1879-1929 * 0 994 10018 100
99 1011
$
1
100
Trans-Con Short L 1st 48_1958 J J 854
853 90
Registered
8712 July'28 ____
8614 96
100 1001s
AO
100 May'28
Cal-Aria 1st dr ref 430 A_1962 M
9614 Sale 9514
Sinking fund deb 5s
9614
2
.
9614 1043
N ioi- 103 102 July'28
10112 10318
1933
Atl Knoxv & Nor lot g 5s
1946 .1 D 103
107 Mar'28
Registered
107 1073
10012 10218
,
N
10012 June'28
Atl & Char! AL 1st 450 A 1944 J J
10-year secured g 75
-- 9812 July'28
-9812 1003
:
D 103 1035 10314
1930
8
10312 24 103 30818
lot 30
-year 5e series B
1944 J J 103 104 1027 Aug'28 _ _ _ 10214 1071
9515-year secured g 694s.._1936 MB 10914 110 10914
8
.
6 10918 11414
11112
Atlantic City lot cons 4s
1951 J J 87
June'28
1st ref g 5s
_
9312
94
91
May 2037 3D 105 Sale 105
1043 114
1
8
10514
Atl Coast Line 1st cons 45 July '52 M
1st &ref 410
9214 23
93
915s - - 9112
4
984
91
May 2037 J O 9512 96
4
96 19411
963
4
97
Registered
S
_ 973 Feb'28
_
8
973 971,
s
General unified 450
0812
1964 J
9812
1
9812 Sale
Chic R I & P Railway gen 4s 1988 1 J 885 90
06 104
1
8612 96
8
89
89
L & N coil gold 4s___ _Oct 1952 MN
89 Sale 89
Registered
89
954
89
J .1
III
924
91 May'28
Atl & Day 1st g 45
1948 j
761s
4
7412 765 78
Refunding gold 4s
8
1934 A 0 9312 Sale 9312
85
75
,
9314 96 4
60
943
2d 48
1948 J J 66
6934 68
Registered
1
68
6514 761:
0514
95
954 May'28
Atl & Yad 1st g guar 4s
1949 * 0 81
Secured 454s seriesA
877 857 July'28
8
8
8512 924
91 Sale 91
91
922 -ioi
/
1
9704
Austin dr N W 1st gu g 58
1941 JJ 97 105 10012 July'28
99 10214 Ch St L & N 0 Mem Div 43_1052 J O 8514 --- 923 May'28
1951 M S
92
4
9244
Gold 5s
1951 j D IOW,
.1
10538 10811
107 July'28
Bait & Ohio 1st g 4s____July 1948 AO 9112 92
Registered
92
9212 37
9118 98
107
1051s 107
Apr'28
Registered
July 1948 O 2
Gold 350
92 July'28
1951 J 0 83
92
963
8412 Jun'27
20
-year cony 454g
1933 MB 07- g;1-- 97
e
Ch St L & P let eons g 5s___ _1932 A 0 10114 ____ 993 June'28
973
94
4
97 201
4
-694 1-- -4
03
Registered
MS
_
Registered
98 June'28
A 0
,
98 1001
8
101% 1013
1015 June'28
1
Refund & gen 53 series A __UM
160E8 gale 10018
100
14 29 100 105 (.hic St P NI & 0 cons 65____1930 J D 100i2 1614 loolz
2 1001s 10314
low!
1st gold 5s
July 1948 AO 103 Sale 103
Cons 6s reduced to 350_ —1930 J D 9612
104
30 103 110
9612 98
9612 June'28
Ref dr gen 6s series C
1995 j D 10812 Sale 10734 1082 43 10612 112
Debenture 58
/
1
1930 M 14 97 9712 98
1
98
9712 10011
PLE&W Va Sys ref 4s 1941 MN
9112 Sale 9112
Stamped
92
M S
19
9112 171i
100 100
Jan'28
_ 100
Southw Div lot 51_
In° J J 102 Sale 1013
4 1023
8 20 10118 10714 Chic T II & So East 1st 5s_1960.1 D 975 - - 14 9712
8
9712 103111
8 9
26
99
To!& CM Div let ref 4s A_1959 j
83
Inc gu 53
83% 91 1r
8312
8312
3
Dec 1 1960 M 14 91
92
2
9212 92
92
987
s
Ref & gen 5s series 1)
2000 MS 10012 10114 10014
101
11 11)0 105'- Chic Un Stan 1st gu 4545 A.1963 .1 J
98 Sale 97
973s 10312
/
1
2
987
8 15
Bangor & Aroostook lot 5s_1943 J J 1023
4
1st 5s series B
1033 July'28
8
_ 102% 1042
1963 1 1 1004 ____ 10514
/
1
3 103 107
1052
/
1
Con ref 4s
1951 J
8414 Sale 84
Guaranteed g 5s
J
843
7
4
835 933
8
1011 10212 10212 10314
17 102 105
4
Battle Crk & Slur 1st gu 3E1_1989• D
lot guar 650series C
_
6812 Feb'28
.1 11618 11712 11518 July'28
114 11914
1 943
194
6
1384 72
Beech Creek 1st gu g 4s
1936 j
Chic rir West Ind gen g 65..01932 QSs 101
96
96
7
98
96
1017 1053
s
____ 102 June'28
5
Registered
j J
Consul 50-year 43
94
95
J
5
97
94
8414 93Ie
852 Sale 851
/
1
15
/
2
88,
4
2d guar g 5a
1936 J J iOOis
1st ref 530ser A
Jan'28 _ _ _
97
MS 1047 Sale 1048
97
8
97
s
105
25 1027 1057s
Beech Crk Ext 1st g 310
1951 AO
_
8218 Aug'28
8218 8218 Choc Okla & Gulf cons 5s._ _1900522 MN 1045
10934 1071
1 652
8
1053 May'28
1
4
Big Sandy 1st 41 guar
1914• D 92
CM II AD 2d gold 450
9412
95
__
93
95,2 100
1937 I
9512 Sale 9512
2
9512
Boat & N Y Air Line 1st 4s 1955 P A 82- - 93 Aug'28
80
C IStLdrC Ist g 4s_ Aug 2 1936 Q F 9512 98
813 8112
4
813
4
7978 88
4
971 98
/
2
985 July'28
8
/
1
2
Burns & W 1st gu gold 4s
1938
Registered
8
Aug 2 1936 Q F
973 974
9718 97,
4
4
0714 Feb'28
Buff Roch & Pitts gen g 5a 1937 MS 9318 965 974 Apr'28
10018
100 July'28
_ _ 100 1065 Cin Leb & Nor gu 4s 1st corn 1942 MN
8
00
933
8
9412 90 Aug'28
Conso1410
1957 MN
9214 Sale 9214
9012 98,
4
92 8 58
,
Burl C & Nor 1st 5s
1934 * 0 102 10212 10212 Jul'28 _ _ _ _
102 10312 Clearfield & Nish 1st PI 55__1943 1 .1 991 10412 100 July'28
100 100
/
2
Cleve CM Ch & St L gen 4s_ _1993
D 84
9118 9712
917 July'28
97
s
Canada Sou cons gu A 5s__1962 * 0
20
-year deb 410
5
_ 108 1107
973 100%
1931 1 .1 9814 982 9814
8
1
98 4
,
Canadian Nat 410_Sept 15 1954 M S 10712 109 10712 July'28
9714 Sale 9714
General 5s Series B
9714 10214
98 2 19
1993 3D 112
112
,
5 lova 110
____ 112
5
-year gold 430__Feb 15 1930 FA
Ref & Impt 6s series A
994 992 994
88it 101
992 27
/
1
/
1
1929
8 16 100 103
1003
100 10014 100
30-year gold 414e
1957 j
Ref dr impt 68 ser L
967 Sale 967
8
8
96410218
985
8 61
1941 J J 10418 ____ 107
107
1 10314 108 8
3
Canadian North deb a 1 75_ _1940
Ref & impt 55 ser 13
D 111% 11214 11112 1123
8 21 1111, 117
1963
102
8
/
2
J 1011 1025 102
25 10114 10512
25
-year s deb 6S0._
_1946 J J 115 117% 11514
Calro Div 1st gold 9s
116
96 8 96 4
1939
6 11514 123
J
9612 June'28
,
3
10-yr gold 434s____Feb 15 1935 FA
Cin tV & NI Div 1st g 4s 1991
8518 ____ 8518 July'28
9758 103 4
,
981s
8514 9312
9814 22
.1
Canadian Pax Ry 4% deb stock_ - J J ____ 98
St L Div 1st coil tr g g 48..1990 Si N 8618 Sale 8618
857 92
8
86 Sale 86
87% 73
86,4 944
8618
1
Col tr 430
1946 MS 9614 Sale 9018
Spr &( ol Div lot g 43
97
42
96 10114
96
4
9712
Curb & Shaw 1st gold 4s
1940 Si S 9018 ____ 963 May'28
1932
W W Val Div 1st g 48.-194 1
981 98,
S
/
2
4
9814 Apr'28
91
9612
88% 935 94 July'28
8
0
Caro Cent 1st cons g 4s
1949 J j 83
Ref & impt 454s ser E
8212 July'28 ___ _
84
902
80
/
1
9612 1005
1977 ii 98 Sale 98
8
98 14 45
Caro Clinch & 0 let 30-yr 58_1938•
C CC & Igen cons g 6s
D 104-- _ 104
104
2 102% 105%
107 10512
1934 .1 .1 10512 1063 107 July'28
4
1st & con g 68 ser A_Dec 15'52 3D
10814 109% 10814
10912 53 107 10912 Clev Lor & W con 1st g 5s
1933 • 0 10018 Sale 10018
5 10018 104%
10018
Cart & Ad let gu g 4s
1981• D
Cleve & Mahon Val g 5s_ __.1938 I J
91
9312 95
1014 10118
932 Mar'28
10212 10118 May'28
Cent Branch U
1st g 4s
1948 3D 8014
Cl dr Mar 1st gu g 450_1935 MN 982 ____ 100 Nov 27
/
1
8014
1
8014 90
Central of Ga 1st g 5s_Nov 1945 FA 106 Sale 8014
10612 July'28
1055 108, Cleve & P gen gu 410 ser 13_1942 AO 98
8
101Sg 10155
4
_ _ 1013 Mar'28
Consol gold 58 •
1945 MN
Sales A 454s
99% 101 100 4 1003
98 10112 100 July'28
- -14
4
/
1
2
2 100 1074
,
1942 1 .1
100 100
Registered
FA
Series C 354s
100
1 100% 1044
/ 1003
1
2
4
1948 MN
9014 9014
/
2
9012 ____ 901 Apr'28
10
-year secured 6s_ _June 1929 J D
Series D 354s
8
10018 13 100 1024
1950 FA 893
891 8913
8
8
4
- 895 May'28
Ref & gen 510 series 13__ _1959 * 0 997 10014 100
10512 105 July'28
_ 105 1085s Cleve Shor Line 1st gu 410_1961 A 0 99 10012 09
99 10612
99
3
Ref & gen 58 series C
1959 A0
_ 103 10414 Cleve Union Term 1st 554e 1972 * 0 1075s 108 10758
4
1075
4 10314 11012
8
Chatt Div pur money g4&1951 J D -_-_ 104, 104 July'28
lst 5 f 5s ser B
9312 9512
iOi_ 94
9312 June'28
_
1973 * 0 10412 Sale 103
10412 27 100 8 1075*
5
Mac & Nor Div let g 58._ _1946
'
lstsf guar 410serC
3
107 105 June'28
_ 105 109
99
1977 A0 95
99
99% 99 July'28
Mid Ga & All div pur in 581947 J j
101 106 10318 Apr'28
1034 1031s
Mobile Div 1st g Is
1946 J J 105 108 103 July'28 _ _ _ _ 103 10674 Coal River Ry 1st gu 4s
1945
D 91 Sale 91
91
9318
91
1
Cent New Eng lot gu 4s
1961 J J
8312 885 Colorado & South 1st g 4s...1920 FA
85 July'28 _ _
8
9812 1002
9914 33
/
1
9918 Sale 9918
Central Ohio reorg 1st 4148 1930 M S 8518 86
Refunding & eaten 4 lie__ _1935
9614
98 300%
9612 100
N
9714 982 9612 July'28 ___
/
1
Central RR of Ga coil g 58-19371M N 101, 994 98 July'28 ___ _
Col & II V 1st ext g 4s
s
_ 10012 102
1948 40 90,4- - 908 June'28
927 987
908
8
8
93
o 8
3
- 101 June'28
Central of NJ gen gold 5s
1937 3 J 10912 hi 109 8 Aug'28
,
91% 95
1091 319, Col & Tol 1st ext 43
/
/
2
1
1955
2
A
O1'
- 9212
91
'
Registered
1937 Q .1
10914 Aug'28
10914 1181, Conn & Passum Illy lot 43..1943 A
90
90
90 May'28 _ _
General 4s
1987 j
Consol Ry deb 48
94
99
94
3
9313 97 4 94
,
1930
9518 9618
A
_ 9518 June'28 _ _ _ _
9534
Cent Pac let ref gu g 4s
1949 F A 89% Sale 89
Non-conv 48
/
1
2
9014 39
893 961z
4
1954
724 821s
7218
2
7512 7218
72 -- Registered
F A
Non-cony deb 45._ _J&J 1955
92 June'28 _
94
92
72
72
861s
72
1
8
715 82
Mtgeguargold3s.Aug1929J D
Non-cony deb 4s_ __ _A&O 1955 A 0 711
99
9914 99 July'28 _ _ _ _
9914
99
/
2
8111
80
8112 June'28
Through Short List gu 4s_1954 A 0 9214 941 9212 Aug'28
Non-cony debenture 4s
/
2
_
9118 9514
1956
7412 854
1 71 12 7412
7412
75
Guaranteed g 5s
1960 F A 101 Sale 101
10114 50 10012 10512 Cuba Nor Ry 1st 550
1942
9414 981
4
952
7
/
1
95 Sale 95
Cuba RR 1st 50
-year 58 g
904 1001a
972 10
/
1
4
1952
9718 Sale 963
Charleston & Sayn'h 1st 75_1936ij J 11318
lstref 7145ser A
/
1
- 1192 Aug'27
1936
1051 Sale 10512 106%
4 105,2 110
Ches & Ohio fund & impt 58_1929:j j 100
1st lien & ref 88 ser B
- 1160 994
7 "OoFs 161 8
- 14
1002
/
1
1936
99 10114
99 Aug'28
98 100
Ist consol gold 5s
1034 104 1033
8 103
/ 13 10212 107% Day & Mich 1st cons 4945_1931
1
2
J
973 100's
4
4
4
978
5
Registered
1939,M N
9:39 P4
Del & Hudson 1st & ref 4s__ _1943 MN 973 Sale 973
103 July'28
103 108
_
90' 963
4
8
4
62
917 Sale 911
92
/
2
General gold 4145
1992
g 0712 Sale 971
30-year cony 59
972 105
/
1
16
/
2
98 8
,
1935 * 0 102
100 1031s
_ _ 102 June'28
Registered
15
MB
-year 550
963 July'28
4
4
96% 102,
N 1035 Sale 1031 10412 23 103, 107
1937
8
/
2
29
-year cony 414s
1930 FA
10-year secured 7s
90 Sale 983
9812 1014
63
4
99
1930
D 10318 10312 1033 • 1032 12 103 107
8
/
1
Craig Valley let 5s_May 1 '40
101 102 8 D RR & Bldge 1st gu 4s g__ _1936 1r A
J 95
,
9912 10218 July 28
0614 9614
____ 9614 Aug'28
93
Potts Creek Branch 1st 43_1946 J
90
00 June'28
9312 Den & It G 1st cons g 4s
1936 J J 8814 Sale 8814
8814 94
8912 38
R & A Div 1st con g 4s _1989 J J
Consol geld 494s
8
9418 95%
941 943 July'28
/
2
1936 J J
957 981
8
4
8
963 July'28
2d eonsol gold 4s
1989 J j
Den & JIG West gen 5s_Aug 1955 MN 964
/
1
2
9112 9254
_ 94% 92 July'28
8712 Sale 8712
893
4 71
8712 97
Warm Springs V 1st g 55..1941 m
1007 10212
100% July'28
8
Chesap Corp cony 59 May15 1947 MN iOO gale 9718
Des NI & Ft D 1st gu 4s
9718
9614 1003
9734 195
8
1935 J
29
34
274 35
3212 July'28
Chic & Alton RR ref g 3s___1949 * 0
Temporary ctfs of deposit_..
693 74
72
4
72
3
70
/ 72
1
2
29
31
26
3212 July'28
3212
Ctf dep stpd Apr 1928101
69
7312 Des Plaines Val lot gen 450_1047 MB
/
1
702 July'28
702 74
/
1
.28
10214 1"eb
_ 10214 10914
Railway first lien 3146....__1950 33
587 723 Bet & Mac 1st lien g 4s
4
GO
2
1
6212 60
60
1995 ID
82
75
80
SO
2
Certificates of deposit
Gold 4s
59
7111
62 July'28
1995 3D 75
80
70
7912 7514 July'28
Detroit River Tunnel 450_1961 MN
99 gale
0718 103
Chic Burl & Q-111 Div 310_19-49 J
09,
8
4
8518 914 Dul Missabe & Nor gen 58_1941 J J 10312 ____ 99 Aug'28
2
8514
8412 8612 8518
10312 10311
10312
Registered
89 8 9014 Dul & Iron Range lot 53._ 1937 * 0 100
,
89 8 Feb'28
,
9014 10312
10012 July'28 _
Illinois Division 45
1949 J J 923 93
Registered
,
9412 July'28
9312 98 4
8
* 0
1001s 1027
s
_ 10018 May'28
General 4s
1958M 8 9112 9312 917
8
9112 881 Dul Sou Shore& Atl g 53_ __ .1937 iJ 81.- SI 8218 July'28
927
5
4
8
8118 90
Registered
East Ry Minn Nor Div 1st 4s '48 * 0
M S
June'28
933 93
8
/
1
2
933
_
8
95
96
954 July'28 ____
18t & ref 1y1s ser 13
1977 FA
97 102 8 East T Va & Ga Div g 5s__ _1930 J
7
49
9712 Sale 9712
98
91414 10414
9914
9972 July'28
1st & ref Is series A
1971 FR 1053 107 1055
105%
3 10418 11014 Cons 1st gold 58
8
8
1956 MN 106 Sale 1055
106
6 10518 1104
8
Chicago dr East Iii 1st 60.__1934
10318 1074 Elgin Joliet & East 1st g 53_1941 MN 100 10514 9912 July'28 ____
105 105 June'28
9912 10618
C & E iii Ry (new em con 55_1951 * 0
El Paso & S W 1st 58
MN -8312 Sale 8318
8314 83
844 77
1965 * 0 -_-_ 110 106
1
2 106 109 4
106
Chic & Erie lot gold 53
1982 MN
/
2
104 4 1121
,
Aug'28
/
1
Chicago Great West 1st 45_ _1959 MS 10314 1042 10612
7212 Erie 1st consol gold 75 ext_1930 M S 10212 Sale 10212 10314
66
6918 Sale 681s
8911 134
15 10212 10611
Chic Ind dr Loulsv—Ref 621_1947 3,
lot cons g 4s prior
1151 1184
/
2
11514 June'28
1996 • J 833 Sale 83%
107% -- -8314 91
4
844
9
Refunding gold Is
1947 I J 995 10512 10512 July'28
Registered
10518 108
8
1997 J J
86
88
Jan'28
_
86
Refunding 4s Series C__1947 J
1st eonsol gen lien g 4s
883 881
8
/
2
8
841
-- 883 July'28
1996• j 7814 Sale 7814
7712 86 4
3
7914 98
lst & gen 58 ser A
1966 MN 1013 1821t 10212 Aug'28
Registered
102 10714
7eis 8714
44
1996 J J
_
8912
- 703 May'28
1st & gen 65 ser B___May 1966 .1 3
Penn coil trust gold 4s_ __ _1951
109 11112
' look, 16114 lo w, loot,
A
10912 111 11114 July'28
1 10014 104
- Chic had & Sou 50-year 45
1956 J
50-year cony 4s series A...1953 * 0 81
91
0812
91 June'28
8818
803 8912
s
3
-81
84
Chic LB & East 1st 434s
1989
Series 11
'
13 9418
3
99 4 10212
4
993 June'28
_
81
1953 * 0 805* 8112 81 Aug'28
891s
CM & Puget Sd 1st gu 4s
Gen cony 4s series D
I949 J J
704 75
75 Mar'28
86
1953 A0
8812
86 May'28
Ch M dr St P gen g ea
Ref dr impt 5s
A_Nfay1989 J
8558 932
/
1
852 gt;1- _ 855
/
1
93
1
e
852
/
1
8
9984
1967 MN
934 227
93 Sale 93
Registered
Erie & Jersey 1st s 16s_
•J
822 91%
/
1
8
825 July'28
111 116
195.5 J
111 1121 11214 July'28
/
2
Gen g 3548 ser B____May 1989
Genes-see River lets 1 be 1957 .1 1 11312 114 11312 July'28
.▪ 1 7(
765 81%
8
3T2 78
11211 115
80 Aug'28
,
Gen 414 is series C___May 1989
95 1044 Erle & Pitts Rug 3148 ser 13_1940
3
95 Sale 95
96
_ 102 103
8512 90 102 Feb'28
Registered
Series C 33is
109 1004
100 May'28
19403 i 8512 Sale 91 June'28 _
9014 94
Gen
s series E____May 1989 J J
927 Sole 92%
927 9714 Est RR esti a f 7s
8
220
95
1954 M N 1024 Sale 1027
10312 58 1003 1047
4
8
s
1'
Due Feb.
Due May. p Due Dee.
Railroad
803
New York Bond Record-Continued-Page 3
BONDS
N. Y. STOCK EXCIIANGE.
.531.
Week Ended Aug. 10.
Price
PrIclag.
Aug. 10.
Week's
Range or
Last Sale.
Rasps
Slued
Jan 1.
Flit Cent dr Penn lot ext g 53_1930 .1 J
1943 J J
1st consol gold 5s
Florida East Coast 1st 430_1959 J D
1974 M S
jot & ref 5s series A
Fonda Johns & Cloy 1st 4301952 M N
Fort 5th D Co lst g 440_1941
1961
Ft W & Den C 1st g 548
Ft Worth & Rio Gr 1st g 413-1928
1933 A 0
Frees Elk & Mo Val 1st 6s
1931
GH &SA M &P 1st 58
1931 3
2d extens 5s guar
1933 A 0
Galv lions & blend 1st 5s
Ga & Ala Ry 1st cons 55 Oct 1995
Ga Caro & Nor lot gu g 59..1929
1946 A
Georgia Midland 1st 35
Gr R & I ext 1st gu g 430-1941
Grand Trunk of Can deb 68_1940 A 0
1936 M S
-years f 6s
15
1947 J
Grays Point Term lot 58
Ask Lots
Hick AVc. Low
Bid
HlgO
99 102,
99
99 Sale 99
100
9818 103 4
3
100 Sale 100
8
964 1011.
9612 96% 967 July'28
25
86
86
8314 9132
86
85
2
46 12
45
4614 4612 46
52
4
9812 992
993 Apr'28
,
,
10412 1083
166 10412 July'28
ioo .
8
997 May'28
9914 99 s
7
10414 10.43- 10414 July'28
104 10711
4
1
9914 10314
9914 10034 9914
9914
4
4
993 9934 100
97
9914 101,
98 100
98 10014 June'28
95
52
5
8718
89
86
88
8718 1014
2
.
97 1002
974
954 9914 9714
7418 7814 7418 Aug'28
744 79
9612 July'28
9612 100
9612 101
11212 114 11212 1124 21 112 117
23 105 109
105 106 105
106
11
,
9618
99 June'28
9834 997
Great Nor gen 7s series A___I936 .1 .1
J
Registered
1st & ref 43is series A ____1961 J J
1952 J J
General 5345 series B
1973 J J
General 55 series C
J
1976
General 4345 series D
1977 3
General 4345 series E
Feb
Green Bay & West deb ctfs A.
Feb
Debentures ctts 13
N
1940
Greenbrier Ry lot gu 48
Gulf Mob & Nor 1st 5301-1950 AO
1950 AO
1st M 5s series C
Gulf & S 1181 ref & ter g 58_81952 J J
Hocking Val 1st cons it 445_199r J J
1999 J J
Registered
1937 MN
Housatonic Ry cons g 5s
1937 .1
H&TC 1st g Saint guar
Waco & N W div 1st Bs__ _1930 MN
Belt & Term 1st 59_1937 .1 .1
Houston
Houston E & W Tex IA g 58_1933 MN
1933 MN
1st guar 59 red
Hud & Manhat 1st Os ser A _ _1957 FA
Adjustment income 55 Feb 1957 AO
11338 Sale 112
11312 211 111 116
_ 11412 Apr'28
11412 11421
08
9558 1021
.
954 July'28
1074 Sale 1067
8 10712 48 1054 11514
104 105 10412 10412 25 10312 209
9712 36
9612 Sale 9612
9612 10114
9614 Sale 96
96 3012
e
9712 66
86 Mar'28
8518 _
861,
86
18
26
2412 27
28
2214 294
_ 9578 Mar'28
9312
9548 9571
4 1033 1(34 10414 June'28
10414 1071
9912 100 July'28
9912 104
8
1074 10819
- 1083 July'28
08 foo
98 July'28
973 107
4
10212 May'28
10213 104197
9814 July'28
9814 10162
10212 104 10113 June'28
1014 10418
102 May'28
102 10313
5
10i18 162I2 10118 1014
98 1022
4
_ 10012 10012
1 10014 1007
loo
8
99 102 100 July'28
100 1024
98 Sale 977
8
8 23
987
8
977 10313
8812 57
8712 Sale 8712
8714 95,
,
J 9158 937 9113
9112
8
Illinois Central let gold 4s_ 1951
J
95 May'28
Registered
J 84's 88
1951
8612 June'28
1st gold 340
1951 AO 84
Extended 1st gold 334s
88 8612 June'28
1951 M
76 July'28
7318 76
let gold 3s sterling
9212 July'28
1952 A (
92
Collateral trust gold 4s
90
1955 M N
92
1st refunding 48
8
913 9218 9112
1952 J
8418 June'28
Purchased lines 330
85
82
J i
85 Apr'28
Registered
89
Collateral trust gold 413___1953 M si 89
8
895 89
M
9014 May'28
Registered
1955 MIS 104 108 103 July'28
Refunding 5s
1936 3 1 109 10954 10812 10912
15-year secured 6348 g
,
9912
Aug 1 1966 I A
-year 440
40
4
983 Sale 984
8618 July'28
1950 J
Cairo Bridge gold 4s
853
8
7818 June'28
Litchfield Div 1st gold 31.1951 J J
8
743 79
Loulsy Div dr Term g 345 1953
8014 -- 80 Aug'28
5
753 July'28
Omaha Div 1st gold 38_ _1951 FA
8
743 76
7614 July'28
St Louis Div & Term g 38_1951 J J
8
745 78
854 June'28
1951 J
Gold 330
8 87
803
Oct'27
88
Springfield Div lot g 330_1951 J
7818
9112 June'28
19.51 FA
Western Lines 1st g 4s
93
89
FA
92 Apr'28
Registered
III Central & Chic St L & N ()Joint 1st ref 58 series A.__1963 JO 10218 Sale 10218
103
1963 JO 97 Sale 967
8
let &ref 434sserC
9718
9218 July'28
Ind Bloom & West tat ext 48_1940 A 0 8614
1950 3 1 90
Ind Ill & Iowa 1st g 45
93 93 July'28
Ind & Louisville 1st gu 4s_ _1956 J J
8
8414 877 88 July'28
100 June'28
3nd Union Ry gen 55 ser A._1965 J
10014
1965
len & ref Is series B
310014 10i 4 10412 Feb'28
10678
1952 3 1 1064 Sale 10518
lot & art Nor 1st 688er A
Adjustment Os ser A July 1952
86
86 Sale 86
Stamped
7712 Feb'28
J 9412 Sale 9412
1956
let 55 series 13
96
1956 .1 J
1st g Is series C
08i2 9634 July'28
96
1972 MN
lot Rye Cent Amer IA 53
8
85 Sale 85
855
MN
1941
1st coil tr 6% notes
34
95
4
953 Sale 954
1947 FA
lot lien & ref 630
97 Sale 967
9712
8
1938 J
Iowa Central 151 gold 5s
42
4212 July'28
41
Certificates of deposit
414 July'28
4118 47
1951 MS 125 16
Refunding gold 48
8
1212 July'28
0..1959 3D 873 94
James Frank & Clear let
8812 July'28
4
1938 3
Ka A & R 1st gu g 521
103 May'27
5
993
1990 AO 8414
Kan & M 1st gu g 4s
854 July'28
K C Ft S & M Ry ref g 48_1936 A 0 93 Sale 93
933,
_1929 A 0 03
KC&M R&D let gu
9312 9912 July'28
Kansas City Sou 1s1 gold 38_1950 A
75 Sale 75
75
Apr 1950 J
Ref & Impt 58
99
98 Sale 98
Kansas City Term let 48____1960 J
8812 Sale 8812
9014
Kentucky Central gold 4s___1987 J
9214 July'28
01
Kentucky & Ind Term 440_1961 3
4
4
863 933 904 July'28
1961 1
Stamped
9014 9212 91 Aug'28
1961 J
Plain
8
983 Apr'28
98
94
Lake Erie & West lA g 5s_ _1937 J
1013 102 June'28
4
1941 .1
9
2d gold 5
-97i2 1013 100 June'28
8
Lake Stir & Mich S g 340_1997 1 1) 83 Salo 83
83
I.,
1997
Registered
85
8112 June'28
1928 MS 8012 100
Debenture gold 4s
9934
994
994
1931 MN
gold 4s
25-year
8
972 Sale 971,
9758
MN
Registered
4
993 Apr'28
Lob Val Harbor Term gu 58_1954 FA 103 105 103
103
Leh Val N Y let gu g 430..1940 .1
1013 June'28
4
s
993
Lehigh Val (Pa) cons g 49___2003 MN
8818
8
875
8818
MN
Registered
89 July'28
0003 MN
General eons 430
4
973 Sale 974
973
4
MN
Registered
10012 Apr'28
Lehigh Val RR gen 5s serles_2003 MN 10434 11112 1045
8
8
1047
Leh V Term Ry let cog 5s..1941 AD 10214 10412 102 July'28
AO
Registered
1034 Feb'28
Lob Sc N Y lot guar gold 4s_ _1945 91
98818 - -178 8914 June'28
Lox & East lot 50 yr 50 gu__1965 A (1 10518 110 105
105
Little Miami gen 48 Ser A__1962 MN
95
Apr'28
Dock console 613 ______ 1935 AO 10"8" foo12 10612 July'28
Long
Long Did 1st con gold 59July 1931 Q
100
100 July'28
1st consol gold 48-.July 1931 Q J
061, 91 4 9412
1938 3D 92 - 3- 923 June'28
General gold 48
9413
4 July'28
1932 ii)
Gold 45
964_- 92 June'28
1949 M
Unified gold 48
4 138
883 - 5 91 July'28
1034 3D 98
Debenture gold 54
8
997 100
100
1937 MN
30-year pm deb 55
98
984 9814 Aug'28
Guar Sh B 1st con gu Os Oct '32 M
9112 9012
90
91
Nor Sh B 1st con gu 53.0ct '32 1-1
4
1003 May'28
4
093
Lou dc Jeff Bdge Co gd g 43_1915 MI) 8718 _- - 874
9412
4
873
0 Due Feb. 1.
2
9
3
25
70
16
30
20
17
24
20
15
37
21
7
78
43
4
15
30
2
2
3
13
3
2
7
1
9112
95
8412
8612
76
984
913
8
8418
85
884
9014
103
10812
9818
86%
78%
80
7538
72
8
845
9914
95
994
884
76
9614
9812
9018
&5
94
904
11034
.
1141
10224
97'
8212
91
gm
90
8
893
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 10.
t3
t
Price
Friday,
Aug. 10.
Week"'
Range or
Lou Sale,
I
‘81q
Raiff
Biases
Jai. I.
High NO. Low
BM
Ask Goo
High
N 10234 10412 10214 10214
4 152 106
Louisville & Nashville 5s____1937
9438 Sale 9334
9478 19
1940 J
Unified gold 48
4
933 9914
10038 10 100 1025
1931 MN 100 10212 10014
8
Collateral trust gold 5s
2 10234 13512
-year sec 7s___May 15 1930 MN
10
8
1057 11012
1st refund 530 seriesA 2003 A0 106 10612 107 July'28
4
4
6 102 109
2003 AO 1043 Sale 10412 1043
1st & ref 55 series B
8
8
8
973
97% 1043
5
4
2003 AO 973 Sale 973
1st dr ref 434s series C
3
' 10058 10112 10012 July'28
10012 1033
8
1930
N 0& SI 1st gold 68
100% 1021
4
1930 3" 10012 10112 10012 July'28
2d gold 6s
8
905 9612 954 May'28
95
9612
Paducah & Stem Div 0_1046 FA
4
70 Aug'28
633 71
St Louis Div 2d gold 33_1980 M
97 100 1003 June'28
4
10012 102%
Slob & Montg 1st g 430-1945 M
1
.1 87
8812 94%
90
8914
8914
South Ry joint Monon 4s _1952 .1
92 July'28
92
9812
Atl Knoxv & Cm Div 0_1955 MN 9014 92
100 100 4
3
Louisv Cm & Lox Div g 4349'31 MN 98 100 100 May'28
103% 10312
9914 103 10312 Jan'28
1934 J J
Mahon Coal RR lot 5s
8
6978 794
697
4
7012 74
70
Manila RR (South Lines)45_1939 MN
77 July'28
81
7518 8234
76
1959 MN
1st ext 4s
1
8
995 10112
994
Manitoba SW Colonixa'n 551934 3D 99 10014 994
Man GB&NW 1st 330_ _1941 • J
Mich Cent Det & Bay City 5s_'31 M
QM
Registered
Mich Air Line 4s
1940 I
▪ J
Registered
1st gold 330
1952 MN
20-year debenture 4s
1929 A0
Mid of NJ 1st ext 58
1940 A0
Milw L S & WestImp g 5s_..1929 FA
Mil & Nor 1st ext 430(1880)1934 3D
D
Cons ext 4348 (1884)
1934
1947 MB
Mil Spar & N W 1st ITU 4s
Milw & State Line 1st 330_ _1941 JJ
Minn & St Louts 1st cons 58_1943 MN
MN
Temp Ws of deposit
S
lot dr refunding gold 48...1949
Ref & ext 50-yr 5s ser A __1962 Q F
.11
M St P&SSM con g 4s int gu'38
lat cons 5s
1938• J
J
1st cons 55 Cu as to int
1938
10
-year coil trust 630
1931 MS
lot & ref 68 series A
1946 J J
•B
-year 554s
25
1949
1st Chicago Terms f 4s
1941 MN
88 July'28
88
88
100 June'28
994 1024
3
10034 10178
100 4 Apr'28
8
975 Jan'28
5
8
975 97 8
9218 9218
9218 July'28 _ _
8128 85
78 July'28
774 894
9914 64
9812 100
9914 Sale 99
1
93
93
93
914 93
9914
3
100
9858 1005
100
8
100
98
98 May'28
94 18
9914
9312 9613 97 July'28
9512 994
9334 9514 May'28!__
9514 9718
89
93
90
____ 90 90 Apr'281_
3
5012
81
42
50 Sale 5013
4
47121
57
8
473
40
4712 58
14
3
1634
234
1612
17
16
2
1612,
1112 21
1612 1712 1612
8712 22
87
9212
8
8712 Sale 873
5
99
934 10012
8
965 9634
95
98 101
8
8 39
987 Sale 985
987
8
100 1003 10018 1003
7 100 10318
4!
4
1 100 10314
103181
10158 10314 10318
9
94
9212 98
9312 Sale 03
934
954 964
9518 June'28 _
90
84
100 101
98 101
9118
_
9912 July'28
SlissisApp Central 1st 5s
1949 J J 99
8
861 85
8612
Mo Kan & Tex 1st gold 0_1990 3D 85 8
10078 17
3 997 Sale 997
8
Mo-K-T RR pr lien 5s ser A.1962
2
87
1962• 3 87 Sale 87
-year 98 series 13
40
91 Sale 91
7
9134
Prior lien 430 ser D
1978 .1
4 36
Cum adjust 5s ser A Jan 1967 A0 10314 Sale 10314 1033
8 13
1003
1065 FA 100 101 100
Mo Pac 1st & ref 5s ser A
4
763 Sale 763
71
78
4
1975 M
General 45
9918 184
S 9814 Sale 9814
1977
Ist & ref 5s ser F
4
913 95 93 July'28
Mo Fite 3d 7s ext at 4% July 1938 MN
1
103 103
103
Mob & Dir prior lien g 5s___ _1945 J
100 Apr'28
_
• 3
Small
3
8818
8518
88
J 87
1945
1st m gold 4s
4
843 May'28
1945 .1 3 84
Small
Mobile & Ohio gen gold 4s_ _1938 56 S 92 1412 9413 June'28
4
983 101 101 July'28 _ _ _ _
Montgomery Div 1st g 58_1947 FA
114
94
1977 MS 9212 Sale 9212
Ref & impt 4348
90 July'28 _
Mob & Star 1st Cu gold 0_1991 MS 8514 89
1 106 111 111 June'28 _
1937
Mont C 1st gu 6s
100 10512 1043 Jan'28
4
1937 J
let guar gold 59
4
80 12 10
80
9112 94t4 Morris & Essex let gu 334s.2000 30 793 81
92
90
8
8 25
905 Sale 904
903
Nash Chatt & St L 4s Ser A.1978 F A
3
10118
1037F A 10118 102 10118
10218 10814 N Fla & S 1st gu g 59
18 July'28
J ,11
Nat Ry of Mex pr lien 430_1957
96 101
1712- 183 July'28 _
.1 J
4
July 1914 coupon on
2
4 43
8
133 1 - 143
143
8
4
Assent cash war rct No 4 on --9218 9218
1977 A 0
Guar 70-year s f 43
9213 97
25
jail - 3- 871' Aug.
16
11 4 16
Assent cash war rct No 5 on -88
92
3 112 J u l);;2
11
Nat RR Meg pr 1 4345 Oct 1926 1 . _ i6_ _idis 28 jul 2 8
100 105
Assent cash war rct No 4 on --10412 10412
1951 A 0 1312-__ 22 Apr'27
consol 45
1st
104 10812
1038 12
2
1012
1012
Assent cash war rct No 4 on -.
85
9914
_
7913 85
8
865 Nov'27
1954 M
774 7712 Naugatuck RR 1st g 4s
_
98 July'28
9412 2014 New England RIt Cons 5s 1945 3 J 98 102
_
4
88 July'28 _
1945 3 1 873 92
Congo' guar 45
9578 102
8512 J l
9938 jut y:22s
8
1986 F A
June RR guar 1st 4s
81%8 9212 N J
- - -- 9558
904 994 NO&NE 1st ref & imp 430A'52 1
8
885
1
8
885
New Orleans Term 1st 4s...1953 3 J 884 89
91 100
8
997 101 July'28
38
N 0 Texas & Mex 21-c Inc 58_1935 A 0
52
10018 17
1954 A 0 99 Sale 09
1st 5s series B
8
377 49
2
101 101
101
1956 F A
lot 5s series C
104 19
95
93
1
93
1956 F A
1st 430 series D
8812 964
.047
8 105
21
1954 A 0 1 8 103 1047
1st 5145 series A
4
8.5's 961a N & C 13dge gen guar 430._1945 3 .1 963 98 08 July'28 _
Apr'28
1935 A 0 99 101 101
N Y13 & MB 1st con g 5s
8 11
1085
4
4
NY Cent RR cony deb 68....1935 M N 1063 Sale 1063
9212 97
iM N
Registered
107 Apr'28
9912 10312
9012 Sale 9012
904 27
Consol 45 series A
1998
8
725 794
75
Ref & impt 4365 series A 2013 A0 0812 Sale 9812 100
9734 10314
60
8
106
Ref &'mut 5s series C
2013 A0 1055 Sale 10514
8812 95 4
3
A ()
10614 June'28
Registered
924 964
04 9813
9
9
8114
9018 985 NY Cent & Ilud RAY M 330'97 J J 8012 Sale 8012
8
8
775 July'28
Registered
1997 J J
984 983
8
9714 28
1934 MN -96- -61- 9612
Debenture gold 4s
100 1054
9718 Apr'28
M
Registered
100 1047
8
_
8
987 9134 July'28
30
-year debenture 4s
874
81
1942 J J 93
784 30
8
4
783 773
Lake Shore coil gold 3343_1998 FA
78
8112 86
1
7818
7618 8514 7618
Registered
98 100
1998 F A
7818 83 80 July'28
97 300
Mich Cent coll gold 3349_1998 FA
_ 77 July'28
767
1998 F A
Registered
4
4
993 995
1
9534
4
8- -12 953
4
1937 AO 953 913
103 10712 NY Chic & St L 1st g 4s
9612 Feb'28 - 1937 A0
Registered
101 10212
1
8
983
8
9838 Sale 983
1931 MN
-year debenture 48
25
8712 934
13
4 102
1931 MN 102 Sale 1013
2d 6s series A 13 C
89
91
10512 21
_ 1979 A0 10512 Sale 10514
9714 1025
Refunding 5348 series A
8
9
106
8
Refunding 534s series 13_ _1975• J 106 Sale 1055
10012 10013
0612
8
Y Connect lot gu 430 A 1953 P A 9512 Sale 9512
1st guar 5s series B
1953 P A 102 103 10312 June'28
1044 11114
4 ___ 9212 Apr'28
913
10014 10714 NY & Erie 1st ext gold 0_1947 MN
1933 MS 9712 foo
8
995 June'28
3d ext gold 4 30
10378 10318
1930 AO 99 100 10034 May'28 _ _ _ _
403 ext gold 5s
87
921e
95
8
1946 MN
997 100 Mar'28
105 1154 N Y & Greenw gu g 5s
8
785 ____ 8618 Mar'28 _
2000 MN
9212 964 N Y & Harlem gold 3348_
MN
8518 Apr'28
Registered
1064 10912
80 July'27
Lack & W 1st & ref gu 581073 MN ieoiz
100 102
NY
101
9918 July'28
9411 9914
First & ref gu 430 con_ _1973 MN
1930 MS
_ 10412 108 Feb'28
92
9812 NYLE&W 1st 78 ext
1932 FA ioi l01a8 101
10
10114
92 10012 NY & Jersey 1st 5s
90 Mar'28 _
90
9358 NY&NE Bost Term 48.__1939 AO
80
8812 834 July'28
98 1004 NYNH& II n-c deb 45_ _11)47 M
767 July'28
8
Non-cony debenture 3348_1947 MS
97 10112
8
4
0s
Non-cony debenture 34413_1954 AO 7617 7811N 725 July'28
90
9414
1955 J J 7812 81
784
4 15
793
-cony debenture 4s
Non
10034 102
5
7934
Non-cony debenture 45_1956 MN 7912 Salo 7912
8712 9413
1956 33 11212 11312 707
8
707
8
2
Cony debenture 330
11412 22
1948 J J 11214 Sale 11214
Cony debenture Os
J J
1
108
108
Registered
1940 AO 15414 Salo 10414
4 15
1043
Collateral trust 65
1957 MN 72
_
8
737 74 July'28
Debenture 48
8 31
883
1st dr ref 430 ser of 1927 1967 3D 87 Sale 87
Ches 1st es 1954 MN 8912 9012 90 Aug'28
Harlem R & Pt
98 100
4
923
85
4
99 1042
87
924
8
995
91
10118 10912
4
993 1037
8
7814 5314
98 1024
93
974
103 103
8
993 100
4
843 9812
924
84
9413 984
101 1951,
9212 993
4
9718
88
111 1127
8
4
1043 1043
4
88
80
904
1014
18
4
183
12
984
10418
18
3
18 4
17
1414 22
1412 2314
15 6E8 - -713
98 foZii
93
88
88 100
954 102
8812 954
8
1383 102
8
9814 1013
100 105
8
995
93
102 10511
9714 100
101 101
108 109 8
5
107 107
90
13
97
0812 10412
10412 1104
10614 10614
5
79% 87 8
773 854
8
9312 9914
3
97% 98 8
9134 99
7714 8618
8
7618 827
87
78
3
83 4
77
9512 9814
9618 9613
9512 100
101 10312
7
105 1078
4
1043 1071
4
9512 10212
1004 10514
9212 9212
994 10014
4
1003 1002
4
100 100
864 874
854 8518
-55T, 109
100
fecii
764
7018
784
79
7012
112
9812
1044
73
8!
89
834
814
884
884
80
1184
315
1054
5
83 8
904
935
3
804
•ONDS
I.I.STOCK EXCHANGE
Week Ended Aug. 10.
New York Bond Record-Continued--Page 4
II
Price
7ridall
Aug. 10.
Wssk's
Range or
Lag Salo.
Bongs
Macs
Jou, 1.
BONDS.
N. Y. STOCK EXCHANGE.
Week Ended Aug. 10.
V
E
No.
Pries
Bridal.
Aug. 10,
Weer,
Rows or
Lot: Sala.
BM
Ask Low
litio2 No. Low
1102
Ask Low
litgh No.
Bid
N Y 0& W ref let g 48.June 1992 MS 74 Sale
74
5
7234 30, St L-San Fran pr 1 4s A
4
1
733
1950 33 mil Sale 851
/
4
8612 102
Reg $5,000 only June 1992 MS
Con M 4.48 series A
7811 78
7612 Apr'28
1978 M
824
873 Sale 8732
8
89
General 45
Prior Ilen 58series B
1955 ID 7112 -73
5
73
73
70
80 4
3
1950I, 10014 Sale 99
100
14 39
Nr/ Providence dr Boston 481942*0 873
Prior lien 88series C
92 98
8---- 9312 Apr'28
1928 3,
8
---- 997 June'28
Registered
99- 893 Jan'28
Prior lien 51 series D _1942 33 ---AO..0
4
894 89
/
45
.
8
10214 June'28 _
N Y At Putnam let con gu 45 1933 AO _ _ _ _
Cum adjust ser A Os._July 1955 A0
9212 June'28
9219 9
64
1014 July'28
NY Susq & West let ref 55_1937 J J 82 - - 8812 June'28
Income series A 6s_July 1960 Oct. 10114 Sale 10114 1013a -jai
63
g ;
88
19 99
12
2d gold 4)45
1937 FA 74
793 82 May'28
4
/
1
4
80
631 St Louis rk San Fr Ry gen 65_1931
:
10114 103
103
5
03
General gold 5a
2
General gold 55
1940 FA 70 Sale 70
70
804
70
1931
8
100
993 100 100
4
Terminal let gold 5s
1943
N 101
101
1
101
997 1021 St L Peor & N W 1st gu 58_ _1948
s
10514 05 June'28
N Y W-ches & B 1st ser 4Me '46 J J 8412 Sale- 8414
19
85
8313 92 St Louis Sou 1st gu g 4s
1931 M
8
9714 975 Apr'28
Nord Ry ext1s16/
1
45
St L SW lst g 48 bond ctfs _1989 MN ---- Sale 851
1950 A 0 1003 Sale 10012 10114 21 100 103
2
7
853
2
8512
/
4
Norfolk South lot & ref A 55_1961 FA 9012 92 91
2d g 48 Inc bond ctfa_Nov 1989 33 82
2
91
9011 97
85
83 July'28
/
1
4
Norfolk & South 1st gold 58_1941
Consol gold 4s
N 973 ---- 10212 June'28
2
9812 10
1932• D 95 Sale 95
3
7
951/
let terminal & unifying 59_1952
'I
97
971s 25
Norflk & West gen gold 68_1931
2
4
N 1023 1033 10212 June'28
10211 10512 St Paul & K C Sh L 1st 418_1941 P A 911 92
/
4
373
4
4
/
4
911
4
Improvement & ext 68._ _ _1934 PA 10412 10472 104
2 1048 107
/ 104 2
1
St Paul& Duluth let 58
4
7
1931 P A 99 100 4 99 July'28
3
New River 1st gold 68
1st conaol gold 4s
1932*0 103 105 103 July'28
103 lue3
4
1968 3D
9312 Aug'28
N & W Ry 1st cons g 4s _1996 AO 907 Sale 90
2
907
2 68
1184 St Paul E Gr Trunk 1st4
90
/
1
45-1947
.1 96 100
9718 June'28
Registered
863 9618 Apr'28
4
1996 AO 873
14
95 8 9513
7
Div'l let lien & gen g 4s_ _,1944ii 9314 9312 93 Aug'28
/
1
4
96. St Paul Minn & Man con 48 -1933 J J 964 9654 951 July'28 _ 93
3
/
1
/
4
10-yr cony 68
let consol gilts
1929 MS
175 July'28
175 1901
1933 ii 10312 10612 10312 July'28 _
:
_
Pocah C & C joint 4s
92 Sale 92
92
1941
Registered
20
92
9
7h
3, 103 106
4
063 Mar'28 _ _ _
North Cent gen dc ref 58 A _ _ _1974 IPA
1073
68 reduced to gold 4.t1s __1933 3, 97
4
108
108
2 107$4 108
/ 9914 99 July'28
1
4
Gen & ref4)48 ser A stpd-1974 10
66 9812 July'28
Registered
9714
4
9818 1011
3' 961 9912 994 Jan'28 /
4
North Ohlo let guar g
973 95
4
Mont ext let gold 4s
95
2
I945 A 0 95
95 103
1937 ID 92
July'28 _ -953
North Pacific prior lien 48_ _1997 C)
90 Bale 89
Pacific ext guar 4s(sterling)'40 3, 881 83 4 881
9012 32
89
97%
/
4
/
4
881a
1
Registered
89 Sale 89
1997
89
St Paul Un Dep let & ref 58-1972 13 1043
7
8812 97
4 10614 044 Aug'28 ---Gen lien ry & Id gt 3s_Jan 2047
65 6512 8212
65
3
6212 75
, S A & Ar Pass lat gu g 415_ _1943
'3 89 Sale 887
3
8912 10
Registered
627
2
Jan 2047
8812 Apr'28 - (but 69% Santa Fe Pres &Phen let Se _1942 M
/
1
884 89
04 May'28
Ref & Inapt 41s series A2047
/
4
9712 13
9712 994 9712
3Say Fla & West 1st g 69
9712 108
1934 *0
0014 Aug'28 Ref & imptl series B_ _ _2047
/
1
4
11212 Sale 112
let gold 58
/ 113
1
4
40 111 11714
1934 *0
074 May'28 ---/
1
Ref & inept 58 series C. _ _ _2047
10112 10512 1053 July'28
4
10512 1091 Scioto V az N E 1st gu g 45-1989 MN 9212
July'28
Ref& impt 5s series D_ _ _ _2047
104 Sale 104
104
1 10312 1091 Seaboard Air Line 1st g 48_ -1950 *0 7712 -- 9212 Aug'28 --- _
82 82
-- -.
Nor Pac Term Co lot g Se._ _1933
1093
4
1093 June'28
4
Gold 4s stamped
1950 * 0 73 Sale 72
10934 11011
.
73
8
Nor Ry of Calif guar g 5s_
1938 A 0 102 16614 107 June'28
Aljuatment 58
Oct 1949 P A 4114 4112 4114
106 107
34
45
Refunding 45
1959 A0 58 Sale 58
5812
9
North Wisconsin let 6s
1930 3 3 101 10112 100 June'28
let & cons 68 series A__ _1945 M
100 1021
1
79
52
.
76 Sale 76
Og dr L Cham 1st gu g 48._ _ _1948 j J 781 81
/
4
7812
80
39
Registered
784 1184
MS
85 Mar'28 .__.
Ohio Connecting Ry let 48_ _1943 M S 93 ____ 9532 Nov'27
All & Birm 30-yr 1st g 43_41933 MS
4
893 Aug'28 __.Ohio River RR 1st g 58
19363 D
---- 104 Apr'28
Seaboard All Fla let gu Os A.1935 P A
104
4
72
/ 63
1
4
693 Sale 693
4
General gold 5.2
1937 A 0 99 10112 10112 June'28
Series B
1935 P A
1011s 1044
73
1
7114 74
73
Oregon RR & Nay con g 45_ _1946
92 Sale 92
92
Seaboard 34 Roan 1st 58 extd1931 I
9
92
96
9814 June'28 --9818 100
Ore Short Line tat cons g 59-1946 3 J 102 105 106 Aug'28
/
1
4
106 1104 So Car & Ga let ext 5148._ .1929 ▪ N 993 10112 993 July'28 _ __
8
4
Guar stpd cons 58
19483 3 10614 11014 10614 July'28
S&N Ala consgu g 53
1936 A 100 1024 100
l064 111s
100
2
Guar refunding 48
19293 D 9814 Sale 9818
144
Gen cone guar 50-yr U.._ _1963 A0 ____ 1083 11432 May'28
9918 100
4
Oregon-Wash let & ref 48_1961 j
8512 88
8814
8814
4
9412
87
Pacific Coast Co 1st g 58_ _ _ _1946 J D 7814 Sale 7814
So Pac coil 48 (Cent Pao coll)k'49 J O
1
7814
7814 884
2
88
90
Pao RR of Mo lot ext g 4a_ _ _1938 p A 92
883
s
89
4
9412 92 July'28
Registered
9134 96h
D 853 893 88 Mar'28
4
2d extended gold tg
3
1938 j
9712
102 May'28
20
-year cony 48
June 1929 M
102 102h
98% Sale 983
68
Paducah & Ille lat a f4 yis._.1955.1
2
99
100 1003 July'28
8
1st 434e (Oregon Lines) A.1977
1004 1011
1
E 991 Sale 99
'
/ 100
1
4
4
10
Paria-Lyons-Med RR extl 88_1958 F A
Sale 991
/
4
20
-year cony 521
9912 74
1934
96 1007
s
D 100 1014 1013
Sinking fund external 7s-1958 M S 10312 Sale 1034 104
2 101% 12
/
1
Gold 430
14 1011s 10511
1988 M
9512 Sale 9512
Parls-Orleans RR f 78
963
4 59
195474$ 103 10314 103
103
San Fran Terml let 43
- 1950 *0 90
101 10413
3
93
591/
59
Externalsinking fund 51 1968 af S 94
4
/
4s
943 9412
4
95
itegistered
*0
93
964
90 July'28
Paullsta Ry let & ref f78__1942 M 8 10112 10214 103 July'28 14
10114 10411 So Pee of Cal lot con gu g 58_1937 MN 102 4 10434 1064 June'28
/
1
1
So Pac Coast 1st gu g 43__ -.1937
972 May'28
2
98
98
Pennsylvania RR cons g 48_ _1943
973 July'28
4
8
N 07 4
1955
97 8 991, So Pao RR let ref 45
3
9214 36
.
91 Sale 91
Conn!gold 4s
1948 MN 93
/
1
4
95 July'28
Registered
93 100
96 Apr'28
45 uteri stud dollar_ May 11949
Southern Sty let cons g 58... _1994
N 9214 94 9212 July'28
921s 99
5
108's hO8' 10812 10813
Consolidated s f 41
/
45
1960 FA 100 10112 10134 10134
Registered
100 107
102
-- 11515 Apr'28
General 434s series A
/
1
1965 3D 9812 Bale 984
Devel & gen 48 aeries A._ _1956 A
98
/ 40
1
4
,
97 8 104
7
87
147
4
851 Sale 8534
General 5s series B
1968 JO 10612 1073 106
4
Develop& gen
10714 12 104 4 116
1958 A
3
11412 14
11311 11412 114
10
-year secured 75
1930 *0 10312 Sale 10312 10312 141 103 1064
Develop & gen 6Xs
1956 A
8 22
12018 Sale 12018 1213
15
-year secured 61
/
48
1936 PA 110 Sale 110
Mom Div let g 5a
11014 85 10914 113
1996
1
108 July'28
Registered
112 Apr'28
St Louis Div lat g 45
PA
1951 • J 8713 8914 8918 July'28
112 112
40
-year secured gold 58_ _A964 MN 10212 Sale 10214 1023
East Tenn reorg lien g 55..1938 M
4 51 1011 106.
1
4
1044 -- -- 9658 Dec'27
Pa Co gu 35.5a coil tr A reg_ _ _1937 M
873
Mob & Ohio coil tr 45
4
91 June'28
1938 M
877 93
5
92 July'28
93
92
Guar 334a coil trust ser 8_1941 PA 8714 16 89 July'28
8718 92
Guar 31 trust Ws C__ _ _1942 JO so
/
4s
90 Apr'28
894 904 Spokane Internal 1st g 5s--1955 3 .1 80
82 8 83 Aug'28
7
Guar 3 s trust ctts D_ __ _1944 JO 871g -/
1
4
Staten Island Ry let 434s_..1943• D
8812 July'28 - 8812 906
85 Nov'27
Guar 15 -year gold 48_ _1931 *0 9712 Sale 971
-25
Sunbury & Lewiston hat 4s_ .1938 I,
/
4
973
4 27
4
961 100
Apr'28
95
Guar 42 ser E trust ctfs
1952 MN 911 Sale 9114
/
4
1
9114
914 951 Superior Short Line lat 55_ _41930 MS
.
99 Apr'28
/
1
4
Pa Ohio dr Det let & ref 4545A'77 *0 953 96
Term Asan of St L 15t g 434s-1939 £ 0
4
/
1
4
95
96
20
954 102
ioi101 Aug'28
Peoria & Eastern let cons 48_1940 *0 83
let gotig gold 58
/ 88 83 Aug'28
1
4
1944 P A
/
1
4
83 8 9
1
2
103 July'28
Income 48
April 1990 Apr.
Gen refund at g 48
3713 501s
39
/ 3712
1
4
1953 1 .1 lozz-- -- 88
8814
88
8812
Peoria & Pekin Un 1st 51 _1974 PA ioi- los 103 July'28
/
48_
103
5 10214 1010/ Texarkana & It S 1st 15348 A 1950 P A 102 Sale 1017
102
2
8
Pere Marquette let ser A 58_1956 J
J 1021i 102 10212 103
/
1
4
1043 I I 100 102 1004 July'28
5 102 10612 Tex & N 0com gold 58
ist 4s eeriest)
1956
Texas & Pac 1st gold 58
J 8914 Sale 891
2000 ID 1974 11114 108 July'28
/
4
8912 11
884 9
6
'
2d inc58(1)lar.28cpon)Dec 2000 Mar
100 Aug'27
Phil. Bait & Wash 1st g 48.-1943
Gen & ref 58 series B
N 9213 9714 97 July'28
/
1
4
'1977 * 0 1011: Sale 10111 1014 22
97 100
General Se series B
1974 PA
La Div B L ist g 5s
10514
1931
4
8 105 114
J
_ 1001 100 Aug'28
Philllppine Ry 1st 30-yr s(481937 ii 1041 - - 4212 10514
42
421
4212
40
5
424 Tex Pac-Mo Pao Ter 534s-1964 M
/
1
1083
2
8
107 1081 108
Pine Creek registered 1st 60_1932 ID 100
Tol & Ohio Cent 1st gu 5s.,., 1935
104 June'28
104 108
1004 June'2
PCC&StLgu4918A
1940 A0
Western Dly 1st g 58
99r4 102
100 July'28
1935• 0
130 July'28
Series B 4)1s guar
1942 *0
General gold 58
100 July'28
193 ID
100 10212
100 June'28
Series C 4As guar
1942 MN
1013 June'28
4
J
101$.4 10212 Toledo Peoria & West 15t 48 1917
15 Nov'27 -Series D 4s guar
1945 MN 95
Tol St L & W 50-Yr g 4
97
97 May'28
1950 * 0
3
97
90 July'28
99
Series E 3 Iri guar gold -.1949 PA 97
Tol WV&Ogu4)4sA
-- 9715 June'28
/
1
4
193 3 .1 97
_
9712
97
8
/ 991 983 July'28
1
4
Series F 45 guar gold
1953 3D 95 - - 9714 Apr'28
lat guar &Ns/miles B
193
j 97 -. - 9912 June'28
/
1
4
Series049 guar
1957 MN 95
let guar 42 series C
98 July'28 _
1942 M
- 712
9
96
. 9518 June'28
Series II con guar 45_ _ _1960 PA 95
ilant & Buff 1st g
971 July'28 __
/
4
97
D
971s Tor
95 9452 Jul:WU
Series Icons guar 4Hs____1963 PA
16-- 101 July'28
85
14
101 1054
Sales3cons guar 40.-1964 MN
Ulster & Del let cons g
104 104 May'28
-1928 J
104 105
53 8 8912 633
/
2
83
/ 38
1
4
General M Se aeries A
1970 Jo 163 10834 1044 104
Certiticotes of deposit......
/
1
5
8
/
1
4
1 10414 11412
03 July'28
Registered
let refunding g
Jo
1133 Jan'28
2
113 113
/
1
4
384
381 15
/
1
/
4
's Union Pacific let4a & Idgt '47
Gen mtge guar 5a aeries B.1975 *0 ioi- 109- 105 Aug'28
RR
3 j 933 Sale 9312
4s
105
1043 11518
8
4
9412 17
Registered
Registered
AO
11313 1131
11312 Jan'28
,
9113 9212 92 Aug'28
1st lien & ref 4s
June 2952 M
10 8
0
90 Sale 90
9014 23
Pitts McK & Y 1st gu 8a._ -.1932 I
Gold 4
105 _ _ 106 May'27
_
963 Sale 963
2
5
9714 88
24 guar 6e
1934 33 10112 106 10312 June'28 _
1st lien & ref Ss
June 2:967 j D
0 83 j
9 M El
0
6
ioiie W 1097 1094 July'28
2
/
1
Pitts Sh & L E Ist g 5e
1940 AO 10018
40
-year g 4s
1014 105
10112 June'28
i6 1 Sale 8512
2
8712 187
let conaol gold 54
1943 33 10018 ---. 10014 June'28
4
1 934 31 3 89
193 1
10014 1004 UNJRR&Cangents
97
94 June'28
Pitts Va & Char let 4s
1943 MN 903
Utah & Nor lat ext 45
Oct 27
2 - - 95
92
9712 983 Nov'27
4
Pitts Y & Ash 1st 4s ser A _-_1948
. 3 974 Vandalla cons g 45 series A _1955 F A
0•1
D
95 June'28
9514 983 98 Nov'28
4
lit gen 53 series B
Cones f 42 series B
1962 PA 103 108 Juae'28
108 10812
96 June'28
let gen 58 series C
1974
Vera Cruz dc P assent 4)5 _ _ 193
96
57
4
D
951/41-.17
4 July'28
Providence Secur deb 45
1957 MN 70
75
/ SO% Virginia Mfd Se arles
1
4
1931 en S 977 --81/4 187 June'28
7612 76 June'28
10014
Providence Term let is
General 5s
1956 MS 83
/ 92 9114 June'28
1
4
91
9114
MN 10012 10112 1004 10012
2- /
1
2
Va & Southw'n 1st gu 58 _ .2958 J
Reading Co Jersey Cen roll 45'51 *0 92
921a 97
9312 12
1 03 A
0
93 93
97 103 102 Aug'28
let cons50
Registered
4
94114 9814
-year 58
943 June'28
A0
9512
1
9514 961 9512
4
Gen & ref 44e Berke A _-_1997
Virginian Ry let 511 series A 19932 Ka N
/
1
98 1004
9914 41
9 8 AB
7 mp
3 984 Sale 9814
1044 Sale
/ 1047
1
Rich & Meek 1st g 4s
1948 MN
7915 8214 Wa sh lit gold 58
1939 Al N 103 Sale 1044 103 2 86
791 May'28
ba
/
4
10212
9
RIchm Term Ry lit gu 5_.1952 j
2d gold 5s
994 102 10412 June'28
10414 1044
1004 10014 17
/
1
Rio Grande Juno let gu Si. _1939 ID
Ref 5 f 51 series A
/
48
10014 10113
10112 June'28
Sale 10215 10314 15
SU° Grande Sou lit gold 48_ _1940 3
Ref & gen 512 aeries II
44 6
5 May'28 _
1978 F A 9814 Sale 9814
414
2 24
983
Guar 45 (Jan 1922 coupon) 40 J
Debenture B 88 registered _1939 3
7 Apr'28 _
/
1
4
997 May'27
4
9812
Rio Grande West let gold 45_1939
1st lien 50-yr g term 43---1954 J
mils 954
9114 22
3
9012
89 June'28
let con & coil trust 48 A.. _1949 *0 831 8414 8314 Aug'28
Det Chien lat g 58. _ _1941 j J 8212
_
834 90
/
4
%
1054 July'28
R I Ark & Louis let 4910.-1934
Des Moines Div let g 4s_ _1939 j .1 10114
M18 994
/
1
4
/
4
96
B 951 sale 95
4
( 925 Apr'28
- i12
1
8
Rut
Omaha Div I at g 3).1s _ _ 1941 NA 0
-Canada let gu g 4a
791 BO
/
4
1949 I
791
/
4
11 994 A 0 83/ 87
7912
781
s
791 44
/
4
2
a
933* Aug'28
Rutland let cons 4)4s
Tol & Chia Div g 4a
1941 3
93
984
/
11
94 July'28
9012 74
891 9112 89 July'28
/
4
Ref &gen
Ser C
8972 70
89 Sale 89
St Jos & Grand Id hrt g 48.1947
87
I 8614 89
92
88 June'28 _ _
St Lawr & Adis* lst g fis
1996
1 100 1004 Warren lat ref gu g 3As _ _2000 F A
100
100 Sale 100
83
83 Mar'28
26 gold 6a
Wash Cent let gold 4a
106 108
1996 *0 10312 1051s 105 June'28
1948
/
1
4
90 Mar'28
90
fit L & Cairo guar g 4a
1931 J
98 s Wash Term 1st gu 334s
7
1945 F • 8312 8914 86 July'28
16
•
/ 973 9612 July'28 __
1
4
2
St L Ir Mt & 8 gen con g 55_1931 *0 98
1st 40
-year guar 4a
908 10214
1945 P A
10012 43
100 Sale 100
96 July'28
8
W Min WAN W let gu 51 __1930 P A 897
Stamped guar 54
1931 *0
1013 Dec'27
4
/
1
4
987
3
2
987s 99
Unified & ref gold 45
1929 J J 983 9812 98:
4
1952 * 0 79 Sale 79
98 101" West Maryland let g 45
984 84
/
1
119
80
2
11.1v &0Div 1st g 4s
lit & ref 51 series A____1977 3
/
42
M
975
1933 MN
4
/
1
9414 19
9714 20
944 94
/
1
967 964
2
St.L NI Bridge Ter in g 6a -1930 *0 94
Ms 1013 West N Y & Pa ist g 5a
4
99
1937
.1 1013. 102 101 July'28
99
1
99 100
Gen gold 42
1943 * 0 5918 90
5
8915
89
'
Western Pea 1st ser A 58_-_1946 MS 971
9814 17
4 9814 98
Weet Shore let 48 guar
2381
12
871
J 8 / 13:
86
0
3
1 8
4 112
Registered
2301 • J
14
8615
881
55- -i678
945
____
-9114
d Due May. • Due
June. 8 Due August.
Low
1142
854 98
874 974
387 10412
8
991 10113
8
1014 10313
100 101 s
7
991s 102 4
1
100 105
100 1034
106 111
971 97
8
/
1
4
79
9214
9312 974
947 99
8
974 1031s
4
913 98
99
99
0012 964
37is 974
9518 984
10312 11112
1061 1081
4
4
9813 10114
9913 991s
94
/ 9812
1
4
8818 94 s
7
10412 2004
874 904
1021.104
10014 102
10712 10712
9212 118
79
864
72
83 s
7
41
821
s
68
724
76
904
784 83
8 / 96
84
69 4 947
3
2
72
94s9
98 100%
991a 1017
.
100 105
11419 115
1 ‘2 90
181
88
88
684 100
99 4 104
4
10012 1031
4
9512 100
12
8842 06
89 4 90
4
106 108
9712 97 8
8
91
984
98
96
1084 1194
110 1154
853 93
4
114 121
120 127
106 313 8
1
8918 94
'oil. IA
83
90
997 997
2
2
9108 1024
10213 107
88
94
1017 1011,
2
10012 10314
108 116
iitifs 116;
100 1017
s
105 10914
10013 1084
9812 103
100 101%
'io 951,
585s tool.
3913 1064
941. 14
4
6612 76
62
63
32
66
9314 99
92
97 2
1
8912 98 2
8
983 1011
4
2
108 13"
854 89
931s 994
9899
06
99
12
1714 231a
10014 1011s
1004 103 e
1
102 1074
4
93 3031
1
104 101( 8
ma% 1084
991 1044
4
1024 107%
977 106
s
ii10•18 1063
4
914 9811
8 / 911 4
38
1
89
9512
9414
59
83 83
90s 904
8
91
85
887s 15
984 101
794 871
/
1
4
cies8 1034
100 104
88
/ 941
1
4
8
974 101
86
9512
854 93
805
New York Bond Record—Continued—Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 10.
13
Vt
Price
FOAM.
Aug. 10.
weer.
Range or
Last Rale.
11
Range
Binge
Jas, 1.
INDUSTRIALS
8814 Sale 8814
8814 14
103
103 Sale 103
4
718 July'28 ____
812 10
612 812 6 July'28 --99 Sale 99
43
100
953 Sale 95
4
95% 25
10512 Sale 10512 108
34
90 Sale 90
91
2
10112 Sale 101%
1017
8 12
977 10014 9614 July'28 ____
8
937 Sale 93%
8
94
12
104 10414 104
7
106
Am Telep & Teleg coil tr 43..1929 3
Convertible 45
1938 M
20
-year cony 4343
1933 M
-year colltr 5s
30
1946 3D
3D
Registered
35-yr e f deb 5(3
1960 J
20
-year a f 5348
1943 MN
Am Type Found deb(15
1940 AO
Am Wet Wks& El col tr 68..1934 * 0
Deb g 6a ser A
1975 M_ "
Am Writ Pap let g 65
1947. 1
1
Anaconda Cop Min let(Is— -1953 F A
Registered
15
-year cony deb 73
1938 P A
Andes Cop Mln cony deb 75 _1943
.1
An,glo-Chilean if deb 7e....1945 MN
Antilla(Comp Asuc) 7343- _ _1939 J J
Ark & Mem Bridge & Ter 56_1964 ▪ B
Armour & Co lit 4345
1939 ID
Armour dr Co of Del 534a ...1943 33
Amsociated 0118% gold notes 1935 MS
Atlanta Gas List Si
1947 3D
Atlantic Fruit 713 We dep.—1934 JO
Stamped Ws of deposit
ID
99
93
993
4
104
AU(WU& W I 8.9 L coItr 58_1959• 3
Atlantic Refg deb Si
1937)
Baldw Loco Works 151 5e_ _ _1940 ▪ N
Baragua (Comp As) 734s.._1937 .1
Hamadan Corp 135 with warr_1940 JO
Deb 65(without warrant)_1940 JD
Batavian Pete gen deb 4349_1942 J J
Belding-Hemingway 65
1936
Bell Telep of Pass series B....1948 J
1st & ref 59 aeries C
1960 * 0
Berlin City Elec Co deb 1334e 1951 3D
Berlin Elec El & Undg 6343 _1956 * 0
Beth Steel let & ref 5s guar A '42
N
30-yr pm&impef5a
1
1936
Cons 30
-year 1331 series A 1948 FA
Cons 30
-year 5348 sec B..1953 P A
Bing & Bing deb 6%5
1950 MS
Botany Conn Mills 6343
1934 * 0
Bowman-Bllt Hotels 71:
1934 MS
B'way & 7th Av 1st con 5a._1943 3D
Brooklyn City RR let 5,3_ __ _1941 3 J
Bklyn Edison Inc gen Si A__ _1949 • J
3
Registered
J
General 68 series B
1930
78
4
7654 773 7712
4
3
10118
10034 Sale 100 4
8
107 10712 10712 July'28
1
10412 107 10412 10412
10214 108
101% Sale 101
9114
7
90 4 Sale 9012
3
93
93 Sale 9212
115
94
94 Sale 94
3
105 Sale 104% 107% 20
10712 108 10712 108
8
9512 48
9412 Sale 9413
4
4
94
933 Sale 933
41
100 8 10112 10012 10218 13
3
100 Sale 100
100 8 13
3
1024 Sale 103% 1043
4 75
1013 Sale 10112 1021
4
79
973 9812 984 July'28
4
77 Sale 77
78% 15
101% 105 101
101
1
73% 76
723 July'28
4
91 Sale 91
91
10114 Sale 10114
104
70
10528 Mar'28
10112 10212 10312 10312
1
98
9812 98
102 Sale 1014
1083 Sale 10814
4
1033 Sale 1033
4
4
go
99
109
102
10914 44
10414 52
Sale 984 100
105
Sale 923
4
9318
7
10058 10012 1004
4
Sale 10312 104
33
_ 1043 Feb'28
10312 Sale 10314
1033
4 97
51
10634 Sale 10614
107
10412 1057 10512 106
6
8
985 993 9812
8
10
99
10312 104 10312 105
12
17
8712 87
88
--105 Sale 105
10512 208
_ 1054 Mar'28 --__
11812 Sale 11812 120
42
12514 Sale 12514
12812 139
103 10312 1023
4 10314 38
3
8814
8814 Sale 87
1
10112 10212 10212 10212
914 917 9114
8
917
8 50
92
29
9128 Bale 9113
7
10228 Sale 10228 1024
107 June'28
10312 _
1228 ____ 16 July'28 __
1228 __ 15 Mar'28 _
Bklyn-Man R T sec 88
1968 J J 97% Sale 9713
9812 154
Bklyn Qu Co & Sub con gtd fie '41 MN - _ _
70 June'28
69
1st 56 stamped
92
1941 3' 70
90 May'28
Brooklyn R Tr let cony g 45_2002• J
8812 Nov'28
3-yr 7% secured notes_ _ _1921 3' 105
13612 Nov'28
Bklyn Un El 1st g4
941.
-Ss
9313 - - , 94
1950 P A
94
1
Stamped guar 4-5a
9712 94
1950• A 94
94
1
Bklyn Un Gas lit cons g 59._1945 ▪ N 10412 108 10412 10412
1
MN 112
let lien & ref 8s series A_ _.1947
_ 1183 July'28
4
Cony deb 534e
1936• I 258 2 12 25714
62
258
6
Buff& Suag Iron 1st sf Es_ _ _1932 3D 9412
9412 June'28
Bush Terminal 1st 45
1952 * 0 90 8
3
_ 88 June'28
Conso1 59
1955• 3 9918 foo
9914
9912 21
Bush Term Bides Si gu tax-ex '80 * 0 10112 Sale 10114
10113 11
By-Prod Coke 1st 534s A_ _ _1945 MN 100% Sale 100 4 100 4
3
3
8
Cal0& E Corp urdf & ref 58_1937 MN 10312 Sale 0312 10312
1
Cal Petroleum cony deb a t 591939 P A 9812 Sale 9812
9872 12
Cony deb s f 534:3
1938 MN 101 Sale 101
1013
4 14
Camaguey Sug 1st e f g 75_ _ _1942 A0 9912 Sale 98
9912 23
CanadaS S L 1st & gen 6s. _ _1941 * 0 1007 10114 10112 July'28
8
Cent Dist Tel 1st 30-yr 5s ,1943 3D 105
_ 105 July'28
P A 9614 - - 9712 July'28
Cent Foundry let e f 6a May 1931
95
Central Steel 1st g t 8s
1941 M N
Certain-teed Prod 534s A_ _ _1948 M
Cespedes Sugar Co let if 734s'39 M
Chic City & Conn Rye 5aJan 1927 * 0
Ch G L & Coke 1st gu g 58_1937 3 .1
Chicago Rye let Si
1927 P A
'
3
Chile Copper Co deb Si
1947
'
3
Clearfield Bit Coal 1st 48___ _1940
Colo F &I Co gen s f Se
1943 P A
Col Indus lit & coil Si
_1934 FA
Columbia G & E deb 58
1952 MN
J
Columbus Gas lit gold 5s._.1932
Columbus Ry P & L 181 4349 1957 J J
Commercial Cable 1st g 48..2397 Q
Certificates of deposit
Q J
Commercial Credits f 69._ -.1934 MN
1936 3 .1
Col tr s f 534% notes
Computing-Tab-Ree a f 69..1941
Conn Ry & L lst&refg43.4e. _1951 J J
'
3
Stamped guar 434s
1951
Consolidated Hydro-Elea Works
of Upper Wuertemberg 7s_1956 J J
D
Cons Coal of Md lit & ref 6,3_1950
Consol Gas(NY)deb 530._1945 P A
Consumers Gas of Chic gu 55 1936 J o
Consumers Power let 59._1952 MN
1948 ID
Container Corp 1st 63
1943 3D
16-yr deb gold 89
Cont Pap & Bag Mills 630-1934 FA
Copenhagen Telep ext 6s _...1950 * 0
Corn Prod Refg 1st 25-yr a f 55'34 ▪ N
12418 125
9112 Sale
983 10014
4
6112 66
101
81 82
94 Sale
_ 88
IAI
9412 - -39 4
993 Sale
4
-- -- 95
9113 92%
87
88
12418 Aug'28
91
9212 37
10012 10012
2
612 July'28
4
101
101
1
8012
8112 26
94
943
4 35
90 Apr'28
_
101
101
1
9412
9412
9
994 100
197
95
95
1
9212
93
22
88
88
1
99 - 2 9824
6611695
92% 9278
105 10514 105
10514
994 100
9914 June'28
99 100
98 July'28
9712 98
78% Sale
10514 Sale
10012 - -10228 Sale
102 Sale
93 Sale
9512 983
4
100 102
101 10214
9812
987
2
772
4
80
1043
4
10512
101 July'28
10214
10212
10112 10214
93
95
9718 July'28
100
100
100
10114
2
10
13
5
18
64
_
30
34
31
__
1
10
VE
Prim
ArMar,
Aug. 10.
Weel's
Range or
Lan Sate
Basis
Since
Jas. 1.
AO Low
Hieb N9. Low
Hob
BM
4
4
993
4 17
D 993 Sale 993
Crown Cork & Seal a 6s_ _ __1947
9812 1004
4 1011 1034
'3 10112 Sale 10112 10134
4
Crown-Willamette Pap 8s ___1951
7612 7712 764
7912 30
6914 98
Cuba Cane Sugar cony 75 ___1930 J
143
95% 97
82
Cony deben stamped 8%.1930 33 7812 Sale 78
105 Sale 105
10512 26 105 108
Cuban Am Sugar let coll 89_1931 M
99% 52
N 98 Sale 98
98 10112
Cuban Dom Sug let 7349_1944
'I 10112 10212 1024 July'28 ---994 1041s
Cumb T & T lit d3 gen 5s___1937
9934
993
4
1
9812 101
Cuyamel Fruit lit a f 6s A ___1940 *0 9912 100
76 Dec'27
Denver Cons Tramw 1st 59..1933 AO
4 -9914 103 8
- - Den Gas & EL 1st & ref a f g 59'51 MN 997 Sale 994 10022
99 193
99
7
1951 MN 99 ____ 99
Stamped as to Pa tax
6612
5012 75
Dery Corp(D G) 151 f 7s_ _1942 MS 6612 Sale 6613
103
2 10158 103 8
3 102 ____ 103
7
Detroit Edison let coll tr 59_1933
4
1033 Sale 10312 1035
4
7 102 1061
lit & ref 59 series A_July 1940 M
6 1024 10634
1949 A0 10212 103 10212 104
Gen & ref 59 series A
10712 Sale 10612 1073
4 4-4 10614 109 8
3
let & ref 13s series B_ _July 1940 M
87
96
5 102 107
4
4 10212
D 1017 10212 1017
1955
Gen & ret 5sser B
103 109 4
3
103
1 103 107
14
1962 FA 103 10418 103
Series C
3% 10
974
974 60
95
Del United lit coils g 434e_ _1932 J J 9612 Sale 9812
10
9712 15
00
88 4 99
3
1940 MN 97 Sale 9612
98 1023 Dodge Bros deb 6s
8414
3
807 881a
s
93
967 Dold (Jacob)Pack 1st 6s__ _ _1942 MN 844 Sale 8418
,
85 101
104 1061: Dominion Iron & Steel 59_ _ _1939 MS 97 100 10012 July'28 ---9618
9
90
9913
97
96
Donner Steel let ref 7s
1942 3, 96
79
93
2 15 103 2 1064
N 104 10414 10414 1047
2
101 1044 Duke-Price Pow 1st (is ser A '66
105
99
084 104
2
9812 10231 Duquesne Light lit 434s A 1967 *0 982 Sale 9814
92
97
97
93
95 105%
East Cuba Sug 15-yr e f g 7345'37 MS 96 Sale 96
104 106
99
95
9518 10
'3 95 Sale 95
Ed El Ill Bkn let con g 49_1939
4
4
J 1084 1163 1143 July'28 ---- 11418 1174
974 9914 Ed Elec III 1st cons g 55
1995
6
95
943 Sale 9412
.8
9412 994
Pow Corp(Germany)8359'50 M
100 103s4 Elec
704 99
923 91
4
4
106: 19js Elk Horn Coal lit & ref 830.1931 Jo 9312 NI 923 Aug'28
4
i
4
78
Deb 7% notes (with warr'ta '31 ID 77% Sale 763
1024 106
9912 10218
Equit Gas Light lit con 58 _ _1932 MS 9712 1004 101 July'28 ____
96
9612
5
96 103
9912 9912
12
Federal Light & Tr 1st Ss__.1942 M
9812 190
5
9514 1014
9612
9512 951 964
lst lien s f 5,3 stamped _ _ _ _1942 M
9234 1091
5 100 1062
,
10312 10434 10312 10312
1st lien 6s stamped
1942 M
99% 1024
99 105
6
D 993 100 994 100
4
-year deb 69 ser B
1954
1034 106 30
7
95
99
9613
1939 3D 964 Sale 9612
10438 1045, Federated Metals if 7s
10014 119
10714 1
Fiat deb 7s (with warr)
1946 3, 108 Sale 106
1034 109
933
8
3
91
98
9212 94 934
1043 110
4
Without stock purch warrants_
3
1414 104
11454 18 189 2058
0
8
Flak Rubber 1st f 89
1941 MS 102 11411 116
1O3i2 106
1044 1047 10412
97% 1011 Ft Smith Lt & Tr let g ts_ _ _1936
10812
6 106 11012
.1 106 Sale 108
103 1094 Frameric Ind & Deb 20-yr 7349'42
931, Francisco Sugar ist s f 7 s_ _ 1942 MN 10512 108 108 July'28 - - 108 1104
83
16 101 10311
103 1061 French Nat Mail SS Lines 79 1949 ID 1011 Sale 10112 102
12
--- 05 July'28 - --- 105 107
.
1054 1051 Gas & El of Berg Co cons g 591949 ID
8 11 106 117
Gen Asphalt cony 813
1939 A0 1574 10814 1074 1083
1104 137
944 96
1942 PA 9412 ____ 9412 July'28 __-_
Gen Electric deb g 3%a
120 140
'I 10314 Sale 10314 103 4 11 102 10611
7
964 10514 Gen Elec(Germany)7sJan 15'45
3 118 12611
f deb 634s with warr_ _ _1940 JO 1033 1034 11812 1184
4
85
ea&
99
12
98 101 9
4
Without waretaattach'd '40 JO 99 Sale 99
1014 104
9418 42
93
-year f deb 6e
20
1948 MN 9334 Sale 9318
95%
90 4 944
2
8718 74
10213 103 1014 1043
1937 PA 10212 Sale 102
4
102 1031 Gen Mot Accept deb Os
3
28
9614 1024
Genl Petrol lit a 15e
1940 FA 101 Sale 140 4 141
10514 107
2 102 10812
1952 PA 10212 Sale 10212 10212
Gen Refr lst s f 6s eer A
1218 18
1
1
99 103
Good Hope Steel & I sec 7a - _1945 AD 10014 Sale 1004 10014
16
16
1073
4 38 1063 1084
8
Goodrich(B F)Co lit 654i..1947 I' 10714 Sale 107
9114 93
89 4 96
3
72% all Goodyear Tire & Rub lit 59.1957 MN 9014 Sale 904
11 10012 103
100 1034 Gotham Silk Hosiery deb 69 _1936 JO 101 Sale 1004 101
73
11
6912 824
1940 PA 6912 Sale 6912
107 1081. Gould Coupler 1st s 68
97 1014
4
994 13
loali 1088 Gt Cons El Power(Japan)7s _1944 PA 99 Sale 983
4
954 16
9412
.1
9228 98
9412 95
&gene (63.431
1950
lgt
9912 106
105 2 106 1
3
4
7
90
9814 Great Falls Power lets 155_ _1940 MN 10418 10614 1053 July'28 964 101
9712 14
907 93% Gulf States Steel deb 534a..A942 3D 9712 Sale 97
8
3 ____ 877g 8812 July'28 -- -8812 993
2
94
994 Hackensack Water lst 4s _ _1952
9512 964
1930 MS 9512 Sale 9512 May'28
104 1093 Hartford St Ry let 4s
,
81
98
8
87
_1952 PA 85 Sale 8.5
Havana giec consol g
107 4 118
,
5
74 Aug'28 ____
71
78 e
Deb 534e series of 19i._ _1951 MS 7112 75
94
98
8
9412
90
99 4
1
9412 9212
92
A.1934 A
93
97; Hoe(R)& Co lit 834e
_ 100 s 10411
7
0
47
997 1041, Holland-Amer Line Os 3 -19 MN 1024 103 10212 July'28
8
87
86
95
87
Hudson Coal let a f 513 ser A _1962 3D 86 Sale 86
99 108
N 1004 1037 10012 Aug'28
10018 109
8
1940
10212 106 8 Hudson Co Gas let g 5a
7
10112 95 10032 1084
Humble 011 4, Refining 5349_1932 3, 1014 Sale 101
994 105
40
98 10112
Deb gold Si
1937 *0 9912 Sale 9912 100
964 99
5 10314 1054
4 103%
4
77
831 Illinois Bell Telephone 53... _1956 ID 10312 1033 1033
,
9713 22
96 1014
1940 *0 9712 Sale 97
99 1051 Illinois Steel deb 43.40
4 101
3
98 8 1021
7
7
1946 A0 10018 1013 1003
Ilseder Steel Corp sf7s
68
81
90 1014 '
13
91
9212 9012
94
9018 9512 Indiana Limestone lst s 165.1941 MN
0812
2
9812 10012
,
Ind Nat Gas 4,01155
1936 MN 98 8 9812 9812
10114 106
,
8 10212 1054,
1952 MN 103% Sale 10312 104
105 8 1053 Indiana Steel 1st 59
3
102
1 101 104
101 1044 Ingersoll-Rand lit Si Dee 31 1935 33 ____ 10312102
Steel 1st 434e
913
8 34
9118 924
Inland
1978 A0 9112 Sale 9118
102
1 100 102
14
10012 10114 102
964 100 4 Inspiration Con Copper Otis 1931 M
8
6412 72
Interboro Rap Tran lit Si.-1966
J 78% Sale 783
7418 86
14
8
7918 79
80
90
J J 783 Sale 78%
Stamped
8
7412 864
7928 387
Registered
83 Apr'28
_
7628 83
10
-year 6s
1932 A 0 7812 Sale 7812
70
90
7912 31
gale 100
997 Sale 9812 100
10-year cony 7% notes_ _ _1932 M
55
964 1034
91152 091
90 100
104 111
lot Agile Corp 19t 20-yr 59 _ _1932
N 90
9312 9312 July'28 ____
86
Stamped extended to 1942 _ _ M N 80 Sale 80
79
116 119%
80
3
lot Cement cony deb 68
260 288
1948 MN 945 Sale 94%
8
953
4 27
854 1001
4
Internal Match deb Si
9314 102
9772 85
983 10012
8
1947 MN 973 Sale 9714
88
9412 Inter Merean Marine it 85..1941 A0 103 Sale 103
10314 155 1024 10612
3 99 2 Sale 9812
International Paper Se ser A.1947
9514 103
9,1% 102%
9912 25
,
Ref s t 6eser A
9914 10s
1955 MS 1024 Sale 102
10314 25 1014 105
14
100 10311 Int Telep & Teleg deb g 434s 1952 33 93 Sale 9212
0 % 98L8
2
9314 .
80_ 194 107
Jurgena Works Os(flat price).1947
1034 105
107 June'28
Kansas City Pow Ac Lt 58.._1952 MS 1533 Sale 103
95 4 102
3
4
103% 15 10212 1064
3 1004 10313 1004
95 104%
lit gold 4343:series B
1 1004 1051s
1957
10014
9812 10114 Kansas Gas & Electric 6i._.1952 M
3
4 61232 105 10612
108 ___ 105 4 1063
1004 103
11814
10514 122
, Kayser (Julius) & Co deb 534s'47 M
11212 Sale 11218
1043 10512 Keith(B F)Corp let(is
4
9012 00614
10614 101
92
904 Sale 9012
1946 M
974 994 Kelly-Springf Tire8% notes _1931 MN 108 109 10812 109
10
Keyston Telep Co let 5a_ _ _ _1935 3 .1 9412 95
95
95
120 125
Kings County El.33P g 5s _ _1937 *0 0312 ____ 104 July'28 ____ 103 111
9 125
4 107
99
3
125 1315
Purchase money Cie
8912 97
1997 AO 12514 ___ 1254 Aug'28
100 105
Kings County Elev let g 4s _ _1949 PA 82 Sale 824
2
827 9112
3
82 8
7
I
613 69
4
Stamped guar 4a
824 904
1949 FA
4
834 10
823 Sale 8234
100 104% Kings County Lighting 5s __ _1954
.1 100 106 100 Aug'28 ____ 100 107 1
3
8012 88
Finn & ref 834a
4
1954 3 3
_ 118 1163 July'28 ____ 1143 120
4
9314 97% Kinney(GB)& CO 734 %notes'36
D 105 m1210514
10514 1 106 10814
874 90
Kresge Found'n coil tr 6s _..1936 3D 1034 10514 10314
4
1032
8 10213 1057
4
994 10214 Lackawanna Steel lit 5a A._1950 M
2 1004 1064
10114 104 10114
10138
9412 98 4
,
9814 101% Lac Gas L of St L ref&ext 58_1934 A 0 101 1014 101 Aug'28
99 1044
95 1004
Coll & ref 5349 series C _ _ _1953
A 10312 10414 10312 1043
4 1024 106
2
92 100
Lehigh C dr Nay st 434s A 1954
9912 10012 10012 June'28 ____ 100 10144
77% 88 4 Lehigh Valley Coal 1st g 59_1933
97 1024
3
9912 10112 1014 10112
2
Registered
_ 10012 Feb'28 ____ 10012 101
lit 40-yr gu lot red to 4%A933
9212 97
9512 Aug'27
9278 97
1st dr ref 915,3
A 101
1934
1 jai' 102
____ 101
101
104 10613
1st & ref 9159
A 9914
1944
loolz 1 9954 1044
A
lst & ref f 5s
1954
99
994
9912
1
964 1014
9
8% 103
A 94 Sale 94
1964
98 102
Ist&refet5s
94 1004
94
1
1974
A 9512 97
94
9944
1st &ref f 52
9812 July'28
9612 10012 Lex Ave & P F 1st gu g 5s_ _ _1993
97
3714 May'28 ____
35
371
4
76
832 Liggett & Myers Tobacco 79_1944 A 0 12012 Sale 12012 12012
4
3 120 127
A 10012 102 100
1951
5s
997 1001
2
10013 12
104 107
4
12112 Sale 12112 12314 24 113 133
1004 10314 Liquid Carbonic Corp 69_ ..1941
102 10518 Loew's Inc deb Os with warr _1941 A 0 108 Sale 168
109
87 1033 1134
4
Without stock pur warrants_ A 0 10014 Sale 100
mos 20
99 10212
98% 10278
1944 A 0 112 Sale 112
92
98:2 Lorillard(P)Co 7s
112
9 112 11811
A 89
1951
79
97:
2
55
89
1
884 98 4
1
9012 89
100 10214
1937 3 .1
Deb 5345
90
92
34
90
974
100 10278
All Low
MO No. Low
BM
1107.
Wheeling & Lake Erie—
100 Apr'28
E'xt'n & impt gold Si
100 1001
,
1930 P A
92 10214
91 4
Refunding 434a series A_ _ _1966 MS 9018 - -3- 92 July'28
1014 102
Refunding 58 series B
1966 MS 9612 98 10112 Mar'28
91
91
3
91
94
RR let consol 4e
1949 MS 9014
7014
7
68
Wllk & East let gu g 55
88
1942 ID 6714 74
791
4
10334 1048,
Will &(3 F 1st gold 59
1938 J D 10014 104 1033 May'28
92
8512 9112 92 June'28
Win:don-Salem S B Ist 431.- _1960 J
93
2
83
8212 833 83
8134 923
Wis Cent 50-yr 1st gen 48.._ _1949
4
N 8812 91
8812 Aug'28
Sup & Dul div & term 1st 43'38
88
93:
1
923 Mar'28
8
Wor& Con East 1st 4348_1943 J
92
924
B
Adams Express coil tr g 49._ _1948
Ajax Rubber let I5-yr a f 89_1938 3D
B
Alaska Gold M deb 1531A _ _ _ _1925
Cony deb 68 series B
1928 M
Allis-Chalmers Mfg deb 5s_ _1937 MN
Alpine-Montan Steel let 7s _ _1955 M
Am Aerie Chem 1st rots f7345'41 P A
Amer Beet Sue cony deb 69_1935 FA
American Chain debit Os_._1933 AO
Am Cot Oil debenture 5e_
1931 MN
Am Cynamid deb 55
1942 AO
Am Mach & Fdy f 69
1939 * 0
American Natural Gas Corp—
Deb 634s(with purch warr)'42 AO
Am Sm & H 1st 30-yr 55 ser A '47 * 0
let 54 easel-1es B
1947 * 0
Amer Sugar Ref 15-yr 6s_ _ _ _1937 J
BONDS
N.Y.STOCK EXCHANGE
Week Ended Aug. 10.
806
New York Bond Record-Concluded-Page 6
BONDS
NI Y. STOCK EXCHANGE
Week Ended Aug. 10.
t
Pilo@
Fridap
Aug. 10.
Week's
Rouge or
Last Said.
Ralli71
MSG"
Jas. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 10.
t
.112.
Pries
Friday.
Aug. 10.
Weer.
ROW.or
Lan Said.
Iltob
Etici
Ask Low
Low
High
' 9214 923 9212
3
923
4
100 3 10011 Purity Bakeries s f deb 55...1948
4
5
/
4
993
4
4
983 Sale 981
95
4811 Pure 011 81 534% notes___1937 P A
0212
Remington Arms 68
1937 MN
99 Sale 98
9314
8714 911 Rem Rand deb 534s with war '47 MN
93 Sale 92
:
98 8 1021, Repub I & S 10-30-yr 59 s f_1940 * 0 10218 103 10114 July'28
5
Ref & gen 5346 series A...1953
' 10412 Sale 10412 10412
3
4
1017 1095
8
6712 77
/ Reinelbe Union 78 with war_1948• J 10.514 108 1053
1
4
8
1053
4
2812
J
Without stk punch war..
.1946
98 Sale 98
60
7114
98 1031, Rhine-Main-Danube 713 A.
101
.A910 MS 101 Sale 101
Rhine-Westphalla Elec Pow 78'50 MN 10214 Sale 0112 10214
100 102
Direct mtge 68
9114
1952 MN 9114 Sale 9012
Rime Steel 1st s 1 78
95
104 100
95
1955 P A 951 96
/
4
'
p
65 June'28
97 8 100
7
12 Robbins & Myers lets 1 78..1942
1005, Rochester Gas & El 78 ser 13.1946 M
96%
09
/ 10912
1
4
1093 112
4
Gen mtge 530 series C
10014 105
054 July'28
/
1
1948 MS 105
78
841. Roch 32 Pitts C32 Ipm 58..1946 MN
_ _ - 90 June' 8
St Jos Ry Lt & Pr lot 5e
9612 103
9512
1937 MN 90- / 9512
9512 984
1
8912 9812
'
3 9812
10412 10614 St Joseph Stk Yds let 434..,1930
- 99 July'28
761 July'28
/
4
1
99 102 2 St L Rock Mt & P58 stmpd_1955 - 1 761 78
/
4
9712 1004 St Paul City Cable cons 524_1937
____ 9612 93 Aug'28
10212 1064 San Antonio Pub Serv 18t 68_1952
1084
/
1
08
108 112
1
9914 103. Saxon Pub Wks(Germany) 7s'45 P A 100 1004 99
/ 10012
1
4
/
1
Gen ref guar 634s
10112 1064
95
1951 MN
95 Sale 94
Schulco Co guar 614s
4 103
1946
99 105
1023 10312 023
4
Guar 161de series B
4 10312
/
1
4
1946 AO 102 10312 023
Sharon Steel Hoop 8 f 5;0_1948 MN
100 4 120
1
97
___ 961 97
/
4
/
1
95
9418 101% Shell Pipe Line 51 deb 55._ 1952 MN -95 Sale 234
,
9858 1021 Shell Union Oil s f deb 5s.„1947 MN
963
4
9612 Sale 8614
98 101; Shinyetsu El Pow let 630_1952 3D 9214 9212 9214
925
8
99 1001r Shubert Theatre 6s_June 15 1942 J D 8912 90
8914
89,
4
9918
9918 Sale 99
851 883 Siemens & Halske 81 78
/
4
1
1935
Deb s f 634s
8214 821
1951 MS 1053 106
08 July'28
4
967 91 4
2
S 1634s allot etfs 50% pd __'51 MS
3
10712 10512 10612
4
2
905 985 Sierra & San Fran Power 58_1949 A -68i Sale 983
8
4
9912
Silesia Elec Corp s f6368
103 107
9414
1946 P A
94
8
98
1021 1043 Silesian-Am Exp coil tr 7s.
/
4
4
..194l P A 97% Sale 975
Simms Petrol6% notes
1929 MN 10112 Sale 10112 10214
Sinclair Cons Oil 15
56
65
-year 75.1937 M S 10112 Sale 1013
8 10212
let lien co1165 aeries D__ _1930 MS 28% Sale 68%
9572 99 4
3
9914
1st lien 634s series D
101 10412
1938'p 99 Sale 983
4
993
8
8118 101
Sinclair Crude Oil 534s ser A_1938 33 97 Sale 97
9712
100 100 4 Sinclair Pipe Lines 15,
95
3
1942 AO 93
9312 9318
10212 10518 Skelly 011 deb 534s
9214
1939 M
92 Sale 92
Smith (A 0) Corp 1st 6368-1933
N 10214 Sale 1013
8
1073 108
10214
4
4
1053 11118 South Porto Rico Sugar 75_ _1941 3D 1074 109 107%
/
1
1071/4
South Bell Tel & Tel 1st sf681941 J J 102 103 103
9912 106
10312
.1 102 Sale 102
95 10112 Southern Colo Power 68 A.A947
1023
8
957 101% S'west Bell Tel 1st & ref 5s._1954 P A 1027 Sale 1024 10312
8
/
1
2
90
84
887 94
8
Spring Val Water 1st g 58_ __1943 MN 100 -- -- 100
100
Standard Milling let 58
10012
113 119
1930 MN 100 Sale 100
1st & ref 530
1945 M
4 10314
1023 Sale 1023
4
10314 10
6
4
/
1
4
1055 1115 Stand 011 of N J deb 55 Dec l5'46 P A 102 Sale 10212 1023
8
4
Stand 011 of N Y deb 430.._1951 3D 945 Sale 9412
9514
110 110
8
/ 10014
1
4
9214 98
/ Stevens Hotel let 68 series A.1945 ii 100 Sale 99
1
4
Sugar Estates (Oriente) 714_1942 M S 98
98 12
4
983 98
Superior Oil let 8 f 75
_ 1021 100 June'28
1929 P A
/
4
9878 10174 Syracuse Lighting 1st g 55_ _1951 J D 105 1071 107 July'28
/
4
4 1013
4
9958 104 1013
6234 623 Tens Coal Iron & RR gen 53_1951 I .1
,,
Tenn Cop & Chem deb 6s_ _.194l AO 108 Sale 108
109
58
60
218 4
Tennessee Elec Pow 1st 615_1947
' 106 Sale 106
p
10614
/
4
Third Ave let ref 45
683
.1 6814 Sale 671
8
1960
212 4
Ad1 Inc 58 tax-ex N Y Jan 1960 * 0 63 Sale 63
644
/
1
4
N Y Rya Corp Inc 69_ __Jan 1965 Apt 2212 Sale 2218
Third Ave Ry 1st 858
J _974 973 Aug'28
3
1937
13 8 32
5
233 131
8
761 9412 Toho Elec Pow lot 7s
8
Prior lien 65 series A
9914
99T4 Sale 99
1955 M
6
' 88 Sale 88
3
8914
1965
N Y & Richm Gas 1st 6s A_ _1951
8212 Sale 99
6% gold notes_ _ _July 15 1929 3
9914
1 104 109
N 10414 105 10412 10412
NY State Rys 1st C0/12 430_1962 MN 4518 473 4778
Tokyo Elec Light 6% notes.1928 P A
8
997 July'28
47
/ 60
1
4
14
48
4
let 1315 dollar series
' 6114 Sale 91
P
1st cons 630 series B
917
8
748.
3
60
60
60
615
8
1902 MN
8 10014
NY Steam 1st 25-yr 68 ser A 1947 MN 106 Sale 10512 106
2 105 10914 Toledo Tr L & P 5li% notes 1953 ▪ .1 100 100
193
0
/ 995
1
4
225 Sale 9914
4
NY Telep 1st & gen of 430.1939 MN
__... 10712 1043 June'28
4
1949 M
9914 10312 Trenton G & El 1st g 55_
10014 38
30
-year deben s f 69_ _Feb 1949 P A 1107 Sale 110
1940 MN 1023 Sale 10212 103
111
8
16 109% 1111 Trumbull Steel let a f 6s_
4
20
Twenty-third St Ry ref 55._1962 J
-year refunding gold 68.1941 AO 1063 Sale 10612 107
4
60 July'28
85
29 106 109
62
N Y Trap Rock lst /
109 103% Tyrol Hydro-Elec Pow 7348_1955 MN 100 1007 101
101
1
1
4
1946• D 100 101 10112 July'28
4
Niagara Falls Power 1st 58...1932
/
4
8
5
1011 1015 10114
10114
101 104 4
987
8
Ref & gen 68
9912
10414 12 104 1061 Ujigawa El Pow s f 7a
1945 MB
,
Jan 1932 AO 10414 105 104
!Vag Lock &0 Pr 1st 55 A955 *0 103 Sale 102
9534 Mar'28
103
44
6 101 10 / Undergr'd of London 410_1933• J
999
0
• Norddeutache Lloyd (Bremen)114 92
Union Elec Lt 32 Pr(Mo)53_1932 MI 1048:48 Sale_.109 2 10112 Aug'28
_ -1
.
Ref & ext 55
20yrat68
4
8
1933 MN 100 10012 100
100
923
4 20
92
9312
1947 MN 923 927 92
Nor Amer Cem deb 61ds A 194() MS 78 Sale 78
Un E L&P(111)1st g 5 51ser A_9354
.•1 103 10312 10314
3
10314
79
20
73
93
No Am Edison deb 58 ser A.1957 MS 100 Sale 99
/ 100 8 184
1
4
3
1945 AO 88
7
8912 8912 July'28
99 103 1 Union Elev Ry (Chic) 58
Nor Ohio Trac dr Light 8s__.1947 MS 100 Sale 100
' 10112 103
3
103 .
1931
013 July'28
4
10 100 10712 Union 011 let lien a f te
Nor States Pow 25-yr 58 A1941 * 0 100 4 102 4 997
30-yr 68 series A____May 1942 F
3
1
8
109
1101s
9978 104
101
32
1st & ref 5-yr 6s series B._1941 * 0 10512 Sale 105
let lien s f 5s series C_Feb 1935 AO
98
98 12
10512 23 104 107
North WT 1st Id g 4Sis gtd_1934 • J 9712 - - 9712 July'28
United Biscuit of Am deb 621_1942 MN 19812 8 Olz 10012 10012
0 14 s le
9
0 10:l
6
9712 100
Norweg Hydro-El Nit 5348.1957 MN 903 Sale 90 4
4
96
3
9012 9414 United Drug rots 25-yr 58_ _ _1953 ▪ B 95 Sale 95
9114 24
Ohio Public Service 734s A1946 AO ____ 1153 115 July'28
8
8414
1934• J 8414 Sale 84
11412 1163 United Rye St L let g 4s
4
1st & ref 73 series B
4
8
United SS Co 15-yr 69
1937 MN
9612
953
4
1947 P A 115 1143 1157 July'28
115 118
Ohio River Edison 1st 61___ _1948 3' 105 1053 10412 105
4
Un Steel Works Corp 634s A.1951 J D 924 93
927 Aug'28
8
/
1
8 10412 108
Old Ben Coal 1st fIs
' 92
A
in 9258 9312 9218
9214 92
With stock our warrants
9
2
92
1944
93
0
4
87
9512
Ontario Power N F 1st 5s
Series C without warrants • D
1943 F A 10012 _ _ 103
90 Aug'28
103
5 10112 1061,
99 101 103
- 12
Ontario Transmission 1st 58.1945 MN
103
With stock put warrants_ _ 3D 90151 9154 91 July'28
1 10958 104%
Oriental Devel guar 6s
964 105
United Steel Wks of Burbach
11,53 M S 9812 Sale 9812
99 5 21
,
3
Oslo Gas dr El Wks eat'55_1963 M S 90 4 Sale 905s
9114 22
Esch-Dudelange s 78__ _ _1951 *0 10412 10512 0412 10412
905 917
8
8
Otis Steel 1st M 85 see A_ ___1941 M S 9914 Sale 9914
8712
US Rubber 1st & ref 5s ser A 1947 J J 8614 Sale 86
11722 101
993
4 24
1011 Sale 1015
/
4
8 1023
Pacific Gas dr El gen & ref 581942 J
10-yr
% secured notes_1930 A 1003 Sale 0012 101
4 15 100% 105%
4
Pac Pow & Lt 1st & ref 213-yr 58'30 FA 100 101 1003
994 1011 U S Steel Corpf Coupon Apr 1963 MN 106513 Sale 06
4 1003
10718
2
4
8
If 10-60-yr5s1Regis. _Apr 1963 MN
Pacific Tel dr Tel 1st 55
053 July'28
4
4
1937 ▪ 3 10212 1027 10234 1023
1 10258 105
N 102 Sale 102
Ref mtge 58 series A
10212 13 102 108
1952
Universal Pipe & Rad deb 68 1936 3D 90 Sale 90
9014
4
/
1
4
Pan-Amer P & T cony s 68.1934 MN 1023 Sale 10212 102
8
9 10212 105% Utah Lt & Trac 1st & ref 58. _1944 AO 9558 Sale 955
963
4
4 13 103% 1051 Utah Power 32 Lt let 58
let lien cony 10-yr 78
1944 P A 9912 Sale 9932 100
1930 P A 10412 105 10412 1043
4
4
9912
Pan-Am Pet Co(of Cal)cony 6540 3D 943 Sale 943
3
'3 1075 10912 084 June'28
911 984 Utica Elea L & P let s f g 58_1950
/
4
/
1
/
1
8
Utica Gas& Elec ref & ext 50 1957 3, 105 10612 0512 10 4
10114 36 10012 104
Paramount-Wway 1st 534s 1951 J J 10114 Sale 10118
53
993
4 35
98 1025 Vertientes Sugar 1st ref 713_1942 3D 983 Sale 983
Paramount-Fam's-Lasky 68_1947 JO 9912 Sale 9914
4
9914
4
4
/
1
4
99
8
PPark-Lox 1st leasehold 030-1953 3, 9812 Sale 98
48 July'28
8612 10214 Victor Fuel 1st sf55
63
1953 3' 51
102
4
1013 103 102
23 102 107
M
Va Iron Coal & Coke 1st g Ed 1949 MS 82
Pat & Passaic G & El cons 581949
85 Aug'28
12
85
75
265
50
8114 Va Ry & Pow 1st Lk ref 5s...,1934 3' 997 1013 00
Pathe Each deb 7s with warr 1937 MN 7214 Sale 6914
10014
8
2
95
18
9418 102
Penn-Dixie Cement 6s A__ 1941 MS 94 Sale 94
11354 115 4 Walworth deb 834s (with war)'35 A 0 86
_ 115 115 July'28
1
90
8612
Peep Gas & C 1st cons g 6s-1943 AO
8612
1034 22 103 10814
/
1
let sink fund 68 series A. 1945 A 0 82 Sale 82
82
1947 MS 102 104 103
Refunding gold 5s
104 Apr'28
104 104
Warner Sugar Refin 1st 76_194; 3 D 1063 Sale 06
MS
1063
4
4
IA Registered
103 104% Warner Sugar Corp 1st 7$_ _.1939 J J 8412 90
8912
91
Philadelphia Co coiltr 6s A.1944 P A ---- _- 103 July'28
277
98
D 97 Sale 97
97 101% Wash Water Power 81 _ _1939 J
04 July'28
1967
Secured 55 series A
9712 Sale 974
/
1
983
4 50
9712 10411 Wenches Ltg g 58 stmpd gtd 19503 D ibi
07 July'28
58Phila Elec Co 1st 4348
1987 MN
4
9712
94 10211 West Penn Power ser A 55...1946 61 8 101% Sale 011 10214
/
4
Phila & Reading C & I ref 513.1973 J J 9712 Sale 9714
1st 58 series E
9114 943
4
913
4 73
/
4
10212 10312 031 Aug'28
1939 J D 9114 Sale 9114
Phillips Petrol deb 534s
104
01
1st 53414 seriesa F
10318 Sale 103
9012 106
10514
10514 Sale 0514
Pierce-Arrow Mot Car deb 881943 M
lat sec 58 series G
10414 1063
4
3D 100 1004 0854 July'28
1013
4
Sale 0114
10114
Pierce Oil deb 5158_ _Dec 15 1931
1 1033 100'. West Va C C
4
0512 10512
68
60
50 Sale 50
Pillsbury Fl Mills 20-yr 611_1943 AO 105
102
Western Electric deb 5s.„.111 9996933 MA.1 D0S 102 10212 02
6
9914 113
194
564
10212
N 10114 10214 102
Pirelli Co(Italy) cony 7s__ _ _1952
Western Union coil tr cur 513.19 1 0 102 10212 023
99 100
99 June'28
4 103
978 .0 .1
3
Pleasant Val Coal 1st g 5 f 55_1928
Fund & real est g 4Hs-_1950 M N
93
/ 9614
1
4
98
97 Sale 97
/
1
2 9312
J 934
Pocah Con Collieries 1st a f 581957
931
' 10
15
-year 6358
10412 1063
4
106 106 July'28
/
1
4
1091 Sale 0912 110
8
Port Arthur Can & Dk 68 A_1953 P A 103
2 -year gold 5
5
104 108
/
1
4
5
J D 1011 Sale 0114
1017
106 106 July'28
8
/
4
lst M 6a series B
1953 P A
101 106 4 West'ifiseE & M 20-yr g 5a. _11199435661 9 A 10312 Sale 0312 104
1
101
9 M S
Portland Elec Pow 1st 6s BI947 MN 100 101 101
99 10314 Wheeling Steel Corp 151 53is 1948 J J 100 1003 00
8
1003
993
4
993
4
8
4
Portland Gen Elec 1st 58
1935 3, 993 101
4
9(3 White Eagle Oil & Ref deb 534537
98
9814 9812 99 July'28
Portland Ry let & ref 58_ _ _1930 MN
With stock purch warrants_ _- MB 9612 9712 963
4
963
8
98 1013
8
993
4
98 10012 993
4
Portland Ry L as Plat ref 58_1942• A
4
2 10118 1047 White Sew Mach 6s(with war)'36 J
1243
4
10118
hat lien & ref 6s series B......1947 M h 1011s 102 10118
-- 24 July'28
Without warrants
/
4
9914 fil;lo 991
5
6 1063 108
9913
107 4
,
let Hen & ref 73.0 series A.I949 MN 107 Sale 107
Wickwire Spen St'l 1st 78_ A935 J
363
8
9714 105
35 Sale 30
9
277 Sale 977
4
Porto Rican Am Tob cony 85 1942 J
4
9851
4
94
953 Wickwire Sp St'l Co 7s.Jan 1935 MN
8
36
341 Sale 317
/
4
9514 74
Postal Teleg & Cable coil 58_1953• J 94 Sale 94
0212 Aug'28
993 Willys-Overland Sf 610--.1933 M S 102 103
4
90
16
92
92 12
Pressed Steel Car cony g 58..1933 J
9218 93
Wilson & Co 1st 25-yr s t 68_1941 A 0 10212 Sale 02
103
111 115
Prod & Ref s f 8a (with war).1931 J D 1115
_ 11 July'28
8
10714
1104 11211 Winchester Repeat Arme7348 '41 A 0 107 Sale 07
/
1
Without warrants attached--in 110 4 fif 111 July'28
3
Youngstown Sheet & Tube 5s1978J J 99 4 Sale 994 100
/
1
4
3
Pub Sal Corp N Jdeb434aA948 P A 12014 Sale l2O5s 12212 436 116 1253
,
1047 10
Pub Serv Elea & Gas 1st 5;451959 AO
8 6
10618 Mar'28
Ist & ref 58
10254 35 Ica 105%
la Sale 102
1965 J
Punta Alegre Subar deb 7a. 1937
9 104 107
.1 104 Sale 1044 105
/
1
HAM No
Bid
Ask Low
Louisville Gas 32 El(Ky) 55_1952 MN 102 104 102
7
103
Louisville Ry 1st cons 55._1930 3,
9612 Aug'28
Lower Austrian Hydro El PowIsts 11330
8812 8918 8812
5
1944 P A
8512
McCrory Stores Corn deb 5345'41 3D 99 Sale 98
/
1
4
991 16
/
4
Manatl Sugar 1st s f 7348
8
1942 *0 1033 Sale 1033
4 104
4
4
Manhat Ry(NY)cons 848.1990 *0 685 Sale 873
685s 13
8
2d 4s
2013 J D 64
6512 7114 June'28
Manila Elec Ry & Lt If 5,3_ _1953 MP 9312 98
9814 June'28
Marion Steam Shovel Si 65_.1947 A0
35
100
100
Mfrs Tr Co ctfs of partio In
A I Namm & Son lot 88._1943 in 104 10412 105 July'28
8
9838 10
Market St Ry 78 ser A April 1940 Q
983 Sale 971
8
21
98
Meridional El let 78
8
1957 AO 977 Sale 97
Metr Ed 1st & re( 5s ser C 1953
19
4 102
' 101 102 1013
3
Metr West Side El (Chic) 48_1938 P A
2
78
7818 8112 78
Miag Mill Mach 75 with war 1956 in 98 10112 2812 July'28
J D 9212 93
7
9212
Without warrants
93
Mid-Gent Petrol 1st 634s___1940 M
10514
6
10514 1053 105
3
Midvale Steel dr 0cony 81 581936 M
991 104
/
4
99 Sale 99
985
Mllw El Ry & Lt ref & eat 4As'31
' 98
3
3
8
/ 9912 2812
1
4
2
General & ref 5s series A1951 3D 10212 103 10212 10212
17
1st & ref 58 series B
1961 in 100 Sale 9938 100
10318 Sale 10238 10314 14
Montana Power 1st 58 A
1943 3
Deb 513 series A
993
4 17
99 Sale 99
1962 J D
MontecatInl Min & Agric4
23
4 106
Deb 78 with warrants
' 1053 Sale 1053
3
1937
9812 Sale 9518
9512
6
• J
Without warrants
8
5
995
8
Montreal Tram let & ref 58.....1941 3, 985 Sale 9918
99
98 June'28
Gen & ref a 58 series A_ __1955 * 0 98
_ _ 993 May'28
4
Series B
1955 *0 98
8612
Morris & Co 1st s I 4344_ _1939 J J 86 Sale 80
92
8212 Jan'28
Mortgage-Bond Co 45 ser 2._1996 AO 84
4
'
3 973 9812 9812
9812
10 -year 58 series 3
-25
1932
4
4
8
97
Murray Body 1st 6345
1934• D 963 9712 967
/
1
Mutual Fuel Gas let gu g 58_1947 MN 1034 Sale 10312 10312
1
Mut 17n Tel gtd Os ext at 5% 1941 MN
4
1045 July'28
Namm (A I) & Son-See Mfrs Tr
' 59 Sale 587
3
8
60
Naseau Elea guar gold 45_1951
26
Nat Dairy Prod deb 5301-..-19 8 FA 97 Sale 9612
9714 76
4
Nat Enam & Stampg let 51.1929 3D 10112 10212 10114 May'28 Nat Radiator deb 6349
1947 P A 85 Sale 85
8512 17
Nat Starch 20
8
100
10014 00
-year deb 55...1930 3' _
10212 Sale 0212 103
National Tube 1st s 1 55___ _1952 M
5
Newark Consol Gas cons 55_1948 3D
10712 073 Mar'28
4
New England Tel & Tel 58 A 1952 in 10518 Sale 0518
1055
8 54
1st g 434s aeries B
1961 MN 10012 Sale 10014
1007
8 30
New On Pub Sal, 1st 543 A_1952 AO 9612 Sale 9512
19
97
First & ref 53 series 13
4
4
4
97
1955• D 963 Sale 963
N Y Dock 50
-year 1st g 4s._1951
' 8518 867 86 Aug'28 -A
8
Serial 5% notes
89
9012 887
35
8
1938 AO 88
NY Edison 1st & ref 6348 A..1941 AO 11414 1145 11414 1147
8
8 28
1st lien & ref 5s series B_ _ _1944 AO 104 Sale 1033
4 104
13
N Y Gas El Lt 11& Pr g 58_1948 3D 1055 111 1055
3
4
8 1055
8
Registered
110 Apr'28
Purchase money gold 413_1949 P A
93 Sale 923
4
93
12
8
NYLE&WC&RR5;251_1942 MB 98 102 1025 Oct'27
NYLE&W Dock &Imp 581943 3, 10018 -.- 1013 July'28
8
9918 Sale 9912
9912
5
NY&QEIL&PIstg58_1930 FA
N Y Rya 1st R E & ref 45_1942• J
623 Apr'28
4
Certificates of deposit
56
- 58 June'28
30
-year ad) Inc 59._ __Jan 1942 7C4 Mar'28
3
_-.
4
;
45
3
4 Mar'28
4
Certificates of deposit
RCN.
BOHM
Jae. I.
No. Low
Fligh
9214 95
16
9712 10112
64
97 101
27
97 4
1
92
135
9954 105%
3 103 105
8
22 1053 11312
28
9818 102
2 100% 104
5
23 10014 102 4
8
90% 94
5
94 4 98
2
65
38
6 107% 114
104 10812
90
9018
2
95% 9811
99
99
76
797
8
93
9815
12 10612 1095
4
9912 103%
34
94
98
3
6 10012 10511
9 100 105
96 4 08
1
1
9312 9612
51
9473 10012
54
915 0612
4
7
94 8
7
88
1
99 104
3
10412 112
4
44 IN% 1073
9818 105
22
923 96
4
7
9712 102
15
9814 10812
17
58 100 10414
3
157, 974 99 4
98' 10214
4
90
60' 9612 99%
973
4
93
13
95 8
5
92
7
7 101 10312
1 106 11014
8
8 1025 1061
/
4
23 102 10714
,
14 10214 1071
6
12
64
200
78
10
2
1
36
29
57
341
17
64
243
7
24
3
14
7
3
6
20
5
58
7
3
14
1
70
62
31
_
13
32
33
42
9
10
9
3
76
14
28
5
36
2
21
13
8
34
6
41
30
1
23
4
100
le
4
160
0912 102
/
1
4
9912 10112
10214 104%
10218 104
Ws 994
983 1021
4
/
4
98 10114
100 110
1063 110
4
1013 106
4
/
1
4
/
1
1011 1154
/
4
105 10814
73
60
60 727
4
8
gm 1014
98 WO%
98 100
99 10012
9214
90
4
99 1013
10434 10712
101 10312
6018 684
8
987 101%
98 103
984 95 4
3
4
1003 103
100 103
10118 10414
8912 94%
995 102
8
108 11218
9712 102
10014 10212
95 10014
81
8618
96 101
90 4 9612
3
893 97
4
/
1
4
90
96
90 * 07%
7
102 4 105
,
83% 96%
100 10534
106 109 4
3
1053 10812
4
8914 96
9612 1004
/
1
98 1033
/
1
4
4
1064 1087
/
1
8
1051 112
/
4
4
985 101
55
48
917
8
85
2912 102
9814
82
80
9611
/
1
4
10612 107
8414 95
104 105
107 10918
101 105
102 108
10114 106%
10114 105
60
50
10154 10
5
190 10511
97 103%
10834 1127
8
10114 10614
102% 105
99% 10 4
65
9312 987
8
123 13112
98% 104
28
3712
34
25
10112 10312
100 10518
106 10818
9914 101%
Atro. 11 1928.]
FINANCIAL CHRONICLE
807
Outside Stock Exchanges.
-Record of transactions at
Boston Stock Exchange.
the Boston Stock Exchange, Aug. 4 to Aug. 10, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
Sale
ofPikes.
Par. Pike. Low. High Shares.
Railroad
100
Boston ,k Albany
100
Beaton Elevated
100
let preferred
100
2d preferred
Bost & Maine corn unfit 100
Ser C let pf unstpd..100
Ser D 1st pf unstpd....100
Preferred stamped.._100
Prior prel stamped 100
Ser B 1st pf stpd_ _ _ _100
Set C let pf stpd_ _100
Ser 13 let pf stpd--- -100
Chic Jet Ry & II Ei Y 91.100
Conn & Pass River pref 100
East Maas St Ry Co-- _100
100
1st preferred
100
Preferred D
100
Adjustment
100
Maine Central
N Y N II & Hartford_ _.100
Northern New Ramp_ _100
100
Old Colony
50
Pennsylvania RR
Providence & Worcester...
Vermont & Maas
100
86
104
73
75
10854
125
14834
105
65
51
5634
63%
-----117
Miscellaneous
Amer Brick Co (T C)____• 1754
34
Amer Pneumatic Service 25
50
Preferred
50
let preferred
100 17334
Amer Tel & Tel
Amoskeag Mfg Co
• 19
Bigelow-Hartf Carpet_ _ _ _• 90
100
Preferred
Brown & Co
Continental Securities Corp
Preferred
Crown Cork & Scorn 5th........
10
East Boston Land
Eastern SS Lines Inc__ - 25 95
Edison Flee Ilium
100 277
Galveston nous Elee...100 37
Preferred
100
General Alloy ___ Z ___
11 55
Gen Pub Sec Corp com_•
Georgian Inc class A pt. _20
German Credit Jew 1st pref
Gilchrist Co
Gillette Safety Razor Co.' 9935
•
Hathaway's Bakeries Inc pf
Hood Rubber
•
Insurance Sec
10
International Com-Libby McNeill & Libby_10 104
Loew's Theatres
25
Massachusetts Gas Co_100 141
Preferred
100 79
Mergenthaler Linotype 100 10034
Mortgage Bk of Colombia_
National Leather
10
4
Nat Mfrs & Stores Corp_ •
Nelson Corp(Herm)tr etf5 26
New Eng Equity Corp....
Preferred
100
New Engl Oil Co
•
New Eng Pub Serv
Prior preferred
100 107
New Engl Sou Mills
New Eng Tel & Tel- _100 144
Nor Atlantic Oyster Farms
Nor Texas Elec pref. 100
100
Pacific Mills
10
Reece Button Hole
Reece Folding Mach_ -10
23
Ross Stores (The) Inc
So Ice Co
19
8o New Eng Ice
31
Ster See Corp id allot Ws__
Swedish Am Inv pf tr ctf100 139
Swift & Co
100 1344
Torrington Co
25 11234
Tower Mfg
34
Traveler Shoe Co
Union Twist Drill
United Elec Coal
• 55
United Shoe Mach Corp-25 733.4
Preferred
26
U S Brit Inv 33 pf allot at.
U & For 8eo Corp 1st pf - 94
Venezuela Holding Corp__
14
Waldorf System Inc
• 2034
Waltham Watch el B_
•
Preferred
100
20 1454
Waiworth Co
60 162
Warren Bros
Mining
Adventure Cons Copper.26
Arcadian Cons Min Co_ _25
5
Arizona Commercial
25
Arnold Mining Co
Bingham Mines
10
25
Calumet & Heels
25
Copper Range Co
East Butte Copper Min_10
Franklin Mining Co_ _25
Hancock Consolidated...25
1
Hardy Coal Co
25
Helvetia
1
Island Creek Coal
25
Isle Royal Copper
25
Kerocena Copper
25
Lake Copper Corp
25
Mass Consolidated
Mayflower & Old Colony 25
25
Mohawk
New River Co pref- --100
Nipissing Mines
15
North Butte
25
°Away Mining
25
Old Dominion Co
•
P.C.Pocahontas Co
26
Quincy
St Mary's Mineral Land.25
10
Shannon
Superior-Boston Copper_10
a
Utah Apex Mining
Utah Metal & Tunnel...-1
Winona
25
134
43.4
2291
174
4755
IS
13.4
56
33.4
33'
14
3555
274
354
155
187 188
86
85
111
113
104 106
74%
73
116 118
155 155
75
75
108% 110
125 125
105 105
14855 1484
10854 10955
105 105
32
32
70
72
65
65
51
52%
594 GO
5
5555 .734
101 101
132 132
6351 6455
180 180
117 118
163.4 174
354 34
154 16
47
473.4
17334 17534
19
194
8934 91
103 10334
9434 95
110 115
83
83
1534 1534
5
6
95
98
277 279
37
383.4
79
79
11
11 34
234 2335
16
16 34
19
1934
30
29
99 101%
103 103
25
2551
253.4 264
5834 63
1034 1034
774 854
145
141
79
79
99 102
434 434
44
1
37
37
26
28
4255 4234
97
96
.35 .48
101
10234
10634 10734
.20 .20
144 14655
8
10
5054 6034
29
299-4
16
1634
14
134
22% 23
19
19
124 124
33
31
135 140
33 135
11234 1124
3%
1734 18
134 14%
534 553.4
73
74
31
314
76
773.1
94
94
14
154
2051 2135
66
66
85
85
144 1534
157 165
.95
134
434
.25
44
2255
1734
234
.40
3
234
.80
47
18
3
13.4
.40
.60
56
53
334
354
1%
14
1134
35
275(
.33
.22
3%
134
15
.0
14
434
.25
46
233.4
18
254
.40
3
234
.80
494
194
3
1%
.40
.60
58
54
34
334
15(
144
124
3834
28
.35
.22
374
Pis
.15
55
413
10
62
62
146
8
12
202
43
5
87
5
70
155
150
265
306
298
8
69
779
5
32
Range Since Jan. 1.
LOW.
183
85
110
104
55
114
150
alsi
108
106%
98
135
108
10234
29
70
63
50
59
54%
1004
13154
62
180
114
Feb
July
July
July
Jan
Jan
July
Jan
July
Jan
Jan
Jan
Jan
Jan
Jan
Aug
Aug
July
Fe
Jun
Jun
Jul
Jun
Aug
Jan
High.
1943.4
99
12054
11055
83
135
190
90
115
145
131
180
1134
107
43
88
8055
6555
65
683.4
111
141
7254
191
121
May
Mar
Jan
Jan
Apr
Mar
Apr
May
May
Apr
Apr
May
June
Apr
Apr
Apr
Apr
Apr
Jan
May
May
Apr
Apr
Apr
Apr
315 154 July
350
275 May
90 15 June
20 47
July
2,254 17155 July
910 18
Apr
265 8935 June
21 z101
Jan
85 9355 July
86 81
Jan
6 83
July
220 1474 July
175
24 Jan
760 86
Feb
148 252
Feb
125 31
Feb
25 75
Jan
905 10 June
20 1655 Jan
150 154 July
235 184 June
223 29
July
240 98 June
25 103
Aug
370 25
Aug
505 254 July
744 4534 Feb
25
74 Jan
440
734 Jan
549 109
Feb
42 77 June
250 99
Apr
50 43
July
338
334 Jan
115 30
Apr
340 2534 Apr
55 25
Jan
95 93
Jan
700
.07 Jan
45 100
July
115 103
Aug
100
.10 Jan
190 z137
Ma
120
8
May
25 459-4 Jan
207 29
July
100 15
Ma
50
155 Feb
270 10
Apr
10 17
Ma
Si)
9
Jan
2,382 31
Jan
415 12334 Jun
169 12434 Jan
241 90
Fe
2,285 .90
Ma
25 1755 Aug
155 11
Apr
4,125 4034 Apr
779 634 Jan
2,248 2955 Mar
55 714 Jul
5 93% Jul
345
8
Jan
370 1935 Jan
160 60
Jan
100 84
Jun
151 144 Aug
316 z141
Jun
20
Mar
455 June
244 Feb
51
Apr
210
May
253.4 Apr
9934 May
110
Mar
9855 May
13434 Apr
854 June
164 July
655 May
118
May
305
May
43
May
864 Apr
1355 Jan
30
May
204 Jan
2255 Apr
3554 Jan
112
Apr
103
Aug
4354 Jan
32
May
6534 June
1055 May
104 May
155
May
88
May
112
Jan
52
Apr
6
May
40% May
3455 May
433.4 Aug
100
Jan
.50 July
10034 Feb
11155 May
.55 Mar
152
May
11
Mar
60
May
40% Jan
17
June
235 May
3
634 June
20 June
1454 Feb
37
May
14255 July
1354 June
125 June
4
July
26% Apr
16
May
58
May
77
May
32 June
9634 May
Feb
36
May
274 Apr
90
Mar
98
Apr
1855 May
19255 Apr
50
.05 Jan
440
Pis Jun
150
34 Mar
.25 Au
100
715 41% Jun
1,222 204 Jan
853 144 Mar
260
151 Feb
55
.40 Aug
.30 Mar
310
500
234 July
.65 Jan
100
Aug
415 47
615 11134 Feb
90
151 Ma
1
490
Feb
.20 Ma
100
100
.50 Jan
800 464 Jan
130 53
Aug
323
355 Aug
3,270
.90 Jan
.60 Feb
100
9
1,165
Mar
885 1154 Aug
2,810 1235 Apr
180 214 Mar
.25 Mar
400
75
.15 Mar
374
3% Aug
1
3,020
Feb
.10 Feb
18
.35 May
234 June
Jan
.75 May
56
Jan
25% may
23
May
May
1
May
44 July
12
Jan
15( Apr
60
May
244 May
7
May
3
May
.83 May
154 May
65
Apr
Apr
63
534 Jan
454 July
3
May
17
July
1755 May
4
6
July
3434 may
.70 May
.75 May
634 Jan
14 Feb
.35 May
Bonds
-
Friday
Lost Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Range Since Jan. 1
Low.
Amer Tel & Tel 4s_...1929 98% 98
983.4 $1,000 9955 Feb
89
Amoskeag Mfg 6s____1948 89
3,000 88
89
July
Boston & Maine 448_1944
90
90
Aug
1,000 90
East Mass Street RR
2,080 68
6755 6755
494s series A
1948
July
74
75
July
1,200 74
5s series B
1948
994 9955
1,000 99 June
Mass Gas 434,
1929
New Eng Tel & Tel 5s 1932 10035 100 10034 1,000 1004 Aug
110 110
110
P C Pocah Co 7s deb
Jan
2,000 106
July
Western Tel & Tel 56_1932
1.000 100
19034 100%
36
36
Wickwire Steel 7s_ _1934 36
Jan
5,000 21
High.
9934 Feb
9555 Jan
90
Aug
79
88
10054
1034
115
103
31
Apr
Apr
Mar
Feb
May
Jan
June
•No par value. z Ex-dividend.
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange, Aug. 4 to Aug. 10, both inclusive
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
Acme Steel Co
25
Adams Royalty Co corn_ •
All-Amer Mohawk -A"..5 17
American Colortype. corn •
Amer Corn Pow 1st pf $6_.
Amer Pub Serv met...100 10055
Amer Pub CHI pr p16-100
Part preferred
100
American Shipbuilding_100 90
Amer States Sec Corp A._• 104
Warrants
Armour & Co pref
100 87
Armour & Co(Del) pf_ _100
31
Art Metal Wks Inc
Assoc Investment Co....
40
Atlas Stores Corp corn...' 39
Auburn Auto Co com____• 91%
Balaban & Katz v t c__ _25
Bastlan-Blessing Co com..• 334
Baxter Laundries Inc A. •
Beatrice Creamery com_50 69
Bend,x Corp
10 154%
Class B
Borg-Warner Corp com_10 92
Brach & Sons(E J) com_ •
20 24
Butler Brothers
Cain pb Wyant & Can Fdy• 46
Castle & Co(AM)com _10
• 60
Celotex Co corn
100
Preferred
Central Ill Pub Serv pref.' 9734
Cent Ind Pow Co pref _ _100
Central Pub Serv Corp A..• 31
Central SW Util corn _ _• 81
•
Prior lien pref
Preferred
• 100
corn
4234
Chain Belt Co
Chic City & Con Ry pt sh_•
•
Chicago F.I Mfg A
• 15
Participation pref
Chic Rap Ti pr pf A...100
Chic No Sh & Mil com_100 20
Prior lien preferred__100
100 51
Preferred
Chic Rye part etre ser 2.160
100
Part ctfs 38
100
Part ctfs 45
Chic Title & Trust Co_100
Chicago Towel Co cony pf•
Cluckasha Cotton 011-10 51
• 2834
Club Alum Uten Co
Coleman Lamp & St corn.' 57
Commonwealth Edison-100 184
8
Consol Aut Mdse corn...*
Cum cony.pref
• 48
Consumers Co common.
.5 1155
Preferred
100 AO
Warrants
Crane Co common
25 4534
Preferred
10
Davis Indus Inc
124
Dayton Rub Mfg A corn.'
Preferred
100 76
Decker (Alf) & Cohn Inc.. 3054
El Household Util Corp_10
Elec Research I.ab Inc_ __•
7
Empire G&F Co 7% P1-100 100
100
6% Preferred
100
834% preferred
8% preferred
100
Fitz Simmons a, ConnellDk
& Dredge Co corn.. __20
Foote Bros0& M Co...
.5 25
Galesburg Coulter-Dise__• 70
General Water Works
Godchaux Sugar, Inc, cl B• 144
Goasard Co (H W)corn..' 52%
Great Lakes 1)& D.__ _100 295
Greif Bros Coop'Acorn.'
Griti8by-Grunow Co corn.' 15334
Hart
-Carter Co cony Of- • 33%
Hart Schaffner & Marx 100
Hartford Times part pref.. 4334
• 24
Henney Motor Co-.
• 483-4
Preferred
9155 92%
21
20
149-4 194
29
29
94
94
10055 101
99
89
93
93
90
90
1051 10%
4
455
87
88
94
94
31
32%
3955 40
38
393.4
86 1023.4
63% 66%
3335 34)4
24
25%
6855 69
39%
3955 40
9934 100
50
50
47% 49
117 124
8
84
524 5234
4555 4834
102 102
52
52;1
64
63
16
1854
514 52
1014 10%
2734 2834
3455 3534
43
43
424 4355
14% 1655
50
50
163,4 16 34
10034 102
142% 154%
11855 119
973,4
97
100 101
1234 1243.4
Illinois Brick Co
25
Illinois Nor Util pref._ _100
Lndep Pneu Tool v t
Inland WI & Cable com_10
Kalamazoo Stove corn...'
Kellogg Switchbd com _10
Kentucky UtiI jr cum 0.50
Keystone St & WI corn...'
Preferred
100
Kimberly Clark Corp,com•
Kraft-Phen Cheese, corn 25
•
Leath & Co com
0
Cumulative preferred..
Libby McNeill & Libby_10
•
Lion Oil Ref Co corn
•
Loudon Packing Co
•
McCord Rad Mfg A_
•
McQuay-Norris Mfg
•
Meadow Mfg Co com
50
Preferred
Met & Mfrs Sec part pfd_
Metro Ind Co ctf of dep.'
Middle West Utilities_ _•
Preferred
100
•
$6 Cum preferred
•
$6 cum prior lien
Prior lien preferred_ _100
48
119
4834
52
63
17%
52
10%
2734
3454
14%
147
118%
97
100
124
631
370
4,925
100
50
60
10
50
190
4,150
500
158
30
1,240
278
5,325
7,525
350
1.050
3,175
475
Range Since Jan. 1.
Low.
83
19
1334
234
94
9734
9354
93
88
4
55
6654
87
28
36
27
86
6955
24
21
64
Jan
June
Aug
Feb
Aug
Mar
July
Aug
Aug
Jan
Jan
Jan
Jan
June
Jan
June
Aug
Jan
Feb
June
June
High.
96
283.4
19%
3334
94
104
103
101
1173,4
1334
651
9154
9754
35
40
40
14135
82
4034
32
72
Apr
Apr
Aug
May
Aug
June
June
July
Jan
May
May
June
June
July
May
Aug
Mar
Mar
June
Apr
June
152 157% 8.200 106
May 16055 Aug
Aug
96
31.850 70 Jun
9054 96
1.050 183.4 Jan 2234 May
214 2255
1,210 20
Apr 283-4 May
234 24
May
53
4535 4734 1,510 35 Jun
1,375 4234 Feb 533-4 May
499-4
47
450 49
May
Feb 69
54
60
Apr
30 80
Feb 88
81
80
185 9755 July 10034 Apr
9754 9755
25 95
Jan 101% May
9755 9755
346 20% Jan 31
Aug
30
31
810 76
Jan 98
May
81
834
May
417 100
Aug 112
100 104
385 99% Jan 10554 Jan
993.4 101
Aug 4334 Aug
42
433.4 2,400 42
2
Feb
100
1
June
154
154
18
Jan
100 10
Feb
12
13
120 123-4 Apr 224 Jan
14% 15
101 101%
30 10054 Jan 10234 Jan
Jan
Mar' 44
132 20
20
20
Apr
35 9335 July 100
97
98%
Jar
294 50
Aug 65
65
50
10
334 May
155 Aug
154 134
2 May
100
h Feb
55
54
55 Aug
4 Feb
100
55
4
Jan
July 610
600 600
10 575
Apr
9655 9655
10 9554 Feb 102
July
5034 6234 2,550 45 June 50
2834 2934
Jan
1,975 28 June 39
5655 5755
may
650 5634 July 66
1823.4 185
Feb
575 165
Jan 189
Aug
8
8
8
100
8
Aug
48
Aug
Aug 48
48
60 48
11% 12%
1,450
74 Jan
1631 AIR
89
96
125 87
Jan 984 Apr
1055 Apr
55.4 6
150
34 Feb
4555 453.4
340 45
Mar 4734 Jan
1203-4 121
45 119
Jan 1219-4 July
1234 1355
300 123 Aug
1794 June
41
41
May
16 35 June 59
May
76
47 70
July 95
76
May
3054 31
980 25
Feb 34
25
June
283-4 3,250 134 Jan 27
1435 Apr
7
10
24 Jan
340
994 10055
May
158 99
Feb 105
July
200 9654 Aug 99
983.1 9735
993-4 100
50 9834 June 10155 May
11154 11154
110' 10854 Feb 1133.4 May
100 46
80
60
600 1834
25
26
893-4 7155 2,900 474
100 100
100 100
3
14
15% 3.650
3,200 43
54
52
700 245
295 320
40 39
40
40
130 15334 18,975 54
32% 3434 12,100 294
25 134
150 150
160 39%
4334 433.4
720 12
2334 25
400 423,4
49
48
400
45
200
1,300
8,500
500
100
400
50
1,000
275
4,200
400
550
1,925
2,355
100
350
2,02
100
10
470
6.005
792
446
230
380
39
9855
4735
26
653,4
8
6054
4334
100
52
6054
14
51%
854
244
3034
40
2334
10%
443.4
1555
100
1235(
11834
933.4
99
122%
Jan
Jan
Jan
Aug
Jan
Jan
Jan
Apr
Mar
June
Jan
Feb
Feb
Feb
744
30
75
100
16
62
345
45
15354
384
181
464
2854
60
Mar
May
May
Aug
July
Apr
May
Apr
Aug
June
Apr
Apr
June
May
Feb
Jan
Feb
Jan
Jan
Aug
Feb
June
Jan
July
Feb
June
June
Apr
June
June
Feb
Jan
Jan
Jan
Jan
June
Jan
Jan
Jan
Mar
Jun
44
101
56
514
135
134
544
61
114
5251
7754
184
53
13
32
3555
4434
60
2234
55
25
102
169
1254
10054
108
13094
Apr
June
May
May
May
Jan
June
May
May
Aug
May
Aug
June
May
May
Aug
Apr
May
Apr
Mar
May
May
May
May
May
May
May
FINANCIAL CHRONICLE
63 99% June 107
20 9816 July 105)4
2.670 51% Aug 52%
425 30
Feb 45
620 3114 June 38)4
450 241( Apr 36
915 3814 Jan 67
400 84% June 8734
1,390 2856 July 32
20 133% Aug 139%
1,750 27% Jan 42
600
6
3% Jan
500 37% Jan 5716
Mar
Apr
July
May
June
May
3716
2676
32
43
38
38
101
16%
37
27% 2734
40
31
3434
4334
38
101
16%
37
29
925
2,985
2.600
825
15
7
15
5
70
33
24%
28
32%
29
9914
10%
28
26
May
Apr
May
June
May
Feb
May
July
June
2216 23
23
3311 32% 34
11734 116% 12314
515
8.065
7,175
Jan 27% May
20
Aug
31% July 34
54% Jan 124
July
19014 190 191
124 125
125
99
9514 92
300 300
300
120% 120%
3274 32% 3376
14% 15
30
30
30
108 108
124% 128
37
3071 38
2311 23% 24)4
99 100
90
90
.5034 54
85
85
85
3436 34% 36%
66% 66% 6651
134% 120 134%
94
94
13
12% 14
63
8034 6634
_ • 2316 23%
134
133 134
29
29
30%
330
212
4,460
205
60
600
70
450
20
2,200
7,195
350
92
10
900
100
1.725
100
343
100
2.305
6,175
10
475
4.280
353,4
27%
65%
7014
31
3371
4
39
30%
21%
31
97
23
20
30% 31
93 100
June 43
July
333-4
June 44%
Jan 54
Jan 50%
Jan 115
Mar 19
Mar 37%
July 30
15931 Jan
Feb
110
38A Jan
Apr
262
Jan
111
30 June
14
May
2914 June
May
104
82% Jan
24% July
23% Aug
99
Aug
89-1 Jan
5016 Aug
Aug
85
30% Apr
66% Jan
Feb
49
7716 Feb
8% May
45
June
July
22
1243-4 Jan
Jan
26
100 5814
250 25
3
150
6,400 23
125 95
100 14
15 62%
4
175
100 5076
1,680 55
6,279 1416
105 122
4.455 21
2.350 12
1,225
8)4
191
125
99
327
128
37%
2014
41
109%
128
38
26%
10454
96
65%
107
5476
66%
134%
10034
14
66%
26
136
34%
AMC
Apr
Aug
Apr
May
May
May
Ang
Aug
Aug
Apr
Apr
May
Jan
May
June
Aug
Aug
Apr
Mar
Apr
May
June
May
July
Aug
May
Aug
Aug
June
May
Feb
June 70 June
June 3115 May
May
June
7
June 39% May
Jan 102)4 Apr
Jan 27% July
Apr 7034 July
May
Jan
6
July
61
Aug
June
Aug IGO
18% July
Aug
Jan 128
July
Aug
Aug 24
July
23
Aug
Mar 19% May
Jan 25% May
1,025
5
Feb
40 1003-6 Feb 110
Apr
Mar 150
371 66
579
100
320
300
14,450
1.575
21,950
52
37
10
79
June
June
Apr
Mar
Apr 24
12
30% June 43
35% Feb 100
May
Jan
Aug
46 June
June
32
6% Jan
6816 July
Bonds
Atlantic PS 15-yr 64_ 1943
94
94
Aug
$4.000 94
98
Chic Art Ice Co 65____1938
3.500 97% May 98%
97% 97%
1,000 80% June 88
85% 8514
Chicago Rya 5s
• 1927
2,000 79% Aug 87%
7916 80
Certificates of deposit_
os
July
22.000 58
5s series "A"
59% 60
1927
3.000 39 June 47
5s series 13
4034
40
1927
1,000 103% June 109
Commonw Edison 58.. _1943 10436 1041.4 1043-4
5,000 103% Aug 107%
lot M 5s series IL...1954
1033-110354
Jan 100
2,000 99
99
Fed UM (Md) 3.4s__1930 99
99
Feb 9714
6,000 94
let 5344
1957 9534 95% 96
July 100
5,000 100
Guard Title Mtge 53.4s 38
100 100
90
Northwestern Eley 58_1941
9011 15,000 89% July 95%
Jan 100
2,000 100
65 E. So Wat. 6 164..1947 100
100 100
Aug 98
St Louis Gas & El 6s_1947 94
2,000 04
94
94
Mar 102
3.000 100
Straus Safe Dep 5 14s. _1943
100 100
1,000 101% May 103
101% 101%
Swift & CO lets Ig 58_1944
July 99
09
2,00
99
Util Elk Coal 20-yr 6s_ 1948 99
99
West rill Corp let 514.'48 9834 98% 98% 2,000 98% June 983-4
June 99
2,000 90
99
99
8yr 5%s
1931 99
Star
July
Jan
Jan
Jan
Jan
Feb
Mar
Apr
Mar
July
Mar
Jan
Mar
July
Jan
July
June
June
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Aug. 4 to Aug. 10, both
inclusive, compiled from official sales lists:
Stocks-
Sates
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Alznar Stores
•
1234 123-4
American Stores
74%
74
• 74
Bell Tel Cool Pa pref..100 11514 115 11534
_100
58
Blauners All ctfs
5834
Bornot Inc
93-4
934
1834 1814
Budd (E G) Mfg Co
•
47
Preferred
43
43
Cambria Iron
4134 41%
50
Camden Fire Insurance.
2834 29
Consol Traction of N J _100
50% 5031
Cramp Ship & Eng _ _100
2)4 234
Fire Association
10 483.4 4814 49
Horn & Hardart (Phila)Common
2053's 208
•
Horn&Hardart(N Y)cam •
5314 54
Insurance Co of N A _ _ _ _ 10 6934 6931 71
Keystone Telephone_ _ _ _50
3% 314
33-6
Preferred
14
13
50
Keystone Watch Case pf 50
51
51
Kirschbaum (All)
95
95
100
Lake Superior COrp___ _101
511
4%
Lehigh Coal & Nay
140 142
FA)
Lit Brothers
2514
25
10
Mark
5
434
... .. (Louis)._
_. Shoes Inc_ ..•
Range Since Jan. 1.
Low.
High.
300 11% June 20
Jan 7776
3,138 64
246 11434 July 118
125 58 June 60
14
100
834 June
July 33
220 18
July 73
155 42
July 4314
18 41
1,100 2714 Jan 49%
20 5034 Aug 6234
14
1% Feb
50
85
1,300 46% July
Feb
July
Mar
May
May
Jan
Mar
Mar
May
May
Jan
Apr
30 20534 Aug 241
Feb 64
265 52
1,300 69)4 Aug 10434
7
Jan
3
100
Jan 21
17 12
May 51
20 50
66 9434 July 96
916
1.400
3 June
300 10536 Feb 154
2934
500 223-4 Jan
223-4
July
3
550
oat,' soh,
on
Jan
Mar
May
Jan
Jan
Feh
Jun(
May
Jun(
Jun(
Jar
Ma,
25 78
1,000 01%
30 92
115 90
100 5514
970 22
300 5034
700 50
447 57
25 3314
65 25
6,100 18
120 4054
105 100
2,395 30;6
200
14
1,215
416
1.300 3734
7,050 11434
2,105 15
775 3734
20 25
1,050 53
400
16
135 3334
196 35
15 41%
Rights
InsCoof NA
Rio Grande-West RR
9.680
25
7%
BondsElec & Peoples ti ctfs 4545 57
Keystone Telep 1st 58 1935
Lehigh C & N cons 4 145 54
Phila Co 5s
1967
Phila Elec (Pa) let 434s'67 9814
let lien & ref 58....l961) 10334
1st 55
1966
1st lien & ref 514s_ _ 1947
Phila Mee Pow Co 514s '72
Strawbridge & Cloth 5* 48 1001
734 8
45% 45%
55
5834 $17,500
94 6 9434 11.000
1
10016 1003-4 7,000
98
3,000
98
9834 983-4 18,000
10314 10334 6,000
105% 1054 3,000
1063-4 10614
2,000
105 105
4,000
10041 101
21.000
July
June
Jan
Nlar
Jan
Jan
Slay
Apr
June
July
June
Mar
May
July
May
July
Jan
Jan
Jan
Feb
Jan
July
Jan
Jan
July
Aug
July
734 July
4534 Aug
55
9416
96
9716
9834
103%
104
106
105
09%
June
June
June
July
July
Aug
July
Mar
June
June
High.
'gttli4*,4°45gAUEZ4gliqv.tgg
7
,
101
100
52
36%
36
283.4
67
71
31%
1333.4
3514
44
41%
Low.
Penn Cent L & P cum pref•
80
79
Pennsylvania RR
50
6334 64
Pennsylvania Salt Mfg_ _50
9216 9214
Phila Dairy Prod pref
9116 93
Phila Electric of Pa
25
67% 67%
Phila Elec Pow recta _ _ _ _25 2934
293-4 2934
Phila Rapid Transit ....50
5416 5516
7% preferred
50
5014 5034
Phila'Praction
50 5854 58
59
Phila.& WRy pref
50
3314 34
Reliance Insurance_ _ _ _100 2514 2534 2534
Shreve El Dorado PlpeL _25 30
2034 3213
Scott Paper Co
•
46
4934
6% preferred"B" A00
100 1003-4
Stanley Cool America ___. 3714 3716 41
Tonopah Mining
1
1
1
Tono-I3elmont Bevel _ __1
oi 434
Union Traction
50 383.4 3834 393-1
United Gas Imprrn't _ ...50 13254 132 13574
United Lt & Pr"A"corn •
2316 243-4
US Dairy Prod class A_ . • 51
50% 5134
Victory Insur Co
16
253.4 253.4
Victor Talking Mach corn •
9354 9714
Warwick Iron & Steel ...10
1
1
W Jersey & Seashore RR 50
34
35
Westmoreland Coal
50 40
35
42
York Railways pref
50
42
42
Ag
1103.4 Jan
zz., Titt%.1
June
CA50WWW000W .
400,
1W
84
100
100
51
35
35
273.4
6016
7034
3016
13334
33
4
40%
51%
Thompson (J It) corn_ _25
61
61
12th St Store pre! A
• 26
25
26%
Stock pur warrants
3
3
3
Unit Corp of Am pref___.• 3015 2934 33
Un Lt & Pow CIA pref. ..•
98% 100
Class A common
•
25
25
United Paper Board
III
7014 70%
Univ Theatres cone cl A _ _5
5
5
U S Dairy Prod Co cl A_ _• 503.6 50% 50%
U S Gypsum
55
20 553-i
573.4
Rights
14% 1516
1434
Preferred
100
12634 128
Utah Radio Products com
24
224 21
Vulcan Corp corn
• 16
12
22%
Wahl Co corn
• 15
15
15%
Walgreen Co
Corn stock purch Warr_• 22)4 2234 24
614% preferred
106% 107
100
Waukesha Motor com.._' 140
135 145
Wayne Pump Co
Convertible preferred__• 49
48
50
Common
32
32
Williams 011 -Mat corn _•
8%
-0
8
Wrigley(Wm Jr) Co com-•
69% 70
Yates
-Amer Mach part Pf•
Yellow Cab Co Inc (Chic)•
Zenith Radio Corp corn_ -•
100
Range Since Jan. 1.
5WON.=
00-.0.+4.4.
87
Iligh.
00
Penn Gas & Elec A corn _ _•
Perfect Circle (The) Co_ _•
Pines Winterfront A com_5
Pub Bey, of Nor III
Common
•
6% preferred
100
Q-R-S Music Co corn_ __•
Quaker Oats Co corn
Preferred
100
Ross Gear & Tool coin _ _ _•
Ryan Car Co(The) com_25
Sangamo Electric Co__ - -•
Preferred
100
Sears, Roebuck common'
Sonatron Tube Co corn-•
So Colo Pow El A corn_ .25
Sow 0 & El 7% pret_100Southwest Lt & Pr pref_ _ _•
Spiegel May Stern corn..
%
100
834% preferred
Standard Dredge cony pf_•
Stand Gas & El 8% pfd_
Steel & Tubes Inc
25
Stewart-Warner Speedom •
Studebaker Mall Or com.5
Super Maid Corp coin_ _ _•
Sutherland Paper Co com10
Swift & Co
100
Swift International
15
87
Low.
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Concluded) l'ar. Price. Low. High. Shares.
Z4
Midland Steel Prod com •
Midland URI7% prior lien
100
Preferred 7% "A" _100
Miller & Hart Inc cony pf..•
Minneap Honeywell Reg•
Nfodine Mfg coin
•
Monighan Mfg Corp A _..•
Monsanto Chem Works_ _•
Morgan Lithograph corn _•
Nachman Springfilled com•
Nat Carbon pref
100
Nat Elec Power A part....•
National Leather corn _ _ _10
Nat Standard COM
•
Neve Drug Stores
Convertible "A"
Common
Nobblitt-Sparks Ind corn'
North American Car corn.•
Northwest Eng Co corn_ _•
North West Mil pr In pf100
Novadel Process Co coin •
Preferred
•
Ontario Mfg Co COM
•
Range Since Jan. 1.
• No par value.
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, Aug. 4 to Aug. 10, both
inclusive, compiled from official sa es lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
Amer Vitrified Prod corn 50
Am Wind GI Nisch corn 100
Arkansas Gas Corp com _ _•
Preferred
Armstrong Cork Corp....0
_ _ 12
_
Bank of Pittsburgh
50
Maw Knox Co
25
Carnegie Metals Co
10
Central Ohio St Prod corn •
Columbia Gas & El corn_ .•
Preferred
100
Consol Ice common
Harb-Walk Refr com _ _10 0
5
0
Horne (Joseph) Co com •
Independ Brew corn
_50
Jones & Laughlin St pf_100
Lone Star Gas
25
McKinney Mfg corn
•
May Drug Stores Corp_ •
Nat Fireproofing pref__ _50
Peoples Say & Trust _100
Pittsburgh Brewing corn _50
Preferred
50
Pittsburgh Coal pref _100
Pittsburgh 011 & Gas
5
Pittsburgh Plate Glass 10(3
Pittsb Screw & Bolt Corp _•
Salt Creek Consol Oil._ 10
San Toy Mining
Stand San Mfg com w I__ 1
Suburban Electric
Union Steel Casting com_•
United Engine & Fdy com •
Webster Hall pref
100
West'house Air Brake new
• No Par value.
19
19
19
916
12 x 124
9
214
7
5
57% 56
575
103
107
5
52%
17
210
103
18
210
103
18
125714
010
10731
25
10
5
5
201 201
40
3
0
43
121%
51%
13
22%
17
121 si
52%
13
2214
17
664 74 664%
5
5
10
10
85
85
51
251 256
0
3
5374 51716
6%
6
Sc
5c
37% 318”1
1
30
30
44 14 4414
85
44
484556
Range Since Jan. 1.
Low..
115 19
60 16
3,140
2%
2,805
614
375 55
1 180
388 91 x
3 5 16
2
High.
July 25
Feb 25%
4
May
May
7%
Aug 67
Jan 249
Jan 108
2754
555 1914 May 23
170
90% Feb 115
46 107
Aug 112
6
414 Mar
20
Jan 212
24 178
25 383-4 June 41
July
5%
3
75
June 123
10 119
2,276 48% Apr 58
July 13%
665 13
Jan 27
100 20
Aug 24
155 17
665
5
10
j
AA
0
4
43 : ,,a b 85
235 6°72 x June
104 83 i }ppirri
r :e
4
Jan
Jan 256
287 210
19'
59 14
776
536 June
55 0
20
0
Sc
Feb
Mar 42%
33
23.
19
716
375 13c July
May 3916
29
3
82 42% Jan 61
85
Aug
100 85
56)4
Jun.
85 43
Jan
Mar
May
June
Mar
Jan
June
Mar
Mar
Aug
May
May
May
June
June
Mar
Apr
July
Nlar
Mar
JUIY
Jan
Jan
Aug
Jan
Aug
Mar
Jan
Aug
Mar
July
Mar
Jan
Aug
Jan
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange, Aug. 4 to Aug. 10, bothinclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
ofPrices.
Par. Price. Low. High. Shares.
Arundel Corporation _ . * 38
_
Baltimore Trust Co
50 165
Baltimore Tube
100
Preferred
100
Benesch (I) erc Sons pfd_25
Black & Decker corn
• 29
Preferred
25
Boston Sand & Gravel _ 100
Ches.& Po Tel of Balt pf100 114
Commercial Credit
•
Preferred
25
634% let pref
100 88
of New Orleans pref ____ .. __
Consol Gas E L & Pow_ _• 803-4
534% pref wiser E._100
5% preferred nor A._100 102
Consolidation Coal_ _ _ _100
Eastern Rolling 51111
• 263-4
Fidelity & Deposit
50
First National Bank w I _ _ _
62
Houston 011 pfd v t ctfs 100 053-4
Mfrs Fin com v t 1st pf _ _ 25 20
2d preferred
25 18
Maryland Cas Co
25 156
Merch & Miners Transp_ _• 4434
Nlonon W Penn PS pref _25
Nlortgage Security corn_ •
2d preferred
100
MtVernon-Woodb M v t100
Preferred
100
New Amsterdam Cas Co _10 7134
Penns Water & Power__ _ _• 80
Real Estate Trustee ---100
Roland Pk nomad lstpf _
Common
Silica Gel Corp com v t - •
Sun Mtge corn
* 1556
38
39
163 165
914 934
45
45
2734 2734
29
30
2511 263.1
79
79
113 114
31% 323-4
243-4 243.4
88
8834
25
25
80
82
10714 108
10116 102
27
273-6
263-4 2714
271 2723.4
62
6234
95% 953-4
19% 1916
18
18
15434 157
447-4 46
253-4 2534
8
816
58
58
15
15
843.4 85
7111 7234
80
81
121 121
10056 10011
22
22
23% 25
1576 1515
.n
..NOOW0004•MWWNZW0.0..
..+W.
,
40
,
,
00.0.00.000W.,,00.00V.OW.00=.00
.1[1.5int!
.100
b0
"
'
sales
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Concluded) Par. Price. Law. 11105. Shares.
r T4.dj
[VoL. 127.
0000800000
0r...00
808
Range Since Jan. 1.
Low.
353-4
1583-4
974
32
2674
24
25%
773-4
113
2134
23
88
25
6734
10734
100
2556
2416
260
6176
953-4
1976
18
15416
4434
25
8
58
15
83
71
68
120
100
22
17
15
High.
July 5131 May
May
Mar 225
Aug
1034 July
July
Jan 50
Apr 2734 Jail
Jan 3434 Apr
Apr
Apr 27
Jan
Jail 80
Apr 11731 Jan
May
Mar 35
Jan 2634 Jan
July 9514 May
July
Aug 26
All
June 93
Jan 111
Apr
June 10531 Mar
June 3334 JUn
Mar 2974 May
May
June .326
July
July 64
Aug,40316 Mar
Juno
Aug -‘.26
June
Aug 26
May
July 195
Ma)
,
Aug 50
Jan
Jan 27
Aug 21% Jun
Jar
Aug 85
Ass
Aug 29
July 9734 May
Feb 833-4 May
Jan 81
API
Apr 124
Ma)
Feb 1013-4 Api
July 2214*Ju11
Mar glis Al*
Mai
July 20
Week's
Last Weeks Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High, Shares.
Bonds
Baltimore City Bonds
1961
9834
4s sewer loan
9834
1962
45 Conduit
99
1954
48 Annex impt
9851
1951
48 Paving loan
Traction 1st 58 ..1929 9735 9734
Bait
9735
Central Ry cons 5s_ _ _ _1932
99
Commercial Credit 6s _1934 99
9835
Consol G E L & P 4Hs 1935
106
1949 106
1st ref 6s ser A
Low.
99
98%
99
9834
9734
9735
99
99
10634
$600 9834
1,900 0834
200 98
4,000 0831
5,000 9735
4,000 9735
1,000 97
3,000 9834
4,000 10534
9334 933,4
100 101
9734 9734
98
98
98
102 102
9934 100
6611 6634
45 31 4534
72
7131 71
86
86
8836
OA >1
High.
May
Mar 72
Mar 72
May
Jan 34535 June
Jan
Apr 20
May
Jan 475
Feb
Apr 18
Jan 9734 Jan
Jan 5534 Jan
Aug 43
May
Aug
Aug
June
Aug
Aug
Aug
May
Aug
June
1,000 93
27,000 100
3,000 9734
11,000 98
6,500 101
6,000 99
12,000 68
23,000 44
12,000 71
5,000 85
9334
____
.......,
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jars. 1.
25 3834
65 4834
11 315
255 12
155 3483.4
10 15
13 75
65 5234
5 40
55
55
Un Porto Rican Sug com •
55
55
*
Preferred
324 330
50 330
Union Trust Co
13
1334
_50
United Rys & Electric_
415 420
II S Fidelity & Guar ___ _50 420
153,4 1536
Wash Balt A, Annap pref _50 1534
95
95
W kid DairyIn.com pre *
5436 5436
50
Prior preferred
40
40
20
Nat Bank
Western
ElkhornCoalCorpt335s 1931
1938
5 As
Lake Roland El gu 55 _1942
Md Elec Ry 1st 5s _ _ _ _1931
1932
Silica Gel6 As
UnPorRicSug834 %notes'37
United Ry & E 1st 4s..1949
1949
Income 48
1936
Funding 5s
1949
1st 65
as
10334
10334
102
103
101
100
101
10335
108
Feb
Feb
Mar
Jar
Feb
Feb
Feb
Apr
Jar
July 9835 Jar
Aug 10131 July
Aug 10034 Mar
Aug 9934 Jar
Mar 106 34 Mai
Feb10634 Ma:
Aug 75
Jar
Jar
Aug 55
Aug 8435 Jar
Aug 98
Jar
la,VUO
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange, Aug. 4 to Aug. 10, both
from official sales lists:
inclusive, compiled
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Amer Laund'y Mach 0om25 97
•
Amer Products pref
Amer Rolling Mill nom_ _25 8711
Ahrens Fox "A"
Amer Thermos Bottle"A". 17
50
Preferred
100 109
Baldwin new pref
•
Buckeye Incubator
•
Burger Bros
9335
2711
87
2111
1611
4611
109
20
10
97
2711
8834
2211
17
4611
109
20
10
1,424 933,4 Aug 114
110 25
July 2911
1,090 87
June 120
230 2111 Aug 2411
125 11
Feb
18
88 43
Jan 4954
5 10835 Mar 110
210 1711 Jan 49
100 10
Aug
14
Jan
Apr
Jan
June
Mar
Feb
Jan
Jan
Mar
• 23
Central Brass
• 40
Churngold Corp
50
Cincinnati Car Co
Cincinnati Gas & Elec _ _100 9811
Cincinnati Gas Tramp_ 100 132
C N & C Lt & True corn 100
100
Preferred
50 53
Cincinnati St Ry
Cincinnati & Sub TeL _50
Cin Union Stock Yards.100
• 53
City Ice & Fuel
•
Coca Cola -A"
• 49
Crosby Radio
Cooper Corp new pref_ _100
23
23
40
4011
2931 2934
9811 99
131 132
10011 10031
8111 8111
5154 53
10411 10511
3634 37
5334 53
3334 35
49
50
97
97
50 2211 June 273,4
295 40 June 8034
251 29
July 3356
292 9711 Feb 10034
95 12211 Feb 149
7 97 34 Feb 109
53 8011 July 121
269 4511 Jan 55
265 10031 June 128
80 3534 Aug 56
650 3611 Apr 55
210 3011 Mar 38
1.268 25
Feb 55
5 97
July 10511
Feb
Apr
Jan
May
Mar
June
May
Jan
May
Apr
May
May
June
Apr
100
Dow Drug corn
•
Egry Reg "A"
•
Formica Insulation
(undep)- - -•
French-Bauer
French Bros-Bauer pref 100
1711
30
2331
21
100
1711
2311
21
*
Gibson Art corn
Globe Wernicke pref.._ _100
Goodyear Tire pref. .. _ 100
Gruen Watch corn
Hobart Manufacturing...* 7111
• 3734
Jaeger Machine
100
Kahn 1st pref
4135
Ink corn
100 0734
Preferred
• 2634
Kodel Radio "A"
10
Kroger corn
50 10534
Little Miami guar
100
Nash "A"
• 19
McLaren Cons"A"
Mead Pulp corn
•
Meteor Motor
19
31
24
21
100
48
4611
98
98
9611 9611
48
48
6711 7111
3734 3734
102 102
4135 42
9734 99
21
2634
10934 110
10534 10535
138 138
19
19
73
73
32
333.4
34
34
36
Natlonal Pump
Ohio Bell Teton pref _100 11134 11134 11134
Paragon Refining corn. _25 1634
16
1634
100
Pearl-Market
550 550
265 272
Procter & Gamble corn_ _20 272
100 111
87 preferred
1103.4 111
Pure Oil 6% pref
100
9834 0834
100
Queen City Pete
101 10111
Rapid Electro
100
Rollman pref
•
United Milk Crate "A" *
10
U S Playing Card
U S Print & Litho corn 100
100
U S Shoe pref
100
Vulcan Last corn
Whitaker Paper corn
•
6934
17
6934
100
27
111
7211
6941
13
55
74
100
2734
11134
7234
70
23
55
3,347
65
359
50
4
1511
30
2011
18
88
Mar 2411
Aug 32
Mar 26
Apr 2211
Jelly 100
235 43
Jan
10 98
Aug
14 94
July
125 46
July
167 443-4 Jan
50 2934 May
3 100
Jan
311 4134 July
239 9734 Aug
779 21
Aug
52 70
Jan
17 10534 Aug
15 100
Apr
108 1634 Feb
mar
20 65
170 26
Jan
385
65
68
10
397
134
66
70
Jan
July
Feb
July
July
5011
9811
9734
5434
7111
3734
108
4535
100
553.4
110
11034
146
2054
82
45
May
Jar
May
Fet
Allf
Aug
3234 Jan 48
10934 June 115
93.4 Apr 1634
495
Jan 550
249
Jan 300
9634 Jan 113
9651 June 10034
Apr 10134
100
AP
Ap
Jul;
Jun
Ma:
Jul
AP
Ja
262 3434
5 99
200 26 34
140 111
1 84
200 45
5,285 13
54 52
Feb 7534
May 103
July 2734
Aug132
Feb 8334
Mar 7211
Aug 2335
Jule en
Mar
Jun,
Jun,
Jar
AG
AP
Jun,
Mar
Jar
Ma;
Au
Al
Au
Ja
Ja
Jul
Au
TIII
• No par value.
Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, Aug. 4 to Aug, 10, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par.
Low. High. Shares.
•
Aetna Rubber corn
Amer Multigraph corn_ •
Amer Ship Bldg corn...100
Allen Ind
*
Preferred
100
Bulkley Bldg pref
Byers Machine "A"
10
7
Clark Fredg
Central Alloy Steel pi_.100
•
City Ice & Fuel corn
Cleveland-Cliffs Iron corn •
Cleveland El Illurn pf-100
100 103
Cleveland Ry COM
234
_10
Cleveland Secur p I pref.
100 368
Cleveland Trust
Cleve Worsted M corn 100
Dew Chemical rem
18
3135
8934
10%
31
6851
23
Range Since Jan. 1.
Low.
18
3135
8934
11
313.4
88%
23
60
180
28
85
50
20
10
18
2654
8934
1034
30
86%
23
5
7
1103-4 1103.4
52)4 5334
108 106
11135 11135
103 10331
2
231
368 386
19
1934
156 155
1,120
30
553
100
34
252
972
62
67
25
2%
10934
3
634
104
110
102
154
359
19
11211
High.
July 27
Jan 33
Aug 11734
July
17%
July 37
July 7034
July 40
Feb
Jan
Feb
Jan
June
May
July
Jan
Aug
Jan
Jan
May
Jan
May
Feb
Feb
Jan
7
Aug
112
Mar
54% May
Mar
120
115
May
109
Mar
334 Apr
400 !Mar
30 IMar
175
May
Range
51.008
Jan. I.
High.
Low.
66
13
1634
3934
232
112
95
59
190
103
102
50
111
95
4534
May
Aug
Apr
Jan
Jan
Mar
July
Aug
Jan
Mar
June
July
Apr
July
May
6034
18
2754
18
2934
4934
27
40
24
70
2934
55
33
May 75
Feb 45
Mar 38
Aug 50
Aug 4234
Apr 5534
Mar 35
July 45
July 28
Slay 98
Jan 165
Jan 90
Feb 4334
Jan
Apr
May
Max
May
Jan
Mar
Apr
July
Jan
May
June
Apr
1434
36
31
9834
111%
90
2234
200
73.4
50 35
350 2634
50 93
44 109
264 90
25 1131
193.4
Jan
Apr 39
June 35%
Jan 100
June 11434
July 1003-4
Jan 2234
May
Jar
Jar
Feb
Am
Mal
Alit
83 8234 83
Packard
*
16
Paragon Refining,com _ _25 1634
1634
287 302
• 296
Richman Bros, corn
25
25
Scher, Hirst
• 25
*
4035 4134
Selby Shoe
Selberling Rubber, corn_ • 4335 4331 44
160
10231 103
Preferred
.25
79 34 80
Sherwin-Williams,corn.
8
834
Stand Textile Prod,com 100
100
55
56
A preferred
436 434
*
Stearns Motor, corn
43,4
121 13634
25 136
Steel & Tube
134 47
934
1,440
1,037 256
60 2434
415 40
440 3334
23 10234
348 6534
8
65
60 55
3
128
1.957 53
Jan 85
1634
Jan
Feb 302
Aug 29
May 47
Feb 50
Aug 10711
Feb80
16
Aug
Aug 71
8
Mar
Jan 120
July
AG
MU
Mal
Ap
Mal
Ma:
Jun,
Ma
AP
Ap
Jul:
Feb 5494
10 45
Feb 44
505 22
121 10134 Feb 103
13
July
9
500
330 4254 June 484
Jan 305
13 285
July 105
68 103
Mar 2734
15 25
Ap
Ma
Au
Fe
Ma
Ma
Ma
Ma
62
62
Elec Contr & Mfg com_ •
10
13
• 13
Falls Rubber corn
15
15
25
Preferred
33
33
•
Faultless Rubber com_
_10
17434 180
Firestone T & R com
100 11034 11035 11035
6% preferred
95
95
100 95
Foote-Burt pref
5734 58
• 58
Godman Shoe
170 170
25
Gen Tire & Rub com
98
98
*
Glidden common
101 101
100
Prior preferred
Grasselli Chem corn__ _ _100 4811 4834 49
109 54 110
100
Preferred
95
95
Gt Lakes Towing com_ _100
4054
Bros Cooperage com• 4011 40
Greif
• No par value.
Stocks-
809
FINANCIAL CHRONICLE
AUG. 11 1928.]
63
Hanna (‘i A) 1st pref _ _ 100
India Tire & Rubber corn.* 3834 37
363,4
• 3731
Jaeger Machine corn
18
100
Jordan Motor pref
2954
•
Kaynee corn
53
Kelley 131 L & T corn_ _ _100
* 3134 313.4
LeMur common
40
•
McKee A G Co
a27
Miller Drug
78
___
Miller Rubber, pref. _100 79
135
Mohawk Rubber, corn...* 143
89
100 89
Preferred
a
3634
Myers Pump
National Acme, corn_ _ _ _10
National Refining, com_25
National Tile, corn
Nor Ohio P & L,6% p1.100
Ohio Bell Telep, pref _100
*
Ohio Brass "B"
•
Otis Steel, corn
Telling-Belle Vernon, com•
Thompson Prod, corn..100
100
Preferred
•
Trumbull Steel, corn
Union Metrel Mfg, corn_ •
160
Union Trust
White Motor Secur, p1.100
Wnnr1 (Thorn
1434
36
3034
9834
11134
8834 8891
2234 223.4
33
12
45
.
51
3234
103
11%
45
287
104
2531
6334
40
3734
18
30
53
3234
40
27
79
145
89
37
51
34 31
103
1231
45
28734
104
2531
24
983
20
241
42
20
83
485
10
10
800
440
130
10
120
5451
43,4
15
30
188
109
80
57
165
95
96
47
10534
88
39
60
6,310
255
15
325
10
480
75
100
505
1,150
138
525
Jan
Feb
Apr
July
June
Jan
Feb
Aug
Slur
July
Jan
July
Feb
Feb
July
• No par value.
-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange, Aug. 4 to Aug. 10,
both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low, High Shares.
Range Since Jan. 1.
Low.
High.
June
Jan 220
May
Apr 295
Jan 8134 Aug
American Co
Anglo rk Lond P NI Bank.
Atlas Im Diesel En "A"...
141
15034 28,180 130
160 225
255
8111 23,956 31
Bancitaly Corp
Bank of California N A
Bank of Italy NT & S A
11131 111
280
280
17435 171
11435 21,442 100 June 22035 May
May
282
146 26931 Feb 452
June 31134 May
12.280 125
176
138
250
7911 74
150
Calamba Sugar corn
98
Preferred
6
California Copper
Calif Cotton Mills corn... 10534
California Ink
5134
71
California Packing Corp
70
Caterpillar Tractor
Coast Co Gas & El 1st pre! 101
__
Crocker First Nat'l Bank
28
Dairy Dale "A"
26
East Bay Water A pref._
9234
Emporium Corp The
30
554
Fageol Motors corn
Fireman s Fund Insurance 115
'
1254
Foster & Kleiser corn
10554
Great Western Power pf
"A" 6% pref
10134
Hawaiian Com'l & Bug Ltd
Hale Bros Stores, Inc
Hawaiian Pineapple
Home Fire & Marine Ins.
Honolulu Cons Oil
3854
Hunt Bros Pack "A" corn.
Hutchinson Bug Plantat'n
Illinois Pacific Glass "A". 5134
LA Gas & Electric pref.
3.00
Magnavox Co
107
Nor Am Investment corn
10034
Preferred
393.4
North American 011
Paauhau Sugar Plantation_
Pacific Gas & Elec oom _ __ _ 4755
2735
1st preferred
Pacific Lighting Corp corn. 83
6% preferred
Pacific Tel & Tel pref
Paraffine Cos Inc corn.... 83
Plggly Wiggly West StsA. 2434
4554
Richfield 00
33
Roos Bros common
11534
, S J Lt & Pr pr pref
I1
6% Prior preferred
(B F) Schlesinger A corn.. 21
93
Preferred
Shell Union Oil corn
2631
Sherman & Clay Pr pref.
Sperry Flour Co corn
9135
Spring Valley Water
:Standard Oil of Calif
6754
51
Union Oil Associates
Union 01101 California.... 50%
11
Union Sugar common
Wells Fargo Bk & Un Tr- 315
'Yellow & Checker Cab.... 64
7.ellerhaeh Corn 8 2 1928
,
150 151
98
98
53-4 6
10555 115
5034 8534
71
7155
6834 73
10034; 101
350 350
2734 2835
2634 27
923,4 9254
30
313.4
531 53.4
115 118
1234 13
10535 10534
10134 102
5135 5135
2534 26
52
53
89
39
3834 40
23
233-4
12
13
513.4 54
10631 10634
3.00 3.20
107 108
100 10034
4034
39
93.4
9
4735 48
2734 2734
8234 8435
10235 103 A
11934 11935
88
83
2434 2534
4534 48%
3135 3331
11535 116
102 102
22
21
92
94
2634 2851
9735 98
138H 7214
95
96
5734 59A
5034 5231
50
52 A
11
11
315 315
52
54
lln 110
295
25
1,950
150
995
1,143
30,075
25
5
230
1,635
130
775
1,180
70
410
172
125
185
70
130
100
1,370
345
135
2,235
40
17,390
420
55
3,325
150
1,871
1,602
5,945
13
5
2,822
800
65,258
455
35
20
350
100
1.486
10
55
18
10,55
7,884
8,824
97
Jan 170 June
Apt
9136 Jan 100
834 Apr
2
Mar
75
Jan 143 34 Mar
30
Jan 57 34 June
6931 June 7934 Apr
Jan 7834 May
53
June
Jan 102
98
Mar
340 June 450
23
Jan 3231 Jun(
1736 Jan 3134 May
Api
8411 July 99
28 June 3435 Jar
2
Feb
734 May
Jar
110 June 127
Jar
June 19
12
10334 June 1063-4 Ma
9831 Jan 10334 Ap
46 June 5335 Jar
Jar
25 June 31
Jan 5435 Jut
41
373.4 June 4914 Jar
35
Feb43 Ma:
22 June 2834 Ap
1135 May 1511 Ma
42 June 62 Jun
10534 Jan 11234 Ma
4.00 Ma
3.00 Jan
Jan 1103,4 Ma
105
Ma
99
Jan 103
38
June 43
Ap
9 June 11
Fe
4334 Mar 5331 Ma
2634 Jan 2934 Ap
7234 Feb 9654 Ma
10934 Jan 10634 Fe
Al
11334 Jan 125
79 June 1093.4 At
2111 June 3134 Fe
2334 Feb 52
Nfa
31
Feb 3734 kils
11331 Jan 11934 Ma
100
Jan 106 35 kla
20 June 2734 Ms
92
Jan 99
Ma
24
Feb 2931 is
9534 Jan 9955 Jul
At
6034 Mar 85
95
July 120
kis
53
Feb 6234 At
41% Feb 5734 A
4234 Feb57A Ail
175 17 j b 37
,:: 7tir 5
91
45
1
e 15
4 irA,
6
1
1,085
,n
5
_
__ ...
e)
St. Louis Stock Exchange.
-For this week's record of
transactions on the St. Louis Exchange, see page 783.
810
FINANCIAL CHRONICLE
[VoL. 127.
New York Curb Market-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the
New York Curb Market for the
week beginning on Saturday last (Aug. 4) and ending the present Friday (Aug. 10).
It is compiled entirely from the daily
reports of the Curb Market itself, and is intended to include every security, whether stock
or bonds, in which any dealings
occurred during the week covered:
Friday
Sales
1431 Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Week Ended Aug.10.
Stocks-
Indus. & Miscellaneous.
Acetol Products Inc A___5 2234
Adams-Millos Corp
• 254
Aero Supply Mfg el A _ _ _ _• 3334
Class B
• 304
Ala Gt Sou pref
50
Alles & Fisher Inc com_ •
Arned Pack cora
•
Allison Drug Store cl A. •
Class B
*
434
Alpha Ponl Cement com-• 45
Aluminum Co. corn
• 143
Preferred
100
Aluminum,Ltd
•
Amer Arch Co
100
Am Brown Boven ElecFounders shares
•
Amer Cigar Co corn_ _100
Amer Colortype com_
•
Am Cyan corn cl B
20 35
Preferred
100 1003.4
Amer Dept Stores Coro • 204
Amer Glue com
100
Low.
High.
2234 2234
244 28
334 3451
30
30%
15854 15854
2834
28
114
134
1334 134
334 5
4634
45
135 143
10734 10734
118% 1184
49
50
100 22
1,600 2434
300 14
900
834
10 156
300 26
200
1
300
834
1,400
334
1,300 374
700 120
200 10534
100 80
400 464
Aug
Aug
Jan
Jan
July
May
Mar
May
Aug
Mar
Jan
Jan
June
June
8
143
34
3414
10034
2034
3134
500
434
50 132
2,700 2334
1,100 y3054
100 9534
8,200 134
10 3034
Feb
14
May
Mar 16234 Apr
Feb 3634 Aug
July 5334 May
Jan 103
June
Jan 2434 Jun
July 3134 Aug
9
1434
3634
3534
10034
21
3134
3134
29
75
50
18454
34
334
2134
1534
484
19734
11034
125
70
Feb
Mav
May
May
May
Jan
June
Jan
Jan
June
May
May
Aug
Jan
Amer Hardware Corp _ _ _25
73
73
20 7134 Mar 8534 Jan
American Hawaiian sfil_ _10 1934
1934 1934
600 154 Jan 2334 Apr
Amer Manufac corn_ _100
63
63
75 45 June 804 Jan
Amer Rayon Products_ _ _• 1534
1554 1734 1,600 13
June
Mar 24
Amer Rolling M111. oom_25 8634 864 884 3,300 8231 June 114
Jan
Am Solvents & Chem,v t e• 2134
21
214 1,800 114 Jan 2834 May
Cony part!, preferred •
3334 3634
1,600 254 Mar 4134 May
Amer Thread pref
5
334 334
100
arils May
Will Jan
Amsterdam Trading Co-American shares
3334 3334
20 3334 Aug 4334 Jan
Anglo-Chile Nitrate Corp_•
42
44
400 264 Feb 51
June
Apponaug Co coca
• 3034 304 3134
900 3034 Aug 324 July
834% cumulative pref 100
10034 10034
200 10034 July 101
July
Armstrong Cork. new com• 52
52
55
125 52
Ma,
Aug 66
Associated D.& Print....
28
2834
500 2734 July 324 May
Atlantic Fruit & Sugar_ •
72c 84.
2,900 70o June
Jan
1
Atlas Plywood
• 82
81
83
600 5634 Jan 9334 May
Atlas Portland Cement-' 40
40
40
500 38
Feb 4734 Apr
Auburn Automobile.corn _• 92
85 10234 20,200 8.5
Mar
Aug 143
Axton-Flaber Tob corn A 10
29
294
400 22
July 6134 Apr
Bahia Corp common_
•
1134 1234
700
May
6
17
Feb
Preferred
25 1534 1534 1534 1,100
934 Feb 194 June
Balieltaly Corporation_ _25 11254 11134 11434 11,600 89934 June 223
Apr
Baumann (Lud)& Co pf100
9914 9954
100 9934 Aug 104
June
Belding-Ilan Electrice.cm• 30c
2,000 150 July
30e 31c
3
May
Class A
25
1
1% 1,900
1
May
July
6
Bendix Corp com cl A _10
154 156
1,100 5334 Jan 156
Aug
Corn class B
153
153 156
200 153
Aug
Aug 156
Denson & Hedges corn_
•
15
1714
Mar
500 15
Aug 24
BILss(E IV) Co com
• 254 2434 2834 37,900 1634 Mar 2851 Aug
Blumenthal (S)& Co cons_• 41 34 36
4134 8,500 2634 Mar 4154 Aug
Blyn Shoes Inc corn
10
3
600
3
Aug
434 Jan
334
nohn Aluminum & Brass.' 73
73
75
1,600 3354 Jan 87
June
Brill Corp. class A
•
24
24
200 203.4 July 3134 Jan
Preferred
100
95
95
1,000 90
Aug
Jan 95
Ballo Mfg Com
* 2434 24 34 2534
900 14
Jan 3134 Mar
Brlstol-Myers Co corn_ • 7334 734 7734 8,000 65
June 7734 Aug
Brit-Ara Tob ord bear_ _ £1
2934 2934
100 2554 Jan 2954 July
Ord registered
El
2954 294
700 2534 Jan 2934 Aug
British CelaneseAmer deposit recelpts_-1434
1454 1514 4,400 1334 July 3354 May
Broadway Dept Stores1st pref with war _ _ --100 10434 5101 10434
600 101
July 112
Jan
Bullard Mach Tool
*
70% 7034
200 43
Jar. 7634 May
Camp. Wyant & CannonFoundry..
•
464 4734
800 3834 Jan 524 May
Canadian Indus Alcohol..'
38
38
100 3634 Feb 5034 Apr
Cannon Mills Co.('ou,... _ •
4734 464 4714 2,400 45
Aug 4854 July
Carnation Milk Prone" ,•,'
4434
44
400 30
Jan 66
May
Casein Co of Amer
100
5179 5179
10 156
Jan 226
Mar
Caterpillar Tractor
•
70
7334
200 53
Jan 79
May
Cavan-Dobbs. Inc. coo. _ •
3634 3514
200 3154 Apr 4334 June
634% pf with corn stk
100
purch warr
107 107
600 102
Apr 11234
Celanese Corp of Am corn • 6534 6534 8934 2,300 674 July 103 June
May
First preferred
100 125
125 129
500 125
Aug 18534 Jan
_100 103
New preferred
103 16334
460 103
Aug 112
Feb
Celluloid Co common_
•
81
81
100 80
July 122
Feb
Ceiotex Co corn
• 61
62
55
1,050 49
Feb 6934 Apr
7% preferred
100
8434 8434
50 80
Feb 874 Jan
Central Aguirre Sug. _50
151
151
400 1163.1 Feb 164
June
Centrifugal Pipe Corp...'
934 1034
600
814 June 12% Jan
Cbaris Corp
2734 3034 2,200 274 July 284 July
Meeker Cab Mfg corn....
Chic Nipple Mfg c113 ...50
100
Childs Co pref
Citiee Service.Common_ _20
100
Preferred
Preferred 13
10
City Ice & Fuel (Cleve)..'
Clark Lighter cony A„....•
Club Aluminum Utensil- •
Cohen-Han-Marx Co_ - _ _•
Colombian Syndicate
Columbia Graphoph Ltd
Am dep rots for ord stk
Consolidated Cigar warr'ts
Conaol Dairy Produota- _ _•
Com'Film Indus. corn _ _•
Consol Laundries
•
Cons Ret Stores Inc. corn _•
Consol Coal corn
100
Copeland Products IncClam A with warr
•
Courtaulds Ltd Amer dep
rects for ord stk reg £1
Crane Co 7% pref
100
Crosse & Blackwell
Pref with warrants._ _ _•
Curtis Aeropl Exp Corp M-1,*
Curtis Pub Co corn
•
3934
108
6534
0034
19
33
Iiis
72
63.4
4534
14 34
28
134
120
524
2234
344
114
105
65
99
94
52 34
19
2854
33
134
3934 30,100 2034 Mar 384 Aug
100
134 Feb
154
334 Jan
108
230 10354 July 12434 Feb
654 13.700 54
Jan 7134 June
1,100 9434 Jan 10334May
9974
934
84 Jan
300
954 Apr
100 3634 Jan 5434 June
52 34
500 18
20
Aug 37
Apr
500 28
2934
June 3834 Jan
1,000 2334 Jan 3534 Mar
35
134 Mar
1,600
154
24 May
7034
634
3934
I2'.4
1434
28
27
7934 156,800
634 1,600
4534 10,100
13 34 2,000
1,500
1474
200
2814
25
27
344
534
21
124
14
274
27
Jan
July
Jan
Aug
July
July
Aug
12
1334
'J00
734
Jan
815,4
74
5034
1934
20
36
32
May
Aug
June
Feb
Apr
May
Apr
194 May
,
2134 2154
120 120
400 2134 Aug 2454 May
Aug
Mar 120
50 115
523.4 523.4
2234 23
175 175
200 52 June 5254 July
May
.500 2234 Aug 44
Jan
125 17134 June 189
Davega, Inc
•
30
30
Davenport Hosery Co_ _ _• 1814 1834 1834
Deere & Co. oommon_100 399
394 399
De Forest Radio. v sc.__ •
9
85,4 1234
Detroit Motorbus
10
9
9
Doehler Die-Casting
• 3734 3734 3954
Dominion Stores Ltd_ _ _ _• 119
119 119
Dubiller Condenaer Corp.•
25,4 254
Dunlop Rubber Co. LtdAmerican deposit rets___
634
63.4 634
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Range since Jan. 1.
100 30
200 10
1,300 22034
5,800
14
100
87.4
1,300 1534
100 104 34
700
234
100
8
Mar 51
Mar 19
Jan 418
Jan 16
Jan
1554
Feb 4434
Jan 1393.4
Mar
54
July
83,4
Jan
July
May
June
June
June
May
May
Apr
Duplan Silk Corp. corn_ •
20
2154
Preferred
100 10554 105 34 10334
Dupont Motors
•
234 3
Durant Motors.
-• 124 124 134
Durham Dup Rat pr pre(
Ino_with cl Lt com par war_ _• 47
.
45
47
Duz Co Inc, class A
•
734
634 734
Class a v t c
•
64 734
Eastern Rolling Mill
• 27
27
27
Eastern SS Lines nom_ .5
96
96
Educational Pictures, Inc
Prot with com par wax100 804 80
8034
Elect Shovel. Coal par pt.*
435,4 4434
Evans Auto Loading CI B 5 894 88
914
Fageol Motors corn
10
54 534
Fajardo Sugar
100
145 147
Fandango Corp corn
*
Fansteel Products I.no_
•
reddens Mfg [no class A_ •
Federal Bus Publications
1st pref without Warr._ _ -----Federated Metals tr ctfs_ _•
Film Inspection Machine_•
354
Fire Assn of Phila
10
Firestone T & R.. corn_ _10
Florsheim Shoe Co corn A • 45
6% preferred
100 9934
Ford Motor Co of Can_100 510
Forhan Co. cl A
• 3034
Foundation Co
Foreign shares class A_ _• 104
Fox Theatres clam A cora.* 2734
Franklin (II H) Mfg corn.'
I. reed-Else man Radio_ _..•
354
French Line 600 francs
Amer shs rep corn B stk. 4534
Freshman (Chaa) Co
•
7%
Fulton Syiphon
• 3
934
Galesburg-Coulter Disc_ _• 70
Garland Steamship
3
General Alloys Co
•
General Amer Investor...* 61
General Baking corn ____•
84
Preferred
• 7414
Gen. Bronze Corp corn1
• 45
General Cable warrants_ _ _
Gen Elec Co of Gt Britain
American Deposit rcts934
Gen. Laundry Mach corn • 2634
'
General Mills Inc, corn_ _ _• 6534
GermanlGen Elec stk tr rots
Gilbert(AC)Co corn....' 15
Preference
•
CO Spring & Bump coca •
Glen Alden Coal
• 150
Gobel (Adolf) Ino oom • 11214
Golden State Milk Prod__
4434
Gold Seal Electrical Go •
Grant (IV T) Co corn_
•
Greif (L)1dr Bros pref X..100
Griffith (D)class A
•
Gramelli Chemical new-• 48
Gt All & Pac Tea 1st pf100
Greenfield Tap & Die_ __-•
934
,
3
3
204 224
4234 4234
3054 3034
1434 1434
334 334
4934 4934
17754 178
443,4 45
0934 9934
537 559
30
30 34
Range Since Jan. 1.
Low.
300
700
500
100
10
45
414
44
22
88
75 80
400 43
3,100 5334
200
554
70 145
200
600
200
3
12
2734
July 97
July 404
Feb 9234
Aug
634
Aug 1654
Mar
May
June
May
Apr
June
Feb
Feb
Apr
10
85
Jan
504 May
Aug
Mar
Mar
Feb
2034
3234
2334
7
May
May
June
May
44
734
3734
684
80c
105,4
5834
814
7154
4134
9
42
534
274
4734
606
1054
5634
64
7434
3534
8
July
Feb
Mar
Jan
Aug
Aug
Feb
Apr
July
Jan
July
714
1034
4434
754
60o
1334
77
37
86
5334
16
Mar
Jan
Feb
May
Aug
Jan
May
May
May
May
Apr
46
GOO
834 12,000
40
4,600
70
200
60c
100
100
1034
1,100
83
914 34,500
1,400
7534
45
700
11
400
934 934
2834 27
854 6614
42
42
1434 15
45
45
934 934
1484 156
1125,4 11934
4434 4434
734
734
107 107
9834 9834
2
2
48
4854
119 119
934 93.4
200
854 May 1034 May
1,300 20
Jan 83
June
1,200 OA
July 68
June
100 42
Aug 4634 May
200 1314 July 2054 May
100 43 June 50
Mar
100
7 June 1254 Mar
3,700 14834 Aug 189
Jan
3,700 66
Jan 1464 June
100 444 Aug 4434 Aug
30
6
June 17
Jan
200 10454 July 125
Jan
25 9734 Feb 106
Mar
300
I
Mar
214 May
2,900 4734 July 51
June
10 11654 Mar 120
Apr
GOO
814 June 123.4 Jan
1634 17
25
254
53.4 6
38
3834
164 184
122 122
25
2534
4334 44
254
25
11
11
47
47
15
15
3874 4034
85
8934
8115,4 71
2534 2634
4134 4234
1234 124
2834
25
900
934 Jan
1834 May
700 22
June 30
Jan
2.400
514 Feb
94 Apr
300 354 July 63 June
100
134 Apr 17
May
10 1184 Feb 124
Apr
600 214 Mar 25
July
700 88
June 47
June
200 25
Aug 424 Jan
100 11
Aug 14
Jan
100 4514 July 49
July
200 16
Mar 204 Jan
3,500 254 Jan 454 June
4.700 7834 July 9334 July
1,000 6914 Aug 10434 May
3,200 253.4 July 32
May
2,200 4134 Aug 4434 June
2,500
734 Apr 14
May
1,700 25
July 2834 Aug
234 2334
100 23
1134 1134
OM
50
4354 46
2,100 3834
4434 4814 1,600 384
155 155
25 155
100 39
39
39
1734 12,100 15
16
700 20
225,1 224
43
200 42
44
50 5100
99% 1005i
200 53.4
6234
62
100 1834
224 2234
1,800 5154
514 55
550 311
19034 210
53
Feb
June
May
May
July
9
1734
134
154
Magnin (I) & Co cam_-_•
Manning Bowne & Co B..*
Nlar Steam Shov, new come
Marmon Motor Car oora_•
Maryland Casualty
25
Massey-Harris Ltd nom_ _•
Mavis Bottling Co of Am-•
May Drug Stores Con). •
May Hosiery Mills 94 sh_•
McKesson & Robbins
Mead Johnson & Co corn •
McCord Rad & klfg v t c •
Melville Shoe new corn.-..•
Old common
•
16
59
94
954
30
9734
9
14
5,300
2754 2834 30,000
21
22
300
3
34 1,500
914 954
28
284
30
30
153.1 1534
52
52
3234 33
3534 354
43
444
52
53
414 534
2854 314
25
25
40
40
17
175,4
26
26
3854 384
13934 142
3014 3134
5334 56
32
33
139 13954
4334
46
Aug
May
Apr
Feb
Mar
100 3034 Aug 3054 Aug
100 14
Mar 20
Jan
200
3 June
574 Jan
200 5474 July 84
Apr
75 166
Mar 238
Jan
1,200 4434 Aug 584 Apr
1,000 98
June 10314 Apr
1,880 510
Jan 898
May
1,400 23
Jan 33
July
Hall(CM)Lamp Co
•
Hall(W F) Printing__ _10 254
Happiness Candy St clA..•
534
Hart-Parr Co corn
• 38
Hellman (Richard) warr... 164
Hercules Powder pref _ _100 122
Hires(Chas E)cl A Corn •
Holland Furnace Co
• 4334
Hood Rubber corn
•
Hoover Steel Ball
10 11
Horn (A C) Co, 1st prof _50
Huyiers of Del coin
•
Hygrade Food Prod eom... 3934
Industrial Rayon new_ _ _ _• 86
lnsur Co of North Amer_10 70
Insurance Securities
-10 254
Int'l Printing Ink com--• 4234
Internat Projector
•
Internat Safety Razor 13_' 2654
Int Sleeping Car & Europe
Trains Am dep rcta
interstate Dept Stores corn' 4534
Issotta Fraschinl War
Jaeger Machine
• 37,34
Joske Bros Co corn v to'
Kalamazoo Vegetable
Parchment Co
10
Kaufm Dept Sts, corn 12.50
Kaynee Co com
10
Kemsley „ Millboum & Co•
Kimberly-Clark Corp,corn. 52
Kinnear Stores Co corn..'
Knott Corp. corn
•
Kobacker Stores corn_
•
Lackawanna Securities. • 52
Lake Superior Corp- -11111
Lakey Foundry & Mach_• 2974
Landay Bros Inc cl A_
•
Lane Bryant Inc com____•
Leath & Co corn
•
Lelcourt Realty corn....' 26
Preferred
•
Lehigh Coal & Nay ____50 13934
Lehigh Val Coal Otis new.. 3034
Lehigh Valley Coal Bale.50
LeMur Co corn
•
Libby Owens Sheet Glass 25 139
2334
High.
1,100 20
Aug 2834 June
500 1054 July 11034 June
1.300 500
Jan
4
Apr
6,700
934 Mar 18
July
3834
454
75
3734
3834
3834
4534
75
3734
3834
100
800
20
50
100
3834
37
75
29
38
Aug 45
Feb 5634
Aug 110
Jan 38
May 43
June
May
July
June
Jan
100
934
1,800 28
200 30
100 144
1,000 52
300 284
100 33
300 40
1,200 45
1,400
334
4,500 27
100 25
100 384
300 14
300 2534
40 10 H
3 0 3
6
Aug
1214 July
Aug 34
July
July 434 May
July 2034 May
July 5234 July
June 384 Mar
July 4434 Mar
July 4434 Aug
June 55 34 Jan
Jan
914 Feb
July 38 June
Aug 294 Juno
June 42
July
July
1754 Aug
Aug 3534 May
June 4234 May
al
Mar 1544 June
3,200 274 Mar 89
Jan
aoo ao 3.1ar 6634 Jan
300 144 Jan 3454 May
July
Mar 140
250 109
May
Feb 27
May 1134 Jan
July 46
Aug
Feb 684 ADY
July 19334 May
Mar 4634 Apr
May
Jan 22
Jan 2614 May
June 4834 Jan
Aug 10034 Aug
Feb 72
MAY
Apr 223.4 Aug
Aug 55
Aug
210
Jan
Aug
AUG. 11 1928.]
811
FINANCIAL CHRONICLE
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High Shares.
Range Since Jan. l.
Low.
100 97
Jan
no% no%
Mercantile Stores Co_ _100
1,400
234
1% Mar
234
•
Mesabi Iron
/an
400 54
59
58
kletropol Chain Stores_ •
Jan
400 44
50
52
Met5 & 50c Stores pref _100
86
100 80% May
86
•
Midland Steel Prod
41
Jan
100 39
41
•
Midvale Co
Aug
100 23
23
23
Missouri-Ill Stores corn__ _*
38% 404 6,500 38% Aug
Mohawk Carpet Mills_ __• 40
200
44 44
44 Apr
•
Nat Baking,corn
50 71
71
July
71
100
Preferred
Nat Food Products
200
11
12
6
Jan
Class B
4
4
300
4
334 Jan
10
National Leather
36% 37%
500 31
Apr
Nat Mfrs & Stores
15,200 23
30Si 28% 31
July
Nat Rubber Mach'y
175 119
135 137
100
Feb
Nat Sugar Bete
25 104
105 105
Jan
National Tea Co pref_ 100
10% 11%
900
6
Jan
Nat Theatre Supply nom •
32% 1,000 31
31
Apr
Nat Trade Journal, Inc... 32
20
100 19% Aug
20
Nauheirn Pharmacies Inc..'
• 329i 32% 32%
300 304 July
Cum cony pre(
22% 23%
400 18
Apr
Nebel (Oscar) Co corn_ • 23
85
*
100 73
85
Apr
Neisner Bros common_
900 20 June
Nelson(Herman) Corp__ _6 24% 23% 27%
22
5
Aug
100 22
22
Neptune Meter el A
31
11,500 25 June
Neve Drug Stores com___• 3035 26
• 39% 3734 40% 9,700 354 June
Convertible A
120 124
150 120
Aug
Newberry (J J) corn
108 108
100
100 1064 Jan
Preferred
8%
8
1,93(
8
New Mel & Ariz Land_ __1
754 June
66
69%
1,500 30)4 Jan
Nichols & Shepard Co._ _ _• 67
1,200 16
Feb
Stock purch warrants_ _ _ 48% 96% 48%
654 2,100 28
• 62% 62
-Pond rom.
Jan
Niles Bement
Noma Electric Corp corn • 23% 21% 23% 6,300 2034 June
10
7
7
6
North Amer Cement
Jan
38
4 Feb
39%
1,000 291
Northwest Engineering • 38
•
16% 16%
Novadel Process corn_
500 11% Feb
Ohio Brass el B
Pacific Coast Biscuit pref _
Page Hershey Tubes corn.*
Palmolive Peet Co corn. •
Pack Austin & Gipscomb26
Partic pre(
Parke Davis Sc Co
Penney (J C)Cool A of 100
Peoples Drug Store, Inc *
Phelps Dodge Corp.__ _100 131
4
Phil Morris Con Inc com_*
rick (Albert), Barth & Co
10
Common vot tr Mrs. __ _1
Pref class A (parti° A of)
• 20
Pie Bakeries of Am -A"..* 25
• 30%
Pierce Governor Co
Steely Wiggly Corp oom_• 203.4
Piggly Wiggly Western
States Co cl A
Pines Winterfront Co el A 5
Pitney Bowes Postage
Meter Co
Pitts & L E RR com_ _50
100 255
Pittsb Plate Glass
Pratt & Lambert Co
• 56
Procter & Gamble corn 20
Propper Silk Hosiery Inc.• 34%
Prudence Co 7% pret _100 105
10
Pyrene Mfg
89%
42%
92
112
90
42)4
92
115
25
27%
40% 47%
101)4101)4
56
59
133 136
4
4
10
20
25
30
26
25
120
152
44
OR
81
112
48%
23
40%
10%
93
May
June
May
June
Jan
Apr
Aug
July
Jan
Jan
15
5%
40%
31
152
107%
19%
353(
2834
3754
25
1004
34%
25
34
433.4
145
1104
11%
73
53
90
26%
13
60%
1934
May
May
MAY
Aug
Apr
May
May
May
May
May
May
May
May
Feb
May
May
Apr
May
Apr
June
June
May
May
Feb
May
June
150 8834 July 100% Mar
40 June 5134 Jan
10
50 90
Jan 102
May
700 (1)8554 Feb 12374 June
25% Aug 2834
30
July 57
44
30
2 101% Aug lomt
60
44% Mar 68
300 117
Feb 148
4
10
July 10
60
10
1,20
20
25%
1,20
30%
800
31
20,10
26%
120
High.
1,60
10
10
19
25
18%
23%
Jan
Apr
July
Feb
Mar
May
May
May
Mar
June
Mar
11% Jan
22
Jan
3434 June
36
May
3334 May
19 June 31
564 Jan 121
Feb
July
8% 8%
14734 14834
250 255
56
56
2614 266
34% 39%
104% 105
736
73‘
200
25
27
600
75
900
50
200
7
114
210
50
247
33
102
6%
June
Ma
Feb
July
Fel
June
Jan
Ma
103.4
185
245
614
300
3434
1074
9%
Jan
Apr
July
May
May
Aug
Apr
Jan
120% 1204
20
200
700
600
30
100
100
400
200
200
225
400
109
384
224
49
27034
24
265
18
35
30%
2094
81%
Jan
Jan
July
Jun
Jan
Au
Jun
Jun
Apr
June
Aug
Jan
132
96
35
52
350
24
300
27%
40%
37
287
125
Apr
May
May
June
May
Aug
Aug
Jan
June
May
Jan
May
514 52,600 18% Mar
46
Rafe-T-Stat Co common...* 47
155 157%
Jan
200 135
Safety Car Heat & Ltg_100
561 580
260 310
• 675
Jan
Safeway Stores corn
35% 40
3,600 30 June
Old fifth warr
•
72% 72%
1,500 60
Jan
Be Regis Paper Co
358 382
520 215
Sanitary Grocery Ino____• 358
Jan
120 120
70 111
Savannah Sug corn
Feb
133 133
• 133
25 11034 Jan
Schiff Co 7% pref
24
24
100 17
Jan
Schulte Real Estate Co_ -•
19% 20%
700 17 June
Schulte-United Sc to ilSta•
524 54% 3,600 83
54
Seeman Bros common _ _
Jan
• 4334 424 44
1,200 3334 Feb
SelberlIng Rub, corn
Selfridge Provincial Stores
4
4
200
£1
May
4
Ltd ordinary
434 Jan
Serve Ine(new 0o) t a- • 13% 13% 154 18,900
•
4234 43 36 3,00
23
160
Preferred v t o
Feb
29
2934
•
300 21% May
Beton Leather corn
100 604 Jan
Shaeffer(W A) Peu ____• 46 34 46% 46%
23% 2434
1,000 17
Silica Gel Corp.com v t
Feb
50
50
100 39
Silver (Isaac) Si Bro corn.'
Jan
1494 155
Smith (A 0 Corp
175 104
May
10
6)4 63.4
Sala Viscose Ltd __Lire 120
634 Aug
•
234 2434
20
1,30
South Coast Co corn
May
2,10
Southern Asbestos
• 3234 314 33%
2334 Jai
57
170
580
40
90
382
129
133
2936
22
65
50%
June
Mar
Aug
Aug
MAY
Aug
Mar
Aug
mar
Feb
MAY
May
434
16%
47%
31%
60%
29
60
155
94
29%
354
May
May
May
May
AD?
Apr
May
Aug
May
July
May
Southern Groc Sts corn
•
Cony clam A
Southern Ice & ULU corn A•
Corn class 11
Southern Stores Corp el A•
Southwestern Stores corn.*
Span & Gen Corp, Ltd__£1.
Sparks-Withitucton Co__ _•
Spencer Kellog & Sons new
•
Spiegel May Stern Co_
100
034% preferred
Standard Investing Corp.*
Stand Motor Constr_ _100
•
Stand Tank Car corn
•
Stein 13loch Co com
Stetson (John B) Co corn.•
*
Stinnes(Hugo)Corp
Stromberg-CarisTelMfg_ *
..•
Car
Stutz Motor
Swedish-Am Invest, p1.100
100
Swift & Co
15
Swift International
Byre° Wash Mach B com_•
29%
454
26)4
28
40
21%
11
127
31
6354
100
49)4
4
24
15
125
19
35
19
1455(
137
3434
254
May
May
May
June
Mar
Aug
July
June
Aug
June
May
May
Apr
Apr
Jail
Apr
May
Jan
Apr
July
May
Feb
Mar
1,700 30
June 44%
2,200 11% Feb 20%
20 10334 Jan 110
500 33
Jan 4634
700
234 May
434
200 41)4 Apr 6034
400 2434 Aug 274
900 104 Aug 123.4
Mar 121
100 92
4,600 2034 May 35
May
API*
Mar
May
Feb
may
July
July
June
May
Quaker Oats prof
100
•
QRSCo
Rainbow Luminous ProdA*
25 49
Raybestos Co corn
Realty Associates corn._ _* 280
24
Ross Stores Inc
Richman Bros Co
•
Richmond Radiator, oorn..• 18
• 36
7% cum cony prof
Ross Gear & Tool corn__ •
Royal Bak Powd corn _.100 210
100 95
Ruberold Co
96
92
25
23
49
49
280 289
24
24
290 300
184
18
36
36
33)4 34
2094 210
98
95
28
28
10
25
Jan
35% 36%
10
31% Mar
19% 2134
30
13
Feb
21
22
80
20
Aug
28
29%
1,40
Jan
24
20% 21% 2,50
18
June
10 120,80
7)4
6
23( Feb
951
4 954; 102%
1,400 30
Jan
32% Aug
3234 32)4 33% 3,60
5434
52
60
51% July
84
84
87
Aug
70
84
39
364
20
35
July
134
20
600
Jan
1
1
Aug
10
1
13
13
10
13
July
99, 100
100 95 June
114 1234
200
1134
84 Apr
26% 264
100 24% Mar
154 15%
'200 14% Mar
135 137
550 125
July
133 1344
400 125
Jan
294 28% 304 4,000 255( Jan
14
14
100 11% July
1934
21
2834
33
3134
Thompson Prod Inc cl A •
16% 174
Timken-Detroit Axle.._10 17
100 1074 1074 107%
Preferred
39% 41
Tishman Realty & Constr *
34
3
3
Tobacco Prod Exports._
444 45
•
Todd Shipyards Corp_
2434 25
•
Corp ci A
Toddy
10% 11
•
ClassBvto
1134 1134
25
Torrington Co
23% 24%
• 24
Trognopont 41rTrwomn
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range StriCe Jan. 1.
Low.
High.
Trans
-Lux Pitt Screen
500
3% 3%
•
24 May
334
Class A common
Triplex Safety Glass Lid
48
200 48
49
Aug
Amer dep rcts and shs El
12
1,100
11
25
9 June
Trumbull Steel corn
800 3334 Jan
39% 40%
10 40
fruacon Steel eons
100 102
102 102
Aug
100
Preferred
230 450
Feb
Tubbs Artificial Silk el 15.• 48034 480 495
200 1034 Feb
11% 12
Tung-Sol Lamp Wks coin • 114
1,100 1954 Feb
20% 21%
•
Class A
5,700 5436 May
70%
70)4 63
United Biscuit el A
13,300 1334 Feb
24% 19% 20
Class B
July
1,800 19
20
20%
United Carbon v t c
100 6834 July
72
72
100
Preferred
400 2134 Feb
54% 55
united El Coal Coe v t c__• 55
Aug
44
100 44
44
United Eng & Fdg
19
300 17
18
Aug
United Milk Prod,com_ •
175 76 ,July
3 , 84
727.‘ 30
9
100
7% cum pre(
300 524 Feb
SO
75
Unit Piece Dye Wks corn.'
1,400 2734 July
El S Asbestos
300 284 July
U S Dairy Prod class A...* 51
2
51 34 3,200 2034 Mar
2
9
Is & Foreign Sec corn...* 29
June
300 94
94% 94% 9534
$6 first pref
• 80
79% 82% 5,300 70 34 Feb
S Freight
58
Aug
2,475 55
U S Gypsum Co corn..._20 55% 55
9 June
100
13 34 1336
U S Rubber Reclaiming_ •
Aug
50 77
77
77
Universal Insurance
1,500 1334 Aug
20
Universal Pictures
• 19 34 18
504%1
Van Camp Pack, pref._ _50
Want & Bond clam A......5
•
Class B
•
iValgreen Co corn
Warrants
Warner Bros Pictures_ _..•
Watson (Jno Warren) Co.'
Wayne Pump
Woolen Oil dr D corn vie'
Western Auto Supply cl A•
Warrants
• 100
West Point Mfg
Wheatsworth Inc corn.•
Wheeling Steel pret A _ ..100
Winter (Ben)) Inc cora •
Wire Wheel Corp corn new.
Woodworth Inc corn
•
Young(LA)Sp & WI cora•
Cony. pref
•
Zenith Radio
Zonite Products Corp com•
Rights
Amer Cyanamid
British Celanese
Flat
Insurance Co of N A
U S Elec Serv bond rights..
U S Gypsum
Public UtilltbuiAmer dr Foreign Pow ware.
Amer Gas & Elec corn.....'
•
Preferred
Amer Lt & Trae Oom___100
100
Preferred
Amer Nat Gas corn V t o__•
Amer Pr & Lt A pref
Amer States Sec corn cl A _•
•
Corn class B
Warrants
Amer Superpower Corp A •
•
Class B common
•
First preferred
Assoc Gas & Elec cl
Bell Tel of Pa 634% p1_100
100
Brooklyn City RR
Buff Niag dt East Pr corn.'
•
Chuss A
25
Preferred
Central Pub Serv 01 A _ _ _ _•
Cent & Sweet UM__ _100
Cities Barr Pr & Lt $6 P1•
100
7% preferred
With Edison Co _100
Com'
Com'wesith Power Corp
Preferred
100
Cons G EL&T 13alt com •
Coast G & E 7% pr Pt--100
7
Apr
664
13
40%
107%
82836
1536
23
704
26
20%
75
58
613.4
4254
91
95
34
62%
32
1004
84%
100
1634
824
24%
June
Feb
May
Mar
Apr
June
Apr
Aug
Aug
Aug
Aug
May
Jan
June
June
May
Aug
May
May
Feb
Jan
June
Jan
July
Jan
900
July
74 Mar 27
1734 197.4
Apr
600 243.4 Jan 29
2534 264
Mar 1954 Aug
18% 19% 2,000 15
42 34 43% 2,400 3754 June 50 MAY
500 1634 Apr 25 34 May
223.4 24
Aug
1334 Jan 79
583.4 79 482,60
Jan
5% June 20
20
74
7
June
June 36
32
50
333.4 3434
67
Feb 85% May
1,40
73% 733.4 7534
July 66% Apr
51
40
5634
5413.4 56
6
Aug 174 Apr
10
74 74
Mar
June 159
10 128
133 133
52
100 344 Jan 59% May
52
Aug
Aug 125
125 125
10 125
Apr
1234 1234
100 11% June 16
33
264 2634 2834 5,300 20q Mar 365( June
32
800 26% Jan 3934 June
324
May
41
41
42
1,800 31% Mar 45
Mar 44% AP/
41% 4134 42
1,600 36
Apr 102
08
Aug
95 102
2,000 65
x3534 38% 11,000 325‘ July 48% Aga
36
17%
2534
19
42%
22 34
72%
lc
734
134
144
634 74
lc
3c
33.4 34
734 834
134
14
1334 1534
5,400
3,000
400
2,600
400
1,300
53
4
he
2)4
734
154
13%
July
Au
Apr
July
July
Aug
16% 163 3,600 8% Feb
1634
4,400 11734 Jan
162 170
167
600 10434 June
105 34 1053.4 106
Jan
102 170
216 219
216
25 log Apr
1144 1144
18
June
500 18
18
July
1,000 75
784 764 79
10
10
74 Mar
1036 4,100
100
13% 134
734 Mar
4% 4,800
4
4
1% Apr
34
35
34
200 3354 June
3534 3534 36%
500 3534 July
99
99
June
300 98
48% 1,800 ROA Feb
48% 48
117 117
Apr
10 114
7
7
7
2,300
Jan
6
4434 42% 4534 11,700 30% Jan
42% 41% 4334 11,700 81
Jan
26)6 2634 26 34
Jan
1,900 26
34
30% 30
5,200 1951 Jan
8134 85 34
Jan
600 80
9934 99)6
20
95% Jan
107% 10774
30 1053( Jan
182% 1844
18 167
Jan
834 June
3c Aug
st May
934 July
May
3
18% July
19%
184
111
249
117
22
87
14
18%
6%
58
564
10534
52%
119
934
46%
45%
27
34
100
102
109
193
June
MAY
May
May
Apr
MAY
May
May
May
May
Apr
Apr
May
May
Mar
May
may
May
May
Aug
May
May
AD.
Ma,
10034 1004 101 34
7934 81
10534 1053.4
July 104% Jan
1,200 100
2,400 6734 Jan 92% May
50 105% July 108% Jan
134 34
5934
108%
97% 9736
594
60
7
111 111
102 34
18
993.4
32
137
20
109
99%
62%
734
11534
10254
19
99%
3234
75
400
300
8,600
4,400
200
800
400
3,200
800
300
130 Jun
11% Jan
1074 July
76
Jan
40)4 Jan
63( Jan
11054 Feb
102
Jan
1334 Jan
9934 Feb
30
Feb
Federal Water Barr el A..* 3734
Florida Pow & Lt $7 prof.'
Galt, Houston Elec____1(10
General Pub Berv oom___. 23)4
7% preferred
•
Georgia Pow new $6 pref_* 102
• 43
Internet Util elan A
• 14%
Class B
Warrants
234
Italian Super Power
Warrants
Kansas Gas & Elec pref_100
Long Island Ltg corn
• 250
7% preferred
100
3736 38%
102 102
364 3634
2334 23%
128 130
102 10334
44%
42
143.4 154
234 214
13 34 154
734 731
110 110
250 250
110 110
800
125
100
1,000
75
400
1,600
9,400
1,500
1,200
200
10
25
10
2734
102
31%
16%
115
102
42
331
1
13
634
110
176
109
Jan
Aug
June
Jan
Jan
Aug
Aug
Feb
June
July
July
Apr
Jan
July
4234 May
10834 Apr
4234 May
May
29
May
140
1024 July
52
May
1954 May
34 June
164 June
1.8
July
11035;June
290 June
1124 Feb
654
Maroon! Wire'T of Can...1
Marconi Wireless Tel Lend.
Class B
Middle West Util com__•
Prior lien stock
ioo
7% preferred
100 147
Mohawk & Hud Pow cora• 3534
hat preferred
Warrants
Mohawk Van Co ctfs dep.
• 194
Municipal Service
Nat Electric Pow el A. •
•
Nat Pow & Light pref_
Nat Pub &try corn claw A•
New Eng Power Assn corn •
N Y Telep 634% met_ _100 113
North Amer Util Sec cam
•
1st preferred
Northeast Power corn....' 25
Northern Ohio Pow corn_ •
Nor States P Corp com_100
100
Preferred
Ohio Bell Tel 7%cum pf100
Pacific (1 Sc E let Pref. _25 294
8
634 734 25,000
1,300
15% 1636
94
1,600 15%
15% 16
1,200 123
145 155
200 123
123 123
100 11734
147 147
1,000 294
3534 3736
100 105
108 108
14
14
100
6
700 67%
674 68
19
2034 4,300 134
334 34%
1,800 27
108% 108%
100 10636
24% 25%
400 22
87
87
10 67%
113 113
50 111%
7% 7%
300
7
933( 93%
200 92
24% 2534 8,300 19%
28
28
200 18
133 133%
900 s123
108% 108%
50 108
11034 11134
80 110
2644 274
400 2344
Feb
Jan
July
Jan
July
Jan
Jan
Jan
Jan
Aug
Jan
Jan
June
Jan
May
June
Jan
Jan
Jaa
Jan
Jan
July
July
June
34 Mar
175( mar
16m tJuly
168
May
128%) Feb
117 'Aug
53
May
110
July
1934May
68 th Aug
,
25 '21 May
4034 May
111
Feb
29% may
9834 Apr
11544 Mar
1034 Apr
'
95% May
31
May
32 tMay
may
152
11041Mar
115 *Apr
30 "
1 Apr
Duke Power Co
100
East States Pow B com___•
Elea Bond & Sh pref.--IOU
Elea Bond & Sb Becur____•
Elec Invest without
•
Electric Ry Secur
Empire Gas & F 8% pf _loci
Elec Pow & Lt 2d pre/ A..'
Option warrants
Empire Gas & E 7% p1.100
Empire Pow Corp part stk•
1936
148%
2634
111%
12734
7954
74
113)4
106
2454
105
394
May
May
Age
Apt
May
Aug
Apr
Age
May
May
May
812
FINANCIAL CHRONICLE
Friday
Sales
Lasi Week's Range for
Public Utilities (Cond.) Sale
Week.
of Prices.
Ear Price. Low. High. Shares.
Penn-Ohio Ed corn
•
7% prior pref
100
66 preferred
•
Option warrants
Penn Ohio Occur
•
Penn Gas & Elec claw
Penn Water & Power_
•
Piedmont Hydro-El warr.
Power Secur corn
•
Preferred
•
Puget Sound P & L corn 100
6% preferred
100
Sierra Pacific, El oom100
Sou Calif Edison pref B_25
Sou Colo Power class A 25
Southeast Pow & Lt corn.•
Common v t c
$7 preferred
Partici preferred
Warr'ts to pur corn
Stand Gas dr El 7% pf_ _100
Standard Pow & Lt corn _2.5
Preferred
•
7% preferred
100
United Elec Serv warrants
United Gas Impt
50
united Lt & Pow com A_ _•
Utah Pow dr Lt pre( _100
1:411 Pow & Lt class B____•
Mil Shares Corp corn_
•
Worcester Elec Light_ _ _25
Range Since Jan. 1.
Low.
404 3934 4134 5,500 3234
107
107 10734
110 104%
9654 9634 9635
150 92
194 1934 19%
400 11
134 1556
SOO
13
000 20
234 224 2334
79
80% 2,700 68
56
56
10 56
1334 15%
500 11%
600 6034
65% 654 67
88
84% 84
1,800 34%
98
98
98%
190 92
444 45
700 29
800 28
2635 264 27
100 23
23
23
4734 43% 8,200 41%
1,800 40)6
444 45%
10734 10734
100 106
400 84
87% 87%
18
18
19
2,400 12)4
100 10934
10955 10934 1094
290 29%
464 46%
103 104
100 103
103
200 108
108 1084
1%
1%
1%
700
133 136% 7,700 111%
133
234 23% 25% 17,100 13%
107 108
50 107
29%
4,200 1834
284 28
1,000 11
124 13
200 200
10 200
200
High.
4834
109
100
2554
25
27
90
80
1534
74
94%
105%
49%
30
26%
61
57%
11154
92
24%
114%
584
107%
115
3
150
274
112%
32%
184
200
May
Jan
May
May
May
May
May
Jan
Aug
May
June
Apr
July
Apr
Jan
Apr
June
May
Mat
400 17
18
18
Anglo-Amer Oil (rot sh)El
June 22%
_
Non-voting shares
200 164 June 2054
174 1734
Borne Scrymser Co__ _100
300 48
5034 53
July 56
100 68
60 6254 624 624
Buckeye Pipe Line
Jan 76
25 146
Chesbrough Mfg
146 146
100 117% Jan 161
Continental Oily t o_ _ _ _ 10 16%
7,700 16
164 1854
Feb 23
Cumberland Pipe Line _100 974 96 104
Mar 114
300 88
100
Eureka Pipe Line
70
70
50 6434 Jan 88
94 10
100
Galena-Signal 011
44 Jan
200
13
100
Preferred old
78
60 35
80
Jan 89%
Preferred new
77
130 27
80
Jan 86
Humble Oil & Refining_ _25 80
80
8434 22,800 594 Feb 84%
100 207% 207 20734
Ininols Pipe Line
400 17634 Jan 245
•
Imperial 011 (Canada)
654 684 3,600 564 Feb 75
Indiana Pipe Line
50
100 74% Feb 89%
804 80%
Feb
Feb
Jan
Apr
Apr
Jan
May
Apr
June
July
July
Apr
May
May
Apr
Jan
June
Feb
Jan
Feb
Jan
Jan
Aug
Apr
Feb
Jan
Jan
Jan
June
July
Feb
Feb
July
Jan
Feb
Aug
Jan
Aug
Aug
July
Jan
Jan
Aug
Jan
Feb
Aug
May
Mar
May
Apr
Mar
May
May
July
Apr
May
May
Aug
Former Standard 011
Subsidiaries.
National Transit_ _12.50
224
21
1,900 19% June
Northern Pipe Line_ _ _ _100 11034 11034 11055
Jan
50 94
25 6354 634 64%
1,300 584 Feb
Penn-Mex Fuel
25
3934 40
June
900 28
25 47% 4734 49
Prairie 011 dr Gas
7,300 47
July
Prairie Pipe Line
100 190
188 194%
5.850 172
Aug
Solar Refining
100
Mar
177 178
100 169
Southern Pipe Line new_10
300 12
134 14
July
South Penn Oil
25 47
49% 3,000 36% Jan
45
Sou'west Pa Pipe LInes_100
Jan
100 70
824 83
Standard 011(Indiana)__25 75% 7534 78
18,500 70% Feb
Standard 011 (Kansas).
.25
1,200 15
22% 24
Jan
Standard 011 (Kentucky)25 128
1,000 122% Feb
128 12934
Standard 011 (Neb)
26 434 4134 4545 4,700 3934 Feb
Standard 011(01 corn. _ _28 73% 7344 7434
Mar
700 71
Swan-Finch Oil Corp. 25
Feb
300 16
223.4 2234
Vacuum 011 new
7654 814 10,500 72 June
77
324
125
684
84
58
323
186
14
53
104
83%
27%
1306
45%
7934
234
87%
May
Mar
May
May
Apr
Mar
Apr
Aug
Apr
Apr
Apr
Apr
Apr
Aug
May
Apr
may
Other 011 Stocks.
Amer Contr 011Fields____1 74c
71c 83c 12,400 660 July
144
5
44
Amer Maracaibo Co
3% Feb
1,200
44 436
644 May
10
Argo Oil Corp
24 May
100
254 234
44 Jan
Atlantic Lobos 011 cora •
5
Apr
300
234 2%
14 Jan
Barnsdall Corp stk perch
warrants (deb rights) ___
534
434 534
64 May
1,900
3% July
British Amer 011 Corp_ •
May
100 32% Feb 41
38
38
Registered
38
38
200 38
Aug 4034 May
Carib Syndicate new corn.
1534 3,300 14
14
1414
Aug
2314 Jan
Consol Royalty Oil CoEl
6% 614
400
6% July
84 May
• 124 11% 13% 34,000 10% Jan
Creole Syndicate
17% May
Crown Cent Petrol Corp_•
14
1% 1%
600 760 Mar
34 June
• 2034 20% 224 1,400
Darby Petrol Corp
814 Jan 304 May
Derby 011 & Ref pref. •
13
1,100
74 Feb 12% July
1536
Gulf Oil Corp of Penne _ _25 123% 123% 12934 5,600 1014 Feb 14834 May
• 15
Houston Gulf Gee
1334 15% 2,700 114 Feb 22% Apr
Intercontinental Petrol__10
1
800
1
14
June
24 Mar
International Petroleum..• 37% 3734 39% 14,900 35
Feb 454 May
•
Kirby Petroleum
1% 1%
3
134 Aug
May
300
64
Leonard 011 Deyelopm3_25
6% 644 1,100
9% May
544 Mar
25 514 51% 52
Lone Star Gas Corp
100 4844 Apr 57
May
Magdalena Syndicate_ _ _ _1
MargaY Oil•
•
Mexico-Ohio Oil
10
Mexico Oil Corp
Mountain &. Gulf 011_ _ _ _ 1
Mountain Prod Corp_10
•
Net Fuel Gm new
New England Fuel OIL_ •
•
North Cent Tea Oil
1
Northwest Oil
Pandem 011 Corporation.•
Pantepeo 011 of Venezuela*
Paragon Refining corn. _25
•
Pennok 011 Corp
Reiter Foster 011 Corp__.
Richfield Oil warrants _
Royal Canadian Oil Synd •
Salt Creek Consol 011_ __10
Salt Creek Producers_ _10
5
Savoy Oil Coro
1
Taxon Oil & Land
atock-•
Tidal Osage Oily stock..
•
Non-voting stock
_5
Venezuela Petroleum_
Wilcox (H F) Oil& Gm_ •
Woodley Petroleum Corp
25
"Y" 011 & Gas Co
85c
3754
37c
8Ic
26%
335
124
1251
70
asi
2734
3111.
1834
16%
95c
38
85c
374
434
31e
81c
23
26
3%
1134
50
254
1234
16%
554
39c
85c
23%
26%
34
11%
6c
334
1334
164
54
2,400
200
700
104,000
1,400
3,300
1,000
200
2,400
3,000
4,500
17,600
100
1.300
8,5
364
4
200
760
22%
24%
344
104
3c
24
8%
10%
5%
Aug
June
July
July
June
July
Mar
July
Jan
Feb
Aug
Feb
Jan
Feb
134
4834
8
740
1%
2814
go%
554
13%
15c
6
1554
1636
7%
Apr
Jail
Mar
May
Mar
Jan
Apr
Apr
May
June
Jan
July
Aug
Apr
734
18
70
534
27%
1%
38is
1835
16%
536
18%
534
6%
12% 80,600
500
18%
9,000
10c
1,200
6%
2834 2,500
200
2
334 36,800
1.600
20
1,400
19
1,800
534
100
184
100
5%
100
6%
4%
sM1
7,
5%
27
1
3
13
13%
434
1744
335
234
Feb
Apr
Aug
Jan
June
Feb
Mar
Feb
Feb
Feb
July
Apr
Feb
12%
24
26c.
7
85
234
444
22%
2144
644
25
854
8%
Apr
May
Jan
Jan
Jan
June
May
May
Apr
May
Apr
May
Apr
7c
534
Apr
100
Jan
June 160
Jan 27%
5%
Jan
Mar
444
May 530
15
Jan
Jan
320
234
Aug
Max
Sc
2
Mar
7%
Jan
A
July
July 160
Jan
Feb
June
Jan
Apr
Aug
Feb
June
May
May
Jan
Jan
Ars'
Jan
July
Jan
Ayr
Mining Stocks4c
4c
4c
Amer Commander M & Ml
4
4
Arizona Commercial
5
6c
6c
Alison,. Globe Copper.. -1
Bunker Hill dr Bull
10 126% 126% 130
1741 1851
Carnegie Metals
10
5% 5%
Central American Mines_
5%
354 4
Chief Congo! Mining_
1
351
Comstock Tun & Drain 10c
36c 38e
Consol. Cooper Mines__14 10%
10% 1135
.
Cortez Sliver 1,11nee
25c 25c
1
Cresson Consol 0 M az MI 950
760
1 114
Divide Extension
3e
3c
1
Dolores E8DerSilia Corp.
.3
134
136 80c
Engineer Gold Min Ltc1_5
4% 4%
434
Evans Wallower Lead corn•
744 8%
Falcon Lead Mines
Sc
fic
1
3c
8,000
4
100
30
9.100
400 121
1.100 17
1,100 aoa
334
5.300
2,000 200
5
4,900
1,200 180
9,900 78c
Sc
1,200
700 300
2
700
7
5,000
5
3.100
[Vox- 127.
Friday
Sales
Lan Week's Range for
Mining Stocks
Sale
Week.
ofPrices.
(Concluded)
Par Price. Law. High. Shares.
Gold Coin Mines
Golden Centre Mines....5
Goldfield Consol Mines_ _ I
Goldfield Florence
1
Hollinger Cons Old Mines 5
Bud Bay Min & Smelt...
Iron Cap Copper
10
Jumbo Extension Min_ A
Kerr Lake
5
Range Since Jan. 1.
Low.
High.
Aug
Jan
Jan
Jan
Aug
June
Jan
Aug
July
380
1354
18c
250
18%
21%
8%
4c
64c
Aug
May
June
May
Jan
Feb
May
Juno
Feb
Mason Valley Mines _ _5
1%
14
Dia Apr
134 2,100
Mining Corp of Canada.
.5
3h, Apr
534
100
34 334
New Cornelia Copper..-5 2734 274 2834
300 25% Pet, 29%
New Jersey Zinc
100 224
221 224
90 18044 Jan 242
Newmont moi,..g CWT.
-10 15535 15534 162%
Jan 185%
3,900 122
Nipissing Mines
5 34
34 Aug
34 334 3,600
514
Noranda Mines, Ltd
• 48% 47% 5934 166,000 173-v Mar 64
Ohio Copper
I 7.50
66o Apr
69c 75c
Pis
3,100
Perm ac Porcupine Si Ltd 1 25e
38c
Jan
18e 29c
8,100 15c
Plymouth Lead Mines. ..1
8c
Jan
Sc
80
8c
1,000
Premier Gold Inc
34
1
234 June
1,900
234 23
4
Roan Antelope C Min Ltd_
2634 27
27
1.200 2634 Aug 27%
Jan
Jan
Jan
May
June
Jan
July
Jan
May
Aug
Jan
July
Shattuck Dens Mining_._
Silver King Coalition__ 5
So Amer Gold & Plat____1
Teck Hughes
1
Tonopah Extension
1
Tonopah Mining
1
United Eastern Mines_ I
United Verde Extensionb0c
Unity Gold Mines
1
Utah Apex
5
Utah Metal de Tun
1
Wenden Copper Mining..1
West End Extension Min _
Yukon Gold Co
6
8%
120
934
17%
3
174
934
130
Cis
154
1434
134
85c
38e
834
120
9c
836
174
3
20
400
1,000
38c
85.9 4,000
2,000
120
10c
4,000
9% 4,300
18% 33,000
1,400
3%
1,200
20
1.000
400
1634 18% 21,400
200
12% 12%
3
100
3
934 934 4.000
2,000
13e 130
200
1,600
154
134
1435 154 4.700
700
136
134
3% 3%
200
lhiS
900
134
1,000
Mc 87c
20
3,000
20
1,600
73c 74c
38c
214
80
Sc
834
164
3
2c
400
6%
10
234
84
Oc
2)4
45e
13
350
3%
1
830
20
50o
Jan
July
Jan
Feb
Jan
Jan
Jan
June
Feb
Aug
June
Aug
Jan
Fob
2431 mar
May
13
354 Mar
1134 June
Jan
18c
53.6 July
1% June
25% Jan
1% June
55( Jan
10ir Apr
Feb
2
Jan
50
990 Mar
BondsAbbotts Dairies 65._ 1942
Abitibi P & P Is A_ __1954 904
Adriatic Electric 7s___1952 9754
Alabama Power 4448._1967 944
lot & ref 5s
1956
Aluminum Co.f deb 00 52 1004
Aluminum Ltd 5s. ___1948
Amer Aggregates fle. 1943
Amer Comml Alcohol 84143
With warrants
98%
Amer G & El 55
2028 94%
American Power dr Light
65, without warn:its 2018 1054
Amer. Roll Mill, deb bs'48 954
Amer Seating 65
1938 97
Amer Solv & Chem 65_1938
Anaconda Cop Mln 60_1929
Appalachian El Pr 55_1956 98%
Arkansas Pr & Lt 50._1956 964
Arnold Print Works Os 1941 95
Aso Dye & Prue 6s...1938 98
Associated 0 & E 534s 1977 100
Cony deb, 4365..._ _1948 97
Assoc'd Sim Bard 64s '33 8634
Allan Fruit 8s
1949 204
Atlas Plywood 550_1943 104
Bates Valve Bag 6s
1942
With stock purch warr__ ......
Beacon 0116s. with warr'36 102
Bell Tel of Canada 58_1955 102
Berlin City Flee 6*...1958 9134
Boston Con Gas 55
1947
Boeton & Maths RR 58 1967 064
Gs
1933
Burmeister dr Wain Co of
Copenhagen 15-yr Os 1-40 96)6
Canadian Nat Rye 70_1935
Carolina Pr dr Lt 55___1956
Cent AU. States Sent Corp
1st mtge 65 with war 1943
834% notes with wart'33
Cent States Elec be._ _1948 9034
Cent States P & Lt 534s'53
Chic Pneum Tool 54s 1942
Childs Co deb 65
1943 884
Cinc Gas dr Elec 4s_ 1968 87
Cincinnati St By 548_1952 9934
Cities Service as
1966 9534
6e
1966
Cities Service Gas 544e 1942 9334
Cities Serv Gas Pipe L 6843 98%
Cities dery P & L53.0 1952 974
Cleve Term Bldg Os_ _1941 99
Commander Larabee 6s_'41
Com'i Invest Tr 65... _1947 95
Commera and Privet
Bank 534s
1937 8834
Commonw Edison 434s '57
Consol 0 EL drP Bait
6s, Niles A
1949
Consol Publlshers 645 1936
Consol Textile 8s
1941 94)4
Cont'l0 dr El 55
1968 904
Continental 011 634s..1937 9534
Cuba Co 8% notes
1929
Cudahy Pack deb 534 '37 99
,
55
1948 101%
10134 10234
94%
90
0734 97%
9434 95%
1004 101
100% 100%
9534 95%
103 1034
11,000 10054 Apr 10244 Mar
749,00
04
Jul] 944 July
,
8,000 9454 Jan 101
May
42.000 9344 July 100)4 Mal
June 103% Jan
0,000 100
July 10314 ADC
71,000 100
954 Aug 100% July
117,00
27,000 97% June 108% May
42,000
98% 99
95% 289,000
94
JUDO
July 101
98
934 Aug 101% Apr
10534 106
9534 96%
98%
97
1064 107
10034 1003-4
984 ri9934
9634 98
95
95
974 nI00
9934 10034
98%
97
864 86)4
1934 2034
104 105
110,000 105
31,000 (I634
31,000 97
5,000 Bil
15,000 100
101,000 97
47,000 95
1.000 95
26,000 974
36,000 9934
586.000 97
2,000 8454
2,000 15%
17,000 104
June
Aug
Aug
June
Aug
June
June
July
Aug
July
Aug
Jan
Apr
Aug
110
9934
10654
12,5
101%
10234
10154
101
10034
114%
113%
92
204
1104
May
Jan
AIR
May
Jan
MM
Mae
May
May
May
May
Apr
May
May
10434
10134
1024
92
102
97
1024
13,000
13,000 99
8.000 102
48,000 9134
6,000 101
38,000 96%
6,000 102
July
July
July
July
Aug
Aug
116
107%
10544
9.5%
10454
100%
10434
May
Apr
May
June
Apr
103
101
102
9134
102
9636
102
may
Jan
Jan
96% 8,000 94% June 100
96
June 11435 zan
1093401104 15,000 108
10134 10136 37,000 10034 June 105% Mu
1,000 92%
96% 964
12,000 9454
9454 08
90
92% 63,000 90
95% 964 13.000 95%
7.000 97
994 100
18,000 88
884 89
8735 23,000 87
87
9934 994 3,000 97%
95% 84.000 9051
95
41,000 103
103% 104
93% 914 19.000 93%
98% 994 34,000 98%
9734 9734 129,000 9741
99% 17,090 97
99
3,000 83
88%
87
04% 96% 93.000 94%
87% 88% 11,000
6,000
98%
97
Aug
Aug
Aug
Aug
June
Aug
Aug
July
Apr
Jan
July
Feb
June
June
July
Aug
19,000 104
1,000 9734
4,000 9334
50,000 904
11,000 95%
3,600 95%
39,000 9744
6,000 9954
June
Jan
Mar
Aug
Aug
Aug
Jan
July
Denver az R G Welt 5e '78 894
9134
Deny le Salt Lake By 65'80 854 8934 8534
8534
Detroit City Gas Si B 1900 994 994 9954
68, series A
1047 107
107 10754
DeVrolt lot Odes 640_1952 084 97% 984
25
-year e I deb 78_1952 00
90
90
Dixie Gulf Gas 6345_1937
with warrants
94%
94
Elec Pow (Geri-11'y) 648'53
9.5
95
Empire Oil & Refg 53,0'42 9234 9236 9335
Eur Mtge & Inc 7s C.1967 92
92
9234
7348
1950 98
98
9844
Fairb'ks Morse & Co 5s '42 954 95% 95%
Federal Sugar 65
1933
80
80
Fed Wat Service 530_1957 10034 10034 101%
Firestone Cot Mills 50_1948 9136 9134 92
Firestone T&R Cal 51 1942
9454 944
Fisk Rubber 534s__1931 93
924 9335
Florida Power & Lt 58.1954 93
95
93
54,000 8941
5,000 80
11,000 99%
74,000 106
36,000 97%
14,000 90
June
Jan
Aug
June
June
Julie
Galena-Slg 0117a
1930 100% 100% 100%
Gateway Bridge 7s_ _ _1938
105 106
Gatineau Power 00._1956 07% 974 984
as
1941 100% 100% 100)4
GelpankIrchen Min 6s.1934 9134 88)4 9134
Genl Amer Invest 5s...1952
without warrants
88
834
Gen Laundry Mach 6344'37 101% 1014 1034
General Rayon Sc. _ _ _1948 984 9844 09
General Vending Corp
as with wart Aug 161937
894 90%
Georgia & Fla 6s
1946
78
7934
Georgia Power ref 5s....1967 98% 98% 994
Mar
mar
MO
Jan
July
Apr
Apr
Mar
May
May
Mar
API
Apr
Jan
Jan
May
87% Aug 9434 Jan
06% July 102% Apr
1064 106%
9934 9934
9434 944
904 91
95% 9634
96% 97
98% 9934
1014 101%
6.000
4,00(1
58,000
13.000
2,000
1,000
1.000
45,000
27,000
7,000
17,000
95,000
99
9934
97%
99
10234
9654
9244
104%
98%
104%
98
103%
102
100
94%
10034
91
93
92%
92
964
95
80
9934
9155
93
93
94
26,000 87
4,000 100
78,000 97%
8,000 100
62010 9034
al0834
102
96
97%
99
9814
101
102%
9634 May
93% may
10444 Mel
10834 Feb
104% Mar
Jan
101
Aug 99%
Aug 99%
Jan 9544
July 97%
June 100
July 9755
Aug 8934
June 108%
9734
Aug
June 9844
9844
July
Aug 599%
Feb
July
June
June
July
Feb
May
Jan
Mar
Jan
Mar
May
Mar
101%
10654
101
104%
97
Jan
May
Ma
,
Mar
May
Jan
Feb
May
Mar
Jan
Feb
Apr
Aug
May
Jan
Apr
Mar
Apr
3,000 87)4 July 95
Jan 118
10,000 100
June
July 10034 June
56,000 98
28.000
4.000
78.000
July
9844 Oct
84
Mar 9634 Jan
78
914% July 103
Mar
AUG. 11 1928.]
Bonds (Continued)
-
FINANCIAL CHRONICLE
Friday
Last Week's Range Sales
for
,Sale
of Prices.
Price. Low. High. Week.
Range Since Jan. 1.
Low.
Bonds (Concluded)-
High.
Goodyear Tire & Rub 5528
9916 99%
10031 100%
Goodyr T & R Cal 5369.'31
Grand Trunk Ry 6 yie_1936 10836 10836 108%
89% 90
Guantanamo .4 W By 6s '58
99% 100
Gulf 011 of Pa be__ _ _1937
99% 100
Sinking fund deb 55_1947 100
99%
Gulf States ULU 5s_ _ _ _1956
99
101% 101%
Hamburg Elec Co 79_1935
92% 93
IIamburg Et &Und 5%8 '38
Hanover Cred Ins 65_1931
93
9336
1936
100 100
Hood Rubber 7s
87
536s notes_ ___Oct 15 '36
8731
Houston Gulf Gas 63551943 9436 94% 95
1943 95% 95% 9631
89
10,000 99
5,000 100
7,000 10616
9,000 89%
19,000 99%
35,000 9936
14,000 98
5,000 99%
20,000 92%
5,000 93
19,000 98%
9,000 85
80,000 9436
40,000 9536
May
Apr
June
Aug
Aug
Aug
June
Feb
Aug
Aug
Aug
June
Aug
Aug
100%
J101
112
9735
102%
102%
102
103
9334
96%
103%
98
9935
99%
Jan
Jan
Jan
Jan
Mar
Jan
May
Feb
Aug
Apr
Jan
Jan
May
May
Illinois Pr & Lt 5%s"B"'54
thole') Oil& Gas deb 661939 101
Ind'polle P & L be ser A '57 98%
Int Pow Secur 7e ser E 1957 9636
Internat Securities 58_1947 90%
Interstate Nat Gas Os.1035
Without warrants
Interstate Power 58...1957
1952 98
Debentures 66
Invest Bond & Sh 58_ _1917
Invest Coot Am 58 A.1947 96%
Investors Equity Co 55 '47
with warrants
106
Iowa-Nebraska L & P 58'57
1952
-El 79
Imam Hydro
Issotta Fraschini 7s_1942
Without warrants
Italian Superpower 6s 1963
Without warrants
83
1,000
29,000
72,000
17,000
74,000
99
9835
97%
94%
8936
99%
100%
9936
9531
90
9931
101
9931
97
93
July
Jan
June
July
Aug
103)5
106
102
10131
9915
May
Apr
Mar
May
May
10335
95%
9735
115
9635
1,000 101% Jan
103%
96% 22,000 9435 Jan
98% 19,000 96% July
115
4,000 104% June
Feb
98% 34,000 96
10436
9935
10231
115%
109
July
APT
Mar
May
Apr
106
94
93
106
4,000 10435 Jan 11235 Apr
94
8,000 94
Aug 101
Mar
93% 17,000 91
July 9735 May
82% 86
83
9,000
82% Aug
82
8436 29,000
94% May
8611 June
July
Jeddo Highland Coal (le '41
10434 10436 2,000
2022
Kansas 0 & E Os
101% 101% 5,000
1936
Kelvinator Co as
68
Without warrants
68
70
11,00
Keyst Tel (Pa) 5369..1955 9036 9035 01
5,00
Koppers G & C deb 55_1947 99
99
9935 57,000
Laclede G L 5368__1935 99% 9934 9931 2,00
Lehigh Pow Scour ile_ _2026 105% 105 105% 93,00
Leonard Tietz Inn 7355 '46
Without warrants
103% 103% 104
2,00
Libby, McN & Libby 5s'42 94
94% 13,00
94
Lombard Elea Co 7s...1952
With warrants.
100% 100% 10145 56,000
Without warrants
90% 97
11,000
Lone Star Gas Corp 5s 1942 97
97
97% 19,000
La Power & Light 5s._1957 94% 94% 94% 10,000
104
Jan 105
101% July 107
Manitoba Power 5358_1951
Mass Gas Cos b 348._ _1946
McCord Rad & Mfg Os 1943 96%
1988 97
Met Edison 4)56
1936 105
Midwest Gas 75
Milwaukee 0 L 4%9_1987
Minnesota P & L 4358_1978 91%
Montgomery Ward 5s 1946
Montreal LII & P bs A1951
Morris & Co 73419---1930 BR%
101341013%
103 103%
9615 9815
96% 9836
105 105
08
98
91% 9135
10031 100%
100% 100%
101% 10135
6,000
19,000
16,000
92,000
22,000
1,000
15,000
11,000
20,000
22,000
Narragansett Elea 59 A '57
Nat Pow & Lt 68 A__2026
Nat Pub Serv 58
1978
Nat Rub Mach'y 08..1913
Nebraska Power 6s_ 2022
Nevada Cons be
1941
New Eng 0& El Amin 513'47
NY P &L Corp let 4%8'87
Niagara Falls Pow 6s.1950
Nichols & Shepard Co 89'37
Without warrants
Nippon Elea Pow 834s-1953
North Ind Pub Sery Is 1986
Al& States PON/ 834% 3933
0834 9911 28,000
10511 10531 18,000
88,000
86% 87
115% 125 398,000
108 108% 5,000
99
99
1,00
9436 20,00
94
9135 92 136,0(0
1,000
10634 10631
105%
86%
123%
10835
91
91%
100
100
9331 9336
100
103
65
90
9834
99%
103%
Feb
May
June 85
Apr
Jan 95
May
July n101% may
Aug 101% Apr
May 109% May
102% Jan
94
Jun
96
0335
97
94%
10536 May
Apr
97
Feb 107
Aug 99
Aug 100
July 100
May
Mar
Jan
Mar
10031
103
9636
4631
96%
98
01
10034
100%
98
June
Aug
Aug
July
Mar
Aug
July
Mar
Aug
Jan
10415
105
101
102(4
10536
10334
98
102%
103%
101%
Apt
Jan
Feb
Mar
July
Apr
June
Jan
Feb
June
9835
105
8835
105%
108
9835
8835
9131
10531
July
June
July
July
Aug
Jan
June
July
Mar
10235
109%
94%
125
11331
9934
101
9734
106%
Mar
Mar
Apr
Aug
May
Feb
Mar
Mar
June
100% 10,000 9435 Feb 101
Apr
93% 16,000 92 June 97% Apr
100
5,000 100
Aug 104
Mar
103%
5,000 101
June 105% Jan
Ohio Power 59 ser B_ _1952
4355 aeries D
1956 92%
Ohio Rh Edison 5s
,
1951
Osgood Co 6s with warr '38
Oswego Falls Co Os __ _1941
Oswego River Pow 09_1931 99%
Pao Gas & El let 4349-1957
Pacific Invest 58
1948
Penn-Ohio Edison lis 195(1
Without warrants
101
Penn Pow & Lt 55 serD '53 100%
lot & ref 5s ser 11_ _ _1952
Phila Elea Pow 535s_ _1972 104%
Phila Sub Cos CI &
1st & ref 435s
1957
Pittsburg Steel Os
1948
Potomac Edison 53_ _ _1956 9934
Potrero Sue is Nov 15 1947
Power Corp of NY 5)55 '47
Procter & Gamble 43.581947
wog
9236
101
100
100
993%
05%
07
101
93
101
100
100
9935
96%
9731
101
10035
100
104%
10135 31,000 9915 June 10435 May
100% 8,000 10036 July 104% Mar
100% 4,000 100
Aug 104
Jan
105
36,000 104
July 107
Jan
99
100
99%
7531
9835
9531
99%
4,00
9736
100% 7.000 100
9935 17,000 97%
1,000 75
7531
08% 2,000 95
96
12.000 95%
Pub Ser El & 435e_ _1967
Queensboro G & E 5368'52
Item Arms 534% notes1930
Richfield Oil of Calif 85 '41
Rochester G & E 4368_1977
96%
9615
10035
97%
135
100
9735 128,000 9631 Aug 10335
102% 8,000 10134 July 107
98
8,000 9511 Jan 99%
139
18,00
98
Feb 155
10036 6,00
99% Aug 10455
St Louie Coke & Gas fls '47
San Ant Pub Ser bs_ _1958
1955
Sauda Falls 55
1975
Schulte R H 6s
With warrants
Without warrants
Scripps(E W)5368_1943
Servel Inc (new co) 56_1948
Shawinigan W & P 41-59 '67
Shawsheen Mills 78. _ _1931
Silica Gel 636% notes
1932
With warrants
Sloss-Sheffield S & I 69.'29
1929
Purch moo Gs
Snider Pack 6% notes_1932
Solvay-Am Invest 56._1942
Southeast P & L. 86_2025
Without warrants
Southern Asbestos 69_1937
Sou Calif Edison bs. _1951
Refunding mtge 55_1952
1944
Gen & ref 58
1037
Sou Calif Gas Is
Souttrn Dairies Os. _ _1930
Southern Gas6%s_ _ _1935
Southwest (3 & E 5s_ _1957
S'west Pow Sr Lt. 63_2022
Staley (A E) Mfg 88_1942
Stand Pow & Lt 811-1951
Stinnes (Hugo) Corp
75 Oct 1 '36 without warr
75 1948 without warrts.
Strawbridge&Clothier5s'48
Sun Maid Raisin 6359_1942
1939
Sun 011 5348
Swift & Co 69 Oct IA 1932
93
9135
9515 9534 00%
100 100
10135 10035
8894
95
71
71
94% 0334
97
07
115
10135
100%
100
115
98
101
133
10035
100%
102
9035
96
73
94%
97
June
June
July
June
July
July
July
Mar
July
June
June
June
July
Aug
103%
9734
102%
102
102
102
101%
105
May
Apr
June
June
Apr
Jan
Apr
May
102% Mar
103
Apr
10296 Mar
9811 Jan
101
Jan
10034 Mar
Apr
Apr
Apr
June
Apr
8,00
93
Aug 9635 May
13,000 9535 Au 100% Mar
7,00 100
Aug 104
Apr
19,00
11,00
4,000
33,000
64,000
11,000
9536
8834
95
1334
9335
97
101% 5,000 100
10034
1,000 99%
100
1,000 100
11731 49,000 103
98
3,000 9535
104 10431
131% 139
10036 101
10034 102
101% 10236
03% 9335
97
97
102 10335
9635 0511 97
103 10335
98% 9835 0831
100 10034
100
923% 92%
93
100% 100%
7635
101%
pu%
100
9,000 99
52,000 9131
1,000 99
10,000 100
12,000 99
1,000 98
26,000 95%
10,000 96
47,000
93,(00
50,000
41,000
2,000
7,000
2,000
10,000
8,000
11,000
2,000
33,000
95
105
100
100
100%
93
NU
102
05
103
98
99%
93% 8,000 9236
9336 3,000 93
101
3,000 100
7836 4,000 76
101%
3,000 100
100% 53,00 9931
Jan 108% June
Ma
9355 May
July 100
Apr
Feb 7635 May
Aug 98% Mar
Jun 10131 Apr
Feb
July
Jun
Jan
June
106% May
102% Jan
10235 Jan
135
Apr
100
Mar
June
Jan
July
July
June
Aug
July
Apr
July
Aug
May
Jan
109%
141
10431
10434
10435
95%
99%
108
100%
112%
10135
10434
Mai
July
Apr
Apr
Apr
Jan
Jan
Mar
Apr
May
Mar
Mar
Aug 9834
July 9731
July 101
July 98
July 102%
June 10114
May
May
'Aug
Jan
Apr
Jan
813
"Tway
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
Range Since Jan. I.
Low.
Ilfgh.
OS
9535 39,000 9736 July
Texas Power & Lt 55..1958 98
Trans-Cont 011 76_ _1930 10531 105% 10531 25,000 103
Feb
Tyrol Hydro-El 7s,..1952 92
92
93
8,000 91% July
United El Seri (Ones) 7556
,
Without warrants
9336 933.4 94% 26,000 9234 Jan
11036 11136
With warrants
5,000 10134 JIM
United Indust 6%s _1941
9236 923.4 2,000 92% July
35,000 9234 Aug
United Lt & Rys 5355_1952 92% 92% 93
1952
101% 102
12,000 10035 June
68 series A
2,000 68
Aug
United Oil Prod Ss__ 1941
68
69
United Steel Wks 6356 1947
79,000 89
90% 92
June
With warrants
9831 9836 9,000 92
OS Rubber 6%% notes 29
95% 9036 16,000 93
Serial 636% notes_ _1930
95
95
1,000 02
Serial 6%% notes__1931
9314 94
2,000 92
Serial 635% notes__1932
0,000 9031
9336 94
Serial 635% notes_ _1934
3,000 9034
943.4 94%
Serial 63-4% notes_ _1935
2,000 90
Serial 635% notes_1936
04
94
2,000 9035
Serial 635% notes .._ 1938
9344 94
4,000 90%
Serlal 636% notes_ _1939 94
9336 04
4,000 91
94
Serial 616% notes_.1940
94
14,000 100
US Smelt & Ref 5156_1935 102% 10236 103
Utilities Pow & Lt 5346 '47 94
93% 94% 28,000 92
Van Camp Pack 8s_ __1941
Va Elec & Pow 5s A....1955
73
27,000
75
67
98% 99% 22,000
July
July
July
July
July
July
July
July
July
July
May
Jall
103
Mar
116
Jan
9535 Apr
100
Apr
125
May
9916 Jan
9934 Jan
10835 Jan
90
Apr
96
Feb
10234
102%
102%
103
10234
103
10235
103
10331
k10434
105
101
Feb
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
May
July
Mar 82
67
9834 Aug 102% Mar
Jan 142
Feb 11234
Aug 9936
June 105
July 9331
June 9331
June 99
25,000
30,000
6,000
25,000
33,000
49,000
5,000
9535
98
9034
99
88
8634
95
9931
3,000
9991 9951
98% 993.4 16,000
9735
97
89%
8934 9034 20,00
9431 9534 22,00
89% Aug
94% July
Warner Bros Pict 6348 1928
150
Warner-Quinlan Co 138 1942
107
Webster Mills 6368_1933 90% 90%
Western Power 535s_ _1957 100
9931
Westphalia Un El Po 8s '53 8835 88
Wheellng Steel 4 %9.. _ _1953 87
87
Wisconsin Ceti By 59_1930
95
152
109
91
100
8936
88
95
Aug
Juan
Apr
May
Feb
May
Jan
Foreign Government
and Municipalities.
Agricul Mtge Bk Rep of Col
Jan 151948
20-yr 75
20-year 7e Jan 16 1947
Akershus (Dept) NorwayExtcrnal Is
1963
Antioaula 76 series D..1945
Jan 10235 Apr
Jan 10134 AP!
9735 May
9834 API
Baden (Germany) 70_1951
97% 9834 10,000 9635 June 9935 Jon)
Bank of Prussia Landowners' Assn 6% notes_1930
9536 10,000 9434 Jan 9774 Api
95
101% n105
22,000 10015 Feb 10535 Mal
Buenos Aires(Prov)7%a '47 102
1952 101
Jan 1024 Juni
21,000 OR
713
100 101
1936
7s
3,000 9831 Jan n10331 Mal
101 101
Cent Bk of German State &
9235 Ma,
Aug
9036 10,000 86
Prov Banks 68B_ _1951
86
8936 Aug 9736 Juni
8936 92 170,00
1958 90
6348
4Juni
Cunclinimarca 636s._ _1958 9236 9234(12)94 371,000 9236 Aug (12)933
May 102
AP
July 9934 Api
Danish Cons Munic 5358'55 98%
1953
5s new
Danzig P & Warway Bd
External a f 635e...1952
Denm'k (Kingd'm) 5159'55 100
1982 889/.
4355
22,000
983-4 99
9436 95% 6,000
97
94
87
8,000
86
9974 10034 26,000
8935 418,000
88
Fel
Jan n90
88
9936 July 10234 Jai
June 9535 Mm
8735
adonis (Republic) 76_1957
Frankfort (City) 6358_1953
German Cons Niunic 78 '47
1947
6s
Indus 5itg Bk of Finland
mtge coil 8 f 76..1944
1st
90
9414
98%
8834
9436
98%
88%
91
4,000
4 6,000
947
70,000
99
90 101,000
9935 100
17,000
90
9.894
96
8834
AD
July 05
Aug 9931 Mal
Aug (9)10012Ma:
Aug 94% Ma)
9935 July
10234 Fel
Medellin (Colombia) 76 '51
1948
88
1954
6336
Mendoza (Pros') Argentina
1951
7355
Minas Gems(State) Brazil
1958
Ext 6355
Montevideo (City) 69..1959
Mtge Bk of Bogota 79_1947
New
Mtge Bank of Chile 88 1931
Mtge Bk of Denmark be '72
Mtge Bk of Jugoslav 7s'57
Mtge Bank of Venetian
Provinces 7s
1952
AP
9734 97% 42,000 9235 Jan 101
105 105
5,000 10236 Jan 10534 AD
9334 93% 93% 32,000 9331 July 9331 Jun
98%
9814 09
26,000
9034
Jan 10034
AP
933
5
833.4
9336 9336
95
90
9135 n93%
92
923.4
97
98%
96% 97%
8236 84%
10,000
17,000
12,000
9,000
10,000
6,00
35,000
9334
9334
9134
9136
93
9531
8234
Aug 9714
Jan 0831
Feb (6) 9135
June 9535
June 99
June 9935
Aug 90
All
At
AL
At
Ms
At
Ma
89
June
Parana(State of)Braz 78'58
Prussia (Free State) 6359'51
52
Extlas (of '27) Oct 15,
Rio Grande do Sul (State)
Brazil 76 (of '27)._ 1987
Os
1948
RUstillin Government
1919
6355 Mrs
1921
5365
Saar Basin Corn Consulate
1935
7s
Saarbruecken 7s
1935
Santa Fe (City) Argentine
Republic anti 75_ _ __1945
Santiago (Chile) 75_ _ _1949
Saxon State Mtg Ins is _'45
Serbs Croats & Slovenes
(King) art'sec 705er B'82
Silesia (Pros) 7s
1958
Switzerland Govt 5945 1929
93
9534
90
92% 9436 52,000
95
95% 29.000
8935 90% 82,000
923% Aug 9831 Ms
June 9834 Ms
95
8034 June n9836 Me
9431
96% 97
4,000
94% 9494 54,000
Jan 10034 Al
96
94% Jul
944( July
12% 13% 29,000
13
13
2,000
1234 June
12% June
Vienna (City) ext 88_1952
Warsaw (City) 7s ___ _1058
8834
8696
90
100
100
96
993.4
99
857-4
89%
90
100
100
3,000
3,000 100
1,000 95
9535 96
6,000
99
9934 8,000
98
99
18,000
96
At
18
Mi
1735 Al:
Feb 10236-M5
June 10234 Al
9334 Jan 9915 Ms
9834 July 10131 Al
9736 July 101% M
Fi
Aug 92
48,000 85
85
88
89% June 8994 Jul
8931 8934 26,00
June 10235 .111
10035 10034 7,000 100
88% 8834 34,000
8655 8734 29.000
8735 June
8534 July
933-4 Al
9034 91
• No par value. I Correction. m Listed on the Stock Exchange this week, where
additional transactions will be found. n Sold under the rule. o Sold for cash.
s Option sales. I Ex-right., and bonus. to When issued. z Ex-dividend. II Exrights. z Ex-stock dividend.
Option sales made as follows: a Middle West UM. prior lien stk. Mar. 5 at 12:
IA.G.Spalding & Bro., corn., Jan. 14 at 120; g Associated Gas & Elec., Jan. 14 at 47;
I Sierra Pacific Electric Co., Jan. 6 at 92; u Mt. State Power, Jan. 13. 10136.
(I) Palmolive Pet., Feb. 28 at 85.
"Under the rule" sales were made as follows:
S Belgian National Railway, preference Jan. 20 at 1734:0Eltingon Scbild Co.
65, Jan. 13 at 9835; .1 Goodyear Tire & Rubber of Calif. 535e, Jan. 4 at 10134.
It . S. Rubber 634% notes 1940 at 108; r J. J. Newberry, pref. Jan. 25 at 10731;
o Standard Publishing clam A Jan. 25 at 4; u $1,000 United 011 Prod. 8s 1931,
Feb.2 at $81. Potrero Sug. 7s, 1967, Feb. 17 at 93; to American kIeter Co. Feb. 29
at 126. (3) Ohio River Edison 58, 1951, Feb. 27 at 103. (4) Nat. Pub. Sur. war.,
Apr. 24 at 3%334. (6) Mtg. Bk. of Bogota 79. 1947. Apr. 20 at 96-Inland Steel
436s; May 4, at 55.000 at 9834. (8) Cities Service pref., May 23 at 10836.
(9) German Con. Mines 7s, 1947: May 23, 51,000 at 101%. (10) Trumbull Steel,
pref., July 19, 10011 12236. (11) Midwest Gas 7s, 1936, July 23, 94,000 at 10734
(12) $6,000 Cundlnimarca 636s 1958 Aug. 10 1928 at 97.
814
FINANCIAL CHRONICLE
rtirm. 127.
Quotations of Sundry Securities
All bond prices are "and interest" except where marked 'f".
Public Utilities
Par. Mel Ask
American Gas & Electric__ t .163 165
6% Preferred
.10512 107
Amer Light A Trac com_100 216 220
Preferred
100 114 118
Amer Pow & Light
Deb 651018
M&S 1063 10714
4
Amer Public Uttl corn_ _ _100 50
65
7% prior preferred_ _ _100 95 100
Panic preferred
100 90
03
Aesoctated Gas & Elec com.1 •16
18
Original preferred
*52
53
.96
$6 preferred
97
$634 preferred
•99 100
$7 preferred
•10212 104
Deb 5. 1968
A & 0 903 91
4
Deb 5s
2875 98 100
East. Viii. Assc. corn
*40
41
Cony. stock
14
•13
Com'w'Ith Pr Corp pref _100 10012 101
Elea Bond es Share pref _100 106 108
Elea Bond & Share Secur t •98
085
8
General Pub Serv corn__ t *2312 24
$7 preferred
*123 133
$6 first preferred
•100 102
Railroad Equipments
Chain Store Stocks
Investment Trust Stocks
and Bonds
Par Bid Ask
Par Sid
Allied Internet Investors__ t .107 111
Am Dep St lot pf 7% _ _ _100 .97 100
67
Allied Capital Corp
73
Berland Stores units
108 110
Amer Bond & Share com_10 2412 27
Baltimore A Ohio 68
5.25 5.00 Bird Grocery Stores corn. .
.8 28
27
32
Amer Brit & Coot corn
Equipment 4345 & Is.,.,.. 5.00 4.70
7% cum pref(with war)100 104 108
50% paid
65
Buff Rod]& Pitts equip 68_ 5.00 4.60 I3ohack (II C) Inc corn
_ 1 •56
90
60
6% preferred
04
7% 1st preferred
100 107 110
Amer Finan Hold corn A... 2612 2812
5.00 4.70 Butler(James) corn
Canadian Pacific 434s A 65.
•
14
Amer Founders Trust coin_ 108 116
5.15 4.00
Central RR of N J Is
Preferred
100
44
49
60
6% Pereferred
Chesapeake dr Ohio 65
5.15 4.90 Conseil Ret Sts, 8% pf with
50
55
7% Preferred
5.10 4.80
Equipment 6 He
warrants
100 108 112
46
52
Astor Financial class A
Equipment 58
4.90 4.60 Diamond Shoe, coin
28
12
30
Class B
16
Chicago A North West 65.
5.15 4.90
Preferred
104 10412 Atl & Pac Intl Corp
60
7014
Equipment630
5.10 4.80 Fan Farmer Candy Sit met t •
32
87
33
94
Bankers Financial Trust_ _ _
Chic B, I A Pac 4345 & 55.
5.00 4.70 Fed Bak Shops,corn
t *8
1112 14
11
Bankers Investrn't Am corn_
5.15 4.90
Equipment 65
Pref 7% with warr_ _ _100 97 100
Debenture shares
9, 10
4
Colorado A Southern (ie.__ 5.25 5.00 Feltman A Curme Shoe
9
I3ankstocks Corp of Ald A._
Stores A corn
t •10
8
20
12
Class B
5.15 4.90
Delaware A Hudson 65
7% preferred
100 75
80
40
Preferred
50
Gt Atl & Pat Tea vot corn.) .365 375
45
Units
Erie 434e & 58
5.00 4.70
Preferred
100 117 119
43
British Type Investors A... 42
5.25 5.00 Grant(W T) Co corn
Equipment 65
t 105 110
Continental Securities Corp. 109 113
Great Northern 65
5.15 4.90 Grant (IV T) ItIty 7% pf 100 10312
108
55 196"
5.00 4.70 Howorth-Snyder Co, A_ _ _ _
Equipment 55
18
21
Crum & Forster InsuranHocking Valley 53
5.00 4.70 Kaufm Dep Sts, corn...100
78
85
shares corn
Mississippi Riv Pow pre1.100 108 110
5.25 4.90
Equipment 68
7% preferred
100
101 106
Preferred
First mtge 543 1951___J&J 100 101
Illinois Central 4345 &
4.75 4.45 Kinnear Stores corn
t .32
33
Eastern Bankers Corp core_
2712
Deb 58 1947
MAN
96
0712
Equipment(is
5.15 4.90
8% preferred
100 121 125
149 153
Units
National Pow & Light pref-1.
107 10812
Equipment 75 & 8345_
5.00 4.70 Knox Hat,corn
t .220 210
Flnan & Indust Ser corn.._ _ 109 111
North Statee Pow com_100 132 13312 Kanawha & Michigan ea
5.20 5.00
$7 cum pref
t •106
Preferred
101 107
7% Preferred
100 108 1101. Kansas City Southern 634s_ 5.00 4.70
CI A pante pref
t .64 68
110 120
Warrants
Nor Texas Ebro Co com_100 14
16
Louisville & Nashville Is.
5.15 4.90 Kobacker Stores corn
43
1 *42
First Fed Foreign Inv Trust 95 100
100 50
Preferred
52
Equipment6 He
5.00 4.70
Cum pref 7%
100 100 101
Fixed Trust Shares
18
183
4
Ohio Pub Secy.7% pref _100 110 4 11112 Michigan Central 55 & 68.
,
5.00 4.60 Lane Bryant Inc corn
t *39
42
General American Investors
6% pre(
Minn St PA SS M 444e & 58 5.00 4.60
102 104
7% cum pref
100 106 109
deb Is with warrants_ _ _ _ 13912
Pacific Gas & El let pref _ _25 *27
273
4
Equipment 634e & 7s... _ _ 5.10 4.70 Leonard Fitzpatrick &
General Trustee common
25
Power Securities 11)49_J&D
Missouri Pacific tis & S Hs_ 5.25 4.85
Muller Stores corn
28
t *27
80
Old units
Incomes June 1949_ _F&A
Mobile A Ohio 55
4.00 4.60
Preferred 8%
100 105 115
71
75
New units
PugetSound Pow& Lt6%p
98 166 New York Central 434s A 6e 4.75 4.50 I,ord & Taylor
100 320 350
120
6% bonds
'92
5% preferred
94
Equipment&
5.15 4.90
First preferred 6% _ _ _100 100
18
Guardian Investment
1s1 & ref 554e 1949_ _JAD 10115 10222
Equipment 78
5.00 4.70
Second pref.8%
100 105
26
28
Preferred
South Cal Edison 8% pf__25 *53
Norfolk & Western 434s.._. 4.75 4.50 McLellan Stores corn
1 •52 58
68
Incorporated Investors
70
Stand & E 7% Pr DI_ _100 109 fff
Northern Pacific 713
5.00 4.75
6% preferred
100 100 105
.
Insuranshares eer A 1927... 243
Tenn Elee Power let pref 7% 106 107
Pacific Fruit Express
5.00 4.75 Melville Shoe Corp corn __t 152 54
25
SeriesC 1927
Toledo Edison 6% pf
103 104 2 Pennsylvania RR ea 54
,
4.70 4.50
1st pref 6% with warr_100 105 106
273
8
Series F 1927
100 109 110
7% pref
Pitts!) & Lake Erie 634s.
5.00 4.75
Warrants
*150
233 s ii4
Series If 1927
Western Pow Corp pref _100 103 108
Reading Co 444e & 5s
4.80 4.60 Mercantile Stores
.
t .110 130
213 223
8
Series II 1028
St Louie A San Francisco 58. 4.75 4.50
Preferred
69
100 104
Int See Corp of Am corn A. 64
SeaboardAir Line 5I4s & 6s 5.25 4.80 Metropolitan Chain Stores.) *57
37 42
59
Common B
Short Term Securities
Southern Pacific Co 434e... 4.75 4.50
New preferred
94
00
100 107 110
642% preferred
Equipment7e
5.00 4.75 Metropol 5 to 50 Sts corn A
38
03
6% preferred
8
1 .5
9814 983 Southern Ry 4345 A Egi
Allis Chal Mfg, 58 May '37_
4
4.00 4.60
Common B
Investments Trust of N
6
8
90 103
t •3
Alum Co of Amer,5$ May'52 10012 1007
s
Equipment 65
5.15 4.00
Preferred
100 57 65
Joint Investors A
- Amer Rad,deb 434s, May'47 9714 9814 Toledo A Ohio Central 68.
5.15 4.90 Miller (I) & Sons corn._ -.0 .33
Cony pref
3512
Am Roll Mill deb Is, Jan '48 9814 063 Union Pacific 75
4
5.00 4.75
Preferred 684%
Massachusetts In vestors_ _
100 94 08
Am Thread 68, Dec 1928_ _ 100 10012
Murphy (G C) Co corn_ _ _ .1 *69
Mutual Investment Trust
74
1014 1111
Anglo-Am 011434s, July '29 9812 9912
8% cum pref
New England Invest Trust_
10
11
100 104
Ana'da Cop MM 65, Jan '29 100, 10012
Standard Oil Stocks
5
Nat Family Stores Inc....) .
25
23 ii" Old Colony Invest Tr COM- _
27
lot cons 6s_ _ _Feb. 1953 10518 10512
Par
Cum pref $2 with warr_25 02812 2912
01
434% bonds
Batavian Pete 434s_ _ _ _1942 9212 93
90
1
s
Angio-Amer 011 vot etock_ £1 .173 18
Nat Shirt Shops, corn
56
Second Internet See Corp
26
t •22
Bell Tel of Can Is A _Mar '55 102 1023
Non-voting stock
s
4
£1 •l67 1712
Preferred 8'7
42
47
95
100 00
6% preferred
Beth St15% notes June 1529 99 4 9915 Atlantic Defining
100 154 155
,
Nat Tea 612% prof
New units
-100 104 106
Sec 5% notes_June 15 '30 9812 9912
Preferred
100 116 11812 Nedick's Inc corn
31
32
Shawmut 13k Inv
27
_
t *25
Sec 5% notes_June 15 '31 9812 9912
Neisner Bros Inc corn
Trustl94i 00 93
434s
t .80 85
Sec 5% notes_June 15 '32 98 2 99 2 Borne Scrymser CO
53
25 *51
,
,
Preferred 7%
95
93
5s 1952
100 125 12812
Com'l Invest 'Fr Is.May '29 99 993 Buckeye Pipe Line Co__ _ _50 *62 63
4
Newberry(JJ) Co corn_ _ _ _t •122 128
65
1952 200
5% notes
May 1930 98 983
4
Preferred 7%
Stand Int Secs Corp units.. 110 6609
100 106
Cud Pkg,deb 534s_Oct 1937 983 9914 Cheeebrough Mfg Cons. 25 *147
50
4
NY Merchandise corn_ .....t •
3412 3712
Standard Investing Corp_ _ _
30
32
Cunard SS Line 4Hs Dec'29 9812 9912 Continental 011 v t c
4
10 •163 17
First pref7%
100 105
100 102 105
634% preferred w w
Ed El III Bost 4s, Nov 2 '28 99 2 993 Cumberland Pipe Line__100 97
02
,
4
Penney (J C) Co corn _ _100 294
12712
00
5% bonds w w
434% notes__ Nov 1930 9812 9878 Eureka Pipe Line Co_ ___100 68
70
6% cum cl A pref
100 102 10512 Swedish Amer Investing of. 134 137
Empire Gas & Fuel 58
9
10
Galena Signal 011 com___100
Peoples Drug Stores corn..) *55
1215
U S Shares class A
58
June 1929-30 97
80
99
Preferred old
100 75
634% cum pref
Class A 1
1212 134
100 107 110
Fisk Rub 584s.
.Jan 1931 92
Preferred new
94
100 75 80
44
45
Class 13
t .2512 2612
PigglY-WigglY Corp
Humble Oil & Refining _ _25 .
8
8014 807
Preferred 8%
Class C 1
233
4
100 101 103
Gen Mot Ac Corp 55 Mar '29 994 100
Illinois Pipe Line
4
100 2073 073 Piggiy West States A
s
247
8
Class C 2
25
t .23
5% serial notes_Mar '30 98
9912 Imperial Oil
*6512 6 4 Rogers Peet Co corn _ _
63
211s 2224
Clam C 3
_ _100 140
50
9612 Indiana Pipe Line Co_ ___50 .82
5% serial notes_Mar '31 07
83
1812
Class D
5% serial notes__ Mar '32 9612 98
International Petroleum_
. 4 377 Safeway Sts iit w'out war
373
s
81
6% 94
U S & Brit Internet units.. 76
96
5% serial notes__Mar '33 9512 9712 National Transit Co.
2112 Sanitary Grocery Co
.12.60 *20
2412 2814
corn _ _ t *358
365 U S & Foreign See corn
5% serial notes_Mar '34 95
97
New York Transit Co__ _100 5312 55
634% preferred
9312 9514
Preferred
25
100 117
5% serial nctes_alar '35 9412 9612 Northern Pipe Line Co_ _100 110 115
Schiff Co coin
812
t *3112 33 United Investors Sec
5% serial notes_ _Mar '36 94
9612
.2623 633
4
4
Corn cony pref 7% _ _100 120
Water Bonds.
33
Goodr(BF) Co 55 Jan 15'29 9914 993 Penn Mex Fuel Co
4
38
25 *37
Silver (Isaac) A Bros corn.) .43
98
Arkan Wat 1st be'56 A.A.'s() 06
52
Goodyr T & R 58.Dec 15'28 9914 100
Prairie 011A Gas
8
8
25 .473 477
7% cum cony pref__
13Irm WW let 534sA'64.A&O 100 103
10
Gulf 011 Corp of Pa deb 58
Prairie Pipe Line
100 190 19112 Southern Groc Stores __100 106
08 100
A.._t .34
15t M 65 1954 ser 11__JA
38
Dec 1937 0912 100
Solar Refining
100 173 182
Southern Stores6 units
City W(Chatt)5346'54AJAD 101 103
95
00
Deb 59
Feb 1947 9912 100
Southern Pipe Line Co_ _50 •123 16
4
Spaid(AG)& Bros, corn 100 150 60
05
1s3 M Is 1954
Pt
Koppers Gas & Coke deb Is
South Penn oil
473
4
25 *47
City of New Castle Water
June 1947 99
993 Southwest Pa Pipe Lines.100 82
4
85
US Stores corn class A __ _
94
J&D 1
be Dec 2 1941
7
_t *4
Mag Pet 4345_leb 1529-35 97 100
Stamlard Oil (California). _t *5712 573
4
Corn class II
Clinton WW let 5s'39_F&A 96
3
t
.June 15 1929 9914 100
Mar 011 59...
Standard Oil (Indiana). _25 .
7515 76
1st preferred 7%
ComWth Wat 1st 5343,4'47 100
45
100 35
Serla15% notes June 1530 9614 9714 Standard 011(Kansas)_ _ _25 •
23
22
Connellav W 5sOct2'39AA01 95
Serial 5% notes June 1531 9312 9412 Standard Oil(Kentucky)_25 *127 129
Waigreen Co corn
94
96
*44
E St LA Int Walls
45
Serial 5% notes June 1532 0214 93 4 Standard 011(Neb)
,
25 .42 2 44
,
8% cum pref
1st M 65 1942
08
J&J 100
10 105
Standard 011 of New Jer_.25 .417 45
Mass Gas Cos,540 Jan 1946 103 104
8
West Auto Supply corn A t .51
Huntington let 6.'64_NIA8 100
53
Pacific Mills 544s_ _ _Feb '31 9412 9612 Standard 011of New York.25 *353 3512
8
634% preferred
100 102
1954 05
Ii
03
Standard 011 (Ohio)
Peoples Gas L & Coke 430
25 •73
75
Mid States WW 6836 MAN 100
Preferred
Dec 1920 & 1930 08 100
100 2119 121
Rubber Stocks
9212 9512
Mourn Con W let 58'56A LA
Swan & Finch
97
Prod t & Gamb,440 July '47 95
22
25 *21
(Cleveland Quotations)
M011111 Val Wt 544s '50_ J&J 98 10012
Preferred
01
Sloss Sher St'& Ir 63 Aug '29 100
Aetna Rubber common....) •17
20 Muncie WW 5e Oct2'39 A01 95
Union Tank Car Co
100 114 117
Swift & Co 5% notes
Preferred
00
St Joseph Water 501941A0c0 9612 6iVacuum 011 (New)
s
25 *77
Oct 15 1932 993 00
7712 Fall. Rubber coin
.t •12 12 Sheller's° ValWat 58'56A&O 92
12
99
Tidew Pow 1st bs__Aug '29 08
Preferred
25 •12
16 2 So Pitte Wat lst Is 1960 .1.4.1 9812
,
4
Un Lt & Pow 544s_Sept '23 993 0014
Faultless Rubber
1 *33
35
1s1 M 58 1955
21- 2
FAA 08 - 1 1Sugar Stocks
Un NJ RR & Can 4sSept'29 9/02 9912
Firestone Tire A Rub emn.10 •170 180
Ter H W W 6s '49 A....J&EI 100 103
,
U S Sin & Ref 5343__Nov '35 102 4 03
6% Preferred
100 109
1st M 55 19S6 ser B FAD 95
Caracas Sugar
1.0 •
2
05
98
Jan '30
Wise Cent 58
7% Preferred
100 106 108
Wichita Wat 1st '49_MAS 100 103
Cent Aguirre Sugar corn. 20 .150 152
General Tire & Rub corn_ _25 *167 170
1st M 5a 1958 ser D F&A 95
97
Fajardo Sugar
100 *144 147
Preferred
100 97
Indus. & Miscall
98
Federal Sugar Ref corn.-l00 20
25
Tobacco Stacks Par
Goody'r T & R of Can pf.100
75
American Hardware
108
25 .73
Preferred
1041 35
40
India Tire & Rubber
t .37
Babcock & Wilcox
38
100 120 124
Godchaux Sugars, Inc
15
t *12
American Cigar COm__.100 140 145
Mason Tire &'tubber oom_t
26
lslIss(EW)Co
.25
Preferred
100 50
100 112
Preferred
Preferred
100 •
Preferred
ao .56 61
Holly Sugar Corp WM-1 .
42- Miller Rubber preferred.100
38
20
British-Amer Tobae ord_ _Cl .28
71
74
Childs Company
___100 106 101)
100 88
Preferred
92
29
28
El •
Mohawk Rubber
Bearer
100 138 142
Hercule. Powder
100 230 240
Imperial Tob of G B & Reed *2712 2812 National Sugar Refining-100 136 138
Preferred
100
80 00
Preferred
100 121 123
100 40
45
New Niquero Sugar
95
&Merlins Tire & Rubber_ _1 •42
lot Cigar Machinery new100 92
44
Internet Silver 7% pre:_100 122
Savannah Sugar corn
•118 121
70
Johnson Tin Foil & Met.100 60
Preferred
100 102 104
Phelps Dodge Corp
133 136'
1
100 113 115
Preferred
24
20
Union Tobacco Co corn_
Royal haling Pow corn.100 210 225
48
Sugar Estates Oriente pf _100 45
82
Class A
100 107 110
Preferred
100 60
Vertientes Sugar pf
65
Young (J 8) Co
100 110 115
Singer Manufacturing...100 485 510
Preferred
100 104 110
7
Singer Mfg Ltd
_ LI .6
n Nominal. s Ex-dividend.
•Per share. I No par value. b Basis. d Purchaser also pays accrued dividend
is Ex-rights r Canadian quotation a Sale price.
CURRENT
Atlantic Coast Line 6e
Equipment6 Hs
5.25 5.00
4.95 4.70
NOTICES.
-Ernst & Co., members of the Now York Stock Exchange. 120 Broadway,
New York, have published a circular on Pierce Governor Co. of Anderson,
Ind.
-West & Co. announce that Earl A. Billger is now associated with them
in charge of the Stock Department of their New York office.
-G.E.Barrett & Co., Inc.. have opened a New England office in Boston
under the management of Walter H. Afessimer.
- A. Ritchie & Co., Inc., announce the appointment of Marvin '1'.
J.
Forster as Manager of their Rochester office.
-The Empire Trust CO.. has been appointed registrar of the common
stock of the State Bankers' Financial Corp.
-Prince & Whitely, 25 Broad St.. New York,are distributing an analysis
of Canadian Pacific'Ry.
-Joseph W. Burilen announces the removal of offices to 43 Excha
Place.
815
puestuutxt an Sailroad bxtellignte.
-In the table which
Latest Gross Earnings by Weeks.
follows we complete our summary of the earnings for the
third week of July. The table covers 8 roads and shows
8.79% increase over the same week last year.
Increase.
1927.
1928.
Third Week of July.
Decrease.
5524,575
6,859,782 1,176,381
4,816,000
802,000
42,367
431,920
586,002
31,498
5,038,030
560,341
$35,420
$20,516,984 $18,859.017 $2,009,879
11157_087
5351,910
$489,155
8,036,163
5,618,000
35,000
428,384
617,500
4,836,779
456,003
Buffalo Rochester 6: Pittsburgh _ __
Canadian National
Canadian Pacific
Georgia St Florida
Mobile er Ohio
St. Louis Southwestern
Southern Railways System
Western Maryland
Total (8 roads)
70.41
,,,.... Annrelnan IQ
7,367
3,536
201,251
104,338
In the following table we show the weekly earnings for
a number of weeks past:
Current
Year,
Week.
Precious
Year.
$
13.828,607
14,159,779
19.645.902
14.361,236
14.728,570
18.881,532
15,575,152
9,148,917
9,271,593
14.104,068
21,017,426
15,651.418
13,255,732
9.009,058
17,496.497
13,649.210
14,191,781
14,458.113
15,007,030
13,673,411
14.229.434
14.138.958
19.250.486
14.126,722
14,366,775
14.611.038
'M 516.084
2d week Jan. (13 roads)
3d week Jan. (13 roads)
4th week Jan. (13 roads)
1st week Feb. (13 roads)
20 week Feb. (13 roads)
34 week Feb. (13 roads)
40 meek Feb. (12 roads)
let week Mar.(11 roads)
20 week Mar.(11 roads)
3d 11,WiC Mar.(11 roads)
4th week Mar.(12 roads)
let week Apr. (12 roads)
2d week Apr. (12 roads)
3d week Apr. (11 roads)
4th week Apr. (12 roads)
lot week May (12 roads)
2d week May (12 roads)
3d week May (12 roads)
4th week May (12 roads)
let week June (12 roads)
2d week June (12 roads)
3d week June (11 roads)
4th week Juno (11 roads)
lot week July (12 roads)
2d week July (12 roads)
3d week July (12 roads)
Aril vvrok July ( 8 roads)
Increase or
Decrease.
%
$
$
13,537,951
+290,657 2.16
13,591,510
+568,270 4.17
19.129,089
+516.793 2.70
13.890.366
+470.870 3.39
14,221.833
+506,737 3.56
10.882,826
--1.294 0.02
13,665,718 +1,909,434 13.97
9,305.258
--156,341 1.69
9,523,366
--251,773 2.65
13,836,568
--267,552 1.90
20,134,884
+882.541 4.38
15.283,350
+368.068 2.41
13,508,682
--252,950 1.87
8,996,523
+12,534 0.14
18,058,908
--562,411 3.11
14,118,344
-400,133 3.33
13.656,727
+535.054 3.92
13,506,067
+952,046 7.04
14,264,043
+742.987 5.21
13,394,869
+278.542 2.0E
13,551,112
+678.341 5.01
13,541,992
4-596,966 3.6(
18,288,339
+962,147 5.2!
13,318.138
+808.584 6.01
13,648,978
+717.797 5.21
14.078.523
+532,435 3.7!
18.859.017 -4- 1.057.917 R 79
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table:
Net Earnings.
Gross Earnings.
onth.
1927.
1926.
Increase or
Decrease.
1927.
1926.
1
Increase or
Decrease.
Gross
*Net
ReTenue.
lilevenue.
6
11.062
417
12,759
1,457
--4,469
44,660
44,085
--11,886
91,045
5,718
--36,082
118,208
8,425
381,637
575,496
45,989
Coney Isl dr. Gravesend May '28
'27
5 mos ended May 31 '28
'27
May '28
Eighth & Ninth Ave
'27
5 mos ended May31'28
'27
Interboro Rapid TransitMay '28 1,639,595
Elvated Division
'27 1,644,084
5 mos ended May 31'28 7.872.821
'27 8,000,536
May '28 4,245,078
Subway Division
'27 3,707,818
5 mos ended May 31 '28 21,121,778
'27 18,632,836
44,306
Manhattan Ai Queens Slay '28
42,472
'27
198,544
5 mos ended May 31'28
191,621
'27
19,036
Manhattan Bridge 3c L May '28
20,203
'27
89,017
5 mos ended May 3128
93,915
'27
May '28 • 532,385
Nassau Electric
586,115
'27
5 mos ended May 31 '28 2,498,479
'27 2,473,423
94,823
May '28
New York dv Harlem
'27
96,972
464,054
5 mos ended May 31 '28
488,222
'27
77.184
May '28
New York & Queens
75,897
'27
353.766
5 mos ended May 31'28
354,039
'27
572,164
May '28
New York Railways
'27
584,510
5 mos ended May 31'28 2,677,708
'27 2,806,213
May '28 3.004,593
N Y Rapid Transit
'27 2.954,362
5 mos ended May 31'28 14,594,429
'27 13,291,604
May '28
5,485
Ocean Electric
'27
3,796
5 mos ended May 31 '28
26,128
'27
16,064
May '28
91,739
Second Avenue
'27
91.541
5 mos ended May 31 '28
442,736
'27
441,598
May '28
07,323
South Brooklyn
104,843
'27
434,924
5 mos ended May 31'28
467,690
'27
71,789
May '28
Steinway Railways
70,839
'27
346.624
5 mos ended May 31'28
342,430
'27
May '28 1.353,303
Third Avenue Ry
'27 1,342,429
5 mos ended May 31 '28 6,464,201
'27 6,353,581
441.808
465,093
1,694,956
2,000,348
2,005,934
1,732,484
9.938,678
8.931,710
8,566
8,197
27,377
25,480
1,326
2,065
3,084
4,997
101,015
100,746
306,912
114,167
94,071
101,537
484,071
513,748
12.813
15.552
72,126
59,408
93,385
96,171
365,031
425,337
1,070,822
1,045,635
4,765,527
4,902,886
--1,247
--3,322
--11,590
--24,203
7,218
10,763
31,122
37,190
29,517
26,523
119,828
109,017
5,790
8,379
16,491
30,714
267,416
252,712
1,097,141
1,172,369
Fixed
Charges.
13,760
14,279
68,696
69,352
8,000
8,478
42,286
45,651
Net Corp
Income.
--13.342
--12.822
--83,165
--81,240
--2,281
--44,559
--33,860
--88,522
698,139 --256,330
698,788 --233,695
3.489.273 --1,794,316
3,492,329 --1,491,980
903,606
1,102,328
611,794
1,120,690
4,424,827
5,513,820
5,605,892
2,102,230
10,111
--1,545
9,915
--1,718
--21,845
49,223
--23,046
48,517
413
912
373
1,692
1,016
2,066
3,133
1,862
912
100,102
--12,574
113,320
502,292 --195,381
477.691 --363.523
36.516
57,489
46,466
55,071
214,756
289,315
240,224
273,522
--10,446
23,260
--8,305
23,858
--45,319
117,446
--58,393
117,803
--59,157
152,543
9,884
86,287
64,731 --499,698
9,798
415,550
556,509
514,313
547.816
497,818
2,171,597
2,593,937
2,392.781
2,510,106
--1,247
--3,322
--12,097
507
--24,710
506
--10,460
17,679
--6,917
17,680
--57,274
88,397
--41,043
78,233
10,231
19,285
2,615
23,908
29,832
89,724
-3,563
112,581
1.225
4,564
4,162
4,217
--5,8I8
22,309
9,494
21,221
46,194
221,221
30,844
221,868
1,134,322 --791,181
49,855
1,122,513
• Includes "other Income." - Deficit.
$ISI
$
i
$
$
American Telephone & Telegraph Co.
,-35,436,
548
July-- 508.413.874 56.710,935 -48,297,061 125.438,334,160,874,882
472
.
August 556,400.662579,093.397 --22,686.735 164
-Month of June- -6 Mos. End. June 30277i193.233,706-13,799429
Septem'r 564,043,987 590,102.143-26,058.156 179,434,
,013,942179,711,414H-15,697.
1927.
1928.
1927.
1928.
October 582,542.179 605,982,445 -23,440,266 180.919.048 194,283,539-13.364:491
$
957 0141158.501,5611_32,54 7,
,
tioreafr 502.994.051,561.153 956 --58 159,905 125. .
8.219,000 48,406.000 48.539,000
8,330,000
revenue
466,526,003525,820.708-59,294,705 90,351,147 118,520,1SY-28,169.018 Gross
'
Deem r
3,298,000 18,925,000 20,167.000
3,037,000
Net operating income
19281927.
1927.
1928. I
January 458,520,8971486,722,046 -30,161,749, 93,990,640 99,549,436 -5,558.796
Blackstone Valley Gas & Electric Co.
468,532,117 --12,850,859'108,120,729 107,579,051
+541,678
Febrauvry 455,681,2581
(And Subsidiary Companies).
March-- 504.233,099530,643,758 --26,410,659 131,840,275 135,874,542 --4.034.267
865 380 -24,437,149,110.907,453 113,818,315 --2.910.862
April- -- 473.428,2311497. ,
-Month of June- -12 Mos.End. June 305
+840,317
Slay --- 509,746,39 518,569,718 -8,823,323128.780,393,127,940,076
1928.
1927.
1927.
1928.
211 -14,871.440127.284.3671129.111,754 --1,827.387
448,
June - -- 501.576.771,516,
$
5,748,454
6,015,152
466,737
481,564
--Percentage of increase or decrease in net for above months has been Cross earnings
Note.
3.125,804
3.108.503
252,807
257,048
1927-July. 22.03% dec.; Aug.. 8.73% dee.; Sept, 7.14% dec.; Oct., 3.87% dee.; Operation
218,276
271,166
19,022
30,880
Nov., 20.53% dec.; Dec., 23.76% dee. 1928--Jan., 5.58% dec.; Feb., 0.50% Inc.; NlailltOnaDCe
373,417
378,599
32,059
31,467
Taxes
March. 2.96% dec.; April, 2.56% dec.: May,0.66% inc.; June, 1.41% dec.
was 238,310 miles in 1027, against
In the month of July the length of road covered
2,030.955
158.607 2.256,883
166,409
Net operating revenue
237,711 miles In 1026; in Aug., 238,672 miles, against 237,824 miles In 1926;In Sept.,
5,466
39,389
- -- - 238.814 miles, against 237,854 miles in 1926; in Oct., 238,828 miles, against 238,041 Inc. from other sources_
miles in 1926; In Nov.,238.711 miles, against 238,142 relies In 1926;In Dec.,238,552
2,036,421
2.296,273
Net income
237,711 miles In 1926; in Jan., 239,476 miles. agalnst 238.098 miles in
miles. against
105.500
105,500
1927; In Feb. 239,584 miles. against 238,731 miles in 1927; in March, 239.649 miles, Deductions
against 238.729 miles In 1927; in Apr11. 239.852 miles, against 238.904 miles In 1927;
1,930,921
2,190.773
Balance
239,070 miles In 1927;in June, 240.302 miles. against
In May,240,120 miles, against
501.492
545.335
Int.and amortization_
239,066 miles in 1927.
1,429.429
1.645,437
Balance
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross and not earnings for STEAM
railroads reported this week:
--Grossfrom Railway- --Net from
1927.
1928.
1928.
5
$
8
National Railway of Mexico-10,087,405 0,718,027 1,496,096
May
From Jan 1.48,766,688 46,510,243 5,692,461
Interoccanie Railways of Mexico
77,965
1,113,370 1,012,647
May
369,377
From Jan 1_ 5.692,461 5,085,261
Railway-- -Net after Dazes-1927.
1928.
1927.
5
$
S
664,803
5,085,261
-105,701
--272,127
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:
New York City Street Railways,
Gross
.Net
Revenue.
Revenue.
Companies.
6
May '28 1,015,455
175,202
Brooklyn City
'27 1,022.968
137,340
704,835
5 mos ended May 31 '28 4,898,756
'27 4,896,711
660,283
1,560
7,895
May '28
Brooklyn Heights
1.559
8,443
'27
7,797
38,749
ended May 31'28
5 mos
7.945
40,883
'27
45,815
254,097
28
MAY'
Brooklyn dr Queens
276,428
49,352
'27
154,476
ended May 31 '28 1,214,805
5 mos
105,804
'27 1.171,561
65,862
250.203
Coney DI & :Brooklyn May '28
286,540
61,810
'27
226,612
mos ended May 31'28 1,139.033
5
177,539
'27 1.164.172
Fixed
Charges.
41,365
46,800
208,492
237,185
58,009
58,011
290,045
290,380
58,798
68,244
294,696
312,921
30,654
32,176
152,336
162,153
Net Corp.
income.
133,836
90,599
496,339
423,155
-50,1I5
--49,567
--251,296
--249,494
-12,982
--18,892
--I40,218
--206,895
35.208
29.635
74.274
13,968
Boston Elevated Railway.
-12 Mos. End. June 301927.
1928.
Receipts-34,392,882
33,728,230
Froni fares
From operation of special cars, mail pouch service,
38.184
41,036
express and service cars
From advertising in cars, on transfers, privileges at
771.070
774,243
stations, dm
From other railway companies for their use of
85,954
111,157
tracks and facilities
76,765
58.820
From rent of buildings and other property
149.664
196.054
From sale of power and other revenue
Total receipts from direct operation of the road 34,909,542
100,390
Interest on deposits,income from securities, &c_ _ _
35,514,521
103,544
35,009.933
35,618,066
3,682,909
4,338,827
2,526,313
3,944,592
4,476,083
2.607,346
11.401,558
92.375
1.673.009
1,368,397
1,793,128
3.149,857
11.706,990
92,608
1,677.503
1,329.804
1.902,525
3.155.110
1,869.158
1,817,200
400.039
2,553,097
78,448
400,936
2.515,714
68,249
34.927,121
82,811
35,694.665
Total receipts
Cost of Service-Maintaining track, line equipment and buildings.-Maintaining cars,shop equipment,.ke
Power
Transportation expenses (including wages of car
service en
Salaries and expenses of general officers
Law expenses, injuries and dainagw,and insurance
Other general operating expenses
Federal. State and Municipal tax accruals
Rent for leased roads
Subway and tunnel rentals to be paid to the City
of Boston
Cambridge subway rental to be paid to the Commonwealth of Mass
Interest on bonds and notes
Miscellaneous items
Total cost of service
Excess of receipts over coat of service
Exems of cost of service over receipts
76499
816
[Vou 127.
FINANCIAL CHRONICLE
Baton Rouge Electric Co.
-Month of June- -12 Mos. End.June 301928.
1928.
1927.
1927.
$
$
$
84,996
1.047.756
1,011.446
83.206
38,490
452,912
493.435
36.317
78.406
73,633
5.965
4,071
115.097
9.756
100,303
8,972
Gross earnings
Operation_
Maintenance
Taxes
Utah Power & Light Co.
(Including the Western Colorado Power Co.)
-Month of June- -12 Mos.End June 301927.
1928.
1928.
1927.
S
$
$
S
Gross earns.from oper__
859,356
816,728 10,767,181 10,632.683
Oper. expe. and taxes__ _
410,802
5.294,843
5,032,283
446,366
365,600
73,054
379,823
70.303
Net earns, from oper_
Other income
412,990
40,262
405,926
51,898
5,472,338
439,848
5,600,400
524.889
292.545
309,520
Total income
Interest on bonds
Other int. & deductions_
453,252
161,654
14,381
457,824
168,529
14,206
5,912.186
2,002,270
172,109
6.125,289
1,978.461
178,562
(And Subsidiary Companies.)
-Month of June- -12 Mos.End. June 301927.
1927.
1928.
1928.
•
S
S
$
260.175
2,916,634
28,578
3,094,681
1,423.630
1,425,024
115.994
117.598
189.367
14,607
185,347
17.303
21,706
258.897
21,739
239.765
Balance
Divs. on pref. stock,..,
277,217
275,089
3,737,807
1,601,538
3,968,266
1,493,788
2,136,269
2,474,478
Net operating revenue
Int. and amortization_
30,784
33,846
Balance
El Paso Electric Co.
Gross earnings
Operation__
Maintenance
Taxes
Net operating revenue
Income from 0th.sources
1.226.805
8.623
Balance
Int. and amortization_
Balance
1.062,477
168,380
1.029,294
86.269
1,062,477
1.235,428
206,133
103,533
Western Union.
Gross revenue
Operating income
-Month of June- -6 Mos. End, June 301927.
1928.
1928.
1927.
S
$
$
11,691,039 11,117,715 65,868.790 64,625,745
1.395,708
1.343,252
7,328,892
7,377.915
894.096
Fort Worth Power & Light Co.
(Southwestern Power & Light Co. Subsidiary.)
-Month of June- -12 Mos.End.June 301927.
1928.
1928.
1927.
$
$
$
$
Gross earns,from oper'n
254,604
246,512
2,869.884
3.103,208
127,535
Oper.expenses & taxes. _
121,426
1,681,877
1,364,529
Net earns,from oper'n
Other income
127,069
7.330
125,086
4,620
1.421,331
26.180
1,505.355
24.451
Total income
Interest on bonds
Other int. & deductions_
134,399
14,542
2.779
129.706
14,542
2,449
1.447,511
174,500
31,374
1,529,806
174.500
30,487
Balance
Divs,on preferred stock_
117.078
112,715
1,241,637
160,832
1,324,819
160,822
1.080,805
1.163.997
Balance
Balance
Portland Gas & Coke Co.
(American Power & Light Co. Subsidiary)
-Month of June- -12 Mos.End.June 301928.
1927.
1928.
1927.
$
S
$
$
Gross earns.from oper-39,330
352,916
4,434,789
4,439,393
Oper.expenses & taxes__
215.428
218,630
2,888.419
2.955.582
Net earns, from oper_
Other income
113,902
5,609
134,286
3.223
1.483.811
37,046
1,546.370
32,721
Total income
Interest on bonds
Other hit. & deductions_
119.511
40,604
3.988
137.509
35.479
20.354
1,520,857
447,625
198,979
1,579,091
425,750
245,067
FINANCIAL REPORTS
Financial Reports.
-An index to annual reports of steam
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the first Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Aug. 4. The next will appear in that of Sept. 1.
Richfield Oil Co. of California.
(Semi
-Annual Report-Six Months Ended June 30, 1928.)
Ticeincome account for the 6 months ended June 30, 1928
together with the remarks of President James A. Talbot will
be found under "Reports and Documents" on a subsequent
page. Our usual comparative statement was published
in V. 127, p. 696.
General Motors Corporation.
(Semi-Annual Report-Six Months Ended June 30 1928.)
Alfred P. Sloan, Jr., President, Aug. 9 said:
Net earnings of General Motors Corp., including equities in tha undivided prfits of subsidiary operations not consolidated, for the 6 months
ended June 30 1928 were $161,267,974. This compares with $129,250,207
for the corresponding period a year ago
-an increase of $32,017,767, or
24.8%. After deducting dividends on preferred and debenture stock
amounting to $4,702.000, there remains $156,565,974, being the amount
earned on the common shares outstanding. This is equivalent to $9 per
share on thoomm 0n stockbi a ag inst $7.18 for the first half of 1927 calcuIatod
a e co p 0 le bf aa
: ,s
0
Earnings for the second quarter,including all equities, totaled $91,799,398
as compared with $76,698,799 for the second quarter of last year. or a gain
of $15,100,599. I am pleased to state further that this establishes a new
earnings record for both the half year and the second quarter.
Balance
527.079
493.026
For the 6 months ended June 30 retail sales by General Motors dealers
to users were 1,062,733 cars compared with 840,481 cars in the correspondPacific Power & Light Co.
ing period of 1927
-an increase of 26.4%. General Motors sales to dealers
for the 6 months totaled 1,083.316 cars compared with 883,477 cars in
(American Power & Light Co. Subsidiary)
the corresponding period of 1927
-an increase of 22.6%.
-Month of May- -12 Mos.End. May 31
Cash, If, S. Government and other marketable securities at Juno 30 1928
Gross earns,from oper_371,213
3,703,614
297.479
3,994,154
amounted to
Oper. exps. & taxes__ -204.201
178.187
2.263,937
2,048,759 items in the $264,383,668. This constitutes a record for cash and cash
history of the corporation. I might add that the net working
capital
Net earns, from oper_
167,012
119,292
1,654,855 since amounted to $320,346.653 and shows an increase of $47,422,677
1,730,217
Dec. 31 1927. this after deduction of the extra dividend requiring
Other income
726
76
23,175
10,775
$34.800,000, paid July 3 1928. Current conditions are satisfactory.
Total income
167,738
119,368
1,678,030
1,740,992
CONDENSED CONSOLIDATED INCOME ACCOUNT.
J.ne30
Interest on bonds
37.996
37.996
483.148
455,950
Period Ended
Other int. & deductions_
1928-6 Mos.-1927.
61,436
26,540
1028-3 Mos.-1927.
305,515
443,938
Sales of cars and trucks-units:
Retail sales by dealers to users.
840,481
Balance
1,062,733
511,171
68,306
54.832
639,720
889,367
841,104
General Motors sales to dealers
883.477
Divs. on pref. stock_
1,083,316
497,774
591,082
404.781
406,193
Balance
Divs. on pref. stock_
874,253
381,227
81,676
Balance
907,274
380,195
434.911
74,919
484,586
The Pullman Company.
-Month of June- -6 Mos. End. June 301928.
1927.
1928.
1927.
Sleeping Car Operations
-$
IS
$
7,308,891
Berth revenue
7.083.719 37,485,578 37,394,477
857.590
revenue
Seat
859.891
4,941,158
4,858,147
152,466
Charter of cars
118.038
836,606
1,035.567
14,426
Miscellaneous revenue
12,987
81,936
77.375
103,189
78,954
Car mileage revenue___ 511,672
619,556
1.024.450
Contract revenue-Dr... 1,004,730
4,225,315
4,269,154
7.431,833
7,129,140 39,747,586
39,600,020
2,490,547
56.687
3,060,985
247,250
2,297,862
56.169
2,908,051
244.270
15,070,789
282.028
17,355,604
1,473.278
14,121.411
243.581
17.188,616
1,479,344
5.855.471
5,506,353
34,181,701
33,032,952
Net revenue (or def.)- 1,576,362
Auxiliary Operations
135,318
Total revenues
105,961
Total expenses
1,622,787
5,565,885
6,567,067
111.480
99.634
721,181
588,731
674,764
590.259
Total revenues
Maintenance of cars_
All other maintenance
Conducting car opera't's
General expenses
Total expenses
Net revenue (or def.).
29.357
11,845
132,450
84,504
Total net rev.(or def.)
1.605,719
1,634,633
5.698,335
6,651,571
Taxes accrued
389,398
400.299
1,823,916
2,016,486
sales-value
983 389,170,655 809,249,777 680,619,470
Profit from over. & Invest., after 5"81
all exp. Incident thereto, but
before deprec. of real estate.
plants and equipment
705,644 103,009,489 213,742,560 175,770,476
Provision for deprec. of real estate.
110,
plants and equipment
7.489,987 6,825,371 14,735,407 12.953,079
Net profit from oper.& invest_112,215,657 96,384,118 199,007,153 162,817.397
Less
Provision for employees' bonus__ 4,350,500 3,771,000 7,485,000 5,903,000
Amt.due Managers Sec. Co...4,356,500 3,771,000 7,485,000 5,903,000
Employees'savings & Inv.fund.. 2,610.155
5,189,572 3,177,659
1,746,021
Special pay, to employees under
•
stock subscription plan
40,398
58.976
12
46
Prov.for U.S.& torn Inc. taxes. 10,280,000 11,454,000 20,609.000 19,583,000
Net income
90,612.456 75,642,085 158,179,605 128,210,440
Gen. Motors proper. of net Inc 00,296,249 75.336,482 157,503,633 127,594.091
7% Pref. stock dividends
2,291,384 2,284,451 4,581,638 4,275,182
6% Pref. stock dividends
53,202
50,217
26,374
24.750
6% deben. stock dividends
79,836
39,265
70,146
34,947
Amount earned on corn. sto
*72,986,392*152,801,633•123,185,871
*87.945.168
*Adding Gen. Motors equity in
the undivided profits of Gen.
Motors Accept.(100%), Yellow
Truck & Coach Mfg. Co. %).
(57
Ethyl Gasoline Corp. (50%).
Gen. Exchange Insur. Corp.
(100%) and Vauxhall Motors,
Ltd., in 1928 (100%), amount
earned on common stock is
89.448.317 74.348,709 166,565,974 124.841,087
SURPLUS ACCOUNT JUNE 30.
S
$
$
$
Surplus at beginning of period.--230,925,548 128,249,212 187,819,083 89,341.318
Amount earned on common stock
Light
Texas Power &
as per income account
87,945,168 72,986,392 152,801,633 123,185,871
Capital surplus arising through
(Southwestern Power & Light Co. Subsidiary)
sale above par of 250,000 shares
8,739,020
9,513,151
710,381
Gross earns,from oper
735,255
of 7% pref. stock
4,104,167
4,894,125
Oper. expenses & taxes
5,226,508
432.787
387,519
Cap. sure. arising thro. exchange
of 6% doh. dr 6% pref. stock
3.844,895
Net earnings from oper
4,286,643
277.594
3.17,736
30,450
18,485
for 7% pref. stock
16,305
97,427
10,400
Other income
146,530
16.206
29,015
'This amt.trend.to res.for sundry
Dr.16,305 Dr.18,485 Dr.36,450
conting. by order of bd.of direc. Dr.10,400
3.942,322
Total income
4,433,173
293.800
376,751
1,321,361
Interest on bonds
1,815,806
139.187
157.521
Total
318,870.716 199,235,604 340,620,716 216,631,356
169,322
Other int. & deductions_
148,810
9.147
10,763
Cash dividends on common
56,550,000 34,793,206 78,300,000 52,188,958
$6.00
$4.50
$4.00
do per share
$3.25
Balance
2,451,639
2,468,5.57
210,083
143.850
Divs, on pref. stock..
455,000
455,000
Surplus at end of period
262,320,716 164,442,398 262,320,710 164,442,398
Balance
1,996,639 -V.'127, p.890. 565. 267.
2,013,557
Operating inc. (or loss).
1,216,320
1.234,333
3,874,418
CO.
4,635,084
(Julius)Kayser & Company.
-Year Ended June 30 1928.)
(Financial Report
President Edwin S. Bayer, July 31, reports in substance:
ng
the company had outstandi
Exclusive of employees' preferred stock, of capital stock, all common
shares
at the beginning of the year 198,332le 534% gold debentures, due March
convertib
-year
and also 86.800.000 20
purpose of providing the capital
1, 1947. During the year and for the
s manufacturing facilities made
needed for the enlargement of the company' business, additional stock was
volume of its
necessary by the increase in theto the common stockholders of subscription
marketed-this by the offering
holdings. Additionally, $150.000
rights up to 10% of their respective for retirement, and $2,501,500 of
company's debentures were purchased
s were converted into stock.
such debenture
the company is
Because of such conversions of debentures into stock,
under the
free for the coming 15 years from any sinking fund obligation
trust indenture securing the debenture issue.
provisions of the
with $4,148,500 of debentures, 258,475
The company closed its year
of employees' preferred stock
shares of common stock and 6.308 shares preferred stock under subscripoutstanding, and with 3,364 shares of such a par value of $50 per share,
tion. The employees' preferred stock has subscription represents a total
and the amount of it outstanding and under
of the company.
Investment of $368,611.88 by employees in the business been contracted
The additional manufacturing facilities referred to have
As the installations are from time to time comfor and partly installed.
for that
pleted, these facilities will'be paid for out of the capital provided
purpose and as yet unexpended.
upon the employees' Preferred stock, the
After the payment of dividends
rate
net earnings for the year were $2,085.386, being at the at of $8.07 Per
close of the
share on the 258,475 shares of common stock outstanding to the
common stock
fiscal year, as compared with net earnings applicable sales for the year
of 81.335.595 for the preceding year. The net of the company.
dividends
were in excess of 830,000,000. the greatest in the history been increased
During the year, the dividend rate per share per year has
State
from $4 to 85. Ample provision has been made for Federal and
surplus
Company's
taxes and for depreciation of capital assets. $1,100,000. earned
has been augmented by an amount in excess of
It will be noted that the company closed its year with no notes payable
against
outstanding and with current liabilities of a trifle over $600,000, as
the very subcurrent assets of more than $12,000,000: and that, despitees were almost
done, inventori
stantial increase in the volume of business
year.
$600.000 less at the close than they were at the beginning of theand healthy
In all respects the affairs of the company are in a sound
satiscondition, and it enters upon its new year with an outlook entirely
factory.
CONSOLIDATED BALANCE SHEET JUNE 30.
1927.
1928.
1927.
1928.
$
Assets
-$
Preferred stock -A8.520.700 17,345,700
Land, bides., ma010 12,631,810
stock
chinery,&c _ x35,383,072 30,632,320 Common scrip_ __12,632.
1,610
1,410
_ __
Common
Good-will, pat•ns,
1 Acels payable_ -15.077.833 8,043.861
1
ace
15,552.163 Accr'd taxes,ace _- 1,175,814 1,115,840
13,877,790
Cash
-- 6.000.000 7 000 000
. .
110,000 let mtge.6
Ctfs. of dep.sit__ _ 240,000
456,820
contr _ 303,680
Notes & accts.ree_ 6,997,514 3.871,575 Stk. purch.Federal
Mdse.inventories_24,625,897 21,058,236 Res. for tax
902,500
1,108,081
income
from attn.cos. 603,976 2,080,466
Due
34,549.371 29,636.274
Surplus
Invest. In affil.
other companies 2,003,222 1,414,634
& acMisc. notes
counts receivable 2,850,395 1,687,525
727,495
Deferred accts_ ___ 787,032
87.368.899 77,134,415
Total
87.368,899 77,134,415
Total
$20,039.132.-V. 127, p. 699.
x After depreciation of
CONSOLIDATED INCOME ACCOUNT FOR PERIODS ENDED.
-Years End. June 30- 10 Mos End, Year End.
June 30'26 Aug.31 '25.
1927.
1928
$30,290,884 $27,168,940
Net sales
Cost of sales, selling and
administration expense 27,288.536 24,747.100
Not available.
Income from operation 83.002.347 $2.421.840
295,186
270,556
Interest & disc. earned_ _
Total income
Interest
Taxes
Depreciation
817
FINANCIAL CHRONICLE
AuG. 11 1928.]
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
railroads on July 15 had 151,886
Freight Cars in Need of Repair -Class I
of the number on line, according to
freight cars in need of repair of 6.7%Car Service Division of the American
reports filed by the carriers with the
of 6,676 above the number reRailway Association. This was an increase6.5%. Freight cars in need of
or
July 1, at which time there were 145,210 or 4.8%. an increase of 964 comheavy repairs on July 15, totaled 108.229
of light repairs totaled 43,657
pared with July 1, while freight cars in need July 1.
with
or 1.9%, an increase of 5,712 compared
.-N. Y. "Times." p. 28.
Face Delay of $45,000,000 Pay
Roads
-Compromise rates to Lakes
New Coal Freight Rates Effective Aug. I5.
-N.Y."Times," Aug. 8, p. 30.
authorized.
(a)Proposed cut of 234% in
Chronicle Week of Aug.4.Matters Covered in
Wet.p.625.1(b) Postmaster
wages of British By. workers--smaller unionsI as result of increased rate
General New estimates deficit of 5100.000,000 parcel post rates possible.
in
to railroads for mail transportation. Raiseto railroads for carrying mail
p. 632. (c)Increase of 15% in rates paid on, p. 632. (d) Wage ine Commerce Commissi
granted by Inter-stat
(e) Reduction of live
crease to employees of Pennsylvania RR., p. 633.
Commission., p .632. (f)
stock rail rates ordered by Interstate Commerce
increasing.
Loading of RR. revenue freight
83,272,904 82,717,027 51,813,928 81,838,961
268,080
253,695
411.096
437,573
99,482
227,601
165,008
335,109
296,757
256,130
349.130
390,560
$2,109,661 $1,729,199 $1,139,095 $1,174,642
Net income
8150,000
Res,raw silk fluctuations
528,920
393,634
440.767
Preferred stock dividends
24.275
Empl, pref. stock
449.794
260,055
915,790
Dividends on cora. stock
$1,169.596
Balance,surplus
258,475
Shs.com.outst'd(no par)
$8.06
Earns, per share on corn.
$885,801
198.332
$6.73
$438,273
115.700
$6.04
$495.722
115.700
$4.44
CONSOLIDATED BALANCE SHEET JUNE 30.
1927.
1928.
1927.
1028.
Maki/Sties$
AS
Assets.
225,411
Employees pref _ __ 368,612
bldgs., maLand,
chtnery&eciulp.y 5,414,940 5,236,408 Common stock_ _x 8.874.911 11,995,782
-year 534% gold
20
Pat'ts,trade marks
debentures
4,148,500 6,800,000
and goodwill _ _ _ 5,644,000 5,644,000
068,032 Bonds and mtges.
1,622.399
Cash
of affiliated cos.
66,400
63,400
1,600,000
leans
Call
193,212
Accounts payable87,814
Dep. with mutual
81,426 Sundry credits & li85,247
insurance cos_ _
366,563
abilities accrued 179,207
Notes & accts. rec.
(less reserve)_ _ 2,874,353 2,974.997 Due to officers and
340.984
103,730
employees
from officers
Due
15.365 Federal taxes
157.704
232.822
13.160
and employees._
118,800 Reserves
500.000
500,000
83,066
Sundry debtors- 8,151 Surplus a
8.835,416 1,045,081
8,152
Marketable secur.
6.011,865 6,596.056
Inventories
47,003 Total(each sIde)23,394,414 21 691 138
37,223
Deferred charges-deducting $14,596,796 reserve for depreciation. a Common
y After
shares of no par value: issued and outstanding,
stock authorized, 500,000
.
258,475 shares. a Capital surplus arising from property appraisalsV.126. p.3131.
-Acquisition.
Central RR. Co. of New Jersey.
acquisition by the
-S. C. Commission on Aug. 2 approved the
The I.
company by purchase of
company of control of the Hibernia Mine RR.
capital stock.
The report of the commission says in part:
n with the applicant's
The Hibernia Mine RR. extends from a connectio
and northwesterly to
High Bridge branch at Rockaway, notheasterly County, N. J. this
tely 4.28 miles, all in Morris
Hibernia, approxima
lease since Jan. 1 1891, but
line has been operated by the applicant under it contains no provision for
the present lease will expire Oct. 1 1930, and
renewal.
1,707 shares of the stock
The applicant states that it has been offered as is known the remainshare. So far
of the Hibernia Mine RR. at $60 per
As of June 30 1918. we fixed
private owners.
ing 293 shares are held by properties of the Hibernia Mine RR.at $109,000
a tentative valuation of the new was fixed at 8132,629. The prices used
and the cost of reproduction
for which 1918 prices were used.
were as of 1914 with the exception of land, the value of the stock as of
shows that
Upon these bases the applicant share.
per
1918 ranged from $50 to $65 Hibernia Mine RR. are small, the applicant
While the earnings of the
feeder. It points out further that
states that the line is valuable to it as a
herein will permanently preserve that
the acquisition of stock as proposed
the possibility of being required
of its system and will precludethe present lease. The Hibernia
line as part
of
to pay increased rental at the expirationline of any carrier other than the
Mine RR. does not connect with the terminus of the applicant's High
applicant. and Hibernia, is, in fact, the
Bridge branch.
the applicant as sought herein
The acquisition of 1,707 shares of stock by
concerning which the applicant
will leave outstanding a small minority,
will provide that within 30
now has no definite plans. Our order herein notify the minority stockshall
days from the date thereof the applicant any time within 6 months after
holders that it will purchase their stock at
herein authorized to be acsaid date at the same price paid for the stock
-V. 127. p. 257.
quired. namely $60 per share.
Chesapeake & Ohio Ry.-Minority Stockholders' Group
Opposes Petition to Modify Order on Pere Marquette Control.
-S. C. Commission Aug. 7 by the stockA protest was filed with the I.
road asking the
holders' protective committee against the petition by that
ke & Ohio to
Commission to modify its ruling permitting the Chesapea
acquire stock control of the Pere Marquette Ry.
committee
The Commission's order was entered May 8and the protective
members
contends no new reasons have arisen justifying any change. The
of the committee are George A. Kemp,Lindsey Hopkins,Berkeley Williams.
Granville G. Valentine and J. Luther Moon.
n's order
The minority stockholders point out that when the Commissio
control of the
was entered, conditioning the Chesapeake's acquisition of
stock at not more
Pere Marquette upon its ability to acquire the common
Willys-Overland Co., Toledo, 0., & Subsidiary Cos. than $110 a share,the record showed that the option given by the New York
-6 Months Ended June 30 1928).
- Chicago & St. Louis RR.,to purchase the 174,900 shares at $110 a share had
l Report
-(Semi-Annua
expired.
the option on
CONSOLIDATED INCOME ACCOUNT FOR 6 MONTHS END. JUNE 30
The Nickel Plate also had refused, it was stated,to-renew
price of Pere Marquette
1928.
1927.
1926.
these shares at that price, and that the market
1925.
a share from Dec. 17
Not Available.
8116,387,3161
Net sales
common stock was considerably in excess of $110 "of record" as to the
100,822,2121
Cost of sales
1926, to June 18 1927, which Is the latest showing
market price of that stock.
take judicial notice of the
Or. prof. aft, deduct.
The protestanta asked that the Commission
e's
mails used, labor
its order conditioning the Cheaspeak
x$13
exp. deprec., &c- - -815,565,104
.066.975x$16,521,968 fact that on the day it entered
Marquette stock was quoted
See x
1,845,118
See x
Other income
authority to buy at a stated price, the Pere 8142.75 a share and a low of
of
Not
on the New York Stock Exchange at a high
Avail.
517.410.223
813.066,975 $16,521,968
Total income
$139 a share.
Sell, advert. adminis. &
a modification of the Commission's
The petition of the Chesapeake for
8,806.193
3,208,157 4,349,521
gen. exp
committee:
ruling was thus described by the protective
unable to acquire the Pere Mar"A mere reiteration of the fact that it is
$8.604.030 $6,782.474 89.858.818 812,172,446
Gross profit
at $110 per share, and
252,389
265,464
283,798
302,978 quette common stock held by the Nickel Plate
Interest
769,298
817,499
1,158,563
1,306,948 of the fact that the market price of said stock is substantially in excess
Prov.for Federal taxes
which
53,182
47,273
Bond discount
in the original Nickel Plate option, both of
461,357
665.111
236,315 of the price set forth
Atiitdm'ts & other items
on at the time of the entry of its
1,124,390 facts were fully known to the Commissi
280,686
Equip.exp.&mise. prov.
1,940,825
order of May 8 1928."
Price refunds.,&c
of the purchase of the Nickel
The Committee declared that approval
at 8133.33 per share. "the
Plate's holdings in Pere Marquette common , would involve large adNet prof. for 6 mos.
85,641,517 85,238.053 $7,423,388 59.148,634 price set forth in the present option agreement
end. June 30
8 25,005,320 25,819,582 15,972,789
30.243.99
interests, who are the controlling
PrevioussurPhla
ditional profits to the Van Sweringens'
66,424
Credit land sale
the controlling interests in the
interest in the Nickel Plate and also are
.
5,428,679
t
Creditstock retiremen
Chesapeake."
Van Sweringens' interests
$35,885,516 830,243,373 838,738.073 $25,121,423
Total
The Committee further said that: "The
607,099
771,732
578.224
634,400
of Pere Marquette
Divs, on pref. stock_ __ _
caused the Nickel Plate to acquire the 174,900 shares
6,559,726
Pref, back dividends
in contemplation of the concommon stock now owned or controlled by it
757,921
Common dividends
schemes and that they as owners of the majority
102.948
summation of their merger
Addit'l dprec. prior yrs
of the common stock of the Nickel Plate should not be allowed to profit
534.549,371 829,636,274 531,440,999 824,349,691 by the sale of these stocks to the Chesapeake, which they also control, at
Balance,Juno 30
2,526,362
2,264 640 a price greatly in excess of the prices at which they caused said stocks to
2.527,051
Sha.uraain.out'g (par 85) 2,526.402
51.83
8.i.70
$2.69
$2.01
Earns. per sh.on com_ - _
be acquired by Nickel Plate."
x Includes other income.
818
FINANCIAL CHRONICLE
[VoL. 127.
The option price of $133.33 per share was described
as largely in excess
New York Central RR.
of its value to the Chesapeake,and the Committee
-Last Link of Steam Track Placed
said it is not in the public Under
Automatic Train Control.
interest for the Chesapeake to purchase it at such a price
when it is shown
The final link in
by the records in this case that the Chesapeake has
urgent and unprovided- Croton-on-Hudson, the steam-operated section of this company between
N. Y. and Chicago was operated under automatic
for improvements on its own lines which would yield
a return largely in excess train-control begitming Aug. 9, it was announced. This
is the 39-mile
of the return of the investment required to acquire Pere
Marquette common stretch between Poughkeepsie and Croton, one mite from Harmon, N. Y..
at the price which it now proposes to pay for the
where electric operation to New York begins. The New York
Nickel Plate's holdings. the
Central is
first railroad between Chicago and the East to be protected
-V. 127. p. 679, 543.
by the
automatic electric train stop.
The SRI-mile section between Poughkeepsie and Englewood.
Delaware & Hudson Co.
-Proposed Abandonment of of Chicago, was placed under the operation of train control ina suburb
January
Branch Line Denied.
of this year.
The installation of train-control on the New York Central
The I.
-S. C. Commission on July 30 denied the application of
Lines is one
pany to abandon a branch line of railroad 27.72 miles long in thethe com- of the biggest in the world to date, comprising a total of 1,682.13 miles of
counties
of Lackawanna and Wayne. Pa., extending from Carbondale. Lackawanna main line and 4.766 miles of track. The cost to date has been $4,631,000.
-V. 127, p. 544.
County, to Honesdale, Wayne County, called the Honesdale branch,
In denying the application the commission said in part:
Pennsylvania RR.
It is not clear from the record that the expense of operation over this
-Stock Issue AuthorizedThe I.
portion of the branch is such a burden upon the applicant's resources as
-S. 0. Commission on July 31 authorized the .
company to issue
would justify its abandonment, in view of the needs of the communities $17,500,000 capital stock (par 850) said stock to be offered
for subscription
at par
and Interests along the line for railway service. While it
is true that the sidiary for cash to officers and employees of the company and of its subbranch has lost not only the larger part of its
oompanies, the proceeds thereof to be used for the applicant's
of its lighter and more profitable freight trafficpassenger traffic but much corporate purposes.
The report of the commission says in part.
ther still remains a substantial volume of heavyto the bus and truck lines,
traffic. As
"The applicant's authorized capital stock
ties served are growing in population and wealth this heavythe communitraffic seems
is 8600,000.000 (Par 850) of
likely to increase. A large portion thereof originates at or is destined to which $561.673.950 is outstanding or authorized to be
Fairview, Waymart, Keene, Prompton and other points on the branch unissued margin of 838,326,050. The proposed Issue ofissued, leaving an
350,000
capital stock has been authorized by the applicant's stockholders shares of
which could not be adequately served by the Erie. These points
need the
.
'It is represented that between Jan.
service of the branch.
1 1922 and Mar. 31 1928, the apOn the record presented we are unable to find that present
plicantutilized cash in the amount
public convenience and necessity permit the abandonment by and future bonds, real estate mortgages, the of 873.064,814 to pay obligations, notes,
principal of equipment trusts, and for
the appli- Initial payments
cant. of its branch line of rallroad.-V. 126. p. 4077.
required 13y
-trust agreements and leases; that
from !Apr. 1 1928, to the end equipment
of the current year,
will meet maturities aggregating $10,390,000; the applicant has met or
Duluth,South Shore & Atlantic Ry. Co.
and that it called for re-Earnings.
- demption on July 15 1928, its equipment trust of 1920 certificates of a face
Period Ended June 30.- 1928-3 Mos.-1927
1928-6 Mos.-1927
value aggregating $27,260,000, a total of 8110,714.814
. By our order of
Freight revenue
8981,096 81,099,081 81.947,692 82,018,125 Apr. 241928,138 I. C. C.
452, the applicant was authorized to issue stock
Passenger revenue
157,548
170,265
349.716
389,105 of a par valu aggregating 862,408,250 to partially reimburse its treasury
All other revenue
116.311
132,306
195.579
225,741 for the capital expenditures aggregating 873,064,814
mode between Jan 1
1922. and Mar.
'
Total operating rev.. - 81,254,955 $1,401,652 82,492,987 82,632,971 to pay proposed 311928. The proceeds of the stock issue were to be used
expenditures as set forth in the report filed with and made
Maint.of way & struc._ 347,093
a part of our order.
265.997
502,267
427.588
Maintenance of equip.205,802
"Of the expenditures totaling $73.064,814,
211,443
417,170
411,684
heretofore described, there
Traffic expenses
23,204
21,826
48,192
46,455 remains an uncapitalized amount of $10,656,564, which, together with the
Transportation expenses
529,529
556,534
1.110,772 capitalizable items of 810,390.000 and 827,260,000, described herein,
1,086,471
Miscellaneous expenses 11,924
13,661
25,267
27,885 would make a capitalizable total of $48,306,564, which is offered as a basis
General expenses
32,648
33.147
65.229
69,558 for the proposed stock issue of $17,500,000, the proceeds of which the
applicant desires to use in partial reimbursement of the expenditures
Totaloperating exp.-- 81,150.200 81.102.608 $2,139,110 $2,099,428 shown.
"In its previous application, heretofore referred
to, cash resources for
Net operating revenue 8104,755
8299,044
8353,877
8533,543 1928 were shown as aggregating $117,100,000, and cash requirements as
Railway tax accruals - - 96,000
93,000
180.000 amounting to $219.500.000, an excess of cash requirements over resources
186,000
Uncollectable Ry.rev._ _
76
90
15 of $102,400,000. Of this excess, $62.408,250 was provided for from the
Equipmentrents
31,151
30,6(113
- ..
78,379
70,798 proceeds of stock heretofore authorized. The remaining amount of excess
Joint facility rents
15,264
8,450
27,674
21,563 cash requirements over resources is sufficient to justify the necessity for
the proposed stock issue of $17,500,000.
Net ry. operat.inc.(Def.)$37,736
"The proposed stock will be offered at par for cash to the applicant's
8166,934
861,734
8261,167
Other income
8,407
11,121
67,344 officers and employees, and to the officers and employees of its subsidiary
57,587
companies, payment therefor to be made in monthly installments to be
Gross income
(Def.);29,329
8178,055
8119,321
$3 .
28 511 collected from the wages or salary of the subscriber beginning with the
Int.on funded debt - 218.775
219,325
437,550
438,650 second half of October, 1928, at the rate of either $2 or 85 a share according
Other income charges _ _
2,102
2,013
2,240
2,057 to the preference of the subscriber. Subscriptions will be received to and
including Aug. 31
not be accepted and subNet income
def8250.206 def 843,283 def8320,469 def8112.196 scribers will not be 1928. Payments in full willpayments.
permitted
anticipate final
Interest at the
-V.126, p. 3292.
rate of 6% per annum will beto
allowed on all payroll collections and will be
credited quarterly to the subscriber's account, but dividends will not be
Great Northern Ry.-Replies to Opponents of Merger.
allowed until the stock is paid in full. Subscriptions will be accepted for
- from one to
Replying to briefs filed by the Chicago Milwaukee
St. Paul & Pacific subscription,10 shares for each officer or employee, and in case of overRR. and other interveners opposed to the projected unification
the larger subscriptions will be redued so that the aggregate
of the Great amount subscribed
Northern and Northern Pacific, the latter companies in
a brief made public scribed will be sold will not exceed 350,000 shares. Any stock not so subAug. 6 assert that "the real and only interest of the Milwaukee
in this Pro- on such conditions on the best terms obtainable, but at not less than par.
ceeding is to prevent any unification in the Northwest,
as may be prescribed by the board of directors. No
of the great benefits accompanying the unification depriving the public contracts for underwriting or otherwise have been made or are proposed
here proposed, unless to be made in
(a) the Milwaukee can be unified with one of
connection with the sale of the stock.
the northern lines, first
"One of the individuals opposing the proposed issue of additional stock
stripping that northern line of its Burlington ownership
and relationship. by the applicant
or (b) the Milwaukee be given, by way of a condition
alleges, among other things, that the application does not
order of approval herein, rights virtually equivalentto the Commission's truly represent the use to which funds received as proceeds of such new
to joint ownership issue are to be used,
with the northern lines in the extensive industrial
but that the proposed issue, together with the pi evious
terminals of the Northern Issue authorized
Lines in the cities of the Pacific Northwest, which
by our order of Apr. 24 1928, supra, would not have
acquired at great expense and through tweet effort the northern lines have been necessary except for the unauthorized purchase on the part of the
during the many years of applicant ofsome
their establishment in this territory."
521,739 shares of stock of Lehigh Valley RR.and Wabash
Railway for a sum reported to have
The brief for the appellants asserts
been $63.000,000.
"The
it should be grouped with one of thethat the Milwaukee's contention that
northern lines ignores, in effect, the all the testimony shows that the Pennsylvania Co., a holding company,
long standing relationship of each of the northern
lines with the Burlington, Lehigh stock of which is owned by the applicant, acquired the stock of the
regardless of the practicability or desirability of disrupting
Valley and of the Wabash above referred to, and that none of the
that relationship. proceeds of
"Such a position on the part of the Milwaukee is
clearly untenable," the of Apr. 24 the proposed issue of stock or of that authorized In our order
applicants state.
1928, supra,
It
was also stated that the will be used in the purchase of those stocks. its
Adequate provision for treatment of connecting short
applicant did not propose to use any part of
lines, the appli- credit in the
cants contend, has been made by them in the plan
acquisition of these stocks. We have
consideration
sion in Finance Docket Nos. 6409 and 6410, in submitted to the Commis- to the other objections made to the granting of the given due
application.
which
"We find that the proposed issue
requested to authorize the Great Northern Pacific Ry.the Commission is
the applicant as
of
of the Great Northern Railway, the Northern Pacific to acquire control aforesaid (a) Is for lawful objects withincapital stock by
its corporate purposes, and comRailway and the patible with the
Spokane, Portland and Seattle Railway.
public interest, which are necessary and appropriate for
-V. 127. p. 404.
and consistent with the proper
as a common carrier, and whichperformance by it of service to the public
Hibernia Mine RR.-Sale.will not
service. and (b) is reasonably necessary impair its ability to perform that
and appropriate for such purposes.
See Central RR. Co. of New Jersey above.
An appropriate order will
-V.91. P. 1766.
be entered."
-V.127. D. 544, 405.
Kansas City Southern Ry.-Hearing on Merger.
-
joint Air and Railway Passenger Service Between the East
Citations Issued by the I.
-S. C. Commission several months ago against and the Northwest to be Inaugurate
-An
d about Aug. 15.
the Kansas City Southern and the Missouri
-Kansas
-Texas railroads charging violation of the Clayton anti-trust law in making stock purchases official statement says:
Joint air and railway passenger
incident to the creation of the Loree Southwestern rail system will be heard
west will be inaugurated about service between the East and the Northin Dallas by Director Mahaffie of the commission beginning Sept. 17.
Aug. 15 under a plan which has been apDirector Mahaffie will also hear the new applications filed by the Loree proved by the Great Northern Ry., the Northern Pacific Ry. and the
Chicago, Milwaukee & St. Paul By.
Interests to create a rail system embracing the Missouri
Pennsylvania
-Kansas-Texas, RR., on
on
the other. The air service the one hand and the
the Cotton Belt and the Kansas City Southern in Dallas on Oct. 22.-V.
will no supplied between Milwaukee necessary for this cooperative effort
126, p. 4078, 3293.
and
and Chicago as the Southern terminus. St. Paul as the Northern terminus.
This lathe first joint air and railway
service schedule to be actually
Mississippi Valley Co.
-Abandonment of Line.
series of such schedules and arranged for in detail, and Is the first of a
operations planned by the Transcontinental
The I.
-S. C. Commission on Aug. 1 issued a certificate authorizing the Air Transport and the Pennsylvani
a RR.. and is preliminary to the service
Mississippi Valley Co. to abandon the line of railroad extending from a wnich Transcontine
switch in the main track of the Meriden, Brookhaven & Natchez RR.. 2 New York and Los ntal Air Transport will shortly inaugurate between
Angeles.
All planes relating to this
miles east of Brookhaven, in an easterly direction a distance of 20.06 miles
operation will be
to a connection with the New Orleans Great Northern RR. 1 mile west as the planes relating to other Transcontine subject to the same scrutiny
ntal Air Transport operations,
of Monticello, all in Lincoln and Lawrence Counties, Miss., and the Illinois which critical analysis will be carried
on by a Technical Committee consisting of several well-known
Central RR. to abandon operation of the line.
aviation experts headed
Lindbergh. its Chairman, who is also the Consultingby Colonel Charles A.
Aeronautical Engineer
the Pennsylvani
New Mexico Central Ry.-Abandonment of Portions of ofD. M. Sheaffer.a RR.
Chief of Passenger
Line.
RR., announced that the ticket agentsTransportation of the Pennsylvania
will be prepared to sell tickets proThe I.
-S. C. Commission on July 31 issued a certificate authorizing the viding for joint travel over the Pennsylvania RR.and the air service between
New Mexico Central By. to abandon and the Atchison, Topeka & Santa Fe Chicago and the twin cities, and to points beyond, 10 days prior to the openBy,lessee, to abandon operation of, portions of the line of railroad of the ing of that service. Reservations for seats in the airplanes will be made
New Mexico Central between Torrance and Willard, 36 miles, in Torrance just as Pullman reservations are made now.
-V. 127. p. 544, 405.
County, and between Santa Fe and Kennedy. 21.8 miles, in Santa Fe
Pittsburgh & West Virginia Ry.-New Director.
County, N. Mex. Protest against the abandonment of portion of the line
E. J. Kulas, President of the
between Torrance and Willard was made by residents of Torrance County.
Midland Steel Products Co., has been
elected a director.
The report of the Commission says in part:
-V. 127. p. 257.
Our certificate herein will provide that, within 30 days from its date,
the Atchison shall tender to the Southern Pacific Co. an option to purchase
Port Angeles Western RR.
-Stock.
the lines herein authorized to be abandoned at their fair net salvage value,
The I.
-S. C. Commission on July 16 authorized the company to issue
and shall include in such tender an offer to grant the Southern Pacific not exceeding 16.438
shares of common stock (without par value); said
trackage rights between Willard and Kennedy, N. Mex., upon fair and stock to be disposed of
at not less than $100 per share either by sale or by
reasonable terms, in the event that company shall elect to purchase said delivery, the proceeds from
any stock sold to be used for, and any stock
lines, such tender and offer to be accepted or declined by the Southern delivered to be applied
toward, the payment of the purchase price of the
Pacific within 45 days following its receipt, and notice of its action is to be railroad and of advances
for additions and betterments. A supplemental
promptly given by it to the Atchison. Thereupon the Atchison shall file report of the commission
says in part:
with us a report of all facts pertaining to the tender of said option, and the
The applicant
action taken by the Southern Pacific thereon, upon the receipt of which a Hill & Co. a linewas organized for the purpose of acquiring from Lyon,
of railroad extending from Disque to Tyee. Wash., apsupplemental report and certificate will be issued. The certificate now proximately 35
miles. Lyon, Hill & Co. had acquired the road by assignissued will provide that it shall not take effect and be in force until the ment from Fentress
Hill, F. S. Scritsmier. and John Lyon, who had purIssue of said supplemental report and certificate.
-V. 124, p. 2424.
chased it, together with other property, from the United States Spruce
AUG. 11 1928.]
FINANCIAL CHRONICLE
819
Monahans to the New Mexico line is estimated at $708,000 and from
Corp.. which had the line constructed as a war agency for the transporta- Monahans to Kermit at $535,000. The applicant will receive advances to
tion of airplane material. The total price paid for the properties acquired cover the cost of construction from the Texas & Pacific, by which company
was $1,000,000, of which $865,000 was apportioned as the purchase price it is sponsored.
shares of common
of the railroad. The applicant proposed to issue 42,000 per share, in payVirginian & Western Ry.-Construction of Line.
stock without par value, but with a book value of $100 on would be based
acquired by it. This capitalizati
-S. 0. Commission on July 23 issued a certificate authorizing
ment for the property
The I.
the appraised
upon an alleged property value of $4.202,830. which includes
the company to construct a lino ofrailroad in Wyoming and Mingo Counties,
value of the railroad property as of April 10, 1924. of $3,954,290, with W. Va.
RR.
equipment acquired subsequent to
additions and betterments and newthe 42,000 shares of stock sought to
A certificate was also issued authorizing the Gnyandot & Tug River
to Wharnthat date aggregating $248,539. Of
to construct that part of its proposed line extending from Gilbert
applicant proposed to deliver 33,750 shares to Lyon, Hill cliffe, in Wyoming and Mingo Counties, W.Va.
be issued the
not being
& Co. in payment for the property delivered, and the remaining 8,250
The present and future public convenience and necessity
the
shares were to be available for disposition to provide funds forwithpayment shown to require the construction by the Chesapeake & Ohio Ry. of lines
the purRaleigh Counties, W. Va., the appligiven by Lyon, Hill & Co. in connection
of $825,000 of notes
of railroad in Mingo. Wyoming, and
chase of the railroad, which notes mature serially over a period of 10 years cation was denied by the Commission.
in amounts ranging from $50,000 on Dec. 31, 1923. to $250,000 on Dec.31.
The Report of the Commission says in part: its application for a certifiheretofore authorized the issue of 20
filed
1932. As stated above, we have
On May 7, 1925, the Chesapeake & Ohio
shares of stock in order that the applicant might organize its company cate that the present and future public convenience and necessity require
the operation of the railroad as authorized by us in the construction by it of (a) an extension of its line of railroad, known as
and proceed with
at or
Operation of Line by Port Angeles Western RR., 99 I. C. C.610, pending the Logan subdivision, from the southern terminus of said division, 47.3
easterly to a point at or near Mullens, a distance of of
determination of the amount properly capitalizable.
the time of acquisition of the railroad from near Gilbert,
Va.. and (b) an extension
The record shows that from
miles, in Mingo and Wyoming Counties, W.
the spruce corporation to Jan. 1. 1926, there had been expended for addi- its Winding Gulf branch from its southern terminus at or near Stone Coal,
tions, betterments, rehabilitation, equipment, etc., an aggregate of $799, westerly to a point at or near Mullens, 8.2 miles, in Raleigh and Wyoming
a total of $801,567.
expenses, making
014, plus $2,552 for organization be
deducted $20.726 representing net Counties. 29, 1925, the Guyandot & Tug River RR. filed its application
From this amount there should
On Oct.
Income from private operation prior to Jan. 1. 1926, leaving a balance of for a certificate that the present and future public convenience and necesfrom a
$780,840, which added to the cost of the railroad, $865,000, makes the sity require the construction by it of a line of railroad extending general
investment capitalizable to Jan. 1, 1926, $1,645,840. The record connection with the Virginian Railway at or near Elmore in a Countotal
and Mingo
& Co. had advanced to the
further shows that to Dec. 1. 1926. Lyon, Hill
westerly direction to Wharncliffe, 53 miles. in Wyoming
this
applicant $81,122 for working capital, and that between that date and ties, The Norfolk & Western and the Virginian Railway joined in was
April 1, 1928. $43,257 additional had been advanced for the same purpose. application. An amended application was filed Dec. 24, 1925, which
In view of the fact that there is nothing to show the exact amount so joined in by the Norfolk & Western only.
Railway filed its application
advanced to Jan. 1, 1926, no specific allowance will be made herein for
On Jan. 21. 1927, the Virginian & Western
working capital, but this entire item may be included in a later application for a certificate that the present and future public convenience and necesfrom a
for capitalization of expenditures made subsequent to that date. Allowing sity require the construction by it of a line of railroad extending at or
for the 20 shares heretofore authorized, we shall, on the basis of the above connection with the Guyandot River branch of the Virignian Railway
the ChesaMures. authorize the applicant to issue 16,438 shares of common stock near Itmann, down the Guyandot River to a connection with
without par value, but having a book value of $100 per share, so much of peake & Ohio at or near Gilbert. 40.6 miles, in Wyoming and Mingo Counsaid stock as may be necessary either to be sold at not less than $100 per ties. This application was joined in by the Virginian Railway. ed that the
recommend
share and the proceeds used for reimbursement of advances made for capital
On Oct. 2, 1925, the Governor of West Virginia
purposes prior to Jan. 1, 1926, or to be delivered to the parties who made application of the Chesapeake & Ohio be granted. There are no other
such advances, and the remainder representing the amount due on the representations by any State authority. No objections to the granting of
purchase price of the railroad subsequent to Jan. 1, 1926, either to be sold any of the applications have been made except by the other applicants.
at not less than $100 per share and the proceeds paid to the parties paying The three applications were heard together. It is admitted by the various
the notes given by Lyon. Hill & Co. In respect of the purchase of the rail- applicants that only one line should be built between Elmore and Gilbert.
of the N. & W., and
road, as such notes mature, or to be delivered to such parties,such payment
The Guyandot & Tug River RR. is a subsidiary
or delivery to be made only upon surrender and cancellation of the notes. the Virginian & Western Railway is a subsidiary of the Virginian.
The record indicates that the applicant proposes to assume obligation
of Part of Branch.
West Maryland Ry.-Abandonment certificate authorizing the
and liability in respect of the outstanding notes by guaranteeing toe payment thereof. The application, however, which is for authority to issue
-S. C. Commission on July 28 issued a
general
The I.
capital stock, contains no request for authority to assume such obli- company to abandon part of a branch line of railroad extending in a
and sell
Junction, a distance
gation, and nothing herein contained shall be construed as granting such northeasterly direction from Cold Spring to Hanover-V.126. p. 2960.
authority.
approximately three miles, all in York County. Pa.
Eastman, dissenting, said: "Not believing in stock with- of
Commissioner
-Listing.
Western Pacific Railroad Corp.
out par value, for reasons which have been stated In other cases, I am
the listing of 400,000
-V.124. p. 2904.
The New York Stock Exchange has authorizedto provide for the conconstrained to dissent in this case.
of its common stock (par $100)
additional shares
(par $100) now out-Operation of Line.
Port Reading RR.
version of the 400,000 shares of its preferred stock
to time
-S. C. Commission on July 16 issued a certificate authorizing the standing, share for share, as such preferred stock is from time
The I.
p. 3294.
single track line of railroad extending from its surrendered for conversion.
-V. 126.
Company to operate over a
main line at a point 550 feet east of the bridge over the first public road east
-Receiver's Certificates.the issuance of not
White River RR.
of Green Brook bridge, westwardly and southwardly crossing the Raritan
River and the Delaware & Raritan Canal and terminating at a point about
-S. C. Commission on July 25 authorized
The I.
disposed of at not less
feet south of Washington Street in the Borough of South Bound Brook, exceeding $160,000 5% receiver's certificates to be
800
in substance:
feet, all in the counties of Somerset and Middlesex. than their face amount. The report of the Commission says to damage to
that, owing largely
p2,80048.
James A. Cannon, receiver represents
without sufficient
recent floods in Vermont, he will be
the railroad by
St. Louis-San Francisco Ry.-Extra Dividend of 25 funds to operate, preserve, repair, and reconstruct the line during the
-Initial Preferred Divi- receivership, and that he can not do these things unless permitted to borrow
Cents Declared on the Common Stock.
funds upon receiver's certificates.
-The directors on Aug.9 declared an extra dividend of sufficientorder of the court dated July 2 1928, the applicant was authorized
dend.
on the toBy an money and to issue receiver's certificates therefor up tothe amount
1% and the usual quarterly dividend of 13
3i of
borrow
and the money raised by means of
outstanding $65,543,200 common stock, par $100, both of $160.000 and to use the certificatesheretofore or hereafter incurred, of
pay the necessary expenses,
ing
Oct. 1 to holders of record Sept. 1. Like amounts them to conserving, repairing, and reconstructpay the railroad properties
payable
operating,
taxes and assessments
during receivership: to
and conducting business
were paid on this issue in each of the preceding six quarters.
claims, if any, as
or to become due as rental: to pay such and to pay with
Dividends were inaugurated on the common on Jan. 15 1925 at the rate and sums due by the court to be entitled to priority:
of 5% annually. Quarterly payments of 1 34% were made also on April 1 may be decreed made to the receiver prior to disposition of the certifiand on July 1 1925 and from Oct. 1 1925 to July 2 1928, incl., quarterly Interest any loans
% were made with extras as stated above.
cates authorized.
distributions of
day of issue and are to of such
the
The certificates are to be dated as of the They
, The directors also declared an initial quarterly and a regu- denomination as the receiver may require. June 1 will bear interest at
1929, with the privilege
annum, and will be payable
dividend of 1M% on the new 6% pref. stock rate of 5% peras a whole or in part, after 14 days' notice, at par and accrued
lar quarterly
of redemption
for the November and February quarters, payable Nov. 1 interest. All or the principal part of the certificates are to be issued at par
in the restoration
various corporations and individuals
1928 and Feb. 1 1929 to holders of record Oct. 8 1928 and to operation of the railroad, and who who are interested approximately
have agreed to loan
of
respectively.
at their face amounts
Jan. 7 1929,
$150.060 to the receiver and to accept the certificates
-V.122. p. 2796.
Readjustment-Listing, &c.
for the loans.
-S. C. Commission on July 28 authorized the company to assume
The I.
and liability in respect of the payment of the principal of and
obligation
PUBLIC UTILITIES.
interest on $46,437.500 of Kansas City Fort Scott & Memphis Railway
-Production of Electric Power
funding mortgage 4% bonds, $3.323,390 of general mortgage 5% bonds and
Mailers Covered in "Chronicle" of Aug. 4.
mortgage 5% bonds of the Kansas City Memphis &
in 1927.
$4,651,280 of income
States in June increase about 8% over the same month
Birmingham By.. and $1,978,000 of Kansas City & Memphis By.& Bridge in United first half of 1928 increases 734% over same period last year.
Output for
5% bonds.
Co. 1st mtge.
p. 609.
The supplemental report of the commission says in part:
-Earning
The proposed assumption of obligation and liability in respect of the bonds
American Light & Traction Co. (8c Subs.). Mos.-1927s.
.
1928-12
will be accomplished by the applicant's making
of the companies indicated
Period End. June 30- 1928-3 Mos.-1927.
$
$
$
certain indentures to the trustees of the respective mortgages under which
$
9,345,925 38,175,153 34,924,247
bonds proposed to be assumed were issued, whereby the applicant will Gas sales(000 cu.ft.)- - _ 10,120.715
the
assume the duo and punctual payment of the principal of and interest on all Electric sales(k. w.h.) _ 37,035,766 31,403.375 141,241.638 116.693.487
8,010,062 28,558,253 31.713.553
the bonds described in the several indentures, now outstanding or hereafter Revenue passengers_ _ __ 7.270.121
Issued, and the performance of the covenants and conditions contained in the
Subsidiary Companies
9,400,512 38,656,763 36,080.320
several mortgages securing the oonds.
10,061,538
revenue
Operating
5,347,142 21.494.786 21.246,229
The New York Stock Exchange has authorized the listing of $100,000,000
5,414,111
3,707,754
4.372,387
eonsol. mtge. 43.% gold bonds, series A, due March 1 1978.-V. 127. Operating expense
995,976
1,146,516
Taxes
1.935.801
2,091.255
489.852
p. 680, 258.
583,130
Reserved for retirements.
$9,190,535
$2,917,781 62,567,541 $10,698,336
Texas-New Mexico Ry.-Proposed Construction.
Net operating income669.667
1.373,406
273,198
294.436
-S. C. Commission on July 28 issued a certificate conditionally Non operating income.-The I.
9.860,202
authorizing the construction and operation by the company of a line of Gross corporate Inc._ - - _ 3,212,218 2,840,739 12,071.741
4.957.846 4.145.555
1.219.540
railroad in Ward and Winkler Counties, Tex. The report of the com- Interest deductions
1,216,382
105.301
141,911
31,227
mission says in part:
39,384
Amortization of bd.disc.
55,994
37,825
5.789
The Texas-New Mexico Re., a corporation organized under the lows of Miscellaneous deduct.-7.772
5,553,352
Texas for the purpose of enagaging in interstate and intrastate commerce,
1,584,182 6,934.159
1,948,679
Net income
application on Nov. 19 1927, under paragraph (18) of section 1 of
Cr17.642 Cr169,989
filed an
Dr4,533
Dr3,941
adj._
489.873
581.044
the interstate commerce act for a certificate that the present and future Surplus and reserve _ _
132.138
165,157
public convenience and necessity require the construction by it of a line of Preferred dividends
6,370.758 5,233.470
1,447,512
1.779,582
from a point on the Texas & Pacific Ry. at or near Monarailroad extending
Balance for com stock
40.796
42.702
8,673
10,521
hens, in Ward County, Tex., in a general northwesterly direction
Amt. applic. to min. int.
a tnenc.
, i)
matey 23 milts to the town of Kermit. in Winkler County, Tex. PmIi
e
Balance applicable to
5,192.674
6,328,055
1.438,839
northerly to the Texas-New Mexico boundary line, a total distance of anAm.L.&1`r. Co.._ - 1,769.061
proximately 35 miles.
American Light& Traction Co.
The chief object of the proposed line is to serve the Winkler County oil Earnings on stocks of
5,192.674
1,438,839 6,328,055
1,769,061
field, which extends northerly from the town of Wink, situated approxisub. Cos. as above_
2,543,002
2.286.604
634.263
515,025
mately 15 miles north of the Texas & Pacific main line. Monahans was Miscellaneous earnings 8,614,659 7,735,676
2,073,102
chosen as the point of connection with the Texas & Pacific because of its
2,284.086
Gross earnings
328,920
319,184
102.109
superior facilities for interchange, and because, as it Iles east of the most
80.418
211,500240.000
60,000
direct line from the oil field to the Tessa & Pacific, the preponderating Expense
70.600
movement of freight to and from eastern points would be favored. It Taxes
40.000
20.000
Reserved for conting.-69,017
188.692
15,513
has a population of about 1.500 and a considerable property investment.
7.840
deductions _ _ _ _
The most advantageous location for the proposed line, in respect of dis- Interest
7,097,738
7,795.283
1,895.480
2,105,328
Net earnings
grades and construction cost is represented by the applicant to be
tance,
15,076.930 20,031,314 *13.163,982 18.255.049
that which leaves the Texas & Pacific main line one mile west of Monahans Bal.at begin,of period
Winkles County. Via the
17.182,258 21,926,794 20.959,265 25,352.787
and runs through the town of Kermit, seat of a new line
Total
854,172
854,172
213,543
passing through Pref. dividends
213,543
and thence to Kermit over
main line to Pyote
4,181,654
miles longer. An agreement Com.diva.(cash)
1.043,306
3,828.670
1.045,276
Wink, the route would be approximately 16and the Kermit
Townsite Co. Credit by transfer from
into between the applicant
has been entered
the right of way for the proposed
10,000,000
10.000,000
special reserve
by which the latter is to provide of $300.000 if the application road, and
bonus
17.409.800
17,409.800
to pay the applicant a cash Kermit. This is admitted to be an be granted Stock dividend
through
important
and the line built
Surplus and reserve,
after leaving Monahans. Much of the
15.923.439 13.260.145 15.923,439 13,260.145
factor in determining the location
June 30
y rrnaged for. Withor
right of way has already been acquired, provisionall of
*After deducting $96,163 Adjustment in Reserve Account.
the cost
construction from
out allowance for the donations mentioned,
ia l2I
ypisatriste T
4%
820
FINANCIAL CHRONICLE
[Vox,. 127.
Condensed Balance Sheet June 30.
Brazilian Traction, Light & Power Co., Ltd.
1928.
1927.
-New
1928.
1927.
AsaIsPresident.
Liabllities$
$
Investaccount__48,418,070 39.845,702 Preferred stock___ _14,236,200 14,236,200
Sir Alexander Mackenzie has resigned as Fresident of
Temporary invest._ 1,705,148 1,884,647 Common stock
the company be_ _ _ _52,263,800 52,163,700 cause of ill-health, and has been succleded by
Earnings sub. cos._11,707,273 13,870,817
Miller Lash, K.C. Sir AlexBills receivable_ _ _ _25,675,398 37,115,597 Prem.on com. stk „1,286,070 1,288,019 ander will remain as a dzector and continue to act in a consulting capacity.
Warrants
35,500
100,031 - 127. p. 407. 103.
V.
Accts. receivable __ 545,031
699,412 Bills payable
4.250,000
Miscellaneous
36,974
40,070 Miscellaneous
51,359
66,855
Brooklyn Edison Co.
Int.& diva. recelv._
-Merger With Consolidated Gas Co.
27,727
13,670 Reserve for taxes__ 717,318 1,589,731
Sub.cos.coup.Id... 798,244
of N. Y. A.pproved by the P. S. Commission.
607,570 Coupons payable
-See ConsoliCorn. stk. in treas..
35,500
subsidiary cos __ 798,244
607,570 dated Gas CO. of New York
Cash
below.
-V.127, p. 407, 258.
8,073,966 1,319,170 Conting.reserve_ _ _
40,000 6,468,265
Dividendsaccrued _ 1,187.638 1,256,817
Central Public Service Corp.
Special reserve ____ 6,468,265
-Status.
President A. E. Pierce, in
Surplus &reserve __15,923,439 13,188,964
of the business, capitallzationa recent letter containing a brief description
and earnings of the corporation, said:
Total
93,021,331 95,196,856
CorporatiOn.-Incorp. in Maryland. Through its subsidiaries, furnishes
Total
93,021,331 95,198,656
public utility service to 184,009
-V. 126, p. 2786.
In 20 states in this country and customers in 309 communities located
2 provinces in
population of the communities served is estimatedeastern Canada. The
American Power & Light Co.
-New Director.
to be over 1,330,000.
Properties controlled by the corp. as above
John D. Ryan, Chairman of the Board of the Anaconda
include electric stations with
Copper Mining 95.220 h. p.
Co., has been elected a director.
capacity, of which 27,990 h. p is hydro-electric, 1.278 miles
-V.127, p. 4064.681.
oftransmission lines,gas plants with a rated daily capacity 20,605.00 cubic
0
Associated Electric Co.
-Over $1,000,000 53% Converti- feet and 1,853 miles of gas mains, an ice plant having an of
output of 100 tons
daily, 207 miles of electric railway track
ble Gold Bonds Unredeemed.
sources of net revenues of the properties and 262 passenger cars. The
It is announced that of the cony, gold bonds, 5%%
power 48.3%; gas 40.0%; railway 8.6%; arc as follows: electric light and
water 1.4%; ice and heat 1.7%•
which were called for redemption as of July 1 1928, series, due 1946,
there still remains
Capitalization of Corporation April 30 1038.
over $1,000,000 still unpresented. (See V. 126, p.
Series A 6% collateral trust gold
2961.)
Attention is called to the exchanges which are open to all bondholders 5
bonds
$8,289,000
-year 6% convertible gold notes, due
The holders of the above bonds may, if they choose, receive Associated
1930
427,50
Gas & Electric Co. 5%% cony, gold debentures due 1977 at the market 63. % gold debentures, due Mar. 1 1941
1.500,000
(based on the preceding day) in exchange for their bonds at the redemp- Cumulative pref. stock (no par value)
68,571 shs.
Class A stock (no par value)
tion price (105), or 103 *shares of Associated Gas
x220,454 shs.
dividend series preferred stock for each $1,000 bond & Electric Co.$6.50 Common stock (no par value)
200,000 shs.
with adjustment for
x Not including class A stock
accrued interest and dividends.
reserved to meet conversion of the 5
-year
convertible gold notes,
Holders making either exchange will be credited
There were outstanding indue 1930.
the respective call dates on the bonds exchanged. with full interest from
the hands
080.88 of funded debt and preferred of the public Apr. 30 1928,650,967,
Bonds may be deposited for exchange at the Chase National Bank. 57
stocks (taken at $100 per share) of
subsidiaries.
Broadway, N. Y. City, or the National Bank of Commerce
Nassau
EarninaS.-Consolldated earnings of the corporation and its subsidiaries
St., N. Y. City. Holders desiring to surrender their bonds, 31 cash at
for
for the 12 months ended
the call price with interest to date of call should present
them only at the the earnings of which are on Apr. 30 1928 (incl, subsidiaries since acquired.
latter bank.
-V. 126, p. 3026.
for
of dates of acquisition (on the 12 months ended Mar. 311928)Irrespective
basis
subsidiaries outstanding astheApr. of the capitalization of the corp. and its
Associated Gas & Electric Co.
of
30 1928) have been certified by the treas.
-Security and Stock- of the corporation, as
follows:
holders to Receive Rights.
Revenues: operating, $13.559.85
7; non operat., $67,111, total 613,626,968
It is reported that the stockholders and holders of fully registered con- Oper. exp., incl.
tnaInt. & taxes (other than Govt. income) but
vertible securities of the Associated Gas & Electric
excluding depredation
advised that they will be given the opportunity toSystem will shortly be
- 8.332,592
invest in the Eastern
Utilities inwsting Corp. (acquired in 1925) upon
Net earns,
$5,294,376
them to secure the advantages of any increase in a basis which will enable Engineering, before int., deprec. dz Govt. income taxes
less
in value and in the meantime be assured of a income and appreciation Int. on funded exoduses, charged to construction
. 91,051
substantial return. This
debt and dividends on preferred stocks
4,008,966
opportunity, it is expected, will be offered
through a new issue of 10
-year
• % investment certificates, for which subscripti
Balance
on "rights" will shortly
61,376,461
be issued.
The balance as----------y
equIvalent to-$6.24 Per share on the
Each Investment certificate, it is understood,
class A
of Associated Gas & Electric Co. to pay interest will carry the obligation A and stock and was equivalent to $3.27 per share on the combined class
common outstanding as shown above.
at the annual rate of 5%%
and will be exchangeable at any time
-V. 127, p. 259.
of Eastern Utilities Investing Corp. at the holder's option for stock units
Permanent 434% Debentures Ready.
Harris. Forbes & Co. announce that the
Issue of $63,000,000 Convertible 4%% gold permanent bonds of the recent
debentures duo Mar. 1 1948 are
now ready for delivery in exchange for the
outstanding temporary bonds
at the New York Trust Co., trustee,
fering sec V. 126. p. 2473 and 1978.) 100 Broadway, N. Y. City. (For of-
Preferred Dividends Payable in Cash or in Stock (at Option
of Holder).
-
Central Railway
Part of Line.
-
Co. of
-Abandonment of
Arkansas.
The I.
-S. C. Commissio
authorizing the
company to abandon that n on July 28 issued a certificate
portion
railroad extending from the
city limits of Plainview southeast of its line of Junction,
designated as ento Fourche
gineering stations 585-65, a distance of approximately 4.2 miles, all in Yell
County, Ark.
Chester
Water Service Co.
-Earnings.
The directors have declared the ((Mowing quarterly
Years Ended June
dividends payable
Oct. 1 to holders of record Aug. 31:
1028.
Operating revenues 30$511,119
Original Series Preferred Stock.
-874c. per share in cash or 2.26-100ths Operation expense
of a share of class A stock for each share of preferred
142.155
Maintenance
stock held.
30,904
$7 Dividend Series Preferred Stock.
of a share of class A stock for each -$1.75 per share in cash or 3.95-100ths Taxes (excl. Federal income tax)
17,678
share of preferred stock held.
This is equivalent to permitting holders of the preferred
Net earnings
stocks to apply
$320,383
their cash dividend to the purchase of class A stock
at the price of approxi- Other income
mately $44.25 per share as compared with the present
8.017
$48 Per share. The stock dividend is equivalent to market price of about
Gross corporate income
approximately $4.28
per share per annum for the original series
$328,399
as compared with the cash Annual int. required on totalfunded debt
dividend of $3.50 per share, and $7.48 per
$135,000
V.
share per annum for the $7 - 127, p. 545
dividend series preferred stock.
Similar distributions were made on these issues
on Jan. 1, April 1 and
Cities Service Power & Light Co.
July 2 last.
-V. 127. p. 681. 544.
-New $5
1927.
$505,449
156,862
24,052
18.116
$306,419
12,462
$318,882
Dividend
Preferred Stock to be Issued-To Refund Old Preferred Issues.
Associated Utilities Investing Corp.
There have been placed on the
-Annual Report.
- (no par value)
Boston tstock Exchange list 50,000 shares.
[Formerly The Manila Electric Cori:
14
Calendar Years1928.
1927.
Income from investments
$1,210,552
$785,909
Dividends
1,083,333
729,919
Balance
$55,990
$127,218
Previous surplus
12,910
122,528
Total
$140,128
$178,518
Additional provision for Federal income taxes
165.608
Balance surplus
$140,128
$12,910
Balance Sheet at Dec. 31.
Assets1927.
1926.
Securities owned and receivable under contracts_
418,729,177 $14,352,910
Dividends and income receivable
66,497
166,667
Accounts due from affiliated companies
166,731
Total
$18,962,405 $14,519,577
Liabilities-.
Stated cap. for com.stk.
(400,000 she.:no par)__ -318,962,405 $14,340,000
Accounts payable
186,867
Surplus
12.910
Total
$18.962,405 $14.519.577
Blackstone Valley Gas & Electric Co.
-Stock Increased.
The stockholders on Aug. 8 approved an increase in the authorized corn.
stock from $7,796,200 to $11,650,000 of which $866,200 is to be issued at
this time at Par ($50 a share). The proceeds will be applied to the reduction of bank debt. (See V. 127, p. 681.)
Boston Elevated Ry.-Earnings.Years Ended June 30- 1928.
1927.
1926.
1925.
Total receipts
$35,009,933 $35,618,066 $35,087,846 $34,198,251
Operating Expenses
Wages
16,828.418 17,108,189 17,534,388 17,108,827
Mat'l,suppl.& oth.Items 3,155,789 3.422,294 3,349,367
3,164,281
Injuries & damages
1,191.691
1,200,314
760,441
649,131
Depreciation
2,814,527
2,970,708 2.533,773 2,496,000
Fuel
1,094,966
1,133,424
1,128,465
1,188,200
Total operating exp_325,083,391 $25,834,929 $25,306,434 $24,608,418
Taxes
1,793,128
1,902,525
1,819,905
1,623,666
Rent ofleased roads(incl.
dividends)
3,149.857
3,155,111
3,165,450 3,173.837
Subway & tunnel rents_ 2.269.199
2,218,137
2,214,614
2.189,906
Int.on B.E. bds.& notes 2,553.097
2,515,714
2,532,591
2,576,652
Miscellaneous items.. _ _ _
78,449
68,250
58,996
58.907
$5 div.
The company has ancumul. pref. stock.
authorized issue of 500,000 shares of pref. stock
and by the charter the board
of directors are empowered to issue these shares
with such designations, privileges,
restrictions, &c. as shall not be in consistent with the certificate
there have been
issued 86,500 $7 div. cumuli.of incorporation. Already div. cumul. prof.
pref. shares and 83.500 $6
shares. The $5 div. shares were authorized
by the board of directors July
19 1928 and to carry divs, at
the rate of$5 per year,cumul.,and are subject
to redemption as a whole
and accrued divs. The or in part at any time on 30 days' notice at 105
proceeds from the.ir sale are to be used for retiring
shares of the $7 div, and the
$6 city.
and for additional working capital. classes to the total of 35,000 shares,
Transfer Agents: The First National Bank, Boston, Mass.; henry L.
Doherty & Co., New York, N.
Y. and Illinois Merchants Trust Co.,
Chicago, Ill.
Registrars. Federal National Bank Boston, Mass.; Bank of the Manhattan, New York, and Union
Trust CO., Chicago, I11,
-V. 125, v. 2525.
Cleveland Electric Illuminating Co.
-Earnings.
-
12 Months Ended June 30-Operating revenues
Operating expenses
Taxes
1928.
1926.
1927.
$23,700,691 $22,993,561 $21,086,036
8,563,416
9,175,840
9,616,428
2,979.500
2,650,000
2,880,000
Net operating revenues
Non-operating revenues
811,545.351 $10,497,133 $9,872,620
536.114
564.749
528,765
Gross income
$12 081,465 $11,025,898 $10,437,369
Int. on fund. debt & amort.
of bond '
discount
1,688,037
2,440,758
2,254,640
Other interest charges
6,722
11,770
8,783
Depreciation reserve
2,875,000
2,425,000
2,790,000
Balance
38,753.929 $5,972,475 $6,317,610
Preferred dividends
964,867
984,902
964,902
Bal. for tom. div. & surplus
35,789,027 $5,007,573 $5,352,743
Condensed Balance Sheet June 30.
1928.
1927.
1928.
Asset,$
Liabilities$
$
Property &plant 93,505,892 90,020.516
Preferred stock 16,081,700
Otherinvestmls
510,500
5134,800 Common stock. 18,629,800
Caplexp'ditures 5,590.533
720,833 Funded debt _ _ - 45,000,000
Special funds___
151,780
208,202 Current liabities
837.104
Open accounts_
896,195
244,957 Acc.liabillties_ 4,586,588
Currentassets__ 14,907,123 18,098,769 Reserves
14,809,135
Bond & note (11s. 1,310,944 1,401.701
19,175,704
Sul Plus
Deferred charges
247,082
467,627
1927.
$
16,081,700
16.829,800
45,000,000
725,098
4,593,098
13,648,055
15,049.057
Total
Total cost of service_ -$34.927.121 835,694,666 $35,097,901 $34,229,535
117.120,030 111,727,405
117,120,030 111,727.406
Total
Loss
prof.82,812
17.
76,599
10.055
31,284 -V. 126, p. 21,
Profit & loss delayed
items (Cr.)
812,706
137,260
Commonwealth Power Corp.
32,359
51,865
-Stock Increased.
The stockholders on Aug. 7 approved the creation of an authorized Issue
Total gain, incl. profit
of 50,000 shares of no par value pref. stock. Previously the corporation
& loss items
$895,518
$60,660
had authorized an outstanding $50,000,000 of 6% cum. pref. stock, par
222,304
$20,581
-V. 127, p. 681.
3100.-V. 127. p. 259. 407.
821
FINANCIAL CHRONICLE
AUG. 11 1928.]
[Similar amounts were paid
stock on Oct. 1, to holders of record Sept. 13. quarters.]
on the common stock in the pervious thirteen
will be issued for less than one share.
No certificate of common stock
for stock
For fractional shares scrip will be issued and will be exchangeable
New York, N.
The merger of the Consolidated
office of the New York Trust Co., 100 Broadway, dividends will Y.
at
be
was unanimously approved by the Public Service Commission Aug.9. in the
thereof. No
amounts aggregating $15 or multiple
who is ill
represented by
All members of the Commission except Commissioner Brewster,
paid to the holders of scrip but all dividends on the stockstock.
-V. 127.
In Syracuse, were present and voted.
first registered holder of the
will be payable to the
the hearings, which
No vote was taken on the question of reopening ago, after Governor scrip
p. 106.
matter resulted in a tie vote along party lines a week
who complained
Smith's support had been enlisted by Morris L. Ernst,George R. Lunn,
-Hoag-Bonds Offered.
Federal Public Service Corp.
that a hearing had been denied to him. Commissioner of a rehearing,
howeverwho has been the most outspoken proponent merger itself, he land, Allum & Co., Inc., and Bartlett & Gordon, Inc., are
the
'minority opinion in which, while voting forrefusal to allow Mr.
issued a
offering an additional issue of $540,000 1st lien gold bonds,
denounced the Commission for what he termed its
Ernst to be hoard.
of 1927, due 1947, at 100 and int.
the 36-page memorandum issued by the Commission 6% series
Eight pages of
which
Listed on the Chicago Stock Exchange.
were devoted to a discussion of the brief issued Mr. Ernst was permitted
a supplementary memoof the Company.
to file, and Commissioner Van Names
Data from Letter of Byron T. Gifford, President
all
supply
randum of four pages explaining his belief that Mr. Ernst received
Company.-Ineorp. in Delaware. The operating subsidiaries
Van Names said he voted
the hearing to which he was entitled.ofMr.
service to 55 communities. The territory
deference to Governor Smith's one or moreforms of public utility
Wisconsin, Minnesota,
for the rehearing last week only out
served has a combined population of 162,500 in
wishes.
Iowa, South Dakota, Kentucky and West Virginia.
the generation, manuAlthough no definite promises of rate reductions are made, the whole Michigan, Illinois.
and
The principal business of the operating companies is
argument of the Consolidated Gas Co. in presenting its petitionbasedthe facture and distribution of electricity and gas for light, heat and power
on
the
whole reasoning of the Commission in approving of merger are resulting which represents more than 79% of the consolidated net earnings for the
expenditures
prospects of economies of operation and savings
year ended Apr. 30 1928.
Issued.
from the unification.
Authorized.
Capitalization"It is a fair conclusion from the Commission's own records," the Com(incl.
memorandum states, "of which it is justified in taking notice, 1st lien gold bonds,6% series of 1927
82,070,000
mission's
made
this
130,000
that reduction in rates can and will be accomplished where it is
issue) 130.000
One year 6% gold notes, due Oct. 1 1928- x
300.000
plain that such reductions are possible.
notes, due July 1 1929-- 625,000
113,500
"With a view to testing the beneficial effects of unified control of the One year 6% gold
1,000,000
7% cumul
45.000 shs.
interests concerned in this petition, all the companies concerned will be Pref. stock (par $100) value)
85,000 shs.
par
directed to file with this Commission monthly statements of their revenues Common stock (no
mortgage.
x Issuance limited by restriction of the
and expenses, and in the event of a merger of these companies the merged
the trustee
company will be required to do likewise.
-Bonds are secured by deposit and pledge with
Security.
owned,or cash
outstanding bonds of subsidiary companies now
B. Cortelyou, President of the Consolidated Gas of all this issue equivalent to the par value of such outstanding bonds
George
bonds of
and by similar deposit
Co. issued the following statement:
not obtainable at or below the redemption price,
qualifying shares) of
The action of the Public Service Commission will prove to be of direct and pledge of all the voting stock (except director's
City Gas
to the customers of the companies. I believe than many economies each subsidiary now owned with the exception of the Charles The trust
benefit
of electrical service in the Co.. in which case the deposit of stock is in excess of 63%.
in operation will result from this unified control
of this issue are
four boroughs with corresponding advantages to entire community. It Indenture provides that the co., while any of the bonds
upon the property
vrM be the continuing policy of the Consolidated Gas Co. of New York and outstanding, will not permit any mortgages to be placed
such mortgages
by
its affiliated companies to share with their customers the result of improved of any of its subsidiaries unless the bonds secured andany no subsidiary
s
that
That I believe to be the duty of a public utility. and I believe it shall be deposited and pledged with the trustee,
efficiency.
additional shares of such
to be also the course of any wise utility management to follow as a matter shall increase its capital stock unless the
Adequate prolikewise be deposited and pledged with the trustee.
of good business judgment.
shall
In a word, the management will continue to conduct the affairs of these visions have been made for maintenance and renewal expenditures.
subsidiaries deposited
companies in the interests of the public, and such a policy is the best safeThe properties represented by the securities of
engineers.
to the holders of their securities. In doing this, it will at the same or so to be deposited and pledged, as appraised by independent
guard
of many thousands of loyal employees, a large together with additions since appraisals, have a depreciated value of $3.time conserve the welfare
number of whom have spent a lifetime in the public service.
542,115.20.
Consolidated Earnings Year Ended April 30 1928
Matthew S. Sloan, President of the Brooklyn Edison Co.,
(after eliminating non-recurring charges of $24,063)
the following statement:
issued
$660,402
earnings
In my opinion the consolidation of the Brooklyn Edison Co. with the
than
maint. & taxes (other tn Fed. income taxes)
Gmss.
Consolidated Gas Co. is the most constructive and progressive move that 0per exp.,
416,482
utility industry in this city. It is a long
before depreciation
but
has ever been made in the public
step in advance for the customers of the companies, the City of New York
$243,920
earnings
ter nin
Net eaj
When the companies are operated as a unified system,
and the stockholders.
of dividends to minority stockholders.
After aym
with a uniform policy of administration and management extending
1st lien gold bonds 6%
throughout the greater city, that takes into account the rights and interests Annual int. requirements on $2,070,000
$124,200
of 1927 (including this issue)
stockholders-which,in the end, are one and the
series
of both the public and the
to approximately twice
-the public will reap enormous benefits in the character of the service
same
The net earnings as shown above are equivalent
interest requirements on the bonds outstanding. provide in part
economies resulting from unified operation.
and share in the
the annual
-Proceeds of this issue of bonds will be used to the payment of
Purpose.
To my mind this consolidation is the logical culmination of all mergers
for
that have taken place in the various boroughs and is the most advantageous funds required for the acquisition of new subsidiaries, public utility proppublic that has even been undertaken in the maturing indebtedness incurred in recent purchases of
thing in the interest of the
-V. 126.
corporate purposes.
-V. 127, p. 407.
history of the public utilities of this city.
erties, for working capital, and for general
p. 575.
-Merger ApConsolidated Gas Co. of New York.
proved by the Public Service Commission.the Brooklyn Edison Co.
Co. and
Gas
Consolidated Gas, Electric Light & Power Co. of
-Acquires Steam Heating Plant.Baltimore.
P. S.
Commission, the co. has
Subject to the approval of the Maryland
acquired control of the property and business of the terminal Freezing &
Heating Co. The purpose in this acquisition is to provide for the central
business section of Baltimore a steam heating system generally available
in business houses and buildings in this section, wIth rates for service which
will be attractive as compared with the cost of operating individual heating
plants. Heretofore the service of the Terminal co, has been limited to a
comparatively small district, and it is the intention of the Consolidated
company to extend and reinforce the steam mains as rapidly as the demand
-V. 127, p. 682.
justifies.
-Pipe Line Contract.
Consolidated Gas Utilities Co.
A contract for the construction of a natural gas pipe line from the Amarillo
field in Texas to Enid. Okla.,a distance of 165 miles,to cost over $4.500.000.
Including distribution systems in 10 towns in Oklahoma, has been awarded
by this company to Williams Brothers, Inc. The pipe line will be completed
Nov. 1 1928, when natural gas from the Texas field will be available to
-V.127.
Enid and northern points as far as Witchita. Kansas, it is stated.
P. 682, 408.
Consumers Power Co.(Maine).-Pref. Stock Increased.
The stockholders on Aug. 7 approved the creation of an authorized issue
of 250,000 shares of no par value pref. stock. Previously the company
had authorized an issue of $75.000,000 6% cumul. pref. stock of $100 par
N'alue.-V. 127, p. 408. 545.
-Bonds Called.
Light & Traction Co.
Fort Smith
f. gold bonds, dated March 1 1911.
All of the outstanding 1st mtge. 5%s. 105 and int. at the Illinois Merhave been called for payment Sept. 1 at
-V. 127. p. 259.
Ill.
chants Trust Co., trustee. 231 La Salle St., Chicago,
-Stock Authorized.
Electric Co.
Haverhill (Mass.)
authorized the company
The Massachusetts Dept. of Public Utilities has $25 par at $45 a share.
to issue 29.907 shares of additional capital stock of
stock at $40 a share, but
issue
The company had asked to be permitted to low. The proceeds are to be
too
the Department considered that price notes and the balance for expendiapplied to retire outstanding promissory 866.
-V. 126. D.
tures to plant and property.
-Earnings.
Holyoke Street Ry. Co.
6 Mos. End. June 30Operating revenue
Operating expenses
1928.
$413.456
341,680
$71,776
8.
19 ,0
$4327 11
391,696
63,856
69,621
41,840
Net income
$48,315
35.995
38,842
42.747
$27.781
Net operating revenue
Operating Income
Gross income
Interest. &c
def.$3.905
-V.125, p. 1192.
-Earnings.
Illinois Bell Telephone Co.
East St. Louis & Suburban Co.(& Subs.).
-Earnings.
1927.
1928.
1927.
1926.
Six Months Ended June 301925.
12 Mos. End. June 30- 1928.
i
Operating revenues ---- $4,376,220 $4,447.944 $4.223,474 $3.828.11s
3,242,020
3,050,139 2.813.624
Operating expenses ____ 2,959,101
281,200
313,650
243,800
Taxes
236224
Net opor. revenues.-- $1,103,468
255,617
Non-oper. revenues ___ -
$924,724
196,054
$929,535
134,866
$778,270
185860
$1,359.085 $1.120.778 $1.064,402
Gross income
460.756
460,850
461,050
Interest on fund. debt_
7,422
8,000
8,172
Amort. of bond discount
218,132
259,895
275,127
Other interest charges_ _
256,676
280,581
287.409
Depreciation reserve
$964130
$.39:553
8,172
162748
167:257
Bal. for div. & surplus
-Nr, 125, p. 2807.
$374,334
$153.009
$32,844
$86,400
-Settlement of Claim.
Empire Gas & Fuel Co.
-V. 126, p. 2962.
See Pierce Petroleum Corp. under "Industrials" below.
-Listing.
Engineers Public Service Co.
The New York Stock Exchange has authorized the listing of 320,000
shares $5 div. cony. pref. stock (no par value).
The earnings for the 12 months ended June 30 1928 were given in last
week's "Chronicle." p. 675.
There have been placed on the Boston Stock Exchange list 320.000
shares (no par value) $5 dividend convert. pref. stock (see V. 126, p. 1980)
This stock is convertible in blocks of 10 shares or any multiple thereof;
Into shares of the common stock of the company at any time before July 1
1938, as follows: The first 40,000 shares surrendered, as to conversion, as to
each 10 shares thereof, into 21 shares of common stock: the second 40.000
shares surrendered, as to each 10 shares thereof, into 19 shares of common
stock: the third 40,000 shares surrendered, as to each 10 share; thereof, into
17 shares of common stock: the fourth 40,000 shares surrendered, as to each
10 shares of common stock: and the last 160.000 shares surrendered as to
-V. 126. p..3447.
each 10 shares thereof. into 15 shares of common stock.
-Div. of 20 Cents in
Federal Light & Traction Co.
Cash and 15 Cents in Common Stock Declared on Common
Stock.
The directors have declared a quarterly dividend of 35c. per share on the
common stock, payable 20c. in cash and 15c. per share (1%) in common
Total revenues
Total expenses,including taxes
Interest
Net income
Dividends
1926.
$
$
$39,871,517 $35.975,181 $33,061,348
32.342,126 29,086,844 27,224,122
1,438.508
1,905.860
1.400,735
$6,128,656 $4,982,477 $4,398,718
3.200,000
3.200,000
4.400,000
$1.728,656 $1,782,477 $1.198,718
Balance
-V 126, p. 4081.
-Earnings.
Interstate Railways Co.
311928.
Income Account Six Months Ending July
Income from interest & dividends
Expenses
Interest on bonds
Taxes
Net profit
Balance to credit profit & loss, Jan. 31, 1928
$155.834
3.498
120.735
2.858
$28,743
557.804
$586.547
Total surplus
4
Dividends on preferred stock, July 1 1928
27,299
Dividends on common stock
$559.243
Balance to credit profit & loss, Ju y 31 1928
Balance Sheet July 31 1928.
LtabilltfesAssets
$7,908,400
$8,901.382 Collateral trust bonds
Investments-securities
160
Preferred stock
invested in plant of
Amounts
1,009,995
708,381 Common stock
underlying companies
5
11,450 Common stock warrants
Bills receivable
51,000
3,093 Serial 6-yr. 5% secured notes_
Accounts receivable
13,919
5 Accrued int, on notes
Deferred debit account
82,613
10,129 Acccunts payable
Cash
5
Div. payable pref. stock
9,099
Div. payable corn, stock
559,243
Profit & loss
Total
-v. 127, p. 260.
$9,634,439
Total
$9,634,439
822
FINANCIAL CHRONICLE
Kentucky Power & Light Co.
-Definitive Bonds.
-
Interim receipts for the 1st mtge. 534% gold bonds, series B, maturing
March 1 1948 are now exchangeable for definitive
Northern
Trust Co., 50 South La Salle St., Chicago,Ill. bonds at the V. 126.
-See offering in
P. 2644.
Lake Superior District Power Co.
-Earnings.
-
Period Ended June 30: 1928-3 Mos.-1927
1928-12 Mos.-1927
Gross operating revenue
$437.684
$408,440 31,763,751 $1,709,673
Net income after taxes,
int. & retire. provision
135,947
475,187
86,343
503,014
-V. 126, p. 2644.
Market Street Ry:Co.
-Earnings.
-
12 Months Ended June 301927.
1928.
Gross earnings
$9,858,135 $9,875,516
Net earns., incl. other income before provision for
retirements
1,515,380 1,835,986
-V. 126, P. 3754.
Manchester (Ohio) Water Co.
-Bonds Offered.
-
An issue of $55,030 6.y 1st mtge. bonds is being offered at Flax and bat.
oy the Peoples State Ank. Indianapolis. Dated March
1928. due
serially Jan. 15 1930-1943. The Public Utilities Commission 1 the State
of
of Ohio has approved a 50
-year franchise granted to the company. Under
the Ohio law the company is entitled to a rate yielding an 8% net return on
the initial investment of $75,000.
These bonds will be secured by a direct first mortgage on all the property
now or hereafter owned by the company. This issue of bonds is for the
purpose of paying for the construction of the power plant, tower tank
and the water supply service line and distribution system. The company
will supply the town of Manchester with water for domestic and Industrial
purposes and will operate without competition. The cost has been approved
by the Utilities Commission at $75,000, exclusive of operation capital
In addition to the income received from domestic water consumers the
town of Manchester is under contract to pay the company $3,600
year
for fire hydrant rentals. These fire hydrant rentals are paid out pertaxes
of
collected, which taxes are a charge against all taxable property in the town.
Massachusetts Utilities Invesment Trust.
-Earns.
-
[vox,. 127.
Milwaukee Electric R.& Light Co.
-Earnings.
-
12 Months Ended June 30Operating revenues
Operating expenses
Taxes
1928.
1927.
1926.
$28,037,267 $26,642,537 $25,399,511
16,208,003 15,812,261 14,992,715
2,742,745 2,374,593 2,223,938
Net operating revenues
Non-operating revenues
39,086.519 $8,455,683 $8,182,858
291,285
353,550
369,821
Gross income
$9,377,805 $8,809,233 $8,552,679
Int. on funded debt and amortization
of bond discount
$2,312,853 $2,224,494 $2,502,061
Other interest charges
40.290
28,639
8,367
Depreciation reserve
2,736,623 2,538,138 2,465,995
Balance
$4,319,961 $4,006,310 $3,555,983
Preferred dividends
1,258,148
1,020,345
969,298
Bal. for corn. diva. and surplus_ _ $3,061,813 32.985,965 $2,586,685
Condensed Balance Sheet June 30.
1928.
1927.
1927.
1928.
AssetsLiabilitiesg
g
Proply & plant_101,196,194 91,098,572 Preferred stock_ 28,413.300 17.834,233
Capital expend's 2,972,855 3,035,273 Common stock_ 21,000,000 19,000,000
Sundry Invest'ts
41.561 1,016,284 Par value InstallRes've, sInk'g es
126,462
ment subs_ _
spec.fd.assets
732,959
570,306 Funded debt___ 45,518,500 41,281,500
Cash
1,158,025
859,359 Acets payable_
772,633
716,839
Notes & bills rec.
26.308
32,500
789,000
7,618 Notes &
A eels receivable 1,629,300 1,914,291 Inter-co.bills pay.
626.487 3,757,443
accounts
Inter-co. acc'te_ 3.333.873 3.133,009 Misc. current Ilab
908,793 1,023,755
Mat'l & fowl's_ 2,091,008 2,441.552 Taxes accrued-. 2,061,994 1,92:1,744
Prepaid acc'ts
63,724
213,048
56,373 Interest accrued_
425,501
Open accounts
1,055,436
116,030
125,412
acced.
Reacquired sec_ 8,154,223 1,679,326 Dividends accr'd
10,000
13,846
Misc. nab.
Bond & note dis20.124.370 18,154,667
Reserves.
count
4,398.497 3,865,616 Open accounts___ 1,060,243
288.204
5,641,920 4,570,027
Surplus
Total
126,851,962 109,677.498 Total
126,851,962109,677.498
-V. 126, p. 1660.
Gross revenue and net earnings after taxes and fixed charges and available for dividends, depreciation and reserves of electric, power and gas
companies. 80% to 100% of whose shares have been acquired (directly or
Mississippi River Power Co.(& Subs.).
through ownership of shares in holdings companies) of Massachusetts
-Earnings.
12 Mos. Ended June 30-Utilities Investment Trust for June and six months follow:
1927.
1928.
Operating revenues
Period End, June 30- 1928
-Month-1927.
$3,769,872 $3,822,839
1928-6 Mos.-1927.
Gross revenue
246,079
3824.073
268.178
$765,164 $4,996.110 $4,738,886 Operating expenses
Balance for dividends,
Maintenance
52,933
47,731
depreciation & reserves
241,885
347,039
374,138
191,763 1.460,892 1,308.012 Taxes
Number of customers totaled 168.190 on June 30 1928 against 159,985
on June 30 1927, representing a gain of 8,205 customers during the twelve
Net operating revenues
$3,079,824 $2,976,788
months.
Non-operating revenues
81,625
124.794
The Company reports a, nct increase of over 2.450 shareholders in the
8 months ended June 30 1928. Common shares are owned by 8.114 shareGross income
$3,204,619 $3,058,413
holders in 34 States and 24 shareholders in 6foreign countries. The preferred Interest on funded debt
1,037,314 1,066,582
shares are owned by 8,606 shareholders in 36 States and 18 shareholders in Amort. of bond discount and expense
39,987
19,752
7 foreign countries.
Other interest charges
-V. 127, p. 682.
51,268
64,933
Interest during construction
Cr.588
0%6.820
Middlesex & Boston Street Ry.-Earnings.Approp. for depreciation reserves
260,000
260,000
Quarter Ended June 301928.
1927.
1926.
Passenger revenue
Net income
$1,823,206 $1,647.396
$283.563
$282,991 Preferred
$280.830
Miscellaneous revenue
494,068
dividends
494,068
13,297
9.684
6,464
Bal.
Total operating revenue
$1,329,138 $1,153,327
$296,860
1289.455 -V. for common dividends and surplus
$290,514
Total operating expenses
126. P. 3589.
246.583
244,216
232,863
Taxes and interest
45.246
43,177
44.727
Mississippi Valley Power Co.
-Bonds Called.
Net income
$5,051
All of the
$2,062
$12,924
-V. 126. P. 1981.
ment Sept. outstanding let mtge. gold bonds,series A have called for pay1 next at 104 and hat, at the Continental National Bank &
Trust Co., trustee, 208 La Salle St., Chicago, 111.-V. 122, p. 2799.
Middle West Utilities Co.
-Notes Offered.
-A $30,000,000 issue of 5}i% serial notes was offered Aug. 8 by a
group headed by Halsey, Stuart & Co., Inc., A. B. Leach
& Co., Inc., Illinois Merchants Trust Co., Continental
National Co., E. H. Rollins & Sons, Old Colony Corp.,
H. M. Bylleaby & Co., A C. Allyn & Co. Inc., A. G.
Becker & Co. Hill, Joiner & Co., Inc. Tucker Anthony &
Co., Paine Webber & Co., Emery, Pea & Rockwood Co.,
and Russell Brewster & Co. The notes mature serially and
are offered at following prices: 1929, 99.88 yielding 5%%;
1930, 99.30 yielding 53'70 and 1931, 98.65 yielding 6%.
New Orleans Public Service Inc.
-Annual Report.
-
Calendar Years1924.
1927.
1925.
1926.
Gross earnings
$18,442,108 $17,624,514 $15,575,437 $14,870,840
Oper. expenses, incl. tax. 11,426.537 11,180,993 10,271,182 10,036,508
Net earnings
$7.015,571 $6,443,521 $5,304,255 $4,834,332
Other income
1,50.643
176.607
272,018
102,416
Total income
87,287,589 $6,545,937 $5,480,862 $4.984,975
Interest on bonds
2,685,1,37 2.345,039 2,155,488 2,065,099
Other int. & deduct'ns
121.508
137,684
183,222
178,514
Balance
$4,423,938 $4,017.676 $3,187,690 $2.798,368
Preferred dividends_ _
299,297
301,500
554,243
554,243
These notes will be dated Aug. 1 1928 and will
each
1,650,000 1,416,000 1,320.000
Aug. 1, 1929 to 1931. Redeemable all or part atbe due $10.000,000days' Renewal & replace. res _ _ 1,800.000
any time upon 30
notice at following prices and int.: for the Aug. 1 1929
Balance
maturity. prior to
$2,069,695 $1,813,433 $1,470,190 81,179,071
Feb. 1 1929 at 100.50, and on and after Feb. 1 1929
-V. 125. P. 246.
1930 maturity, prior to Aug. 1 1929 at 100.50, andat 100; for the Aug. 1
on
1929 at 100: for the Aug. 1 1931 maturity, prior to Aug. and after Aug. 1
New York Edison Co.
1 1929 at
-East River Generating Station.
on and after Aug. 1 1929 but prior to Aug. 1 1930 at 100.25, and on 100.50:
and after
An official announcement says:
Aug. 1 1930 at 100. Principal and int. (F. & A.) payable at
the offices of
The company has just closed a contract for the installation In its new East
Halsey, Stuart & Co., Inc., in Chicago and New York, without deduction
for Federal income taxes now or hereafter deductible at the source, not in River generating station, located on East River at 14th St., N,. Y. City, of
steam generating units that will supply the steam to drive the largest
excess of 2%. Denom. 81,000, $500 and $100. Company
will agree to
reimburse the holders of these notes if requested within 60 days after pay- single-shaft, single-unit electric generator in the world. This turboment for the Penn. 4-mills tax, for the Conn. personal property tax not ex- generator, which is still in process of manufacture, will develop 160,000
kilowatts, or 215,000
ceeding 4-mills per dollar per annum, and for the Mass. income tax
on the delivered in separate h.p. So huge is this giant machine that it will oe
interest not exceeding 6% of such interest per annum.
parts by its
Electric Co. The
delivery and setting up of the first builders, the General is expected to take
part of this generator
Data from Letter of President Martin J. lnsuil, Chicago, Aug. 8 place next
October or November,officials of the New York Edison Co. said.
Comrany.-Formed in 1912. Owns or controls through stock ownerThe steam generating units, which will be of the new
type, are
ship public utility companies rendering essential serviced in 30 States. to be installed by the Combustion Engineering Corp.,water wall
which reports that
The estimated population of the 3,592 communities served, as of June 30 this contract is one of the largest in its history. The contract calls for the
1928. by subsidiaries was 6,193.000, and of these communities 3,424 are installation of 4 complete steam generating units.
served with electricity. At June 30 1928 the subsidiary companies had
These units will have an aggregate heating surface
over 1,500,000 customers, electric customers numbered 1,247.877, gas each, and the contract contains a guarantee that each ofof 45,120 sci• feet
the 4 will produce
550,000 pounds ofsteam per hour. Engineering studies are being continued,
222,049, and water 66,765.
New York Edison Co. officials said,looking to obtaining a maximum capacCapitalization Outstanding (upon Completion of Present Financing).
ity each of 800,000 pounds or more
per hour.
-V. 126, p. 1660.
Prior lien stock MOO par)
307,000 she.
$6 cumulative non-par prior lien stock
65.000
New York State Rys.-Operation of Subway RR.
Preferred stock ($100 par)
400,000 "
The L-S.
$6 cumulative non-par preferred stock
170,000 " New York C. Commission on Aug. 1 issued certificates authorizing the
Common stock (no par)
600,970 " Erie RR., State Railways, the Buffalo. Rochester & Pittsburgh By., the
the Lehigh
% serial gold notes (this issue)
$30,000,000 operate under trackageValley RR., and the New York Central RR. to
rights over the Subway Railroad in the City of
Dividends are being paid at the rate of 8% per annum on the prior lien Rochester.
-V.127, D. 546.
stock and preferred stock having a par value, at the rate of $6 per share per
annum on the non-par prior lien stock and the non-par preferred stock,
New York Water Service Corp.
-Earnings.
and at the rate of $7 per share per annum on the common stock.
12 Months Ended June 301927.
Purpose.
-Proceeds will be used principally towards reimbursing the com- Operating
1928.
$2,302,806 $2,083,693
pany's treasury for funds used In the development ofits subsidiary companies Operation revenues
737,330
expense
704,217
and for general corporate purposes. It is now planned that these notes
Maintenance
103.345
80.469
will be refunded through the sale of additional common stock of the com- Taxes
(excl. Federal income tax)
193,747
202,829
pany.
Earnings of Middle West Utilities Co. for Calendar Years.
Net earnings
81,315,292 $1.049,271
Other income
18.174
1927.
11,823
• 1926.
Net earnings of subs, accruing to company
$9,274,257 $8.146.409
Net earns,of construction cos. accruing to company
Gross corporate income
218,462
$1,327.116 $1.067,445
287,319
Other income, net
-Middle West Utilities Co
3,249,869 2,741,380 Annual interest required on total funded debt.... 5594.200
Total
North American Edison Co.(ac Subs.).-Earning8.
112,811.445 $11,106.252
Maximum annual hit, on these 534% gold serial
12 Mos. End. June 30- 1928.
1925.
1926.
1926.
notes to be presently outstanding requires......_ 11.650,000
Groat; earnings
$89.205.078 $82.947.103 877.319.099 868,310,365
Recent Acguisitions.-National Public Service Corp. and National Elec- Oper.exp.. main.&
taxes 47.291,543 46,826,348 45,410,660 41,386,123
tric Power Co. were acquired as subsidiaries as
8,973,135 8,841,185
10.757,364 9,961.151
ings are not included In the statements above. of Jan. 11928,so their earn- Interest charges- _ _ _
period Jan. 1 to June 30 1928 results as follows:Their inclusion only for the Preferred div. ofsubsid.. 4,263,163 4,085,003 3,408,740 2,606,052
Minority interests
1,190.767
1.244.036
1,187.656
1.360.387
Period End. June 30-- 1928-3 Mos.-1927.
1928-12 Mos.-1927.
Gross operating revenue $35,904,837 $22,722,205$123,495,978 $91,365,742 Appro,for deprec. reeves 8,859,469 8,672,409 7,922.515 6,766,389
Net income after taxes__ 15,928,782 10.197.923 54.764,013
41,768.249 __Bal.for dive.and surp.$13,673.150 312.214.1536 810.360.013 87.519.850
-V.126. p. 3118.
V. 126, p.2792.
Aua. 11 1928.]
FINANCIAL CHRONICLE
North West Utilities Co.(& Subs.).-Earninga.--
-Earnings.
Peoples Light & Power Corp.
823
The combined income account of properties now owned by the corporation shows gross revenues of $6,356,257 for the year ended May 31 1928.
as Compared with $5,844,680 for the preceding 12 months. Operating
expenses, maintenance and taxes and depreciation in accordance with the
first lien trust indenture totaled $3.914,772 as against 53,613,911. Gross
income was $2,441.485 which compares with $2,230,769 in the year ended
-Bonds Called.
Ottawa & Hull Power Co.
May 31 1927. Earnings for the year ended May 31 1928, it is stated, do
All of the outstanding $2,500,000 1st mtge.6% sluicing fund gold bonds, not reflect results ofoperations for a full year under the present management.
due Aug. 1 1948, were called for payment as of Aug. 1 last at 105 and int. since some of the properties were acquired during the past few months.
at the Montreal Trust Co., trustee, Montreal. Can., or at any branch V. 127.P. 546.
of the Royal Bank in Canada or at the agency of the latter in New York
--V. 126, p. 1661.
City•
-Stock Approved.
Plymouth (Mass.) Electric Light Co.
The Massachusetts Dept. of Public Utilities has authorized the company
-Rights.
Pacific Lighting Corp.
$100)at $125 Per share.
to issue 1,000 additional shares of capital stock (par
The directors on Aug.8 authorized the issuance, subject to the approval The proceeds are to be used to retire outstanding promissory notes and to
-V. 126, p. 1198.
of the California Commissioner of Corporations. 113,646 additional shares pay for expenditures to plant and property. &c.
value), which will be offered to present stockholdof common stock (no par
ers for subscription at $50 per share in the proportion of one share of addi-Sales.
Electric & Gas Co.
Public Service
tional stock for each 10 shares of common stock held of record Sept. 1.
Sales of electric current for light and power purposes by this company
Subscriptions must be made in full on or before Oct. 31.-V. 127. P. 261.
of the Public Service Corp. of New Jersey.
principal operating subsidiary
established a new high record for the half year ended June 30 1928, ac-Annual Report.
Pacific Power & Light Co.
cording to figures just made public. Sales of current for the six months
1926.
1924.
1925.
1927.
Calendar Yearsaggregated 672,645,529 k.w.h. against 606,160.633 k.w.h. for the same
$3,764,552 $3,751,266 $3,545,421 53,181,736 period last year, an increase of 10.9%. Sales of current for power purposes
Gross earnings
1,985,709
2,009.701
1.758,254 only, aggregated 383,149,412 k.w.h. a gain of 11.6% compared with the
2,197.974
incl. taxes
Oper. exp.
first half of 1927 when sales aggregated 342.250,064 k.w.h. 30 1928. aggre$1,566,578 $1,765,557 $1,535,720 $1,423,482
Net earnings
Sales of electric current for the three months ended June
30,127
9.957
17.693
26.848 gated 328.134,718 k.w.h., also a new high record for any corresponding
Other income
quarter. This total represents a gain of 11.7% compared with sales of
-V.127. p. 409.
$1,576,535 $1,795,684 $1,553,413 $1,450,330 293,823,391 k.w.h. reported for the June quarter last year.
Total income
455,951
555,950
524,814
555,950
Int. on bonds
279,834
176.928
315,585
229,633
-Earnings.
Other int. & deductions
Co. of Oklahoma.
Public Service
1928-12 Mos.-1927
Ended June 30- 1928-3 Mos.-1927
$991.036
$717,452 Period operating revenue $1,441,638 $1,066,579 55,361.465 $33.498,535
$804,999
$767,830
Balance
404,372
339.514 Gross
405,663
390,095
Preferred dividends...375.000
350,000
350,000
260,000 Net income after taxes.
792,549
Renewal & replac. res__
1.515,547
265,669
366,484
int.& retirement prov.
$236,664
$24,336
$117,938 -V. 126, p. 2646.
$27,735
Balance
-V. 125, p. 3062.
-Definitive Bonds.
Queens Borough Gas & Electric Co.
deliver definitive
The Guaranty Trust Co.or New York is now prepared to1958, against the
-Acquisition.
Pacific Telephone & Telegraph Co.
due Mar. 1
ref. mtge. 434% gold bonds, series of 1958.
-S. C. Commission on July 19 approved the acquisition by the surrender of outstanding temporary bonds. (See offering in V. 126. p.
The I.
company of the properties of the Puyallup Valley Home Telephone Co.
2313).
By a contract made Nov. 14 1927. the Puyallup Company granted the
-Earnings.
Pacific Company an option to purchase all of its properties as of June 30
Radio Corporation of America.
1927. including cash on hand and in bank (excepting the amounts paid for
Period End. June 30- 1928-3 Mos.-1927. 1928-6 Mos.-1927.
the option), and accounts receivable, and all such property acquired pend- Gross income from sales.
$6,183,050 $28,483,226 $16,755,540
ing the consummation of the purchase, excepting certain notes receivable
&c. (incl. other
iertainil insurance Vides. The Expenses, &c.: inci_411,690,680
upon which there is due $8,0® and c
5,757,463 23,958,447 16,203.175
10,288,775
,
o+ gD4c i
and
)
( fo” t
l 0
is nth jga4d02 ficzrteoll
moto pa
in
elapsing between
1 2 Ld
'PP° ertthe
66.C1°
5552,366
7
iror each
1.425,588 $4,524,779
$1,401.905
Net profit
0
.
1,155,400
consummation of the purchase, an ea/Joint sum of $50 is to be paid by Shs. com. outat.(no par) 1,155,400
1.155.400 1,155,400
Nil
$3.31
the Pacific Company. When the purchase price is paid, the amount of Earns, per sh. on com
$0.07
$0.91
$14,500 paid for the option is to be credited thereto. The properties are
x General operating and administration expenses, depreciation, cost of
subject to a bonded indebtedness of $41,000. The amount available in sales, patent amortization, estimated Federal taxes and accrued reserve
the sinking fund in the hands of the trustee is to be applied to the reduction or year-end adjustments.
-V. 127, p. 546.
of this indebtedness, and the rest is to be assumed by the Pacific Company
and deducted from the purchase price. The option to purchase was exer-Tenders.
Valley Traction Co.
San Bernardino
cised by the Pacific Company on Dec. 5 1927.-V. 127. p. 409.
The Los Angeles First National Trust & Savings Bank. Los Angeles,
bids for the sale to it of not to exceed $37.000
cam,will until Sept.4 receive
-Acquisition.
Penn Central Light & Power Co.
1st & ref. mtge. 5% gold bonds, dated Sept. 1 1903.-V. 125, p. 1053.
The Shippensburg (Pa.) Gas & Electric Co., which has been in operation
---Earnings.
San Joaquin Light & Power Corp.
for 24 years, has been absorbed into the system of the above company.
1926.
1927. •
1928.
The Shippensburg company was locally owned and the Penn Central has
12 Months Ended June 30-$9,667,306 $8.893,915 $8,296,377
Shippecuiburg company also serves Newville Operating revenue
wholesaled power to it. The
3,534,610
3.908,123 4,102,094
Borough. Southampton Township, Lurgan Township, Letterkenny Operating expenses and taxes
-V. 126. p. 3756.
Township and Orrstown Borough, Pa.
55,759.183 $44,791,820 54.761.766
Operating income
182,397
193,914
158.703
-Listing.
Other income
Light & Coke Co.
Peoples Gas
The New York Stock Exchange has authorized the listing of $5,138,909
$5.917,806 54,985.735 54.944.163
Total income
capital stock (par $100) on official notice of issuance and payadditional
3,139,619 3,060.249
3,246.241
Depreciation and interest charges
ment in full, making the total amount applied for $57,382.300.
$2,671,565 $1,846.115 $1,883,915
Consolidated Income Account (Company & Subsidiaries).
Net income
6 Mos. End. Year Ended -V. 126. P. 3119
.
June 30'28. Dec 31 '27.
-Notes Offered.
Standard Telephone Co. (Del.).
$21.215,339 $39,658,954
Operating revenues
-months' 5%
Cost of production. distribution & gen. expenses..- 12,907,595 25.997,167 Arthur Perry St Co. are offering $2,650,000 6
331,704
Rent of leased plant facilities
1,470,844
issue) at 993. and int., yielding
146.575
Provision for bad and doubtful accounts
190,767 secured gold notes (closed
1,978.916
Taxes
2,951,941 6.50%.
appropriations
1,246,585
Retirement
I in New
1,555,050
Dated June 1 1928: due Dec. 1 1928. Interest payable Dec. exceeding
deduction for Federal income tax not
54.603,963 57,493,185 York or Chicago without 15 days' notice at 100 and bit. Denom. $1,000.
Operating income
2%. Red., all or part on
673,307
Other income
1,361.414 Company will reimburse resident holders of these notes upon proper and
property taxes assessed by any State not exceed$5,277.270 $8,854,599 timely application for any the present Mich., Pa. and Conn. 4 mills tax.
Total income
annum, incl.
1,830,145 2.901,643 ing 5 mills pertax and for the Maas,income tax paid on the interest derived
Interest on funded debt
65.222
55,757 Md.4% mills
Amortized bond discount
notes not exceeding 6% of such interest per annum. Principal
57,721
Other interest and miscellaneous
218,836 from these New York or Chicago. National Bank of the Republic of Chipayable in
$3,324,182 $5,678,363 cago. trustee.
income
Net
-Through its three operating companies will furnish without
Company.
$23,326,379 $21.585,906
Surplus at beginning of period
of Illinois.
competition telephone service to important areas in the Statessubsidiary,
Washington. Idaho, Montana, Texas and Oklahoma. One
2
$ 6.650.561 $27,264,269
Total
Telephone Co. of Illinois, operates in Illinois; another, Standard
Dr.702,716 Dr.1333 1 Standard
Adjustments applicable to prior psriods
8
Co. of Texas, in Texas and Oklahoma; and the third. Interstate
Dividends paid.
2,043,082
3,804,510 Telephone
Utilities Co., in Washington. Idaho and Montana. The number of sta43,200, comprising about
Surplus at end of period
$23.904,763 $23,326.379 tions directly served aggregates approximately and leased statiions. Ex
owned stations and about 4,700 switched
The earnings per share, computed on the bash of capital stock outatand- 38.500 toll lines are also operated. Total population served is approxi•
ing plus capital stock subscribed, Dec. 31 1927, were $11.09 for the year tensive 560,000. The lines of the operating companies are interconnected
mately
whereby
1927 and $6.47 for the first 6 months of 1928.
with linos of Bell and Independent companies under conditions
Consolidated Balance Sheet.
patrons of the Standard Telephone Co. system are furnished long distance
service throughout North America.
Dee. 31 '27.
June 30'28.
June 30'28. Dee. 31 '27.
will be
Security.
-Notes will be the direct obligation of the company and direcAssets3
$
stocks (except
Stock outstand'g 51 152 100 50,893,400 secured by a first lien upon all the pref. and commonIllinois and Standard
Land, buildings,
shares) of Standard Telephone Co. of over 90% of common
Subscribed-_- '235:900
plant. &c.--151,847,342 132,479,439
316,600 tors' qualifying
pref. stocs and
1,797,600 Bonds
Reacq.securities
69,465,000 58,177,000 Telephone Co. of Texas,500 shares ofand, in addition. 51,350,000 of subGold notes
stock of the Interstate Utilities Co.,
Cash & sec. in
8,000,000
a closed issue and the trust indenture will
sidiary company notes. This is
hands of trust. 2,191,427 2,143,810 Real estate mtg.
be
bonds, notes, stocks or other securities maythe
notes
Provident trust
400,000 provide that no additional
unless the same are pledged with
fund (Contra) 1,621,683 1,558,945 Notes payable
647,221
847.221 issued by any subsidiary company
except that let mtge. bonds
notes,
Ins.id.(Contra) 1,532,003 1,450.120 Accts.payable_ _ 1,236,073 1.170,644 trustee as additional security for these
be issued against property acquired after
Corporate stocks 4,215,089 2,497,095 Cast. dep.,&c _ _
824,830
770,593 of subsidiary companies may
their trust indentures.
July 1 1928 under the conservative restrictions of
Corporate bonds 2,296,776 2,297,053 Divs, declared,
companies by
Based on appraisals of the properties of the subsidiary
but not due
4,920,816 4,398.488
1,023,042 1,018,808
Cash
telephone engineers, indicating a depreciated value of $7,200.Independent
37,343 Matured bond
101,991
Notes receivable
value of 54,600,000.
an estimated
Mt. unpaid
754,980
Accounts roe. - 4,878,897 4,247,917
410.300 000, the pledged securities have
Accrued taxes_ _ 2,733,781 3,297,188
Sundry adv. -4z
Capitalization (Upon Completion of Present Financing).
62,427 1,478,863 Accrued interest
$2,656.00
538,770
deposits
513,408 57 secured gold notes (closed), due Dec. 1 1928
Sund.def'd cred.
550.000
170,239
Matured bond
51,183 5% unsecured gold notes. due Dec. 1 1928
410.300 Premium on cap.
754,980
int.deposits
2,500 shs.
(no par value)
Preferred stock, $6 cumulative
stock
3,184,600 2,200,239
11.259
Inventories_
50.000 shs.
Common stock (no par value)
Retirement res_ 15,602,855 16,294,187
Subtler. to cap.
public
212,428 Provident res.
47,340
-In addition to the above there will be outstanding with the
Note.
stock
Standard
(Invested)._ _ 1,621.863 1,558.945 upon completion of this financing $575.000 1st mtge.6% bonds of
Prepaid Maur.,
TeleIllinois, $310,000 1st mtge. 6% bonds of Standard stock
169.936 Insurance res.
Telephone Co. of
145,336
taxes, &c
pref.
(invested) _ _ - 1,532,003 1,450,120 phone Co. of Texas,$934,200 1st mtge.6% bonds, $613,000 7%Co.
Commuted lease
and less than 10% of the common stock of Interstate Utilities constituent
Casualty res.
134,171
131,457
rentals, being
Earninps.-The consolidated earnings and expenses of the
amortized_ _ 3,532,761 3,635,080 Contingent res. 2.019,911
1.852,915
properties for the 12 months ended March 31 1928, with adjustment for
Res. for uncoil.
Disct. & comm.
were as follows:
bills
706,872
616.122
338,243
189,669 certain non-recurring charges,
-on stks.& bds.
51.363.142
905,005 Sundry reserves
880,202
889,168
244,535 Gross earnings
Deferred extol_ _
751,211
Earned surplus_ 23.904.783 23,328.379 Oper. exp., maint. and taxes other than Federal
$6611,931
182,833,751 162,712,530
182.833,751 162,712,530 Total
Net earnings
Total
168,702
int. and provision for minority interest
The parent corporation has guaranteed, as to principal and interest the Bub. Co. bond
following bonds, not included in the above liabilities.
$443,229
available for note interest
Balance
As joint guarantor with the Commonwealth Edison Co. and the Illinois
132,500 •
5% secured gold notes (this issue)
Central RR., of the Chicago & Illinois Western RR. 6% general gold Interest on 52,650.000
bonds, due July 1 1947, $590.005. This company's portion. $196.333.,
other int.. Fed, taxes, depr., res'ves & diva- $310,72`
Balance avail, for
V. 127. P. 409.
Period End. June 30- 1928-3 Mos.-1927. 1928-12 Mos.-1927.
Gross operating revenue $2,607,678 $2,505.475 510.818,711 $10.345,300
3.948,226
4,427.701
1,010.869
Net income after taxes-- 1.107,371
-V. 126, p. 1811.
824
FINANCIAL CHRONICLE
Purpose.
-There will be presently issued $1,175,000 of the total authorized issue of notes, the proceeds of which will be used to retire $600,000
Standard Telephone Co. of Illinois 5% notes, due July 1 1928, to provide
in part for the purchase of 90.9% of the common stock and 500 shares of
the 7% pref. stock of the Interstate Utilities Co. and other corporate purposes. Of the balance of the issue, the proceeds of 8225,000 will be used
for the purchase of new properties for the Standard Telephone Co. of Illinois on or prior to July 15: the proceeds of $750,000 will be used to retire
a like amount of the Standard Telephone Co.5% notes, due Aug. 1, at their
maturity: and the proceeds of $500,000 notes will be used to retire a like
amount of the notes of the Standard Telephone Co. of Texas, due Oct. 15
1928.
United Light & Power Co.(& Subs.).
-Earnings.
-
Twin City Rapid Transit Co.(& Subs.).
-Earnings.
-
Period End. June 30- 1928-3 Mos.-1927. 1928-6 1t.os.-1927.
Gross revenue
$3,167,779 $3,208,378 $6,876.251 $6,874,277
Operating expenses
2,438.194 2,403.179
5,104.547
5,011.568
Fixed charges & taxes
1.118,314
580,474
1,198,032
541,847
Net income
$149,111
3744,395
$263,352
$573,672
Shs. of corn. outstanding
(Par $100)
220,000
220.000
220,000
220,000
Earns. per share on com_
$0.44
$0.95
$2.90
$2.13
-V.126. p. 2966.
Union Electric Light & Power Co. of Illinois.
-Earns.
12 Months Ended June 30-Operating revenues
Operating expenses
1928.
1927.
1926.
$3,454,046 $2,707,636 $2,436,479
19,643
20.529
7.677
Net operating revenues
Non-operating revenues
$3,434,404 $2,687,107 $2,428,802
2,148
1.138
391
Gross income
Interest on funded debt
Amortization of bond discount
Other interest charges
Depreciation reserve
$3,436.553 $2,688,245 $2,429,193
766,443
512,187
534.710
53.482
53,536
33,522
229,963
92,876
265.288
892.109
701,980
631,680
Balance
Preferred dividends
$1,494,554 $1,327.665
479.982
476,744
Balance for corn. diva. & surplus-- $1,014,572
-V.126, p.3450.
$850,921
$963,993
329.157
$634,836
Union Electric Light & Power Co., St. Louis.
-Earns.
12 Months Ended June 30Operating revenues
Operating expenses
Taxes
1928.
1927.
1926.
$19.179,644 $18.071.774 $16,726,608
9,584,491
9,442,638 9.374.771
2,002,445 2,050,976
1,699,587
Net operating revenues
Non-operating revenues
87,592,706 $8,578,160 $5,652,250
1,372.059 1,048,884
790.153
Gross income
Interest on funded debt
Amortization of bond discount
Other interest charges
Depreciation reserve
38.964,765 $7,627,044 $6,442,403
1,593.114
1,268,346
1,268.450
96,923
91,971
91,838
Dr.69.241
Cr.93,360 Cr.15,151
1,527,669 1.676,187
1,609,384
Balance
Preferred dividends
$5,677,819 $4,683,928 $3,487.853
870,000
747.406
869.099
Bal. for corn. diva. & surplus
84,807,819 $3,814,830 $2.740.446
Comparative Balance Sheet siltne 30.
1928.
1927.
1927.
1928.
Assets
$
Liabilities
Property account_58,883,619 54,266,561 Preferred stock. _13,000,000 13,000,000
Capital expend's__ 837,807 1.493,719 Common stock__ _19,500.000 19,500,000
Sundry investm•ts 15,482.046 15.391,907 Funded debt
32.714.177 25,365,600
Cash
898,275 1,222.171 Acc'ts payable__ _ _ 386.915
390.572
Notes & hilts rec._
2,865
6,786 Sundry current liaSundry cur. assets
8,600
bilities
495,116
557,394
Reacquired secure.
9,200
Inter-co. Reels
2,991,618
Acc'ts receivable 1,728,060 1,643,863 Accrued liabilities_ 4,055,379 1.917,300
2,071.155
Material & suPP-- 876 937 1,033.591 Reserves
11.594.012 11,368.326
.
Inter-co. accounts 14,185,194 6,618,292 Surplus
9,903,942 7,436,124
Prepaid accounts_ 184,756
94,968
Bond & note disc't 685,615
692,697
Total
93.782.976 82,464.555 Total
93,782,976 82,464,555
-V.126, p. 1662.
Utility Shares Corp. (Del.).
-Earnings.
-
7 Mos. End. 6 Mos. End. Year End. Nov. 17 25 to
PeriodJuly 31 28. June 30 27. Dec. 31 26. June 30 26.
Income form dividends.. $153.719
867,993
$64,148
$106,868
Income from interest__ _
19,443
3,425
17.564
11,356
Net prof. on sale of sec.
32.857
69,380
58,561
18,758
Total income
8206,019
$140,798
$182,993
894,262
Expenses and taxes_
10.302
13,308
11,520
4,605
Particip. pref. stk. div.
18.002
10,482
34.193
20.830
Common stock
119,363
60,145
100,182
Balance to surplus--$58,352
$56.863
$37.098
868,827
Earn, per share on corn..
$0.45
$0.57
$0.68
$0.34
Comparative Balance Sheet.
July 31'28 June 30'27
July 31 '28 June 30'27
Assets$
Liabilities$
$
$
Bonds owned
264,199
Capitalstock
z 3,578,770y2,009,992
Pref. & corn. saks_x3.552,632 1.968,309 Reserve for taxes19,149
13,450
U. S. Govt. occur.
125,000 Pref. diva. seer_
1,303
Cash
24,709
32,419 Surplus
288,888 105,854
Divs. receivable_ _ _
40,102
3.600
Int. rec. weed- _-1,272 Total (each side) 3.886,808 2,130,600
5,165
x Market value, 85,681,460 as at July 31 1928. y: (1) 13,200 shares
non-voting part. pref. stock, without par value (156 shares represented by
312 non-dividend bearing due bills for ;i share each) bearing cum. divs, at
the rate of $1.20 per share per annum. (2) 206.633 shares common stock
no par value. (3) Options outstanding for the purchase of 193,367 shares
of common stock at $10 per share. x Represented by 397,877 shares of no
par value.
-V. 126. p. 3450.
-Earnings.
Wisconsin Electric Power Co.
12 Months Ended June 30Operating revenues
Operating expenses
Taxes
1928.
1927.
1926.
$2.020,664 $1,919,722 $1,705,581
22,631
22.691
21,201
120,174
95,000
80,837
Net operating revenues
Interest and amortization
Other interest charges
Depreciation reserve
$1,877.858 $1,802,031 $1,603,543
508,129
511,968
520,451
10,724
14,015
7.579
488,460
468,380
416,480
Balance
Preferred dividends
$870,544
256,052
$807,668
238.242
Bal. for common divs. & surp_ $569,426
$614,493
Condensed Balance Sheet June 30.
1928.
1927.
1928.
Assets
Liabilities
Property & plant_ 17,107,774 16,630,292 Preferred stock_ _ 4,492,000
Capitalexpend's_ _ 198.579
387.544 Common stock_ - 3,500,000
Cash
8,495,500
132,944 Funded debt
324,596
Notes & bills rec _ 500.000
Accounts payable
Inter. co. accounts 351,008
3,913
290,315 Misc. cur.!labile_ _
Open accounts...14,743
5.644 Inter-co. accounts_ 143,683
Bond & note discl 1,645.417 1.703,957 Taxes accrued.... 123,573
Reserve.sinking &
Interest accrued_ - 176,990
special funds.._
1,975
2,475 Divs. accrued
1,600
Open accounts....
Reserves
2,537,574
Total(ea.side)-20,144,092 19,153,171 Surplus
669,258
-V. 126, p.2478.
$659.032
162,534
$496,498
1927.
3,962,241
3,500,000
8,495,500
1,167
2,630
107,977
124.082
176,990
14
2.097,805
684,765
[Vorh 127.
Period End. dune 301928-6 Mos.-1927
1928-42 Mos.1927
Gross earn, of sub.(after
11
elim. inter-Co. trans.)$23,340,306 $21,223.383 $45,434,721 $41,537,329
Operating expenses ____ 10,053,356 9,355,527 20,094,874 18,455,979
Main.,charg to oper____ 1,321,002 1,224.671
2.618,239 2,458.219
Taxes, general St income 1,929,086
1,784,905 3,461,383 3,397,644
Depreciation
1,763.151
1.763,151 3.526.302 3.425,414
Net earn,ofsubs
88,273,711 $7,095,130 $15,733,924 813,800,072
Non-operating earns.....1,231,229
1.763,568
963,275 2,443,975
Net earns., all sources $9,504.941 $8,058.405 $18,177,898 $15,563,641
Int. on bonds,notes,etc.
ofsub
2,593.365 2,129,686 4,880,772 4,305,729
Amortiz. of bond & stock
141101,
disc.sub-Cos
735,236
700,528
310,398
349,887
Divs, on pref. stks. of
/ribs. due public &
proper, of net earns
attrib, to corn.stk. not
owned by company...1,350,867 1,535,722 p!3,000,563 3.018,945
Gross inc., avail, to
the Un. Lt.& Pr. Co._
$4,043.109 $9,596.035 $7.503,731
Int. on funded debt.. _ _ _ $5,250,310
2,275,120 1.586,766 4,236,396 3,212,826
Other interest
733,194
256,870
440,953
1.834
Amort.of hold. Co.bond
disc. & exp.
172,605
221,693
112,986
87,998
Prior pref.stk.
667,029
769.039
390,621
357.994
Net income
$2.469,748 $1,569,399 $4,112,036 $2,718,076
Class "A" pref. diva._ _ _
1.026,849
1,043.140
521,718
519.863
Class"B"preferred diva.
311,310
153.540
307,080
153,540
Bal. avail, for corn.
stk dive
91,794,489
$895,996 $2,761,816 $1,379.916
Earnings per share
$0.46
$0.93
$0.30]
$0.60
-V. 127. D. 108.
Wisconsin Gas & Electric Co.
-Earnings.
-
12 Months Ended June 30
Operating revenues
Operating expenses
Taxes
Net operating revenues
Non-operating revenues
Gross income
Interest on funded debt
Amortization of bond discount
Other interest charges
Depreciation reserve
Balance
Preferred dividends
1926.
1927.
[1928.
85,993,494 $5,421,929 $5,259016
3.677,364 3,473,344 3,227,259
442.018
433,746
504.374
$1,811,755 $1,514,839 $1,589,739
37,185
196,020
152.046
31,963.801 31,710,859 31,626,924
285,326
278,918
275,815
12,706
12,733
12,733
Cr22,430
Cr35.579
Cr20,927
409,442
418,782
482,787
$941,879
$1.213,393 $1,036,006
211.292
299,128
303,218
Balance for common dive. & surp
$730,589
$736,877
9910,175
Condensed Balance Sheet June 30.
1927.
1928.
1928.
1927.
Assets$
Liabilities-$
$
$
Property & plant _19,244,351 16,228,498 Preferred stock... 4.500,000 4,500,000
Capital expend's,
Common stock.._ 6,000,000 4,500,000
current year_ _ _ 763,013
5,555,500 5,457,500
.
623,390 Funded debt
Sundry investmls 172,206
154,200
171.990 Notes & bills pay- 946,500
Cash
195,504
295,584
269.200 Accounts payable_ 289,829
Notes & bills rec. _
152,840
21.027
16,448 Misc, curt.liabils_ 122,721
Acc'ts receivable
979,175
972.715
751,995 Inter-co. accounts 1,524,863
Material dr supp.- 617,029
288,150
654,338 Taxes accrued.... 341.958
Inter-co. sects_ _ _ 45,040
47,724
accrued38,767
56,219 Interest
Prepaid accounts.
77,825
76.036
3,434
2.949 Dividends accrued
12.585
Open accounts- _ _ 1,796,223 1,666,205 Misc, seer. liabils17.403
.
174,655
Reacquired scent_
41,800
Open accounts_ _ __ 231,946
Bond & note diset 304,537
3,300,065 2,988,241
317,271 Reserves
Sink.& spec.funds 191,427
1,507,567 1,383,917
151,129 Surplus
Total
24,462,114 20,909,633
24,462,114 20,909,633 Total
-V. 125. P. 2812.
INDUSTRIAL & MISCELLANEOUS.
New Bedford (Mass.) Strike
-City as a whole believes the
wark rini
yoikou"t ofthe Aextile .workers Situation. but condemns radicals.
New
t ug. 5
justified,
Fall Ricer (Mass.) Strike Situation.
-150 employees of the Algonquin
Print Works went on strike Aug. 9. Their demands were for a restoration
of a 10% wage reduction and changes in working conditions, including a
40
-hour, 5
-day week and recognition of the Textile Mills Committee.
Now York "Times,' Aug. 10, p. 6. Strikes were previously called at the
.p.trim m
a nts oy.tAe American Printing Co. and the Lincoln Mill. "New York
hlig 7. p 7
. .
siYzes°rkofCcoallPrices A dva nced on ulins livesie.no ginnti the usual advance
, i take ec- r deBror an bouneefng
in
t Ba
onNew
all
-"Wall
Sept. 1.
Street Journal," Aug.7. eff
Matters Covered in "Chronicle" of Atm. 4.-(a)
shipments of rubber
tires largest since Aug.
-production at high level-inventory reaches
record high figure, p.1926 , p b6 1:
tocreaterae
( ) oceeding against General Outdoor
. 3
Advertising Co. under Anti-Trust Law. Feral Government charges
ed
attempt
' p nopo1;
mo
.614
Alaska Juneau Gold Mining Co.
-Earnings.
-
Month of Ju:yGross receipts
Expenses
Net income
-V. 127. P. 262.
1928.
$261.000
200,650
360,350
1926.
$149,000
168.200
1925.
$152,100
145,250
33,500 def$19,200
$6,850
1927.
8196,500
193,000
Albers Bros. Milling Co.
-Resumes Pref. Div.
-
The directors have declared a quarterly dividend of 1;i% on the 7%
cumul. pref. stock, payable Aug. 15 to holders of record July 31. No dividends have been paid on the pref. stock since Feb. 15 1927, and on Jan. 2
of this year the accumulated
Per
share, which would bring the dividends unpaid were reported at 819.25 the
total to $22.75 prior to the declaration of
present dividend.
-V. 126, P. 3758.
Amalgamated Leather Cos., Inc.
-Comparative Balance
Sheet.
June 30'28. Dec.31'77.
June 30'28. Dec. 31 '27.
AssetsLiabillies$
$
8
8
Land,bldgs.,maLeather Tanning
chinery,&c __ x1,724,736 1,751.493 Corp.prefetk
404,000
Cash
176,181
5,000,000 5.000,000
327,452 Pref.stock
Acets.¬es ree 1,398.798
y2,500.000 2,500.000
1.722,898 Com.stock
Sundry debtors.
673,176
353.379
49.165
24.525 Acceptances_ _ - _
Inventories
4,442.983 4,712,122 Accts. payable &
Investments __.
248.484
247 484 accr.expenses 1.190.276 1,142,586
Trade-marks,gd.
Notes payable... 1,000.000 1,000,000
Will, &c
162,489
5,000,000 5,000,000 Adv.by assoe.1 nt
Deferred charges
28.450
31,720
54,905 Sundry creditors
Due to off.&em pi 208,748
148,092
45,507
27,861
Fed.tax res ____
Adv. by bankers
202,000
Totakeach side) 13,072,067 13,840.879 Surplus
2.774,157 2.552,228
x After reserve for depreciation. y Represented by 175,000 shares of
no par value. Our usual comparative income statement for the six months
ended June 30 was published in V. 127, p. 683.
FINANCIAL CHRONICLE
AUG. 11 1928.]
-Earnings:
Amerada Corp.
Period End. June 30- 1928-3 Mos.-1927.
$4,650,258
Gross operating income- $2,510,452
Oper. costs. adm. exp.,
leases abandoned, &c. 1.322,321
Operating income_ _
Other income
2,279,326
$1,188,131 $2,370,933
197,670
187,733
825
For the nine months ending May 31 1928 the company ear/le:1%1.390.528,
which was equivalent to $5.45 per share on the 213.712 shares then outstanding. This compared with 41,087,066 for the corresponding period
last year, or $4.31 on the 200.000 shares of common stock then outstanding.
Recently the company purchased the p.ant and business of William 0.
2,826,308 4,496,326 Goodrich & Co. of Milwaukee, the Fredonia Linseed Oil Works Co. of Fredonia. Kan., and one-half the linseed oil properties of American Linseed
$2,597,897 $5,092,622 Oil Co. The company now has plants located in Minneapolis, St. Paul,
247,194 Toledo, Chicago, Milwaukee, Portland, Fredonia, Han., Edgewater, N. J.,
351.372
-V.127, p.684.
Staten Island and Boston.
$2,949,269 $5,339,816
1928-6 Mos.-1927.
$5,424,205 $9,588,948
$1,375,863 $2,568.602
Totalincome
Deprec., deplet. & Fed.
3,249,387
1.891.362
1.643,847
877,850
taxes
$924,754 $1,057,907 $2.090,429
$498,014
Net income
Silo. of capital stock out915.675
922.075
915.675
922,075
standing(no par) _
$2.28
$1.15
$1.01
$0.54
Earns.per sh.on capiti.
-V.126, 9.3451.
-Earnings.
Art Metal Construction Co.
1928-6 Mos.-1927.
Period End. June 30- 1928-3 Mos.-1927.
$2,067,811 $1,865,567 $4.056.625 $3.837,700
Gross earnings
3,685,068 3.421.535
1,666,916
1.895,989
Expenses
56,000
45,000
27,000
18,000
Estimated taxes
$360,165
$326,557
$171,651
$153,822
Net income
240,427
120,214
280,499
120,213
Dividends
$79.666
$86,130
-Earnings.
$51.437
$33,609
Surplus
American Bosch Magneto Corp.
1928-6 Mos.-1927.
Earns. per sh.on 320,570
Period End. June 30- 1928-3 Mos.-1927.
$1,550,135 $1,394,704 $5,518,045 $2,799,565
she. of (par $10) cap.
Net sales
$1.02
$1.12
$0.53
2,719.099
$0.48
1,357,020
5.415,591
1,517,957
&c
stock
Cost,exp. deprec.,
-V.126,9. 2967.
$37,684
$80,466
$103,454
$32,178
Not prof.bef.Fed.taxes
-Earnings.
AuburnAutomobile Co.
Earns, per sh.on 207,399
$0.39
$0.18
$0.49
$0.15
1927
1928
ails.cap.stk.(no par) _
6 Months Ended May 31.$9,127,652 $8,584,527
3121.
-V. 126, p.
Netsales
7,539,732 6,570.919
Cost of sales
-Definitive Debentures. Fact'y selling & admin.exp
American & Continental Corp.
1.054,006
1,239.065
The International Acceptance Trust Co. is prepared to exchange defini$959,602
$348.855
-year 5% gold deNet operating income
bonds, outstanding temporary certificates for 15
tive
61.575
40.298
.-V. 119, p. 1955.
Other income
bentures
---.-r
8996,900
$410.431
Aerican Department Stores Corp.=July Sales.income
m
Total
134,031
50,276
Increase. Federal taxes
Increase.' 1928-7 Mos.-I927.
1928-July-1927.
$296.0611$6,760,994 $4,638,392 $2,122,602
$548.944
$845,005
$360,163
-v. 127 p. 262.
Net income
133,948
Shares common stock outstanding(no par)
$9.39
$2.68
American Encaustic Tiling Co., Ltd.-Earnings.Earnings per share
1928-6 Mos.-1927.
Period End. June 30- 1928-3 Mos.-1927.
Sheet May 31.
Balance
Net prof. after deprec.
1927
1928
1927.
$179.682
$241,313
1928.
$433,685
$361.683
taxes, &c
$
Assets
Shs. corn. stk. outst'd'g
Common stock- - -x5,935,620 2,304,275
107.976
113,550
113.550
167,976 Land, build. &
(no par)
950,000 1,100.000
687.948 Gold notes
$2.12
$1.59
$3.75
$3.20
equiplessdeprec. 1.459,153
Earns per share__
878,777
Accounts payable- 490,111
Cash & cert. of
-V. 126, IL 33 .
00
890,136 Accr. wages, corn.,
1,961.716
dep.
28,176
97,076
etc
1,075,000
-To Incorporate.
Demand loans_
American Founders Trust.
1,117,121 1.150.960 Ace. state & local
Announcement was made on Aug. 3 by Pres. Louis H. Seagrave that at a Drafts
48,929
51.218
taxes
meeting of the board of trustees five of the trustees were appointed to act Notes & accts. rec. 1,058,289 1,384,341 Excise tax pay_ _
48,351
92.700
10,115
7,857
interest-as managers under a plan to transform the Trust (organized under Massa- Accruedinsurance11,000
10.450
28,940 Accrued Interest_ _
20,956
chusetts laws) into the American Founders Corp., a Maryland corporation. prepaid
95.000
Sinking fund res.managers under the plan are William R. Bull, C. Foster Cooms, Frank Invest. in contr.
The
50,646
51,795
Sundry creditors__
2,673,631
Seagrave.
cos
B. Erwin, E. Carleton Granbory and Mr.
50,278
2.896,388 1,830,460 Fed.tax res.(1928)
No change in the management or rights of shareholders is contemplated, Inventories
18,075
56.809
634,027 Dealers'dePosits-Mr. Seagrave said. The preferred shareholders will receive shares of the Good will
3,375
4.475
Deferred creditors
corporation of the same class and series as those now held in the Trust and
99.428
243.384
Federal tax (1927)
of common shares in the Trust will receive two shares of common
owners
740
Dividends
of the Trust.
stock in the corporation for each share
3,210.151 2,956,199
Total (ea. side) _11,195,111 7,691,927 Surplus
The shareholders should deposit their shares with the Seaboard National
of New York, as depositary, in order to facilitate the plan.
Represented by 133,948 no-par shares. -V. 126, P. 3594.
x
Bank of the City
A similar transformation of International Securities Trust of America,
-Balance Sheet June 30.Bates Manufacturing Co.
one of the affiliated investment titans, into International Securities Corp.
ago. Seibert & Riggs, who acted
1927.
1928
1927.
1928.
of America, was effected about a year
Liabilities
$
as counsel in the transformation of International Securities Trust of
$
Assets2,700.000 2,700,000
Capital stock
- Real estate, maAmerica, will act in a similar capacity for American Founders Trust.
249,785
249.785
V. 127, p. 262.
chinery, &e---_ 6,441,617 6,155,348 Guarantee fund_
750.000
23,563 Improvement fund 750.000
23,523
Securities
861.503 1,045,702 Res've for deprec. 2,126,846 1,998,784
-Earnings.
American-La France & Foamite Corp.
Cash
1,662 Reserve for Federal
1,929
Operations for the fire apparatus, Foamite and sundry sales departments Interest accrued
5,143
3.423
taxes
500.000
500,000
Notes receivable
are reported as follows:
18.093
48,687
552,618 Acc'ts payable....
. 433,943
3 Mos.End. 3 Mos.End. 6 Mos.End. Acc'ts receivable_
Period.2,173,016 1,938,580 Profit and loss.... 4,674,528 4.532,975
June 30 '28 March 3128 June 30 '28 Inventories
23,200
$196,474
$181.420
$377,894 Deferred charges_ Operating profit
67,901
63.944
60,627
59,862
120488 Insurance prepaidInterest paid
Cr32,931
Cr29,663
Cr62,594
Interest received
10,522,675 10,285,374
Total
10,522,675 10,285,374
Total
$168,778
$151,221
Net profit
$319,999 -V.125. P. 785.
for the second quarter show a net loss
The commercial truck operations
Berland Shoe Stores, Inc.-Sales.
of $51,429, which is $78.043 less than the loss for the first quarter.
Increase.
Increase.' 1928-7 Mos.-1927.
The commercial truck operations for the first six months ending June
-7 Mos.-1927.
1928
$362,597
$1,009.798
$6.750 151,372.395
$175,894
30. 1928 show a net loss of 8180,900. This loss has been charged against $182.644
$2.000.000 special reserve set up in the reduction of assets as of Dec. -V. 127, P. 263.
the
31. 1927 for this purpose, and accordingly it has not been charged against
-July Sales.
the profits of the other departments as above shown. This loss also inBird Grocery Stores, Inc.
Inerfase.
Decrease.' 1928-7 Mos.-1927.
cludes an arbitrary charge of one-half the interest on the $4,000,000 de-1927.
-July
1928
856,666
$8,902,372
bontures outstanding. This interest amounts to $55.000.
$1,993 I $9,959,038
$1.237.497
235,504
M. Canter, Treas., says: The company on June 20, 1928 had no -‘r 127. P. 264.
0.
bank indebtedness and retains in its notes receivable all of the commercial
truck notes, having found It necessary to discount any of this paper. The
(T. E.) Bissell Co., Ltd., Elora, Ont.-Pref. Stock
company is in a very strong financial position. Its working assets during Offered.
-S. R. Makkeller & Co. and Bell, Gouinlock & Co.,
this period have been increased $253,000 and its ratio of current assets to
Toronto, are offering $250,000 7% cumul. convertible recurrent liabilities is 16 to 1.-V. 126, p. 2794.
"MI?
-Extra Dividend.
American Lithographic Co.
The holding corporation of the American Lithographic Co.Inc.on Aug. 1
dividend of 40 cents a share and an extra dividend
paid the regular quarterly
of 40 cents a share on the non-voting common stock, no par value to stockholders of record July 31.-V. 120. p. 1330.
-Earnings.American Multigraph Co.
6 Months Ended June 30Sales
Net profit after deprec. & Federal taxes, &c
-V.126, p. 1510.
1928.
1927.
$2,195,000 $2,191,000
241,000
247,000
American Steel Foundries Co.
-Earnings.
1927.
1928.
1926.
6 Mos.End. June 301925.
$2,187.373 $2.852,983 $3,275,370 $3,216,903
xNet earnings
577,091
531.444
Depreciation
511.497
586.879
$1,610,282 $2,321,539 $2,763,873 $2,630,024
Balance
256.293
253,879
Other income
177.340
305,194
$1.866,575 $2,575,418 $2,941,213 $2,935.218
Total income
11,834
14,178
Other charges
15,822
146.871
$1,854,741 $2,561,240 $2,925,391 $2,788,347
Balance, surplus
Earns. per sh. on 902,745
$1.71
$2.49
shs. corn. stk. (no par)
$2.89
$2.94
-V. 126, p. 3301.
x After expenses and Federal taxes.
-Debentures Called.
American Type Founders Co.
-year 6% a. C. gold debentures
One hundered seventy-nine ($179,000) 15
have been called for payment Oct. 1 next at 105 and int, at the National
-V. 126, P. 2479.
Bank of Commerce,31 Nassau St., N. Y. City.
-Defers Pref. Div.
Appleton Co., Lowell, Mass.
The directors have voted to defer the quarterly dividend of $1.75 a share
due on the preferred stock at this time. (See also V. 122, p. 1029.)
In connection with the passing of the dividend, Treasurer George A.
Boyd says: "In view of the general depression in the textile industry which
has affected this mill as well as others, the directors have decided that the
dividend on the preferred stock due Aug. 1 should not be paid.
"As dividends on the preferred stock are cumulative, any dividends in
arrears on this stock will be paid in full before payments are resumed on the
-V. 125, p. 3484.
common stock."
-Rights.
Archer-Daniels-Midland Co.
At a meeting of the board of directors it was voted to offer to stockholders of record Aug. 17 the right to subscribe for one share of common
stock at ‘51) per share for each S shares of common stock held.
deemable preference stock at par ($100) and div. The right
is given to purchase at time of subscription for preference
stock two shares of common stock at $30 per share for each
share of preference stock purchased.
Preference stock is fully paid and non-assessable: preferred as to dividend
and assets: entitled to cumulative preferential cash dividends at the rate of
-J. by check at par
7% per annum, accruing from July 1 1928, payable Q.
at any office in Canada of the company's bankers: callable in whole or in
part on any div. date at 110 and div. per share on 30 days' prior notice at
the option of the company: or the company may purchase for redemption
In the open market up to 110 and dlv., convertible at the option of the
holder at any time into no par value common stock on the basis of one share
of preference stock for three shares of no par value common stock, unless
of concalled for redemption, in which case the holder shall have the right notice.
version until within 10 days of the date fixed in the redemption
Transfer agent. Toronto General Trusts Corp. Registrar, National Trust
Co., Ltd., Toronto.
Issued.
Authorized.
Capitalization$250,000
8300.000
cumul. cony. red. pref. stock (par 8100)
20,000 shs. 10,000 shs.
par value)
Common stock (no
Data from Letter of T. E. Bissell, President of the Company. incorp.
-T. E. Bissell Co., Ltd. (new company) has been
Company.
under the Companies Act, Canada, and has acquired as a going concern
certain investments)
the business, assets and undertakings (exclusive ofcompany was incorp.
of T. E. Bissell Co., Ltd. (old company). The old successfully the busiin 1908 in Elora, Ont., and since then has carried on
ness of manufacturing and marketing disk harrows, mulcher packers, steel
land rollers and other kindred farm implements, the company's principal
business being the manufacture and distribution of their ft.k harrows,
which are favorably known throughout Canada and certain portions of the
United States. Substantial profits have accrued to the company from
these activities.
-Analysis of earnings made by George A. Touche & Co..
Earnings.
Chartered Accountants, Toronto, and certified in the auditors' rePort,
discloses net earnings after full and proper maintenance, depreciation, income tax and after giving effect to the assets position as disclosed in the
certified balance sheet to be as follows:
$48,855
Year ended July 31 1926
74.076
Year ended July 31 1927
80,714
months ended May 31 1928
10
Annual dividend requirements on the issue of preference stock total $17,500.
The annual average for the foregoing 2 years and 10 months' period is at
the rate of $71,875, equivalent to more than 4.10 times preference dividend requirements.
Earnings similarly available for 10 months ended May 31 1928 were
equivalent to 4.61 times preference dividend requirements, and after pay_
'tient of preference dividend for the full year amounting to 517.500, there
826
FINANCIAL CHRONICLE
remains a net balance of $63,214, equal to $6.32 per share on the 10,000
shares of no par value common stock presently issued.
Listinp.-Application will be made to list the preference shares and common shares on the Toronto Stock Exchange.
(E. W.) Bliss Co.
-To Manufacture British "Jupiter"
Airplane Motors.
-
[VoL. 127.
Financial Results-Period Ended June 30.
1928-3 Mos.-1927.
1928-6 Mos.-1927.
$629,808 $1,105.569 $1,341,431
$501,757
129.627
26,471
67.561
75,837
14,815
33,485
13,468
27.236
Net value ofzinc ore_ _ _ Net value of copper ore_
Nliscellaneous income__ _
Total income
$541,697
$712,184 $1,214,892 $1,498.294
1,113,018
1,269,999
501,103
611,383
Announcement was received from London, Aug. 6 that the Bristo Operating costs
25,654
40,154
52,799
18,766
Airplane Co., Ltd., Bristol, Eng., one of the largest European manu- Deprec., res. for tax.. &c
facturers of airplanes and airplane motors, have appointed E. W. Bliss Co.
Net to surplus
$61,720
$175,496
$21,827
$75,147
exclusive licensees for the manufacture and sale of the famous Bristol Shares
of common out"Jupiter" aero engines in the United States and its territories.
standing (par $10)_ -290,197
290,197
290,197
290.197
Bristol Airplane Co. are the recognized pioneers in the development of
$0.26
$0.21
$0.07
40.60
static radial air-cooled type airplane motors, and their "Jupiter" engine, Earns, per share on com_
which will be manufactured by the Bliss Co.. is considered the most highly
The average metal prices used in estimating income are as follows:
perfected motor of this type made. It has been widely adopted by leading
1927
1928
European countries for use on the principal air transport lines, including:
1st Quar.
1st Quar.
2d Quar.
2d Quar.
Royal Dutch Air Lines, Imperial Airways, Ltd., Air Union, Navigazione Silver (per oz.)
56.33c.
59.24c.
57.06c.
56.45c.
Acres, Deutsche Luft Hansa, L'Aeronavale, R.L.M. Air Lines, Lignes Zinc (per lb.)
6.68c.
6.20c.
5.98c.
5.61c.
Aeriennes Latecoere, Farman Air Lines, Transadriatica, Cidna and others. Copper (per lb.)
12.91c.
13.84c.
12.63c.
14.15c.
-V. 126, p. 3302.
D. C. Jackling, President. says:
It will be noted that, while the prices received for metals during the
Borden Co.
-'Acquires Cheese Concern.
second quarter were higher than those for the first quarter, operating profits
The company has acquired the Lakeshire Cheese Co. through exchange
of stock. In a letter to stockholders, President Arthur W. Milburn says: continued to decrease as has been the ruling quarterly experience throughout the previous two
The Lakeshire Cheese Co., with headquarters at Plymouth. Wis., is a as compared to the years. The shrinkage for the quarter under discussion
previous one is due entirely to a falling off of ore prosuccessful and well managed company engaged principally in the loaf cheese duction as shown by the
statement of tonnages mined. The decrease in
business, which has marked potentialities. The company occupies a zinc ore production
strong position in the industry and manufactures a particularly high quality working forces whicharose largely through the usual seasonal shortage of
continues into the third quarter. A part, however,
product. At present it operates quite generally throughout the country of the decline in zinc ore
tonnage, and practically all of the drop in copper
with the exception of the Pacific Coast. However, a plant is now under ore tonnage, was
due to the gradual depletion of mineable ore reserves
construction on the coast designed for the manufacture and sale of it product
which, as to copper ores so far as known, will be entirely exhausted in the
In that section. The completion of this plant, together with another also on third quarter.
Development
Course of construction, makes up a total of 4 separate plants stragetically mine was continued during work in and about the deepest levels of the
the quarter as actively as working conditions
located.
would permit, but while a very considerable footage of development was
An important feature connected with this purchase is the fact that acomplished both in
Lakeshire Cheese Co. controls the basic patents as to certain processes used commercial value or drifting and diamond drilling, no ores in quantity of
definite indications of such were disclosed.
In the manufacture of loaf cheese. It also uses the same channels of disBecause of accumulated cash from past operations, a distribution of 50
tribution as this company, which gives it the benefit of the Borden sales cents per share
amounting to $145,099 was made on June 30 1928, to stockorganization.
holders of record
The company will continue to operate as the Lakeshire Cheese Co. under $1.00 per share orat the close of business June 15 1928. making a total of
$290,198 paid this year, although as shown by the above
the direction of J. H. Wheeler, President.
statement the current earnings for the six months were only $61,720.:
As the Borden Co. is now engaged in the cheese business, this acquisition V. 126, p. 2796.
marks a further strengthening and diversification of Borden business and
earnings power, but all within the logical scope of the milk industry.
-V.
Burroughs Adding Machine Co.
-Listing.
127. p. 551.
The New York Stock Exchange has authorized the listing on and after
Aug. 17, of 200.000 additional shares of no-par value stock to be issued ass
Borg-Warner Corp.
-Earnings.
stock dividend making the total amount applied for 1,000,000 shares.
Net profits for the 6 months ended June 30, after depreciation, Federal
-V.
taxes. &c., were 32,304,300, equal to $5.32 a share (par $10) earned on 127, p. 685, 413.
410,000 shares of common stock after allowing for dividend requirements
California Eastern Oil Co.
on the 7% preferred stock.
-May Reorganize.
-V. 126, p. 3932.
See Julian Petroleum Corp. below.
-V.124. ro• 2913
.
(E. J.) Brach & Sons, Chicago.
-Larger Dividend.
-
The directors have declared a quarterly dividend of 70 cents per share
on the capital stock, payable Sept. 1 to holders of record Aug.
In March
apd June last, quarterly dividends of 50 cents per share were15.
paid. During
1927. the company paid the following dividends: 70 cents per share in March
and June; 30 conts per share in September and December; making a total
of $2 for the year.
-V. 126, p. 1511.
Calumet & Arizona Mining Co.
-Copper Output.
-
Production (Lbs.).1925.
1926.
1928.
1927.
January
3,474,000 3,788,000
3,728,000
. ,
February
4,082,000 3,000,000 3,590,000 3,068,000
March
4,038,000 5.408,000 4,020,000 3,416,000
April
5,196,000
4.204,000 3.482,000 3,876,000
May
5.452,000 4.844.000 4,908,000 4,410,000
Brandon Corp., Greenville, S. C.
- June
-Terms of Merger.
3,982.000 4,150.000 4.208,000 3,848.000
Under the recent consolidation of the Brandon Mills, the Woodruff July
3,186.000 3.722.000 3,322,000 3,752,000
Cotton Mills and Poinsett Mills, the basis of exchange was as follows:
-V. 127, p. 264.
(a) For each share of preferred stock of Brandon Mills, the holder was
se
entitled to one share of preferred stock of Brandon Corp. Any preferred of Canada
-Announces Consummation
Acquisition.-nadaDryGinger Ale, Inc.
stock of Brandon Mills not so exchanged was called and retired on July 1
1928.
The corporation announces that the purchase of all of the outstanding
(5) For each share of common stock of Brandon Mills. the holder was
entitled to receive 2 23-100 shares of class A common stock and 2 23-100 capital stock of E. B. Seely's Son, Inc., was consummated and possession
taken on Aug. 7 by the Canada Dry organization.
shares of class B common stock of Brandon Corp.
Canada Dry Ginger Ale, Inc.. offered to stockholders of record at the
(c) For each share of stock of Woodruff Cotton Mills, tho holder was
entitled to receive 1 35-100 shares of class A common stock and 1 35-100 close of business on July 5 1928, right to subscribe to one share of now
stock for each 10 shares then held at the price of $60 a share. It was also
shares of class B common stock of Brandon Corp.
(d) For each share of stock of Poinsett Mills, the holder was entitled to announced that over 98% of the 46,333 additional shares of capital stock
offered to stockholders of record July 5 was subscribed for without the
receive 93-100 of a share of class A common stock and 93-100 of a share of a
v. 127 p 55derl d.
id of an y unL h vriting. Rights expired on Aug.6 (see V. 126. p. 4085).
i
class B common stock of Brandon Corp.
The consolidated company shall have an original issue of pref. stock
limited to 15,000 shares (par $100), 68,000 shares of class A common stock
Cavanagh-Dobbs Inc.
-Earnings.
(par $100) and 68.000 shares of class B common stock (no par value).
6 Months Ended April 301927.
The authorized capitalization of the merging companies was as follows:
1928.
Brandon Mills,$1,750,000; Woodruff Cotton Mills,$1.000.000.and Poinsett Gross earnings
$5,016,567 $4,302,812
Net after all chargesbut before taxes
462,580
Mills. $600,000. See also V. 127, p. 412.
492,681
-V. 127. p. 264.
Bristol-Myers Co.
-Earnings.
-
6 Months Ended June 301928.
Net income after charges and Federal taxes
$685,694
Earns. per sh.on 180,800 shs. com.stk. out.(no par)
$3.79
-V.126. p. 3453.
1927.
$477.295
$2.63
Central Copper Co. of Arizona.
-Sale of Stock Prohibited
by Massachusetts Department of Public Utilities.
The Massachusetts Department of Public Utilities has issued an order
that the sale of securities of the company with properties in Arizona is
fraudulent or would result in fraud. This action was taken as a result of
failure of the officers of the company to submit certain information.
6 Mos. Ended June 30-1928.
1927.
n c tntea
heroa
Net income after charges and reserves
$86,928 further n aection with the foregoing action the Boston "News Bureau"
$320,510
Earns. per sh. on 75,000 shares cap. stk.(par $10).
$4.26
$1.16
Thousands of shareholders in Massachusetts, New England and elsewhere
-V. 125, p. 2269; V. 127, p. 685.
have, during the past few years.
importuned by traveling salesmen
Brunswick-Balke-Collender Corp.
to buy the shares of the Central been
-Earnings.
Copper Co. Millions of dollars worth
have been sold to small investors at various prices up to 85 cents a share.
6 Mos. End. June 301928.
1927.
The stock was offered on the representation that not more than $100 worth
Net income after all charges (approx.)
$650.000
$75,000
was allowed any one stockholder. Salesmen, however, showed how they
-V. 126. p. 2317
.
co ld ,ircum eh t ren. rul. by buying more stock in the name of other
peliplec nitnerve nildthis stee
Bucyrus-Erie Co.
-Balance Sheet June
(John W.) Brown Manufacturing Co.
-Earnings.
-
30.-
Assets1928.
Land, bldgs.. atc..
less deprec'n-_113,072,835
G'dwill,pats.,&c_j
2,671,971
Cash
Acc'ts & notes rec. 4,964,178
4,985,464
Inventories
Adv. pay'ts paid..
51,371
Deferred assets
Investments
150.000
Brokers' loans_ __
U.S.Treas. notes_ 350,219
10,033
Securities
Pref. stock reacq'd 488,949
84,132
Organiza. costs
1927.
l8.084.722
18.838.510
2,581,848
4,588,331
5,980.110
418,783
77.703
175,605
1928.
7% cum. pfd. stk. 8,830,000
Cony. pref. stock_ 2,095.580
Common stock_ 4,800,000
Accounts payable_ 502,172
Adv. pay. received
87,580
Dividends payable 134,742
Acer'd taxes, cornmissions, &c___ 1,873,758
Capital surplus__ 2,343,157
Earned surplus-- 8.382,185
Total
'The sale of the stock was banned in a number of states some time ago.
1927.
Early this year the shareholders were solicited to invest further funds by
$
8,840.000 turning in their stock and additional cash for shares of the Southwestern
2,094.000 Securities Corp., which was described as a proposed holding company for
4,800,000 various interests. including the Central Copper Co. Discontinuance of
912,922 sale of stock of the latter recently followed objection of the Comptroller
785,243 of the Currency to sale of stock in a holding company wherein the assets
188,250 aconndsoisttheder of mpanies.-y.k11s8to. p 5c5upled
ck 5
. o
with the securities of mining
co
989,134
d mes ain-teu ne : o_ l92 s Corp. (Sc Subs.).
Cert End. j d Product.
.
2,343,157
e i
-Earnings.8
7.770.886
1925.
1926.
1927.
Gross profit after repairs,
omdepreciation $2,251,956 $3,092,888 $3,069,678 $3.057 198
&
.
Other income
8.608
12,336
70.717
21,790
28.829,152 28,703.593
Gross income
$3,065,806
Selling, admin.,gen.exp. $2,322,673 $3,114,679 $3,082,014
exp. & bank int
1,657,210
2,050,511
1,785,868
1,804,725
-Wins Suit.
Interest on bonds
Burns Brothers (Coal).
262,548
220,770
A motion to restrain the directors from disposing of the company's hold- Federal taxes
138,500
173.000
176,700
13,330
ngs of Lehigh-Wilkes Barre Coal Corp. stock was denied Aug. 3 in the Sundry adjustm'ts (net)_
Cr680
Cr.2,504
2,725
7,680
Chancery Court in Jersey City by Vice-Chancellor Bentley. The motion
Net income
was made on behalf of four stockholders.
$40,567 $1,125,573 $1,120,420 $1,008,228
All the Lehigh-Wilkes-Barre stock, it is stated, has been subscribed for Pref. dividends (new).
107,627
1st pref. dividends
160,300
and deliveries already made to stockholders -V. 126, P. 4085, 3932.
1144,200
127,352
160,500
1
2nd pref. dividends_ _ _ -j
93,625
93,625
. 93,625
-55th Quarterly Report.
- Common dividends_ _ _ _
Butte & Superior Mining Co.
132,000
614,000
707,000
614,000
The report, covering the second quarter of 1928, shows:
Balance surplus... __. def901,412
Statement showing principal features of tonnage production and values
$622,303
$262,295
$273,748
Shares of com. outstand'g
for the quatter, as compared with those of the previous quarter:
(no par)
132,000
1927
1928
307.000
400,000
307,000
Earns. per sh. on com
Zinc Operations$7.61
2d Quar. 1st Quar. 2d Quar. 1st Quar.
$2.84
Nil
$2.89
88,056 -V. 126, p. 4086.
81,031
Zinc ore produced (tons)
83,956
61,521
5.28
5.66
Avge.silver content(oz.)
7.11
6.33
Childs Co.
12.54
(%)_12.67
-July Sales.
Avge. zinc content
465,126
Decrease.
1928-July-1927
Total silver in ore (oz.) _
458,273
531.503
437,657
1928-7 Mos.-1927.
Decrease.
.
Total zinc in ore (lbs.) _ - 16,037.059 21.266,354 20,730,247 22,086,989 $2,012.584 $2.256.127
$243.5431$15,178.482 $16,764,823 $1,586,341
-V. 127, p. 552. 265.
Copper Operations
Copper ore prod'd (tons)
12,284
12.007
3,112
7,350
Colonial Investors Corp., Balt.-52-Cent Dividend.
Avge.silver content(oz.)
4.98
7.23
6.52
5.33
This corporation, as members of Colonial investors Shares, have deAvge.copper content(%)
4.13
3.69
3.47
3.47
Total silver in ore (oz.)_
22,497
65,481
59,788 clared a dividend of $130 per unit, payable Aug. 15 1928. to shareholders
47,907
Total copper in ore (lbs.)
256,832
510,055
907,608
832,763 of record July 15 1928. Each unit consists of 250shares, and the dividend
28,829,152 28,703,593
Total
-V. 127. P. 685.
AUG. 11 1928.]
FINANCIAL CHRONICLE
827
N.Y.City. These machines not only deliver merchandise, but say "Thank
You" together with the specific manufactuers' advertising slogan while
delivering the merchandise. The machines produced a national sensation
and were described by Arthur Brisbane as "an almost human automaton."
-This company now operates about
(3) Sanitary Postage Service Corp.
20,000 of its well known sanitary postage machines from coast to coast.
in addition to about 12,000 machines which were sold outright.
The company has also produced special automatic postage machines for
post offices, which sell lc., 2c. and Sc. stamps in various combinations,
as well as stamps in book form, stamped envelopes and postcards. Ten of
these machines (60 units) are now installed on trial by the authorization
of the Post Office Department in N. Y. City, Providence, Cleveland,
Minneapolis, Memphis, Fort Wayne, Fitchburg, Port Huron, Bloomington and Freeport. The machine in operation at the main post office in
New York makes an average of about 500 transactions a day,thereby doing
-Earnings.-Fuel & Iron Co.(& Subs.).
Colorado
about one clerk's work and releasing human labor for more constructive
1928-6 Mos.-1927.
Period End. June 30- 1928-3 Mos.-1927.
purposes at the cost of only $I per day. The Post Office Department has
$8.574,799 210,644,598 $20,046,331 $22,287.578 successfully tried out in 55 post offices throughout the country the 2
Sales
-unit
Oper. expenses & taxes_ 7,481,045 8,723,739 17,255,281 17,714,782 machine which sells only lc. and 2c. stamps.
(4) Schermack Corp.of America.-This company is the pioneer in the auto_$1,093,754 $1,920,859 $2,791,050 $4,572,796 matic postage field. It has spent a large amount in the development of
Income from oper _
51,344
106,611
59,648
30.549
Other income
the sanitary postage machines, both for the commercial locations and the
offices, with the result that these machines, due to their mechanical
$1,124,304 $1,972,202 $2.850,698 $4,679,407 post
Total income
practicability, are almost exclusive in the national field.
944,968
455,585
402,524
974,854 palection and
Int. on bonds & notes
The Consolidated Automatic Merchandising Corp. has secured the exclusive
1.185,201
680,424
1,249,011 services of Joseph J. Schermack, President, whose inventive genius was
523,271
Depreciation
for the creation of the talking automatic merchandising machines
$836,193
$720.529 $2,455,542 responsible
Net before Fed.taxes_ $198,508
and the sanitary postage machines.
Earns, per share on 340.-The Consolidated Automatic
(S) Remington Service Machines, Inc.
$2.34
$0.47
26.98 Merchandising Corp. is acquiring from the Remington Arms Co. all stock
$1.88
505 corn. shs. (no par)
-V. 126. p. 2971.
and(or) property of its subsidiary, the Remington Service Machines. Inc.,
contracts, machinery. &c.
-Stocks consisting of valuable manufacturing
Consolidated Automatic Merchandising Corp.
The Remington Arms Co., known throughout the world for its marvelous
as the principal
precision work, will
-F. J. Lisman & Co., are offering 200,000 shares solidated company. serve Remington Armsmanufacturing end of the conOffered.
Co. has an important stock in
The
$3.50 cumulative convertible preferred stock (no par value), the Consolidated Automatic Merchandising Corp. and is represented on
shares common stock (v. t. c.) no par value, in the board by its President.
and 200,000
-The companies to be combined have over 80.000
units of 1 share of each class at $55 per unit. Listed on ofExpansion Program. in operation (approximately 36,000 weighing scales,
automatic machines
Stock Exchanges.
sanitary postage machines and 25,000 Hoff vending machines).
20,000
Chicago and Boston
company has access to about
Transfer agents: Equitable Trust Co. New York: National Shawmut Through the devices already in operation, the
retail locations of the highest type.
Bank, Boston, and First Trust & Savings Bank, Chicago. Registrars: 50,000 carefully studied expansion program provides for the following to
Central Union Trust Co., New York; Old Colony Trust Co., Boston. and beThe
in operation by the end of 1933: 100,000 batteries of automatic merIllinois Merchants Trust Co., Chicago.
change making machines (an average of 10 units in a batPref. stock entitled to cumulative preferential dividends of $3.50 per chandising and
-M. Convertible for five years into common stock tery). 60.000 weighing scale, 99,000 sanitary postage machines, 250,000
payable Q.
annum,
Hoff gum and life savers vending machines.
on the following basis: The first 50,000 shares tendered for conversion.
The program providing for the installation of 100,000 batteries of the
1 4 shares common for each share of pref.; the second 50,000 shares, 14
merchandising and change making machines includes not only
shares for each share of pref.: the third 40,000 shares, 1 1-10 shares for automatic of these machines, for the company's account and on a rental
each share of pref., and the fourth 50.000. share for share. Callable as a the placing existing and contemplated locations, but also the rental of
in part on 60 days' notice at $55 per share and accrued dividends. basis, in the office buildings, railroad stations, &c., as well as the possible
whole or
wall space in
the conversion privilege to extend to the tenth day before the redemption establishment of a chain of automatic department stores throughout the
date. After the conversion privilege ceases, a 1% cumulative sinking country, to be operated for the company's own account.
to the maximum amount thereafter outstanding will
fund applicable
-During the last fiscal period the 7 months ended Dec.31 1927
Revenues.
operate by purchase in the open market or by drawings at $55 and accrued
General Vending Corp. put into operation its plans to convert the dial
dive, the pref. stock and the common stock will have one vote for each the
machines into ticket machines and also started an energetic expansion
in a voting trust.
share. The common stock will all be deposited
program. The results achieved in this period Indicate not only the subAuthorized.
Outstanding.
Capitalization200.000 shs. stantial earning power of the company, but also its profit possibilities upon
$3.50 cum. cony. pref. stock (no par)___- 200,000 shs.
completion of its conversion program. Comparative figures of sales, &c.,
x4,000,000 shs. *2,050,000 shs.
Common stock (no par value)
*Assuming acquisition of all stock of subsidiaries. x The balance are given below:
7 Mos.End,12 Mos.End.
(1,950.000 shs.) to be held in the Treasury for future requirements of the
Dec. 31 '27. May 31 '27.
corporation. including stock subject to outstanding warrants and options
$1,804.311 43,242,843
Tota sales
for the conversion rights of the $3.50 pref. stock.
and stock reserved
income
-Robert E. Allen (V.-Pres. Central Gross
Voting Trustees (Common Stock).
y959.163
to hit., deprec. & Fed. taxes 562.088
Co.), A. E. Bates (V.-Pres. Equitable Trust Co.). John Net income applicable
Union Trust
x Including inter-company sales capitalized. y Including inter-company
Gaston (Hirsch, Lilienthal & Co.), A. Granat (V.-Pres. United Cigar Stores
for capital items in the amount of $185.417
Co.of America), F.J. Lisman (F. J. Lisman & Co.), A.J. Sack (Chairman) profits of$70,000 and adjustment
charged to operations.
E. S. Steinam (Banker). New 'York.
The work so far done by the Automatic Merchandising Corp. of America
Data from Letter of Chairman A..1. Sack, July 23.
the Sanitary Service Corp. has been mostly of a development nature.
-Incorporated in Delaware May 29 1928, under the auspices and results obtained definitely prove the 4111CC4131 of both machines and
Corporation.
The
and
of the 'United Cigar Stores Co. of America with prominent parties interested rental applications now on file at the offices of both companies assure defia view to merging several
in the Sanitary Postage Service Corp.,
thoroughly nite earnings to substantiate the estimates of the General Valuations Co.
large companies already established and thereby laying a
Summary of Estimated Consolidated Net Earnings.
sound and economic foundation for a premier company in the rapidly
growing automatic field.
415 Year. 515 Year.
Profits During 1st Yr. 2d Year. 3d Year.
The United Cigar Stores Co. has an important financial interest in the Autom.Isierch. &
Consolidated Automatic Merchandising Corp. and is rpreesented on the
Change Makits vice-presidents. Their A. Granat becomes Vicoboard by two of
ing Machines 2361,250 $1,487,500 24,590,000 $9,180,000 215,300,000
Presidetit of the new corporation and a member of the executive committee. sanitary Post- 119.961
306,229
191,292
551,743
429,666
-The incorporators recognize
The Automatic Age. Age" and the immediate and the opportunities Gen. Vending
stupendous future
created by the "Automatic
2,632,178 2,867,560
Corp.& subs. 1,729,716 2,175,057 2,915,186
in the application of automatic means to merchandising.
Dr. Julius Klein, Director of the Bureau of Foreign and Domestic Com12.210,927 $3,853,849 $7,811.415 $12,241.844 118,719.303
Total
ity:free, estimated recently the distribution waste in the United States at
Consolidated Balance Sheet as of December 31 1927.
$8.000,000.000 annually and traced a great amount of this waste to "the
to make headway with the present com
efforts of our business machinery
[Assuming acquisition of all stock of subsidiary companies to be acquired
bination of scientific mass production and haphazard antiquated dis- and giving effect to issue and sale of stock of"Cameo," as now proposed.]
tzibution."
Liabilities.
Assets.
It is the purpose of the corporation to help eliminate this discord between
84.330,093 Current liabilities
$896,941
modern production and antiquated distribution. At this moment, the Cash
544,989 Res. for contingencies, 4ze___
24,272
companies under our control have over 80,000 automatic devices in operation Other current assets
s700.000 6% bonds
d4,500.000
covering 50,000 first-class retailing locations from coast to doast. Among Cash-Dividend fund
b6,430,504 Reserve tor dividend
8700,000
devices are the following important chain organizations: Property (less reserves)
tho users of our
731,987 Capital to be outstanding__ 18,854,976
Woolworth Co., Liggett Drug Co., Owl Drug Co., Walgroen Drug Co., Deferred debititems
cI2,238.617
Photomaton Operating Corp. United Cigar Stores Co.. Schulte Co, Intangibles
.
Stores, J.0. penney
Union News Co., Metropolitan Co., Happiness Can
$24,978,189
Total
324,976,189
Total
Co., McCrory Stores, Grant Co.
Contracts with many of the above are exclusive.
a Cash appropriation for dividend to and incl. June 15 1929 on cum.cony.
-The installation
The Automatic Age in Operation. the United Cigar of the Talking Auto- pref. stock. b Weighing, gum, postage, merchandising machines. &c.
Store at 33d St. and c Locations and contracts for locations_, Wm. Wrigley Jr. Co. contract.
matic Merchandising Machines in
Broadway, N. Y. City, and the decision on the part of the United Cigar patents. Patterns. Stn. d Of General Vending Corp. (guaranteed).
-The proceeds of the pref. and the common stock will be used
Purpose.
Stores Co. to apply those machines to their stores wherever possible was
greeted by responsible opinion all over the country as the establishment for the acquisition of pref. and common stocks and payment of the floating
of automatic merchandising as a national institution.
debt of the corporations to be acquired and for the purpose of expanding
The above-mentioned machines, combined with an Automatic Change the business and for working capital.
maker, installed on Nov. 27 1927. handled a total of 180.823 transactions
The amount of cash available to the new company, upon issue and sale
during 234 days in operation; an average of 773 transactions per day. of its stock as now proposed, for expansion and working capital as shown
Following this success, a battery of Talking Automatic Merchandising above, will be about $4,300.000.
the Ligget Drug Store at 42d St.
Machines was installed on July 16 1928 in
The following is taken for the company's application to
and Madison Ave., N. Y. City, for the purpose of testing the service preliminary to its application to the IAggett stores throughout the country list the stock on the Boston Stock Exchange:
(over 450 in number).
Use of Proceeds from Securities.
The advance of the "Automatic Age" and the value of the devices
The company receives from the underwriting of its preferred shares
controlled by this company can be seen from the fact that during the year
1927 nearly 300,000,000 people weighed themselves on the Peerless scales. $9,000,000, of which approximately 15,475.000 will be used in the acquisicontrolled by the General Vending Corp. The 30.000 Sanitary Postage tion of the shares of capital stock of the following companies at the followMachines in operation are already selling over 120,000,000 postage stamps ing prices:
(a) General Vending Corp. preferred at $100 per share.
yearly, thus showing that the public readily appreciates the cleanliness
Sanitary Postage Service Corp. preferred at $40 per share.
and convenience of Automatic Postage Service.
-With a view to establishing a company which should become
c) Sanitary Postage Service Corp. common at $2 per share.
Business.
the atomatic merchandising field, it was decided
Automatic Merchandising Corp. of America pref. at $110 per share.
a loading factor in large companies already in
operation, so that great
(e) Automatic Merchandising Corp. of America common at $28 Per sh•
to consolidate several
(f) The Schermack Corp. of America preferred at $2.50 per share.
could be achieved in the management of the consolidated entereconomy
(g) Remington Service Machines. Inc., all stock for $100,000 and comprise, as well as in production, distribution and the joint servicing or the
mon stock of this corporation as below:
automatic devices. The Consolidated Automatic Merchandising Corp
of the issued and outstanding common stock of the
175.000 of the above $5,475,000 is to be paid to The Schermack Corp.
will own a majority
all indebtedness.
following companies and proposes to acquire substantially all such stock, of America to free it from be paid for the common shares of the above comIn addition there are to
stock and (or) cash therefor:
having reserved
-Owns and operates over 36,000 automatic panies common shares of the Consolidated Automatic Merchandising Corp.
(1) General Vending Corp.
many prominent chain stores through- on the following basis:
scales in excellent locations,including
Consolidated Common.
Canada. Tilts company, through its subout the United States and
per share 2 shares
Corp
has an exclusive
General
sidiary, the Hoff Vending Corp., as the authorizedcontract with the Wm. Sanitary Vending Service Corp
per share 1 A shares
Postage
distributor throughout
whereby it acts
Wrigley Jr. Co.
per share 50 shares
brands (Penny P. K., Chewing sweet, Automatic Merchandising Corp. of America
Wrigley
the United States of the
per share 0 shares
America
and Juicy Fruit Short-tab Vending Gum) of penny chewing The Schermack Corp. of
Spearmint,
shares
Machines,
machines, except for certain locations, Remington ServicMachines, Inc., for all shares
gum in coin-controlled vending no way conflict with the business
To the extent that such securities are not acquired by the corporation, the
in
of
covered by old contracts whichcontract for the automatic vending of the cash will remain in the treasury of the corporation and the common stock
the
an exclusive
corporation; also
of this corporation will be held in reserve.
"Life Savers" products.
The balance of the proceeds for the preferred shares will housed for workCorp. of America.
-This company was
(2) Automatic Merchandising
auspices of the United Cigars Stores Co., and has since ing capital and general development.
organized under the
-Joseph J. Schermack, Pres.; A. J. Sacx, Chairman of Board
Officers.
merchandising machines and
produced the talking automatic in the United Cigar Store at change and Vice-Pres.: A. Granat, Vice-Pros.: Nathan A. Smyth, Vice-Pros.;
33d St.
making machines, now in operation Store at 42d St. and Madison Ave., J. Cyril Donaghue, Sec.; Frank H. Wolff, Treas.
Drug
and Broadway and the Liggett
is therefore equivalent to 52 cents per share. The shares now are selling
at about 211s.
Colonial Investors Shares is an investment trust of the limited discretionary type. Each unit consists of one share each of a primary list of
41 prominent railroad,industrial, oil and utility stocks, or their alternates or
substitutes.
All of the stocks in the primary list and all of the alternate stocks are listed
and actively traded in on the New York Stock Exchange,the alternate stocks
and other substitute securities being clearly defined in the Indenture of
Trust under which Colonial Investors Shares are issued. The Union Trust
Co. of Maryland is trustee.
All dividends paid on the underlying stocks are distributed every 6)
months to the holders of Colonial Investors Shares.
pd)
828
FINANCIAL CHRONICLE
Directors.
-Albert G. Allen, Rye, N. Y.; Robert E. Allen, New York,
N. Y.; A. Granat, Dongan Hills, S. I., N. Y.; F. J. Lisman, New York,
N. Y.; Saunders Novell, Larchmont, N. Y.: Stanley Nowak, Hollis, L. I.,
N. Y.; A. J. Sack, New York, N. Y.; Joseph J. Schermack, Jackson
Heights, L. I., N. Y.; Nathan A. Smyth, Englewood, N. J.
Principal Executive Office.
-285 Madison Ave., New York, N. Y.
Guarantees General Vending Corp. 6% Bonds.
-See latter
company above.
-V. 127, p. 686, 413.
Consolidated Cigar Corp.
-Earnings.
-
Period End. June 30- 1928-3 Mos.-1927.
1928-6 Mos.-1927.
Net profit after interest,
Federal taxes, &c__
$966,550
$756,985 $1.642,503 $1,280,614
Shs.com.stk.out.
(no par)
250,000
250.000
250.000
250,000
Earns, per sh. on corn....
$4.61
$2.87
$2.78
$4.64
-V. 126, p. 2971.
President Geo. K. O'Donnell Aug. 1 says in substance:
The company's scope of business has heretofore been confined to the
Metropolitan district of New York. In that field it has doubled its business
every year. The company's business has now expanded to a point where it
is taking on a national aspect. The company has more business in New
Jersey than it could handle advantageously from its Long Island City plant
and therefore acquired, during May of this year, the plant and established
business of the North Jersey Ice Cream Co. at Passaic, N. J. The economic
advantages of this purchase are already apparent in the company's
operations.
Recently the company closed a 10
-year contract with the United Cigar
Stores, the Happiness Candy Stores, the Mirror Stores the United Retail
Chemists Corp.. and the Whelan Drug Stores, whereby it furnishes to these
chains all of their ice cream requirements in localities which can be served
by the company and whereby the company acts as purchasing agent for
these chains for their ice cream requirements in all other localities, and also
purchases the latter's refrigerating and other necessary equipment. During
the short period of time these contracts have been in effect, this company
has been very active in arranging for purchases of ice cream and equipment,
and it seems inevitable, due to this association that, as soon as practicable,
the company will commence the manufacture and sale of ice cream in several
large Metropolitan centers such as Philadelphia, Chicago and Boston.
This will be done either by the building of new plants or by the acquisition
of plants and properties of going concerns.
In the Metropolitan distr:ct of New York the company plans taking over
additional going concerns during the next few months and also anticipates
increasing its customers by 1,000 independent dealers located in this
district.
It is obvious that to carry out any considerable portion of these plans
which the directors have in mind a substantial increase in the authorized
capital stock will be necessary, and the new authorized stock will be used
for that purpose. Practically all of the gen. mtge. bonds have been converted or redeemed so that out of an original issue of $500,000 there are
are now outstanding, as of this date, only $147,000 of these bonds. It is
reasonable to suppose that these outstanding bonds will be converted and
upon completion of such conversion the company will have 125,000 shares
of common stock authorized and outstanding, with no funded indebtedness
and no bank loans. It is proposed to increase the authorized stock to a
total of 250,000 shares.
Sales of this company show, for the first 7 months of 1928, an increase
of 27% over the sales for the same period of 1927.
Comparative Balance Sheet.
AssetsJune 30'28 Dec. 31 '27
LiabilitiesJune 30'28 Dec. 31 '27
Fixed assets (deCapital stock
$1,678,534 $1,058,234
prec. value)--$1,194,263 $1,139,882 Accts. payable
25,313
56,852
Cash
10.074
370,733
166,460 Accr. exp. payable
4,944
Notes & accts. rec. 104,050
4,815
92,329 Accrued interest__
1,730
Advances to subs_
79,530
Cont. llab.-soda
11,991
Investments
266,052
(see contra)
16,282
90,536
foun.
59,009
Merchan. invent'y
51,904
17,709 Equip. notes pay.
33,852
81,300
Cont. asset-soda
Pure, money mort.
77,150
foun.(see contra)
16,283
11,991 10-year 7% gen.
Prepaid insurance,
466,500
mtge.bonds_ _ . 157,600
_
3,646
taxes,&c.
7.436
1.724
6,323 Sundry reserves__
Good-will
304.347
500,000
500,000 Earned surplus__ _ 592,104
30,531
Deferred charges
Tot. (each side)$2,620,783 $2,025,229
a As follows: Chapin Dairy Stores. 8% pref. stock (18 shares) and
Chapin Dairy Stores, no par common (outstanding 74 shares), together.
$1,800. and Consolidated Dairy Products Co., Inc., no par common
(outstanding 18,507 shares), $1,676,734.-V. 126, p. 3761.
Consolidated Lead & Zinc Co.
-Acquisitions.The company has acquired the Kitty mine in the West Cardin (Oklaet
district and the Domado mine in Cardin, Okla. The Mary M. Floe
plant, built on the Kitty lease, is included in the deal.
-V. 126.P.3933
.
Consolidated Sand & Gravel, Ltd.
-Initial Dividend.
The directors have declared an initial quarterly dividend of 14% on
the 7% cumul. cony, redeemable pref. stock, navable Aug. 15 to holders
of record Aug. 8. See offering in V. 126, p. 3761.
Continental Baking Corp.
-Bonds Called.
There have been called for redemption as of Sept. 1 next, at par and
int., 100 Schults Bread Co. 30
-year mtge. 6% gold bonds, due March 1
1940. Payment will be made at the National City Bank of New York,
-V. 127, P. 265.
181 Montague St., Brooklyn, N. Y.
Converse Rubber Shoe Co., Malden, Mass.
-Receiver.
Federal Judge Lowell at Boston, Mass., appointed Morton L. Paterson
(President) receiver on the application of Attorney Charles F. McCarron
for the Turner Halsey Co.,cotton brokers, New York City. The company's
assets at the present time are stated at approximately $2,225,000, while its
liabilities are substantially the same, it is said
127. P. 552.
-Initial Dividend.
Corrugated Paper Box Co., Ltd.
man of the Reynolds Spring Co.): James I. Bush (Vice-President of the
Equitable Trust Co.): Arthur B. Westervelt (Vice-President of the American
Trust Co.); Harris Hammond (President of the Mexican Seaboard Oil Co.);
Percy L. Deutsch (President of the Sonora Phonograph Co.); Victor C. Bell
(of A. D. Mendes & Co.); and Orlando P. Metcalf (of Metcalf menines,
Allen & Hubbard). An advisory board will shortly be announced.
With the possession of numerous De Forest basic patents and important patent rights, the new organization plans the early production of
a complete line of perfected vacuum tubes representing the latest achievements in this highly specialized field. There will also be produced a complete line of radio receivers and accessories, representing the utmost in
research and engineering.
"Realizing the close and growing partnership between phonograph and
radio arts, the De Forest Radio Co. will be associated with the Sonora
Phonograph Co.. a pioneer in phonographic and acoustic development, in
the production of radio receivers and phonographs."
Recapitalization and Reorganization Plan Completed.
Consolidated Dairy Products Co., Inc.
-Stock Increase.
The stockholders will vote Aug. 16 on increasing the authorized capital
stock from 125,000 shares to 250,000 shares, no par value.
[VOL. 127.
The voting trust agreement for stock of the company has been terminated
and certificates of stock are now ready for delivery in exchange for voting
trust certificates at the Equitable Trust Co., depositary, 11 Broad St.,
New York City.
The stockholders'protective committee,consisting of P.Chauncey Anderson (Chairman), Dr. Lee De Forest, Albert P. Beringer, George F. Maddock and John H. Mull. with H. P. Nash of 11 Broad St., New York City,
as Secretary, has been discharged.
The Equitable Trust Co. of New York has been appointed registrar for
the common stock, and the American Trust Co. as transfer agent.
An agreement was entered into with W. R. Reynolds & Co. in February
1928 to purchase 600.000 shares of the non-par value common stock of the
company for $300,000.
The committee determined after exhaustive investigation that said agreement presented the best available opportunity to the company to refinance
and resume its business. It was necessary to amend the certificate of incorporation of the company on May 24 1928 so as to increase the authorized
number of shares of capital stock without par value from 250,000 shares to
1,700,000 shares divided into 350,000 shares of cumul. pref. stock class A.
350,000 shares of cumul. pref, stock, class B,and 1,000,000 shares of common stock, and further to provide that any stock and any securities convertible into stock may be issued to such persons as the board of directors
may determine and need not be offered to the existing stockholders of the
company for subscription and purchase. There were 210,208 43-70 shares
of common stock in the hands of the public.
The class A and B pref, stock, after authorization, were cancelled and
there have been but 600,000 additional shares of common stock issued,
making a total outstanding stock of one class, 1. e., common stock, no par
value, 810,208 43-70 shares.
-V. 126, p. 2482.
Delaware Rayon Corp.
-Acquisition.
-
See Manomet Mills of New Bedford, below.
Detroit Vapor Stove Co.-Earnings.-
.14enths Ended June 30-1928.
Net sales
$1,248,597
Net income after interest, taxes and depreciation,
but before Federal taxes
155,338
Easrtnsoc
82,843 combined class A and B
icspe(rnoshp.
par)
$1.68
-V. 121, P. 844.
927 79
.
124,0
$924,430
$0.10
Diamond Shoe Corp.
-Registrar.-
The National Bank of Commerce in New York has been appointed
Registrar of the preferred and common stock. (See also V. 127, p. 414,
553).
Dodge Brothers, Inc.
-Three Officials Retire.
Resignations of three officers of Dodge Brothers, Inc., which was recently
acquired by the Chrysler Corp., were announced on Aug. 4 in a statement
issued by the latter corporation. The officers leaving the organization are
E. G. Wilmer, President: Frederick J. Haynes, Chairman, and A. T.
Waterfall, Vice President.
The statement follows: "The Dodge corporation will be maintained by
the Chrysler interests as a separate organiration, but under the direction
and supervision of the officials of the parent company. As announced
earlier. Walter P. Chrysler has taken the presidency of the Dodge Brother.
division.
"K. T. Keller, Vice President of the Chrysler Corp., becomes Vice President of Dodge Brothers in charge of all operations in the latter's plants.
.1. E. Fields becomes Vice President in charge el sales of all Chrysler
divisions, adding the Dodge sales direction to his duties as Vice President in
charge of sales of Chrysler and Plymouth and President of De Soto Motor
Corp.
"Fred M.Zeder, Vice President in charge of engineering of tho Chrysler
Corn., becomes Vice President in charge of engineering of all divisions.
B. E. Hutchinson, Vice President and Treasurer of the Chrysler Corp., now
becomes Vice President in charge of finance of all divisions.
"Cantralized management, while promoting greater efficiency and insuring more productive personnel, will in no way submerge the individuality
of Dodge Brothers, nor %ill the direction of the Dodge activities by Chrysler
officials be permitted to deplete the personnel of the Chrysler Corporation.
"With the acquisition of
properties by the Chrysler Corp.
E. G. Wilmer, former Dodgethe Dodgeannounces his intention of fulfilling
Prosuleet
a long-felt desire to retire from the active direction of the Dodge business.
"Frederick J. Haynes likewise tendered his resignation to Mr. Chrysler,
d.
the wish, after many years of faithful service as active executive
head of Dodge Brothers, to relinquish his many duties as Chairman of the
board,
"A. T. Waterfall, whose resignation had been presented to the Dodge
Brothers board some time before the initial negotia'dons between Chrysler
and Dodge, will take advantage of the opportunity offered by the realignment of the Dodge personnel to spend a long contemplated holiday abroad.
"While all Dodge activities will naturally be under the supervision of Mr.
Chrysler and his associates in the Chrysler Corp., there will be no drastic
changes in the internal personnel of Dodge Brothers.
-V. 127, p. 687, 553
dendurkee-Thom a_s Corp., San Francisco.
Ds_Fjnancing.
-Initial Divi-
The directors have declared initial quarterly dividends of 43LI cents Per
share on the cumul. cony. A stock, no par value, and 20 cents per share
on the class B stock, no par value, both payable Sept. 1 to holders of record
Aug. 15.
Shingle, Brown & Co. and Geary, Meigs & Co., San Francisco, in July
Offered 20,000 shares of cumul. cony. A stock at $24.50 per share and
-July Sales.
Cox Stores Co., Inc.
Increase. 10,000 shares of class B stock at $12.50 per share. (The latter stock was
increased 1928-7 Moz.-1927.
-July---1927.
1928
$470,960 offered only in connectin with the A stock on the basis of not to exceed
$19,799 $1,905,585 $1,497,625
1227.563
$247,382
one share of B stock for each 2 shares of A stock.)
127. P. 265.
The A stock is preferred as to dividends, which shall be cumulative, to
the extent of $1.75 per share per annum, payable Q.
-Div. No. 2.
-M. Preferred as to
Curtiss Aeroplane & Motor Co., Inc.
assets, in event of liquidation, to the extent of $30 per share and accrued
The directors have declared a semi-annual dividend of 50 cents per share dividends. Redeemable
at $30
on the common stock (no par value), payable Sept. 15 to holders of record per share and accrued on any dividend date on 30 days' noticeto date
time prior
Sept. 1. An initial semi-annual distribution of like amount was made on of redemption into B dividends. Convertible at anystock Is entitled to
stock, share for share. The 11
March 15 last.
-V.127. p. 113.
dividends, subject to priority of A stock, which, it is anticipated, will be
at the initial annual rate of 80 cents per share, payable quarterly on dates
-Listing.
Dairy Dale Co.
to be fixed by the directors. Dividends free from ncrmal Federal income
The San Francisco Stock Exchange has authorized the listing of 2,000
registrar.
f
o er FinancionT
additional shares of class A stock, no par value, and 47,000 additional shares taxdapiWtaelliziaarPioarego Btnk & Unino rust Co., San Francisco, Outsta0din
n
2 m
Authorized
-V. 126, p. 4087.
of class B stock, no par value.
Cumul.convertible A shares (no par value)
Class B shares (no par value)
50,000
12000 0
55,00
Davega, Inc.
-July Sales.Increase.
con0
Increase.' 1028-7 Mos.-1927.
President S. P. Durkee in a letter to the bankers in r
1928-Ju4i'---1927.
$272,347 nection
547,387131,883,506 51,611,159
$333,671
$286,284
with the new financing, says:
-V. 127, P. 266.
Corporation.
-will take over the businesses of Durkee-Thomas Products
Co., Hobbs Battery Co., Co-operative Battery Co., Inc., and Payne Mfg.
-Reorganized.
De Forest Radio Co.
With the complete recapitalization and reorganization of the company, Co. This effects the consolidation of important independent units in the
President James W. Garside says: "The new organization represents battery business on the Pacific Coast, with combined sales In 1927 in excess
the mobilization of finances running well into seven figures, quite aside from of $1,600.000. The 3 first-named companies are engaged in the manuthe cancellation of all indebtedness. The best ability and experience which facture and sale of electric storage batteries for automobiles, radios, and
the radio industry has to offer, have likewise been mobilized. The plant kindred uses, and also of special types of batteries used by largo public
in Jersey City is being remodelled and re-equipped for utmost efficiency. utility corporations. The consolidation of these companies, eliminating
The President and General Manager of the new organization is James W. duplication in overhead, manufacturing plants and sales effort, will effect
Garside. The hoard of directors is as follows: A. J. Drexel Biddle, Jr. material economies. l'urchase of the Payne Mfg. Co. gives the now
(trustee of the Duke Endowment), Chairman; Wiley R. Reynolds (Chair- corporation its own plant for the manufacture of wood separators used in
The directors have declared an initial quarterly dividend of 1 % on
the 7% cumul. sinking fund redeemable preference shares, payable Sept. 1
to holders of record Aug. 16. See offering in V. 126, p. 4087.
FINANCIAL CHRONICLE
AUG. 11 1928.]
battery construction. A considerable outside market for separators is also
available, and the plant is equipped to produce approximately 4 times
the present requirements of the battery output of the new company.
Battery manufacture plants are maintained in San Fracisco and Los
Angeles, with distributing agencies in all important coast cities. The
manufacturing plant for wood separators is situated in West Berkeley.
Assets.-The consolidated balance sheet, as of Dec. 31 1927, after giving
effect to this financing,shows a net worth of$783,233,with current provision
of over 3% to 1.
-Combined net earnings for the year 1927, of the 3 conEarnings.
stituent battery companies, after allowance for depreciation, Federal taxes
and adjusted management overhead, were $107,065, or at the rate of $5.35
per share on the A stock to be presently outstanding. This is more than
3 times the required preferential dividend. Earnings applicable to f.0.000
shares of B stock to be presently outstanding were at the rate of $1.44
per share.
-The consolidated business will be under the active diManagement.
rection of S. P. Durkee and T. A. Thomas, who, from an origianl capital
of $150 built up a large and profitable independent battery business on
the coast, and C. G. Pyle, President and General Manager of Hobbs
Battery Co.
-Proceeds will be employed to acquire all of the assets of the
Purpose.
constituent companies, to liquidate certain liabilities and to provide additional capital for expansion purposes.
-It is expected that application will be made in due course to
Listing.
list the cumul. cony. A stock and the B stock on the San Francisco Stock
Exchange.
-Extra Dividend of 75 Cents.
Eastman Kodak Co.
An extra dividend of 75 cents a share has been declared on the common
stock in addition to the regular quarterly dividend of $1.25 a share. Like
amounts were paid on the common stock in the previous eight quarters.
V. 127, p. 688.
-Earnings.
Edwards Mfg. Co.(Boston).
1927.
1926.
1925.
6 Mos. End. June 30-- 1928.
Net profit after deprecia$22,836
$47,476 dcf$43.095
$37,280
tion charges, etc. ____
Earns, per shr. on 11,000
$2.07
$4.32
Nil
abs.cap.stk.(par $100)
$3.39
Balance Sheet June 30.
1927.
Liabilities1928.
1928.
Assets1927.
81,100.000 81.100,000
Real est. & mach..$2,599,839 $2,473,571 Capital stock
2,325 Reserve for deprec. 953,588
2.325
Investments
906.285
486,868 Notes payable_ _ _ 900,000
Acols receivable__ 481,063
865,000
65,551 Res. for taxes and
53.212
Cash
12,634
commissions ___
11,878
26,935
Interest prepaid
36,302 Accounts payable_
32,795
62,541
130,562
Insurance prepaid_
1,178,382 1,139,582 Profit and loss. _ _ _ 1,222.223 1,109,079
Inventory
Surplus
11,700
105,907
105,907
Deferred charges_ _
Total
_Ir. 125,
94,371,194 $4,216,833
Total
34.371,194 84.216,833
p. 2675.
-Settlement of Claim.
Empire Petroleum Co.
829
per dollar of taxable value per annum on any income tax not exceeding 6
of the annual dividend, now or hereafter imposed by any State. Free
from present normal Federal income tax.
Transfer agents: Peoples Trust & Savings Bank, Minneapolis; Seaboard
National Bank, New York; American Trust Co., Boston, and the Bank
of California, San Francisco. Registrars: First Minneapolis Trust Co.,
and Wells Fargo Bank & Union Trust Co., San Francisco.
Data from Letter of H. H. Henley, President of the Company.
-The proceeds from the sale of these three classes of stock,
Purpose.
-year 6%
together with the proceeds from the sale of the 1st mtge. 15
sinking fund gold bonds (see below) will be used to complete the Foshay
-story Foshay Tower now
-story base and the 32
Building, including the 2
in the course of construction, and for other corporate purposes.
Capitalization Authorized and Outstanding (after Present Financing).
-year 6% sinking fund gold bonds, and mortgages
1st mtge. 15
$1.313,500
on leasehold property
775,000
7% cumulative pref. stock (par $100)
7.750 abs.
Class A cumulative common stock (no par)
30,000 shs.
Class B common stock (no par)
-story con-The Foshay Building consists of a half block of 2
Building.
-story Foshay Tower in the center thereof, giving
struction with the 32
much the effect of the Washington Monument. The building is of steel
construction with Bedford stone facing and the tower is approximately
90 feet square at the base, so designed as to give the maximum of light,
air and space to each floor. The building is being constructed of the
highest grade materials and in accordance with the most advanced en-story portion of the building is practically
gineering practice. The 2
completed and the completed portion, as of June 1 1928, was over 95%
occupied. The tower is now under construction, the steel work being placed
to the fourth floor.
-A recent appraisal of this property by Edward J. O'Brien,
Equity.
Realtor of Minneapolis, was made for George M.Forman & Co.of Chicago,
purchased the 1st mtge. bonds. This appraisal places a sound value
who
on the completed building. feeholds and leaseholds and an estimated cost
of the uncompleted building, which with the other corporate assets aggregate $3,182,416. Edwin Sommerville, well-known appraiser of Minneapolis
in his appraisal of this property places a sound value on the completed
building, feeholds,and leaseholds and an estimated cost of the uncompleted
portion of the building, which together with other corporate assets aggregates $3,152,340.
-story portion of the
-Practically all of the space in the 2
Earnings.
building is now occupied by responsible tenants. Edward J. O'Brien estimates the annual gross revenue from the Foshay Building at $439.188,
and after operating expenses, including allowance for vacancies, taxes,
leasehold rentals, interest, &c., a net of $134,219 as available for dividends,
amortization, Federal income tax and surplus. Mr. Sommerville estimates
the annual gross income, after deducting 10% for vacancies, at $394.512.
-George M. Forman & Co. are offering
Bonds Offered.
at 100 and int. $1,000,000 Foshay Office Bitilding closed
1st mtge.fee 6% sinking fund gold bonds.
Dated April 1 1928; due April 1 1943. Interest payable A. & 0. without deduction for normal Federal income tax up to 2%. Bonds and coupons
payable at Continental National Bank & Trust Co., Chicago, trustee.
Callable at 103 and int, on any int, date upon 60 days' notice. Trust
-V. 109. p. 581.
See Pierce Petroleum Corp. below.
deed provides that upon proper and timely application to the trustee the
following State personal property taxes lawfully paid will be refunded to
Mills, Enfield, R. I.-To Increase Stock.
Esmond
bondholders: Penn., Conn., Maryland, Calif.. Kansas, Mich. Vermon
'
The stockholders will vote Aug. 22 on increasing the authorized common Kentucky, Virginia and the District of Colombia not in excess of 5M mills
stock from 10.000 shares, par $100, to 35,000 shares.
per annum, and income taxes in Mass. and New Hampshire not in excess
They also will consider and act upon the question of granting authority of 6% of the interest. Denom. $1.000. $500 and $100. These bonds
common stock, in such amounts,
to the directors to issue such increased
will be unconditionally guaranteed both as to principal and interest by
at such time or times, upon such terms and in such manner, including the the W. B. Foshay Co., Minneapolis.
issue of the whole or part of the increased common stock to the holders of
-Direct obligation of the Foshay Building Corp. of Minneapolis
Security.
common stock as a stock dividend or stock dividends against the accumu- and secured by a closed first mortgage on property (land and bulldWa)
-V.126, p. 258. located on Ninth St. between Second Ave. South and Marquette Ave. in
lated surplus of the company,88 the board may determine.
the city of Minneapolis. Minn.. said property having a street frontage of
-Earnings.
Evans Auto-Loading Co., Inc.
a depth of 165 feet. The im66 feet on Ninth St. and running back tobusiness building, the space in
1928.
6 Months Ended June 301927.
provements thereon consist of a modern
Net income after all charges and reserves for Fedwhich is devoted to banking floor, stores and offices, and a high class
$491,536
eral taxes
$375,808 30-story office building now under construction. These bonds will also be
Earns per share on 100,000 abs. combined class A
In effect a first lien on the net earnings from this property.
$4.91
and B stock (par $5)
$3.75
On the basis of appraisals, this bond issue represents approximately a
-v.127, p. 553. 688.
50% loan on the combined value of mortgaged land and buildings. fund,
-Indenture provides -for the creation of a sinking
Sinking Fund.
-Earnings.
Federal Motor Truck Co.
by payment to the trustee of fixed monthly deposits by the borrowing
1928.
corporation. Operation of sinking fund is expected to retire an amount
6 Months Ended June 30-1927.
$271,035
Operating income
$297,884 equal to approximately two-thirds of the bond issue on or before maturity.
Purpose.-Proceeda will be used as part payment of the construction
64,426
Other income
173,127.
costs of the Foshay Office Building.
income
$335,461
Total
$471,011
-Reportfor Year Ended June 30.Francisco Sugar Co.
Depreciation
55.481
59,243
36,577
Interest
[Incl. Compania Azucarera Elia.]
41,705
Estimated Federal taxes
29.200
1926.
1925.
1927.
46,260
1928.
$6,092,690 88,088.212 $7,080,413 $8,557,630
Operating income
$214,203
Net profit
7,156,361
5,976,239
$323,803 Operating expenses.- _
5,024,665
6,565,331
475.473
Shares capital stock outstanding (no par)
430,756
$0.45
Earnings per share
$0.75
Operating profit
$1,068,025 $1,522,880 $1,104,174 $1,401,269
145,991
148,511
151,442
160,027
Interest received
Balance Sheet June 30.
66,600
Prof. on sec. sold
1927.
Liabilities1928.
1928.
Assets1927.
Plant accounts_ _ 41.342,492 81.279,012 Capital stock
32,377,366 32,153 781
Total income
81.286,067 $1,682,907 $1,252,685 $1,547.260
1,178,678 1,090,054 5% deben. notes._ 1,225.000 1,375,00
Cash
494,094
563,549
0
Deduct-Int. & dis. paid
505,364
533,409
689,013 Acc'ts payable_ _ _. 470,658
487,875
MIAs receivable
540,000
754.670
Deprec.of plant & eq.
545,000
291,000
548,001;
490,894 Dealers'deposits.429,639
Investments
23,600
20435 Depreciation of working
Accrued taxes, &c_
Notes & trade no80.616
29.576
27,829
114,470
capital assets
21,157
929,417 Res. for Fed. taxes
cept's receivable 797,516
31,655
125.000
125,000
95,346
250,000
Res.for Colones accts.
Mdse.Inventories_ 3,606,588 4,013,642 Reserves
124,298
Res.for U.S.& Cuban
238,954
118,734 Surplus
Deferred charges_ _ 108,275
3.617,870 3,858.110
inc.. tax & miscall.
93.780
85.375
charges
110,125
70,638
Total
_$7,951.063 88,610,766
Total
87,951,063 88,610,766 Dividends
300.000
150.000
Represented by 475,473 shares of no par value.
-V. 127, p. 553,
X
def$5,614
Balance
5213,544 def$246,114
8397.906
First Federal Foreign Investment Trust.
-New Eu- Shares of cap. stk. out50,000
50.000
50.000
standing (par $100)
50.000
ropean Company Organized.
$7.89
Nil
$9.27
$7.95
Formation has been announced to a new subsidiary company, the Swiss Earns.per sh.on cap.stk_
Consolidated Balance Sheet June 30.
International Credit Corp.. to develop the business of First Federal Foreign
1927
1928.
in Switzerland, with offices in Zurich. M. H.
1927.
investment Trust
1928.
Hoepll
8
Liabilities-.
i
-V.127,9.688.
$
Assetss
will be president of the new organization.
5,000,000 5,000,000
Plop. & plant_ __ _13.538,428 13,383,556 Capital stock
Insulation Co.
mtge.bonds__ _x3,719.550 3,940,000
Formica
-Earnings.
11,620 1st
17,060
Investments.
6% notes...... 2,000.000
464,875 3 yi.
Mat'ls & supplies_ 457,275
1928.
6 Months Ended June 30
134,550
1927.
Colonos accounts_ 1,605,160 2,173.590 Serial notes
Gross sales
$1,219,751
126,571
$871,589 Co. Coionos growPur. money mtges. 106.571
profit
Gross
305.286
500,000
244,818
314,627 Def'd payments_ 117,736
305,605
lug cane
Operating profit
.4
122,479
138,361 Accts. receivable_
313,662 Bills payable
183,492
Net profit
178,438
126,356 Cash
516,632 Adv. against sugar 955,802 2.855,901
336,371
Earns per sh. on 180,000 abs. corn, stock (no par)
$0.99
41,440
856
Dratt payable_ _ __
$0.70 Sugar & molasses
-v,126, p. 1207.
934,254
not liquidated_ _ 3.270.769 3.842,740 Accts. payable._ _ _ 891,990
Res. for U. S. &
Balance pending on
Foshay Building Corp., Minneapolis, Minn.
50,000
-Stocks
Cuba taxes
274.531
sugar
-Financing for the company was announced Aug.8 Deposit contracts_ 332,438
offered.
64,534
118,680
Accrued interest
to pay 1st
9,833 Res. for Colonos
67,807
mtge. bond int_
in the form of a new issue of $775,000 7% cumulative pref. Dep.for sink,fund
account
438,583
148,739
35.776
Res.for accts., rec.
stock (par $100), 7,750 shares cumulative class A common
44,550
account.
366,836 Res. for deprec__ 3,067,756 2,812,132
391,168
stook (no par value), and 7,750 shares class B common Deferred charges__
23.296
Res.for sug. contr.
stock (no par value), which is being offered by W. B.
4,599,119 4.503,318
Total(each sIde)20,550.134 21,672,501 Surplus
-V. 125
Foshay Co. in units of one share each of preferred, class A
x Includes $44,550 fist mortgage bonds called for redemption.
p. 921.
and class B common, priced at $125 per unit.
-Stockholders' Committee Urged
Galena-Signal Oil Co.
The cumulative preferred stock is preferred both as to assets and dividends over the class A and class B common stocks. The cumulative class Acceptance of Plan.
to the
A common stock is junior annualpreferred stock but is preferred as to assets
dividends up to $2.60 per share over
The stockholders are in receipt of a circular letter dated Aug. 1 for
up to $25 per share and
the
(see below), which
class B common stock. Issued fully paid and non-assessable. The pre- the stockholders' committeestockholders of the says in substance:
company, the undersigned
At the request of certain
ferred stock is redeemable on 30 days notice, in whole or in part, on or
May 1 1933, at $107.50 per share and diva., thereafter until May 1 have consented to act as a committee of all stockholders and have volunbefore
after May 1
serve without compensation for the purpose of consummating
teered
1940. at $105 per share and dive.. and the 10th day1940 at $102 per share a plan to the reorganization of the propertiesand
business of the company
of each month. Corfor
and diva. Divs. payable monthly on
poration will refund to holders of the preferred shares on application, within (including its subsidiary corporations), which has been prepared and
60 days after payment, any personal property tax not exceeding 5 mills recommended by the management.
830
FINANCIAL CHRONICLE
A letter from M. J. A. Bertin, President of the company (V. 127, p. 689)
outlines certain of the reasons which have led to the formulation of such
plan. The plan has the approval and support of the committee, and we
urgently recommend the plan to your favorable consideration. As provided in the reorganization agreement, no expenses of the committee or
deposiatry may be charged against depositors or against any of the deposited stock, the company having agreed to pay the same.
We concur in the conclusion stated in the President's letter, that even
though other difficulties are surmounted, it will be difficult and perhaps
Impossible to carry out all features of the plan, particularly the distribution
of cash to holders of preferred stock, unless the holders of more than 90%
of all the outstanding stock of the company participate in the plan.
To become entitled to participate in the plan, stockholders should
forward their stock certificates, endorsed in blank or accompanied by the
stock power properly executed, together with the proxy signed and Witnessed, to the Equitable Trust Co., depositary, 11 Broad St., N. Y. City,
immediately and not later than Sept. 15 1928.
-J. S. Cullinan, Frederick Strauss and Lyman
Stockholders' Committee.
Rhoades. with J. French Miller, Sec., Room 1700, 41 E. 42d St., N. Y.
City. Compare plan in V. 127, p. 689.
-Listing.
Galland Mercantile Laundry Co.
The San Francisco Stock Exchange has authorized the listing of 25,000
shams of common stock of no par value, which was formerly listed on the
San Francisco Curb Exchange. See also V. 126. p. 3127.
Gelsenkirchen Mining Corp.(Gelsenkirchener Berg-8% Dividend.
werksaktien-Gesellschaft), Germany.
[Vol- 127.
Prhibition Amendment might cause confusion in the public mind and
give the impression that General Motors was involved in that movement.
The board felt that the position of the corporation, having been stated,
was understood and that all should appreciate that Mr. duPont's activities
in connection with that Association's work are entirely those of an individual and did not concern the corporation. The resignation was therefore not accepted and Mr. duPont was accorded a leave of absence instead."
Financial Report.
-The usual quarterly and semi-annual
income account will be found under "Financial Reports"
on a preceding page.
Number of Employees.
-
The corporation had 209,423 individuals in its employ as of June 30
1928. This constitutes a new high record for General Motors employees,
exceeding the previous record of 208.228 employees at May 31 1928 and
comparing with 190,012 at June 30 a year ago, an increase of 19,411.
The number of employees by months for the last three years follow:
•
1925.
1926.
.
1927.
January
68,085
91,514
195.993
155,580
February
70.368
99,025
201.373
174,669
March
78.199
102,738
202,653
184,766
April
80,974
207.1590
192.112
104,355
May
80.429
106,129
183.893
208.228
June
82,545
108.003
190,012
209.423
Yearly average _
175.666
These figures include the employees in the General Motors planes in
Canada and in the overseas plants and warehoases. They do not include
however, the employees of certain affiliated companies, such as Yellow
Truck & Coach Mfg. Co. and Fisher Body Corp. prior to acquisition of the
minority interest as of June 30 1926.-V. 127. P• 690. 555.
'
7
A dividend for the fiscal year ended March 31 1928 of 8° upon the outstanding shares of capital stock was approved by the stockholders at a meet
,
Big held Aug. 2. The dividend of 8 reichsmarks, less 10 "; German tax,
or 7.20 reichsmarks net for each share of 100 reichsmarks par value, is payGeneral Motors Acceptance Corp.
-Earnings.
able upon surrender of dividend coupon No. 56, representing such dividend
6 Mos. End. June 30- 1928.
1925.
1927.
1926.
at the office of the company.
Net earnings
5917,067
55.223,420 53,197.712 $2,613,823
For the convenience of American stockholders, the dividend, less the
2,368,262
8,406,676
5,178,201
3.374,998
above tax, may be collected upon surrender or coupons erpresenting the Previous surplus
same at the American Exchange Irving Trust Co., 60 Broadway, N. Y.
Total profits
$13,630,096 $8.375,913 $5,988,821 $3,285,329
-V.126. p.4089.
City,and Dillon, Read & Co.,28 Nassau St., N.Y. City.
Dividends
450,000
2.100,000
1,500,000
1,140.000
General American Tank Car Corp.
-Listing.
-
Balance
511.530,096 56,875.913 34,848,821 32,835,329
The New York Stock Exchange has authorized the listing of 400,000
additional shares of common stock (without par value),as to the first 100.000
Balance Sheet June 30.
shares thereof upon official notice of issuance and payment in full, and as
1928.
1927.
1928.
1927.
to the last 300,000 shares thereof, upon like notice and notice of disposition
Assets3
Liabilities$
$
$
of proceeds, making the total amount applied for 800.000 shares.
Cash in banks de
Capital stock__ 35,000,000 35,000.000
The proceeds from the sale of 100,000 shares of additional shares will be
on hand
minority interests in other companies, the value of which Notes& bills reo.:53,064,164 56,051,830 Accts. payable_ 9,510,920 8,270,152
used to acquire
Serial gold notes 40,000,000 45,000,000
Is not less than $6.000,000 and the proceeds from the sale of the balance of
U.8. dz Can_ _ 302,292,021 264,184,280 6% gold deb _ _ _ 49,000,000 50.000,000
the additional shares will be utilized on or before Feb. 1, 1929, for the
do foreign.. 36.895,008 18.973,494 Dealers' rePoss•
acquisition of interests in other companies, railroad equipment and other Accts.
receivable 1,531,246
6,787.278 4,809,286
755,422
loss res
property required in connection with the development and extension of its
Gold notes(U.S.)170,910,000 140,669,000
business and for the retirement of car trust certificates of the West Virginia 'Furn. & equip't
less deprec'n_
Company and for additional working capital for the West Virginia Com- Investments _ _ 1,452,252 1,231,803 Demand notes
x3,257,702
pany and its subsidiaries.
Deferred charges 4,451.982 4,3P.011 II'l an'ac rePei it a N..L72:
rs &co tl i
Consolidated Earnings Statement 6 Months Ending June 30 1928 (June Est.)
Bills of ex. disc_ 2,728,660 2.068,491
1.891,667 2,000.000
Accr. Int. pay
Gross sales and rentals
$11,802,748
6.805,032 4,648,400
Reserves
Cost ofsales and expenses
9,189,474
Unearned inc.__ 13.475,855 10,791.118
Fixed charges
952,449
8,750,000 8,750,000
Surplus
Net income carried to surplus
$1,660,825 Total (ea. side)_402,944,377 345,644,871 Undivided prof_ 11,530.097 6.875.913
x Includes $3,176,702 invested in General Exchange Insurance Corp.$17,067,989
Balance. January 1
-V. 126, P. 1671.
$18,728,815
Total
Preferred dividends
271.344
General Vending Corp. of Va.-6% Bonds to be Guar745,100 anteed by
Common dividends
-Control.
Consolidated Automatic Merchandising Co.
Addition to surplus
Cr.415.990
The corporation has consummated negotiations with the Consolidated
Automatic Merchandising Corp., whereby the latter guarantees the prinBalance, December 31
*318.128,360 cipal,
interest and sinking fund on the General Vending Corp. 6% bonds
*Note: Paid in or capital surplus
$5,625,849 due 1937. which are traded in on the Now York Curb Market. (See offering
in V. 125. p. 1980, 1846.)
Consolidated Balance Sheet.
See also Consolidated Automatic Merchandising Corp.
-V. 126, p.4090
June 30'28 Dec. 31 '27
AssetsLiabilities:June 30'28 Dec. 31 '27
Gilliland Oil Co.
-Name Changed.$
The company has filed a certificate at Dover, Del., changing its name
Pref. stock 7% _ -- 7,752,700 7,752.700
Real est. & plants,
5.964,383 6,084,853 Common stock.- a1,863,035 1,815,150 to Reserve Petroleum Co.
less deprec
-V.125. p. 1467.
Equip.-rollingstk28,520,449 26,232,748 Surplus
18,128,360 17,067,990
(B.F.)Goodrich Co. Subs.).
-Balance Sheet June30.(&
Patents & office
Equip. bonds &
1
1
notes
fur.& fixtures_ _
17,283,000 16,729,150
1927.
1928.
1928.
1927.
AssasCash
1,208.399 3,319.651 Reserves: Deferred
$
3
Liabilities3
$
3,546,070 2,766.722
759,384 Real estate and
Accts receivable
profits
759,384
Common stock
Notes receivable - 4.607,042 4,359,540
plants
Other reserves
246,710
244,480
.38.226,118 34,075,449 equit.(see note) 12,397.219 2,332,999
104,855
25-yr 1st M. S. F.
Value of life insur. 114.864
Gonting. & Fed.
Preferred stock_ 33,908,000 3500
Raw materials
bonds
372,914
1,956,186 1,842.511
eral taxes__
137,454
802,375
Ellis pay.to bits. 5,500,000 10.000,000
Cars finished at in
Accounts payable_ 2,812,586 1,222.646 Inv. in other cos._ 5,645.514 7,288,964 Bills pay. Issued
522,414
709,479 Taxes&bond int.__ 294,942
process
310,274 Treas. pref.stk. - _ 299,200
416,400 by foreign subs 1,836,210 1,343,798
Investments (at
Pref.div. pay. 135,672
135,672 Inventory
35,640,780 35,826,598 25-yr.lstM.6 s 23.044.500 23,044,500
2,497,836
435,729
Corn. div. pay 372,607
cost)
363,030 Due from empl._ _ _
69,149
800,957 5% gold notes- 5 000 000 10,000,000
. .
846.577
Trade notes and
Deferred charges
919.531
Bonded indebt.
accts.rec
28,422,545 25,968,396
of foreign sub. 1,014,476
49,784.220 46.775,620 Total
acets.notes
Total
0 Other ree. and
49,784,220 46,775,62
In stkhore era
a. in f oldign
825,264 1,230,339
a 372,607 shares at declared value of $5 per shares.
-V. 126, p. 2798
58,587
8.695,151 8,344,036 sub.
2321.
Pre hald sects
Ca8p
payable _ 8,808,635 4,314,409
U. S. Liberty 1,543,500 1.338.334 Accts.
820,100
General Asphalt Co.
925,260
-Earnings.
---bonds
10,000
6 Mos, End. June 30- 1928.
1927.
10,000 Pr nv..farek: iabal
Suo d oe r eder i l
1926.
1925.
$8,348,346 $9,249,419 $8,400,875 $7,703.444
income
Gross
taxes
9
259 79
3 .
3, 96 061 1, 97, 4 0
838: 1
5 8
8,032,216
Reserves
8,155,049
Costs
6,606,839
7,057,032
418.895
655,371
Emu'.net cred._
789.355
Expenses, int. & taxes-644,171
719,038
Earned surplus _ 23,251,827 23,271,038
loss$339,241
$305,015
Net profit
3452,434
$624,805
Total
120,179,599 115,299,472
120,179,599 115299,472 Total
167.680
177.115
Preferred dividends- _ 185,400
185.400
a Real estate, buildings, machinery and
sundry equipment, less reserv
$127,900
Balance, surplus.. _ _-def.3506,921
$267,034 of 316.649.322 for depreciation.
$439.405
Note.
-Common stock, June 30, 1928, authorized, 1,000,000 shares of no
Shares of coin. outstg.
243,378
206,887
198,760
198,760 par value; outstanding 745.910 shares, or $70,195,220. less exclusion of
(par $100)
intangible capital assets, namely, patents, trade-marks and good-will,
Nil
$0.61
$2.20
$1.34
Earns, per share on corn_
$57.798,001, leaving $12.397,219
Combined Balance Sheet June 30.
Our usual comparative income
ended June 30
was published in V. 127, p. 690. statement for the 6 months
1927.
1928.
1928.
1927.
Assets
(F. & W.) Grand 5
Property account-37,641.671 36,712,372 Preferred stock- _ _ 6,662,200 6,874,200
-10-25-Cent Stores, Inc.
-Sales.
-1928 J019-1927,
Common stock..124.337,800 24.125,800
Increase.
Venezuela royalties
Increased 1928-7 Mos.-1927.
614.924 Cony' bds.O.A.Co. 4,353,300 4,607,000 51,205,007
599.932
Contracts
3912,723
3292,284137,618,566 36,300,104 31.318,462
-V. 127. P. 115, 267.
722,121 Equip, tr. ctfs_ _ 318,000
356,000
Prepaid expenses_ 803,382
Inventory at cost_ 4,707.914 4,853,002 Notes & accts. pay. 1,937,295 1,057,258
Grand Rapids (Mich.) Metalcraft Corp.
356,000 Res. for Fed. taxes 304,628
351,529
-Rights, &c.
318,000
Leased tank cars
The common stockholders of record July 31 were recently given the right
981.829 Other reserves_ _ _ 1,308,691 1,004,727
1,019,644
Cash
Surplus
9,013,540 8,668,146 to subscribe on or before Aug. 3 for 15,000 additional shares of common
Notes & acc'ts rec,
stock (no par value) at.38 per share, on the basis of one new share for each
and securities 2,276,875 2,319,257
10 shares held. This offering.was underwritten.
79,256
79.256
Claims dr accla due
The stockholders on July 21 increased
405,899
authorized common stock
6% bond sink. fd_ 667,347
from 150,000 shares to 250,000 shares. Seethe V. 126. p. 3764.
121.436
also
Mtge. recelv__
Results
Total
48,235,454 47,044,660 Net operating earnings for Six Months Ended June 30 1928.
48,235,454 47,044,660
Total
$150,849
x Includes 33.331,100 held by trustee for conversion as of June 30 1928. Other income
5.037
-V. 126. p. 2656.
Net earnings
$155,886
' s_
-Usual Common Dividend De- Provision for Federal taxes
General Motors Corp.
18,965
ggg Illag44
___
.dared- Cash Position Strong-Chairman Pierre S. duPont
Accorded Leave of Absence During Presidential Campaign.
Net earnings (six months)
$136,921
Condensed Balance Sheet June 30 1928.
The directors on Aug. 9 declared on the common stock a regular quarterly
Assetsdividend of 31.25 a share payable Sept. 12 to holders of record Aug. 18.
Liabilities
In addition, the regular quarterly dividends were declared on the senior Cash and call money
$71,721 Accts. payable and accrued exp. $19,559
28,946
securities payable Nov. 1 to holders of record Oct. 8. On May 10 last Marketable invests. dr accr. bit- 218.326 Provision for income taxes
86,250
an extra dividend of$2 a share was declared In addition to the usual quarterly Accounts receivable
60,227 Dividends payable
Inventories
9,369
dividend of $1.25 a share on the common stock (V. 126. p. 2974).
34,336 Employees8% pref.stock
y111,472
President Alfred P. Sloan Jr., announced that the corporation's cash Machinery & equipment
:37,213 Common stook
106,743
position continues strong, current cash and marketable securities aggregat- Prepaid insurance
516 Earned surplus
ing approximately $255,000.000.
Total
$422,339
President Sloan also made the following statement: "Pierre S. duPont
Total
$422,339
x Leas reserve for depreciation of S30,761. y RePresented by 150,000
submitted to the directors his resignation as chairman for the reason that
he felt that his activities in connection with the Association Against the shares no par value ccmmon stc.c.k.-V. 126, p. 3764.
FINANCIAL CHRONICLE
Atm 11 1928.1
831
common stock, on official notice of the issue of shares upon the conversion
-Reports Increased Profits.
Grand Union Co.
of 1.0-year sinking fund 5)4% convertible gold notes and the assignment of
The company reports for the second quarter of 1928 profits before the shares to the trustee under the voting trust agreement dated June 5.
Federal taxes of $135,594, compared with profits of Jones Bros. Tea Co. 1919, making the total amount of certificates of beneficial interest applied
and Oneida County Creameries, the merged units, of $112,990 for the for $31,000,000
-year sinking fund 6M % gold notes dated Apr. 1
All of the outstanding 10
same period of 1927. Sales of Grand Union Co. for the second quarter
totaled $8.726,360, compared with sales of $6.970,212 for Jones Bros. 1925 have been called for payment Oct 1 next at 10354 and int. at the
Tea Co. and Oneida County Creameries for the second quarter of 1927.- Maryland Trust Co., northwest corner Calvert and Redwood Ste.. Baltimore, Md. (See also V. 126, p. 3458.)-V. 127, P. 556.
V. 127. p. 691.
Hudson River Navigation Corp.
-Night bine Operations.
-July Sales.
(W. T.) Grant Co.(Mass.).
Increase.
1 1928-7 Mos.-1927. Increase.
-July--1927.
1928
$713,0271$25,021,800 $20,082,785 $4,939.015
$3,017,815
$3,730,842
-V. 127, P. 115.
-Earnings.
Hartman Corp.
Months Ended June 30Net earnings after all charges except Federal taxes
Shs.class B stock outstand.(no par)
Earnings per share
-V.127, p.417,691.
1928.
$422,102
396,940
$0.92
1927.
$570,171
377.227
$1.34
-Extra Divs.
Hawaiian Commercial & Sugar Co., Ltd.
The directors have declared three extra dividends of 25 cents each, payable respectively on the 5th days of September. October and November to
holders of record the 25th of each preceding month. The regular monthly
dividend of 25 cents has also been declared, payable Sept. 5 to holders of
record Aug. 25.-V. 126, p. 3307.
-Earnings.
Hazel-Atlas Glass Co.
Twenty-five hundred more automobiles were carried by Hudson River
Night Line stemers this year up to August 1 than for the same period last
year.according to Howard Curtis, passenger traffic manager of the Line.The
total number carried for that period this year is approximately 10,000.
Mr. Curtis said, and added that the rapidly increasing number of tourists
and vacationists who take their cars with them on vacation has convinced
Night Line officials that one the biggest factors of transportation on the
Hudson in the future will be those steamers with adequate facilities for
carrying these cars. Mr. Curtis said that the two new steamers. the E. C.
Carrington and F. J. Lisman, planned for construction this year by the
Line. have become virtual necessities by this new trend in river travel.
V. 127. p. 417, 556.
1st Quarter. 2d Quarter. 1st 6 Mos. 1s1 6 Mos.
1928.
1928.
1928.
1927.
Period$1,084,360 $1,659,799 $2.744,159 $2.800,305
Operating Profit
231,162
233.629
Maintenance & repairs
464,791
422,994
427,487
693,294
1,120.781
1,122,838
Deprec., taxes, reserves_
23,581
16,880
40,461
59,265
Interest
Net income
Dividends paid
$402,130
246,582
$715,996 $1,118,126 $1,195,208
246.707
493,289
386,978
Surplus
Shares outstanding
Earned per sh. (par $25)
-V. 126, p. 2799.
$155.548
394.532
$1.02
$469,289
394.732
$1.81
$624.837
394,732
$2.83
-Extra Dividend of 123.. Cents.
Imperial Oil, Ltd.
The directors have declared an extra dividend of 12%c. per share in
addition to the usual quarterly dividend of 250. per share, both payable
Sept. 1 to holders of record Aug. 14. Like amounts were paid in each of
the seven preceding quarters -V. 126. p. 3130.
-Earnings.
Incorporated Investors.
Income Account for 6 Months Ended June 30 1928.
Total income
Management fee
Federal and state taxes
Transfer fees
Legal services
Other expenses
$188,417
26.105
20,465
4.425
1,513
2.182
Net income
Undivided earnings, Jan. 1 1928
$133,726
246
Amount available for dividends
Dividends paid
8132.972
124,730
$808,230
386,978
$3.09
Home Mortgage Co., Durham, N. C.
-Bonds Offered.
Offering was made recently by M-W. Bradermann Co.,
Inc. of an issue of $500,000 5%% guaranteed first mortgage
eolifiteral gold bonds, series I, at a price to yield 5.75%.
The bonds are legal investment for national banks.
Dated May 1 1928: due serially Nov. 1 1930-1940. Interest payable
M.& N. First National Bank of Durham, N. C., trustee. Fidelity Trust
Co. of New York New York paying agent. Denom. of $500 and $1,000 c*.
Principal and int. payable at First National Bank, Durham, N. C.. or at
principal office of the Fidelity Trust Co. of New York. Callable all or part
on or before throe years from date at 102 and int. and on any lut, date
thereafter and not later than 10 years from date hereof at 101 and int.
and thereafter at 100 and int. In event of default all or part of the issue
may be called by the Surety Company at par plus int. Interst payable
without deduction for normal Federal income tax up to 2%. State. county
or municipal security tax or taxes which the holder may be required to pay
hereon not in excess of 45-100 of 1% for each $100 of par value hereof in
any one year, or for State income taxes not exceeding 6% on the amount
of income derived from interest hereon received in any one year, will be
refunded by the company provided written application for such reimbursement be made within two months after due date and payment of any such
tax and otherwise as provided in said Trust Indenture.
-Each bond of this series will bear on its face the irrevocable
Guaranty.
guarantee of the Metropolitan Casualty Insurance Co. of New York.
Security.
-These bonds are the direct obligation of Home Mortgage Co.,
Durham, N. C., and are specifically secured by deposit with the trustee of
elesed real estate first mortgages, trust deeds, and (or) instruments of like
legal effect, on improved real estate, capable of producing income, owned
in fee, or obligations of the United States, or cash, the aggregate of which
will at all times equal not less than 100% of the amount of bonds outstanding. The mortgages securing this issue of bonds are all secured by
first liens upon improved real estate located in prosperous cities and towns.
or suburban to such cities, in the State of North Carolina. consisting of
homes and standard business properties. Mortgages on special purpose
properties such as industrial plants, theatres, etc.. are not acceptable under
the terms of the trust indenture. The loans securing this series of bonds
constitute the best type of real estate loans by reason of the high degree of
marketability of the property, and average approximately $5,000 each.
Each mortgage underlying these bonds is amortized monthly, thus keeping
a constant chack on every loan and regularly increasing the equity behind
the bonds.
-The properties upon which applications for loans have been
Appraisals.
made are appraised by the company and also independently appraised by
appraisers appointed or approved by The Metropolitan Casualty Insurance Co. of New York. No loans are accepted by the Surety Company
as collateral unless satis factory in every respect, No first mortgages
pledged as security for those bonds may exceed 60% of the independently
appraised value of the mortgaged property.
Financial Statement March 311928.
Liabilities
Assets
$101.786 Notes payable
Cash In banks
$455,000
516.687 Accounts payable
Cash with trustee
1.807
3,533,313 Advance account
Mortgages with trustee
133.283
50,750 Funds not distributed
State of N. C. bonds
65,348
50,600 Bonds outstanding
stocks (N. Y.)
Other
4,050,000
855,433 7% preferred stock
Notes dr cutges. on hand
502,776 Surplus, incl. gross profit from
U. B. Liberty bonds
2,335
receivable
operations
Accounts
608,906
Unamortized disc. & surety._ _ 181,650
5,401
Furniture & fixtures less depr._
12,361
Life Ins. prems. paid
1,252
Office supplies
Total
-V. 126, la. 3603.
35,814.344
Total
Undivided earnings,'June 30 1928
89,241
Balance Sheet June 30 1928.
AssetsLiabilities
$172,682 Capital stock (198,646 shs.)_ ..$11,599,421
Cash
Investments at coat
11,025,068 Surplus
119,919
9.241
650,000 Undivided earnings_x
Call loans
Accrued div., taxes. &c
119,169
45,814,344
-Listing.
Honokaa Sugar Co.
The listing of 100,000 shares of capital stock, par $20, of this company
for trading, on a regular basis, has been announced by the San Francisco
Curb Exchange.
This stock is the stock resulting from the consolidation of the llonokaa
Sugar Co. and the Pacific Sugar Mills, which was effected July 1 1928.
-V. 126. D. 3458
.
-Natural Gas Developl.
Hope Engineering & Supply Co.
'The company says: "Based on our part in the natural gas development,
it appears to us that the greatest expansion Is occuring in Texas, Louisiana,
Colorado, Montana, South Dakota and Kentucky. Work now scheduled
is in accordance with contracts specified and in addition schedules are
being prepared covering pipeline and public utility work in Colorado
(Durango). There are a number of large operations planned for this year
-V. 127. p. 267.
which have not as yet been announced.
811.847.751
Total
Total
$11.847,751
x After providing for management fee, payable July 2 1928: dividend
payable July 16 1928. and Federal and state taxes.
-V. 126. P. 3766.
Independent Oil & Gas Co.
-Listing.
The New York Stock Exchange has authorired the listing of 300.006 additional shares of capital stock (without par value) on official notice of issuance in exchange for common stock of the Manhattan 011 Co. of Delaware,
making the total amount applied for 970,000 shares (of a total authorized
issue of 1,000.000 shares).
On June 20 1928 certain stockholders of the Manhattan Oil Co. of Del.
gave the company an option to exchange common stock of the company
for not less than 400.000 shares out of a total issue of approximately 450,h00
shares, issued and outstanding, of the common stock of the Manhattan 011
Co. of Del. on the basis of one share of the company's stock for 13,4 shares of
the Manhattan Oil Co. of Del. stock. The stockholders approved the
acquisition and exchange July 20.
Balance Shea June 30 1928 (Giving Effect to Exchange of Stock).
(Independent Oil& Gas Co.and Manhattan Oil Co.of Del.& Sub. Cos.1
Liabilities
Assets$725,051 Notes payable
2.125.464
Cash
932 Accounts payable
608.927
Municipal bonds
12.332
Accounts and notes receivable 2,012,134 Unredeemed coupons
532,287
Crude oil & refined products- 3.357,731 Accr. payrolls,int.,taxes.&c.
606.214 Dividends payable
164.488
Warehouse materials
192,241 Property push.obligations__
Merchandise
41,554
40,147
27,865 Res've for Federal tax
Officers' life Insurance
9.735 Unearned income
Mortgages receivable
6,698
2,000 Deferred liabilities
328,337
Corporate securities
245,091 Funded debt
Employees' stock subscrip's_
9.828,650
23,884
Capital assets (less reserves).
Minority interest
a26,808,433 Class A 7% cum. stock
97,850
at book values
1,177,924 Class B 7% cum. stock
Deferred charges
191.506
Class B series B6% cum.stk_
171,600
Mission Oil Co.7% stock_ _ _ _
100,000
Corn. stock (957,000 shs.,
no par)
19,102,103
Total (each side)
$35,165,349 Earned surplus
1,789.529
a After deducting $2.814.369 reserve on appraisal of capital assets of
Manhattan Oil Co.
-V. 127, p. 115. 556.
Insurance Securities Co., Inc.
-Listing.
On Feb. 17 1928 there were placed on the Boston Stock Exchange list
temporary certificates for 393,913 shares (authorized 800,000 shares).
par $10 per share, common stock with authority to add thereto on or after
March 11928. as notice of issuance and payment is had. 250,000 additional
shares, and with further authority to substitute for the temporary certificates the permanent engraved certificates when prepared•
On June 5 1928, there was added to this original listing 1,309 additional
shares, making the number of such shares now on the list 645,222 shares.
Just prior to the increase in the capital stock there had been issued
393,913 shares, with an additional 25.001)shares contracted for, thus leaving
81,087 authorized but unissued. These 81,087 shares, together with
143,913 shares from the increase were sold to a syndicate for issue and payment on March 11928.
There is only one class of stock and these shares were sold by the company
for cash, and the proceeds therefrom were used to acquire from Union
Indemnity Co. all of the stock owned by the Union Indemnity Co. of
La Salle Fire Insurance Co., Northwestern Casualty & Surety Co. and
Union Title Guarantee Co., to provide additional capital resources to the
several companies to take care of their growing business, and to enable the
company through stock control or re-insurance to acquire the business of
other insurance companies.
The company is a holding company engaged In operating insurance
companies.
Financial Statement.
The investments income and profits of the respective subsidiary companies
for the past three years were as follows:
1925.
1926.
1927.
Union Indemnity Co
$366,694
$413,402
$496,790
Northwestern Casualty & Surety Co96.178
97.169
85,238
La Salle Fire Insurance Co
56,663
61,656
82,056
Union Title Guarantee Co (profits)
95,913
54,394
70,367
Tropical Printing Co. (profits)
23,513
64,700
46,208
Total
$638,961
$691.321
$780,659
---V. 127. D. 418.
Hotel Nassau, Long Beach, L. L-Sale.
The Hotel Nassau at Long Beach, L. I., was sold Aug.6 at public auction
International Paper Co.
-New Director.
under foreclosure proceedings to satisfy a second mortgage or $603.240,
Gifford K. Simonds has been elected a director. Mr. Simonds is general
as the result of an action brought by the Hillman Hotel Co. Inc. against
Ocean Front Hotel Co. and others. There was only one bid,
that of manager of the Simonds Saw & Steel Mfg. Co. of Fitchburg. Mass.
the
$200,000 made by David Aronson, representing Stein & Salant of 1328
August 15 is Final Date for Diposit of Stock.
Broadway, N. Y. City, attorneys for the plaintiff. The Purchaser agrees
to assume two first mortgages totaling $510,000. The bid was accepted
The stockholders are being reminded to deposit their stock under the plan
subject to approval by the Court by Simon M. Sapinsky, referee in bank- (V. 126, P. 4091) which contemplates the formation of the International
Paper & Power Co. as a new holding company. The final date set for
ruptcy in charge of the proceeding.
deposit is Aug. 15.
-Listing.
-Notes Called.
Houston Oil Co. of Texas.
The International Paper & Power Co. will act as a holding company for
The New York Stock Exchange has authorized the listing of interchange- the pronerties now owned and controlled by the International Paper Co.
able certificates of beneficial interest in an additional 16,000.000.(par $100) and it is expected to hold a very large majority of the common stock of
832
[Voi. 127.
FINANCIAL CHRONICLE
New England Power Association. The formation of the new company
Leighton Industries, Inc.
-Gross Sales.
will make possible a more complete segregation of the company's power
Cal, Yes.- 1927.x1923.
1926.
1925.
1924.
and utility assets
-which total 55%- from its pulp and paper assets, Gross sales_ _$6,572,973
$6,756,648 $6.839.273 $6,439,174 $3,524,867
and otherwise facilitate the operation and financing of the properties.
x Six months ended Dec. 311923.-V. 127, p. 557.
V. 127, p. 557. 418.
International Nickel Co.
-Earnings.
-
(The) LeMur Co.
-Consolidation-Rights, &c.
-
Julian Petroleum Corp.
-May Reorganize.
-
Liberty Fabrics Corp. of Union,S. C.
-Receivership.
-
The stockholders on Aug. 8 approved the merger of this company and C.
Period End. June 30-1928-3 Mos.-1927. 1928-6 Mos.-1927. Nestle Co. and affiliated companies, of New York City, in accordance with
$4,018,953 $2,123,392 $6,996,759 $4,247,163 a contract set forth in a proposition received by the LeMur Co. from
Earnings
Other income
40.021 Murfey, Blossom, Morris & Co.. representing a syndicate which has
82,925
30,374
129.488
obtained an option on the business, good will, patents, trade marks, trade
Total income
$4,101,877 $2,153,767 $7,126,247 $4,287,183 names and certain other assets of the C. Nestle Co.and affiliated companies.
Admin.& gen. expenses_
304,001 and which in general provides as follows:
214,506
394.505
163.009
Reserve for taxes
326,025
312,240
168,217
565,814
The reorganization of the LeMur Co. under the name of the NestleDepr., min. exhaus., &c_
854,526 LeMur Co., and so as to have authorized capitalization of 200,000 shares of
596,530
427,618
1,079,407
class A stock and 240,000 shares of class B stock. The class A shares shall
Net income
$2,978,601 $1,394,923 $5,086,521 $2,802,631 be entitled to receive preferential cumulative dividends of $2 per year, and
Pref. dive.(1'%)
267,378 then to participate with the class B stock equally, share for share, up to $3
133.689
133,689
267,378
Common dividend
1,673.384 per year. The class A stock shall also be convertible at any time into class
836,692
836,692
1,673,384
B stock, share for share. The class A stock shall be preferred as to assets
Balance, surplus
$861,869 in case of liquidation, dissolution, &c., up to $30 per share and shall be
$2,008.220
$424,542 $3,145,759
Ms.corn, outs.(par $25) 1,673,384
1,673,384
1,673.384 1,673,384 subject to call by the company at any time at $40 per share, subject,
Earns. per sh. on com_ _
$1.52 however, to such conversion rights. The class A stock shall have the same
$1.70
$0.76
$2.87
voting power as class B stock, share for share. 200,000 shares of class B
Comparative Consolidated General Balance Sheet June 30.
stock are to be reserved solely for conversion of class A shares. 157,500
1928.
1927.
1927.
1928.
shares of class A stock are to be presently issued and 42,500 shares will
AssetsLiabilities$
$
remain unissued for the further requirements of the company. Of the stock
Property account_54,736,206 53,386,129 Pref.6% non-cum.
to be presently issued,
are to
Investments
stock
1,414,375 1,566,068
8,912,600 8,912,600 receive in exchange for the common stockholders of the LeMur Co.87,500:
their
Inventories
8.020,783 10,075,330 Common stock_ _ _41,834,600 41,834,600 shares of the class A stock. present 75,000 shares of common stock
Acc'ts receivable 3,917,868 2,352,521 10-yr. 5% notes_ _ 2.100,000 2,300,000
The LeMur Co. will also previous to the merger, pay to its stockholders a
Advances
98,351 Acc'ts payable and
87.196
dividend of 41c. per share. This distribution
Govt.securities_ _ _ 2,730,100 2,730,100
tax reserves__2,473,548 1,616,843 Aug. 15 to the common stockholders of record has been declared payable
Aug. 11.
Loans on call (sec.) 6,500,000 1,800,000 Pref. dlv. payable_ 133,689
133,689
Murfey, Blossom,
will purchase 55,000 shares
Cash
1,377,104 1,244,760 Ins.& venting. res. 1,166,750
913,177 of class A stock andMorris & Co., as bankers,stock. In addition 15,000
40.000 shares of class B
R.tire system res_ 153.183
shares of class A stock will be offered to LeMur stockholders at $26.50
Tot.(each side).78,783,632 73.253,260 Surplus
22,009,263 17,542,351 per share for a limited period of time not less than 20 days from the closing
date, (which will be the date of the acquisition of the Nestle business and
-V. 126, p. 2976.
properties), that is, each LeMur stockholder will have the privilege of
Interstate Department Stores, Inc.
-July Sales.
subscribing to one share of the class A stock for every 5 shares of the LeMur
Increase. I 1928-7 Mos.-1927.
1928
-July-1927.
Increase. common stock held. Negotiable warrants representing this right will be
$263,582 1510,518,612 $88,985,268 $1,533,344 issued. but such stock when issued shall not be disposed of at a price less
51.567,347 $1.303,765
- 127. P. 268
V.
than $36 per share for a period of 6 months from the closing date.
.
The business, good will, patents, trademarks, trade names, and certain
Italo"Petroleum Corp. of America.
-Expansion.
other assets of C. Nestle Co. and affiliated companies will be transferred
The corporation has concluded arrangements whereby the Eureka Petro- to the reorganized company in consideration of the payment of the sum of
leum Corp. will distribute Italo products in Los Angeles and Southern 51.125.000 plus the appraised value of certain assets of the Nestle ComCalifornia. Italo will obtain use of the Eureka refinery and a distributing panies,(estimated at from $600.000 to $900,000). All expenses incurred in
organisation with more than 100 trade outlets. The refinery has a capa- connection with the obtaining of said option and the reorganization and
meron.
city of 5,C00 barrels daily and at present is producing about 25,000 gallons optiger of the companies will be paid by the syndicate which owns the
of gasoline daily.
C. Nestle Co. was founded in 1915 by Charles Nessler, discoverer of the
Besides distributing gasoline through control stations and independent
dealers, the Eureka company has a substantial business in roofing prepara- process of permanent waving. The company is to-day the largest manufacture of permanent waving machines and supplies in the world; its sales
tions, asphalt and lubricating oils.
v
exceed
E. L. Pauley, President of Eureka Petroleum Corp., has been elected
year during the last 5 years.
director of the Italo corporation.
-V. 126, p. 3937.
T. G. Hughes and V. N. Jones of Union, S. 0., were appointed receivers
A Los Angeles dispatch states: Judge Sawtelle of the U. S. District Court
has approved reorganization plans of Federal Receiver Scott and Carnahans recently by Judge Thomas S. Sease. The order states that the company
for the Julian Petroleum Corp. and the California Eastern Oil Co., whose Is solvent, but numerous creditors are pressing their claims, making the
assets will be sold at foreclosure and transferred to the new Sunset-Pacific appointment of receivers necessary to protect the interests of the other
Oil Co. The Court approved the issuance of $10,000,000 10
-year 65:5% creditors. Under the court decree the receivers are instructed to continue the
1st mtge. & coll. sinking fund gold bonds, to be issued to creditors of secured operation of the plant and wind up the affairs. All creditors are enjoined
claims for the amount of their claims or sold for cash and claims paid, the
eiclaaimga.inst the corporation, and are given 90 days in which
to prove thed
Issue to be secured by all assets of Julian Petroleum and California Eastern fm ni pme eirng
companies.
y ola EanWdedGMMayce3Lerias, Ltd.
L ars1
e
It is also proposed to issue $2.500.000 636% 10
-Earnings.
-year debentures for unsecured claims and adjustments of suits and other obligations and 3,500,000
1927.
1928.
shares of $10 par common stock, or as near that figure as necessary, for the Sales _ _ _
513,975,186 510,517,093
exchange for stock of Julian Petroleum and California Eastern companies.
Net prOfit ----------------------------------629,140
798,487
Julian Petroleum stockholders, whether holders of valid or ove tissue Prior preferred dividends
37,331
stock, will receive one share of Sunset-Pacific for each $10 paid by them Preferred dividends
40,586
for their Julian stock. Eastern California stockholders are to receive one Common dividends
201,959
217,792
share of Sunset-Pacific for each share of California Eastern issued in exchange for assets of Julian Petroleum. Approximately 30.000 stockholders
Surplus
$543,364
$3 .
86 695
of Julian and California Eastern are affected, it is said.
Previous surplus
567.185
902.368
The directors of Julian Petroleum will remain intact under the reorganizetion.-V. 126, p. 4091.
Total surplus
$953,780
$1,445,732
Prem. paid on preferred stock redeemable
3.570
1.080
Kimberly-Clark Corp.
-Transfer Agent.Income tax adjustment (prior years)
Cr.3.477
565
The National Bank of Commerce in New York has been appointed Income tax reserve
51,320:
64,000
transfer agent of the common stock.
-V. 127, p. 269. 116.
Adjustment, Alberta company
8,683
Reorganization expenses
7,306
Kinnear Stores Co.
-Sales Increase.
-
Month of July
First seven months
- 127, p. 269.
(G. R.) Kinney
1928-July-1927.
51.367.999 51.307,361
-V. 127, P. 557.
1927.
$201.112
1.331,013
Increase.
$17,452
296,718
Surplus May 31
Shares common stock outstanding (no par)
Earns, per share
106.rn
-V. 125, p.
Co., inc.-July Sale8.Increased 1928-7 Mos.-1927.
560.6381510,001.583 $9,297,428
Increase.
$704.155
1928
Decrease.
-July--1927.
Decrease. I 1928-7 Mos.-1927.
$476,057
$709,213
$591,860
$115,8031$3,680,192 $4.389,405
-V. 127, P. 269.
Divid Lidya11 & Sons Construction Co.
( . L8
P
._
-Resumes Common
1928.
5218,564
1.627,731
$902,33
.
13 6:
$1,364,097
6.,4
174 23
19,50
1.3199
Loft, Inc., New York.
-July Sales.
(S. S.) Kresge Co.
-July Sales.
Increase. 1928-7 Mos.-1927
1928
-July--1927.
Increase.
$10.583,069 59,791,245 5791.8241573,373,233 565,692,232 57,681,001
The company opened 9 stores in July, 1928, making a total of 460 stores
In operation, of which 323 are of the 5 and 10 cent type and 137 are 25c.
-V. 127, p. 418.116.
to $1 stores.
-July Sales.
(S. H.) Kress & Co.
Increase. I 1928-7 Mos.-1927. Increase.
-July-1927.
1928
$580,8041531,885,918 527,416,848 54,469.070
$4,057,802
$4.638,606
-V. 127, p. 269.
The directors have declared a quarterly dividend of 75 cents per share on
the common stock, no par value, payable Sept. 1 to holders of record
Aug. 15. These are the first dividends declared on this issue.
On the old common stock of $100 par value, which was recently split
up on a basis of two new no par shares for each $100 par share, the company
from Oct. 1917 to Oct. 1922 incl. paid quarterly dividends of 2% and on
Jan. 10 1922, a quarterly dividend'of 1%;none since. See V. 126, P. 2800.
3606.
McLellan Stores Co.
-July Sales.
-
1928
-July-1927.
Increase.
I 1928-7 Mos.-1927. Increase.
-v. 12 p. 1 16 6,150
$940,2 5
07,
5 9
7.
5144,055155,958,420 $5,042,588 $915,832
The 45th year of the organization of this company finds this organization
among all chain store systems in the
ranking third in volume of sales
McCall Corporation.
country, being exceeded only by the Great Atlantic & Pacific Tea Co., and
-Earnings.
the Woolworth stores, according to information contained in a brochure
6 Months Ended June 301928.
Published by Hartshorne, Fales & Co. The Kroger company in number of Net income after providing
reserves for taxes, &c.- 5930,122
$892783
1 ..
00 6
only to the A. S6 P. The present Kroger stores, numbering Earns, per share on
stores is second
263,993 shs. stock (no par)--_$3.03
$
more than 4.200 and expected to pass the 5,000 mark before the end of the
Earned surplus at June 30 1928, was 54,510,714. Current assets were
35
.2
year, are located in Pennsylvania. West Virginia, Ohio, Kentucky,Indiana, 53,492,534 and current liabilities
5791,232, leaving net working capital of
Illinois.
Missouri, Michigan, and
52,701,302.-V. 126, p. 2487.
Salesfor 4 Weeks and Seven Months Ended July 28.
Increase.
Increase.' 1928-7 Mos.-1927.
-1927.
1928-4 Weeks
McCrory Stores Corp.
-July Sales.
515,268,766 512,278,895 $2,989,871 15110,798,130 593,733.577 17,064,553
1928-July-1927.
Increase.
Increase.' 1928-7 Mos.-1927.
V.
- 127. p. 692.
$2 950,288 272.877.275
$.
0
$73,0131520.498,915 519,852,293 $646,622
-V.127,p.
-July Sales.
Lane Bryant, Inc.
Increase.
Increase.' 1928-7 Mos.-1927.
1928
-July----1927.
Mack Trucks, Inc.
-Earnings.
$80,914
$6,790.578
$34.699156,871,49
2
$683,798
5718.497
Period End, June 30- 1928-3 Mos.-1927,
1928-6 Mos.-1927.
- 127, p. 692.
V.
Net profit after deprec.,
int., Fed. taxes,
$2,084,383 $2,218,435 $2,830.055 $3,677,740
-Listing.
Langendorf United Bakeries, Inc.
Shares common stock
The San Francisco Stock Exchange has authorized the listing of 80,000 Enrnn. pnding ( o par)_
outsta et nnato
n
713,434
678
735.678
713,434
shares class A stock of no par value, and 110,000 shares class B stock of no
$44.36
735,.
$ 84
$2.71
$2.83
par value.
-V. 126, p. 2800.
and businesses of Langendorf
The company has acquired the assets
Bakery, Inc.
Baking Co. a Delaware corporation, and the Old Homestead
(R. H.) Macy & Co.
-Stock Increased-Rights.
The Langendorf Baking Co. (of Del.) was organized about Feb. 1926, to
At the special meeting held on Aug. 10, the stockholders approved an
take over the business and assete of a previous Langendorf Baking Co.. Increase in the capital
stock to 2,500,000 shares from 750,000 shares, no
(a California corporation) of San Francisco, the Grocers' Baking Co.. of par value, and the offering of rights to holders of record Aug. 20 to subscribe
Berkeley, the Faultless Baking Co.of San Jose, and in July 1927. it acquired at $10 a share for additional stook
in the ratio of two new shares for cash
the properties and plant of the McGavin Bros. in Los Angeles, also a baking share held. See also
B
V. 127, p. 603. 419.
business.
27.500 shares of class A stock and 80,000 shares of class in
Delaware corporation,
stock were issued to Langendorf Baking Co., a
-Sale.
Manomet Mills of New Bedford.
exchange for all of its assets. These assets consisted of plants in San
It
Francisco and Los Angeles, real estate, equipment, accounts receivable, sold was recently announced that the properties of this company have been
to the Delaware Rayon Corp.
-V. 126, D. 1992.
ood will. &c. See also V. 127, p.692.
-Expansion.
Kroger Grocery & Baking Co.
AUG. 11 1928.]
FINANCIAL CHRONICLE
833
It is stated that the exact amount of the stock dividend on each share
of common cannot be stated, because it will vary with the number of shares
outstanding at the close of business Aug. 10. "It is anticipated, however."
a letter to the stockholders states, "that each share of common stock as
The following is taken from the "Financial Post" of Toronto:
constituted after the 4-for-1 split-up recently announced will entitle its
Minute examination and valuation of more than 10,000 Promissory holder to approximately 2,500-354.540 of a share of 1st pref. stock and
notes; appraisal of the assets of some six sizaale subsidiary companies: 100,000-354,540 of a share of 2d pref. stock.
companies
and negotiation and possibly court action against four insurance
The Bank of America has been appointed registrar of 500,000 shares of
-all this and a great deal more must take place
guaranteeing the paper,
100,000 shares of new 2nd preferred and 50,000 shares
before it will be possible to place proper valuation upon the assets of the new common stock, -V. 127. p. 270 693.
Corporation and arrive at an accurate idea as to what the shareholders and of 1st preferred stock.
holders can hope to get after the receiver is through with
senior security
Mercantile Arcade Building (Mercantile Arcade
the company.
-An issue of
-Bonds Offered.
Manufacturers Finance Corp., until recently believed to be in a fairly Realty Corp.), Los Angeles.
actively engaged in the paper discount business,
flourishing condition, and
63'% sinking fund gold bonds was
chiefly came into the limelight through its acquisition of several finance $1,250,000 gen. mtge.
companies carrying on a mortgage discount business in Canada. Amongst recently offered at 983' and int., to yield 6.65%, by Stroud
these is included the Bankers Discount Corp.,the Brantford Finance Corp.. & Co., Inc., Reilly, Brock & Co. and A. E. Fitkin &
the Discount Corp. of Canada and the Dominion Finance Corp. These
A
companies were all acquired by the Manufacturers during the past two or Inc. The bonds are subject to $3,750,000 1st mtge. 51 %
three years by an exchange of shares, and their assets will, therefore, go to sinking fund gold bonds. (See V. 127, p. 419.)
swell the assets of Manufacturers available for creditors.
at Bank
Dated June 1 1928: due June 11948. Principal and int. payable $100 cs.
In addition the Manufacturers had large holdings in Quebec Realty
Denom.$1,000,$500 and
Corp., owners of certain Montreal income properties, and in the Trinity of North America & Trust Co., trustee. days' notice. at 105 and int. on or
Red. all or part on any int. date on 30
Apartments.
of Juno in each of
The cause of Manufacturers' downfall and the appointment of G. T. before June 1 1932: premium reducing 1% on first day J. & D. without
Interest payable
Clarkson as interim receiver and custodian, is laid at the door of certain the years, 1932. 1936, 1940 and 1944. tax not exceeding 2%. Company
three piano and Instrument houses closely allied deduction for normal Federal income
bad accounts carried for
personal property
to Manufacturers. Rediscounting of these companies' paper in large agrees to reimburse the resident holders of these bonds for net exceeding 5
quantities is stated to have seriously? jeopardized Manufacturers' Finance taxes in any state (including the District of Columbia)
for income tax in any State (including the
mills per dollar per annum and
and brought about the application for receivership.
annum.
The principal larger accounts of Manufacturers for which they discounted District of Columbia) not exceeding 6% of such interest per
paper were the International Piano Co. of Listowel, the Hardy Lushby Co. Trustees: Bank of North America & Trust Co., Phildaelphia, Pa. and Title
of Windsor, and the Ontario Piano Co. of Toronto. Application for re- Insurance & Trust Co., Los Angeles. Calif.
Propertv.-Mercantlle Arcade Building, completed In 1924, is one of the
ceivership has already been filed for the first-named company, and the
Angeles.
Clarkson firm have been appointed interim receivers for the other two outstanding structures in the down-town business district of Los a 3
-story
-story office buildings connected by
Construction consists of two 12
-V. 124, p. 3783.
firms.
office building has a frontage of 120 feet. one facing
arcade. Each 12-story
arcade which is 120 feet
-Earnings.
Marion Steam Shovel Co.
on Spring Street and the other on Broadway. The
Spring Street
wide and which affords a direct passage from Broadway toal three floors
Income Account for the 6 Months Ended June 30, 1928.
the office buildings, contains stores and shops on
profit from operations
$1,067,828 throughthe basement. In all, the structure has 175,681 square feet of
Gross
and in
Selling, general and administrative expenses
577.441 rentable floor space. The land upon which the Mercantile Arcade Building
of
erected comprises approximately 39,000 square feet. It has a frontage
Net profit
$490,387 is feet on both Spring Street and Broadway and a depth of about 330 feet.
Other income
142,610 120
by a closed mortgage on the land and
-These bonds are secured
Security.
buildings owned in fee, subject only to an issue of $3,750,000 first (closed)
value of the
Total income
$632,998 mortgage
5)4% sinking fund gold bonds. The fair market
Deductions from Income
91,752 land and buildings has been determined by three independent appraisers
Interest on funded debt
105,720 at $6.193,880, $6.285,000 and $6,289,880. The land owned in fee has been
Federal and State taxes (estimated)
56,508 valued in each case at $3,600,000 and $3,696,000 respectively. On the
of the foregoing appraisals and after deducting the first mortgage
Net profit for period
$379.017 basis the remaining security applicable to these bonds averages more
bonds,
Earns. per shr. on 50,000 shs. corn.stk.(no par)
55.41 than 200% of this issue or equivalent to $2,000 for each $1000 general
Condensed Balance Sheet June 30 1928.
mortgage bond.
Capitalization of the Company.
MatitifftesAssets
Accounts payable
$342,954
Land,buildings, mach „equip.
1st (closed mtge. 5)4% sinking fund gold bonds, due53.750,000
z$5,714,819 Anvanee payments roc
etc
97,846
June 1953
204.888 Accrued Interest, pay-rolls,etc
Miscellaneous Investments_ .._
294,117 General1mtge. 6)4% sinking fund gold bonds, duo June
541,714 Fed.,State & county taxes__
Cash
182,668
1,250,000
1 1948 (this issue)
250,000 Divs. declared
Call loans-secured
91,750
10.000 shares
53,650 1st mtg.20-yr. a. f. gold bonds 3,048,000 Common stock (no par value)the property owned by the company for the
Marketable securities
-The earnings of
Earnings.
rec.-less res 2,850,309 Cum. preferred stock
Accounts¬es
3,100.000 year 1927. as certified to by Haskins and Sells, were as follows:
3,788,771 Common stock
$582,814
x2,500,000 Gross revenue
inventories
292.138 Surplus
183,198
y4,038,953 Operating expenses, maintenance, taxes & Insurance
Deferred charges
233,050
Interest & sinking fund requirements on 1st mtge. bonds
Total
$13,696,289
Total
$13,696,289
mortgage bonds,
x Represented by 50,000 shares of no par value.
Balance available for interest on general Amortization__
$166,567
y Paid in and appropriated surplus $3.783,731, earned surplus,$438,723,
depreciation. Federal income taxes and
81.250
less dividends paid and declared, $183,500, balance $4,038.935.
Maximum annual Interest charges on these bonds
z After reserve for depreciation.
provides for semi-annual sinking fund pay-Indenture
sinking Fund.
-*At a special meeting of Stockholders held on June 19, 1928, the ments commencing June 1 1930 sufficient in amount to retire the entire
Note.
Issuance of 100,000 shares of no par value on or before August 15, 1928, in issue of these general mortgage bonds by maturity.
-V. 127. p. 419.
exchange for the 50,000 ofsuch shares heretofore outstanding, was approved.
-Ir. 127. P. 270, 693.
-July Sales.
Inc.
Metropolitan Chain Stores,
1928-7 Mos.-1927. Increase.
-Bondholders ProtectiveComIncrease.
Mason Tire & Rubber Co.
-July-1927.
1928
$5,770,080 $411.054
$44,666 156.181.134
$863,600
$908.266
mittee.127. P. 270.
The holders of the $1.823,500 Mason Tire & Rubber Co. 1st mtge. 7% -V.
of a circular letter dated July 28 which says
bonds, due 1943 are in receipt
-Operations.
Mining Corp. of Canada, Ltd.
in substance:
J. P.
In the quarterly report for the period ended June 30 1928, Pres.
The company was placed in the hands of a receiver on June 28 1928. Watson, July 14. says:
(V. 126, p. 4094). The indenture securing the first mtge bonds provides
at the annual meeting held on May 16 1928, the
"As announced
that should a receivership continue for a period of 30 days, the bonds be- corporation purchased for cash a 90% interest in the Murray properties
come due and payable upon appropriate action by the bondholders.
650 acres adjoining Noranda to the North, in Rouyn. Quebec.
In view of the fact that the company was unable to meet its current obli- comprising 5
-year option on the outstanding 10%.
gations. there would seem to be no probability that the interest payable and have a work done since the acquisition of this property has been some
"The only
Sept. 1 next will be paid.
a definite policy of operation is decided upon, an
Obviously, prompt and collective action by the holders of the bonds is surface trenching. When be made to the shareholders.
will
at once necessary in order that the physical and going value of the assets official announcement
"The mill of the Cobalt Reduction Co: was operated at capacity on ore
which are the security for the bonds, may be preserved and utilized to that
Cobalt and South Lorrain properties of the corporation. The
end. Therefore, for this purpose, and upon request, the undersigned from the
average grade of mill-ore was 22.49 oz. per ton.
have consented to serve as a bondholders protective committee.
"During the period one carload of high-grade ore and 3 carloads of cobalt
The plants and equipment in 1924 were given a replacement value, new,
shipped from the Frontier and Crompton properties direct to the
leas depreciation. of$3,456,514 by Ford,Bacon & Davis,Inc.,and the plants ore were in additipn to mill-gradlaere shipped to Cobalt for treatment.
have since been well maintained. The company has additional assets in the smelter,total silver production for the period was 297,405 ounces.
'The
way of trade names and patents of considerable value that are also covered
"The falling off in production of silver has been due to the exhaustion
by the mortgage.
high-grade ore at South Lorrain.
The reasons for the immediate deposit of bonds are, as follows:(1.) Under of"The Murray property remained idle during the period."
-V. 126. P.
a provision of the mortgage, by declaring the bonds due and payable, the
bondholders can force a foreclosure. Not only would this action enable 3608.
the bondholders to secure possession of the property, but in addliton
-Listing.
Mohawk Carpet Mills, Inc.
It will establish their deficiency claim. The company's total current assets,
The New York Stock Exchange has authorized the listing of 600,000
according to a balance sheet, as of May 311928, were $1,793,969, and the
5643,710. (2.) Delay in action by the bondholders shares of common stock (without par value).
current liabilities.
will tend to dissipate current. assets. (3.) The value of the property as a
Income Account for Six Months Ended June 30 1928.
59,164.683
going concern will be seriously affected by delay.
Net sales
7.579.929
The danger of delay in depositing bonds means:
Cost of sales and expenses
(I.) The protective committee cannot function satisfactorily unless a
$1,584,754
proportion of the bonds are deposited as quickly as is possible. (2.)
large
Balance
10,784
If delay takes place, the bondholders' equity may be dissipated and the Other income
opportunity to sell or operate the plants successfully, may be lost.
$1,595.537
makes proper provision for the withdrawal of deThe deposit agreement
Total
556,148
posited bonds if the depositor so desires,subsequent to a Plan of Reorganiza- Interest, $15,917; depreciation, $291,556; taxes, $248,676
tion now being formulated.
11.039.388
The Fidelity-Philadelphia Trust Co., 135 South Broad St., Philadelphia,
Net profit available for dividends
has been appointed depositary for the bonds.
Balance Sheet as at June 30 1928.
Commillee.-Francis M. Brooke. Chairman; Clarence L. Harper, William
Liabilities
AssetsErskine Buford, Edward N. Wilkes, John W. Stokes. Douglas V. Croker
$266,592
banks & on hand $223,163 Accounts payable
Mann, with Lee S. Harris, Jr., Sec.: Lewis Building, N. E. Cor: Cash in on call
203,067
and C. P.
800.000 Res. for Federal taxes_ _Money
78,448
15th and Locust Streets. Philadelphia .and Pepper. Bodine. Stokes & Accounts receivable
2,768,586 Other taxes & accruals- Schoch Counsel, 2231 Land Title Building, Philadelphia.
-V. 126. p. 4094. Inventories
300,000
8.288,355 Dividend payable
400.000
25,000 Reserve for contingencies
Investments
-Earnings.
Maytag Co. (Del.).
143.407 Capital stk.(600.000 abs.
Prepaid expenses
15,000,000
no par)
1928-6 Mos.-1927.
Period End. June 30- 1928-3 Mos.-1927,
Property, plant & equip.,
8,168,300
12,167.897 Surplus
profit after charges
depreciation
Net
less
and Federal taxes___ 51,445.404 $1,735,511 $2,549,087 $3,226,257
Total
$24,416,408
$24,416,408
Total
not earnings for the 6 months of $2,549,087 is equivalent to 8.49
The
times tho six months' dividend on the cumulative $6 first preferred stock, -V. 127, P. 558.
and after deducting first preferred dividends, to 4.68 times the six months'
Mortgage Corp. of Virginia, Richmond, Va.-Bonds
dividends on the cumulative preference stock with warrants. After deducting such dividends, the remaining earnings for the six months' period, were Offered.
-Scott & Stringfellow, Richmond, Va., in June
per share of common stock.
equivalent to $1.10
Current assets as of June 30 1928, including cash, call loans, and market- last offered $165,700 1st mtge. real estate coll. trust 53.%
able securities of $6,186,714, amounted to $9,138,599. as compared with serial gold bonds, series 1, at 100 and interest.
current liabilities of 52.155,919.-V. 127. p. 270.
Dated June 11928: due serially one to 10 years. Int. payable (P. & A.)
-Stock Dividend, &c.
at Industrial Bank of Richmond Va. Denom. $1,000,$500 and $100c*.
Melville Shoe Corp.
on any int. date at 101% and int. First & Merchants
The directors have declared a stock dividend on the common stock to Red. all or partRichmond, trustee.
consist of 2,500 shares of 1st pref.stock and 100,000 shares of 2d pref,stock, National Bank,
-Bonds are secured by deposit with the trustee, of 5165,950 of
Aug. 10.
Security.
payable Aug. 20 to holders of record
income-producing, fee simple, city real estate
The amended certificate of incorporation filed Aug. 2 authorized 50,000 first mortgages on improved,
shares of 1st prof. stock of 5100 par value, 100,000 share; of 2d pref. stock conservatively appraised at $390,930 or more than 2 1-3 times the total
this issue. This collateral consists of 40 different first mortof $5 par value and 500,400 shares of no par value common stock (see amount of an average loan of $4,148.75.
gages giving
V. 126, p. 4094).
-May
Manufacturers Finance Corp., Ltd., Toronto.
Realize upon Assets in Subsidiaries.
834
FINANCIAL CHRONICLE
$200,000 Bonds Offered.
-The same bankers offered at
100 and int. $200,000 1st mtge. real estate coll. trust 6%
serial gold bonds, series 2.
Dated July 1 1928: due serially one to five years. Interest payable
(J. & J.) at Industrial Bank of Richmond. Va. Denom. $1,000. $500 and
$100c*. Red. all or part on any hit, date at 101 and int. First & Merchants National Bank, Richmond, trustee.
Seeurity.-Bonds are the direct obligation of the corporation and are
secured by deposit with the trustee, of $200,100 of first mortgages on improved, income-producing, fee simple, city real estate conservatively appraised at $457.408 or more than 23i times the total amount of this issue.
This collateral consists of 40 different first mortgages giving an average
loan of $5,002.50.
History.
-Corporation was incorporated in Virginia and has a paid in
capital of $100,000. It is a wholly owned subsidiary of the Indastria
Bank and was formed to do exi naively a first mortgage real estate businessl
"Montecatini" Societa Generale per L'Industria
Mineraria ed Agricola (Italy).
-Earnings Year Ended
Dec. 31 1927.
Sundry gross profits
Dividends on participations & interest
11t88.876.555
64,036,557
Total income
General expenses
Ordinary ta
taxes & war profits tax
Interest on American loan
Allotment in favor of employees Provident Fund
Depreciation & depletion
lit153,513,112
7.417.059
26,174,949
11.080,582
1.000,000
5.000.000
Net profit
lit102,840,520
From the foregoing profit of L1t102,840,520 5% is allotted to
the capital, viz: Lit. Sin respect of each one of the 5,000,000
shares
25,000,000
2.50% is allotted to the board of directors
1,946,013
Of the balance of
Plus the surplus of the previous year
[voL. 127.
National Belles Hess Co., Inc.
-Net Cash Receipts.
-
1928-July-1927.
Decrease, I 1928-7 Mos.-1927.
Decrease.
$2,215,870
$2,296.677
$80,8071522.484.606 425,561.577 $3.076,971
x Includes $569,197 of unprofitable non-textile lines of merchandise,
discontinued in the fall of 1927.-V. 127, p. 117.
National Biscuit Co.
-Listing-Acquisition.
-
The New York Stock Exchange has authorized the listing of 52,500,000
common stk.(par $25) on official notice of Issuance in exchange for property
of the Iten Biscuit Co., Inc., and $1,575,000 (63,000 shares) of common
stock on official notice of issuance in connection with acquisition of property
of Christie. Brown & Co., Ltd., making the total amount applied for
$55,238.000.
Directors on June 12 authorized the issuance of 100.000 shares of common
stock for acquisition of all the assets, subject to liabilities, of the Iten
Biscuit Co.. Inc., the 100,000 shares to be issued to stockholders of the
Iten Biscuit Co., Inc., in proportion to their holdings of stock as of date
of transfer of the 100.000 shares.
The executive committee of the board of directors
authorized
the issuance of 63,000 shares of common stock for on June 25 of all the
acquisition
issued common stile( of Christie, Brown & Co., Ltd., the 63,000 shares
to be issued to National Biscuit Co. (Can.), Ltd., or
nominee, in return
for a like number of shares of the capital stock of its
National Biscuit Co.
(Can.), Ltd.
Consolidated Income Account
-Six Months Ended June 30 1928.
(National Biscuit Co., National Milling Co.. National Biscuit Co., Can..
Ltd., and Holland Rusk Co., Inc.)
Gross earnings before Federal taxes and depredation
$10,775,089
Reserve for Federal taxes
1.290,581
Depreciation
1,041,331
Net earnings after depreciation and Federal taxes
58,443,177
Surplus beginning of period
22,083,473
Total
630,626,650
Adjustment due to acquiring Holland Rusk Co
Dr337,797
Preferred dividends
868,157
Common dividends
7,165.820
lit75,894,508
15,183,406
Surplus at end of period
$22.154,876
Per share earnings on 2.046,520 shs. corn. (after pref. diva.)....
$3.70
Consolidated Balance Sheet-June 30 1928.
AssetsLiabilities
Cash
$520,900
Accounts payable, &c-U. S. Liberty bonds..._ $6,447,978 Common diva. payable_
4,093.040
965,590
To be carried to new account
6
2.313,37
500.000 Reserve for taxes
lit26,077,913 U. S. Treasury certifs.N.Y.City bonds
-V. 126. D. 1994.
0
12.313,375 Ins. & contingent res... 6.000.00
Stocks and securities
24,804,50e
Preferred stock
(marketable)
51,163.000
Mortgage Guarantee Co of A merica.
271.138 Common stock
-Comparative Accounts receivable_ _ -22.154,876
3.603.723 Surplus
Balance Sheet.
Raw mat'l.,supplies, &c 8,531.472
June 30'28. Dee.31 '27.
692
$111.049,
June 30 '28. Dee.31 '27. Plants, real estate, &c.._ 78,416,417
Total (each side)
-V. 127, p. 271.
Assets$
$
Liabilities5
$
Cash
61,664
217,543 Pref. stock
1.000.000 1,000,000
National Family Stores, Inc.
Redemp. deposits_ 190,029
103,478 Common stock....
-To Enlarge Chain.
50,000
50,000
Certificates, bonds
President A. S. Lipman announced that the company was negotiating
Notes payable.... 925,007
602,736 for
3 new locations which would be opened in the fall. The company now
and mortgages- - 7,669,155 4,972,600 Mtge. note acceptoperates 16 chains selling popular price clothing.
OtherInvestments.
82,280
62,280 ances
131.600
-V. 127. Il• 695.
Notes& accts. rec_
38,015 Accounts payable35,786
12,432
787
Int. on mtge. notes 267,698
National Tea Co., Chicago.
192,798 Int. on ctts.dc bds- 233,784
-July Sales.
170,338
1928
Furniture and fix-July--1927.
Increase.
Escrow accounts
Increased 1928-7 Mos.-1927.
1,806
7,005
$6,446,926 51.328,595 52.118,3311548,731,304 531,833.334 $16,897,970
tures, &c
16,841
7,233 Int. paid In ad-V. 127, p. 271.
Unamortized dis.&
vance by mortg_
15,230
34,578
prepaid expenses 387.521
280,378 Deferred Income
268
202
(The) Nestle-Le Mur Co.
Deferred charges
2,878
-Consolidation.
Guaranteed 1st M.
Soo The Le Mur Co. above.
lit mtge. mAes decoll, gold bonds_ 6,000,000 3,849,000
posited with true1st mtge. coll, gold
(J. J.) Newberry Co.
tee to secure
-July Sale8.bonds
68,500
1928---July--1927.
gtd. eds. (Ind.
19,449
43,749
Increase.' 1928-7 Mos.-1927. Increase.
Reserves
$24,700 es.513 for
5330,363159,003,460 56,604,050 52,399,410
849 $1.222363
151,068 $1,558.
178,442
Surplus
-V. 127, p. 271
mtge.notes with. '
Guaranteed eds
drawn)
4,670,000 4,698,100
outstanding_ .. _ _ 4,670,000 4,698.100
Making a total of
lit91.077,913
A further 13% on the capital is allotted to the shareholders,
viz: Lit. 13 in respect of each one of the 5,000,000 shares
65,000,000
New Cornelia Copper Co.
-Production.
-
Copper Output (Lbs.)1925.
1926.
1927.
1928.
January
7.345.020 5.540,400 7,328,120 6.906.612
February
:
6,534,480 4,746.920 5.972,400 6,3288
March
6,633,620 6,895,000 7,281,560 6
Moto Meter Co. (8c Subs.).
-Earnings.
April
7,268,300 6.335,821
5,258,694
6,448,740
Period End. June 30- 1928-3 Mos.-1927.
1928-6 Mos.-1927. May
5,552,080 7,446.190 6,691,648
5.847,360
gOperating profit
$197,870
5886,335 June
$451,760
5551.081
5,789,380 7,086,640 6.230,956
6,990,740
Depreciation
47.783
31.147
5,667,435
63,293 July
88,711
5,978,480 4,991.560 6,931,600
Federal taxes
12,777
111.190 -V. 127. P. 271.
56.909
55,319
Nat'l Gauge pref. divs-28,000
56,000
28.000
56.000
Newton Steel Co.
-Earnings.
Company reports net income, after charges, for the 6 months ended
Net income
$109,309
$655,852 June
$335,704
$351,051
30,
Divs.on class A stock_
180.000
360.000 per share1928, of 5610.8.52. equivalent, after preferred dividends, to $5.50
on the 100.001) no par common shares, or over twice present
Divs.on class B stock_
50.000
100.010 annual
dividend requirements
per share on the common stock.
This compares with $417,653 of $2.50 full year 1927, equivalent, after
Balance, surplus
5109.309
for the
$105,704
$195,852 present
$351,051
preferred dividends, to $2.83 per share of common stock.
-V. 126.
x Includes earnings of National Gauge & Equipment Co.
P. 3940.
Condensed Consolidated Balance Sheet June 30.
New York Air Brake Co.
-Earnings.
Assets1928.
Liabilities1927.
1927.
1928.
Six Months Ended June 301926.
1927.
1928.
Real estate,&IMP,
Capita: stock
y3750.000 $750,000 xGross income
$899,927 $1,753,265
5867.184
&o
x$477,093 x$505,215 6% gold notes_ --- 500,500
750,000 Taxes.Federal income franchise,
Pat. rights & trade
Notes payable_ --_"' 249,750
250,000
alties, achninis. expenses, &c roy418,064
355,570
380,173
marks
1
1 Accounts payable_
158,725 Interest paid
71,804
98,616
98.515
47.044
458,512 1,042,999 Divs. payableCash
230.000
804.341 Accr. royal payNotes Sv noels rec_ 438,384
Net income
$445.843 51.236,686
$439,968
4,018
Due trom sub. cos_
42,481
rolls, &c
107,010 Dividends net
62,662
88,300
426,870
434.580
758,691
Inventories
768,836 U.S.& Far.Inc.tax
120,892
36,661
1,548,635 1,551,602 Res. for U. S. and
Investments
Surplus
$18,973 $1,148,386
$5,388
108,484
109,655
Deterred charges-foreign inc. tax72,249 Corn. stock and surplus Jan.
6.106
1(3,019,924 16,830,991 12,036,675
1
Surplus
2,114,335 2,184,252 Sundry charges (net)
Dr.15,000 Dr.32,584 Cr.81,272
Total(each side)33,791,818 $4,623.129
x After deducting $505,987 reserve for depreciation. y Represented by
Corn, stock and surplus June
30--516 010,312 $15.817.380 $13,266,333
200,000 shares of class A common stock and 200,000 shares of class 13 com- Shares of cornpe:.share.sto kon comndonno pa ) '300
outsta m . stoe ..
200,000
( par)
300 000
.
.000
Earnings
mon stock, both of no par value.
$5.32
$1.46
-The assets and liabilities of the National Gauge & Equipment
Note.
xAtter deducting cost of manufacture, labor and materials, including
1.4
Co. are not spread on the above balance sheet but the entire common stock, repairs, renewals and depreciation.
consisting of 80.000 shares of no par value, acquired Sept. 11 1926, is
Comparative Balance Sheet June 30
carried as an investment at cost. namely. 51.500,000.-V. 126. P. 3311.
1928.
1927.
1927.
1928.
Assets
$
3
Liabilities3
$
-Sales Increase.
Motor Wheel Corp.
I Land, bldgs.,mer
yCapItal stock and
Dispatches from Detroit state:
chinery, equip__ 4,514,430 4,671,667 surplus payableI6,010,313 .
Sales for July amounting to $2.700,000 were the largest of any month Pats., t.
11111:1N
in the history of the corporation. June sales exceeded 52.500,000, the Cash nama&c. 5,502,709 5,502.709 let M.6% bonds.
1,205,856
largest previous month. Sales for July increased 59% over the same month Market secure.... 2,058,509 2,704,606 Accounts
415,783
of 1927. August releases by Motor Wheel customers indicate that August Accts. receivable.. 879,755 2,057,787
851,084 Accrtielti" otc .
royad acCe utiis
:
of this year will exceed corresponding month of 1927 by about the same Inventories
1,23265 1.549 640 Fedldei ds ysatc 35°14 625
62 49
;3
2
48 061
222..998
.
: 6
37 310 Diveran kpast ble 22 0710
2
percentage. Sales for the first 7 months of this year amounted to $16,- Misc.accta&inv'ts
000,000, an increase of 18% over the same period of 1927.-V. 127. p. 694.
Beebe's Isrd Water
Power,&c
prepriaesid. &er.. 400. 1,509,517 1,509,517 Cortles ent red
';e: 21 , 87
ngseernes
71 3
7
ill.
1
-Sale.
Mount Hope Spinning Co., Warren, R. I.
Announcement is made by James B. Littlefield, receiver, that the com45,664
13,919
Total(each side)17,011,589 18.898,239
pany is to sell its assets at private Hale as a going concern. The mill is one sha Afoernd par v oe and s 2eLial reserves.
icres t t oeprecialiu n v. ipec p.
.‘
y Represented by. 300,000
of 27,000 spindles, making merino and cotton yarns. At present it is
operating at capacity. The mill property comprises 110.000 square feet
of land fronting on Cutler Street, Warren, besides 83i acres of unimproved
Novadel Process Corp.-Earning8.land, and buildings with more than 100,000 square feet of floor space.
6 Months Ended June 30
1927. '
1928.
V. 110, p. 1093.
Operating income
Depreciation on patents
E1N
52
13:11g
$
Total
13,343,653 10,570,426
-V. 127. p. 420.
Total •
13,343,853 10.570.426
(G. C.) Murphy Co.
-July Sales.-1927.
1928-.1u:1r-1921.
Increase.
1928-7 (tins.
5795.855
$734,960
127. p. 271.
560.895155,562.014
$4,923,307
Increase.
$638,707
Net operating income
Other income
Total income
Murray Bay Paper Co., Ltd.
-Bonds Called.
Tax reserves
All of the outstanding 635% 20
-year let (closed) mtge. s• f. gold bonds.
dated Oct. 1 1927, have been called for payment Oct 1 next at 105 and int.
Net profit
at the Montreal Trust Co.. trustee. Montreal, or at the office of the Royal Shs. pref. stk. outstand
Bank of Canada in Montreal, Toronto, Halifax, St. John, Winnipeg, Ed- Earns, per share
monton, Regina or Vancouver Canada, or at the Chase National Bank in Earns, per shr. on 100,000 shs. cont. stk
e City of New York.
-V. 125, Is• 2398, 2156.
-V. 125, p. 793.
th
$248,642
8,738
$181.992
5,958
$257.380
30.821
$187.950
33,607
5226,559
46,650
$4.85
$1.80
$154,343
50 000
$5.08
$1.04
AUG. 11 1928.]
FINANCIAL CHRONICLE
835
The Peavey organization dates from 1872 and Van Dusen Harrington
-Listing.
Oliver United Filters, Inc.
from 1852. In March this year, Van Dusen Harrington Inc. was organized
The San Francisco Stock Exchange announces the listing for trading on a as a holding company for Van Dusen Harrington Co., with $3,000,000
regular basis of 60,000 shares of cumul. cony. class A stock, no par value, sinking fund collateral trust 5%% bonds and $1,500,000 preferred stock.
and 230,000 shares of class It stock, no par value.
The company was incorporateed May 16 1928 in Nevada.
(.1. C.) Penney Co. Inc.-July Sales.Increase.
The purpose of the issue was to acquire the assets and properties of the
Increase. -1928---7 Mos.-1927.
'
1928-J/1/y-1927.
Oliver Continuous Filter Co.and the United Filters Corp. The properties 511.733,938 $10,442,259 $1,291,679 1583,487.806 $71,202,067 $12,285,739
acquired were lands, factory sites, and buildings, in 'lazelton, Pa., and in -V. 127. p. 560, 273.
Oakland, Calif.
-July Sales.
The corporation declared a dividend of 41c. per share on the class A
Peoples Drug Stores, Inc.
Increase.
stock payable Aug. 11928. covering the period from May 17 1928. During
1928-7 Mos.-1927.
Increase.
-July-1927.
1928
the preceding four years dividends of Oliver Continuous Filter Co. averaged $933,703
5253,804156.130,085 $4.427,351 51.702,734
$679,899
over 15%. United Filters Corp. paid one dividend of $1.25 per share on -V. 127. p. 273.
Dec. 31 1927, but paid no other dividends, preferring to accumulate its
-Plan of Reorganization and
earnings. The annual dividend rate on the cumulative convertible class A
Pierce-Arrow Motor Car Co.
stock is $2. (See also V. 127. p. 272.)
-The stockholders on Aug. 7 ap-
Consolidation Approved.
Ontario Equitable Life & Accident Insurance Co., proved the plan of reorganization and consolidation outlined
Waterloo, Ont.-Rights, &c.
in V. 127, p. 119. The Studebaker Corp. is preparing to
The stockholders on July 16 increased the authorized capital stock from go ahead with the plan as soon as organization of the consoli52,500 shares, par $100. Supplementary Letters Patent
37.500 shares to
dated company and all necessary details are completed to
have since been issued.
The directors have decided to issue 15,000 shares of the new stock and its satisfaction.
-V.- 127, p. 560, 273.
now stock to the holders of the outstanding
to offer 10,000 shares of the
shares of record Aug. 15, at $22.50 per share, on the basis of one share of
-Settlement of Claims.
Pierce Oil Corp.
new stock for every four shares of outstanding stock held. Rights expire
-V.126, p. 2981.
See Pierce Petroleum Corp. below.
Sept. 15. Subscriptions may be paid in four installments. The first
Installment of $7.50 per share is payable with the application, and the
-No Par Pref. Stock to Be Issued
Pierce Petroleum Corp.
balance of $15 per share may be paid in three installments of $5 each on
Dec. 1 1928, March 1 1929 and June 1 1929.
in Settlement of Claims.
The Chartered Trust & Executor Co., 46 King St. West, Toronto, has
recently been appointed transfer agent and registrar for the stock, and all
payments in connection with the new shares should be made to them.
The "price" of $22.50 per share covers payment of $12.50 as premium
and only $10 per share on capital, leaving an uncalled balance of $90
per share.
Of the balance of the new stock, 2,500 shares shall be offered for sale
at not less than $39 per share ($10 on capital and the balance as premium).
A commission of $5 per share may be paid upon the sale of such stock.
The 2,500 shores of new stocs, remaining after sale of 2.500 shares and
setting aside fur distrioution among the shareholders a further 10,000
shame, as aim dy ro Aded for, shall be offered at par, wtits $10 to be paid
on each, to such officers and employees as the board shall dem eworthy of
servin rendered to the company, but upon the condition
recogni•ion
that neither the shares so offered nor any shares of the company previously
held by those accepting share;so offered shall be sold or transferred without
the consent of the directors within 10 years from and after the acceptance of
such shares by such oficers respectively.
The stockholders will vote Aug. 23 on approving the creation of an
authorized issue of 11,500 shares of pref. stock of no par value.
The corporation in a letter to stockholders Aug. 7 says:
In substance, the purpose of the meeting is to authorize an issue of
11.500 shares of no par value preferred stock entitled to dividends at the
share, at the
rate of $6 per share per year, and to be redeemed at $102 per 600 shares in
rate of 1,000 shares per year in each of the first 11 years and
the 12th year.
The nest 10 series of 1,000 shares each are to be issued in settlement of
certain litigations, claims and counterclaims under a settlement agreement
dated July 23 1928, between Pierce Petroleum Corp. and Pierce Oil Corp.,
Gas
of the first part, and Henry L. Doherty, Cities Service Co., Empire Fuel
& Fuel Co. (of Delaware), Empire Petroleum Co.. and Empire Gas & and
The remaining 1,500 shares, to be redeemed in 1939
Co.(of Maine).
1940. are to be used to pay the heavy expenses of the complicated and
continuous litigations of the past 4;i years.
Based on an election of directors, that was subsequently set aside by the
Courts of Virginia as void, Messrs. Pierce. Doherty and others claimed the
Ontario Steel Products Co., Ltd.
-Earnings.
right to the control and management of Pierce Oil Corp., and were in
1928.
1927.
Years End. June 301926.
1925.
possession from Oct. 2 1922 to June 19 1923. During this period Mr.
a.224,144
$201,093
$227,619
Total profits
$219,956 Doherty advanced large sums in cash to Pierce Oil Corp. on alleged notes
76.252
65.654
Depreciation
61,968
61,968 of that corporation, bearing interest at the rate of 8% per annum (secured
by the 53.073,876 demand note of Pierce Pipe Line Co.), and Empire
Profits after &wee_ - $124,841
1158,490
8165,650
$157,987 Petroleum Co. delivered oil and oil products to Pierce Oil Corp. for which
22,500
23,910
Bond interest
25,260
26,550 it made a substantial additional claim.
25,500
24,090
Sinking fund
22.740
21,450
In Feb. 1924, the Pierce Oil Corp. commenced suit for the loss that it
44.925
52,500
Preferred dividend (7%)
52,500
52,500 claimed it had sustained during the period above-mentioned. Mr. Doherty
51.469
30,000 (4%)30.000 (4%)30.000 counterclaimed for the amount of cash advanced by him, with interest,
Common dividend (4%)
and Empire Petroleum Co. counterclaimed (and also commenced an
$27,990
def$19,554
Balance, surplus
$35,150
$27,488 independent suit) for the value of the oil furnished.
$491,144
$464,062
Profit and loss surplus
$470,653
$443,004
Subsequently, the property of Pierce Oil Corp. was transferred to Pierce
Sins. coin. stk. outstand.
hich, as part of the transfer, assumed these among the
Petroleum
x7.500
. x7.500
45.588
(no par)
x7.500 other liabilities
Corp.,Of Pierce Oil Corp.
$7.73
$0.70
Earns. par slice
$8.69
113.67
reserve of more than $2,000,000 has been set up. and has appeared from
A
x Par $100.
year to year as a liability, on the balance sheets of Pierce Petroleum Corp.,
the bulk of which is on this account.
Balance Sheet June 30.
The counterclaims of Doherty and Empire Petroleum Co.(on account of
1927.
Ltabthlies1928.
Assets
1928.
1927.
these advances and for the oil furnished) aggregate with interest sub$1,821,659 $1,899,653 Preterred stock_ _ _ $360,300 $750.000 stantially the same sum as has been set up for such reserve as against which
Property.skc
330,273 Common stock- - - 809,428
1
Good-will
760,000 the claim of Pierce Petroleum Corp. for damages, with interest, would if
102,487 Bonds
29,817
Cash
360,500
375,000 sustained amount likewise to a large sum, but these damages are unliqui344,973 Bills & accts. rec.- 203,799
Bills & accts. rec.- 377,272
89,649 dated and difficult of ascertainment and could probably not be established
395,390 Income tax
533,776
Inventoiles
10,060
17.972 in an amount to exceed $1,000,000. in the opinion of counsel for the corpora277,320 Bond Interest- - -_
201,356
Securities
11.250
11,955 tion, even if Pierce Petroleum Corp. should succeed on all the main issues
15,723 Reserves
17,007
Deterred charges..
748,088
659,374 in the case.
Prov.for dive._ _
23,401
20,625
Among the claims of Pierce Petroleum Corp. is a lease to certain oil lands
Tot.(each side).62,980,801 $3,165,718 Surplus
464,063
491,144 in the Electra Field which early in June 1925, was taken in the name of
V.
- 127, p. 559.
Empire Gas & Fuel Co. (of Maine).
The directors have now had the opportunity to settle these several
Oppenheim, Collins & Co., Inc.
-Sales.
litigations on a basis which they consider extremely advantageous to the
1928.
Quarters Ended July 311927.
Decrease. corporation. Accordingly, the settlement agreement above-mentioned was
Sales
14,819,135 54.953.087
$133,952 entered into. providing in substance as follows:
V.
- 128, p. 3463.
(a) Doherty's alleged notes of Pierce Oil Corp. with all claim;for interest
thereon, are to be cancelled and the demand note of Pierce Pipe Line Co.
Pacific Clay Products, Los Angeles.-Earninqs- Is to be surrendered to Pierce Petroleum Corp.
Banks, Huntley & Co., Los Angeles, in a circular describng
(b) The claim of Empire Petroleum Co. for oil furnished with interest
i
to date is to be released.
the company state in part:
(c) Pierce Petroleum Corp. is to deliver 10.000 shares of its preferred
--In both sales volume and net earnings the company presents stock, or, if unable to do so
-due to the failure of its stockholders to
Earnings.
a very good record. Earnings were $3.57 per share in 1926 and $3.40 in authorize the preferred stock issue-instead, the 10 promissory Rotes of
1927. Results for the first 6 months of 1928 show a gain in net income Pierce Pipe Line Co. (guaranteed by Pierce l'etroleum Corp.) for $100,000
of more than 14%-profits for this period amounting to 5191,276. This each, bearing interest at the rate of 6% per annum and payable at 102 over
figure compares With $167,494 for the corresponding period in 1927. A a period of 10 years, at the rate of 5100,000 a year.
strong cash position has been maintained. No loans have been required
(d) Mutual releases in respect to all other matters are to be exchanged.
Cash reserves and balances as of June 30 were in excess of $400,000. After
When the settlement is consummated, the greater part of the reserve of
all charges, including dividends, there has been credited to surplus for more than 52.000,000 now set up as a liability on the balance sheet of the
this 6 months period the sum of $81,566. It is expected that operations corporation. will be eliminated; and, in the opinion of the directors, it Is
will continue for the balance of the year in satisfactory volume. The in the best interests of the corporation to deliver the preferred stock instead
earnings of $1.93 per share for the first 6 months of 1928 are on a yearly of the guaranteed notes of Pierce Pipe Line Co.
-V. 127. 13. 696.
basis of $3.86 as against $3.40 for 1927.
Dividends.
-These are $2.25 per annum and payable quarterly instead of
-Sales.
Piggly Wiggly Western States Co.(Del.).
monthly beginning Aug. 11928. At current price of $20 the yield is about
Increase.
Increased 1928-7 Mos.-1927.
-July-1927.
1928
7.8%. This common stock has been listed and actively traded in on the
$957,296
$7,615,333
592.715 1$88,572,629
$1,205,351 51.112.636
Los Angeles Stock Exchange since Nov. 1927.-V. 123, P. 2665.
-V. 127. p. 273.
Pacific Coast Biscuit Co.
-Earnings.
6 Months Ended June 30Net profit after depreciation and Federal taxes_ _ _ _
Earns. per share on 120,000 shs. corn.stk.(no par)_
-V. IN, D. 2980.
1928.
$210,812
$0.88
1927.
$202.652
$0.81
Paraffine Companies.
-Extra Dividend.
The directors have declared an extra div. of 25c. per share and the
regular quarterly of 75c. per share on the common stock, both payable
Sept. 27 to holders of record Sept. 17. A 'similar extra div. was paid on
March 27 and June 27 last, while on Dec. 27 1927 an extra distribution
of sec. per share was made on this issue.
-V. 126. p. 3135, 1365.
Paramount Famous Lasky Corp.
-Stock Inc. Voted.
-
The stockholders on Aug. 6 authorized the increase of common stock
from 1,000,000 to 3,000,000 shares (no par value) to provide for a 3 to 1
split-up. The directors at their next regular meeting will determine when
-V. 127. P. 696.
this Is to take place.
-Listing.
Prudential Refining Corp.
The Baltimore Stock Exchange has authorized the listing of 52.000,000
1st mtge.64% sinking fund gold bonds. 10,000 shares (with no par value)
$7 cumul. pref. stock, and 215.000 shares (no par value) Common stock.
Company was incorp. May 18 1914 in Delaware. to engage in the business
of nroducing, refining and marketing petroleum products. Compare
V. 126, p. 3464: V. 127, P. 120.
-Sale.
Rickenbacker Motor Co., Detroit.
Plant No. 1 of the company has been sold by Security Trust Co. re-.
ceiver, to James Holden, Detroit real estate dealer,for a price of $600.000
subject to approval of court.
It was reported Aug. 10 that the Briggs Commercial & Development Co.
of Detroit purchased "the entire Rickenbacker properties" on Cabot Avenue
This plant.
in Detroit. known as plant No. 2 at receivers sale Aug. 9. new corporait is stated, will be used for the manufacture of airplanes by a
-V. 125. p. 1064.
Aircraft Co.
tion called the Verville
-Conversion of Bonds.
Rio Grande Oil Co. of Del.
Passaic(N. J.) Worsted Spinning Co.
-Receivership.
More than $500.000 of 1st mtge. & collat. trust sinking fund 7% bonds
Federal Judge Runyon Aug. 1 appointed Stewart A. Young of Newark.
have been converted into common stock. Charles 8. Jones, Vice-President
N. J. receiver.
-V. 126. P. 2327.
Gerald McLaughtin of McCarter & English, who appeared for petitioning and Treasurer. announced.
creditors, said the debts of the concern will excced the assets by more
Rokeby Apartment Hotel(Rokeby Hotel Co.),Chicago
than 5400.000, Mr. McLaughlin told Judge Runyon that the company
-Straus Brothers Investment Co., Chicago,
owned real estate and buildings valued at $1,187,000, and that the ma- -Bonds Offered.
chinery and other equipment was valued at approximately $400.000, are offering at prices to yield from 5.80% to 6%, according
making the total assets 51,587,000. He declared that It was indicated the
to maturity,$225,000 series A 1st mtge.6% serial gold bonds.
debts would exceed b1,900.000.
II. Roger, claiming $2.187: Mexican Petroleum
Dated July 30 1928: due aerially 1931 to 1938. Interest payable J. & J.
The creditors arc:
$15,723; A. A. nubbins. 54,446.-V. 112. Is• 1151.
Co.
at offices of Straus Brothers Investment Co. Redeemable all or part, in
inverse numerical order, upon 3 weeks' notice on any int, date up to July 1
(F. H.) Peavey & Co., Minneapolis.
-Acquisition.
1134. at 102 and int. and at 101 and int. thereafter. Normal Fed. income
F. II. Peavey & Co., largest grain concern in Minneapolis and capitalized tax up to 2 refunded by the mortgagor. Denom. $1.000. $500 and $100.
at $14,400,000 with undivided profits of $6.110.000 as of July 1 1927, Herman S. Strauss (an officer of Straus Brothers Investment Co.), trustee.
Sscurity.-Funds derived from the sale of this bond issue, together with
MidaR rlour
bought control of Van Dusen Harrington Inc.. acquirin 4 m inneapolis
terminal elevators and 183 country grain elevators and King
the mortgagor's investment, will be used to finance the erection of the
Rokeby Apartment Hotel at 3831 Rokeby St., near Sheridan Road,Chicago.
Mills in Minneapolis and Hastings, Minn.
836
FINANCIAL CHRONICLE
These bonds are secured by a 1st mtge. on the land, owned in fee simple,
on the building and by a chattel mortgage on the furnishings, when installed.
The Rokeby Apartment Hotel will be 4 stories high. There will be 83
apartments; 8 with living room, bedroom and kitchen-dinette; 55 with one
room and kitchenette or Pullman-kitchen; 4 with living room, bedroom
and Pullman-kitchen, dressing closet and bath; and 16 hotel rooms with
bath which can be connected with apartments to enlarge them where
desired. All apartments will have in-a-door beds.
Appraised Valuation.
-Land, $35,000; building, $309,766; furniture and
equipment, $30.000: total, $374,766.
Income.
-The annual gross income from this property has been conservatively estimated at $59,904. From this an amount of $27,990 has
been deducted to cover vacancies, operating costs. Janitor and maid service, elevator service, brat, light, gas, insurance, taxes, upkeep and other
expenses, leaving an estimatad annual net income of $31,914 or more than
2(times the maximum interest charge on the bonds.
Guaranty.
-These bonds are the direct obligation of the Rokeby Hotel
Co. In addition, payment of principal and interest has been personally
and unconditionally guaranteed by H. L. Solomon, one of the principal
stockholders in the company, until payments up to Jan. 1 1933, mature
and have been paid.
Rosemary, Inc.
-Incorporated.
-
The company was incorporated in Delaware on July 10 to deal in stocks,
bonds, securities, &c.
-V. 127. D. 274.
Safeway Stores, Inc.
-July Sales.-
1928
-Jule
-1927.
$8,_952,670 $6.667,664
-V. 127, p. 274, 697.
Increase.
1928-7 Mos.-1927.
Increase.
$2,185,006 $56.451,464 $41,061.926 $15,389,538
••
San Francisco Bay Toll Bridge Co.
-Receiver Not Appointed for Company.
-
[VOL. 127.
shares of 8% cumul. 2d pref. stock (par $100 each) into 12,000 shares of
cumul. $6 1st pref, stock without par value, each share of 8% cumul. 2d
pref. stock being changed into 1 1-3 shares of cumul.$6 1st pref. stock without par value; (c) the reclassification of the authorized 40,000 shares of
common stock (par $20 each) into 360.000 shares of common stock without
par value, each share of common stock of $20 par value being changed into
nine shares of common stock without par value: and (d) the increase of the
authorized shares of the corporation by 28.000 shares of cumul. $6 1st
pref. stock without par value and 560,000 shares of common stock without par value in addition to the cumul. $6 1st pref. stock without par value
and the common stock without par value necessary for such changes and
reclassification, so that the total authorized capitalization will be 100,000
shares of cumul. $6 1st pref. stock and 1.000,000 shares of common stock,
all without par value.
The stockholders also authorized the corporation to Issue and sell its
authorized shares of cumul. $6 1st pref. stock and common stock, all without par value, for such consideration as, from time to time, may be fixed
by the board of directors.
The Guaranty Trust Co. of New York has been appointed transfer agent
of 100.000 shares of cumul. 56 1st pref. stock and 1,000,000 shares of common stock.
President Carleton H. Palmer in a recent letter to the
stockholders s&d in substance:
In Nov. 1920 the company offered to its friends their first opportunity to
become stockholders. Practically all of the original subscribers still retain
their holdings.
In order that the company may properly finance the extension of its
rapidly growing business without the creation of mortgages or the issue of
bonds, it has been deemed advisable by the officers and directors that the
capital structure of the company should be so altered as to permit the sale
of preferred stock of an investment character. Accordingly it is proposed
that the capital stock be reclassified into an authorized and outstanding
capital stock as follows:
Outstanding.
Aulhorized.
Cumulative $6 1st pref. stock (no par value)--- 100,000 abs. 63,890 shs•
Common stock (no par value)
1,000,000 abs. 411,780 shs.
The new cumul.$6 1st pref. stock is to rank for dividendsfrom Aug. 1 '28.
In connection with the reclassification, the company has entered into a
contract with the Guaranty Company a New York for the sale to it of
15.000 shares of cumul. $6 1st pref. stock. The proceeds of this issue are
to be used for the payment of a mortgage on certain of the company's properties, the construction and equipment of a new addition to the Squibb
Laboratories in Brooklyn, other capital expenditures and the general purposes of the company.
Since the year 1919 the annual sales have increased from $3,987,465 to
$11,343,343, and net profits from $261,068 to $1,081,290. Based on 1927
earnings the common stock presently to he issued will show earnings of
$1.36 per share.
-V. 107,p. 186.
The impression convoyed by despatches to the effect that a recaiver
had been appointed for the company in the case of Simon Whightman
against the company et al in the Court of Chancery, State of Delaware,
New Castle County, is incorrect, according to a statement issued by attorneys for the defendants.
An order of the Chancellor was entered July 25, appointing Albert L.
Massey of Wilmington, receiver of 10.200 shares of the common stock of
the toll bridge company pending the final detarmination of the action.
It is not a receivership of either the San Francisco Bay-Toll Bridge Co.
or the San Francisco Bridge Securities Corp.. nor of any property except
the shares for which the plaintiff is suing as compensation for his promotion activities.
The two corporations, voting trustees for the stock and a banking group,
Including Dillon, Read & Co. and Kissel, Kinnicutt & Co., are named
only as nominal defendants and ara in reality unaffected by the action.
The plaintiff makes no claim against any of them personally, but simply
asserts that he is entitled to a portion of the stock which was issued to
Mark E. Noon and A. W. Deuel, with whom he was associated in the
Standard Oil Co. of Indiana.
-Extra Div. of 25e.
promotion of the bridge enterprise.
The directors have declared an extra dividend of 1%, in addition to the
The present suit has no bearing on the bond and debenture !sauce of
the Bridge company, the corporate structure of either of the corporations usual quarterly dividend of 23i% on the capital stock, par $25. both
payable Sept. 15 to holders of record Aug. 16. An extra distribution of like
or the franchise.
-V. 125. P. 3212; V. 126. p. 2662.
amount was paid in each of the preceding ten quarters.
-V. 126, p. 4100.
Sanitary Grocery Stores, Inc.
-July Sales.
-
192&
-July
-1927.
$1,753,224
$1,324,053
-V.127, p. 274.
Increase. 1928-7 Mos.-1927.
Increase.
$429.1711$12,833.833 59,484,929 $3,348,904
Schulte Retail Stores Corp.
-Listing.
---
The New York Stock Exchange has authorized the
on Sept. 1
of 5,604 shares additional of common stock on official listing of issuance
notice
as a stock dividend, making the total applied for to date 1,127,428 shares.
-V.126, p. 3465.
Sears, Roebuck & Co., Chicago.
-Stock Increased.
The stockholders on Aug. 9 increased the authorized capital
stock (no par value) from 4,200,000 shares to 5,000,000
shares.
-V.127, p. 697.
Servel Inc.
-Earnings.-PeriodNet sales
Net income
Interest charges
-Quarter EndedTotal6 Mos.
June 30'28 Mar. 31 '28
1928.
$3.307,145 $1,243,842 $4,550,987
278.325
380,976 loss102,651
115,581
Standard Oil Co. of Nebraska.
-Extra Dividend.
The directors have declared an extra dividend of 25c. per share in addition
to the regular quarterly dividend of 63c. per share, both payable Sept. 20
to holders of record Aug. 25. The last previous extra distribution was
25c. per share made on March 31 1927.-V. 126, p. 1056.
-Earnings.
Standard Textile Products Co.(& Subs.)
3 Months Ended June 30Net sales
Cost of sales
1927.
1928.
$3,240.702 $3,629,519
3.162,397
2.891,093
Net earnings
Other income
$349,609
14,772
$467,122
10.774
Total income
Interest
Depreciation
Res. for contingency
$364,381
101,009
130.854
54,000
$477,896
129,172
130,640
Net income
$218,084
$78,518
Note.-Acced dividends on pref. stock June 30 1928, $2,520,000.
Comparative Consolidated Balance Shea.
June 30'28 Dec. 31 '27
June 30'28 Dec. 31 27
Net profit
$162,744
Assets$
Liabilities
$
$
$
Consolidated Balance Sheet June 30 1928.
Cash in banks &
50,850
Accts. payable._ _ _ 178,043
Assetson
-hand
Liabilities
847,019
353,506 Prov. for Fed. inDash
135,000
$1,152,768 Accounts payable
86,128
$380,946 Accts & notes rec_ 1,035,392
come tax
935,863
Notes, trade accept. & accts.
257,527
Accruals (pay. & ins
118,605 Inveptorles
2,990,900 3,119,049 Accr. liabilities_ _ _ 252,830
receivable
1,490,871 Accrued interest
18,486 Due from officers
Stand'd 1st mtge
Inventories
and employees
3,812,116 Accrued taxes
5,827,000 6,442,100
83,827
31,140
25,077
bonds
Plant & property
3,585,911 Funded debt
4,500,000 Prepaid expenses.. 222,837
242,912 Mcbile Cot. Mills
Invest. In Elect. Servel Corp. 3,034,636 Miscellaneous reserves
375,000
13,139 Misc, accts. reele
9,737
bonds
59,199
Deposits & advances ,
15,866 Preferred stock
6,500,000 Investments.
1,267
3,567 Deferred credit Ss
Deferred charges
63,855 Common stock
50.000
144,500
x1,845,092 Engr. rolls, mfg,
reserve
Patents, etc
304,069
supplies,&it_
1,097,544 1,084,791 St'kh'd's equity _b10,384,799 10,109,923
Plant account._ 811,016,529 11,215,375
Total
813,460,097
Total
$13,460,097
Tot. (each side)17,246,302 17,045,401
x 900.000 shares (no par) authorized and issued (voting trust certificates
a After deducting $5.294,774 reserve for depreciation. it Represented
for 35,000 shares in treasury and for 52,000 shares deposited in escrow by 85.000.900 class A pref. (par $100). 84,000.000 class B pref. (par $100)
of which voting trust certificates for 62,000 shares is reserved for con- and 54.665,000 corn. (par $100) less deficit of $3,280.200. V. 126, p.3466
tractual obligations) as at Jan. 1 1928, 1,682.346. Profits from operations for 6 months ending June 30 1928, after deducting full depreciation
Studebaker Corp.
-Pierce-Arrow Stockholders Approve
and all note and bond interest. 8162,744.-V. 126, p. 3138.
Plan.
-See Pierce-Arrow Motor Car Co. above.
-V. 127,
p. 677.
(Isaac) Silver & Bros. Co.
-July Sales.
-
1928
-July
-1927.
$461,746
$4414,847
-V. 127, p. 121.
Increase., 1928-7 Mos.-1927.
846,899153,139,408 $2,700,185
Increase.
5439.223
South West Pennsylvania Pipe Lines.
-To Reduce
Capitalization-Capital Repayment of $15 Proposed.
The stockholders will vote Oct. 3 for or against the reduction of the
capital stock from $3,500.000 to 51.750.000 and for or against the change
in the par value of the shares of capital stock from $100 per share to $50
per share 11 order to accomplish such reduction of capital stock.
President Forrest M. Towl, Aug. 6, says:
On Feb. 28 last, the stockholders were advised that the directors desired
to pay to the former during the present year at least 830 per share but that
to do this it would necessitate a redaction of the capital stock. So far this
year, the stockholders have been paid $15 per share.
If the redaction of capital is authorized, the directors expect to pay
to the stockholders on or about Dec. 31 from the capital stock reduction
-V. 126, p. 3466.
account $15 per share.
-Extra Dividend.
(A. G.) Spalding & Bros.
The directors have doctored an extra dividend of 1% ;n addition to the
regular quarterty dividend of 1 % on the outstanding $5,982,200 common
stock, par 8100, both payable Oct. 15 to bottlers of record Sept. 29. The
company has paid resruhr quarterly dividends of 13(4% on the common
,
stock since July 15 1926. incl.-V. 126, p. 427.
-Recapitalization
(E. R.) Squibb & Sons, New York.
Approved-New Financing.
-
Terminal Freezing & Heating Co., Balt.-Control.-
See Consolidated Gas, iClectric Light & Power Co. of Baltimore under
"Public Utilities" above.
-V. 122, p. 3355.
Texas Corp.
-Expansion.-
Pres, It. C. Holmes, fn the current issue of the "Texaco Star," summarizes the principal activities of the company during the last month in
the way of expansion as follows:
1st -Decision to extend our present pipe line system to the Gray County
section of the Panhandle of Texas. This will be an 8
-inch line from Kings
mill to Vernon and Wichita Falls, Texas, connecting into both the North
Texas and Central Texas lines which, together with an additional 8
-inch
line from Dallas to Corsicana and Corsicana to San Augustine, to connect
with our Louisiana line at the latter point, will make a total of 333 miles
and give us at this time additional through capacity' to Port Arthur of
10,000 barrels daily which can be Increased with additional stations when
• added capacity is required. Pipe for this line amounts to about 25,000
tons and order was placed with A. 0. Smith Corp. of Milwaukee.
2nd.
-The purchase in West Texas, Crane, Ul3ton and Winkler Counties of 4,265.000 barrels of steel tankage and 3,000,000 barrels of crude oil.
with gathering lines, loading rack, &c., together with developed and undeveloped leases, most of which are in proven productive areas, with 27
wells and an estimated potential daily production, net to the company, of
30,000 barrels. (The Winkler County production is, however. being restricted in accordance with existing proration orders of the Texas RR.
Commission.) As of the 9th inst., there are 31 producing wells with a
potential production of approximately 45,000 barrels daily.
3rd.
-The construction of a 12
-inch pipe line from the West Texas fields
In Pecos, Crane, Upton, and Winkler Counties, to Houston, and a 10
-inch
line from Houston to Port Arthur, a total distance of approximately 550
miles, not including field gathering lines.
It is expected that the line will be completed about Mar. 1 1929, and
when all stations are installed will have a capacity of 60,000 barrels daily.
The pipe for this line amounts to about 65,000 tons. The Youngstown
Sheet & Tube Co. was the successful bidder.
-V. 126, p. 3776.
The stockholders on July 23 approved a recommendation of the directors
that all of the previously authorized shares with par value, issued and unissued, be changed into a different number of shares of other classes without
Par value; that all of the shares be reclassified and that the authorized
shares be increased, so as to effect, among other things, the following
changes, reclassification and increase, (a) the reclassification of the authorized 40.000 shares of 8% cumul. non-voting partic. 1st pref. stock (par
-July Sales.
(John R.) Thompson Co., Chicago.
$100 each) into 60,000 shares of cumul. 26 1st pref.stock (without par value)
cumul. non-voting partic. pref. stock (par $100) being changed into 1%
Increase.
1928
-July-1927.
Increased 1928-7 Mos.-1927.
bares of cumul.$8 1st pref. stock without par value and 2 shares of common 51.162.922 51.154.566
88,356158,479,760 $8.333,255
$146,505
' without par value; (b) the reclassification of the 9,000 authorized -V.127. p.698. 275.
stock
-Earnings.
Timken-Detroit Axle Co.
1926.
1927.
1928.
6 Mos. End. June 30-:Net profit after charees,
depreciation and Fed$660,011 $1,223,000
- $716.410
deral taxes
Consolidated Balance Sheet June 30.
1928.
1927.
1928.
3
Liabilities$
Assets
-3
7% preferred stock 3,842,100
Land. bldgs., &c.,
6,028.720 6,093,579 Common stock... 8,345,960
less depreda'n_
1 Accrued expenses,
1
Good-will & pats__
led. Federal inDles, jigs, fixtures
356.307
1
come tax
1
and patterns-.
1,276,266 1,027,291 Acc'ts payable_ _ _ 742,409
Cash
accts ree_ 2,040.001 1,717,856 Other reserves_ ___ 719,636
Notes &
3.584,755
4,122,148 4,331,466 Surplus
Inventories
1,031,852
Investments
98,358
156,322
Sinking fund
4% demand eds.
on deposit and
Interest thereon_ 2,567,301 2,052,619
368,372
Miscellaneous__- 1,295,364
Tot. (each side)17,591,167
141,450
105,039
Deferred assets_ _ _
V.
- 126. p. 3944.
1925
$678,700
1927.
3
3.966,500
8,320.730
Copper Production During First Seven
1928.
1927.
3,405,972
3,265,898
3,247,052
2.303,758
3,397.172
2,622,908
3,261,292
3.208,628
April
4,102.776
3,448.222
May
.
June
3,735,848
3,585,742
July
127. p. 276, 123.
January
February
March..
-.
211,492
1,180,539
299,509
2.884,076
16,862,845
-Extra Div. of 25 Cents.
Timken Roller Bearing Co.
-Stock Increased.
Tower Mfg. Corp.(Boston).
The stockholders on Aug. 10 increased the authorized common stock
from 100.000 shares, par $5 (97,060 shares outstanding) to 200,000 shares.
V.
- 127, p. 122.
-Bonds Reduced.
Ulen 8c Co.
The Boston Stock Exchange has been advised that as of Aug. 1 1928,
there were outstanding 83,157,000 of 6ji% secured convertible gold notes,
dated Nov. 1 1926. Of the original issue there have been retired through
conversion $693,000 and through sinking fund $150.000, or a total of
8843,000.-V. 126. p. 2663.
-Earnings.
Underwood Elliott Fisher Co.
[Including Elliott-Fisher Co. and Subsidiaries.1
6 Mos.End.
Quarter Ended.
June 30'28. Mar.31 '28. June 30'28
$939,967 $1,547,951 $2,487,918
95,445
97,435
192,880
' PeriodNet after exp. & charges
Other net income
Net income
Ohs. corn. stk. outstanding (no par) Earns per share
-V. 127, p. 123.
Months.
1926.
3,974.110
3.528.765
3,557.064
3.461.786
3,995.488
1925.
3,739,542
3,631.638
3,368,904
3,810.358
3,625.252
3.475,936
3.861:794
-Earnings.Universal Products Inc.
The company reports for the Six months ended June 30 1928 a net income
-V.127. p. 123.
of $230,929 after charges.
-Retires Notes.Upper Mississippi Barge Line Co.
Pres. C. C. Webber recently announced that the company has paid off
% equip. gold notes, due Aug. 1 1930. See
the 8500.000 1st mtge.
offering in V. 122. p. 2343.
Vanadium Corp. of America, Inc. (& Subs.).-
An extra dividend of 25c. per share has been declared on the outstanding
capital stock of no par value in addition to the regular quarterly dividend
of $1 per share, both payaole Sept. 5 to holders of record Aug. 20. Like
amounts were paid in each of the previous eight quarters. This compares
with extras of 25c. per share and regular dividends of 75c. per share paid
quarterly from Sept. 1923 to June 1926 incl.-V. 126. P. 3316.
Total income
Depreciation
Federal tax reserve
837
FINANCIAL CHRONICLE
AUG. 11 1928.1
$1,035,412 81,645.386 $2,680,798
187,859
151.440
339.299
64,135
202,695
266,830
$783.418 $1,291,251 $2.074,669
645,200
643,436
445,200
$1.07
$1.86
$2.92
-Initial Dividend.
United Am usement Corp., Ltd.
The directors have declared an initial dividend of $1 per share on the
common stock, no par value, payable Aug. 25 to holders of record Aug. 15.
--V. 125, p. 1852.
-Permanent Bonds.
United Drug Co. (Del.).
The National Shawmut Bank of Boston as trustee announces that the
-year 5% gold bonds of the above company, due
permanent engraved 25
March 15, 1953. will be ready for distribution in exchange for trust receipts
on Aug. 15, 1928. They will be distributed at the office of Kidder, Peabody & Co., 17 Wall St.. N. Y. City, or The National Shawmut Bank of
Boston. 40 Water St.. Boston, Mass. (For offering, see V. 126, p. 1679)
-V.126, p. 1826, 1805, 1679.
-Transfer Agent.
United Electric Coal Companies.
The Bankers Trust Co. has been appointed transfer agent in New York
-V. 126, p. 3777; V. 127, e. 276.
for the 1st pref. stock.
United States Bond & Mortgage Corp. of Connec-Stocks Offered.-Tho corporation, with offices at
ticut.
Hartford, Conn., recently offered 1,000 shares 7% cumulative preit):red stock (par $100), and 1,000 shares common
stock (no par value) in units of 1 share each at 8120 per unit
-The authorized capital is 10,000 shares of 7% cumula
Capitalization.
tive preferred stock (par $100) and 30.000 shares of common stock (no par)
The preferred stock is preferred as to assets and cumulative dividends o
-J. The common stock is ful
7% per annum. Dividends aro payable Q.
paid, non-assessable and each share carries full voting power.
-Corporation is now the foremost Institution of its kind inBusiness.
corporated under the laws of Connecticut. It was organized to standardize
and stabilize the placing of second mortgage loans on homes.
Company confines its loans to completed individual homes or small
Income producing properties. No loan is made in excess of $15,000. It
does not place mortgages on vacant or farm lands, or on properties of special
classification such as churches, garages, mercantile buildings or large apartment houses. Company's rigid rule of never investing in mortgages of
more than $15,000 principal insures that a minimum percentage of its
capital be invested in any one property. The average mortgage now held
is less than $4,000.
Purpose.
-The company will use the proceeds from the sale of this issue
of preferred and common stock to meet the great demand upon its services
from additional worthy mortgage sources.
-Company has never failed to pay the regular quarterly
Dividend Record.
dividend on its outstanding 7% cumulative preferred shares on the date
due. It has been the policy of the directors to build up a reserve by adding
the excess earnings of the company to surplus rather than pay common
stock dividend. It is expected that the common stock will be placed on a
dividend basis as soon as is consistent with conservative banking practice.
United States Dairy Products Corp.(& Subs.).
-Earn.
1928.
1927.
6 Mos. End. June 301926.
$8,841,236 $7,044,912 $6,501,174
Gross sales
488,844
691,532
Net profit before deprec. & Fed. taxes
629,599
-Nr. 127, p. 123.
United States Realty & Improvement Co.
-New Contracts-Earningsfor First Quarter.
The directors on Aug. 9 declared the regular quarterly dividend of $1
per share, payable Sept. 15 to holders of record Aug. 22.
The directors also approved new contracts aggregating $15,000,000,
the principal ones being a home office in Hartford, Conn., for the Aetna
Life Insurance Co., new office building for the George A. Fuller Co. at
Madison Ave. and 67th St., New York, addition to the Harvard University
Law Library at Cambridge, building in Washington for the Daughters
of American Revolution and a building for the Junior League in New York.
A statement of the earnings for the quarter ended July 31 1928 was
submitted to the directors which showed total net income after all deductions for corporate expenses and taxes of 81.037,000, against $1,018,00
-V. 126, p. 3142. 3110.
for the same period last year.
1926.
1927.
1928.
6 Mos.End.June 30Profit after expenses_ ___ $1,128,861 $1,333,300 $1.372,583
69.209
83,862
106,493
Other income
1925.
$887.144
63,051
81,235,354 31,417,162 81,441.792
398,638
306,560
265,862
471,421
564,955
564,955
8950.195
217,179
Totalincome
Depr.,dpl.,taxes, dtc
Dividends
8733,016
$571,733
$545,647
$404,537
Surplus
2.248,179
2,864.646
3,188,410
3,400,000
Profit & lass
Earns per sh. on 376,637
$1.92
$2.77
$2.95
$2.57
shs.cap. stk.(no par)_
Consolidated Balance Sheet June 30.
1927.
1928.
1927.
1928.
$
$
Liabilities$
Assets14,336.096 14,336.096
Capital stock
Plant, Property,
127.438
162.457
10,773.826 Accts. payable
patents. dro _ _10.696,835
89.787
89,787
1,632,064 1,095,246 Res.for conting's _
Cash__
140,930
651,675 Rester accr.taxes
Accts. receivable.... 571,459
34,453
39,835
em pl.liab
21,043 Res.for
23,384
Insurance policy- 140,699
2,129,340 2,670,839 Fed.tax reserve __ 260,712
Investments
150,000 Prof.& loss surp -- 3,400,829 3,188,411
cos.. 130,000
Inv.in assoc.
80, 149
59.784
Sundry debts,&c
2,639,356 2,251,230
Inventories
Claim for refund of
128,528
82,740
Fedincome tax_
26,068
26,068
Other assets
184,711
264,848
Deferred charges
Total(each side)18,289.718 18,057,815
24,500
13,840
receivable_
Mtges.
-V. 126, p. 2811.
x Represented by 376.637 no par value shares.
-The
-Readjustment Plan.
Van Camp Packing Co., Inc.
bondholders and preferred and common stock holders are
advised of a proposed readjustment plan which involves the
seven following proposals:
cash to a
$250,000 in
(1) (a) To convey all the milk properties and Co.,
consideration of
new company, to be known as the Van Camp Milk stockin The Van Camp
of
From 81,250.000 to 81.500.000 of 7% preferred
(I)
(2) all the common stock of the Milk Company, except
Milk Co. and
necessary qualifying directors' shares.
bondholders'
(b) To sell to bankers at a price to be approved by the Camp Milk
stock of the Van
and stockholders' committees, such preferred of the Packing Company at
Co. (with warrants to purchase common stock
of common for each share of pre$20. per share, in the ratio of two shares
cash, to produce working
ferred, such warrants to run for three years) for
for the Packing Company.
capital
present bond issue of approximately $2,400,000 oy
(2.) To retire the
$650 in bonds out of new issue
giving for each 81.000 bond $350 in cash andmortgage bonds to be dated as
-year
of 6% 20
of approximately $1,500,000a new first mortgage on the Indianapolis and
of Oct. 1, 1928, secured by
the formulas and trade-marks
other Indiana vegetable packing plants,
Milk Company.
appertaining thereto, and the common stock of the new of common stock
receive 6 shares
Each bondholder will be given the right to paid to such bondholder on acof the $350 in cash to be
in lieu of $150 out
to be exercised in the manner
count of each 81.000 of bonds held,such right
deposit agreement.
and within the time specified in the bondholders'
outstanding issue of 7% preferred stock
(3.) To exchange the present
the par value of the
for a new issue of 7% preferred stock equal to one-half such exchange, LO
present issue, the present stockholders, in the course of
par value
receive for each share of the present preferred stock having a
of$50 the following items:
having a par value od $25, and
(a) 1 share of the new preferred stock
into one
carrying the privilege to the holder thereof of converting the same of conshare of common stock of no par value within one year of the date
summation of this plan,
(b) M share of common stoke of no par value,
share of common stock
(c) A warrant entitling the holder to purchase
of no par value at $10 per half share, on or before Nov. 1, 1928.
authorize a new issue of $1000000 6 % prior preference stock,
(4.) To
bonus of
and sell the same to bankers at par (such sale to carry with it a option to
52.700 shares of common stock of no par value, and a three-year
per share).
buy 48,100 additional shares of such common stock at $30of no par value,
(5.) To increase the common stock to 500.000 shares
shares
and distribute to present common stockholders 30,000 additional
shares for
(either (a) by stock dividend, or (b) by the exchange of 90,000 common
existing 60,000 shares), together with warrants entitling the further
the
stockholders to acquire in proportion to their present interests, a
30,000 shares at $20 per share. on or before Nov. 1.1928. stockholders, by
(6.) To authorize committees of bondholders and
of bondvirtue of suitable deposit agreements, to represent the interests
the carryholders and stockholders in arranging or approving all details for
if any, plans as may
ing out of the readjustment plan, and to approve such,
bondholders
be deemed necessary to make provision for non-depositing
and stockholders.
stockholders to
(7.) To authorize such committees of bondholders and
may involve the
approve any change in this readjustment plan which present company
formation of a new company to take over the assets of the new Milk Comthe
(after segregation of the milk plants and formation ofcompany, all on the
new
PanY). and the issuance of the securities of such
to issue the securities
same oasis as it is proposed, in this readjustment plan,
deemed advisable to form
of the present company, in the event it should be
a now company, for legal or other reasons.
outstanding
A statement of the physical properties and
securities of The Van Camp Packing Co., Inc., as of July 28,
1928,follows:
packing plant and place of business at
The company has its principal
plants at Martinsville
Indianapolis, Ind. It has other vegetable canning
evaporation of milk at Angola.
and Elwood, Ind. It has plants for the
Mich.; and Sawyer and Watertown,
Adrian.
Ind.; Wauseon and Bryan,
of edible oils (cot0.•'
Wis. It has large plants for the refining and blending
tonseed, corn, peanut, and sesame) at Louisville, Ky.to Indiana Trust Co.
All these plants are subject to the lien of a mortgage
1, 1921. Of
trustee, securing an Issue of 20-year 8% bonds, dated April
outstanding.
these bonds, approximately $2,400,000 are now
cumulative preferred
The company has outstanding $4,730,000 of 7%
stock (authorized
stock (par $50) and 60,000 shares (no par) common
100,000 shares).
President Wm.D.Cambell in a letter to the bondholders
in
and stockholders dated July 28 saysVansubstance: Co. Inc..
Camp Packing
of The
For some time the management
has been gravely concerned with developments in the prepared food
products industry to which the company has been unaole satisfactorily
Business Activity" on a preceding page.
- to adapt itself. The growing importance of the outlets through the chain
See under "Indications of
stores and other large retailing organizations has reduced the margin of
V. 127, p. 677, 276.
profit on the staple lines to the extent that only through a very large volume
- of business can satisfactory financial results for the canner be achieved.
United Verde Extension Mining Co.-Quar. Report.
July 1 '27. July 1 '26. July 1 '25. Furthermore, the development of trademarked specialty products, in which
July 1 '28.
8399,444
$658,990 $1,888,532 the margin of profit is larger, now requires a greater amount of Capital for
$564.670
Cash on hand
3.999,268
4,473,827
3,778,337 advertising and selling expenses than ever before. These trends in the inU.S. Govt.securities- - 3.790,733
-Unfilled Orders.
United States Steel Corp.
[VoL. 127.
FINANCIAL CHRONICLE
dustry have, of course, favored those food manufacturers able to advertise
and distribute their staple and specialty products in largo volume, to the
,
disadvantage of the other companies in the field.
While cognizant of these developments, the management has been unable
to meet them, and the earning power, present and prospective, of the company, has suffered accordingly. This has been due to a lack of working
capital, which the current earnings of the business have been insufficient
to supply. For the future success of the business, therefore, we believe
that it is vital to put the company in a strong competitive position by
supplying it with substantial additional cash resources.
With this in view, the management of the company has succeeded in
interesting Lehman Brothers and Hitt, Farwell & Co., investment bankers
of New York, who have indicated to the management their willingness to
consider a suitable contract to furnish additional working capital. A
careful study of the situation, involving many discussions with those now
financially interested, has made it evident that, because of the capital
structure of the company, it is impracticable to obtain the necessary funds
except after recapitalization. A plan has been worked out which makes
provision for supplying a minimum of between $2.250.000 and $2,500,000
additional working capital to the Company (less such part thereof as will
represent discount on securities sold, sucn funds as are to be used to reduce
the present mortgage indebtedness, and such sums, if any, as may, with
the approval of the bondholders',and stockholders' committees, be otherwise used in bringing about the consummation of the plans). This gives
no effect to the additional capital which may be supplied by present security
holders under rights granted in the plan. The further consideration of
this plan is contingent upon the deposit of a sufficient amount of bonds,
preferred stock and common stock of the company now outstanding.
With these additional resources available, the company will be in a position to increase the volume of its output and to develop a broad market for
several new specialty products which have already proved their merit and
consumer appeal. Moreover, the cooperation and interest of the bankers
referred to will be of great value to us. Because we feel sure that the future
success of the company depends very largely on the advantages to be derived from this plan, we earnestly recommend to the holders of securities
of the company that they co-operate in order to make it possible.
From the readjustment plan you will note that It is proposed to cancel
the present mortgage securing 8% bonds due April 1, 1941, of which anProximately $2,400,000 are outstanding, and to create a new mortgage
covering the company's vegetable canning plants, the formulas and trademarks appertaining thereto, and the common stock of a new Milk Company
(which is to be organized to operate the company's milk businessseparately).
such mortgage to secure approximately $1,500,000 of 20-year 6% bonds.
dated Oct. 1, 1928. The physical property to be mortgaged consists primarily of the plant at Indianapolis, which Is one of the most modern and
sanitary canning plants in the world and was built at a cost In excess of
21,750,000. The milk plants of the company are not to come under the
new mortgage, but are to be conveyed, together with $250,000 in cash, to
the new Milk Company above referred to. in exchange for between $1,250.
000 of preferred and all of the common stock of the Milk Company, such
preferred stock to be sold to provide part of the new working capital for the
packing company.
Committees of'bondholders and preferred stockholders will, under suitable
deposit agreements, represent the interests of bond holders and stockholders in arranging or approving all details for the carrying out of the plan
and will have express authority to approve such, if any, plans as may oe
deemed necessary to make provision for non-depositing bondholders and
stockholders.
As you doubtless know, the present bonds are quoted on the market at
not to exceed 75% of par, or $750 for a $1.000 bond. The present preferred
stock has been quoted on the New York market at $10 to $12 per share.
A. E. Latta, of Wakefield & Co., Investment Securities, Louisville,
Ky.; J. F. Hewitt.of Hewitt, Ladin & Co..investment securities, New York
and H. G. Polhemus, Pres. of the Guardian Trust & Savings Bank, Philadelphia, all representing holders of substantial amounts of the outstanding
bonds, have consented to act as a bondholders' committee to safeguard
the interests of the bondholders in the proposed readjustment, and The
Indiana Trust Co., of Indianapolis, has consented to act as depositary for
the outstanding bonds. In the case of those electing to take common stock
in lieu of $150 of the $350 in cash to which each $1,000 bondholder is entitled suitable reference will be made on the depositary's receipt.
Robert B.Failey, Pres. of the Indiana Mirror Manufacturing Co.,Indianapolis; Dr. George A. Fisher. 506 East 39th St., Indianapolis, and 11. J.
Angermeier, First Vice-President of the National Bank of Kentucky. Louisville. all representing holders of substantial amounts of the outstanding
preferred and common stock, have consented to act as a stockholders
committee to safeguard the interests of the stockholders In the proposed
readjustment, and The Indiana Trust Co. of Indianapolis, has consented
has consented to act as depositary for the outstanding stock.
Bondholders and stockholders, to obtain the benefits of the plan, must
deposit their securities on or prior to Sept. 1, 1928, unless the time for deposit be extended.
That the consummation of the proposed plan is of vital importance to
the company is obvious to all of those intimately acquainted with (he affairs
of the company. Without the benefit of the additional cash required, the
company will be in a weak competitive position and will face an uncertain
future. With additional working capital available, on the other hand, the
management feels confident that very satisfactory results can be achieved
for the entire business. In view of the situation officials of the company
expect that both the bondholders and the stockholders of the company will
promptly co-operate in support of the plan proposed.
-V. 123. p. 594.
Data from Letter of Pres. W.J. Burke,Portsmouth,0.,July 19.
Company.-Becenfly organized in Ohio. Is to acquire all the business and
assets of the Vulcan Last Co., which company began business as the Vulcan
Box Toe Process Co. in 1909, with an authorized capital of $50,000. From
this small beginning, the business has steadily and consistently grown until
to-day the Last Co. is one of the largest in the world engaged in the manufacture of shoe lasts and wood heels for women's shoes, its production
approximating 23%, and 30%, respectively, of the total estimated Production in these industries. Plant facilities have increased from approximately 54,000sq.ft. in 1918 to upwards of 525,000sq.ft. at the present time.
The Last company's customers include large shoe manufacturers, such as
the International Shoe Co., Endicott-Johnson Corp. The Brown Shoe
Co.. and many other smaller companies.
The corporation will own and operate 11 modern plants, located at
Portsmouth, 0., St. Louis, Mo., Johnson City, N. Y., Brockton, Maas.,
Effingham, Ill., Crandon and Antlgo. Wis.
Purpose.
-Proceeds of this issue of preferred stock are to be used in the
retirement of the outstanding $1,258,000 7% preferred stock of the Vulcan
Last Co. and to provide the business with additional working capital.
Earnings-The Last Co.has earned a profit each year since the inception
of the business. Even during the period of depression in 1921 and 1922
both sales and net earnings showed large increases.
Net earnings for the past 3 fiscal years. available for dividends after all
charges, including depreciation and Federal income taxes, as certified by
Ernst & Ernst, have been as follows: 1925. $207,221; 1926, $259.762;
1927. $449.567.
For the 3 months ended Mar. 311928. net profits amounted to $125,278,
as compared with net profits of $70,157 for the corresponding period of
1927.
The above figures do not reflect earnings which should accrue from the
introduction of over $900,000 additional working capital obtained through
the present financing or from the Mawhinney Last Co., Brockton, Mass.,
purchased in March 1928.
Stock Purchase Warrants.
-Each share of preferred stock will be accompanied by stock purchase warrants entitling the holder thereof to purchase
common stock in the ratio of 2 shares of common stock for each share of
preferred stock at the following prices: 227 per share from Oct. 1 1928, to
Mar. 31 1929, incl.• $31 per share from Apr. 1 1929, to Mar. 31 1930 incl.:
235 per share from Apr. 1 1930. to Mar. 31 1931 incl.; $43 Per share from
'
Apr. 1 1931. to Mar. 31 1932 incl.; thereafter the warrants become void.
210.000 shares of common stock presently to be issued are to be issued to
holders of common stock of the Vulcan Last Co. on the basis of 4 shares of
the new stock for each share of the old stock.
Pro-Forma Balance Sheet, March 311928.
AssetsLtabatties2238.784
Cash
$186,322 Notes payable
321,180
Customers accts receivable_ _ 294,812 Amounts PaYable
72,842
Inventory
1,681,135 Accrued taxes. tto
29,398
Other assets
46.984 Deferred liability
100.000
Permanent assets
2.558.661 Reserve for contingencies
2,500,000
Patents ds good-will
440,000 Preferred stock
500,000
Deferred charges
39.462 Common (210,000 shs.)
a1,485,171
Initial surplus
$5,247,376
Total
Total
95.247,377
a Includes Effingham Building fund of 2160,000.-V. 127. p. 277
Waitt & Bond, Inc.
-Larger Class B Dividend.
The directors have declared a quarterly dividend of 30c. a share on the
class B stock, ;payable Oct. 1 to holders of record Sept. 15. This places
the issue on a $1.20 annual basis, against $1.10 previously.
The directors also declared the regular quarterly dividend of 50c. a
share on the class A stock, payable Sept. 1 to holders of record Aug. 15.
-V. 127, p. 698.
-Earnings.
Walworth Co.(& Subs.).
1928-6 Mos.-1927.
Period End, June 30- 1928-3 Mos.-1927.
Net sales
$5,983,670 $6,601.264 $11,397.125 613,003,606
220,324
188,349
Other income
123,384
100.320
Total
$6,083,990 $6.724,648 $11,585,474 $13,223,930
Cost, adm. & sell. exp.
taxes, charges, &c _ _ 5,674,033
8,282.987 11,109,236 12,304.316
368.221
Interest
381.592
175.787
180,978
315,087
268,798
Depreciation
157,589
129.815
$236,306
Net profit
2108,306 dej$152.153
$99.163
Earns, perch,on 300.000
abs. no par coin.stock
$0.59
Nil
20.25
$0.25
Consolidated Balance Sheet June 30.
Assets
1927.
1928.
1928.
1927.
x Plant & equip._ _15.723,251 16,175,266
$
S
Cash
724,860
543,748 6% pref.stock.- 1,000,000 1,000,900
387.500
Drafte & notes rect.. 318,288
pref stk of subs 377,500
440,848 7%
Accounts recur_
3,07535 3,439,042 Corn stk & Burp__ y14,093,385 14,933,618
Inventories
7,999.386 8,851,596 Accts & aecrls pay. 1,224,707 1,570,603
375,000
Prepaid ins., int.
Notes payable.-_ 725,000
& tax
188,651
206.867 Accrd Fed taxes _47,602
350,000
Walworth Co.debs
. 22.500
1.000
59,600 Purch obligations
Van Dusen Harrington, Inc.
-New Control.
52,000
Ree for rl cot sale
Notee dr mtges.
225,000
See F. H. Peavey & Co. above.
-V. 126, P. 2002.
694,950
Sinking fund
232 Bonds of subs_ ..... 539,900
Miseet securities _ _
Victor Talking Machine Co.
-Earnings.
for contingen52,253
46,431 Res
585,075
563,604
cies
46,822
65,848
[Including Wholesale Distributing Companies in U. 8. A. Wholly Owned.] Lease our. oontr. _
18,358
41,517
Leasehotds
73,846
74.835 Other reserves_
Period End. June 30- 1928-3 Mos.-1927
1928-6 Mos.-1927
Deferred charges
190,318
146.701 lids of Walworth
Sales, less rot'ns & allow $9,911.529 69,467,028 $20,258,272 $19,680,048 Treasury stock
10,409,000 10,609.500
_Co
89,280
89,280
sales, incl. sell.,
Cost of
426,410
426,410
gen.&admin.exp., etc. 8,600,671
8,406.301 16,988.749 17,402,711 Goodwill
Total
29,124,715 30,566,604
29,134,715 30,666,604
Total
Profit from operations $1,310,858 $1,060,728 63,269,523 $2,277,337
x After depreciation and amortization reserves. y Represented by 300,585,044
446,695
359,073
674.123
Other income
000 no-par shares -V. 126, p. 3778.
$1,757,553 $1,419,800 $3,943,646 62,862,381
Total income
641,146
320,009
Warren Iron & Steel Co.
385.867
777.759
Depreciation
-Sale.-,
215,000
95,550
The entire assets of the company, manufacturer of alloy steels and
101,000
327,000
Pro v.for Fed.inc.taxes
azricultural implement disks, will be sold at public auction on Aug. la
foliowing order of the court and the bondholders' protective committee.
Not Income carried to
$1.270,686 $1.004,249 22,838,887 $2,006.235 The sale will include land and buildings, rolling mills, fabricating equipsurplus account
The foregoing results do not include the company's proportionate share ment, and other rnachinery and equipment. The industrial Plants Corp..
the 25 Church Street, New York, is auctioneer.
of the undistributed earnings of its foreign affiliated companies for
-V. 126. p. 4192.
respective periods.
include
The cost and expenses for the second quarter of 1928 period quarter
Wheeling Steel Corp.
-Income Account.$296,352 of adjustments resulting from the acquisition during the
Period.1st Quarter 2nd Quarter 1st B Mos, 1st 6 Mos,
of the assets of wholesale distributing companies.
1927.
1928.
1928.
1028.
is equivalent,
The net Income of $2.838,887 for the 6 months of 1928common stock Oper. prof. (after taxes)_ $3,598.533 $4,271.743 $7,870,276 $6,940,746
2.568.362
after the preferred stock dividends, to $2.70 per share of
Maintenance
2,637,863
1.315.979
For the corresponding six months Depreciation & repairs _ 1,321,884
outstanding at the end of the period.
1.828,155
1,744.062
869.336
. 874.726
28,038
of 1927, the net income of 62,006,235, was equivalent, on the same share Exhaustion of minerals
28.684
18,374
10,310
-V. 127. P. 427.
765,502
Interest & discount
basis, to $1.5.7 per share of common stock.
905.329
537,929
367,400
Virginia Shipbuilding Gorp.-Sale.-
Buildings, machinery and equipment of the company at Alexandria, ha,
was offered for sale at auction by the receiver July 24 and 25. (Samuel
-V. 120, p. 1341.
T. Freeman & Co.. Philadelphia. auctioneers).
-Love, Macomber &
Vulcan Corp.-Pref. Stock Offered.
Co., New York; Folds, Buck & Co., Chicago, and J. R.
Edwards & Co., Cincinnati, are offering 18,980 shares $6
cumul. pref. stock (no par value) at $100 per share (with
common stock purchase warrants).
share
Net income
61,024,213 $1,530,125 $2,554,338 $1,750,689
Profit on sale ofsec. _ _ _ _
97.498
Total net income.
Deferred dividends
Preferred dividends _
Surplus
Net per share pfd. "A"..
Net per share pfd. "B"_
Net per share common _
-V. 126, P. 3316.
$1.024,213
663,320
$869.893
3..0879
$3
21,530,125 $2.554,238 $1,848,187
199,018
1,326,799
1,326.640
663,320
2866.808 $1,227,698
5.78
$ ..62
2 19
4
5322.379
$6...378
5 952
1
4
$715.18
3:71
$0.91
Preferred as to dividends and as to assets to the extent of $100 per
share and divs.on voland diva. on involuntary liquidation and $110 per
Winnsboro (S. C.) Mills.-Direct Control Aesumed by
untary liquidation. Red, at any time on 30 days' notice at $110 per share
plus diva. Dividends payable Q. (cumulativefrom July! 1928). Dividends United States Rubber Co.
-J.
exempt from present normal Federal income tax exempt in Ohio. Transfer
'Me United States Rubber Ca. on July 1 assumed direct control of the
agents: First Nat. Bank. Cincinnati; Gontinental Nat. Bank & Trust Co.,
Central Trust Co.. Winnsboro Mills, Winnsboro. Lockwood. Greene & Co., which has manChicago; Seaboard Nat. Bank, New York. Registrars:
Cincinnati: Union Trust Co., Chicago; Central Union Trost Co., New York.. aged the plant since 1917, is discontinuing its mill management department.
At a meeting of the board of directors of the Winnsboro Mills new officers,
Authorized. Outstanding.
Capitalization50,000 she. 25,000 shs. all of whom are members of the United States Rubber Co. organization,
Preferred stock (no par value)
Common stock (no par value)
*450.000 shs. 210,000 shs. were elected as follows: C. B. Seger, Pres.: II. Gordon Smith, V.-Pres. 84
*66,687 shares reserved for stock purchase warrants.
Gen. Mgr.; W. H. Blackwell, Treas.; S. S. Green, Asst. Treas.; W. 0.
AUG. 11 1928.]
FINANCIAL CHRONICLE
Cutter, Compt.; Noble Ashley, Asst. Compt.; H. H. Nance, Clerk: R. WLahey, Sec. of the board of directors. Board of directors: Paul H. Arthur.
W. 0. Cutter. A. E. Jury, 11. E. Sawyer, C. B. Seger, H. Gordon Smith
and S. P. Thacher.
Mr. Seger, the new President of the Winnsboro Mills. Is President and
Chairman of the United States Rubber Co. Messrs. Blackwell, Cutter,
Greene and Ashley hold the same offices in the United States Rubber Co.
as in the Winnsboro MilLs. ("American Cotton & Wool Reporter.")
V. 122, p. 3475.
-Earnings.
(Benjamin) Winter Inc.
Benjamin Winter, President of the company, reports earnings for the
6ti months ended May 31 1928 at $367,102. after deducting operating
expenses, interest and Fderal income tax, equivalent to $1.12 per share on
the 250,000 shares of common stock after deducting dividend requirements
on the 32,000 shares of $5 preference stock outstanding.
-V. 126, p. 3142
-Earnings.
Witherow Steel Co.
Results for 6 Months End. June 30 1928.
Sales
Cost of sales & operating expense
Reserve for operating contingencies
Depreciation, buildings, equipment, patents, &c
Interest on bonds
Net profit
Earns per sh on commom
-v. 125. P. 604.
$2.009,115
1.759.163
53,139
69.209
22,210
$104,994
$0.78
-Sales.
(F. W.) Woolworth Co.
1928.
1927.
Increase.
Month of July
$20.592,480 $20,174,652
$417,828
First seven months
145,869,724 136,942.191
8,925,533
ZVote.-July of the current year had only four Saturdays as compared
with five Saturdays in July 1927.-V. 127, p. 124.
Worcester Salt Co.
-Initial Preferred Dividend.
-
The directors have declared an initial dividend of 1% on the 6% pref.
stock, payable Aug. 15 to holders of record Aug. 11. This distribution
covers a two-month period. See V. 126, p. 3469.
Yarns Corp. of America.
-Stock Offered.-Doroshaw &
Co., New York, are offering at $16.75 per share to yield over
7%,18,000 shares convertible class"A"stock (no par value).
Convertible share for share into class "B" common stock at the option
of the holder on or before July 1 1935. Entitled to cumulative quarterly
dividends at the rate of $1.20 per share per annum and, upon liquidation.
as to assets up to $20 per share. Dividends payable Q.
-J. Red. all or
part on any ay. date on 30 days' notice at $20 per share. In the event
that class 'A" stock should be called for redemption prior to July 1 1935.
the holder will have the right to exercise the conversion privilege up to the
redemption date. Class "A" stock is entitled to equal voting rights with
the preferred stock and the class "B- common stock share for share.
No dividends shall be paid upon tho class "B" common stock in any
quarter unless the earnings for such quarter were at the rate of not less
than $3 per share per annum on the total amount of class "A" and class
"B" stock then outstanding. Transfer agent. Chemical National Bank,
New York. Registrar, Bank of New York & Trust Co.
CapitalizationAuthorized. Otitstond:no
77 serial gold bonds
$500.000
$250.006
cumul. pref. stock (par $100)
530,700
530.700
onv. class "A" stock (no par)
18,000 shs. 18.000 shs.
Class "B" conunon stock (no par)
54,000 shs. 36,000 sits.
* 18,000 shares reserved for conversion of class "A" stock.
Data from Letter of R. Crisman, President of the Company.
Company.
-Organized Jan. 15 1927 for the purpose of consolidating the
Grisman Co., Mindlin & Gross, Inc., Aibel Brothers and the Commercial
Rayon Dyeing Co.. Inc., all of which concerns had been successfully engaged as processors of rayon yarns for a number of years. Company is
the only one dealing exclusively in the entire range a rayon yarns and is
recogni-ed as the largest of its kind in this country. Company operates
three plants: N. Y. City, Brooklyn, N.
and Allentown, Pa., and is
plant at Spartansburg, S. C.,
completing the first unit of a three-unit Y.
which should be in operation about Aug. 1 1928.
Sales et Earninqs.-For the first year of consolidated operation, sales
were in excess of $3,400,000. Net earnings for thet period, ended Jan. 15
1928, after interest and depreciation, were $108,900. Based on the elimination of certain non-recurring charges adiusted in connection with this
financing, the net earnings on a corresponding volume of business for the
current year would be $129.150, which indicates a balance, after depreciation, bond interest, dividends on preferred stock and Federal taxes, of
over $3.60 per share on the convertible Glass A stock to be presently outstanding or over 3 times the dividend requirements on this issue. Sales
d en dinicr
for the period commencing Jan. 15 1928 anperiod v tre
e
v102 show
191,y .
18
an increase of 20% over the corresponding
previous
-Entire proceeds derived from the sale of the convertible class
Purpose.
A stock will be used as additional working capital.
Dividends.
-It is the intention of the directors to declare at an early
date an initial quarterly dividend of 8.30 per share on the convertible
class A stock, payable Oct. 11928, to holders of record as of Sept. 15 1928.
Lisling.-Company has agreed to make application to list the convertible
class A stock on the New 1 ork Curb Market.
Youngstown Sheet & Tube Co.(& Subs. Cos.).Consolidated Balance Sheet June 30. 1928.
1927.
1928.
1927.
AssetsProperty accts-210,124,794 201,280,656 7% cum. pt.stk 14,241,100 14,241,100
Common stock .x75,000,000 75,000,000
Inv.In it adv. to
min. &e.. cog.. 7,791,173 12,633,184 Min. int. In sub.
Balance due on
companies _ _
39,285
38,592
emprees'dwellFunded debt_ _ 75,000,000 65,542,500
Mg purchase
Mtge. notes &
912,254
918,453
curch. money
contracts _ _ _
Due coin. stk.
86,223
nubs
936,867
Ac 11gaty
° . palZe _ 5,796,695
1
4,654.318
Sinking fund inOre rec.in excess
vestment ____ 1.922,000 1,080,466
of payments__
574.205 1,025,605
376,831
231,169 Am.pay-rolls
Instr. fund inv.1,452,657
Accr. interest __
Adv. paym'ts on
69
146,831
ore contracts --------173,043 Accr. royalties_
272,162
Inventories _ _ _ _ 45,752.894 48,329,741 Aecr. nab.insur
184,714
Accounts& notes
Accr.tax., eon
1,957.588 2.076,125
receivable _.... 21,451,182 21,528,900 Federal taxes_ _ _
424,640 1,920,095
Due from officers
Reserves for
and employ'es
77,075
92,807
Bad debts &
Sundry market
claims
1,477.055
35,949 1,650,700
& Govt.secur.
Emp.compens.
13,836,217 0,688,810
Cash
insurance_
741,627
335,257
Deferred charges 1,368,854 2,682,143
Depletion__ _ - 10.640.100 10,085.536
Depr. &
Plants re" 76,061.735 69,531,545
Relining & rebuild. fern's 3,004,974
Contingencies 1,703,202 2,588,624
2,417,135
Insur.fund
267,829
Total(ea.side) _304.592,289 297,283,963 Surplus
39,407,069 43.940,062
l'eS..1 ten
y 987,606 shares of no par value.
The usual comparative consolidated income account was given in V. 127,
p. 699.
The company has contracted to supply at a cost of approximately $2.000,000 the pipe for the Amarillo-Enid line of the Consolidated Gas Utilities
Co.
-V. 127, p. 699.
(L. A.) Young Spring & Wire Corp.
-Earnings.
-
The corporation did a record volume of business for the first 6 months of
1928, the gain being 22% compared with 1927, L. A. Young, Pres., states
-year. Current business. Mr. Young
in reviewing operations for the half
added, is running at capacity and unfilled orders on hand July 1 were the
largest in the history of the company to date.
Net profits for the 6 months ended June 30 1928, after all expenses and
charges, but before Federal taxes, amounted to $1.208,908 against $758.080
for the same period last year. The net profitibr the first hill' of 1928 after
estimated Federal taxes of $145,00() was equal to $3.80 a share earned on
839
the 260.832 shares of common stock outstanding. As a result of voluntary
conversion of preferred into common there are now outstanding only 39.168
shares of the former. The company is now paying dividends at the rate of
$2.50 annually on the cumulative preferred and $3 annually on the common stock.
The company, Mr. Young added. is in an unusually strong financial
position. Current assets totaled $3,474,334 on June 30 and current liabilities $800,214. The company is not borrowing any money and all accounts
payable are bills for merchandise not yet due and are within the discount
period.
-V. 126, p. 3143.
-Earnings Increase.
Zonite Products Corp.
Net earnings increased approximately 80% during the year ended June
30, according to an announcement py Pres. Ellery W. Mann. The regular
quarterly dividend of 25 cents per share on the common stock, payable
Aug. 15 to holders of record Aug. 6 was declared by the directors. Mr.
Mann stated that the corporation is now paying dividends on 176,000
shares of common rather than 144,000 shares, which was the total issue
outstanding before the recent acquisition of the Agmel corporation. Net
earnings of the corporation for the last quarter showod an even greater
-11. 126.
gain than the increase for the year's period, Mr. Mean added.
p. 266.1.
CURRENT NOTICES.
-"Conquests of the Air-Record Flights and Flyers" is the title of a new
and most interesting booklet published by the Union Trust Co. of Detroit
to commemmorate the conclusion of the fourth Ford Reliability Air Tour,
In which 24 airplanes covered over 6,300 miles in 14 States, visiting 32
-page booklet is a pictorial record of outstanding achievecities. The 50
ments in aviation. It presents photographs of 54 famous aviators, together
with a brief sketch of the achievements that have made exch man noteworthy. The booklet is published as a further evidence of the Union Trust
Co.'s enthusiastic endorsement of commercial aviation. The Union Trust
owns and operates an airplane, Trusty II. The manager of the trust
company's aviation department is Captain Ray Collins, who has Just
finished serving the Ford Reliability Air Tour for the fourth time as referee.
Frank W.Blair. President of the trust company, is Chairman of the aircraft
committee of the Detroit Board of Commerce. The first distribution of the
booklet was at the dinner attended by over 600 aviation enthusiasts which
marked the conclusion of the fourth National Air Tour in Detroit, July 28.
A copy of the booklet will be sent to anyone who requests it by writing to
the Union Trust Co., Detroit, Michigan.
-Cuba's policy of allocating definite quantities of sugar to the United
States and Europe has resulted in placing the New York market from 10
to 15 points below levels prevailing throughout the rest of the world
according to Farr & Co., 90 Wall St., N. Y., who point out in their current
review of the sugar market that with the elimination of competition. Cuba
is selling at a discount of 10 points instead of obtaining the premium of 44
points as intended. "This gives aid and comfort to Cuba's competitors
and adds an additional penalty to Euban producers," the review states.
"Many different firms have pointed out this ridiculous situation to authorities in Cuba and it is hoped they will decide to remove the present
restriction and allow producers to sell as usual in the highest market."
-A revised edition of "Security Syndicate Operations," written by
Arthur Galston. formerly Vice-President of Blair & Co.- and a lecturer on
syndicate organization and accounting at Columbia University, has been
published by the Ronald Press Co. The book was written under the
auspices of the Investment Bankers Association of America Publications
Conunittee. The volume covers various operations involved in a proper
distribution of securities under the various forms of syndicate agreements.
treating the org anization, management and accounting aspects of syndicate dealings. Many changes in the methods of syndication developed
in the last few years are discussed.
-Announcement has been made of the formation oftlike firm of Boettcher.
Newton & Co.. Denver, Colo., to take over the stock brokerage business of
Wilson, Cranmer & Co., 1700 17th Street, Denver. Boettcher, Newton
& Co. is composed of James Q. Newton and Irving Eaton of the investrelentfirm of Newton & Co. now dissolved: Charles Boettcher II of Boettcher
& Co., investment bankers, and James F. Burns Jr., general partner's,
allot Denver. The new firm will ultimately have a seat on the New York
Stock Exchange using the wire system of E. A. Pierce & Co., New York.
-Orton, Kent & Co., members of the New York Stock Exchange,
60 Broad St., New York, have issued for distribution an analysis of the
Sugar Stocks, including American Sugar, South Porto Rico, American
Beet, Cuba Cane, Cuban American, Great Western and Punta Alegre and
discussing the present and future outlook of the Sugar Situation.
-Schluter & Co. announce the opening of a Chicago office at 120 South
La Salle Street under the management of Charles A. Crane, resident VicePresident. Mr.Crane was associated for 7 years with the bond department
of Harris Trust and Savings Bank, 25i years with A. G. Becker & Co., and
4 years with Folds, Buck & Co.
-International Germanic Co., Ltd., 26 Broadway, New York, has
prepared for distribution to investors a miniature booklet describing in
detail the company's service for analyzing security holdings of investors,
and containing space for listing security holdings the kavestor desires
analyzed.
-Edward N. McMillan and Halstead Rhodes, both formerly with
Barclay, Moore & Co., Philadelphia, announce the formation of a partnership under the firm name of McMillan & Rhodes to deal in investment
securities with offices in the new Fidelity-Philadelphia Trust Building,
Philadelphia.
-Jno. F. Clark & Co., members of the New York Stock Exchange and
the leading commodity exchanges, have recently taken possession of their
new office on the twelfth floor of the Canal Bank Building. New Orleans,
and they invite their customers to avail themselves of the complete facilities
which have been installed.
-J. G. White & Co.. 37 Wall St., New York. are distributing a booklet
on insurance company investments which show recent changes in the
make up of investment holdings among various types and classes of such
companies.
-Taylor, Ev.-art & Co.. Inc., announce that Keith E. Pickrell has become
associated with them as representative in Reading, Pa., and that A. D.
Conover has joined their organization as representative in Chester County,
Pa.
-Arthur Atkins k Co. announce the removal of their offices to the Singer
Building, 149 Broadway, as of Aug. 11. Telephone numbers and exchange
remain the same as heretofore.
-A. D. Watts & Co.. 1 Wall St., New York, have issued a 24 page
analysis of Canadian Banks and Banking System, with 29 year records of
Canadian Banks.
-Eastman. Dillon & Co., 120 Broadway, New York, have prepared a
brief memorandum on Julius Kayser & Co., which is now ready for distribution.
-The Equitable Trust Co. of Now York has been appointed registrar
for the common stock of Consolidated Instrument Co. of America, Inc.
•
840
FINANCIAL CHRONICLE
[Vol.. 127.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS
-DRY GOODS
-ETC.
-WOOL
COMMERCIAL EPITOME
'The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed 'INDICATIONS OF
BUSINESS ACTIVITY."
Friday Night, Aug. 10 1928.
COFFEE on the spot quiet rather than otherwise especially
for Brazilian. No. 7 Rio was 17 to 173.ic.; No. 4 Santos,
233 to 24c., and Victoria 7-8s, 163ic. Cucuta fairly good,
4
24 to 24 2c. Ocana, 223i to 233 c.; Bucaramanga washed,
4
27U to 28. That was the price for Honda, Tolima and
Giradot. Medellin, 29 to 293ic. Cost and freight offers
on the 6th inst. were somewhat lower with trade quiet. No
Rio 7s were offered. On the 7th inst cost and freight offers
were without marked change. On the 8th inst. cost and
freight offers were steady. For prompt shipment, Santos
4
Bourbon 2-3s were at 23.65 to 243 c.; 3s at 23.30 to 243,ic.;
3-4s at 23.15 to 23.85c.; 3-5s at 22.95 to 23.40c.; 4-5s at
4
22.65 to 23c.; 5s at 2234 to 223 c.; 5-6s at 22.15 to 22Ne.;
6s at 2134 to 21.800.; 5-7s at 21 to 21.700.; 7s at 20340.;
7-8s at 18.60 to 21.40e. Part Bourbon 3-5s at 23.15 to
23.20c..; 4-5s at 22.60c.; Peaberry 3s at 233 c.; 3-4s at 23
4
ic.
to 2334c.; 4s at 22.85c.; 4-5s at 22Y to 22.90c. Rio 7-8s
at 15.85 to 15.90c., and Victoria 7-8s at 15.80c.
According to the New York Coffee & Sugar Exchange, the
world's visible supply of coffee on Aug. 1 was 5,269,630 bags,
a decrease of 51,064 compared with a month ago, when the
total was 5,320,694 bags. Last year the visible supply of
Aug. 1 was 4,537,373 bags. Arrivals of mild coffee in the
United States last week were 43,454 bags, while deliveries
for the same time were 48,182 bags, leaving the stock on
Aug.6 374,811 bags, against 379,539 on Aug. 1 and 275,712
at this time last year. To-day firm offers of Santos were
irregular, ranging from unchanged to 3.g lower. For prompt
shipment they included Santos Bourbon 2-3s at 23.65c. to
243ic• 3s at 23.30 to 24.10e.• 3-45 at 23.40 to 23.85c.; 3-5s
at 22q to 23.400.;4-5s at 2234 to 230.; 5s at 22.35 to 22.65c.;
5-6s at 22 to 2234c.; 6s at 21.70 to 22.200.; 6-7s at 21 to
21.65c.• 7s at 2034c.; 7-8s at 18.60 to 21.60c.; part 'Bourbon
2s at 241 c.; 3-5s at 223 to 23.20c.; 4-5s at 22.65c.; pea4
4
4
-4s
berry 3s at 233 c.• 3 at 2334c.; 4s at 22.85c.; 4-5s at 223
4
'
to 22.90c.; 5-6s at 223.4c.; Victoria 7-8s at 15.90c. The local
spot market was dull at 23Uc.for Santos 4s; 17 to 173.40. for
Rio 7s and 163( for Victoria 7-8s. To-day the 10th inst. Rio
daily receipts will be reduced to 9,700 bags, against 11,200
for some time past.
One comment was that there has been so much talk about
the danger period for the growing crops in Brazil that even
in the absence of any unfavorable weather prices on the
Exchange here were pushed higher. It was on the possibility
of unfavorable news in the near future. Private advices thus
far are to the effect that rains fell in most of the growing
districts and that temperatures had fallen comparatively low
in the northern and southern parts of the country. But cool
weather at this season of the year, it is added is beneficial
to the trees. There has been no reason as yet for apprehension of damage by frost. But the feeling is that, even if
nothing serious happens there will be crop scares before the
season is over. As the temperatures did not fall to any
extremely low point after the full moon, a little selling
appeared by those figuring that the danger has passed until
around Labor Day, the next full moon. Speculating on
weather conditions, it is urged, is dangerous. Brazil is
holding firm but American buyers are taking coffee only as
their urgent needs require. Some think most of the long
commitments now open in the future market here are for
Brazilian account, the outstanding sales representing mostly
hedges, partly against Robustas and other "Mild' grades.
Prominent interests with international connections recently
and persistently bought blocks of 5,000 bags "A" contracts,
principally March delivery, whenever the market developed
clear weakness, such purchases being generally followed by
a quick rally. With the approach of the fall season an
increased cost and freight business in all Brazil grades is
expected.
On the 7th inst. closing prices for futures were unchanged
to 5 points lower for Rio and Santos. The reduction in the
daily receipts at Rio to 9,700 bags had no effect. The
comment was that Brazil was trying to sustain the market.
The cables were rather firmer, but trading here was not
large; far from it. Everyone seemed to be awaiting a new
lead. On the 8th inst. futures ended 5 points lower to 1
point higher on Rio and unchanged to 5 points higher on
Santos. Only about 15,000 bags were sold, all told. Cost
and freight offers showed no marked change. One remark
was that there are rumors that the Santos receipts will also
be reduced shortly. Under such conditions traders evidently prefer to await developments as to the crop prospects.
So far the weather has been favorable. As far as the estimates of 6,000,000 bags are concerned, for the present crap
they are taken with a grain of salt, for last year's crop was
estimated at not over 15,000 000 bags and turned out over
)
19,000,000 in spite of restrictions. To-day prices closed
5 to 6 points higher on Rio futures with sales of 11,000 bags;
Santos ended 7 points lower to 8 points higher with sales
also of 11,000 bags. Final prices show a rise for the week
on Rio of 6 to 8 points. Santos ended 2 to 4 points lower
than a week ago.
Rio coffee prices closed as follows:
Spot (unofficial)_ _17.001December - 16.04
j May
September 15.95© ____ I March_ __ _15.80@ nom. July
15.70@ -- - i5.45iSnOml
Santos coffee prices closed as follows:
Spot (unofficial)
I December_ 22.32
September 22.61@ nom. March
22.o7@
May
July
2i.88 ®nom.
21.60@ nom.
SUGAR.
-Prompt Cuba was quieter early in the week
but steady with futures firm. Prompt Cuba 2 11-32c.
Store sugars, it was said, were not offered firm. Of Porto
Rico, 4,100 tons due Aug. 26 sold at 4.11c. Refined sugar
was 5.55c. with good withdrawals, apparently pointing
the way to ,a better trade. Futures on the 7th inst. ended
unchanged to 2 points lower, with sales of 32,000 tons.
There were rumors that Cuban raws had sold at 29'c., but
this was doubted and had no effect on the market. It
was traceable perhaps to rumors from Cuba that pretty
much everything had been cleaned up at that level, a
report that was not fully verified.
Under the present restriction law, owners of sugar in Cuba
may not sell any for shipment away from the United States,
but some consideration is being given to a plan to sot aside
another 100,000 tons of the present stock of raws held in
Cuba for export to Canada or Europe through the Export
Corporation. There is, it seems, a very strong feeling of
resentment in a number of European countries about Cuba.
Cuba had agreed, it is said, to ship only a certain quantity
of the present crop away from the United States, but increased the quantity by 300,000 tons. This resentment,
it seems, will be made plain at the conference in Paris in
October. In certain quarters it is urged that restrictions
be abandoned and that the entire sugar crop be turned over
to one agency for sale. It is pointed out that the Java crop
is largely sold by one concern, and some take the ground
that it would be a good thing for Cuba to do the same thing.
Others think it would mean Cuba's jumping "from the frying
pan into the fire." Cuba has had a harsh experience from
years of restriction. The good sense of the Cuban people,
it is believed, would assert itself and declare plainly that they
are tired of restriction in any form, and that the Cuban
Government would do well to let the sugar business severely
alone, allowing Cuban planters and producing properties
to conduct the business as they see fit. Some add that the
price has declined more than it should. They also stress the
fact that the sugar stored in bonded warehouses in`New
York is moving to foreign countries in a volume that suggests that the world's trade thinks well of the present price
of sugar.
Havana cabled in the matter of restrictions on sales of
Cuban raws away from the U. S. that under the law as it
now exists, such action would be illegal. Willett & Gray
reported Cuban receipts for the week at 45,503 tons against
40,637 for the same week last year; exports 80,228 against
102,637 last year; stock (consumption deducted) 981,987
tons against 936,131 a year ago; no centrals grinding now
or a year ago. The destination of the exports was as follows:
Atlantic ports 34,944; New Orleans 12,505; Interior of U. S.
384; West Coast U. S. 3,210;'Galveston 2,836; Savannah
4,315; So. America 52; Europe 19,282. Old crop (1926-27)
stock 1,046 tons. Heavy rain fell generally in Cuba except
in Camaguey and Oriente. As some put it, stocks in refiners hands have begun to decrease lately, while meltinga,
on the other hand, have increased, and for the first time in
a long while show a good increase over the corresponding
week last year. Indications, it was said, are that distribution of refined is good and should bring about a rapid improvement in the statistical position. Should refiners have
sufficient raws for their immediate needs and ignore the
market, futures might again sag under selling of September.
Some maintain, however, that pessimism is being greatly
overdone and that sugar at the present level is undervalued.
The United Kingdom,in addition to purchases already made,
it is stated, has been trying of late to buy direct from Cuba.
Canadian refiners also wish to buy direct. Havana has been
cabling rumors that an effort would be made to abolish all
restrictions in the matter of selling for the rest of the season.
Cuban arrivals last week were said in one report to have
been 56,769 tons; exports 86,383 tons; stook, 936,424 tons.
The exports were distributed as follows: N. Y., 25,690 tons;
AUG. 11 1928.]
FINANCIAL CHRONICLE
841
tongues? $75 and $80. Cut meats firm. New York quotaPhila., 4,900 tons; Boston, 6,541 tons; New Orleans, 21,596 tions: pickled hams, regular loose c.a.f., 21 to 223 c., 10 to
%
n, 2,836 tons; Interior
tons; Savannah, 4,316 tons; Galvesto
6
tons; Canada, 210 tons; 20 lbs. Bellies, clear, f.o.b. New York,to to 12 lbs. 19M
U. S. including Norfolk, 1,335
l7%
20 lbs., ' 10.;
4
, to 193 0.; clear, dry, salted, boxed, 18
United Kingdom, 16,094 tons; France, 2,902 tons; Panama 14 to 16 'bs., 185.c. Butter lower grade to high scoring
good rains having again
35 tons. The weather is favorable,
40 to 473.c. Cheese flats, 23 to 263.c.; daisies, June, 263.
fallen. On the 8th inst. futures were 1 to 2 points net lower to 26Mc.• 1927, fancy, 303 to 32c. Eggs, medium to
half exchanges. Cuban
with sales of 30,000 tons about
'
extras, 2834 to 36c.
operators it is said have recently bought freely on an f. o. b.
the 8th
/
-Linseed declined, partly owing to falling prices
OILS.
basis equal to about 23sc. c. & f. New York. Onthe near
inst. Cuban interests were supposed to have sold and port for seed at Minneapolis and Duluth in expectation of a very
favorable Government report, prices declining 114 to 1 Mc.
months here. Only moderate offerings of Cuban
Rican raw sugar to arrive appeared. It is said that 4.11c. per bushel for flaxseed futures on the 8th inst. Here spot
Refined raw oil, 9.7c. in carlots and 10.5c. in single bbls.• Oct. car
Cuban.
duty paid delivered was paid for 5,200 bags but
withdrawals lots, 9.8c.; 10-bbl. lots, 10.1c.; tank cars, 8.9c. '
Cocoanut
was still 5.55c., with new business light
4
very good. The Government estimated the sugar beet oil, Manila coast tanks, 73 to 73/sc.; spot New York tanks,
erop at 6,690,000 tons against 7,750,000 last year.
8Mc. Corn, crude tanks plant low-acid, 8Mc. Olive, den.
The Central Constancia finished grinding on the 9th inst. $1.20 to $1.30. Chinawood, New York drums, carloads,
and their total figure of production for the current Porto spot, 15M0.• Pacific Coast, spot tanks, 14c. Soya bean,
tons, equivalent to coast tanks, 9M to 9%c. Edible: Corn, 100-bbl. lots, 12c.
'
Rican crop amounts to 748,456 short .
.668,264 long tons. This compares with production last nominal; olive, $2.05 to $2.25; lard, prime, 1614c.; extra
year of 559,000 long tons. §amarang cabled an estimate strained winter, 13c. Newfoundland cod, 68c. Turpentine,
of the Java crop now harvesting of 2,903,000 tons against 5234 to 58e. Rosin, $9.575'2 to $11.35. The flaxseed crop
2,850,000 tons previous estimate. Last year's outturn was is stated in the Government report at 24,500,000 bushels,
2,359,000 tons. Havana cabled that the Sugar Export against 26,600,000 last year. Cottonseed oil sales to-day
Corporation is making efforts and asking authorization to be were 6,5.00 bbls., including switches, closing as follows:
9.52a9.50
9.33a9.35 Jan
allowed to sell additional sugar to Europe. It has both Spot
9.10a9.7510ct
9.53a9.65
9.39a9.50 Feb
9.48a __ Nov
European buyers and local sellers. One member of the Aug
9.63a9.72
March
9.42a
9.29a9.30 Dec
corporation is quoted as saying there is a European bid in Sept
-The tank wagon price of gasoline was
15,000 tons immediate shipment at 2.30c. f.o.b.
for
PETROLEUM.
Receipts at United States Atlantic ports for the week were raised 1. a gallon by the Standard Oil Co. of New Jersey
tons against 42,960 in previous week, 51,353 in same early in the week to 17c. in Maryland, the District of Colum36,295
week last year and 38,878 two years ago; meltings 71,000, bia, Virginia (except Norfolk), West Virginia, North Caroagainst 68,000 in previous week, 50,000 last year and 68,000 lina and South Carolina, but not in New Jersey. This was
price in
two rears ago; importers' stocks 323,375 against 343,774 in followed by an advance of lc. in the tank wagon .
previous week, 141,491 last year and 199,106 two years ago; New Jersey by the Texas Corp. and the Gulf Refining Co.,
refiners' stocks 131,939, against 146,245 in previous week, it was announced, would make a similar advance on the 7th
63,188 last year and 63,236 two years ago; total stocks inst. The Sun Oil Co. met the advance of lc. in the tank
455,313, against 490,019 in previous week, 204,679 last year wagon price in New Jersey. Gasoline was generally stronger.
and 262,342 two years ago. Prague cabled on the 9th inst. The Chicago market was firmer. U. S. Motor there now
that the weather was more favorable. The first analysis ranges from 93/i to 9 Mc., the latter being a new high for the
shows the weight of root with leaves as 2.74 grammes and week. The local market was very strong with all leading
without leaves 2.02'grammes.The sugar test is 15.34, companies asking 1140. in tank cars f.o.b. refineries and
against 12.09 last year, when the first analysis gave the weight 1214c. in tank cars delivered to nearby trade. California
of beets with leaves as 4.28 and without 2.20. This is con- U. S. motor was at a premium of Mc. over these prices.
to
sidered fairly satisfactory. New York is said to be 10 to 15
Later on bulk gasoline at New York was advanced
points lower than the rest of the world, the result, it is de- 113 c. The Sinclair Co. advanced bulk prices Mc. at
4
elared, of Cuba's policy in allocating definite quantities to Atlantic and Gulf Coast terminals. Atlantic Seaboard,
the United States and Europe. Competition has been Gulf Coast and Middle West prices were generally higher.
eliminated and instead of obtaining the premium of 44 points Other companies immediately met the advance in the price
4
as intended, Cuba is selling at a discount of 10 points. This, at New York to 113 c., among them included the Panit is pointed out, gives aid and comfort to Cuba's competi- American Petroleum and the Warner-Quinlan Co. The
additional penalty to Cuban producers.
ia U. S.
tors and adds an
latter company advanced the price of Californ
Many have pointed out this anomaly to authorities in Cuba, Motor %c. to 12c. f. o. b. terminals New York harbor.
and it is hoped they will decide to remove the present re- Other sellers announced a similar advance including the
striction and allow their producers to sell as usual in the Walburn Petroleum Co. The Standard Oil Co. of New
highest market. F. 0. Licht of Magdeburg cabled to-day Jersey and the Pan-American Petroleum Co. on the 8th inst.
that a great deal of damage has been done in central Ger- advanced the tank wagon price lc. in New Jersey. The
many by caterpillar called Gammarule not seen in Germany Standard of New Jersey also announced an advance of lc.
in many years. Considerable dificulty is experienced in in its service station price, the ruling price now being 21c.
suppressing them. So far beet weights average is poor; The Chicago market was tending upward, the range being
20% below normal. For all Europe warm, sunny autumn OM to 93 c. a new high for the year.
4
weather is needed to repair many a damage. To-day
These advances were expected in view of the heavy confutures ended 1 to 3 points higher with sales of 36,500 tons. sumption owing to the extremely favorable weather condition,
Final prices show a rise for the week of 4 to 6 points. Spot a heavy refinery output and a falling off in stocks in storage.
%
ended at 23 c.
Jobbers have difficulty in filling their requirements because
IMay
2.46:
2.37®
January
Spot (unofficial). __
2.38®2.39 July
refiners will not quote for more than a few days ahead. The
September -_2.23® ___ March
December_ __2.36 ®2.37
South Penn. Oil Co. advanced the prices of both grades of
10c. a barrel,
LARD on the spot was in fair demand and about steady, Corning oil in the Buckeye Pipe Line Co.'s lines a gathering
although it cannot be said that trade was up to expectations. making the price $1.80 a barrel for oil on which
for oil
Prime Western, 12.65 to 12.75c. here. Refined continent, charge of 25c. a barrel is collected and $1.70 a.barrel Texas
The
13Mc.; South America, 1414c.; Brazil, l534c. Later on which a gathering charge of 35c. is collected ion met the
Prime Western was 12.60 to 12.70c. with refined for the Pipe Line Co., a subsidiary of the Texas Corporat
Louisiana in
4
Continent, 133 c. On the 7th inst. futures ended at 5 crude oil prices posted by the Standard Co. of companies in
points lower to 8 points higher the near months being the northern Louisiana. All important purchasing
weakest owing.to the decline in corn. On the other hand that district are now on the same basis. on raised the price
The Standard Co. of New Jersey later
there was a fair demand for January. Hog markets were
the advance
steady with the receipts smaller than expected. The total of bulk gasoline Mc. a gallon, thus meeting
week. The new
the West was 78,300 against 75,200 a week previously made by other companies earlier in thein tank cars f.o.b.
at
4
and 105,100 last year. Liverpool was steady and unchanged. schedule calls for 113 c. for U. S. Motor
Norfolk, Marcus Hook,
On the 9th futures rose 5 to 8 points, but the rise was lost refineries or terminals at Bayonne, at Charleston, S. C.
on selling partly it seemed by packers and partly by Carteret and Baltimore and 1134c.similar advance and is
later
Eastern houses with Prime Western here 12.50 to 12.60c. The Atlantic Refining Co. made athe important refineries
4
To-day futures closed unchanged to 5 points lower. Lower now quoting 113 c. Virtually all
Atlantic Seaboard and on
grain markets and realizing brought about an early decline. are at the higher level along the
some recovery, however, on covering and general the Gulf Coast. In tank cars, delivered to the nearby trade,
There was
California U. S. motor
4
evening up over the week-end. Cash business was slow. the price at New York was 123 c. oils were quiet. Bunker
markets were irregular. Fluctuations were small. sold at 12c. f.o.b. terminals. Fule
Hog
the spot but a good conSeaboard clearings were light yesterday. Western hog re- oil, grade C, was rather quiet on The price was steady at
45,000 against 53,000 a year ago. Chicago tract movement was reported.
ceipts were
$1.10 f.a.s. New York
expects 5,000 to-morrow. Final prices show a decline for $1.05 f.o.b. terminal New York and at 5 to 5%c. in bulk
to 20 points, the latter on September.
Gas oil was in good demand
harbor.
the week of 12
refineries. Kerosene was strong in the Middle West, but
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO at
Mon. Tues.
Wed. Thurs.
Sat.
Fri
prices have not changed at New York. Lubricating oils
12.20
12.25
12.07
12.00 12 00
September delivery -__12.22
e
were rather quiet.
12.42 12.35 12.30
12.45
12.42
12..25
D cember delivery
12.55
12.50
12.62 12.62 12.70
12.47
New York export prices: Gasoline, cases, cargo lots, U. S.
January delivery
26.90c. Kerosene, cargo lots, S. W.
steady; mess, $33.50; family, $34.50; fat back, $27 Motor spec. deod. W., 50 deg., cases, 18.40c. bulk, 43-45,
PORK
'
W.
$30. Ribs, Chicago, cash, 14.50c., basis of 50 to 60 cases, 17.40c.• oil, Bayonne, tank cars, 28 plus deg., 5 to
and
du
lbs. Beef steady. Mess, $24; packet, $25; family, $27 and 7M to 8c. Orleans, Gasoline U. S. Motor, bulk, 100 ;
New
extra India, mess, $40 and $42; No. 1 canned corned 534c. 400 e.p.,
$28;
'
1014 to lie.; 61-63, 300 e.p., 11 to 113,1c-beef,$3.10; No.2 six pounds, South America,$16.75; pickled 60-62,
842
FINANCIAL CHRONICLE
[VOL. 127.
64-68 gravity, 375 e.p., 12c. Kerosene, prime white, 63e.;
water white, 73e. Bunker oil, grade C, for bunkering, 40c.• Oaxa,cas, 475 to 50e. New York City calf skins,
95c. to $1.10; cargoes, 70 to 80e. 'rank wagon prices; U. S. 2.40; 7-9s, $3.10; 9-12s, $4.10. Later native steers were
Motor, delivered to N. Y. City garages in steel barrels, I quoted at 2.3c., and butts 233.c. The Packer market was
deadlocked. Buenos Aires was quiet; buyers balk at pay18e.; up-State and New England, 18e. Naphtha, city, ing
V. M. & P. 18e. Kerosene, water white, 43-45 gray., ablerecent prices. Frigorifico cows are said to be obtainat 24c.
bulk ref., 73. to 8e.; delivered to nearby trade in tank cars,
OCEAN FREIGHTS.
83 to 9c.; tank wagon to store, 150. 'Fuel gas oil, 28 plus
-Grain tonnage was in some degray., bulk, N. Y. Harbor refinery, 5 to 53jc.; furnace oil, mand and firmer.
CHARTERS.
-Grain. 35.000 qrs. Gulf Antwerp and Rotterdam. 14%c.;
bulk, refinery, 38-42 gravity, 6c.; tank wagon, 10c. Diesel Hamburg-Bremen,
15.14u.,
(in
oil, barrels, $2. Service station and jobbers' prices: Tank real-Hamburg, 13c.. Aug.Aug. 20-Sept. 5qrs.London); 22,000 qrs. Mont15-25; 28,1300
3s. 6d.,
cars, f.o.b. refineries or terminals, U. S. Motor, N. Y. end of Aug. (in London): Montreal-Greece, 3s. Montreal-Greece. (in London): 40,000 qrs. Montreal-Pirseus, 18c.. last 730., Sept. 1-15
half of Sept.; 35,000 qrs.
Harbor, Marcus Hook, Philadelphia, Norfolk, Carteret and Gulf Aug. 10-20 Antwerp or Rotterdam,
14c.: Hamburg or Bremen,
Baltimore, 113 c. Boston (delivered), and Providence 15c.: 37,000 qrs. Montreal-Antwerp-Rotterdam, 1234c.; Hamburg or Bre4
men. 133ic., guaranteed half barley;
(delivered), 13 c. Tiverton, Chelsea and Portsmouth, Montreal-North Africa, but including option Aug. 27-Sopt. 10. 35.000 qrs
Spain, 16)4 to 17%
123jc.; Jacksonville, 11c.; Tampa, 11c.; Houston and New a good grain trade reported. Some 37 loads were takenc. Later there was
from Montreal to
Rotterdam at 1234c.,
Orleans, 10Mc.; Group 3, 9%c.; California, U. S. Motor some 6,800 tons from Hamburg 1334c., Aug. 28 to Sept. 11 (in London);
Montreal to Mediterranean,including Spain,at 1634c.
one or 17c. two ports, same country:
at New York, 12e.
42 loads Montreal to Genoa. Leghorn
Pennsylvania
$3 20 Buckeye
$2 85 Eureka
33.(10
Corning
1.70 Bradford
20 Illinois.... ._. 1 55
Cabe')
1 45 Lima
1 60 Wyoming 37 deg I 41
Wortham. 40 deg. 1 56 Indiana
1 37'Plymouth
1 214
-1
Rock Creek
I 33 Princeton
I 5a Wooster _ ____. I 67
Smackover. 24 deg .90 Canadian
2.00 Gulf Coastal "A". 1 2
,
I Corsicana heavy
1.00 Panhandle. 44 deg 136
Oklahoma. Kansas. and Texas
40
-40.9
$1.56 Elk Basin.
Ii 48
32-32.9
1.16 Big Muddy
1 33
44 and above
1.76 Lance Creek
....
I 48
Louisiana and ArkansasBellevue.
I is
32-32.9
1.16 West Texas. Markham
1.00
36-35.9
1.31 Somerset light
2.35
Spindletop. 35 deg. and up.-- 1.37 Somerset
1.70
or Naples. at 16. 163i or 17c.. Sept.
1
15: 6.000 tong
Spanish Mediterranean,153c.one port.toTime charter 10% Montreal to
trip across,$1.15.
TOBACCO.
-A moderate trade has been done. Manufacturers do not buy at all freely. They take only enough as
a rule to supply their immediate wants. In other words,
there is little or nothing new. Perhaps they have bought
rather more frequently in the last fortnight, but as for
branching out they seem unalterabl determined not
do
it even though their trade is said toybe rather better.toFor
new Sumatra and Java wrappers there is a fair demand.
Prices are reported to be steady generally. Pennsylvania
broadleaf filler, 10c.; broadlead B,20 to 25%c.•
RUBBER on the 7th inst. was 10 to 20 points higher with 60 to 80e.; Connecticut No. 1 seconds, 192g Porto Rico,
crop,
a better factory demand and larger trading at the exchange seed fillers, 20c.; medium wrappers, 65c.; dark 1925 650.;
crop,
here. London was firmer with the stock statement rather 40e. The Government estimated the crop at 1,358,000,000
bullish. The supply in London was down to 34,294 tons, lbs. against 1,211,000,000 last year.
against 35,445 a week previously, 64,177 a year ago and
COAL.
-There was a better business in anthracite, but it
27,972 in 1926 at this item. The sales here of futures were must
be
335 tons. Akron tire factories,it wasstated,started the week with a confessed that the comparisons have been made
at full capacity. New York closed on the 7th with Septem- duced arecent very dull period. Nevertheless it has prober 19.60c., December 19.50e. January and March 19.40c., in soft better feeling. In the Eastern territory the tone
and May 19.509. Ribbed outside spot to December inclu- past. coal trade was more cheerful than for some time
Not that there has been any marked change, but
sive, 19% to 19%c.; Jan.
-March, 199/8 to 19%e.• spot first the fall
latex, 20% to 20%c.; clean thin brown, 203 ' 20%c.; Stocks is drawing near and a larger trade is anticipated.
to
specky 20 to 20%e.; rolled, 19X Para up-river fine spot, before are not burdensome. Firmer prices are expected
3c.;
long. A rise in circular prices for anthracite is due
22 to 223.e. London was 9%d. for spot and Aug. and in
the near
9 9-16d. for Sept. Singapore rose Ad. to 8 15-16d. for Aug. standard, future; that is by Sept. 1. Bituminous, navy
at the piers, $5.25 to $5.60; high volatile steam,
But on the 9th there was a selling movement here which
4
caused a reaction; that is, prices dropped back after an early $ .30 to $4.60; anthracite f.o.b. mines, stove, $8.85; pea,$5;
egg and nut, $8.50.
rise of 10 to 20 points. The Mc' tory demand fell off as
COPPER has been steady with little or no change in
prices crossed the 20c. level in the outside market.
London, too, after opening very steady became weaker prices for some little time past. The quotations have been
on larger selling ES reports were received of larger shipments 14.75e. delivered in the Connecticut Valley and 15c. c.i.f.
from the East. Here September touched 19.80c., a rise of the usual European ports. Some are predicting a rather
10 points, but ended at 19.60e. a net decline of 10 points. better European demand,. during the rest of this month and
December after reaching 19.70ci. dropped back and closed September. On the 7th inst. London standard on the spot
at 19.50e.; January and March at 19.40 to 19.50c. and May was £62 12s. 6d., while futures were £63. Electrolytic, £68
at 19.50e. London closed on that day at 9 9-16d. for spot 15s. bid and £69 5s. Later on there was a moderate demand
and August and 99.-gd. for September. Singapore rose Ad. with prices firm at 14.75c. delivered Connecticut Valley
but weakened later with the other'Markets; August, how- and 14.873c. in the Middle West. For export the price
ever, ended at 93jd. and Oct.
-Dec. at 9 1-16d. The sales was 15e. c.i.f. European ports. In London on the 9th inst.
here were 516 tons in a liqudating movement. New York spot standard was unchanged at £62 7s. 6d., but futures were
closed on the 9th with ribbed smoked spot to December is. 3d. higher at £62 17s. 6d., with no sales the market being
195 e. to 19%c. and Jan.
/
-March 193 to 19303.• first latex quiet.
/
crepe 20% to 20%e.;clean thin brown 20% to 204c.;speckY
3
TIN has been in
demand
But 400
brown 203/a to 2038c.; rolled brown 203( to 203c.• No. 2 sold at Singapore. rather slim taken toof late.that there tons
/
That
was
mean
amber 207 to 21e.; No. 3 203. to 20%c.• No. 4 , , to no lack of tin available. was week the American sales were
%
03
Last
4
20%c.• up-river Para fine spot 22 to 224c.; coarse 143 1,500 tons, mostly for spot in August delivery. Consumers
'
to 143 04 acre fine spot 23 to 233.c.
2
stocks judging from this had become depleted. American
In London on the 7th inst. prices were unchanged to deliveries in July it turns out were 5,545 tons. A large
1-16d. higher. Spot August, 9 7-16d.• Sept., 93d.; Oct. carryover having been left on the dock. Sales on the 7th
Dec., 9%d.• Singapore closed 1-16 to 3% net higher. The inst. on the exchange here were made at 47.87 Me. with
3d.
stock in London decreased last week 1,151 tons, bringing 47.600. on the spot and 47.60c. for futures as the settling
the total down to 34,294 tons. On the 8th inst. prices had price. London was reported quiet but firm. Later there
advanced 10 points with sales of 589 contracts or 1,472 was a moderate trade at rising prices. Sr t sold at 483e.
long tons. London and Singapore were higher; spot London, on the 9th inst. and closed on that day at 48%c. September
9 9-1' d.; August, Singapore, 93/ad. Here September ended sold at 473 0.; October at 4732e. and November at 4734e.
/
at 19.70e. on the 8th inst.; December at 19.60c.; Jan.
-March Some August delivery sold at 4834 to 48%e. London on the
at 19.50c. Outside spot, smoked, 19% to 19 8c., extending 9th inst. closed at £214 10s. for spot standard and £212 15s.
up to December inclusive. Some contend that underlying for futures. Spot Straits up nearly £3 at £218; Sales of spot
conditions are sound. Stocks on hand both in the United 50 tons of standard and 390 of futures. Eastern quotation
States and abroad, it is true, appear to be quite sufficient £216 15s. a rise of 5s with sales of 75 tons.
to supply needs for the time being. But should the optiLEAD has been in fair
mistic reports of July consumption be realized and a con- New York quoting 6.20c. demand from cable makers with
consumption throughout August seem showing some weakness. and St. Louis at 5.97% to 6c.,
tinuation of a good
The total stocks in Mexico and
probable, it will make, it is argued, for a much healthier the United States on July 1 were 162,274 tons against 159,375
statistical position and a rise in prices. Today prices closed on June 1. On the 7th inst. London was £21 is. 3d. for
10 to 20 points lower with sales of 136 lots. Final prices spot and £21 78. 6d. for futures; sales, 250 tons of spot and
show a decline of 10 points to an advance of 5 points for the 150 futures. Later trade was small. September orders
week, in other words, no decided changes.
were very light. Prices remained at 6c. for St. Louis and
-There was no increase in trade here but a good 6.20c. for New York. London on the 9th inst. advanced
HIDES.
business was done in frigorifico steers at Buenos Aires. The is. 3d. on the spot to £21 5s. 64.; futures dropped Is. 3d.
sales there recently reached 78,500 Argentine and Uruguayan to £21 5s.; sales, 550 tons spot and 400 futures.
steers at $50 or 23 3-16e. to 23%c. or in other words, showZINC.
-Prices have been rather steady at 6.250. for East
ing a steady market. In local packer hides, trade has been St. Louis. Pretty good business was reported by proquiet. The July production of branded steers is being of- ducers. Galvanizers have been buying on a very fair scale.
fered, but it is a slow market with packers asking for bids. Deliveries through October were quoted at 6.25c. East St.
It is said that the unsold stock of bulls runs up to 15,000, , Louis or 6.60c. New York. London on the 7th inst. was
some of it going back as far as last December. Native steers £24 12s. 6d. for spot and £24 17s. 6d. for futures with sales
are nominally 24c.; butts, 233/2c.; Colorados, 23c. Common of 250 tons for spot and 150 futures. Later there was no
dry Cucutas, 34e.• Orinoco and Santa Marta, 33c.; Mara- large buying but prices were steady at 6.25c. for East St.
caibo. Savanilla,
320. Skins, Para, 31 to 32c.; Sisal, Louis and 6.60c. for New York. In London on the 9th inst.
843
FINANCIAL CHRONICLE
AUG. 111928.]
Stack.
1927.
'
1928:
prices for spot fell 2s. to £24 8s. 9d.; while futures were off ,
Receipts to
This SiricsAug This Since Aug
with sales of 700 tons futures, but no
Aug. 10.
is. 3d. to £24 13s. 9d.
1927.
1928.
Week. 1 1928. Week. 1 1927.
spot business.
78.103 155.503
18.384
7.104 13.401
5,773
Galveston
6.206
3,219
214
214
69
69
STEEL showed evidences according to various reports of Texaa City
42.755 130.029 185,034
7.419 29.535
5.858
a sustained consumption similar to that which marked July. • HoustonChristi_
30,400
21.378
21.378
The railroad car industry has been buying a little more Corpus
Port Arthur
15.597 136.660 232.415
7.599 9.029
6,712
freely. The output of sheets and tin plate mills has fallen New Orleans
hot weather, but in the nature Gulfport
4,903
4,043
1.012
655
off somewhat owing to the
127
124
Mobile
585
613
of things this is only temporary. It turns out that fabri- Pensacola
Jacksonville
39.847
16.124
6.851
cated steel awards for the month of July made a new record Savannah
851 4,131
639
for this year of 57,400 gross tons as against 38,000 in June Brunswick
26,031
15.629
6.671
1.048 3,578
683
Charleston
522
and 46,000 in May. In July last year the total was 74,000 Lake Charles
4.461
7.634
year. Youngstown reported Wilmington
394
118
92
44
gross tons, the highest of the
28.755
24.971
800
470
1,139
339
sheet steel firmer with production 85% and with the hot NorfolkNews, Sic_
53,614 210.568
150
weather holding down trade to some extent. Cutting of N'port
150
New York
5.654
3.116
225
219
prices is not so frequent as is intimated. In general it is Boston
687
815
2,648
778 1,294
778
Baltimore
7.617
4.432
55
claimed that steel prices show more steadiness than recently Philadelphia
Pittsburgh they are talking
taking the country over. In
26.376 84.022 1i.000 509.924 908.266
21.074
Totals
about a price advance on sheets for the fourth quarter. Not
years,
have altogether left 1.85c. bethat bars, shapes and plates
In order that comparison may be made with other
hind. But small lots bring 1.90c. more frequently it seems, we given below the totals at leading ports for six seasons:
and the hopeful are talking of 2c. for the fourth quarter
1923.
1924.
1925.
1926.
1927.
Some producers of sheets and cold rolled strips are trying to Receipts at- 1928.
36,509
17.742
13.199
reduce the discount for cash in 10 days at Pittsburgh from Galveston __ _
22.382
13.401
5,778
4.340
24.078
13,078
30.584
29,535
5,858
2% to % of 1%, to begin Oct. 1st. Some say the effort is Houston '''_ --2,611
3.452
7,537
14,041
9,029
6,712
Orleans_
1
1.075
765
likely to be successful. It is said that heavy melting steel New
333
655
124
Mobile
318
1.235
5.770
1.935
4,131
639
is 75c. a ton higher at Pittsburgh and 25c. higher than re- Savannah_ _
89
1,067
994
cently at Chicago without, it is true, any material increase Brunswick_
1,6.34
1,487
3,578
583
182
15
140
87
118
in actual business. But on the other hand supplies are Charleston
44
Wilmington
991
474
677
2,217
470
339
smaller. Low prices have pulled them down. Unfilled NorfolkN.,Sic_
61
548
464
803
orders of the United States Steel Corp. as of July 31 showed N'port _ _ _ _
23,105
997
All others
a decrease of 66,082 tons for the month with a total of
46.080
49.702
43,254
73.869
84.022
21.074
this wk_
Total
3,570,927 tons.
82.898
65.975
84.461
23.378 116.000 104.971
511nroN All¢. 1 _
PIG IRON is reported to be in somewhat better demand,
movementof
* Beginning with the season of 1926. Houston figures include distinction
many furnaces getting rid of their stocks. It is declared that cotton previously reported by Houston as an interior town. The
the consumption is larger than would seem to be the case between port and town has been abandoned.
a
from the present output. It seems that a larger business
The exports for the week ending this evening reach
is in progress in the Central West. Cleveland, it is reported, total of 42,199 bales, of which 11,851 were to Great Britain,
has sold 50,000 tons, or 80,000 to 90,000 in a couple of 5,076 to France, 7,215 to Germany, 7,064 to Italy, 5,050 to
weeks. It turns out that July sales in Chicago were 150,000 Russia 700 to Japan and China and 5,243 to other destine,
tons and August sales are declared to be at a corresponding tions. In the corresponding week last year total exports
ratio. In the East a rather better business is being done. were 38,819 bales. For the season to date aggregate exports
Within a week it is said that New York has sold 15,000 to have been 73,025 bales, against 91,171 bales in the same
20,000 tons. Also some 50,000 tons of Buffalo iron have period of the previous season. Below are the exports for
been shipped to New Jersey tidewater points to be re-shipped the week:
by rail during the fall and winter to nearby consumers.
Exported to
Spot coke prices are said to be a shade steadier. Prices of
Week Ended
Japan&
Gerscrap after heavy recent sales in the East are Aug. 10 1928. Great
iron and steel
China. Other. Toad.
also reported rather steadier. Nominal prices are 1619.50 to Exportsfrom- Britain. France. mass'. Bate. Russia.
____ 2,865 10,502
2.587 5,050
plain Eastern Pennsylvania; $16 to $16.50 for Galveston
$20 for No. 2
433 7,305
--____
---3.792 3.080
Buffalo; $16.50 also for Cleveland delivered and $17.50 to Houston
389 12,957
100
___
977
$18 at Chicago.
8,932 1,264 1,295
New Orleans
so
Mobile50 351
351
rather weaker. It was necessary to ease Savannah
WOOL has been
1,155 1,605
__prices in order to facilitate business. That is the plain Charleston
English of it. Many will await with interest the opening of Norfolk
___ 4,158
--------400
20 2,390
1.348
the Sydney sales. Tt may be a test of the world's drift of New York
prices. There was a fair trade in combing % wool, said to
700 5.243 42,199
11.851 5,076 7,215 7,064 5,050
be at $1 to $1.04 and in bright fleeced wools of the Ohio, Total
____ 8.384 2.400 38.819
Michigan and New York type at 54 to 55e. A Government Total 1927
5.282 9.825 10,800 2,128
11.788 8.825 22.341 1.966 17.306 10.638 2.758 75.622
report from Boston said that several lines of territory wool mt.'1426
are being sold in bulk to mills. The leading grade is % blood
Exported to
From
although large quantities of % and X blood are also being Act. 1 1928 toI
Germoved. The best lots of strictly combing 58-60s are said Aug. 10 1928. Great France] many. 1I Bak. Russia.Japan& Other. Total.
China.
1
to be bringing $1.10 to $1.12 scoured basis, while average Exportsfrom- &Oast.
____ 2,865 10,502
2,687 5,051
lots sell at $1.08 to $1.10; average combing 56s are $1 to Galveston._
33.948
9,546 2.78
____ 12,05
3,080
2.688 3,792
$1.02 scoured basis. A few lots of 48-50s. strictly combing Houston
718
718
Corpus Christi
100 1,050 15,078
-_-977
2,755
average length are said to have been sold at 93 to 950. New Orleans_
8,932 1.264
50
50
___
fine delaine were 48 to 49c. Mobile
Boston prices of Ohio & Penn.
955
351
Sli
104
1,605
unwashed; % blood 50c.; % blood, 54c.; X blood, 53 to 54c.; Savannah..450 ------------1,155
---Charleston._, 3,500 ------------3.600
Pulled A super, $1.05 to $1.10; fine clean basis Texas, 12, Wilmington_
I
2,186
Norfolk
4,283
25
$1.10 to $1.12.
400
_
1
2,390
20
1,348
New York_ _ _
I--------2.1
COTTON
Total
15,976
5.076
__
200
7,164 17,108 10,746
8.280
73.025
I 24.83•
Los Angeles_
9.568
91.171
8,675
17,367 2,128 14, i
9,694 13,279
Total 1927_
103.962
Friday Night, Aug. 10 1928.
13.266 11.681 28.035 13,01 E.306 13.638 6.377
Total 1926_
THE MOVEMENT OF THE CROP,as indicated by our
our'telegrams to-night also
In addition to above exports,
telegrams from the South to-night, is given below. For the give us the following amounts (A/cotton on shipboard, not
week ending this evening the total receipts have reached cleared, at the ports named:
21,074 bales, against 28,393 bales last week and 18,771 bales
On Shipboard Not Cleared for
the previous week,making the total receipts since Aug.1 1928
Leaving
CoastOther
GerGreat
Stock.
wise. Total.
26,376 bales, against 116,000 bales for the same period of
Aug. 10 at- Britain. France. many. Foreign
63,603
showing a decrease since Aug. 1 1928 of 89,624 bales.
14.500
1927,
2.000 2.400 2,009 6,600 1.500
Galveston
132.459
Receipts at-
Sat.
Mon.
Tues.
Wed.
Thurs,
Fri.
Total.
New Orleans
Savannah
342
857
914
2,088
----
100
4,201
100
16,024
2,943
18
491 1,706 1,523
13 5,778 Mobile
765
24,871
69 Norfolk
225,394.
-----------------------69
630 1.203 1,043 5.858 Other ports_ -618 1,231 1,133
149
790
954
2,626 1,501
692 6.712
480,923
4.142 3,757 5,414 13,988 1,700 29,001 855,562*
4
8
32
20
Total 1928
-,==
60
124
3.917 52.704
120
2
60
14
Total 1927-- 5,491 8,251 11,215 23,830 4.770 39.109 577.402
121
322
639
14.383
4820 5.366 9.761
mnr.1 1Q95
172
34
883
157
153
__
67
Charleston
4
io
44
Wilmington
- 18
57
48
-- -I
75
330
-140
Speculation in cotton for future delivery was for a timeNorfolk
New York150 quiet with prices drifting downward in anticipation of a
778
-------------------434
Baltimore
,
inst.
--------300
800
-------- --,500 5,000
500
1.000
Galveston
Texas City
Houston
New Orleans_ Mobile
Savannah
---100
----
1.100
100
9,000
Moreover
favorable Government report on the 8th
the weather was in the main satisfactory. Sentiment was
But on the 8th inst. the trade got a
The following table shows the week's total receipts, the generally bearish. government put the crop at 14,281,000.
The
total since Aug. 1 1928 and stocks to-night, compared with big surprise. the average estimate from private sources.
bales, whereas
last year:
Totals this week_
4,915
3.722
3.962
3.370
1.649
3.956 21 nit.
844
FINANCIAL CHRONICLE
[VoL. 127.
had been about 14,800,000. In other words, the total was selling in Liverpool. No reports of serious weevil damage
about one-half million bales smaller than expected. The were received here. Some people think the crop may escondition was given as 67.9 against 69.5 a year ago and cape it. Damage has been threatened for a long time. It
67.3 at the ten-year average of 1917-1926. The estimate has not come to pass. New "lows" were established. Liverof 14,291,000 compared with 13,492,000 in a report of Aug. pool and the Continent, as well as Wall Street, the West, the
8th last year, a final crop of 12,956,000 last year, 17,977,- South and the Southwest sold. There was very little net
000 in 1926, 16,104,000 in 1925, 13,628,000 in 1924, and 10,- recovery from the low prices of the day. The net decline
139,000 in 1923. The yield per acre was put at 152.2 lbs. was roughly 140 to 150 points, the latter on October. The
this year against 154.5 last year and 156.3 as the ten-year short interest on the other hand was said to be very large.
average. Texas is given as 5,137,000 bales against 4,352,- It seemed, however, to feel confident. There was some
000 last year; Georgia 1,079,000 against 1,100,000 last year, profit taking on the short side, but no great pressure to
Alabama 871,000 against 1,191,000 last year; Mississippi buy. It was the other way about. It seems that the Tex1,229,000 against 1,355,000; Oklahoma, it is true, 1,419,000 tile Institute gave out some bearish figures. They did not
against only 1,037,000; Arkansas 1,136,000 against 1,000,000, attract so much attention on Thursday, if they were known,
while other increases were shown in the Carolinas. North as they did to-day. But it turns out that production of
Carolina is put at 973,000 against 861,000 last year and standard cloths for four weeks in July was 221,826,000
South Carolina at 897,000 against 730,000 in 1927; Ten- yards with sales of 187,439,000; ratio of sales to production
nessee is stated at 401,000 against 359,000 last year and only 84.5%; shipments 217,540,000, ratio to production
Louisiana at 568,000 against 548,000, but these things had 98.1%; stocks on July 31 463,270,000 yards, increase dureffect. It was a fact that whereas private crop estimates ing the month .9 of 1% in spite of the sharp curtailment in
for the belt have been as high as 15,500,000 bales, the Gov- output. Unfilled orders decreased during the month 10%.
ernment put the total at a little less than 14,300,000. The Only a market inured to bearish factors could have received
result was a rise of 80 to 140 points, the latter on October. these figures with the indifference which was exhibited toFrom the early low before the report was received, the rise day when they became more generally known.
To-day prices ended 35 to 37 points higher, with the cables
was 100 to 165 points, the latter on October. There was
heavy covering of shorts, both for home and foreign ac- better and heavy rains in the Atlantic States, notably 2 to
count. Liverpool and the Continent bought. Wall Street over 6 inches in Georgia. Reports in the afternoon from
Georgia were of a severe tropical storm covering middle
and local interests were buyers.
But later the next day, on Wednesday, came a swift and Georgia. Some reports, moreover, said that the weevil
almost dramatic change of front in the world's cotton was becoming more plentiful in that State. The market,
markets not excepting New York. They broke wide open. too, had become oversold. Certainly the short interest is
The fall was 80 to 140 points. On the sober second thought very large for local, Southern, Wall Street and Western
a good many people here doubted whether the crop in account, according to the general judgment. In parts of
this country was as small as 14,291,000 bales. They ques- Texas and to the eastward there were an Increasing numtioned the right of Washington to allow for weevil damage ber of reports of the weevil. It has done no serious damwhich might not occur. There was a rumor later that age thus far. But it is feared that it may be more or
the Government had made a change by increasing the esti- less destructive before the end of the season. As to the
mate, but this was without the slightest foundation. The crop, the month of August has yet some weeks to run. Washweather, however, was in the main favorable. Crop reports ington officials reiterated that they have made no change
were also favorable, rather than otherwise, the weekly re- in their estimate of the Crop. In other words, they stick
port was on the whole promising and there was an out- to 14,291,000 bales. Liverpool, Wall Street and local inpouring of cotton from all over the country and, in fact, terests were buying. The trade bought to some extent.
it seemed from practically all over the world. Wall Street, Shorts covered. Whatever may be said about the size of
Europe, the South and the West sold on a big scale. Chi- the short account, there seems to be no doubt that the techcago operators are understood to have taken the short nical position is better after the radical liquidation which
side after having recently had a very successful campaign has taken place during the past week. There were some
en the short side of the grain markets. Liverpool was reports of a better business in Worth Street. The mills were
plainly disinclined to accept the Government's estimate. calling rather more freely. Their profits are better. Spot
Liverpool and Manchester had expected an estimate of cotton advanced 35 points to-day, closing at 19.30c. for
around 14,750,000 bales to 15,000,000 bales. It was, of middling. That shows a decline for the week of 55 points.
course, a shock to find it a little under 14,300,000 bales. On futures, the net decline for the week is 42 to 57
Moreover, East India was selling heavily in Liverpool, as points.
The official quotations for middling upland cotton in the
well as Manchester itself. The East Indian sales were
supposed to be hedges against large stocks of cotton In New York market each day for the past week has been:
Aug.4 to Aug. 10that quarter of the globe. It was said that there would
Sat. Mon. Tues. Wed.Thurs.
Fri.
Middling upland
19.95 19.65 19.65 20.40 18.95 19.30
be an increase in the acreage of India, China and Egypt
FUTURES. The highest, lowest and closing prices at
as well as in America. Believers in lower prices declared
the world's stocks of cotton would be ample. East Indian New York for the past week have been as follows:
cotton was underselling American, reversing the roles of
Saturday, Monday, Tuesday, Wednesday, Thursday, Fr day.
the two as they were last year. Cotton goods sales fell
Aug. 4.
Aug.8.
Aug. 7.
Aug. 9.
Aug. 8.
As, . 10.
.off when it was found that there was a revulsion of sentiment in the raw cotton markets and that they were swiftly
Range_
declining.
closing 19.4819.1818.4219.9219.1418.81
The weekly Government report stated that temperatures
Range_ .
1942-20.50 19.61-19.61
were mostly seasonable in the Belt and showers were very
closing 19.56 -- 19.30 -- 19.2718.4920.0518.81
Irregular, but generally light to moderate in amount. These
Range. 19.64-10.77 19.31-19.07 19.18-19.44 19.10-20.75 18.51-19.95 18.61
19.05
conditions were rather favorable for cotton over much
closing 19.68-19.70 19.38-19.39 19.34-19.38 20.12-20.14 18.64-18.69 19.01 -19.05
the greater portion of the Belt and progress was mostly Nov.
Range.
fair to very good. In the Carolinas, general warmth and
Closing_ 19.61 -- 19.3319.28 -20.0818.6319.0(
scattered showers promoted good growth, but rains would Dec.
Range. 19.57-19.65 19.25-19.56 19.10-19.30 19.00-20.33 8.51-19.88 18.112
19.00
pow be helpful in parts of North Carolina. In Georgia, unClosing_ 19.54-19.57 19.28-19.29 19.28-19.24 20.03-20.05 8.62-18.65 18.91-19.00
der the influence of warmth and sunshine, growth was good Jan.
Range_ 19.48-19.60 19.20-19.49 19.01-19.25
18.90-20.05 8.40-19.80 18.61-18.90
with late plants blooming nicely and bolls opening rap:dly
Closing_ 19.4819.2119.18-19.19 19.98-19.99 18.5218.87-18.90
In the south where some picking had begun. In Tennessee, Feb.
Range.
Mississippi, some local shedding was reported,
Alabama and
closing_ 19.52 -- 19.2620.00-18.5719.1818.93
but the progress of the crop had been in general fair to afar.
Range_ _ 19.54-19.66 19.27-19.55 19.10-19.30
19.00-20.07 18.50-19.85 18.62 19.00
very good. In Arkansas weather conditions favored very
Closing. 19.56-19.59 19.3119.20-19.23 20.0218.62-18.64 18.09 19.00
good advance except in some southern counties where con- Apr.
Range._
20 05-20.05
18.58 18.68
siderable shedding was noted. Plants were blooming and
Closing. 19.5719.3119.2118.94
20.01 -- 18.60putting on bolls rapidly except in the south. In Louisiana May
Range... 19.55-19.65 19.26-19.56 19.10-19.28
18.55-19.80 18.60 18.93
closing_ 19.69 -- 19.31-19.33 19.22-19.00-20.01 18.57-18.61 18.90 18.01
the weather was mostly favorable, except for considerable
20.00-20.01
rain in the south, where plants were still shedding. In June
Range._
18 93-18.93
Oklahoma, rain the latter part of the week had been unClosing_ 19.54 -- 19.3119.2119.99-18.54-18.83
favorable in the central and eastern portions, but the July
Range_ _ 19.47-19.47 19.25-19.45 19.18-19.21
10.00-19.97 18.57-19.72 18.57
Closing_ 19.49- 22-10 lo _ 10 07-to RI -19 120 18.85
weekly progress of cotton was fair in those areas and very
10
good in the west. Early plants were fruiting well, but the
Range of future
general condition of the crop was still spotted. In Texas August 10 1928 and prices at New York for week ending
since trading began on each option:
rain occurred at about two-thirds of the reporting stations,
with generally favorable weather except in those sections Option forRange for Week.
Range Since Beginning of Option.
still dry, principally on the lower coast and in much of the Aug. 1928.
17.65 Feb. 8 1928
southwest division where progress was poor with consid- Sept. 1928.. 19.42 Aug. 8 20.50 Aug. 8 17.45 Jan. 28 1928 22.20 June 28 1928
32.30 June 27 1928
erable shedding reported, elsewhere plants were fruiting Oct. 1928_ 18.51 Aug. 9 20.75 Aug. 8 18.51 Aug. 9 1928 22.87 June 29 1928
Nov.
17.25 June
1028
fairly well, as a rule, with picking starting in the central I Dec. 1928. 18.51 Aug. 9 20.33 Aug. 8 16.98 June 28 1928 22.46 June 30 1928
1928._
12
22.70 June 29 1928
Jan. 1929_ 18.40 Aug. 9 20.05
and eastern portions.
Aug. 8 17.00 Feb. 2 1928 22.45 June 29 1928
Feb. 1929_
Thursday came another sharp decline, due to heavy Mar. 1929._ 18.50 Aug. 9 20.07
On
Aug. 8 18.50 Aug. 9 1928 22.36 June
1928
selling from many different sources. The drop was some April 1929.. 18.58 Aug. 10 20.05 Aug. 8 19.58 Aug. 10 1928 22.06 July 29 1928
9
18.55 Aug.
was I May 1929.. 18.93 Aug. 9 20.01 Aug. 8 18.55 Aug. 9 1928 22.30 June 29 1928
$7 to $8 a bale. The cables were weak. The weather
192._June
9 18.93 Aug. 9 18.93 Aug. 9 1928 18.93 Aug. 9 1928
Inn., inn,
111 07 11,
generally good. There were renewed reports of Bombay July icon.
1007 .11.7.
n in9.3
7
THE VISIBLE SUPPLY OF COTTON to-night, as made
by cable and telegraph, is as follows. Foreign stocks as
ell as afloat, are this week's returns, and consequently
.1 foreign figures are brought down to Thursday evening.
ut to make the total the complete figures for to-night
Friday), we add the item of exports from the United States,
eluding in it the exports of Friday only.
1926.
846.000
118,000
76.000
1925.
530,000
2,000
57,000
922,000
452.000
190,000
11,000
108,000
24,000
103,000
114,000
1,000
66,000
12,000
89,000
89,000
3,000
64.000
14,000
15,000
2,000
658,000
785,000
296.000
276,000
59.000
Total Great Britain
took at Hamburg
took at Bremen
tock at Havre
tock at Rotterdam
tock at Barcelona
lock at Genoa
tock at Ghent
took at Antwerp
Total Continental stocks
The above total shows that the interior stocks have
decreased during the week 16,075 bales and are to-night
73,554 bales less than at the same time last year. The
receipts at all the towns have been 18,399 bales less than
the same week last year.
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
August 10 for each of the past 32 years have been as follows:
589,000
337.000
176,000
6,000
97,000
42,000
bales
1927.
1928.
690,000 1,147,000
749,000 1,265,000
Aug. 10tock at Liverpool
tock at London
tock at Manchester
845
FINANCIAL CHRONICLE
Auc. 111928.)
1,407,000 2.050,000 1,218,000 865.000
Total European stocks
99.000
70,000
64,000
98.000
ndia cotton afloat for Europe
cotton afloat for Europe 178,000 233,000 197,000 141,000
anerican
orEurope 120,000 127,000 145,000 143.000
gypt,13razll,&c..afloatf
44,000
192,000 295.000 185,000
tock in Alexandria. Egypt
1,151,000 557,000 435,000 556.000
Cock in Bombay, India
0509,924 0908,266 0616,511 181.063
tock in U. S. ports
0286,255 0359,809 0522.013 164.545
tock in U. S. interior towns_
5,023
3.500
J. S. exports to-day
3,915,679 4,600.075 3,387,547 2,193,608
visible supply
Total
Of the above, totals of American and other descriptions are as follows:
American
bales_ 429,000 826,000 450,000 263,000
k
48,000
63,000
98,000
40,000
lancrester stock
603,000 729,000 223,000 187,000
_,ontinental stock
178.000 233,000 197.000 141,000
merican afloat for Europe
0509,924 0908,266 0616.511 181,063
J. S. port stocks
0286,255 0359,809 0522,013 164,545
. S. interior stocks
5,023
3,500
exports to-day
J. S.
2,019,679 3.154,075 2,076.547 984.608
Total American
East Indian, Brazil,
261,000 321,000 396,000 267,000
Liverpool stock
2,000
L.ondon stock
20,000
9,000
13,000
19.000
qanchester stock
73,000
89.000
56,000
55,000
stock
Dontinental
70,000
64,000
99,000
98,000
LinUan afloat for Europe
120,000 127,000 145,000 143.000
Egypt. Brazil, &c., afloat
44,000
192,000 295,000 185,000
4tock in Alexandria. Egypt
1,151.000 557,000 435,000 556,000
Stock in Bombay. India
o
1.896,000 1.446.000 1,311,000 1,209.000
Total East India, Sze
2,049,679 3,154,075 2,076,547 984,608
Total American
1928
1927
1926
1925
1924
1923
1922
1921
19.30c.
19.70c.
18.25c.
24.35c.
30.35c.
24.25c.
20.95c.
13.25c.
1920
1919
1918
1917
1916
1915
1914
1913
12.300. 1904
12.400, 1903
15.95c. 1902
12.60c. 1901
10.65c. 1900
13.40c. 1899
10.60c. 1898
10.75c. 1897
1912
1911
1910
1909
1908
1907
1906
12.00c. 1905
39.00c.
31.900.
33.700.
26.90c.
12.05c.
9.25c.
10.65c.
12.75c.
9.00c.
8.00c.
10.000.
6.38c.
6.06c.
8.00c.
MARKET AND SALES AT NEW YORK.
SALES.
Futures
Market
Closed.
Spot Market
Closed.
Spot. Contr'ct Total.
Saturday_ ..._ Quiet, 10 pts. adv.-- Steady
Monday --- Quiet,30 pts. decl -- Steady
Tuesday__ - Quiet, unchanged - _ Steady
Wednesday_ Steady, 75 pts. adv.. Very steady _ Thursday -- Quiet, 145 pts. decl_ Steady
Steady. 35 pts adv_ Firm
Friday
Total__
Since Aug. 1
4,245
6.045
1,245
100
900
500
300
1,200
1.245
100
900
500
300
1,200
1,400
4,245
7.445
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
3.945.679 4,600.075 3.387,547 2,193.608
Total visible supply
9.354. 12.93d.
10.32d. 10.40d.
Middling uplands, Liverpool23.75c.
19.400.
17.80c.
19.30c.
Middling uplands, New York
Sakel, Liverpool......19.108. 20.904. 16.70d. 33.704.
Egypt, good
Peruvian, rough good, Liverpool- 13.008. 11.50d. 16.004. 21.004.
8.15d. 11.564.
9.35d.
8.95d.
Broach,fine, Liverpool
8.704. 11.954.
9.754.
9.908.
Tinnevelly,good, Liverpool
stocks are now included in the port stocks, in previous years
a Houston
they formed part of the interior stocks.
Continental imports for past week have been 100,000 bales.
The above figures for 1928 show a decrease from last
week of 110,540 bales, a loss of 654,396 from 1927, an
increase of 558,132 bales over 1926, and a gain of 1,752,071 bales over 1925.
-that is,
AT THE INTERIOR TOWNS the movement
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
corresponding periods of the previous year,is set out in detail
below:
1927
Since
Week. Aug. 1.
5.851
2,917
3,990
2,840
1928
Since
Aug. 1.
3,685
250
August 10Shipped
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia point.
Via other routes, &c
Week.
2.243
150
267
3,778
3,700
584
5.949
7,300
269
4,378
5,600
844
8,313
10,700
10,138
Total gross overland
Deduct Shipments
Overland to N. Y., Boston,Ste- 928
361
Between interior tovrns
8.339
Inland, &c.,from South
17,768
16,004
29,698
928
577
13,796
1,513
479
7.303
2.928
734
12,440
15,301
9,295
16,102
2,467
6,709
13.596
9.628
Total to be deducted
510
Leaving total net overland •
*Including movement by rail to Canada.
The foregoing shows the week's net overland movement
for
this year Ihas been 510 bales, against 6,709 bales the
the week last year, and that for the season to date ago
aggregate net overland exhibits a decrease from a year
of 11,129 bales.
1927
1928
/n Sight and Spinners'
Takings.
Receipts at porta to Aug. 10
Net overland to Aug. 10
South'n consumption to Aug. 10
Week.
21,074
510
90,000
111,584
*16,075
Total marketed
Interior stocks in excess
Came into sight during week
Total in sight Aug. 10
Week.
84,002
6.709
115,000
Since
Aug. 1.
116,000
13,596
211,000
168,843 205.731
*28.245 *16,536
340,596
*13,143
Since
Aug. 1.
26.376
2.467
140,000
95,600
North. apinn's' takings to Aug. 10 7,350
189,195
327,453
140.598
15,906
28,234
38,747
• Decrease.
Movement to Aug. 12 1927.
Movement to Aug. 10 1928.
Towns.
Ala.,Birraing'm
Eufaula
Montgomery.
Selma
Ark..Illytheville
Forest Clty
Helena
Hope
JonesboroLittle Rock
Newport_
Pine Bluff
Walnut Ridge
Ga., Albany__
Athens
Atlanta
Augusta
Columbus__.
Macon
Rome
5,,
7, Shreveport
Miss.,Clarkedale
Columbus--.
Greenwood
Meridian
Notches
Vicksburg-Yazoo City-Mo.,8t. Louis.
N.C.,Greensb'ro
Raleigh x
Oklahoma
15 towns'___
B.C., Greenville
Tenn.,Memphis
Texas, Abilene_
Austin
Brenham_-__
Dallas
Paris
Robstown___
Ban Antonio_
TexarkanaWaco
Ship- Stocks
ments. Aug.
Week. Season. Week. 10.
Receipts.
99
• 582
9
7
99
882
3
12
7
1
____
1
14
1
82
1
3
359
1,427
80
7
80
6
82
1
80
12
173
---2
2.003
1
3
369
1,617
140
43
355
6
82
1
140
12
173
48
2
3,398
6
3
2
Receipts.
Ship- Stocks
menu. Aug.
Week. Season. Week, 12.
849
707 1.335
4
8 4,501
24
636 5,548
169
---_ 4,789
1
154 3,143
Its
43 2,482
3,705 .
1.498 --761
20
9
316 5,027
617 ---303
17
1,036 5.644
2''
441
.......
131
1,577
351
892
40
407
1,108 11,783
3,763 19,284 1,55
8•
604
136
59
189 1,591
400 8.239 --_105
162 8.913
16
643 12,777
_-_
338
466
____
1,542 24,107
1
9
587
78 10,896
67
50 1,338 --__
___
71 4.397
2,243 1,886 2,741
894 6,079
563
876
58
401
172
107
208
12
4
121
28
17
251
144
734
808
3,224
100
941
101
300
322
121
14.
19
89
8
126
5,401
1,471
12
1,211 1,082
102 5,333
841 12,119
1,841 5,744
269 9,885
111 1,525
209 5,763
67
445
92 1.645
587 9,839
185 1,234
1,20
9,960
700
9
135 1,647
4i i 2,530
1,801 10.833
2,628 29,098
300
386
160 1,520
200 3,883
1.294 19,090
3,951 14,350
830
---1,781 14,964
256 2,141
27 4,154
5
126
126
---2,917 1.732
1,554 29,803
102 1,368
Movement into sight in previous years:
Week-Aug.14
1926
-Aug. 15
1925
-Aug. 16
1924
Since Aug. 1Bales.
125,172 1926
123.694 1925
109.191 1924
Bales.
191,573
221,216
184.474
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday, Wed'day. Thursd'y. Friday.
19.00
18.60
20.10
19.35
19.35
19.65
Galveston
19.10
18.75
20.16
19.45
19.45
New Orleans--- 19.70
18.80
18.40
19.80
19.20
19.20
19.50
Mobile
18.80
18.41
20.13
19.35
19.39
19.69
Savannah
19.06
18.69
20.13
19.19
19.38
19.69
Norfolk
19.25
20.25
19.60
19.60
20.00
20.15
Baltimore
19.13
18.75
20.25
19.44
19.50
19.81
Augusta
18.65
18.25
19.75
18.95
19.00
19.30
Memphis
18.85
18.55
20.00
19.20
19.25
19.55
Ilouston
18.50
18.12
19.62
18.82
18.82
- 19.15
Little Rock.._ 18.35
18.00
19.45
18.70
18.70
19.00
Dallas
18.35
18.00
19.45
18.65
18.70
Fort Worth _ _ _ _
Week Ended
Aug. 10.
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Fr y,
Saturday, Monday, Tuesday, Wednesday, Thursday, Au 10.
Aug. 9.
Aug.8.
Aug. 7.
Aug. 6.
10,110
Aug. 4.
39,527
70,906 October __ 19.12-19.14 18.83-18.85 18.80-18.81 19.56-19.58 18.14-18.16 18.41 -18.50
146 November
1:
580 December 19.16-19.17 18.8718.82-18.83 19.55-19.56 18.15-18.19 18.51 -18.53
18.14-18.16 18.5: -18.56
19.61 181
18.82-18.83 18.8048
5,727 January __ 19.1437
375,
4,094 February _
___
18.89 Bid. 18.83-18.84 19.55-19.58 18.18-18.20 18.5' -18.58
88 March ___ 19.17-71
10:235
2,000
14,533 April
3,797
19.15-19.17 18.92 Biel 18.84-18.85 19.55-19.58 18.17'18.20 18.5' -18.58
1,000
4,445 May
300
2
2.400 June
228
19.09 Bid 18.86 Bid 18.77-18.83 19.48-19.55 18.10 Bid 18.51 Bid
62
2,383 July
AO non en n.n...
Quiet
St ady
OA All qd 11799QA 'YRS OR AAA
Steady
Quiet
.
Quiet
nr.... en.- io nA,
,
Dull
Spot
Steady St'y at dee. St ady
Steady
Steady
Steady
Options
•Includes the combined totals of fifteen towns n Oklahoma.
•Discontinued.
86
4,429
5,233
125 1,512 8,630
4,479 6,026 13,022
7,253 9,337 71,465
288
59
186
0
7 10,354
56
531 15,320
397
606
80
500 4,758
5,193
700 2,360
1,371
676
50
2
190 3,817
62
1,07
1,582
10,24,
2,205 1,698
4,512 3,497
14.703 12,798
---75
141
245
139
780
564
4 ---18.673 5,591
5.832 3,099
301
191
272
349
846
FINANCIAL CHRONICLE
[VOL. 127.
COMMENTS CONCERNING COTTON REPORT.
The United States Department of Agriculture in giving out opening rapidly. There has been some shedding, but n
its cotton report on Aug. 8, also added the following com- much damage is reported from boll weevil.
Rain. Rainfall.
Thermometer
ments:
Galveston, Texas
2 days 0.02 in. high 96 low
Abilene
Brenham
Brownsville
Corpus Christi
Dallas
Henrietta
Ken-ville
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore, Okla
Altus
Muskogee
Oklahoma City
Brinkley, Ark
Eldorado
Little Rock
Pine Bluff
Alexandria, La
Amite
New Orleans
Shreveport
Columbus
Greenwood
Vicksburg
Mobile, Ala
Decatur
CONSOLIDATED COTTON REPORT.
-The Bureau Montgomery
of the Census and the Agricultural Department made public Selma
Wednesday (Aug. 8) their consolidated cotton report, which Gainesville, EU
Madison
is as follows:
Savannah,Ga
Ginnings to Aug. 1
Athens
87.888 running bales.
Indicated total production
Augusta
14.291,000 bales. 500-lbs. gross.
Condition Aug. 1
Columbus
67.9 per cent of normal.
Indicated yield of lint cotton
152.2 lbs. per acre for harvest. Charleston,S.0
Greenwood
Bureau of the Census.
-Census report shows 87,888
bales
ing round as half bales) ginned from the crop of 1928 running Aug. (count- Columbia
prior to
1,com- Conway
pared with 162.283 for 1927 and 47.770 for 1926.
Department of Agriculture.
Charlotte, N. C
-An estimated condition
on Aug. 1, with an indicated United States productionof 67.9% of normal Newborn
of 14,291.000 bales
(500
-pounds gross weight), is shown by the Crop Reporting
Weldon
Board of the Memphis,
U. S. Department of Agriculture.
Tenn
A United States cotton crop of 14,291,000 bales
is indicated by the
condition of 67.9 on Aug. 1, according to the Government
Crop Report.
The indicated yield per acre on harvested acreage,
allowing for average
abandonment, is given at 152.2 pounds.
The interpretation of probable yield per acre from the condition
reported
by crop correspondents was made on the basis of
dition and yield. The Board considered not only the past relation of conthc
of condition and yield, but the relationship in similaraverage relationship
years.
the dominant role played by the boll weevil in determining theBecause of
Per acre of cotton, the Board has made what it considers a properfinal yield
allowance
for probable weevil damage not reflected in the condition
figures as reported.
While the boll weevil entered in hibernation in great numbers In the
of 1927, the various indices of boll weevil presence and infestation fall
July 1, July 16 and Aug. 1 compiled by the Board did not indicate as of
as many weevils present as last year but showed the infestation to bequite
very
widespread. Data gathered on the seasonal advancement of cotton, moreoyez, showed the crop to be over a week later than last
of damage from boll weevil, therefore, in the judgment year. The danger
of the
considered to be fully as great as a year ago. There was no Board, was
indication,
however, that weevil damage would approach in seriousness the damage
suffered in 1921. The probable weevil damage allowed for by the Board
approximates the average damage of the years
average damage. A prolonged dry hot spell of fairly heavy or above
in August might
actual weevil damage below the probable damage allowed for and reduce
a prolonged wet, cool spell might increase it.
Leaf worm and other insects while quite generally reported do not appear
to be doing more than usual damage except in restricted areas. Generally
sneaking, cotton is fruiting freely with less than the usual amount of shedding. The recent rains In West Texas have been extremely' beneficial,
but the crop in that area is about two weeks late and will require a late
fall to properly mature.
80 mean
2.80 in. high 92 low 68 mean
0.14 in. high 102 low 70 mean
0.03 in. high 96 low 74 mean
0.62 in. high 90 low 76 mean
0.48 fn. high 96 low 68 mean
0.10 in. high 96 low 72 mean
0.14 in. high 94 low 62 mean
0.02 in. high 102 low 70 mean
high 92 low 70 mean
dry
1 day 0.02 in. high 102 low 74 mean
high 94 low 70 mean
dry
day 0.40 In. high 96 low 74 mean I
2 days 0.86 in. high 100 low 68 mean I
dry
high 100 low 74 mean I
2 days 0.22 in. high 96 low 72 mean 1
1 day 1.44 in. high 98 low 66 mean(
3 days 1.62 in. high 97 low 68 mean f
dry
high 100 low 66 mean /
2 days 0.97 in. high 97 low 71 mean I
2 days 0.61 in. high 97 low 67 mean I
dry
high 97 low 68 mean E
1 day 0.03 in. high 97 low 71 mean E
2 days 0.53 in. high 97 low 71 mean E
dry
high 104 low 73 mean E
2 days 0.46 in. high 99 low 70 mean
2 days 0.63 in. high 94 low 69 mean 13
3 days 1.27 in. high
low -- mean E
dry
h h fin low t3 mean E
.
2 days 0.60 In. high 101 low '71 mean E
dry
high 101 low 70 mean I
2 days 0.67 in.
low 71 mean 8
3 days O.L9 in. high 96 low 74 mean 8
1 day 0.51 In. high 95 low p mean 8
dry
high 95 low 3 mean 8
1 day 0.20 in. high 98 low 72 mean 8
5 days 7.43 in. high 92 low 68 mean 8
4 days 4.62 In. 'high 94 low 71 mean 8
3 days 2.83 in. high 91 I
3 mean 8
4 days 0.63 in. high 96 low 65 mean 8
5 days 2.19 in. high 98 low 70 mean 8
3 days 0.41 in. high 100 low 72 mean &
2 days 0.08 in. high 90 low 7 2 mean 8
3 days 1.04 in. high 94 low 68 mean 8
4 days 0.56 in. high 9I low 70 mean 8"
dry
high 95 low 69 mean 8
3 days 1.45 in. high 97 low 69 mean 8
2 days 0.14 in. high 98 low 72 mean 8
2 days 1.15 in. high 101 low 68 mean 8
2 days 0.13 In. hIgh 94 low 72 mean 8
2 days
1 day
2 days
2 days
2 days
1 day
4 days
1 day
The following statement we have also received by tele
LOUISIANA'S FIRST BALE.
-The Dallas "News" of
Aug. 5 makes a report of Louisiana's first bale as follows: graph, showing the height of rivers at the points named a
8 a. in. of the dates given:
Louisiana's first bale of cotton from the 1928
crop was sold at auctirn
here Saturday, Aug. 4 for 30c. a pound. The bale
was produced
Cameron Parish farm of W. H. Carter and weighed 543 pounds. from the
The bale
arrived thirteen days later than the first 1927 bale.
Anderson, Clayton & Co.of Houston, Texas, were the purchasers.
FIRST BALE OF COTTON FROM GEORGIA.
-The
following report of Georgia's first bale of cotton from the
1928-29 crop appeared in the New York "World" of Aug. 7:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge..
Above zero of gauge_
Above zero of gauge_
Above zero of gauge..
Above zreo of gauge-
Aug. 10 1928. Aug. 12 1927.
Feet.
Feet.
5.9
11.0
15.7
15.0
8.4
9.7
12.2
11.0
29.1
24.3
RECEIPTS FROM THE PLANTAT
IONS.
-The folKing Cotton took his first air ride Tuesday afternoon, Aug. 7.
Into the cockpit of a airplanes piloted by R. L. Stephens, the firstHoisted lowing table indicates the actual movement each week from
bale of the
Georgia's 1928 cotton crop left Candler Field at 4 o'clock for New York,
plantations. The figures do not include overland rewhere it was delivered to John J. Raskob. Chairman of the Democratic
National Campaign Committee, to be auctioned off on the floor of the ceipts nor Southern consumption; they are simply a stateNew York Cotton Exchange and the proceeds made a part of the Democratic ment of tho weekly movement from the plantations of that
campaign fund.
part of the crop which finally reaches the market through
On the side of the bale was printed "Victory for Al Smith." The bale
the outports.
significantly, was grown by O. O. Smith of Moultrie, Ga.
Probably at no time In the history of cotton raising and marketing in the
world has a bale been subjected to such speedy handling. Ginned Monday,
Week) Receipts at Ports.
Aug. 6 in Moultrie, it was rushed by
Stocks at Interior Towns.
eiptsfrom Plantat
to
Atlantic Commercial Ende
Exchange, where it was auctioned by . Hope the
Tigner, manager of the
1928. 1 1027. 1926. 1928.
Exchange, and was bid in by T. W. Tiff, President of the Exchange, on
1027.
1926.
1928. 1027. 1926.
,
behalf of the organization, at 42 cents a pound.
It then was hurried to the Southeastern Express Co., where it was sub- May
11...110.9121 89o... 87,891 649,
jected to terrific pressure and its size reduced so it would fit in the cockpit,
1,395.682 68.9 47
742.
45.25
18__ 84,323 73,851 73,22 6303-'710, 1,345,
56,364 41,0 23,37
GEORGIA COTTON REPORT.
25._
-The Georgia'Co-oper- June 59.759 67.486 65.277 587.7 656,4511,301.436 27,199 13,893 20.....1
ative Crop Reporting Service of the U. S. Department of
L. 54.1831 68.264 89,S07 658,886 613,9171,224.902 25,309 25.7 . 13,273
Agriculture, at Atlanta, Ga., issued on Aug. 8 its cotton
8
37.809 66,037 47.642 523,060 575.095 1,186.780 2,083 17,215 9.520
15 . 38.90' 51.4
crop report for the State of Georgia as follows:
4,535 11.279 68,803
80,67. 453.00 534,914 1,074,
3
22._ 28,447 45.3
n11 13,482 8,654
52,46 483,24 503,0001.031.1:
In this, the first condition report of the season, released to-day by the
29 .
5.572 5,512 9.037
63.1
437.961 471,669 987.09
Georgia Co-operative Crop Reporting Service on the Georgia crop, indicated July 30.851 36
production for the State is placed at 1079.000 bales
IL. 36.994(38.801 37.067 407,726 449,131 952A8 6.759 16,26
Upon the 3,956,000 acres in cultivation on July 1.(500 lbs. gross weight).
13._ 27,41 34.623 36,882 388.332 412,498 917.902 6,026
the reported condition
n11 2.407
figure as of Aug. 1 is62% of normal,compared with 65% in 1927 and 10
20._ 19,932 30,274 37,161 356.443j 392,271 884,912
-year
rill 10.043 4,081
average of 63%.
n1117,
19,663
Cotton growers were severely handicapped this year in preparation,plant- Aug. 18.771 36.602 85,222 328.470 374.49 819.35
.
ing and cultivation of the crop, duo to excessively wet
3__ 28.393 45,276 53,306 302.33 378,34 542.251 2,2531 47,129 22,217
early
spring till mid July, accompanied by unseasonably weather from
10... 21.074 84.022 73.869 286 255 359.809 522.013 4,909 67,486 53,631
cool
throughout the spring. Operations were delayed over the temperatures
entire State.
and in much of the coastal plains section a great deal of planting over was
The above statement shows: (1) That the total receipts
necessary. Even then poor stands were obtained over much of the southeastern and south-central areas and other scattered localities. Cool and from the plantations since Aug. 1 1928 are 4,999 bales:
wet weather resulted in retarding growth, considerable leaching of fertilizer in 1927 were 102,857 bales, and in 1926 were 58,825
from lighter soils and grassy fields in all parts of Georgia.
The latter half of July was more favorable, and except for occasional bales. (2) That although the receipts at the outports the
fields taken by grass. the crop was fairly clean. During this period the crop past week were 21,074 bales, the actual movement from
recovered to a remarkable degree, considering previous adverse conditions plantations
was 4,999 bales, stocks at interior towns
and the fact that timely cultivation had been impossible. On Aug. 1
plants were fruiting rapidly and making good growth. although 'sappy' having decreased 16,057 bales during the week. Last year
andsubject to considerable shedding in case of moderate drought. Some receipts from tho plantations
for the week were 67,486
localities in the coastal plains were needing rain on Aug. 1.
While weevils were reported in scattered localities throughout the State, bales and for 1926 they were 53,631 bales.
no particular damage had occurred over any considerable area. The greatWORLD SUPPLY A.ND TAKINGS OF COTTON.
est unfavorable factor at present is lateness. coupled with the potential
danger from presence of weevils should conditions during the next month
favor their development. Practically the entire crop in the northern part
Cotton Takings,
1927.
1928.
of Georgia is yet to be made, and the outturn Is still very uncertain in all
Week and Season.
Parts of the State. Final production will depend upon whether the various
Season.
Week.
Season.
Week,
factors affecting the crop during the remainder of the season are more or
less favorable than usual.
Visiblesupply Aug.3
4,739.933
4,055,219
V. C. CHILDS.
Visible supply Aug. 1
4,961.754
4175484)
Agricultural Statistician (U. S. Dept. of Agriculture).
American in sight to Aug. 10
327.453
140.598 189,195
95,500
In charge.
Bombay receipts to Aug 9
14,099
10000
19.000
31,000
D. L. FLOYD.
14,500
11.000
10,000
11,000
Other India ahilYta to Aug.9
Alexandria receipts to Aug.8
Asst. Agricultural Statistician, U.S. Dept.of Agriculture.
2,260
2,000
400
400
Other supply to Aug.8 * 9
15.000
8,000
MARCUS P. MeWHORTER. State Statistician.
19.000
10.000
Total supply
TELEGRAPH.
-Reports to
WEATHER REPORTS BY
4.182,128 4.360,478 4,969,128 5,351,967
Deduct
us by telegraph this evening denote that the weather during Visiblesupply Aug.10
3,945,679 3.945,679 4,600,075 4.600,857
the week has been generally favorable for cotton in all
sections of the cotton belt, with Florida, which was visited
by3a hurricane, the only exception. Rainfall has been
scattered and as a rule light. Good progress has been made
by.the crop nearly everywhere. Plants are generally fruiting well and bolls are opening rapidly in many localities.
Mobile, Ala.
-The weather has been very favorable, and
s
the...crop has shown a general improvement. Cotton is
Total takings to Aug. 10 a
751.892
414,799 369.053
236,449
If which American
563,132
332,399 297.053
211,049
Of which other
72,001
82.400
25.400
188.760
*Embraces receipts in Europe from Braz I. Smyrna,West Indies,&c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 140,000 bales in 1928 and 211,000 bales in 1927-takings
net being available-and the aggregate amounts taken by Northern and
foreign spinners. 274,799 bales in 1928 and 540,892 bales in 1927, of which
192,399 bales and 352.132 bales American.
S Estimated.
847
FINANCIAL CHRONICLE
Am. 11 1928.]
-By cable from Liverpool we have the folLIVERPOOL.
ALL PORTS.
INDIA COTTON MOVEMENT FROM the shipments lowing statement of the week's sales, stocks, ez.e., at that port:
Jut" 20. July 27. Aug. 3. Aug. 10.
The receipts of India cotton at Bombay and season from
25.000
25.000
30,000
for the
23,000
Sales of the week
from all India ports for the week and
16,000
15,000
19,000
14,000
s:
Of which American
2,000
1.000
, for three years have been as follow
3.000
1,000
Aug. 1, as cabled
Actual exports
August 9.
Receipts at
Week.
Since
Aug.Aug. 1.
Great
Great Cot ti- Japan&
Britain. neat. China. Total. Britain.
Bombay
1.000 8.111 18.000
1928
____ 9.000
1,000
1927
--------48.000
1926
Other India:
10.001
1928
,I II 10.000
1927
1.000 14.000
1926
Total all
1928
1927
1926
Since
Aug. 1.
Week.
35.000
31.000 21.000
Conti- Japan &
China.
nest.
Total.
12.000i 35.111
5.000 60.111
6.00068 1 1 1
10.00
1100'1,500
2,000
15,000
11.000
13,000
26,111
11.000
14.500
28.000
1,000
4,500
2.000
23,000
18,000
32.000
1.011
3,001
.
35 „,
60,000
68,011
59.000
82,500
102,000
a
According to the foregoing, Bombay appears to show
s of
decrease compared -with last year in the week's receipt
an increase
9,000 bales. Exportsfrom all Indian ports record
1 show a
of 16,000 bales during the week, and since Aug.
decrease of 23,500 bales.
1928.
Receipts (cantars)This week
Since Aug. 1
2,000
2.000
Export (bales)-
This Since
Week. Aug. 1.
To Liverpool
To Manchester, &c
To Continent and India_
To America
2,000
3.000
6,000
2,000
2.000
3,000
8,000
3,000
1927.
10,000
11.300
This Since
Week. Aug. 1.
---2,000
6.000
----
2,500
3,700
8.800
400
1926.
16,500
19.500
This Since
Week. Aug. 1.
6,000
___5.600
2,350
44,000
692,000
443,000
38.000
11,000
108,000
25.000
47,000
690,000
429,000
35,000
11,000
123,000
29.000
Saturday.
Tuesday. Wednesday
Monday.
Market. i
12:15
P.M.
Quiet.
Good
demand.
10.738
10.666.
MId.Uprds
Holiday
Futures.(
Market
opened
Holiday
6,000
Thurstkty.
Friday.
Quiet.
Quiet.
11.006
10.326.
5.000
7,000
5.000
Barely st'y Steady Steady,un- Barely St'Y
pts. ch'g'd to 5 19 to 30 pte
15 to 20 pts 6 to 8
advance. pts. adv. decline.
decline,
Steady
Easy
Barely st'y Q't but MY
to 25 pts
23to30p 39 to 40 pts 31 to 33 pta 20
decline.
decline.
advance,
decline,
Market, {
4
P.H.
Prices of futures at Liverpool for
Sat.
Mon.
each day are given below:
Tues. I
Wed.
Thurs.
Fri.
4.1 412.151 4.00 12.1 4.00
12.15 12.30 12.151 4.00 12.151 4.002.151 m.p. m.;118. m.1).m
an.
m.'p.
p.m.P. n1)0. m.41. m.p. m. p. m.p.
d.
d. d. 6.14. d.
4. d. d. 1 d.
d. d.
10.02
0.21 11.15 10.27 10.5510.55 10.23 9.8 9.94
August------0.16 10.1010.2210.. 10.50 10.1 9.
September- -0.11 10.05 10.1 10.4 10.4510.13 9.75 9.88
October
0.05 10.00 10.11 10.3 10.3910.08 9.72 9.81
9.87
November _
0.0510.0010.11 10. 10.3910.08!
December - _
10.0810.03 10.1 10. 10.42 10.11 9.75 9.85
January
40 10.0 9.74 9.88
0.05 10.01 10.12 10.40,10.
Hol,iday
February
0.10 10.05 10.16 10.44{10.43 10.11 9.77 9.89
March
0.11 10.0610.17 10.45 10.43 10.12 9.79 9.90
April
0.12 10.07 10.18 10.46 10.4410.13 9.81 9.88
May
0.10 10.0510.16 10.44 10.4210.12 9.81 9.88
June
0.09 10.04 10.15 10.43 10.4110.11 9.8 9.88
July
0.07 10.02 10.13 10.41 10.38 10.08 9.81 9.88
August
Aug.4
to
Aug. 10.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
August 8.
Spot.
Sales
1.000 18,000 18.''' 37011
2,000 10.000 9,110 21 1 • I
1,000 14,000 48,000 63,111
50.000
710.000
449.000
38.000
14,000
120.000
22,000
spots and futures
The tone of the Liverpool market for closing prices of
daily
each day of the past week and the
spot cotton have been as follows:
48,000
68.000
74.000
27.000
10,000
48.001
51,000
715.000
463,000
28.000
9,000
120,000
27.000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
Since August 1.
For the Week.
Export*
from-
nce
1.
Week. 1I Aug.A
14.000 19.000
10 000
Dom
1926.
1927.
1928.
6,000
5,000
7,600
2,350
13.000 16.000 8,000 15,400 13.950 20.950
Total exports
n ba es weight about 750 bls.
-A canter is 99 lbs Egyptia
Note.
for the week ending Aug. 8 were
This statement shows that the receipts 000 bales.
and the foreign shipments 13
2,000 canters
BREADSTUFFS
Friday night, Aug. 10 1928.
course
trade has pursued pretty much the same mouth,
Flour
to
the purchases being mostly from hand
-Our report received by as recently,
MANCHESTER MARKET.
by the steady
the market in with prices naturally more or less affected
forcable to-night from Manchester: states that
On the other hand, however, it IS not
wheat.
yarns is easy and in cloths active. Manufacturers cannot decline in feed prices, especially in the western markets,
sell. We give prices to-day below and leave those for pre- gotten that
declined 50c. to $2 a ton. This
have within about ten days
vious weeks of this and last year for comparison:
se in the stock of feed, folmeans that there is natural increa
mills during the last
1927.
1928.
lowing the increased grinding by the
ss direct. Latterly,
814 Lbs. 3590- Cotton
month, when they did a big businebetter inquiry reportCotton
834 Lbs. SMrtingo, Common Midas*, moreover, there has been a somewhat
Inge, Common Mtddrg 328 Coy
828 Coy
to Finest.
Twist.
Ultras
Uprds
to Finest.
of any material increase
ed here. But there are no signs
a fair
d. e. d.
d.
d.
so.
s. d.
export trade. There was said to have been
d. s. d.
d.
In the
Apriln
11.61 1244014)4 124 @127
8.35
16 017;4 14 1 014 8
business at the southwest. But here the foreig
export
,
May
11.60 13 015 12 5 013 0
8.75
was very moderate and the clearances have been
14 2 014 4
16M017%
demand
11.62 1331015y, 12 5 413 0
8.72
inst. that mill feed prices
16M017)1 14 3 014 5
11.71 13348415% 13 0 013 3
on that scale. It was on the 6th
8.91
16 0174 14 3 014 6
held relatively
11.46 14 416 13 0 413 3
8.94
were dropped 50e. to $2.00 a ton. Red Dog
25. 16 017).1 14 3 014 6
items were
June
steady, due to light supplies, but the other
11.47 1434 017 13 0 013 3
9.23
14 8 014 5
16 481734
larger
11.45 14)(017 13 0 413 3
9.03
weaker, owing to the heavy stocks resulting from
1h @0734 14 3 414 5
11.39 14)4016)1 130 @133
9.13
ed that
16 017.14 14 2 (8144
grindings. Some western agents, however, report part of
11.65 14)(016)i 13 0 013 3
014 5
9.08
1634@1734 14 3
t on the
12.49 1434 016% 13 0 013 a
9.11
the reductions had attracted more interes
16)1018M 14 6 015 0
shipment. WestJuly
15 016M 13 0 013 3
jobbers and mixers, particularly for future
12.53
9.17
17 018)4 14 6 015 0
;
12.14 15)/ 017 13 1 013 4
9.66
bran was quoted at $32.50; standard middling $33.50
01834 14 6 011 0
ern
17
11.81 153101711 13 4 013 6
9.91
1634 018% 14 2 014 4
middling $43.50, and Red Dog $51.00 a ton.
flour
11.73 15)4 01734 13 0 013 6
10.03
16)4018 14 1 014 8
ctedly
Wheat declined on good weather and an unexpe
Aug.
10.80 15 34@1734 13 2 013 4
9.47
16 01734 13 6 014 0
te of the crop by the government. On the
large estima
10.32 17 419 13 5 4413 7
10.40
16 01734 13 6 014 0
ber being the
4th inst. prices declined 1% to 1%c., Decem in the spring
-Shipments in detail:
PING NEWS.
r was very favorable
SHIP
weakest. The weathe
of frost were
Bales.
wheat belt, it was warmer in Canada, fears
-Laconia,1,147;
-Aug.3
Adriatic,
-To Liverpool
NEW YORK
st was for generally warmer weath1.348 removed, and the foreca
201
to arrive at
-President Harding, 2,390
2,390 er. No. 1 Northern was offered by Duluth
To Bremen-Aug. 7
2 Hard was offered
20
To Ilavre--Aug. 7-Rochambeau, 20
Chicago at near a trading basis. No. . Omaha reported
-Javanese Prince, 400
.2
400
To Japan-Aug
-Aug. 3-Gand, 464
-To Havre
484 to Chicago by Kansas City and Omaha
NEW ORLEANS
increased
-Aug.3-Gand,800
800
To Dunkirk
ty of elevator room. Its stocks lc. lower
-Aug.3-Gand,239
239 a growing scarci
To Antwerp
with the basis
1.245 some 4,000,000 bushels last week,
To Bremen-Aug. 3-Ralmund. 1,245
it was getting down
-Aug. 3-Raimund, 50
50
To Hamburg
red with the Sept. price. Andexport business was
-Boles, 727
-Aug. 3-Timavo, 150_ _ _Aug. 4
877 as compa
To Genoa
-La Plata Mara, 100
-Aug.5
Japan
export basis via the Gulf. No
100 to an
To
ific. On the 6th inst.
-West Hobomac, 2,359___Aug.
of l
-Aug. 4
To Liverpool
reported. Covering caused a rally
Median, 3.985
in the visible
- 6.344 prices declined %c. to 1%c., with an increase pressure to
-West Hobomac, 1.646-Aug. 7
-Aug. 4
To Manchester
2,588 supply in the U. S. of 8,920,000 bushels, and a
Median. 942
-Aug. 7-Quistconck, 100
100
To Venice
the northwest, not to mention
-Aug. 3-Tela, 100
100 sell in the southwest and
To San Felipe
ed. Vis50
To Gothenburg-Aug. 9-Mexicano, 50
No aggressive buying power appear
Chicago itself.
43,-Aug. 6-Kerhonloson. 853
-To Manchester
853
NORFOLK
to 62,316,000 bushels against only
-Aug.8 Steedfast. 718
-To Liverpool
718 ible stocks are up
CORPUR CHRISTI
s
-Aug. 10-Burma.
-To Venice
year ago or nearly 20,000,000 bushel
3,500 547,000 bushels a
WILMINGTON
-Aug. 9-Grantley Hall. 351
351
SAVANNAH-To Antwerp
The Southwest sold. The weather in
-Aug. 3-Terni. 2,587
GALVESTON-To Genoa
2.587 more than in 1927.
was highly favor-Mar Carib, 2,865
2,865 the American and Canadian Northwest
To Barcelona-Aug. 5
5,050
in harvesting the AmeriTo Murmansk-Aug. 7-Helversum, 5,050
able. Good progress was made only 400,000 bushels, with
To Bremen-Aug. 4-Eldena, 3.08)
3.080
HOUSTON-Deer Lodge
-De in Salle, 3,059- _Aug.6
-Aug.8
To Havre
can crop, The export sales wereCutting has begun in Can3.792
733---------------------------------------------for a holiday.
-Deer Lodge. 233
6
233 Liverpool closed
-Aug.
To Ghent
were 12,254,000 bush-Deer Lodge, 200
200 ada. The world's shipments last week
To Rotterdam-Aug.6
the Government report before
38
CHARLESTON-To Rotterdam-Aug.5-Grantley Hall,38
tley Hall, 876
els. Some were awaiting
-Aug. 5-Gran
876
To Antwerp
. On the 7th inst.
241 taking a decided stand on the market
-Aug. 5-Grantley Hall, 241
To Ghent
at Winnipeg, with
450
To Bremen-Aug.7-Shickshinny.450
prices ended 2 to 3c. lower, the latter
-Mar ()aril)°, 50
50
-To Barcelona-July 28
MOBILE
tent hedge selling
-President Wilson,200
Japan-Aug.6
200 little buying power anywhere. Persis
SAN PEDRO-To
So were
told. Canadian crop reports were very favorable.
---------Total-------------------------------------
42,199
848
FINANCIAL CHRONICLE
[VOL. 127.
those from the American spring wheat belt. The Southwest was reported.
American and River Plate corn competes
was selling hedges. European crop news was better than
actively in the United Kingdom. The Kansas State report
expected. Export sales were estimated at 1,000,000 bush- says
the yield will reach a new high record if the weather
els, about 50% of which was said to be hard winter at the
continues normal. It puts it at 150,000,000 bushels. WestGulf. Many of the foreign markets were weak. Liver- ern
markets were receiving a fair amount of corn from
pool ended id. to 1Y lower.
4d.
the country. Crop prospects in general could hardly be
As belated wheat from last year's harvest has reached better.
One report was to the effect that some export bustthe elevators during the last week, the statisticians have ness
had been done, though apparently not very much.
been obliged to revise their estimates of the Canadian pro- The
crop conditions are generally favorable, Chicago reduction and to put the western crop at approximately 475,- ports
said. Unless something happens to the crop within
000,000 bushels, or the largest yet reaped in the Dominion, the
next 30 days, all the indications point to a yield of
This leaves a carry-over of about 65,000,000 bushels when
3,050,000,000 bushels. Should the crop statisticians add
the new crop begins next week. On the 9th inst. Chicago another
bushel to the yield per acre to the par basis of
rose 1%c. to 21 , and at one time during the day the rise their
4
was about lc. greater. The stimulus came from a good ex- 000 September returns, there will be more than 3,100,000,
bushels
port demand, the sales being reported as 1,500,000 to 2,000,- on record. produced which would make the largest crop
The eleven big States have 2,299,000,000 bushels,
000 bushels, including besides Manitoba a certain amount as
estimated by the Murray report, against 2,042,000,000
of durum and hard winter at the Gulf. Considerable hard bushels
last month and 1,989,000,000 bushels last year.
winter was taken at the best premiums thus far. Liver- Argentine
exports for the week were estimated at 8,000,pool unexpectedly came %d. to 12 higher, and Buenos 000
/d.
1
bushels.
Aires, moreover, to the surprise of everybody, advanced
On the 9th inst. prices ended 1 to 1%c. higher on large
2c. Italy sent some unfavorable crop advices, which had trading.
to all appearance more weight for the moment than reports ering as The shorts took a turn at Issuing stop orders covthe
of favorable weather in France and Germany. pressure months was market advanced. Large buying of the distant
taken to mean a hedge against export sales of
to sell had died down on this side. In fact the offerings the new
crop. The export sales of this kind are supposed to
were small. In spite of the rather sluggish manner in be large.
September was rather conspicuously firm in the
which Winnipeg responded to the rise. Canadian weather later trading
and crop reports were decidedly favorable. For that mat- was reported at the same time that the shipping demand
brisk. Some held aloof towards the close,
ter, the weather in the American northwest was also very awaiting
the government report. It gave the crop as 3,029,
good and a larger movement of the spring crop is ex- 000,000
bushels against 2,736,000,000 on July 1 and 2,774,pected soon.
000,000 bushels the final last year. To-day prices ended
The Government report stated the spring wheat crop 1% to
other than durum at 228,000,000 bushels against 183,000,- than 2%c. lower. The Government estimate was larger
expected. That and the decline in wheat, with the
000 a month ago and 243,000,000 the final last year; crop of favorable
weather, sent distant months down to new low
durum 84,000,000 bushels against 74,000,000 a month ago levels.
and 76,000,000 the final last year; total of winter, 578,000; covered. On the other hand, receipts were light. Shorts
Bull support was not altogether wanting, and fi000 bushels against 544,000,000 a month ago and 553,000,- nally
there was some buying against privileges. Rallies
000 bushels the final last year. Total of all wheat, 891,- therefore
000,000 against 800,000,000 a month ago and 873,000,000 bearish. occurred from time to time. Not everybody is
The cash markets were steady. The basis on
the final last year. To-day prices closed 3% to 4c. lower in No. 2
yellow at Chicago is %c. higher. Complaints of hot
an active market. At one time prices were down 5c. Selling was very heavy. Stop orders were met. The crop fig- weather damage in Nebraska and the Dakotas caused some
ures by the Government were larger than expected. The buying. Cash demand was fair. Some consider the genCanadian total is expected to be 550,000 bushels. Argen- eral corn situation bullish. The hot weather is being
tine figures were stated to-day as 2,555,000 bushels ex- watched. There was less export demand, however, alported; Australian 1,480,000; Bradstreet's North American though there was some buying of December by exporters.
9,734,000 against 5,321,000 last year. The indicated world's Final prices show a decline for the week of 4 to 5 cents.
w
shipments are 13,800,000. Export sales were only 500,000 No.2 ell LY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
to 600,000. Gulf premiums, it is true, were firm at the
yellow
122 120% 120% 119 123% 119%
best of the season. Outsiders bought on the decline on the
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
theory that it was being overdone. The market is mostly September
delivery
95% 93% 93% 93
94% 9
2
short. The Canadian report will appear at noon, Satur- December delivery
75% 74
76
73% 7434 72
day. The cables were much lower. Final prices show a March delivery
77% 76. 75% 75
4
7
75% 7434
decline for the week of 8 to 8%c. To-day Berlin closed
Oats declined moderately on a favorable crop outlook.
On the 4th inst. prices fell 14c. partly in response to a
2 to 3%c. lower and Rotterdam 28 lower.
decline in other grain. Besides, the weather and crop adDAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
vices were so favorable and had a more or less weakening
No.2red
152% 152% 154 148% 150% 149%
DAIIIY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. effect. Speculation was not brisk. Nothing was said about
Sat. Mon. Tues. Wed. Thurs. Fri. export business. On the 6th inst. prices declined % to le.
September delivery
116% 115 1133( 110% 112% 10934 with the new crop movement increasing and no great
deDecember delivery
120% 120 118 115% 118 114
mand. Stocks are small, but this fact did not count in the
March delivery
123% 121% 119% 121% 117
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG. presence of falling markets for other grain and an absence
of any great activity in trade. The visible supply in the
Sat. Mon. Tues. Wed. Thurs. Fri.
October delivery
118U Roll- 115 113q 114
110
U. S. increased last week 534,000 bushels against a deDecember delivery
117
day. 114% 112 113 109
May delivery
crease in the same week last year of 416,000 bushels. The
122
120% 1187 119 115
Indian corn declined, owing to a larger estimate of the total is now 2,377,000 bushels against 11,565,000 a year
crop from Washington than anybody had been expecting. ago. On the 7th inst. prices ended unchanged to %c.
Moreover, the weather has been very good. On the 4th lower. On the drop there were reports of good export
inst. September fell 2 c. with large receipts, very good business. Moreover, the domestic demand was good. Conn/
1
2
try offerings to arrive were small. Consignments on the
weather, the forecast favorable and a manifest pressure
to sell. The weather and crop news was considered bearish other hand were fairly large. Crop reports were in the
main favorable. On the 9th inst. prices advanced 14 to %c.
on the new crop months in general, though there is some
with other grain higher, and a better cash demand. Some
division of opinion as to September. Some preferred to
sales
buy that month on breaks. Shorts covered. The rally from was for export were reported at the 'seaboard. The crop
estimated by the Government at 1,442,000,000 bushels
the lowest on the 4th inst. was, however, only % to %c.
against 1,184,000,000 last year; barley 344,000,000 against
On the 6th inst. prices ended 1 to 1%c. lower. The out- 2
64,000,000 last year. To-day prices ended / to %c. lower
1
2
standing feature was the announcement_that the Chicago on the
bearish Government report and scattered selling and
Board of Trade had fixed the settling price for July corn
liquidation. The decline was checked by commission houses
on 1,000,000 bushels that had been defaulted on delivery buying and
at about $1.21. The closing price on the last day of the ever, had covering. The weakness of other grain, howthe greatest influence. Interior receipts were
month had been 5 c. under this. There was a pressure fair. Cash
/
1
2
markets were steady, but the demand was
September and December. The visible supply small.
to sell both
Southwestern interests were said to be buying.
in this country showed an increase last week of 1,317,000 And reports
that rain had done damage in parts of Illinois
bushels against a decrease in the same week last year of were
received. No export business was reported. Final
2,043,000. The total is now 13,267,000 bushels against 28,- prices show a
decline for the week of 1% to 2 c.
/
1
2
162,000 a year ago. Country offerings were light in Chi- No.2 White
DAI
DAILY CLOSING PRICES OF OATS IN NEW YORK.
cago. At the West and Southwest there was a fairly large
Sat. Mon. Tues. Wed. Thurs. Fri.
Nom. Nom. 51
51%
crop movement. The Eastern shipping demand was light,
5034 51
DAILY CLOSING PRICES OF OATS FUTURES
IN CHICAGO.
owing to the irregularity of prices. The buyer hardly knew
Sat. Mon. Tues. Wed. Thurs. Fri.
what to expect. On the 6th inst. September was forced September delivery
38% 38
38h 37
37
37
December delivery
down to 911c. at Chicago, a decline of 3%c. due to rather March delivery
40
40
40% 40
/
2
41
42
41
11, 42
extensive liquidation. Later on that day, there was a DAILY
CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
rally of 2c. from the bottom. This meant, however, a deSat. Mon. Tues. Wed. Thurs. Fri.
October delivery
cline of about 10c. from the high of late last week.
Holl- 45% 45% 45% 44%
48
December delivery
day. 43% 43% 44
43 yi
46
On the 7th inst. prices ended %c. to 1'4c. lower, the latter May delivery
47% 46%
4734 47
49%
on September. The central west was said to be getting
Rye broke partly on account of the weakness in wheat
rather too much rain. This had no particular effect. Con- and partly because
of good weather. On the 4th inst.
tract stocks were rapidly increasing. No export business prices dropped % to 12
/ as some reflection of the de1c.
IA
849
FINANCIAL CHRONICLE
AUG. 11 1928.]
REPORT ON COT-
AGRICULTURAL DEPARTMENT
export business was re-The Agricultural
cline in wheat. Moreover, no main favorable. On the TON ACREAGE AND CONDITION.
of this week
in the
ported. The weather was
Department at Washington on Wednesday and condition
with no export business,
6th inst. prices declined % to 1%c. Naturally, rye prices (Aug. 8) issued its report on cotton acreage
44, 953,000
the foreign markets being closed. the decline in wheat. as of Aug. 1. It places the area in cultivation at
yield of
sympathized to a certain extent with decreased last week acres, the condition at 67.9%, and the probable,
S.
Actual proThe visible supply of rye in the U. same week last year. lint cotton at 14,291,000 500-pound bales.
17,977,194,000 bushels against 58,000 in the against 1,327,000 last duction in 1927 was 12,955,000 bales and in 1926 linters.
of the figures take any account of
total is now 2,095,000 bushels,
None
The
dropped 1 to 1%c. net, 000. report is as follows:
year. On the 7th inst. prices
-pounds
There was The United States cotton crop of 14.291.000 bales 000 normal gross
upon
A
sympathy with the decline in wheat.
partly in
was said weight) in 1928 Is indicated by the condition of 67.9% of by the CroP
in the speculative trading. Nothing
n on July 1, as estimated
no activity
in
nt of Agriculture. This
advanced the 46,695.000 acresthe cultivatio
9th inst. prices
United States Departme
statisticians, and
Reporting Board of
about export business. On the
other grain and also by report is based upon data from crop correspondents, field and Agricultural
of Agriculture
1%c. to 2%c. influenced partly by
ent put co-operating State Boards (or Departments)
The Governm
various
Colleges.
reports of some business for export.
depend upon whether the
against 58,800,000 last year;
The final outturn of the crop will remainder of the season are more
the crop at 43,300,000 bushels,
influences affecting the crop during the
year.
buckwheat 15,400,000 against 16,000,000 last
or less favorable than usual.12.955,000 bales; in 1926. 17,977.000 bales:
other grain lower,
10,140,000
Production in 1927 was
13.628,000 bales, and in 1923,
To-day prices declined 2% to 3c. with
was in 1925, 16,104,000 bales;in 1924.
foreign markets off and liquidation general. Support
bales.
69.5% of normal; in 1926. 69.8%;
low prices
Condition on Aug. 1 in 1927 was 6 a) average, 67.3% ••
lacking. There was some recovery from the
-year (1917-192
10
1925.
export business. Ex- In If the 65.6%, and cotton area abandoned during this season should be
remain
per cent of
of the day, however, on buying against The weather in the
the area which would 0 acres.
44,953,00
to the average of the past 10 years,
large, however.
equal
port business was not
States this year would be
by
4
y favorable. Berlin closed 23' to to be harvested in the United 14,291,000 bales indicated lint the Aug. 1
Northwest was generall
cotton per
Upon that acreage the crop of
of
a week condition would approximate a yield of 152.2 pounds 182.6 pounds; and
3c. lower. Prices here end 5% to 7%e. lower than
1M.5 pounds; in 1926,
ago.
FUTURES IN CHICAGO. DAILY CLOSING PRICES OF RYEMon. Tues. Wed. Thurs, Fri.
Sat.
,
leo% 993 97% 95% 95% 943
September delivery
98% 100% 97%
102% 101% 100
December delivery
103% 1023 100% 102% 100
104
delivery
March
follow:
acre. The yield in 1927 was
pounds. Details by States
average for the 10 years 1917-26, 156.3
n(Ginnings
State.
Closing quotations were as follows:
GRAIN
Oats. New York
51%
No. 2 white
1.49%
50%
No.3 white
1•25%
Rye. New York-1 10%
1.194 No. 2 f.o.b
1.17% Barley, New York
853
Malting
FLOUR
$6.00036.2
$6.15026.60 Rye flour, patents
Spring patents
3%
5.500 6.00 Semolina No. 2. pound.
Clears.first spring
3.75 N.1 3.8
6.000 6.50 Oats goods
Soft whiter straights
3.
. 0
2.95
_ 5.901 6,40 Corn flour
Hard winter straights_
6.90 Barley goods
Hard winter patents- 6.40
3.60
Coarse
5.75
winter clears. __ _ 5.25
Hard
Fancy pearl Nos. 1.2.
Fancy Minn. patents__ 7.650 8.20
6.500 7.00
3 and 4
7.800 8.50
City mills
here, see page 786.
For other tables usually given
Wheat, New YorkNo. 2 red. f.e.b
No.2 hard winter,f.o.b
Corn. New YorkNo.2 yellow
Ne.3 yellow
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Aug. 4, were as follows:
Va
N. C
S. C
Ga
Fla
Mo
Tens
Ala
Miss
La
Texas
Okla
Ark
N. Mex
Ariz
Calif
Other
GRAIN STOCKS.
United States-
New York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
" afloat
Toledo
Detroit
Chicago
" afloat
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
,
Wheat
bush.
85.000
Corn,
bush,
42,000
397.000
1,953,000
18.000
46,000
Oats,
bush.
186,000
4,000
26,000
11.000
Rye,
bush.
1,000
n002)
16 0:
13a y
brieh
1,000
42,000
1.000
63,000
fox°
92,000
193,000
7.000
232,000
2,128,000
172.000
18.000
97,000
3,545,000
82,000
222.000 1.017,000
320,000
2,605,000
:0
50 0
74000
130.000
301.000
19,000
43,000
666,000
1,000
1,000
60,000
27,000
146.000
50.000
638,000
5,017.000 10,575,000 1.107,000
212,000
310,000
301,000
65.0002,000
833,000
137,000
146,000
1.000
8,319,000
87,000
7,000
157.000
292.000
7,781,000
16.000
6,000
30.000
243,000
5,000
6,000
102,000
226,000
2,507,000
9,000
43,000
215,000
15,083,000
2,000
1,000
5,378,000
23,000
1,188,000
St. Joseph, Mo
115,000
27,000
8.000
Peoria
25,000
809.000
122,000
Indianapolis
11,000
6,000
34,000
257.000
3,060,000
Omaha
114,000
383,000
On Lakes
65,000
On Canal and River
834,000
62,316,000 13,267.000 2,377,000 2,095,000
Total Aug. 4 1928
667,000
Total July 28 1928_53,396.00011,950.000 1.843,000 2,289.000
598,000
Aug. 6 1927_ _43,547,000 28,162,000 11.585,000 1.327.000
Total
New York.3.000 bushels; BaltiNots.-Bonded grain not included above: Oats,
Buffalo, 6,000; total. 12,000 bushels, against 25.000 bushels in 1927.
more, 3,000;
4,000; Buffalo,
Barley, New York, 60,000 bushels; Boston. 80,000; Baltimore,
506,000 bushels in
240,000; Buffalo afloat, 26,000; total. 410.000 bushels, against
051,000 bushels; Boston, 100.000; Philadelphia, 570,000
1927. Wheal, New York.
79.000;
Baltimore, 257,000; Buffalo, 10,695.000; Buffalo afloat. 576,000; Duluth.2
5 50.41•11
,
on Lakes, 1.454.000; Canal. 2,152,000; total, 16,534,000 bushels, against
bushels in 1927.
Culticanoe
July 1 '28
Less
-Year
10
Average
Abandonmenr.
10Year
As. 1927 1928
1917-
%
72
72
64
63
66
78
74
66
70
64
63
71
73
86 d
92d
98d
--
1927
1926
'26.a
Acres.
82,000
1,841,000
2,518,000
3.814,000
94.000
370,000
1,106,000
3.409,000
3,677,000
1.820.000
17,595,000
4,561.000
3,526 000
99.000
195.000
218,000
28,000
10Year
Ay.
% %
82
75
73
78
64
66
62
65
62
71
55
61
68
69
59
70
66
68
66
64
70
69
71
75
67
68
85
83
87
85
90 90
62
67
1928
Inaceded
1927. by
Condition
Augl
Lbs. Lbs.
241 230
256 238
191 148
142 154
102 126
248 188
176 178
140 180
174 194
156 170
134 129
151 138
168 157
273 d 352
280 315
279 340
197d 160
Lbs.
280
253
170
135
97
171
173
122
Ho
149
140
149
154
396
326
344
171
-Lb. Gross
500
Weight Bales.
1927
Crop.c
1928 Crop
Indienvvel
bll
Condition
Aug. 1.
Bales.
31,000
861,000
730,000
1,100,000
17,000
115,000
359,000
1,191,000
1,355,000
548,000
4,352,000
1,037.000
1,000,000
70.000
91.000
91,000
7.000
Bales.
48.000
973.000
897,000
1,079.000
19.000
132,000
401.000
871,000
1,229,000
568,000
5,137,000
1,419,000
1.136.000
82.000
133,000
157,000
10,000
152.2 12,955,000 14,291,000
44,953.000 67.3 69.5 67.9 156.3 154.5 299
100,000
45,000
U. S
___ 194
160.000 ------95
Low. Calif _e
-0 U
July 25 and Aug. so reports.
a Prior to 924 interpolated from
nt. c Allowances made for
-year average abandonme
California
cultivation July 1, less 10
a 10-year average. e Not included in
than
cross state ginning:. d Less
figures nor In United States total.
Approved:
C. F. Marvin,
Acting Secretary.
BOARD.
CROP REPORTINGChairman,
W. F. Callander,
Becker, S. A .Jones.
J. A.
.
C. S. Bouton, C. H. Robinson
V. C. Childs.
REPORT ON
AGRICULTURAL DEPARTMENT'S Department of
-The full report of the
CEREALS, &c.
crops on
Agriculture, showing the condition of the cereal an earlier
on the 9th inst., will be found in
Aug. 1, as issued
"Indicatiops of
part of this issue in the department entitled
."
11.655 Business Activity
COUNGRAIN CROP PROSPECTS IN FOREIGNat WashU. S. Department of Argiculture
-The
TRIES.
crops in
ington in giving its report on Aug. 9 of the grainprospects
made public a report on the
the United States also
found comof grain crops in foreign countries, which will be
department enplete in an earlier part of this issue, in the
titled "Indications of Business Activity."
WEATHER BULLETIN FOR THE WEEK ENDED
-The general summary of the weather bulletin
AUG. 7.
inissued by the Department of Agriculture, indicating the
7,
fluence of the weather for the week ended Aug.thefollows:and
country
The week was generally warm over the eastern half of that from the
shows
cool over the western half. The table on page 3in the extreme Northupper Ohio Valley eastward and northward, except
to 7 degrees higher
the weekly mean temperatures were from 3 degrees central portions of
east,
than normal, while in the Southern States east of the
1 degree to 2 degrees
Texas and Oklahoma they were mostly normal or the extreme northern
above. In the upper Mississippi Valley, except was from 1 degree to
Canadian
47,000 portion, and in most of the Lake region the period
371,000
885,000
5,048,000
especially
Montreal
466,000
1,849
435.000 about 5 degrees warmer than normal. In most of the West,
22,816
decidedly cool,
Ft. William & Pt. Arthur
156,000
523,4)00
19,000 in the Rocky Mountain districts and the Great Basin, it was
10,476.000
Canadian
normal, but
Other
the temperature averaging from 3 degrees to 7 degrees below
993,000
3,257,000
501.000
Total Aug. 41928.__38.938,000
prevailed.
3.631,000 1,521,000
628,000 along the Pacific coast about seasonal warmth
character, and
Total July 28 1928-42,776,000
Chart II shows that rainfall was of a decidedly local
1,023
1.557
2,587
excessive
Total Aug. 6 1927._29,405.000
very unevenly distributed geographically. There were heavy to
extending southward to
Summary
834,000 amounts in the extreme lower Missouri Valley,
62,316.000 13.267,000 2.377,000 2,005,000
and also over a
American
501,000 northern Arkansas and westward to north-central Kansas, the South pre993,000
3.257,000
38,038,000
Canadian
considerable area in the upper Mississippi Valley. In
locally
13,267,000 5,634,000 3,088,000 1,335,000
Total Aug. 4 1928-101,254,000 11.950,000 5,474,000 3,810,000 1.295.000 cipitation was mostly light to moderate. though there were a few upper
the
Total July 28 1928... 96,172,000 28,162,000 14,172,000 2,350,000 2,155,000 heavy falls in the Southeast and in parts of Texas, while from of 1 inch
72.592,000
reported weekly totals
Ohio Valley northeastward most stations
Total Aug. 6 1927...
rain occurred.
as furnished by or more. West of the Rocky Mountains very little e was experienced in
The world's shipments of wheat and corn, e,for the week
Another generally favorable week for agricultur
by
York Produce Exchang
most of the principal crop-producing areas. There was some delay i
Broomhall to the New
1928 and 1927, rain to field work in parts of the central Great Plains, upper Mississipp
ending Friday, Aug. 3, and since July 1
the Lake region, and locally elsewhere, but, in general, seasonal
Valley,
parts of
field operations made satisfactory advance. Continued rains indamaged
are shown in the following:
Corn.
the North-Central States and the western Great Plains have
Wheat.
uncut grain was flattened by
small grains in shock, and considerable
1927.
1928.
windstorms In the Lake region; otherwise harvesting and threshing made
1927.
1928.
Esporls.
mostly good advance. In much of the eastern half of the country vegeSince
Since
tation made rapid growth under the influence of high temperatures, though
Week
Since
Since
Week
July 1.
July 1.
rain is now needed in many places in the Middle and South Atlantic and
Aug. 3.
July 1.
July 1.
Aug. 3.
east Gulf States, as well as In the southern portion of the Ohio Valley
Bushels,
Bushels,
and parts of the Southwest. No extensive agricultural area, however, is
Bushels.
Bushels.
Bushels.
Bushels.
1,161.000
625,000 yet suffering from drought. Rains were beneficial in the more south234.00
29,465,000
North Amer. 9.123.000 44,501.000 1,056.000 179,00
613,000 3,605,000 western States, but unirrigated crops are still needing moisture over the
48.000
40,000
Black Sea.8,717,000 42,260.000 47,776,000 northern half of the trans-Rocky Mountain area.
11,100,000
Argentina... 1.003,000 11,043,000 7,776,000
-There was considerable interruption by rain to harSMALL GRAINS.
Australia _-_ 1 120 000 6.800,000 5.168,000
vesting in the late northern districts, and wet weather has damaged shocked
944,000
168,000
India-- _
500,000 grain in the upper Mississippi Valley, while considerable wheat is still
1,318,000 3,272,000
800,000 3,432.000 1,488,000
Otis. Countr'
uncut in the west-central Great Plains where rains have been frequent.
47,306,000 52.506.000 In most of the Winter Wheat Belt, however, threshing made fairly good
10.448,000
12,254,000 65.768,000 56,053.000
Total
850
FINANCIAL CHRONICLE
[VoL. 127.
advance. The harvesting of spring wheat progressed,
completed in South Dakota and well under way in North and is now nearly tions declined approximately $7 a bale, erasing
Dakota; there was
all of the
considerable interruption by showers in the more
eastern portions of the earlier gains. As a result of these gyrations, buyers
belt. In the far Northwestern States the generally
were
fair weather favored confused
harvest and threshing.
as to proper values and rather than operate
Oat harvest is well advanced in the northern Great Plains,
and this promiscuously, decided to withhold commitments until
crop is now about ready to cut in the more northeaster
the
sorghums made good advance in the Great Plains area, n States. Grain situation clears up and more stabilized conditions
and flax continued
prevail.
to do well in the Central-Northern States. Rice
in the lower Mississippi Valley and Gulf districts. made very good Progrees Quietness also prevails in the woolen division awaiting the
CORN.—Corn continued
make very good to excellent advance in the opening of the fancies due within a few weeks. Much specumain producing sections andto condition is
its
still good to excellent in these lation centers in the probable price levels, in view
areas, with ears forming north to So. Dak. and Minnesota. Progress
of the
and two factors
condition were mostly very good to excellent in the
working in opposite directions, namely, the
some local areas report very poor to only fair, and Ohio Valley. although reduction
in Kentucky the conin staple prices and the continued firmness of
dition is irregular. Growth and condition were very good
to
Iowa, with roasting ears reported in early fields in all sections excellent in raw wool. As during the previous week, the activity
noabout two weeks ahead of last year. Advance and condition and the crop ticeable
in the linen markets has broadened with the rewere mostly
excellent in the Great Plains and in Missouri, with the crop varying from
sult that a number of fabrics are selling on a much better
the Bilking to roasting-ear stages. Progress varied widely
in the South,
but apparently averaged fair. In the Bast
basis than for some time past. Importers have been much
needed in some parts, and it is adv ncing corn is mostly good, but rain is
,
well in most sections from the
Lake region westward to the Rocky Mountains, with some roasting ears heartened by the recent improvement and some manureported.
facturers have opened new lines for the coming season,
COTTON.—Temperatures were mostly seasonable in the Cotton Belt
and showers were very irregular, but mostly light to moderate in amount. incorporating various novel effects which have been well
These conditions were rather favorable for cotton over much the
received by the trade. Silks continue one of the most acPortion of the belt and progress was mostly fair to very good. greater
In the
Carolinas the general warmth and scattered showers promoted good growth, tive branches of the industry with raw prices steadily
but rains would now be helpful in parts of North Carolina. In Georgia seeking higher
levels. Reports concerning the distribution
under the influence of warmth and sunshine, growth was good, with late
plants blooming nicely and bolls opertng rapidly in the south where some of fall fabrics continue satisfactory and prospects for that
picking has begun. In Tennessee. Alabama, and Mississippi some local season are considered
bright.
shedding is reported, but the progress of the crop has been mostly fair to
very good.
DOMESTIC COTTON GOODS.—Domestic cotton goods
In Arkansas weather conditions favored very good advance, except In
some southern counties where considerable shedding is noted; plants are markets have varied considerably this week. Although genblooming and putting on bolls rapidly, except in the south. In Louis- erally quiet the earlier
part, there was some scattered busiiana the weather was mostly favorable, except for considerable rain in the
south where plants are still shedding. In Oklahoma rain the latter part ness received from wholesale channels accompanied by inof the week was unfavorable in the central and eastern portions,
but the dications that it might broaden under proper conditions.
weekly progress of cotton was mostly fair In those areas
the west; early plants are fruiting well, but the generaland very good in As a rule, however, prices were unsatisfactory and somecondition of the
crop is stW spotted. In Texas rain occurred at about
two-thirds of the what soft, sellers being inclined to listen to concessionary
reporting stations, with generally favorable weather,
except in those sec- bids. But, Wednesday
tions still dry, principally on the lower coast and in much
at 12 o'clock, the situation changed
of the southwest
division, where progress was poor, with considerabl
completely. A bombshell was thrown into the market in
elsewhere plants are fruiting fairly well, as a rule, e shedding reported:
with picking starting the form of the Governme
In the central and eastern portions.
nt report of the cotton crop con-
' The Weather Bureau also furnishes the following resume dition as of Aug. 1. The official estimate of this year's
yield proved a distinct surprise to the trade, as the total
of the conditions in the different States:
was placed at only 14,291,000 bales—fully a half a million
Virginia.—Richmond: Favorable for farm work;
fields clean and most
crops in good condition, except rain
below expectations. The immediate result was a sharp
tions of the Valley. Curing tobacco in needed in south-central and porprogress in some localities. Fruits advance in raw
and vegetables in good condition.
cotton prices, ranging from three to five
North Carolina.—Raleigh: Weather favorable
for cotton, but consider- dollars per bale. But the effect upon the dry goods market
able complaint of tobacco firing at bottom,
while truck. fruits, sweet Po- was not quite so violent. Naturally
tatoes, and late corn need rain. Progress of
, prices on the majority
cotton good, though portions of
would be benefited now by rain. Good
constructions were advanced in sympathy with the staple,
progress in curing tobacco.
South Carolina.—Columbia: Generally
favorable for good growth and but the estimate was generally received stolidly,
cultivation proceeded satisfactorily. Cotton
with the
setting squares, bloom, and bolls and much made fairly good progress in result that any activity noticeable
earlier in the week was
of
bacco curing continues. Intermediate and late crop being laid by. Tocorn, sweet potatoes, and dissipated and the market slowed down considerably. Buyminor crops improved.
Georgia—Atlanta: Showers very irregularly distributed
ers were cautions, preferring to await further developments,
and many
places now too dry, but above normal temperature
s and adequate sun- being inclined to accept the report with a "grain of salt"
shine mostly quite favorable. Progress of
cotton good; late crop bloom- in view
ing nicely and forming bolls well; some sledding,
of the fact that crop possibilities can change overopening rapidly in south, with first bale picked at but not excessive; bolls night.
close of week. Old corn
Much depends upon the boll weevil and weather
good; late and lowland poor, but improving.
conditions over the remainder of the growing season, and an
Florida.—Jacksonville: Progress of cotton poor
rain needed in west where some shedding; pickingand condition only fair;
in north, but rain unfavorable in central. Some old corn rotting in fields. Rain improved August estimate of a crop to be harvested in the late fall is,
cane, peanuts, citrus, and other fruits
naturally, subject to radical change. This attitude among
needed in west and locally in north. in central and south, but moisture buyers
Last tobacco crop and much hay
subsequently proved justified, as on succeeding days
saved in north and west.
quotations for the staple lost all of the gains established
Alabama.—Montgomery: Rain needed in
central. Progress of corn, tree fruits, and many localities of south and on the
minor crops poor to good;
Government report and more besides. The declines
peaches continue to rot in many places
of cotton mostly fair to good; blooming in central and north. Progress were due to heavy selling on ideal weather conditions in
freely and mostly fruiting well:
melds grassy in some localities; weather
conditions favored Increased the cotton growing States, presaging a large increase in
weevil activity in central and south, where some
shedding of squares.
the next Government report Sept. 8. Statistics covering
Mississippi.—Vicksburg:
mostly fairly good. Progress Frequent light rains. Progress of cotton cotton
of late corn mostly fair; condition of early
cloth production and sales for the month of July
poor. progress of fruit, gardens, and pastures
generally good.
issued by the Association of Cotton Textile Merchants of
Louisiana—New Orleans: Frequent
dry in north generally favored crop local showers in south and mostly New York
were comparatively the lowest ever reported by
to shed bloom and bolls in several development, but cotton continues
localities. Corn, sugar cane, rice. that
pastures, truck, and minor crops doing well.
organization. They proved an effective argument for
Texas.—Houston: Light to
further restriction of output in that production declined
porting stations, but conditions moderate rains at about two-thirds of restill dry on lower
west. Progress and condition of pastures, late coast and much of south- 22.9%, sales were only 84.5% of production and shipment
s
corn, truck, and feed crops
good, except poor where dry. Progress and
condition of rice very good. did not equal production. Print cloths 28-inch 64 x 60's
Weather generally favorable for cotton, except
ress rather poor, with considerable shedding; in dry section where prog- construction are quoted at 6%c., and 27-inch 64 x 60's at
condition mostly poor in
lower coast section and portions of southwest,
5%c. Gray goods in the 39-inch 68 x 72's construction are
good and plants fruiting fairly well: picking and but elsewhere generally
progress in south and started in central and east. ginning made very good Quoted at 8%c., and 39-inch 80 x 80's at 10%c.
Oklahoma.—Oklahoma City: General rains latter
WOOLEN GOODS.—Generally quiet conditions prevail in
ate to excessive in east and light to moderate in part of week, moderharvest practically finished in extreme northwest. west. Winter wheat the markets for woolens and worsteds. Buyers
Progress and condiare not very
tion of corn fair to excellent; early maturing fast, but
active just now, having purchased their immediate needs
late needs
parts of west. Rain unfavorable for cotton in central and east, rain in
ress generally fair; generally very good in west; early fruiting but prog- and being more or less disposed
to await more stabilized
well and
late beginning to bloom; condition spotted, depending largely on extent conditions
before re-ordering. Although there are some
of insect infestation, but mostly fair in east and good in west.
orders being received from day to day,
Arkansas.—Little Rock: Progress of cotton very good, except In some
these are not up
southern counties where considerable shedding of bloom; crop putting on to expectations
and are rather unsatisfactory, especially
bolls rapidly, except In south, and being laid by rather clean in most por- in
view of the close profit margins mills have to work on.
tions. Progress of corn very good, except in north-central counties where
very poor to poor due to dry soil; early crop nearly matured. Favorable Interest now centers
in the coming openings of popular and
for rice, meadows pastures, truck, and fruit, except where too dry.
Tennessee.—Nashville: Progress of cotton very good; some shedding. medium-priced fabrics, or fancies, which are expected to be
Progress of corn excellent, but rain needed; much laid by. Threshing shown between Aug. 20
and Sept. 10. There is no doubt
winter wheat about completed. Winter oats harvested, while harvesting that
the Wool Institute is exerting a good influence upon
spring oats nearly done. Tobacco growing well, but plants small, although
the trade. One of the more
improving.
immediate results is that a
Kentucky.—Loulsville: Mostly light, scattered showers and good, genera number
of mill aegnts who formerly opened fancy goods at
rains needed. Progress and condition of upland corn fiar; otherwise
extremely irregular and some with no cultivation; silking generally, but an early date are now planning to show their
new lines at
some yellowing and firing on dry slopes. Tobacco fair progress. but hill- a time
which will conform with the rest of the trade.
sides suffering for moisture; crop mostly at topping stage. Progress of
FOREIGN DRY GOODS.—Linen markets registered some
cotton only fair as too dry.
further improvement this week. Interest
has centered more
in the dress goods, handkerch
iefs and damask goods, with
some moving quite encouragingly. This
THE DRY GOODS TRADE
applies chiefly to
the solid color dress fabrics
and damask cloths in dining
New York, Friday night, Aug. 10 1928.
sizes, in which a fairly good business
has been transacted.
Irregularity continues to characterize the textile markets. Shipment
s of handkerchiefs have been steadily increasing
While some divisions have made further headway toward lately,
especially for openings next month. As during the
more stabilized conditions, others have been either easy or previous
week, buyers placed a fair volume of orders for
irregular due to special developments. Undoubtedly, the both
feature of the week was the erratic fluctuations of raw eral the cheaper and finer grades of merchandise. Sevmanufacturers have shown new lines in various comcotton prices. Quotations were advanced sharply on Wedbinations and effects which have resulted in some encournesday, due to Government estimate of 14,291,000 bales for aging
comment among buyers who have been quite imthis year's yield, which was fully 500,000 bales below ex- pressed
with the offerings. Burlaps were more active, and
pectations. However, on following days, under heavy liquidation based on favorable cotton growing weather, quota- quotations in primary markets advanced sharply. Light
weights are quoted at 8.50c., and heavies at 10.95c.
FINANCIAL CHRONICLE
*tate anti tit
.
prpartutent
NEWS ITEMS
-City Council Sanctions Annexation Vote.Akron Ohio.
ized a
t a meeting held on Aug. 7 the city council author to the
erundum vote on the proposal to annex Kenmare Nov.
ity. The people will pass upon the proposition next s:
as follow
he Cleveland 'Plain Dealer" of Aug. 8 said
authorized a referendum vote next
City Council. meeting this afternoonof Kenmore to Akron.
ion
govember on the proposed annexat same election on the charter amendthe
I It also authorized a ballot at
of Akron councilmen from eleven
bent, which would increase the number rs to represent two wards into
o thirteen, the two additional lawmake
shich Kenmore would be divided. would be effective only in case popular
The proposed charter amendment of the suburb.
Ipproval is given to the annexation
has not yet authorized a popular vote on
, The Kenmore City Council expected to do so within two weeks, accordknnexation in that city, but is
ng to leaders of the merger movement. be the consummation of the first
If Kenmore is united to Akron, it will
on and Cuyahoga Falls into
;tep toward uniting Akron, Kenmore, Barbert
population, according to E. L.
i Greater Akron of more than 300.000
president, who has sponsored the unification idea for
Marting, Council
several years.
actually one and have common inThe four communities already are
civic way by diversity of government,
terests but have been hampered in a
he stated.
-State Gas Tax Nets Over Two Million
Florida (State of).
-During the fiscal year ending June 30 1928 the
Dollars.
additional one cent tax that was levied on gasoline by the
1927 legislature for the financial support of the State's
educational system yielded revenue of over $2,000,000
The
'according to figures given by the State comptroller.article
Florida `Times-Union" of Aug. 2 had the following
on the subject:
the total state tax on
851
Proceeds
indebtedness or bonds issued to be paid in the future out of theby virtue
under and
realized from any State tax or license to be collected but thesaid licenses
ure,
ofthissection,or imposed thereunder by the Legislat
year and expended for the purpose
and taxes shall be collected from year to the system of State highways and
of the construction and maintenance of
bridges.'
it has not come to
"If there has been any change in the laws quoted above,
d that the laws have
am
my attention," the legislator said, "and Ilegalsatisfie I have received.
advices
changed. That, anyway, is the
not been
r, the Lieud of the
"The State board of liquidation is composeer, the Governo y of State,
Secretar
-Governor, the Auditor, the Treasur House of Representatives.
tenant
al and the Speaker of the
the Attorney-Gener
State board of liqui"The original reason for the organization of the retiring the bonded
the purpose of
dation was, as I understand it, for na, the board being given authority
of Louisia
indebtedness of the State
purpose.
to issue bonds, borrow money, &c., for this
idea of the Legislature to clothe
"I do not believe it was the original money or pledge the credit of the
this board with the authority to borrow
intended."
State in cases other than originally opinion that the 4
-cent gasoline tax.
Representative Began expressed his
loans,"is doomed to defeat'
the revenuefrom which is to be used to retire the
on by the people.
when voted
-Additions to List of Savings
Massachusetts (State of).
sioner of Banks,
Bank Legals.-Roy A. Hovey, Commisthe following addiissued a bulletin on Aug. 9 announcingsavings bank investtions to the list of securities eligible for
ment:
Public Utility Bonds.
Salmon River Power Co
Western New York Utilities Co.
Niagara, Lockport & Ontario Pow. Co.
1st. Mtg.581952
1st mtg.5s 1946
1st mtg. &ref. 5s 1951
BOND PROPOSALS AND NEGOTIATIONS.
-A $20,000
SALE.
ABERDEEN, Brown County, S. Dak.-BOND
purchased at par by the
Issue of 5% refunding bonds has recently been
sinking fund.
-BOND OFFERNO.-Sealed bids
AKRON Summit County, Ohio.
Finance, anal 12 m (eastern
will be received by E. C. Galleher, Director ofof $574,544 70 54% snot:Jai
e of an issue
time) on Sept. 4, for the purchas
Denoms. 1.1,000
asse:sment improvement bonds. Dated Sept. 1 1928.
gasoline except one bond for $511.70. Due Oct. 1 as follows: $58,000, 1935 to 1938
and
one cent additional tax, which brought
The
of July. 1927. Two-thirds of the $57,544.70, 1929; $57,000, 1930 to 1934 incl.; the National Park Bank
to five cents, was levied with the opening
incl. Principal and int, payable at
the common schools to defray the
proceeds of the tax has been applied to
New York City,
for the purchase
educating the youth of the commonwealth, and the other third
expense of
Bond Offering.-At the same time bids will be received
permanent buildings at the institutions of
improvement bonds dated
has been turned in to a fund for
of an issue of $62,000 5 % special assessment
.
fo,lows: $12,000, 1929; $12,000l
higher learning.
collection of the additional one Sept. 1 1928 and maturing on Oct. 1 as
to both principa
The exact total return from the year's
reached with the monthly 1930 and 1931: and 813.000, 1932 and 1933. Payable as
r cent tax was $2.152.326.10. That sum wasby the
ioned institution.
made
comptroller for June and interest at the above-ment
certified chock payable
distribution of gas tax collections, just approximately $180,000.
All bids for both Issues must be accompanied by a of the amount of bonds
to 2%
The June income from the extra cent was
to the order of the Director of Finslice, equal
June Collections.
. Bids to be Wade subject
Successful bidder to furnish legal opinion
five cent tax, known officially as the bid for. opinion.
The June collections on the entire
1.17 into the treasury to such
-TEMPORARY LOAN.
July distribution of the comptroher, brought $903.72
Of the totals from
4-10 gallons.
ALABAMA, State of (P. 0. Montgomery).
The co.lection was made on 18,074,423 and an apportionment upon a one According to a report in the Montgomery "Advertiser" of Aug. 8, Gov.
the counties received
negotiated a temhave
i the June coleetion,
Graves and W. B. Allgood, State Treasurer,
Road Department, on a 3 cent basis,
cent basis. or $180,744.23: the State were to be applied to improving the Bibb loan of $1,500,000 at V.4,% interest with the First National Bank
or $542,232.69;boch of which sums the proceeds of' the one cent tax, was porary
commented on the action as follows:
of Montgomery. The paper and under ordinary circumstances, the State
6.17,
state's highways, and $120,49
and $60.248.98 for permanent
In the usual course of events
this time, an issue of $5,000.000
placed to the credit of the common schools,
Alabama would be offering for sale about
g contracts.
buildings at the higher institutions. continu until August 1 1929, unl as of more of its road bonds to provide funds to meet maturinsome weeks
The five cent tax on gasolin will d to keep it in force after that date, or
and the bond commission decided though,sale pending
Graves
last legislature is amende was made to expir 3 in two years. Governor
of highway bonds from
the act of the
withhold any further issue
State
as the act authorizing the additional cent gasoline tax collections by the ago, to market for high grade securities. All of the recent issues ofbonds
geous prices. While Alabama
Figure: complied by the comptroller onand June 30 1928 about $17,000.- a better
bonds have been sold at very advanta on as some other State issues, it is
between January 1, 1927
state show that
declined in the same proporti
to July 311927. and the five cent
recent months on account of
000 was produced from the four cent tax just closed. From January 1 to have not
prices have sagged considerably in
year
tax thereafter to the end of the fiscal from August 1 to December 31,'with stated, ng conditions.
prevaili
cent tax, and
July 31, with the four
-Sealed
. and from
-BOND OFFERING.
the five cent tax, the income in taxation totaled $10,980,585.50
ALLEN COUNTY (P. 0. Lima), Ohio.
t Clerk Board of County
five cent tax brought $6.140,719.45.
Jan. 1 to June 30, of this year, the tion of 374,224.469 gallons of gaso- bids will be received by Ruth Benedum, Assistan Sept. 4,for the puchase
standard time)
consump
Commissioners. until 12 m.(central
• This revenue resulted from the and a half.
bonds:
line In the State during the year
of the following issues of 5H %
bonds. Due Sept. 1, as follows: $9.000
Dade County Leads.
$91,127.05 highway improvement
1939. Dated
1930 to 1937 Incl.; $9,500, 1938: and $9,627,
counties, Dade county was by far the greatest
Among the individual
1
1 1928.
ven counties of the state, the
Aug.
consumer and revenue producer of the sixty-se July 31 1927, that county
Due serially on Sept. 1, from 1930
January 1 to
15,118.92 road improvement bonds. 1 1928.
comptroller's figures show. From the product, and from August 1 to Deto 1939 incl. Dated Sept.
at the office of the County
sold 22,814,890 and 3-4 gallons of was $11.134.260. Figured on the beats
Both issues payable as to principal and interestissue payable to the order
31. the consumption there of the year and five cent for the second
each
cember
Treasurer. A certified check of $500 for large issue will be approved by
first half
of a four cent tax for the
Treasurer, is required. The
08.61 to the treasury from the of the County
half, Dade County alone turned in $1,469.3
the small issue by Harr,Denman
Squire, Sanders & Dempsey of Cleveland
sale of gasoline in 1927.
of gasoline was & Nauts of Toledo.
of 16,729,906
From January 1 to June 30. a total five cent stategallons
-The
tax, yielded
-BOND SALE.
the
sold in Dade county, which, with for that county for the year and$836,495,
ALLEN COUNTY (P. 0. Fort Wayne), Ind.
-were
a half.
127. p. 442
or well over the $2,000,000 mark in consumption and revenue production, $104.000 5% bridge bonds offered on • August 6-V. Aug. 1 1928. Due
Hillsborough county was second
to the Lincoln National Bank, at par. Dated Nov. 1 1930 and
awarded
, May and
and Duval county was third.
as follows: $20.000. Nov. 1 1928: and $21,000
-Pal
Opposition to Canal Bonds Develops. of m Beach and 1931.
-Sealed bids will be re-BOND OFFERING.
the
ALLEN PARK, Mich.
e of
Miami firms interested in the purchasebeing East Coast ceived by the Village Clerk, until 7:30 p. m. Aug. 10, for the purchasThe
bonds that were
considered for an issue of $327,880 6% special assessment paving and sewer bonds. to
Canal and right of way
check payable
A
objections to validation of the bonds bonds mature serially in from 1 to 5 years. for certified required. These
validation have filed
$250 is
of the above-mentioned official
-no
in a local court. The Florida "Times Union" of Aug. 7 the order scheduled to have been sold on July 24-V. 127, p. 442
bonds wes
follows:
bids were submitted.
dealt with the subject as
e), Carter County,
Objections to validation of the $1,887,000 bond issue of the Inland
ARDMORE SCHOOL DISTRICT (P. 0. Ardmor
offered for
Coast canal and acquirement
-The $135,000 issue of school bonds
-BOND SALE.
Navigation district for purchase of the East were filed by three
l Bank
litigants Okla. July 28-V. 127, p. 575
for government improvement,
-was awarded to the First Nationa
of right of way
validation petition before Judge M. B. Rowe, sale on . (Rate and price not given.)
today at the hearing oui the
Ardmore
-No bids were
-NO BIDS.
Seventh judicial circuit.
ex County, Mass.
of the
ARLINGTON, Middles
the
issues of 4% bonds
y
P. McGinley InvestThe Seward Investment Compan andfiled Harry tion and demurrers submitted on Aug. 9, for the purchase of the following
ment Company, of Palm Beech county, rs interven
were overruled, and August aggregating $325,000:bonds. Due $11,000. July 1 1929 to 1938, incl.
petition for validation. The demurre .
to the
$110,000 Original St.
bonds. Due July 1 as follows:
answer to the petition
13 set for hearing theirof the Eleventh judicial circuit Miami, also flied
85,000 Junior High School addition $8,000, 1934 to 1938, incl.
Vernon Hawthorne. in behalf of the state. Hearing on his
$9.000. 1929 to 1933, incl., andDue $5,000, July 1 1929 to 1938.
objections
validation
objections to
50,000 water mains extension bonds.
incl.
also will be heard August 13.
inclusive.
y for the district, said this afternoon he
$3,000, July 1 1929 to 1943,
A. A. Green of this city, attorneand start the sale of the bonds by the
45,000 engine house bonds. Due as follows: $4,000, 1929 to 1933, incl.;
litigation
hoped to dispose of the
35,000 sewer bonds. Due July 1 inclusive.
end of this month.
and $3,000, 1934 to 1938,
Principal and interest payable at
Dated
to be approved by Ropes,
-Representative Threatens Suit to the FirstJuly 11928. Denom. $1,000.
Louisiana (State of).
National Bank, Boston. Legality
s "Times-Picayune" of Aug. 1 Gray, Boyden & Perkins of Boston.
-The New Orlean
Halt Loan.
Financia Statement. June 13 1928.
$52,633,050.00
reports that Harry S. Began, Caddo Parish. Representative Net valuation for year 1927 l
•
. .
enjoin the
has declared that he will act to more than State Board of Debt limit
1,737,500.00
the
g these issues
$4,000,000 that Total gross debt, includin
Liquidation from borrowing
Deduction.s$23.529.89
was to be used !for State department financing on the Sinking funds
196,000.00
Water bonds
100.000.00
ground that the law permits the board to borrow money Sewer bonds
15,000.00
only in the case of a grave emergency. The article goes on Park and playground bonds
334,529.89
1
to say:
advice I have obtained that there is grave
"I am satisfied from legal
State board of liquidation to pledge the
doubt as to the rirht of the the purpose of borrowing money except credit
for
where
of the State of Louisiana exists," Representative Began said in a public
a case of grave emergency
statement.
Mr. Began said:
Quoting from the State code, the State board of liquidation is Prohibthat
"Act 9 of 1916 provides
any obligation on behalf
ited from borrowing money or incurringduring the recess of the of the State
cy
Legislature.
a case of a grave emergen 'In cases authorized under Section 1
except in
provides that
Section 2 of this Act
borrowed or oblizations incurred only after
(quoted above) money shall be
consent of a majority of the members of the
having obtained the written
consent may be obtained by letter or telegram.'
general assembly, which 1921, Article 6, Section 22, subhead C. creating
constitution of
"The
debt shall be created or certificates of
the State highway fund, says:'No
$1,402,970.11
Net debt
$18.688.63
Borrowing capacity
81.014.12
for debts outside debt limit
Sinking funds
-A $20,000
-BOND SALE.
CITY, Cowley County, Kan.
ARKANSAS
refunding bonds offered for saloon July 23-V. 127.
issue of 4)4;% coupon to the Security National Bank of Arkansas City for
-was awarded
p. 442
Dated July 15
equal to 100.33. Denom. $1,000.the report of sale
a premium of $66,
July 1. (This corrects
1928. Int. payable on Jan. and
p. 575.)
given in V. 127.
-TEMPORARY LOAN.
ARLINGTON, Middlesex County, Mass.
of Boston, WSB recently awarded a $50,000 temThe First National Corp.
loan is dated August 10 1928
basis. The
porary loan on a 4.52% discount Other bids were as follows:
and matures on August 9 1929.
852
FINANCIAL CHRONICLE
[VOL. 127.
Bidder
Discount s7%
4t
s
Salomon Bros. & Hutzler (Plus $1.25)
CHARDON, Geauga County
-BOND SALE.
-The followin
Bank of Commerce & Trust Co
Issues of 43. % bonds offered on , Ohio.
Aug.
to the First National Bank of Chardon 2-V. 127. p. 575-were awardel
Monotomy Trust Co
at par and accrued interest:
4.64% $10,301.46 Moffett Ave.
F. S. Moseley & Co.
special assessment impt. bonds. Due
4.74%
follows: $1,301.46, 1929; $1,000. 1930 to 1936 incl.; Oct. 1. al
AUGUSTA RURAL SCHOOL DISTRICT,
and $2.00
Carroll County, Ohio.
1937.
BOND SALE.
-The $36,000 school bonds offered on Aug. 4-V.
900.00 Moffett Ave. Village's portion improve
127, P.
442
-were awarded as 451,s to the State Teacher
ment
s Retirement System, at
Oct. 1, as follows: $500, 1929, and $400, 1930. bonds. Du
par. Dated July 1 1928.
Dated
Other olds were as follows: Due $1,800, on Apr. 1, from 1930 to 1949 incl. par for Aug. 11928, Breed, Elliott & Harrison of Cincinnati also Offered
the bonds.
BidderInt. Rate.
Premium.
Ryan Sutherland & Co
CEDAR COUNTY
-BOND OFFERI
5 X%
$267*
00 Bids will be received (P. 0. Tipton), Iowa.
Taylor, Wilson & Co
by R. L. Gillam, County Treasurer, until 2 NG.
5'X%
47.00 on Aug. 20, for
p. m
Spitzer, Rorick & Co.
5%!,
360.00 Denom. $1,000. the purchase of an issue of $100,000 county road bonds
First Citizens Corp
Dated Sept. 1 1928. Due $10,000 from May 1 1932
53 %
375.00 1941 incl. Optional
on an after Sept. 1 1929. Int. payable on May t
BARNARD FIRE DISTRICT (P. 0. Rochester),
Monroe County, Nov. 1. Sealed bids will be opened only after all open bids are
N. y.
-BOND OFFERING.
in. Pu
-Sealed bids will be
chaser
Arlidge, Secretary Board of Fire Commissioners, received by William J. man &to furnish blank bonds. County will furnish legal opinion of Chap.
Cutler of Chicago. A certified check for
until 8 p. m. Aug. 15,
for the purchase of an issue of $45,000 coupon
fire apparatus and building to the County Treasurer, must accompany the 3% of the bonds payab
bonds. Bidders to name rate of interest
bid.
multiple of X of 1%. Dated Sept. 1 -said rate to be stated in a
CHERAW
1928. Denom. $1,000. Due County, S. SCHOOL DISTRICT (P. 0. Cheravg), Chesterfield
Sept. 1 as follows: $1,000, 1929 to 1933, incl..
-BOND SALE.
-A $30,000 issue of school bonds has reand $2,000. 1934 to 1953. cently been C.
incl. Principal and interest payable in gold at
purchased by an unknown investor.
ter. A certified check, payable to the order the Union Trust Co., Rochesof the District for 2% of the
CLARKS, Merrick County
bonds offered, is required. Legality to be approve
-A $27,000 Issue o
4)1% coupon refunding bonds , Neb.-BOND SALE.
d by Reed. Hoyt &
Washburn of New York City.
was purchased at par on June 12 by Wachob,
Bender & Co. of Omaha. Denom.
$1,000. Dated July 1 1928. Duo on
July 1 1948 and optional after
BERKLEY, Oakland County, Mich.
July 11929. Interest payable on July 1.
-The $47,000
paving bonds offered on Aug. 2-V. 127, -BOND SALE.
(This corrects the report of sale given
-were awarded to Stranain V. 127. p. 714.)
han, Harris & Oatis, Inc. of Toledo, at a p. 575
CLAY COUNTY (P. 0. Brazil),
The bonds are dated Aug. 1 1928. couponpremium of $50, equal to 100.10. 4)1%
Ind.
-BOND SALE.
-The $35,000
in denoms.
serially in from 1 to 9 years. Bonds to bear int. of $1,000 and mature to thecoupon park bonds offered on Aug.2-V. 127. p. 443
-were awarded
at the rate of 6% int.
Citizens National Bank
payable on Feb. & Aug. 1.
100.11, a basis of about 4.48%. of Brazil, at a premium of $40 equal to
1929 to 1938 incl. The Inland Dated July 3 1928. Due $3,500. Nov. 15
BETHLEHEM SPECIAL TAX SCHOOL DISTRICT
Investment Co. of Indianapolis offered a
NO. 8 (P. 0.
Bonifay), Holmes County, Fla.
-BOND SALE.
-The $20,000 Issue of premium of $35 for the bonds.
6% semi-annaal school bonds offered for sale on May
21-V. 126, p. 284S
CLEVELAND, Cuyahoga County
-was awarded to the State Board of Education at
, Ohio.
-BOND SALE.
-The
$1,879,0
of about 6.34%. Dated June 11928. Due from a price of 96.70, a basis -were 00 coupon or registered bonds otTered on Aug. 4-V. 127, p. 443
June 1 1931 to 1956, incl.
awarded to Stranahan, Harris & Oatis
of Toledo, at a premium of
BEVERLY HILLS SCHOOL DISTRICT (P. 0.
$3,194.30 equal to 100.17. a basis
Los Angeles), Los
of about 4.42% as follows:
Angeles County, Calif.-BOAD SALE.
-The $300,000 issue of 43% $425,000 4%% public hall bonds. Due $25,000. Oct. 1 1929 to 1945, incl.
school bonds offered for sale on July 30-V.
320,000 spec. asst. paving
the First Securities Co. of Los Angeles and127, p. 442- was awarded to
250,000 4).1% street openingbonds. Due $32,000 Nov. 1 1929 to '33,incl.
associat
bonds. Due $10,000 Oct. 1 1929 to 1953,incl.
$4,329, equal to 101.413, a basis of aoout 4.40%. es for a premium of
212,000 special asst. paving bonds.
Dated July 1 1928.
Due as follows:
Due from July 1 1929 to 1968.
Nov. 1 1929 to 1932, incl., and $11,000 May $10,000. May and
and Nov 1 1933 to
The other bids and bidders were as follows:
1938, incl.
Bidder
150,0004)°), bridge bonds. Due
Premium.
$6,000 Oct. 1 1929 to 1953, incl.
R. E. Campbell Co
150,000 4 % refuge and correction bonds.
$1,556
Due Oct. 1 as follows:$12,000.
R. H. Moulton Co., et al
19 9 to 1934,
and $13,000, 1935 to 1940, incl.
4,131
Dean Witter & Co., et al
100,000 4)1% electric incl., bonds.
light
Due $10,000 Oct 1 1929 to 1938, incl.
2,469
Anglo London-Paris Co
85,000 4%% police and fire alarm bonds.
follows:$10,000.
2,526
Due
Wm. R. Stoats Co., et al
1929 to 1931, incl., and $11.000. 1932 toOct 1 as
1936, incl.
2.311
70,000 4%% final judgment bonds.
BOGOTA,Bergen County, N. J.
Due $14,000 Oct. 1 1929 to '33. incl.
-BOND SALE.
70,000 special asst. street lighting
-The $101,500
public impt. bonds offered on Aug.
%
bonds. Due $7,000, May 1 1929 to
-were awarded to
1933, incl.
H. L. Allen & Co. of New York, at 2-V. 127, p. 136
47,000 special asst. sewer bonds. Due
a basis of about 4.72%. Due Aug. a premium of $243.60, equal to 100.24,
as follows: $4,0110, May and
1, as follows: $5,000. 1929 to 1937 incl.;
Nov. 1 1929; $4.000, May and 55,000, Nov. 1 1930; and $5.000.
$7,000, 1938 to 1944 incl.; and $7,500,
1945. No bids were submitted
May and Nov. 1 1931 to 1933, incl.
for the $89,580.63 temporary improvement
bonds offered on the same date.
Dated July 1 1928. The special assessme
nt bond issues were awarded
BOWLING GREEN, Wood County
as 43.s,
-BOND OFFERING.
Sealed bids will be received by Geraldin , Ohio.
e Sweet Ross, City Auditor, until
CLINTON COUNTY (P. 0. Frankfort), Ind.
12 m., Aug. 24, for the purchase of the
-BOND SALE.
-The
following issues of 5% bonds aggre- $23,041)4%% road improve
gating $44,250:
ment bonds offered on Aug.4-V. 127, p.575
were awarded to
$30,000 new cemetary bonds. Denoms.
Bank of Frankfor
$1,000. Due $3,000. Sept. 1 equal to 100.21. the Farmers mature semi-ann t, at a premium of $50
The bonds
1929 to 1938 incl.
ually from 1929 to 1938
incl. The City Securitie
5,000 city building repair bonds. Denoms.
s Corp. of Indianapolis offered a premium of $32
$500. Due $500, Sept. 1 for the bonds.
1929 to 1938 incl.
8.000 Fairview paving improvement bonds.
COLUMBUS Franklin :County, Ohio.
-BOND OFFERI
Due $500. Due $800 bids
-Sealed
Sept. 1 1929 to 1938 incl.
will be received by Howard S. Wilkins, City Clerk, until 12NG.
m.(Eastern
1,250 Cam Street sanitary sewer bonds. Denoms
. $15. Due $125 standard time) Sept. 6, for the purchase of the following issues of 4%%
Sept. 1 1929 to 1938 incl.
bonds aggregat
Bonds to be dated not later than Mar.
mom watering $566,200: ment bonds. Due $15,000, Feb. 1 1934 to
works improve
to the order of the City Treasurer for 5%1 1928. A certified check payable
1953 incl.
of the bonds offered is required.
61.400 Mitchell St. improvement bonds (special asst.) Due Mar.
BREVARD COUNTY (P. 0. Titusville),
1 as
Fla.
-NOTE OFFERING.
follows: $6,000, 1911 to 1939 incl.; and $7,400.
Sealed bids will be received by Mice
145,900 special assessment lighting system bonds. Due 1940.
Board of Public Instruction, until 2.30 Shelbourne. Superintendent of the
Mar.
folp. m.
lows: $29,000, 1931 to 1934 incl.; and 529,900, 1935. 1 as
a $60.000 Issue of tax anticipation notes. on Sept. 4, for the purchase of
Denom. $1,000. Due in 9
58,900 special assessment sewer construction bonds. Due Mar. 1 as
months. A certified check for $1,200,
payable to the board, must accomfollows: $11,000. 1931 and 1932; $12.000, 1933 and 1934; and
pany the bid.
512,900, 1935.
BRIGHTON (P. 0. Rochester), Monroe
The
County, N. Y.
-BOND 1928. water works issues is dated Aug. 15 1928, the other issues Sept. 15
OFFERING.
-F. Porter Surgenor
Prin.
until 7:30 p. m. Aug. 15, for the , Town Clerk, will receive sealed bids Columbus in and int. payable at the office of the agency of the City of
New
purchase
coupon or registered street improvement of an issue of $678,647.38 5% City Treasurer for York. A certified check payable to the order of the
1% of the bonds offered is required.
bonds. Dated Sept. 1 1928.
Due Sept. 1 as follows: $30,647.38,
1929;
CONCORD, Middlesex County, Mass.
1932 to 1934 incl.; $45,000, 1935 to 1936; $30,000, 1930 and 1931; $35,000,
-HIGH BIDDER.
-Stone &
$50,000. 1937 and 1938; $55,000. Webster and Illodget Inc.,
1939 and 1940; $60.000, 1941 and 1942; and
submitted the high tender of 100.08 for the
payable in gold at the Guaranty Trust Co. $63.000, 1943. Prin. and int. 5180.000 4% sewer bonds scheduled to be sold on Aug. 10. The bonds
of New York or at the Genesee are dated Aug. 1 1928
Valley Trust Co., Rochester. A
and mature serially on Aug. 1 from 1929 to 1958,incl.
Town for 2% of the bond offered certified check_payable to the order of the Curtis & Sanger bid 100.06 and the Merchants National
is required.
Reed, Hoyt & Washburn of New York City. Legallty to be approved by report has been received as to the award of the bonds. Bank 100.04. No
CRISP COUNTY
BROOKHAVEN UNION FREE SCHOO
-Sealed
L DISTRICT NO. 28 (P. 0. bids will be received (F.. 0. Cordele), Ga.-BOND OFFERING.
Bellport), Suffolk County, N. Y.
until 3 p. m.on
Fleming, Secretary-BOND
-The issue of Treasurer of the Power Commission Sept. 12 by W.P. of a $600,00
$150.000 coupon or registered school bonds S NOT SOLD.
for the purchase
0 issue
offered on Aug. 8-V. 127. EL of 57 hydro-electric
°
575
-was not sold as to the taxpayers submitted
a perition to the Board of Due from Feb. 1 1932power bonds *Denom. $1,000. Dated Feb. 11927.
Education requesting another election on
to 1957
*
a $100,000 proposal.
National Bank of Commer incl. Prin. and int. (F.& A.) payable at the
ce in New York City. Storey, Thorndlke,
BUFFALO, Johnson County, Wyo.Palmer
BOND
-The two issues Atlanta & Dodge, of Boston and Spalding. MacDougald and Sibley of
of bonds aggregating $40,000, offered for sale on SALE.
and
July 30-V. 127, p. 294
- A $12.000 Whipple & MacKenzie of Condole will furnish the legal approval.
were awarded to Heath, Schlessman & Co.
certified check payable to the Secretary-Treasurer must accomof Denver as follows:
$35,000 water bonds as 5s, at a price of 100.84.
pany the bid.
a
Due on July 1 1958 and optional on Julys oasis of about 4.94%.
CUMBERLAND, Allegany County, Md.-NO BIDS.
5,000 sewer bonds as 58, at a price of 100.30. 1943.
-No bids were
a basis
Due on July 1 1948 and optional on July 11938. of about 4.97%• submitted on August 6-1r.127, p.715
-for the purchase of the $75,000
% flood prevention
Denom. $1,000. Dated July 11028. Prin. and
notes. The notes are dated August 1 1928 and
int.
at Kountze Bros. In N. Y. City, or at the office of the (J. & J.) payable mature $15,000, on August 1, from 1929 to 1933 Incl.
City Treasurer.
CUSTER COUNTY SCHOOL
BURLINGTON SCHOOL DISTRICT (P. 0. Mount
DISTRICT NO.19-(P. 0.Miles city),
Vernon), Skagit Mont.
County, Wash.
-BOND SALE.
-Sealed olds will be received until Aug. 28.
-The $20,000 issue of school bonds of- by T.-BOND OFFERING.
R.
fered for sale on Aug.4-V. 127. p. 294
-was awarded as 4%% bonds refunding Moore, District Clerk, for the purchase of a $2,484.08 issue of
bonds. Int, rate is not to exceed
at par to the State of Washington. No other bids were submitt
67
0. Dated Juno 15 1928.
Bonds are to be either
ed.
serial or amortization in form.
BUTLER COUNTY (P. 0. Allison), lowa.-BOND
DARKE COUNTY (P. 0.
Sealed bids will be received until 2 p. m. on Aug. 15, byOFFERING.
Greenville), Ohio.
-BOND OFFERING.Sealed bids
C. F.
County Treasurer,for the purchase of a $90.000 issue of primary road Shirer, anti) 12 in. will be received by the Clerk Board of County Commissioners,
August 2.5, for the purchase f
Denom. $1,000. Dated Sept. 1 1928. Due $10,000 from May bonds. bonds. Dated
issue
I 1935
Sept. 11928. Denoms.$1,000. Due asof $83,000 5%%_road
to 1943, incl. Optional after 1933. Sealed bids will be opened when
follows: $8,000 March
all and Sept. 1 1929 and 1930: $9.000, Mar. ‘
open bids are in. Blank bonds to be furnished by purchaser. Chapma
and
n and $8,000. Sept. 11932; and $8,000. March Sept. 1 1931: $9,000, March
& Cutler of Chicago will furnish legal approval to purchaser. A certified check payable
and Sept. 11933. A certified
to the order of the Board of County Commissioners, for
check for 3% of the bonds, payable to the County Treasurer, Is required
. $1,500 is required.
CALCASIEU PARISH SCHOOL DISTRICT NO. 22 (P. 0. Lake
DEARBORN, Wayne County, Mich.
Charles), La.
-BOND SALE.
-BOND OFFERING.
-The following
Issues of6% bonds
-Sealed bids will be received
11 a. in. on Sept. 4, by F. K. White, Secretary of the School Board, until were awarded to aggregating 338,000 offered on May 2-V. 126, p. 2691
Purchase of a $75.000 Issue of school bonds. Int. rate Is not to for the equal to 103.80, the Detroit Trust Co. of Detroit, at a premium of $1,447
exceed
a basis of about 4.80%.
6%. Dated Sept. 1 1928. Due from Mar. 1 1929 to 1948 incl. Prin. $27,300 Sewer
District No. 10 bonds. *
and int.(M.& S.) payable in New York. A certified check for 3% of the
1929; $5,000, 1930 and 1931; and Due Apr. 1 as follows: 35.300.
$6,000, 1932 and 1933.
bonds, payable to the School Board, must accompany the bid.
10,700 Sewer District No.
15 bonds. Due
1929; and $2,000. 1930 to 1933 incl. Apr. 1 as follows: $2,700,
CAMBRIDGE SCHOOL DISTRICT (P. 0. Cambridge), Story
Dated Apr. 11928.
County, Iowa.
-ADDITIONAL INFORMATION.
-The $16,000 issue
of 4)1% school improvement bonds that was recently sold.
DEARBORN, Wayne
-V. 127.
-BOND SALE.
-The following
-was awarded at par to the Geo. M. Bechtel & Co. of Davenport. p. issues of bonds offered County, Mich.
714
on Aug. 1-V. 127, p. 576
-were awarded to the
Griswold-First State Co. of
CAMDEN, Benton County, Tenn.
Detroit, at a premium of $1,516.50 equal to
-BONDS DEFEATED.
-We are 102.50, a basis of about
Informed by E. M. McAuley, City Judge, that tho voters on
5.08%.
July 30- $16.500 special asst, sewer
V. 127, p. 575
bonds.
-defeated the propositions of issuing $93,000 in bonds for
to 1931 incl.; $3,500, 1932; Due Oct. 1 as follows: $3,000, 1929
sewer and water purposes.
1.500 general obligation bonds. and $4,000, 1933.
CARR TOWNSHIP (P. 0. Louisville), Jefferson County, Ky.38,000 special asst, sewer bonds. Due $300 Oct. 1 1929 to 1933 incl.
BOND OFFERING.
and 1930: and $8,000, 1931 Due Oct. 1 as follows: $7,000, 1929
-Sealed bids will be received until Aug.
by the Clerk for the purchase of a 520,800 issue of road bonds. 11 (to-day)
3,700 general obligation bonds. to 1933 incl.
Duo Oct. 1 as follows: $700. 1929 to
1931 incl.: and
CATASAUQUA, Lehigh County, Pa.
Dated Aug. 1 1928. $800, 1932 and 1933.
-BOND
-The $40,000
4% borough bonds offered on Aug. 6-V. 127, SALE.
-were awarded
p.
DEARBORN
to the Catasauqua National Bank, at par. Dated 443
Aug. 1 1928. Due County, Mich. TOWNSHIP SCHOOL DISTRICT NO. 5, Wayne
Aug. 1, as follows: $6,500, 1933 and
-BOND SALE-The $275,000 school bonds offered on
1938; $7,000, 1943; $6,500. 1948: July 30-V. 127,
1953 and 1958.
-were
and the Bank of j). .576 both awarded jointly to the First National Co.
Detroit,
of Detroit, as 4Xs, at a premium of $865.
FINANCIAL CHRONICLE
Aua. 11 1928.]
853
of New York City will furnish legal approval. A certified
•tial to 100.35, a basis of about 4.67%. Dated Aug. 1 1928. Due & Vandewater required.
2% is
ug. 1 as follows: $9,000. 1929 to 1953, inclusive, and $10,000, 1954 to check for certificates were previously offered on July 10.-V. 127, p. 138.)
(These
58, inclusive. Other bids were as follows:
Int. Rate. Rate Bid.
FLOSSMOOR CONSOLIDATED SCHOOL DISTRICT NO. 161
Bidder100.31 III.
4%
-John Nuveen & Co. of Chicago, were awarded on
-BOND SALE.
idelity Trust Co
100.82 June 5 an issue of $64,000 144% coupon school bonds. Dated June 1
44%.
uardian-Detroit Co
44%
100.41 1928. Denoms. $1,000. Due as follows: $3,000, 1930 to 1945 incl.;
riswold-First State Co
-The $40.000 $4,000, 1946: and $6.000, 1947 and 1948. Interest payable on June and
-NOTE SALE.
DEDHAM, Norfolk County, Mass.
upon or registered street widening notes offered on Aug. 6-V. 127, p. De 1.
-Bids
-BONDS OFFERED.
15
-were awarded to the Merchants National Bank of Boston as 44s, at
FORT DODGE, Webster County, Iowa.
0.117, a basis of about 4.23%. Due $10.000,from 1929 to 1932 incl.
were received until 10 a. in. on Aug. 9, by C. W. Wakeman, City Clerk,
the purchase of a $25.000 issue of refunding bonds. Interest rate was
-ADDITIONAL INFORMATION. for
DELMAR, Clinton County, Iowa.
and bonds to be furnished by the purchaser.
he $2,800 issue of fire equipment bonds that was purchased by Geo. M. to be bid upon. Legality
-bears interest at 4% and
-The $31.651.39
-BOND SALE.
-V. 127, p. 175
FOSTORIA, Seneca County, Ohio.
echtel & Co. of Davenport
-were awarded to
• e bonds mature from 1929 to 1938. The award was made at par.
improvement bonds offered on Aug. 2-V. 127, p. 444
as 445, at a premium of $25, equal
-We are the First National Bank of Fostoria.
-TEMPORARY LOAN.
DES MOINES, Polk County, Iowa.
Dated July 1 1928. Due as follows: $1,651.29, March and
ow informed by E. C. Powers, City Treasurer, that the Des Moines to 100.007. 1 1929:$1,500, March and Sept. 1, 1930. 1932. 1934, 1935 and
Sept.
ational Bank has made a short term loan to take the place of the $130,000 $1,500.
and $500. Sept. 1 1933, 1936
1933, 1936 and
were unsuccessfully offered on July 9.-V. 1937: $2,000, March 1 were as follows: 1938.
% refunding bonds that
and 1938. Other bids
Int. Rate. Premium.
27. p. 295.
Bidder$94.78
-The $32,700 Prudden & Co
-BOND SALE.
DOVER, Tuscarawas County, Ohio.
53,80
bonds offered on July 30-V. 127, p. 444- Assel, Goetz & Moerlein
ater works improvement
121.56
• ere awarded to Spitzer, Rorick & Co. of Toledo, as 44s. at a premium of First Citizens Corp
27.00
514%
Dated July 1 1928. Due as follows: $1,000, April and $1,700. Oct. First National Co
1.00.
55.00
57
1929: and $1,000, April and Oct. 1 1930 to 1944 incl. A complete list of Seasongood & Mayer
65.10
44%
•ids follows:
W. K. Terry & Co
168.00
5%
Int. Rate Premium Well, Roth & Irving Co
Bidder5%
$137.00
eil, Roth & Irving, Cincinnati, Ohio
-BOND OFFERGARY SCHOOL DISTRICT, Lake County, Ind. Board of School
Y
5.
421.83
reed, Elliott & Harrison. Cincinnati, Ohio
-Sealed bids will be received by A. H. Bell, Auditorissue of 8420.000
179.00 ING.
avies-Bertram Co.. Cincinnati, Ohio
an
5Y
40.00 Trustees, until 6:30 p. m. August 28,for the purchase of
se!, Goetz & Mosrlein, Cincinnati, Ohio
$1,000. Due
Sept. 1
247.00 44% coupon school bonds. Dated payable 1928. Denoms.
& Mayer, Cincinnati, Ohio
easongood
at the First National Bank.
Sept. 1 1948. Principal and int.
Mansfield, Ohio_ 5i;
ansfield Savings Bank & Trust Co.,
New York or Chicago designated by the purchaser.
261.60 Gary or at any hank in
?
57
irst-Citizens Corp., Columbus, Ohio
25.00 A certified check for $10,000 Is required.
5 0
yan, Sutherlan & Co., Toledo. Ohio
-At a special
30.00
-BONDS DEFEATED.
514%
he Herrick Co.. Cleveland, Ohio
GERVAIS,Marion County, Ore.
5
340.08 bond election held on Aug. 1 the voters defeated the proposition to issue
Co., Cleveland, Ohio
tis &
501.00 $35,000 in bonds to build and equip a new high school by a count of 288
5
pitzer, Rorick & Co., Toledo, Ohio
414%
pitzer, Rorick & Co., Toledo, Ohio
to 145.
•To furnish blank bonds free.
NO.
GLADES COUNTY SPECIAL ROAD AND BRIDGE DISTRICT issue
-BOND OFFERING.
(P.O. Dubuque),Iowa.
-The 8217,000
DUBUQUE COUNTY
-BONDS NOT SOLD.
20(P.O. Moore Haven),Fla.
Ids will be received until 2 p. m. on Aug. 21, by J. A. Clark, County of 6% road and bridge bonds offered for sale on Aug. 6-V. 127. p. 444
reasurer, for the purchase of an issue of $140,000 annual primary road was not sold as there were no bids received. It is reported that the Board
nds. Denom. $1,000. Dated Sept. 1 1928. Due $14,000 from May 1 of County Commissioners will abolish the district.
934 to 1943 incl. Optional after 5 years. Sealed bids will be opened
-TEMPORARY LOANe
GLOUCESTER, Essex County, Mass.
nly after all open bids have been received. Purchaser to furnish blank
Aug. 8. $150,000 temporary
nds. County will furnish approving opinion of Chapman & Cutler of Gloucester National Bank was awarded on premiumaof $1.25. The loan
A certified check for 3% of the bonds, payable to the County loan on a 4.525% discount basis, plus a
Chicago.
8 months. Other bids were as follows:
matures in about
reasurer, is required.
Discount Basis.
Bidder4.55%
DUBUQUE COUNTY JOINT DRAINAGE DISTRICT NO. 1 (P. 0. Cape Ann National Bank (plus $1.25)
-The $26,200 issue of 5% semi4.56%
Dubuque), lowa.-BONDS NOT SOLD.
-has not as yet Old Colony Corp (plus $3.00)
4.69%
annual drainage bonds offered on July 25-V. 127, p. 576
S. N. Bond & Co.
4.73%
been sold but an agreement has been entered into to allow Geo. M.Bechtel Shawmut Corp. of Boston
4.73%
& Co. of Davenport, the only interested bond house, until Aug. 16 to in- Bank of Commerce & Trust Co
4.74%
vestigate before bidding. The bonds are still open for sale to all bidders. Salomon Bros. & Hutzler (plus $7.00)
4.90%
Bonds are due from 1929 to 1936. incl.
Gloucester Safe Deposit & Trust Co
DISTRICT NO. 20 (P. 0.
EAST BAY MUNICIPAL UTILITY DISTRICT (P. 0. Oakland),
GOLDEN VALLEY COUNTY SCHOOL
-Sealed bids will be received until 5.30 p. m. Belmont), Mont.
-BOND OFFERING.
Calif.
-Sealed bids will be received until
-BOND OFFERING.
(opening at 7.30 p. m.) on Aug. 24 by John H. Kimball, Secretary of 7 p. m. on Aug. 25, by J. W. Dussault, Clerk of the Board of Trustees, for
the purchase of a $2,000,000 issue of 5% water
Int. rate
Board of Directors, for
the purchase of an $11,500 issue of semi-annual school bonds.
bonds. Denom. $1,000. Dated Jan. 11925. Due $50,000 from Jan. 1 is not to exceed 6%.
to 1974 incl. Prin. and int. (J. & J.) payable in gold at the District
1935
GOSHEN TOWNSHIP (P. 0. Clearfield R. D. No. 3), Clearfield
Treasurer's office or at the National City Bank of New York. the fiscal
-Sealed bids will be received by Joseph
-BOND OFFERING.
agency. Orrick, Palmer & Dablquist of San Francisco will furnish ap- County,Pa.
- Morris, Secretary Board of Supervisors, until 2 p. m. August 18, for the
check for 1% of the bid, payable to the NS
proving opinion. A certified
August 1 1928.
Wet Treasurer, is required.
purchase of an issue of $1,500 5.40% road bonds. Dated
August 1 1931.
(These bonds are part of a total authorized issue of $39.000,000.)
Denoms. $500. Due on August 1 1934; optional after
Greenville),
EAST GREENBUSH UNION FREE SCHOOL DISTRICT NO. 3
GREATER GREENVILLE SEWER DISTRICT (P. 0.
-The
(P.O. East Greenbush),Rensselaer County, N.Y.-BOND SALE.
-Sealed bids will be received until noon on
-BOND OFFERING.
C.
-were S.
$54,000 5% school bonds offered on August 6-V. 127, p. 576
C. Gower. Chairman of the District Commission, for the
Aug. 15, by T.
awarded to the Rensselaer County Bank, at 104.72,a basis of about 4.54%. Purchase of a 8300,000 issue of coupon sewer bonds. Int, rate is not to
and due on July 1 1968.
July 1
Dated Sept. 1 1928. Due $1,800, Sept. 1 1929 to 1958 incl.
exceed 5%. Denom. $1,000. Dated of 4 of1928and is to be the same for
1%
-BOND OFFERING.
- Int. rate is to be stated in a multiple
EAST PATERSON, Bergen County, N. J.
in gold in New York. Storey,
-by Walter A. Prodder, Borough Clerk, until all bonds. Prin. and int. (J. & J.) is payable approve the legality of the
Sealed bids will be received
& Dodge of Boston will
8.30 p. m. (daylight saving time) Aug. 17. for the purchase of an issue Thornclike, Palmer check for 2% of the bid, payable to the above Comof $303,000 coupon or registered water bonds. Denom. $1,000. Due bonds. A certified
is required.
Aug. 1 as follows: $7,000, 1929 to 1948, incl.; $8.000. 1949 to 1965, incl.; mission,
(These bonds are a part of an authorized issue of 83,000,000.)
and $9,000, 1966 to 1968, incl. Principal and interest payable in Paterson
or New York. A certified check payable to the order of the Borough ColGREENBURGH COMMON SCHOOL DISTRICT NO. 7 (P. 0.
lector, for 2% of the bonds bid for Is required. No more bonds to be
-Prank
-BONDS OFFERED.
County, N. Y.
awarded than will produce a premium of $1,000 over 8303,000. Legality Hartsdale), Westchester Education, received sealed bids until 8 p. m.
E. Barrett, Clerk Board of
Hoffman of New York City.
to be approved by Thomson, Wood &
time) Aug. 10, for the purchase of an Issue of $48,500
(daylight saving
not to exceed 5%•
-rate of
EATON LOCAL IMPROVEMENT DISTRICT NO. 1 (P. 0. Eaton), coupon or registered school bonds follows: interest 1929 to 1933, incl.:
$6,000.
-BOND OFFERING.-Sealed bids will be received Dated July 11928. Due July 1 as
Weld County, Colo.
1939. Principal and interest
$3500,
until 7 p. in. on Aug. 27 by the District Clerk,for the purchase of a 514.000 53.000. 1934 to 1938, incl.; andNational Bank, Hartsdale. Legality to
payable in gold at the Hartsdale
issue of 44% paving bonds. Denom. $1,000. Dated Aug. 1 1928.
by Clay. Dillon & Vandewater of New York City.
ROAD DISTRICT NO. 4 (P. 0. Waxahachie), be approved
ELLIS COUNTY
-The $60,-MATURITY.
GREENFIELD, Franklin County, Mass.
-A special election will be held on Sept. I
Tex.
-BOND ELECTION.
-to
-V. 127, p.
for the purpose of passing upon a proposition to issue $190,000 in bonds for 000 4% water mains extension bonds awarded in basis of about716
3.99%.
Co. of Boston, at 100.037, a
road building. This measure had been defeated at the three previous George A. Fernald &
be apelections in this district. The election order provides that $50.000 shall be mature Aug. 1 as follows: 56.000. 1929 to 1938. incl. Legality to maturspent in building 6.85 miles of hard surface road along highway No.
proved by Ropes. Gray. Boyden & Perkins of Boston. The 1929 maturthrough the district and that the remaining $140,000 shall be spent in build- ing bonds are being offered for investment at 100.10, and the 1938
ing lateral roads through the district. There are four towns in the district. ing bonds are being offered at 100.82. Ail of the bonds are being marketed
They are Red Oak, Rockett, Ovilla and Sterrett. Red Oak and Sterrett are at prices yielding 3.90%.
Financial Statement.
the only towns the proposed highway construction will touch.
526.644,228.54
Assessed valuation for year 1927
EL MONTE ACQUISITION AND IMPROVEMENT DISTRICT Total debt (above issue included)
604,500.00
Calif.
-A $68,016.58 issue of
-BOND SALE.
NO. 1 (P. 0. El Monte),
142,500.00
Water debt (included in total debt)
614% district bonds was recently purchased by the Fidelity National Co.
Population 15.462.
of Kansas City for a $2,500 premium, equal to 103.67. The second highest
-BONDS REGISTERED.
$1,416, tendered by R. E. Campbell & Co.
bid was a premium offer
GRIMES COUNTY(P.O.Anderson),Tex.
on July 31
Third highest was Dean Witter & Co. offering $1,115 premium.
An issue of $189,500 5% serial refunding bonds was registered
State Comptroller.
EL RENO SCHOOL DISTRICT (P.0. El Reno), Canadian County, by G. N. Holton,
Cabell
-Sealed bids were received by W. A. Durant,
-BONDS OFFERED.
Okla.
GUYANDOTTE ROAD DISTRICT (P. 0. Huntington),
-Sealed bids were received until
Secretary of the Board of Land Commissioners, for the purchase of a County, W. Va.-BONDS OFFERED.
5% semi-annual school bonds until 2 p. m. on Aug. 8. 2 p. in. on Aug. 10, by George W. Sharp, Secretary of the State Sinking
$97,000 issue of
of 5100,000 5% coupon
Denom. $1,000. Dated May 19 1921. Due on May 18 1946.
Fund Commission, for the purchase of an issue
Dated July 1 1925. Due $10,000from July
-BOND SALE.
-The $500,000 4% road bonds. Denom.$1,000.
ERIE COUNTY (P. 0. Erie), Pa.
int. (J. & J) payable in gold at the office
incl. Prin. and
York. The
44 were 1 1946 to 1955,
series "J" courthouse bonds offered on Aug. 6-V. 127. P• 4 or at the National City Bank in New City to be
awarded to Edward B. Smith & Co.of Philadelphia, at a premium of $5.50, of the State Treasurer
Hoffman of New York
legal approval of Thomson. Wood &
equal to 100.001, a basis of about 3.99%. Due $100,000, Sept. 1 1943 to furnished at expense of purchaser.
1947, incl.
Financial Statement.
$134.375,121.00
No other bid was submitted for the bonds.
Assessed valuation
270,000.00
ETRICK SANITARY DISTRICT NO.1(P.O.Chesterfield),Chester- Total debt including this issue
census), 52,533.
-The 350,000 issue of 5% water and
Va.-BOND SALE.
Population (1920
field County,
-TEMPORARY
sewer bonds offered for sale on Aug. 6-V. 127, p. 676- was awarded to
HAMPDEN COUNTY (P. 0. Springfield), Mass. 6-V. 127. p.
N.S. Hill & Co. of Cincinnati for a premium of $867.50, equal to 101.735, LOAN.
-The $300,000 temporary loan offered on August on a 4.74%
a basis of about 4.88%. Due as follows $5,000 in 10, 15 and 20 years: 716
awarded to Salomon Bros. & Hutzler of Boston, Nov.7 1928.
-was
on
$10,000 in 25 and $25,000 in 30 years.
discount basis plus a premium of $3.00. The loan matures
-The
-TEMPORARY LOAN.
EVERETT, Middlesex County, Mass.
-BOND SALE.
-The
HANCOCK COUNTY (P. 0. Findlay), Ohio. -were awarded to
Bank of Commerce & Trust Co. of Boston was recently awarded $300,000
road bonds offered on Aug. 8-V. 127. p. 577
temporary loan on a 4.50% discount basis. The loan matures in seven $5,200 Bank ac Savings Co. of Findlay as 44s at a premium of $18.25.
the Ohio
1 1928. Due as
months.
equal to 100.35. a basis of about 4.62%. Dated April
bids were
FAIRVIEW (P. 0. North Olmstead), Cuyahoga County, Ohio.-. follows: 51,200, 1929, and $1,000. 1930 to 1933 inclusive. Other
BOND OFFERING.-. W. Smith, Village Clerk, will receive sealed bids as follows:
Premium.
Int. Rate.
standard time), Sept. 4, for the purchase of 3295,035
Bidderuntil 12 m.(Eastern
$27.50
5%
Co
6% special assessment coupon bonds. Dated July and Aug. 1 1928. Prin. Mansfield Savings Bank & Trust Co
10.92
5t%
and Int. payable at the First National Bank. Rocky River. A certified Provident Savings Bank & Trust
None
54%
Co
chock payable to the order of the Village Treasurer for 5% of the bonds Taylor, Wilson &
-A. S. Ruth.
County, Pa.-I3OAD OFFERING.
offered is required.
HANOVER, York
the pur-CERTIFICATE OFFERINO.- Borough Sec.. will receive sealed bids until 7.30 p. in. Aug. 16 for Dated
Pik FLORENCE, Florence County, S. C.
coupon or registered sewer bonds.
Sealed bids will be received until 3 p. m. on Aug. 16 by A. McTaggart chase of an issue of $85,000 4%follows: $2,500, 1929 to 1932 incl.: $3,000.
Sept. 1, as
City Clerk and Treasurer,for the purchase of a $44,662.16 issue of 6Tosemil Sept. 1 1928. Due $4,000. 1938 to 1947 incl.; and $5,000, 1948 to 1951
n
assessment certificates. Denoms. 81.000 and 1933 to 1937 incl.:
a nual street improvement
check payable to the order of the Borough Tress..
$350.64. Dated June 15 1928. Due $2,350.64 on Dec. 15 1928 and inclusive. A certified
offered is required.
$2,350.64 on June and Dec. 15 from 1929 to Dec. 15 1937. Clay, Dillon for 2% of the bonds
5e
.$1.00
a
854
FINANCIAL CHRONICLE
[VOL. 127
HARDEE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 5
Financial Statement.
(P. 0. Wauchuia), Fla.
-.BOND OFFERING.
-Sealed bids will be
received until noon on Aug. 21, by J. B. Rooney, Secretary of the Board of Assessed valuation oftaxable property,1926
$721,653
Public Instruction, for the purchase of an $18,060 issue of6% school bonds. Total bonded debt,this issue only
1,000.
Population, 1920 census, 367,846.
Denom. $1,000. Dated July 1, 1928. Due $1.000 from July 1, 1931 to
1948, incl. Prin. and int. (J. St J.) payable at the National Bank of
JEFFERSON COUNTY (P. 0. Madison), Ind.
-BOND SALE,
Commerce in New York City. Chapman & Cutler of Chicago will furnish 59,000 434% road improvement bonds offered
on
127. p. 57
legal approval. A $360 certified check, payable to the chairman of the were awarded to the First National Bank of NorthAug. 2-V.a
Vernon, at premiui
above Board, must accompany the bid.
$125, equal to 101.38. The bonds mature semi-annually from 1929 to 1
HARDEMAN COUNTY (P. 0. Bolivar), Tenn.
-BOND SALE.
-The incl.he following bids were also received:
Bidder$500,000 issue of 4;i% coupon road bonds offered for sale on July 31-V.
Premi
127, p. 577
-was awarded to Little, Wooten & Co. of Jackson at par. M.S. D.& Trust Co
$28
Denom. $1,000. Dated July 2. 1928, and due on July 2, 1948, without Commiskey Bank
101
option of prior payment.
JEFFERSON PARISH (P. 0. Gretna), La.
-BOND OFFERIN(
HARMONY TOWNSHIP RURAL SCHOOL DISTRICT, Stark Sealed bids will be received until I p. us. on Aug. 24 by Wm. Hept
County, Ohio.
-BOND OFFERING.
-Sealed bids will be received by Secretary of the Police Jury for the purchase of an issue of $150,000
W. C. Ray, Clerk Board of Education, until 12 in. September 4, for the coupon excess revenue bonds. Denom. $1,000. Dated Feb. 13, 19
Due from Feb. 1, 1929 to 1938, incl. Prin. and int. (F. & A.) paya
purchase of the following issues of 5% bonds aggregating $33,000:
at the place designated. A $2,500 certified check must accompany
330,000 school repair bonds. Denoms. $1,000. Due in 5 years.
3,000 school building addition bond. Denom. $750. Due in 13 years bid. (This supplements the report in V. 127 P. 578.)
and 4 months. Dated October 1 1928. A certified check payable
KALAMAZOO COUNTY RURAL AGRICULTURAL SCHOOL D
to the order of the Board of Education,for 5% of the bonds offered TRICT NO. 1 (P. 0.Kalamazoo R. F. D. No. 6), Mich.
-BONDS N
is required.
SOLD.
-The issue of $43,000
% coupon school bonds offered on J
-was not sold according to the Secretary of School Boa
HARRISON (P. 0. Harrison), Westchester County, N. Y.
-BIDS 24-V.127, p.297
REJECTED.
-All bids submitted on July 28 for the purchase of $561.000 The bonds are dated Aug.15 1928 and mature on Aug. 15, as follows:81,0l
certificates of indebtedness scheduled to have been sold-V. 127, P. 445
- 1931 to 1938 incl.; $2,000, 1939 to 1955 incl.; and $1,000, 1956.
were rejected. $336.000 matured on Aug. 1 1929 and $225,000 on April 1
BOND OFFERING.
-A. L. Snow, Secretary of School Board, will roes
sealed bids until 8 p. m.(eastern standard time) Aug. 14, for the purch
1930.
of an issue of $43,000 school bonds rate of interest not to exceed 5%. Dal
HARRISON SCHOOL TOWNSHIP, Pulaski County, Ind.
-BOND
OFFERING.
-Sealed bids will be received by Charles E. Murphy. Town- Apr. 15 1928. Denoms. $1,000. Due Apr. 15, as follows: $1,000. 1931
ship Trustee, until I p. in. August 23,for the purchase of an issue of $5.500 1938 incl.; 52,000,1939 to 1955 incl.: and 31,000, 1956.
heating and ventilating installation bonds. Dated August 1 1928.
434%
KANAWHA SCHOOL DISTRICT (P. 0. Fayetteville), Faye(
Denom. $275. Du 3275 July 1 1929; $275 on Jan. and July 11930 to 1938 County, W. Va.-BONDS OFFERED.
-Sealed bids were received in
incl.; and $275 on Jan. 1 1939. A certified check payable to the order of 2 p. m. on Aug. 10, by George W. Sharp. Sec. of the State Sinking Fu
the above-mentioned official for 3200 is required.
Commission, for the purchase of a $225.000 issue,of 5% coupon sch.
HASTINGS
-ON-HUDSON, Westchester County, N. Y.
-BOND bonds. Denom. $500. Dated Aug. 1 1927 and due $12,500 from Aug
SALE.
-The $24,000 coupon or registered sewer extension bonds offered 1930 to 1947, incl. Prin, and int. (F. & A.) payable in gold at the Sts
on August 7-V. 127, p. 577
-were awarded to Dewey, Bacon & Co. of Treasurer's office in Charleston or at the National City Bank in New Yol
New York,as 430,at 100.33 a basis of about 4.46%. Dated August 1 1928 Approving opinion of Caldwell & Raymond of New York City will
furnished at purchaser's expense.
Due $2,000, 1933 to 1944 incl.
Financial Statement.
HAVANA SPECIAL SCHOOL DISTRICT (P. 0. Havana), Yell Assessed Valuation
$10,283873:500548.
County, Ark.
-BOND SALE.
-A 840,000 issue of 6% school bonds was Total debt (incl. this issue)
recently purchased by the Merchants & Planters Title & Investment Co.
Population (1920 Census) 11.192.
of Pine Bluff at par.
KINGSPORT, Sullivan County, Tenn.
-BOND OFFERING.
-Seal
HEMPSTEAD COMMON SCHOOL DISTRICT NO. 18(P.O. Garden bids will be received
by F. L. Cloud, City Manager,until8P. m.on Aug.2
City), Nassau County, N. Y.
-BOND SALE.
-The $140,000 coupon or for the purchase of a $400,000 issue of water works bonds. Int, rate
registered school bonds offered on Aug. 7(V. 127.
not to exceed 5%. Denom. $1,000. Dated Aug. 1. 1928 and due on Au
577) were awarded to
Roosevelt & Son of New York City as 4%s at 101.037, a basis of about 1, as follows:
p.
310,000, 1934 to 1938: 315,000, 1939 to 1948 and $20,0(
4.39%. Dated July 1 1928. Due $5,000 july 1 1929 to 1956 incl. Other 1949 to 1958, all incl.
The int, rate is to be stated in a multiple of % of I
bids were as follows:
Prin. and int. (F. & A.) payable at the Hanover National Bank in N
Bidder
Rate Bid York City. Thomson, Wood & Hoffman of New York City will furn
Garden City Bank
legal approval. An $8,000 certified check, payable to G. D. Black, C
101.03
Dewey,Bacon & Co.
Treasurer, is required.
101.01
Bancitaly Corp.
100.81
Pulleyn & Co.
KINGSPORT, Sullivan County, Tenn.
-TI
-BONDS NOT SOLD.
100.702 seven
H. L. Allen & Co
100.211 Aug. issues of 5% coupon bonds aggregating 374,400, offered for sale
Batchelder, Wack & Co
7-V. 127, p. 445
-were not sold as all the bids were rejected. T
100.138 issues
are described as follows:
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 16 (P. 0. $25,130 city improvement
bonds. Denom. $1,000 and one for $13
Elmont R. F. D.), N. Y.
-BOND OFFERING.
-Sealed bids addressed
Dated June 15 1928. Due in 1948.
to Louise Hinkel, District Clerk, will be received until 8 p. in. (daylight
20,000 Dublle m
pu e inimproeement bonds. Denom.$1,000. Dated June 15 10
saving time) Aug. 14 for the purchase of an issue of $575,000 43'4_or 41_4 %
coupon or registered bonds. Dated Aug. 1 1928. Denom. $1.000. Due
2,000 impt. district No. 48 bonds. Denom. $200.one for $400. Dat
Aug. 1 as follows: $10,000, 1930 to 1934 incl.' 315,000, 1935 to 1953 incl.,
July 15 1928, and due on July 15 as follows: $2011 from 1929
and 320,000, 1954 to 1965 incl. Principal and interest payable at the Floral
1936, and 8400 in 1937.
Park Bank or at the Nassau National Bank, Brooklyn. A certified cheek,
1,550'rapt. district No. 49 bonds. Denom. $150. one for $350. Dat
payable to the order of the Board of Education for 2% of the bonds offered,
July- 15 1928, and due on July 15 as follows: $150 and 1929
is required. Legality to be approved by Hawkins. Delaffeld
1936 and 3350 in 1937.
& Longfellow
of New York City.
19,200 impt. district No. 50 bonds. Denoms. $1,000, 3300 and $20
Dated July 15 1928, and due on July 15 as follows: S2,200, 192
HOLDREGE, Phelps County, Neb.-BOND SALE.
-Two issues of
52,000, 1930; $2,200, 1931; $2,000, 1932; $2,200, 1933; $2,00
bonds aggregating $7,057.64 have been purchased by the Peters Trust Co.
1934; $2,300. 1935; $2.000. 1936 and 32,300. 1937.
of Omaha. The issues are divided as follows:
1,720 impt. district No. 51 bonds. Denom.$200 one for $120. Due
$4.808.44 5% curb, gutter & paving bonds. Dated June 1. 1928 and due
July 15 as follows: $200, 1929 to 1936 and $120 in 1937.
on June 1, a.s follows: $808.44 in 1930 and $1,000 in 1932, 1934,
4,800 inupt. district No.53 bonds. Denom. $500, one for $800. Dat
1936 and 1937.
.h11y , 5 9328, and due on July 15 as follows: 3500, 1929 to 1936 a
8 0 1 1 19
0
2,249.20 intersection paving bonds.
7
$
HORNELL, Steuben County, N. Y.
-Sealed
-BOND OFFERING.
Prin. and int, Is payable at the Hanover. National Bank in New Yo
bids will be received by Howard P. Babcock, City Chamberlain, until City.
Thomson,Wood & Hoffman of New York willfurnish legal approv
3 p. m. Aug. 29 for the purchase of the following issues of coupon or registered bonds aggreaating 3280,000, rate of interest not to exceed 6% and to
KLAMATH COUNTY SCHOOL DISTRICT NO. 1 (P. C. Klama
be stated in a multiple of M, of 1%:
Falls), Ore.
-BOND OFFERING.
-Sealed bids will be received until no
$180,000 sewage disposal bonds. Due $18,000. Aug. I 1938 to 1947 incl. on Aug. 16, by Ida B. Momyer, District Clerk, for the purchase of an iss
30,000 retaining wall bonds. Due $5.000, Aug. 1 1932 to 1957 incl.
of $105,000 school bonds. Int. rate is not to exceed 534%. (Bids will !1
60,000 street resurfacing bonds. Due 36,000, Aug. 1 1932 to 1941 incl. opened at 7 p. in.) Dated Sept. 11928. Due on Sept. 1 1948 and optiorn
10,000 storm sewer bonds. Due 32.000, Aug. 1 1932
after Sept. 1 1933. Prin. and semi-annual int, payable at the Orego
incl.
Dated Aug. 1 1928. Denom. $1,000. Principal and to 1936 payable flsealied cheek foNegv York obid the off ed.of the County Treasurer.
ceztu agency in r % of the r atu re4uirice
interest
in gold at the office of the City Chamberlain. A certified chock, payable
to the order of the city for $5,000, is required. Legality to be approved
KNOX COUNTY ROAD DISTRICT NO.5(P.O. Benjamin), Tex.
by Clay, Dillon & Vandewater of New York
City.
BONDS REGISTERED.
-0. N. Holton, State Comptroller, registered
HOUSTON, Harris County, Tex.
-BOND ELECTIONS.
-According $280,000 issue of 5% serial road bonds on July 30.
to a dispatch to the "Wall Street Journal" of Aug.7,
irrigation
proposals
and school bonds aggregating $5,000,000, are to be voted for
KOSSE INDEPENDENT SCHOOL DISTRICT (P. 0. Kosse), Lime
upon during
etiCy
August and September by the residents of the Lower Rio Grande Valley.
Tex.
-BOND SALE.
-A 520.000 issue of school bonds ha
The largest issue it says, will be for 33,000.000 to be for the Pharr-San recently been Purchased at par by the permanent school fund of the Stat
purchased
Juan-Alamo District.
LAKE ANDES, Charles Mix County, S. Dak.-I3OND SALE.
$20,000 issue of5% improvement bonds has been purchased by an unknow
HOWARD COUNTY (P. 0. Cresco), Iowa.
-BOND OFFERING.
Bids will be received until 2 p. m. on Aug. 17, by Bertha H. Parchman, Investor. Denom. 81,000. Dated June I 1928. Duo 32,000 from Jun
County Treasurer, for the purchase of a $200,000 issue of annual ;primary Bank1 l929 to N1=ea ons.
. 1938,liri Prin. and int.(J. &J.) payable at the First Nations
f 1
road bonds. Denom. $1,000. Dated Sept. 1 1928. Due $20,000 from
•
May 1 1934 to 1943 incl. Optional after 5 years. Sealed bids will be
LAKE COUNTY (P. 0. Crown Point), Ind.
-BOND OFFERING.
opened after all open bids are in. Purchaser to furnish blank bonds. Legal Sealed bids
will be received by Hazel K. Groves, County Treasurer., unt
opinion of Chapman & Cutler of Chicago will be furnished by county. A 10 a. m.
August 16, for the purchase of an issue of 3146,000 5% Thema
certified check for 3% of the bonds, payable to the County Treas., is re- H. Cannon
No. 1 et al Calumet Township road improvement bond
quired.
Indianap ius 151928, Denoms. $1,000 and $300. First maturity May 1
Dated Ae:
ict
1929. Legality to be approved by Matson, Carter, Ross & McCord o
HUTCHINSON, Reno County, Kan.
-Sealed
-BOND OFFERING.
bids will be received until 4:30 p. in. on Aug. 14 by H.R. Oboe, City Clerk,
for the purchase of a $31,102.01 issue of 4% semi-annual street grading
LAKE COUNTY (P.
-BOND SALE.-Th
bonds. Denom. $500. Dated July 11928. Due in from one to 10 years. $116,000 5% highway 0. Crown Point), Ind.
bonds offered on Aug. 6-V. 127, p. 578-wer
Bonds to be printed by the city. A certified check for 2% of the bid is awarded to Julian Youche
at a premium of 3980, equal to 100.75. Th
required.
bonds are dated June 15 1928, first maturity May 15 1929. The Corn
Financial Statement.
submitted nids d the First National Bank, both of Crown Point. a's
merclaI Babk an
.
Bonded indebtedness
687,355.30
Special assessment bonds*
764,342.38
LAKE COUNTY SCHOOL DISTRICTS (P. 0. T
Sinking fund
es), Fla.
20,746.89
Taxable valuation
-Sealed bids will be received until 10 a. In. on Sept
34,106,509.00 BOND OFFERING.
3, by D. H. Moore, Superintendent of the Board of Public Instruction
Population (1928 tax assessors' census). 28,054.
for the purchase of
aggregating $58,000 as follows
INGLEWOOD UNION HIGH SCHOOL DISTRICT (P. 0. Los $52,000 Special Taxtwo issues of 6% bonds bonds. Denom. $1,000. Du
School District No. 21
Angeles), Los Angeles County, Calif.
-BOND OFFERING.
-Sealed
$2.000 from July 1, 1931 to 1956, incl.
bids will be received until 2 p. in. on Aug. 20 by L. E. Lampton, County
6,000 Special Tax School District No. 24 bonds. Denom. $.500. Du
Clerk, for the purchase of a 3400.000 issue of 5% semi-annual school bonds.
$500 from July 1, 1931 to 1942,
Denom.$1,000. Dated Aug. 1 1928, and due on Aug. 1 as follows: $10.000, Bids for less than 95% of par will not beincl.
considered. Dated July 1. 1928
1929 and $15,000 from 1930 to 1,955 incl. Prin. and int. is payable at the Prin. and semi-annual int. is payable at the National Bank of Commerc
County Treasury. A certified check for 3% of the bonds, payable to the In New York City. Caldwell & Raymond of New York will furnish lega
Chairman of the Board of Supervisors is required.
approval. Separate bids on each of the issues are required. A certifiaj
INDEPENDENCE, Montgomery County, Kan.
- check for 2% of the bid, payable to the above Board, is required.
-BOND SALE.
The $3,616.17 issue of 4% lateral sewer bonds offered for sale on May l2
LAKE PLACID, Fla.
-BONDS NOT SOLD.
-The $195,000 issue of 8%
V. 126, D. 3005
-was awarded at par to Chas. B. Farwell of Fredonia. general improvement bonds offered on Aug. 2-V. 127, p. 578
-was no
Dated Apr. 1, 1928. Due from 1929 to 1938, incl.
sold as all the bids were rejected. Denom. $1,000. Dated June 11928.
JACKSON COUNTY (P.O. Independence), Mo.-BONDS OFFERED
LAKE PLACID (P. 0. Avon Park), Highlands County, Fla.
-BY BANKERS.
-The 31,000,000 issue of 4% road and bridge bonds BONDS WITHDRAWN.
-We are now informed that bids will not b
awarded on Aug. 3 to a syndicate headed by the Illinois Merchants Trust received on Aug. 13 for the $12,000 issue of 6% Paving
bonds sollodulel
Co. of Chicago
-is now being offered for public subscrip- to be sold at that time
-V. 127, p. 717
-V.126, p. 3633.
tion, priced to yield 4.20% on all maturities.
LAUREL SPECIAL SCHOOL DISTRICT (P. 0. Laurel), Jonea,
These bonds in the opinion of counsel are direct obligations of Jackson
-At a special election held on Aug
-BONDS VOTED.
County, Mo., and are payable by unlimited ad valorem taxes levied aginst County, Miss.
all taxable property therein. They constitute the only bonded indebted- a proposed bond issue for $50.000 to erect a new high school building
ness of Jackson County, and are part of a total Issue of $7,000,000 au- was passed by a count of 138 for to 18 against.
thorized by the voters at a special election held for that purpose. They
LAVALETTE, Ocean County, N. J.
-BOND SALE.
-The $28,000
were issued for road and bridge improvements in the county.
5% borough hall bonds offered on Aug. 7-V. 127. p. 578
-were awarded
FINANCIAL CHRONICLE
AUG. 11 1928.]
855
at a premium of $30.00
Co. of Newark, at a Mansfield Savings Bank & Trust Co.. Mansfield,
tithe New Jersey Fidelity & Plate Glass Insurance May 1 1930 to 1957. equal to 100.49. Due as follows: $550, Mar. and $500. Sept. 1 1929;
$1,000
and 1932.
remium of $2.80. Dated May 1 1928. Due
8500, Mar.and Sept. 1 1930;and $1,000. March and Sept: 1 1931
ne.l. No other bid received.
-The following
-BOND SALE.
MASSILLON, Stark County, Ohio.
-The
-BOND SALE.
LAWRENCE COUNTY (P. 0. Bedford), Ind.offered on August 6- issues of city's Portion bonds. aggregating $51,080.25, offered on July 28
Co. of Detroit as
hree issues of 4% road bonds aggregating $41,000
(V. 127, p. 298) were awarded to the Guardian Trust
of about 4.67%:
-were awarded as follows:
V. 127, p. 717
434s at a premium of 8205, equal to 100.40, a basisas follows: $4,000, 1929
Securities Corp. of Indianapolis:
nt bonds. Due Oct. 1
To the City
844,360.25 street improveme
100.13.
p20.000 bonds at premium of $27.00 equal toto 100.12.
to 1938 inclusive, and $4,360.25. 1939.
equal
1929 to
.14,000 bonds at a premium of $17.00
6,720 00 street paving bonds. Due Oct. 1 as follows: $1,000,
at Bedford:
To the Stone City Bank
1934 inclusive, and $720, 1935.
April 1 1928.
$7.000 bonds at par.
Dated
lly from 1929 to 1938 incl.
All of the above issues mature semi-annua
Pottawattomie County,
MAUD SCHOOL DISTRICT (P. 0. Maud),issue of 5% semi-annual
Bakersfield) Kern County,
LERDO SCHOOL DISTRICT (P. 0. of 5% school bonds offered
-The 865,000
-BASIS.
-MATURITY.
'
for Okla.
-The $20,000 issue
Canfield of Oklahoma
.-BOND SALE.
Calif
to the Freeman, Smith & Camp school bonds that was awarded at 101.21 to Calvert &
vale on July 30(V. 127, p.446) was awarded
-is due as follows:$6,000from 1931 to 1940 and $5,000
-V.127. p.579
for a premium of 8180, equal to 100.90, a basis of about City
Co. of Portland
In 1941, giving a basis of about 4.82%.
L82%. Due from 1929 to 1938 incl.
-NOTE SALE.
0. Liberty),
MECKLENBURG COUNTY (P. 0. Charlotte), N. C.
LIBERTY SCHOOL DISTRICT (P. were received Liberty County.
bids
until Aug. 10. by -The $1,200,000 issue of bond anticipation notes offered for sale on Aug.3
-Sealed
-BONDS OFFERED.
Tex.
of
-was awarded to the Independence Trust Co. of Charlotte
of the Board of Trustees, for the purchase of a 814,000 issue
p. 579
V. 127.
the Clerk
at 5.75%, plus a $420 premium. Due on Feb. 9, 1929.
school bonds.
0. Redwood City), San
-BOND OFFERING.
-C. H. Churchill,
MENLO PARK SCHOOL DISTRICT (P.$25.000 issue of 57. semiLIMA, Allen County, Ohio.
until 2 p. in. Aug. 29 for
-The
-BOND SALE.
City Auditor, will receive sealed bids aggregating $55,353,59 the purchase Mateo County', Calif.
:
-was
57. bonds,
for sale on Aug. 6-V. 127. p. 717
school bonds offered
of the following issues of
Sept. 1 as follows: $2.436.61. 1930. annual to the California National Bank of San Francisco for a premium
awarded
$18,436.61 paving bonds. Due
$2,000, 1931 to 1938 incl.
to 102.484, a basis of about 4.54%. Dated Aug. 1 1928.
and
$641, equal
Due Sept. 1 as follows: $2,124.32. 1930: of from 1929 to 1938. incl.
Due
20,124.32 paving bonds. 1939 incl.
$2,000, 1931 to
-The fol-BOND SALE.
MERCER COUNTY (P. 0. Celina), Ohio.
Due Sept. 1 as follows: $556.94. 1930; $500.
-were
127, p. 579
5.556.94 paving bonds.
lowing issues of 5% bonds offered on August 3-V.
1931 to 1936 incl., and $1,000. 1937 and 1938.
at a premium a $10:
1 as follows: $67141, 1929: $500. awarded to the Commercial Bank of Celina,
Mar. and $1,000.
5,671.41 Paving bonds. Due Sept.
$8,000 Hoenie and Piekenbrock road bonds. Due $500
and $1.000, 1937 and 1938.
1931 to 1936 incl.
1 as follows: $220.31, 1930, and
Sept. 1 1929 to 1933 incl.
to 1932 hid.
2,620.31 paving bonds. Due Sept.
2.000 Murlin road bonds. Due $500 Sept. 1 1929
$300, 1931 to 1938 incl.
$300 1929; and
as follows: $222, 1930 and
1
1,800 Konrath road bonds. Due Sept. 1, as follows:
2,944.00 sewering bonds. Due Sept. incl.
$500 1930 to 1932 incl.
and $500, 1932 to 1936
1931.
Dated July 15 1928. No other bids received. .
All of the bonds are dated Sept. 1 1928. Prin. and int. payable at the
-A $50.000
-BOND SALE.
MERIDIAN, Lauderdale County, Miss.
office of the Sinking Fund Trustees. A certified check, payable to the
Treasurer, for 2% of the bonds offered is required. issue of 4)4% waterworks extension and improvement bonds has been purorder of the City
Dated May 1,
Legality approved by Peck, Schafer St Williams of Cincinnati.
chased by Caldwell & Co. of Nashville. Denom. 31,000. 1935, 1939 and
Calif.
-BOND SALE.
-Two 1928 and due on May 1, as follows: 84,000, 1931; 58.000,
LOS ANGELES, Los Angeles,County,0 $4.8
& N.)
weds
bon re awzr 3for sale 1943: 810.000, 1947 and 1951 and $2.000 in 1953. Prin. and int.(M.
Issues of 434% semi-annual
the Seaboard National Bank in New York City.
f the
edered
rc,a°t°e°compos
on Aug. 10-V._127. P. 717 Trust Co., and Stone & Webster & Biodget, payable at
Bankers
-The following
all of New
National Civ Co.lia First Trust & savings Bank and
i
-BOND SALE.
MIAMI COUNTY (P. 0. Peru), Ind.
Rothschild & Co..
York;
-were awarded
p. 446
Campbell & Co. and
both of Chicago; the California Securities Co., R. E. the Angio_camurnia issues of 4)4% bonds offered on August 1-V. 127,
Co., all of Los Angeles and
as follows:
the Citizens National & Goodwin & Tucker, both of San Francisco, for a 83.860 Francis Spurgeon Jackson Township bonds awarded to the Wabash
Securities Co. and Bondequal to 100.1099, a basis of about
Valley Trust Co. at a premium of $13.62, equal to 100.35.
4.49%. The
to the First Napremium of $5,275.20,
4,040 David C. Love Richland Township bonds awarded
issues are Milled as follows:Dated Oct. 1 1927. Due $70,000
tional Bank at a premium of $19.25, equal to 100.40. the Wabash
from Oct. 1
$2,800,000" harbor bonds.
bonds awarded to
3,300 Oran S. Warner Union Township
1928 to 1967, incl.
Valley Trust Co. at a premium of $11.01. equal to 100.35.
election of 1926, class F bonds. Dated July 1
bonds awarded to a
2,000,000 electric plant,
1 1929
3.240 Allen Skillman Erie and Richland Townships 101.85.
1928. Due $50,000 from Julyoffer of to 1968, incl.
local investor at a premium of $60.00. equal to
$500, tendered by R. H.
The second highest bid was a premium
the above purchasers are located in Peru. The bonds are dated
Co. of Les Angeles and Harris, Forbes & Co. of New York City.
Moulton &
All of
time before the sale.
July 15 1928 and mature semi-annually in from 1 to 10 years.
km* This issue was added a short
-At an election held
Wayne County, Mich.
-BOND
MICHIGAN CENTER Mich.-BONDS VOTED.
LINCOLN PARK (P. 0. Detroit),Clerk, will
receive sealed bids until recently the voters authorized the issuance of $85.000 bonds the funds to be
-John M. O'Connor, City
OFFERING.
13, for the purchase of an issue of expended for the erection of a new school building. The final vote was
August
10 a. m. (eastern standard time)
serially in from 1 to 5 years. 147 for and 133 against.
$53,700 special assessment bonds maturing
-The
-BOND SALE.
A certified check for $1,000 is required.
MONESSEN, Westmoreland County, Pa. 446
-were awarded to
-BOND SALE.
-The issue of coupon
Union County, N. J.
bonds offered on Aug. 8-V. 127. p.
LINDEN,
August 6-V.127,p.446
-was awarded 8145.000434% of New York, at a premium of $4,667.55, equal to 102.31,
or registered school bonds offered on Co. taking $147,000 bonds
the Guaranty Co.
($148.000 a basis of about 4.27%. Dated Aug. 1 1928. Due Aug. 1 as follows:
to the Linden National Bank & Trust to 101.19, a basis of about
4.62%. 85.000, 1939: 85,000, 1941 to 1948, incl.. and 810,000, 1949 to 1958. incl.
offered) as 44s, paying $148,750 equal as follows: $5,000. 1929 and
1930:
Dated August 1 1928. Due August I,
The following bids were also received:
Premium.
1953. OtherBeboidddserBsid
Bidder$6,000, 1931 to 1952 incl.; and $5,000,
$3,335
For Price Bid
Name
-Price
A.B.Leach & Co
3.030
147
$148,381.80 J. H. Holmes & Co
, Wack St Co
Batchelder
2,452
148
148,621.00 Prescott. Lyon & Co
H. L. Allen & Co.
1,711
-BOND OFFERING.
-Sealed bids Mellon National Bank
County Ohio.
LORAIN, Lorain
City Auditor, until 12 in. Aug. is, for
-BOND OFFERING.
will be received by A. M. Pollock,
MONONA COUNTY (P. 0. Onawa), Iowa.
the purchase of an issue of $111,693.8'7 04% special assessment coupon Bids will be received by IT. L. Morrison, County Treasurer, until 2 p. in.
primary road bonds.
Aug. 15 1928. Due Sept. 15, as follows: $15.693.87
issue of annual
paving bonds. Dated
Prin. and hit. payable at the office on Aug.22 for the purchase of a $220.000 Due $22,000 from May 1 1931 to
1929; and $12.000, 1930 to 1937 incl.
check for 2% athe bonds offered Denom. $1.000. Dated Sept. 1192S.
Sealed bids will be opened when all
of the Sinking Fund Trustees. A certified
1940 incl. Optional after 5 years. Purchaser to furnish blank bonds.
is required.
the open bids have been received.
be furnished by
LOS ANGELES MUNICIPAL IMPROVEMENT DISTRICT NO. 54 Approving opinion of Chapman, /4 Cutler of Chicago will to the County
-BOND OFFERING.
-Sealed bids will be county. A certified check for 37 of the bonds, payable
0
(P. 0. Los Angeles), Calif.
E Lampton, County Clerk until Aug. 28, for the purchase Treasurer, must accompany the bid.
received by L.
l district bonds. Due from 1929
of an issue of $115,000 6% semi-annua
-BONDS VOTED.
MONROE COUNTY (P. 0. Aberdeen), Miss.
authorized the issuance of
to 1965, incl.
-BOND OFFERING.-Sealed At a special election held on July 31 the voters
LOWELL, Middlesex County, Mass.City
for bridge construction purposes by a vote of 854 "yes"
Treasurer, until 11 a. in. "35,000 in bonds
bids will be received by Fred H. Rourke,
the purchase of the following issues of to 50 "no."
(daylight saving time) Aug. 14 for
-BOND OFFERMONTGOMERY COUNTY (P. 0. Dayton), Ohio.
bonds:
434%
St. paving bonds. Due Aug. 1 as follows: $12,000. 1929 ING. '. A. Kilmer, Clerk Board of County Commissioners, will receive
1
-1
Aug. 27,for the purchase
and 1938.
to 1936 incl., and $11,000, 1937 as follows:
sealed bids until 10 a. m.(Eastern standard time),
Aug. 1
$4,000, 1929 to 1931 of an issue of $131.000 434% sanitary sewer construction bonds. Dated
33,000 boulevard bonds. Due
$7,000, 1929 and
inclusive, and $3,000, 1932 to 1938 inclusive.
Aug. 1 1927. Denoms. 31,000 . Due Oct. 1 as follows:
1935 and 1936:
watermains bonds. Due Aug. 1 as
18,000 laying and relaying incl., and $1,000, 1932 to 1943 incl. follows: MO; $8,000, 1931: $7,000, 1932; $8,000. 1934: 87,000.
1931
87.000, 1939; $8,000, 1940: 57,000, 1941; 88,000,
$2,000, 1929 to
88.000, 1937 and 1938;
1947: and
1 1929 to 1943 incl.
1942 and 1943: 34,000. 1944: 53.000. 1945: 54,000, 1946; 83,000.
15,000 sewer bonds. Due $1,000 Aug.Prin.and int. payable at the
First
1948. A certified check payable to the order of the County TreasDated Aug. 11928. Denom.$1,000. approved by
Ropes, Gray, Boyden $4.000.
D. W.and A. S. Iddings of Dayton
Legality to be
urer is required. Legality approved by
National Bank, Boston.
and Peck, Schafer & Williams of Cincinnati.
& Perkins of Boston.
OTE SALE.-Prudden
-BOND OFFERLUCAS COUNTY (P. 0. Toledo), Ohlo.-N road
MONTGOMERY COUNTY (P. 0. Dayton), Ohio. Board of
an issue of6%
improvement notes
County
were
Co.of ToledoAug. recently awarded
-Sealed bids will be received by F. A. Kilmer, Clerk
of
maturing on
15 me. The New York office is offering $125.000 o ING.
Commissioners, until 10 a. m.(standazd time) Aug. 18 for the purchase
According to
% street improvement bonds. Dated Aug. 15 1928.
the issue for investment at prices to Yielsi 4.75%.which reports the report, an Issue of $128,000
an assessed
obligations of the county,
1929:812.000. 1930 and
the notes are general$708,000,000, compared with a total bonded
81.000. Due Sept. 1 as follows: $14,000.
512.000, 1936
debt of Denom.
valuation in 1928 of
1931; 814,000. 1932: 512,000, 1933 and 1934; 314.000. 1935: at the office
payable
$13,852,923. Population estimated at 350,000.
and 1937; and 514,000, 1938. Principal and interest to the order of the
NO. 25 (P. 0. Watkins), of the County Treasurer. A certified check payable
McCONE COUNTY SCHOOL DISTRICT be
-Sealed bids will
received by the District County Treasurer. for 81.000 is required. Legality to he approved by
-BOND OFFERING.
Mont.
Cinclerk until Aug. 28 for the purchase of a $1,500 issue of school building D. W. and A. S. Iddings of Dayton and Peck, Schafer & Williams of
Int. rate is not to exceed 6%. Dated July 1 1928. Due either cinnati.
bonds.
amortization plan. A certified check for 8150 must ac(P. 0. Corapolis), Alleon the serial or
MOON TOWNSHIP SCHOOL DISTRICT
company the bid.
-The $90,000 434% school bonds ofPa.
-BOND SALE.
to J. H. Holmes & Co. of
-BOND OFFER-- gheny County,
MADISON SCHOOL CITY, Jefferson County, Ind.
fered on June 4 (V. 126, p. 3168) were awarded
are dated
received by the Board of School Trustees, until
- 8780, equal to 100.86. The bonds
JIM-Sealed bids will no
the purchase of an issue of $40,000 434% school bonds. Pittsburgh at a premium
1933 to 1957 inclusive.
.
,
mat re serially on June 1 from
4 p. M. Aug. 24, for Denoms. $500. Due $2,500 Feb. and Aug. 1
1937 to June 1 1928 and
-The
Dated Sept. 11928.
-BOND SALE.
Tenn.
to the order or the School City for
MORGAN COUNTY (P. 0. Wartburg),was offered for sale on May 15
1944, incl. A certified check payable
required.
8238.000 issue of 5% coupon road bonds that Magnus & Co. of Cincinnati.
234% of the bonds offered is
by
was purchased in July
MAIDENCREEK TOWNSHIP SCHOOL DISTRICT(P.O.Blandon), (V. 126. ja. 3007) Due in 20 years. Int, payable on Jan. and July 1.
$1,000.
$25,000
-BOND SALE.
Barks County, Pa. 21-V. 127. -The -were 434% coupon school Denom.
W. Va.-BONDS OFFERED.
P. 297
awarded to the First
on July
MORGANTOWN, Monongalia County, Aug. 10 by George W. Sharp,
bonds offered
National Bank of Fleetwood. at a premium of $200.00 equal to 100.80. -Sealed bids were received until 2 p. m. on
n, for the purchase of
of the State Sinking Fund Commissio
bonds are dated August 11928.
Secretary
The
aggregating 8275.000 as follows:
-BOND SALE.
-The two issues of 5% coupon bonds.
MANSFIELD, RICHLAND COUNTY, OHIO.
and due on July 1 as follows:
bonds offered on July 30- V. In, p. $150,000 street bonds. Dated July 1 1925
00.
848,000 5% street improvement
Savings
33.000. 1951:818.000. 1952:$19,000, 1953:520.000. 1954:821.0
-were awarded to the Mansfield 100.31. Bank & Trust Co. of Ma
578
in 1958. Interest
The bonds are dated July 1
1955:822.000, 1956; $23,000, 1957. and $24,000
a premium of $152 equal to
field, at
payable on January and July 1. and due on Aug. 1 as follows:
from 1 to 10 years.
1924.
1928 and mature in
125,000 sewer bonds. Dated Aug. 1 835,000, 1948. and 536,000 in 1949.
MARICOPA COUNTY SCHOOL DISTRICTS (P. 0. Phoe
$20,000. 1946: 834,000. 1947:
.
-The two issues of bonds aggregating $1257000
-BOND SALE.
Ariz.
Inc,erest payable on Feb. & Aug. 1. Treasurer's office or at the
446-wero awarded to Peck, Brown
gold at the State
offered for sale on Aug. 6-V. 127, p.
Prin. and int, payable in York. Approving opinion of Thomson, Wood
Bank in New
& Co, of Denver as follows: School District bonds as 448, at a price
of National City New York City furnished at expense of purchaser.
$75,000 Tolleson Union High
Hoffman of
101.073, a basis of about 4.65%. Duo July 15 as follows: 87.000. &
-BOND OFFEI?MORROW COMNTY (P. 0. Mount Gilead), Ohio.
1938 to 1942 incl., and $8,000, 1943 to 1947 incl.
50.000 Gionsdale union High School District as 434% bonds, at a_price ING.-Sealed bidf will be received by M. L. Rule, Clerk Board of County
basis of about 4.66%. Due $5,000 July 15 1939 to Commissioners, until 10 a. in. Aug. 23. for the purchase of an issue of
of 101.071, a
bonds. Dated April 1 1928.
123.048.70 5% road improvement 1 1929: and 81,450 March and Due as
1948 incl.
Sept. 1
$1,000. Prin. and int. payable
Dated July 15 1928. Denom. at the Bankers Trust Co., of New at the follows: $971.85 March and Sept. drawn upon a local bank and payable
incl. A certified check
York. 1930 to 1938,
office of the County Treasurer, or
-BOND SALE-The $6.050 5% to the order of the County Treasurer.for 5% of the bonds offered is required
County, Ohio.
MARION, Marion
& Dempsey of Cleveland.
•
-were awarded to the Legality to be approved by Squire,
sower bonds offered on_August 6-V. 127, P. 579
17
856
FINANCIAL CHRONICLE
MOUNT PLEASANT TOWNSHIP SCHOOL
Mount Pleasant), Westmoreland County, Pa. DISTRICT (P. 0.
-BOND
-The
$120,000
% school bonds offered on Aug. 6-V. 127. SALE.
-were
P. 298
awarded to W. H. Newbold's Son & Co. of Philadelphia,
at a premium of
$24.24 equal to 100.02, a basis of about 4.49%.
Dated Aug. 1 1928.
Due Feb. 1 as follows: $20,000, 1930 to 1932
incl.; and $15,000, 1933 to
1936 incl. No other bid submitted.
MUSCATINE, Muscatine County, Iowa.
The $34.222.07 issue of special re-surfacing -BOND DESCRIPTION.bonds that was awarded at
par to the contractor
-V. 127,
-are 5% bonds and they are due in
1937 and optional at any time. p. 718
[VOL. 127.
OAICWOOD, Paulding County, Ohio.
-NOTE
-A.E. Aub
Co. of Cincinnati, were recently awarded an issue SALE.
of $340.000 6% St
improvement notes. Dated July 1 1928. Denoms. 810.000. $5,000
$1,000. Duo July 1 1929. Interest is payable at the Dayton
Saving
Trust Co. Legality to be approved by Peck. Schafer & Williams
of C
einnatl.
OMAHA, Douglas County, Neb.-BOND ELECTION.
-It
that a special election will be held on Sept. 25, for the purposeis rePor
of pass
on a proposed bond issue of $1,500,000, the proceeds to be
used for
mains and system throughout the city. The bonds are
to mature in
Years and the interest rate is not to exceed 6%.
ORANGE COUNTY (P. 0. Paoli), Ind.
-BOND SALE.
$14,
4%7' coupon road bonds offered on Aug.0-V. 127. p. 447 -Theawar
0
to the City Securities Corp. of Indianapolis at a premium-were
of $1.00. D
$700 on May and Nov. 15 1929 to 1938 incl. No other bid submitted
ORANGE COUNTY SCHOOL DISTRICTS(P.O.
-BOND OFFERING -Staled bids will be received Santa Ana), Ca
by J. M. Bac
County Clerk, until 11 a. m. on Aug. 14, for the purchase of two issues
5% bonds aggregating $20,000 as follows:
$10,000 Westminster School District bonds. Due $2,000 from 1929
1933, incl.
10,000 Fountain Valley School District bonds. Due $1,000 from 19
to 1938, incl.
Denom. $1,000. Dated Sept. 1, 1928.
ble at the office of the County Treasurer.Prin. and semi-annual Int. Pa
A
bid, payable to the Chairman of the Board of certified check for 3% of
Supervisors, is required.
The total valuation of taxable property within the
District, for theyear 1928, is $935,170.00, exclusive ofWestminster Sch
operative proper
and the outstanding bonded indebtedness of said district is $16,000.00.
The total valuation of taxable property within the Fountain Valley Sch
District, for the year 1928,
and the outstanding bondedis $615,210.00, exclusive of operative proper
indebtedness of said district is $17,000.00
MUSKEGON, Muskegon County, Mich.
-BOND OFFERING.
Sealed bids addressed to Ida L. Christiansen, City
Clerk, will be received
until 10 a. m.(eastern standard time) Aug. 14. for the
purchase of an issue
of $80,000 4g% refunding municipal improvement bonds.
Due Aug. 15
as follows: $10,000, 1929; $20,000. 1930. and
$10,000. 1931 to 1935. incl.
NAVAJO COMMON SCHOOL DISTRICT NO. S
(P. 0. Holbrook),
Ariz.
-BOND SALE.
-The $47,000 issue of school bonds offered for sale
on July 30-V. 127, P. 447
-was awarded to the
Holbrook as 44% bonds, at par. Dated July 1,First National Bank of
1928. Due from 1929
to 1943. The other bidders were as follows:
Peck. Brown & Co., Sidle, Simons, Day & Co., Geo. W. Vallery & Co.,
the Valley Bark of Phoenix
and the Anglo-London-Paris Co.
NAUVOO, Hancock County, Ill.
-BOND
-The $8,500 5%
city bonds offered on July 24-V. 127, p. 298 SALE.
-were awarded to the First
Trust & Savings Bank of Nauvoo, at par. The bonds
are dated July 2
1928 are in denoms. of $800 and $500 and mature
1940, incl. Interest payable on Jan. and July 1. serially from 1930 to
NEBRASKA, State of (P. 0. Omaha).
-BONDS REGISTERED.
The following article taken from the Omaha "Bee" of
stance of the State bond examiner's report regarding Aug. 4 gives the subbonded
of State sub-divisions: A total of' 454 bond issues aggregatingindebtedness
$16,834,784
was approved and registered by the State Auditor's
biennium ending June 30, Ralph C. Lawrence, State office during the
PAGE COUNTY (P. 0. Clarinda), lowa.-PRICE PAID.
Bond Examiner,
-T
announced Friday. The bonds registered and approved during the
previous $265,000 issue of 434% primary road bonds that was awarded to C. 1
biennium totaled $30,341,373.
McNear & Co. of Chicago
-V. 127. p. 580
-was purchased for a premit
The total bond indebtedness of the subdivisions of the State of Nebraska of $230, equal to 100.0867,
a basis of
4.48%. Dated Aug. 119
as of last June 30 was $113.790.492, as compared with $112,464,635
Due from 1934 to 1943 incl. Optionalaboutfive years.
after
June 30 1926, an increase of $1,325,757, he said. Bonds cancelled and on
paid
during the last biennium totalled $15,508,927.
PALMETTO, Manatee County, Fla.
-Seal
bids will be received until 3 p. m.on Aug. -BOND OFFERING. Cler
Per Capita $87.84.
21, by E. H. Mason, City
for the purchase of
"The average per capita indebtedness of all subdivisions
the State is $20,000 white way two issues of 6% bonds aggregating $35,000 as folio
of
$87.84 and the average indebtedness per $1,000 valuation is $35.20," Mr.
street lighting bonds. Due $2,000 from May 1, 1939
1948, Ind
Lawrence reported.
15,000 water works bonds. Due $1.000 from May 1. 1939 to 1953, in
"Scotts Bluff County has the highest indebtedness with $276.87
per Denom. $1.000. Dated
capita and $167.03 per $1,000 valuation. Douglas County
May 1, 1928. Prin. and int. (M. & N.) payab
is
with $232 per capita and $130.88 per $1,000 valuation. Dawes second at the National Park Bank in New York City. Caldwell & Raymond
County New York will furnish
is third with $154 per capita and $82.92 per $1,000 valuation.
legal approval. A certified check for 2% par of t
bid, is required.
Hayes County has the smallest indebtedness with
$3.85 per
$1.59 Per $1,000. McPherson County is second with $4.36 capita and
per capita
PALOS VERDES LIBRARY DISTRICT (P. 0. Los Angeles), L
and $2.81 per $1,000 valuation, and Wheeler
County is third with $6.75 Angeles County, Calif.
per capita and $3.33 per $1,000 valuation."
-BOND OFFERING.
. recely.
-Sealed
until 2?. m. on Aug. 13, by L. E. Lampton, County bids will be the pu
Clerk, for
Large Increases.
chase oa $90,000 Issue of 54% public library bonds. Denom. $1,00
Several counties have made large Increases in their
Dated Aug. 1 1928 and due on Aug. 1, as follows: $2,000. 1929 to 1958 an
ness during the last biennium, Mr. Lawrence asserted. per capita indebted- $3,000,
1959 to 1968, all incl. Prin. and semi-annual int. payable at t
Red Willow County
had $104.36 per capita in 1926 as against $148.87
County
had $80.89 per capita in 1926 as compared in 1928. Perkins County certified Treasury. Bids at rates lower than 54% not acceptable.
check for 3% of the bonds, payable to the order of the Chairma
County had $48.24 per capita as compared to with $118.17, and Furnas of the
Board of Supervisors, is required.
$63.84.
Several counties also have decreased their per capita indebtedness during
Palos Verdes Library District has been acting as a library district und
the last biennium. Among these were Custer County,
which reduced the laws of the State of California continuously since Feb. 6 1928.
its per capita from $49.27 in 1926 to $36.46
The
in 1928;
$163.41 to $154.09, and Wayne County,from $91 to Dawes County, from for the assessed valuation of the taxable property in said library distri
year 1927 is stated as $4,719,675.00, and there is no outstandin
$57.69.
indebtedness.
NEW BEDFORD, Bristol County, Mass.
-TEMPORARY LOAN...
Palos Verdes Library District includes an area of approximately 24.1
The $500,000 temporary loan maturing on March 7 1929 offered on August
7-V. 127. p. 718
-was awarded to the Merchants National Bank of New square miles, and the estimated population of said library district is 'II
Bedford, on a 4.82% discount basis. S. N. Bond & Co. were the only
PATCHOGUE, Suffolk County, N. Y.
-BOND SALE.
-The $10,0
other bidders offering to discount the loan it is stated on a 5.90% basis.
registered fire appartus bonds offered on July 3-V. 126, p. 4121-wer
NEWBERRY COUNTY SCHOOL DISTRICT NO. 52 (P. 0. Whit- awarded to the Union Savings Bank of Patchogue, at par as 4.405. Date
July 1 1928. Due $1,000 July 1 1929 to 1938, ml.
mire), S. C.
-BOND SALE.-Tho $80,000 issue of school bonds offered
for sale on Aug. 7-V. 127 p. 580
-was awarded to Stranahan, Harris
PEORIA TOWNSHIP (P. 0. Peoria) Peoria County, III.
-BON
& Oatis, Inc., of Toledo, as 5% bonds for a premium of$136, equal to
SALE.
-The White-Phillips Co. of Davenport, was recently awarded a
100.17. a basis of about 4.98%. Denom. $1,000. Dated July 1 1928. issue of
Due from July 1 1931 to 1948 incl. The other bidders and their bids were s3 000 $25,000 street and bridge bonds bearing Interest at the rate of
%
T11:3 brds mto 19 Au cil as follows: $2,000, 1933 to 1937 incl., an
19
38 ature , it.
42
as follows:
BidderPrice Bid.
Rate.
Morris Mather Co., Chicago, Ill
PLAINVIEW INDEPENDENT SCHOOL DISTRICT (P. 0. Plain
$80,060.00
5%
view) Hale County, Texas.
Braun. Bosworth & Co.. Toledo, and Detroit Secur-BONDS REOISTERED.-Tho
issue of 44% school bonds that was recently purchased-V. 127,$100,00
ity & Trust Co., Detroit
80,858.00
p.
54%
1929 tgL, d o
wa8 reo ste68 tillatug. 1 by State Comptroller G. N. Holton. Due44
re ,
fro
NEWPORT, Lincoln County, Ore.
-BOND SALE.
-The $6,000 issue
0(6% Improvement bonds that was unsucessfully offered for sale on Feb.6
-V. 126, p. 1398
POLK COUNTY (P. 0. Des Moines), Iowa.
-has since been awarded at par to a local investor.
-BOND OFFERING.
Sealed bids will be received until Sept. 1, by Allen Munn,County Treasurer
Denom. $500. Dated Feb. 1 1928. Due in 10 years.
for the purchase of an issue of $17,000 or $20,000 refunding bonds.
NOBLE COUNTY (P. 0. Albion), Ind.
-BOND SALE -The $7,000
5% road improvement bonds offered on Aug. 2-V. 127. P• 580 were
PORTLAND, Multnomah County, Ore.
-BOND SALE.
-The $65,50
awarded to the Cromwell State Bank. at a premium of $25. equal to 100.35. Issue of 434% bridge access, series No. 2 bonds offered for sale on July 31
The bonds mature semi-annually from 1929 to 1948, incl. The Inland V. 127. p. 448
-was awarded
Lumbermens Trust Co. of Portlan
from price ef 101. w a ba8is ncLabout 4.42%. Dated Aug. 1, 1928.
at a A ug. l, 9 9 , l95 i ofto the
Investment Co. of Indianapolis, offered a premium of $13 for the bonds.
2 07
8.
Du
NORTH ADAMS, Berkshire County, Mass.
-TEMPORARY LOAN.
The other bidders and their bids were as follows:
-The Shawmut Corp. of Boston, was recently awarded a $150,000
Price Bid
temporary loan on a 4.72% discount basis. The loan matures in about 4 Ferris &
Hardgrove, and Freeman, Smith & Camp Co
100.88
months. Other bids were as follows:
Wells-Dickey Co.. and
100.37
Bidder
Discount Basis. U. S. National Bank A. D. Wakeman & Co
100.39
Guaranty Co. of New York
4.78
Merchants National Bank
POTTAWATTOMIE COUNTY (P. 0. Council Bluffs), Iowa,
4.81
BOND OFFERING.
Salomon Bros. & Hutzler (plus $7)
-Sealed bids will be
4.87%
by W. A. Stone, County Treasurer, for received until 2 p. m. on Aug. 23
NORTHAMPTON, Hampshire County, Mass.
-TEMPORARY LOAN annual primary road bonds. Denom. the purchase of a $70,000 issue o
MO
-The $250,000 temporary loan offered on Aug. 7-V. 127. p. 718
- 87.000 from May 1 1934 to 1943, incl. $1,000. Dated Sept. 1 1928. bids
Optional after 5 years. Sealed
was awarded to the First National Bank of Boston, on a 4.75% discount will be opened
when all open bids have been received. Purchaser to furnish
basis, plus a premium of $9.00. The loan is dated Aug. 10 1928 and blank bonds.
County will furnish legal approval of Chapman & Cutler of
matures on Mar. 27 1929.
Chicago. A certified check for 3% of the bonds, payable to the County
NORTH CANTON!, Stark County, Ohio.
-BOND OFFERING.- Treasurer, must accompany the bid.
(This corrects offering report given in V.
Lester L. Braucher, Village Clerk, will receive sealed bids until 12 m.
127. P• 581.)
(eastern standard time) Aug. 20, for the purchase of the following issues of
RENSSELAER COUNTY (P. 0. Troy), N. Y.
-BOND SALE.
5% coupon bonds. aggregating $105,400:
The $485,000 16th series, coupon or registered bonds offered on Aug. $90,000 sanitary trunk sewer bonds. Dun Sept. 1 as follows: 84.000. V. 127. p. 581-were
awarded to the 13ancitaly Corp. of New York, as
1929: $3,500. 1930 to 1933, incl.• $4,000, 1934; $3,500, 1935 to 434s, at 100.087, a basis of
about 4.24%. Dated Aug. 11928. Duo Aug.
1938. incl.; $4.000. 1939: $3.500. 1940 to 1943, incl.: $4,000. 1944; 1, as follows:
.
17,000, 1029 to 1933, incl., and $16,000, 1934 to 1058, incl.
$3,500, 1945 to 1948, incl.; $4,000, 1949. and $3,500, 1950 to
RIDGELAND, Jasper County, S. C.
1953, incl.
-Sealed
-BONDS OFFERED.
15.400 sanitary trunk sewer bonds. Due Sept. 1 as follows: $400, 1929: bids were received until Aug. 8. by W. B. Ryan. Chairman of the Board
of Public Works, for the purchase of a
and $1,000, 1930 to 1944, Incl.
$37,000 issue of semi-annual town
bonds. Int. rate was not to exceed 6%
Dated Aug. 11928. A certified check payable to the order of the Village
•
Treasurer, for 5% of the bonds offered is required.
RIPLEY, Lauderdale County, Tenn.
.
-Sealed
-BOND OFFERING.
NORTHAMPTON, Northampton County, Pa.
-BOND SALE
- bids will be received until noon on Aug. 20, by 'I'. H. Green, Mayor, for
The $75.000 44% coupon sewerage disposal plant bonds offered on Aug.2- the purchase of a $75,000 issue of semi-annual street improvement bonds.
V. 127. p. 580
-were awarded to A. B Leach & Co. of Philadelphia, at Int, rate is not to exceed 6%. Duo $5,000 from 1929 to 1937 and $30,000
in 1938. Optional after 1933
101.61. a basis of about 4.34%. Dated Aug. 1 192
at 101.50. A certified check for 5% of the
8. Due Aug. 1 as bid is
required.
follows: $15,000, 1933; and $3,000, 1934 to 1953 incl.
RIPLEY, Payne County, Okla.
NORTH HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 7
-BONDS NOT SOLD.
-The two
(P. 0. Great Neck) Nassau County, N. Y.
-BOND SALE.-Tho $335,- issues of bonds that were unsuccessfully offered on July 6 and re-offered on
000 issue of coupon or registered bonds offered on Aug.9-V. 127, p. 580- July 31-V. 127, p. 581-have not as yet been sold. The issues are divided
was awarded to the Bancitaly Corp. of New York, as 4Hs. at 100.931, a as follows: $19,000 water works bonds and $6,000 sewer bonds.
basis of about 4.29%. Dated June 11928. Due June 1 as follows: $35,000.
RIPLEY
-BOND SALE.-Tho
1934 to 1938, incl., and $40,000, 1939 to 1942, incl. The bonds are being two issues ofCOUNTY (P. 0. Versailles), Ind.
bonds aggregating $16,000 offered on Aug. 6-V. 127,
reoffered to the public for investment priced to yield 4.25%•
P. 581-were434%
awarded as follows:
*8.800 Cleve Fagan et al Center Township road bonds to the First National'
NORTH TARRYTOWN, Westchester County, N. Y.
-BOND SALE.
Bank of Batesville, at a premium of $41.00, equal to 100.46, a basis
-The $39,000 coupon or registered firehouse bonds offered on August 6of about 4.40%. Due 4440 on May and Nov.
V. 127. p. 580
-were awarded to the Manufacturers and Traders-Peoples
7,200 Robert N. Raney et al Johnson Township road 15 1929 to 1938 inel.
Trust Co. of Buffalo, as 44s, at 100.45, a basis of about 4.44%. Dated
bonds at a
of $39.00, equal to 100.54, a basis of about 4.39%. Duepremium
August 11928. Due August I, as follows: $2,000, 1929 to 1947 incl.; and
$360 on
May and Nov. 15 1929 to 1938 inclusive.
$1.000, 1948. The following bids were also submitted:
Dated July 15 1928.
Rate Bid
Tht. Rate
Parson, Son & Co
100.037
%
ROME, Oneida County, N. Y.
-BOND OFFERING.
-Lynn 0.
Pulleyn & Co.
100.44
City Treasurer, will receive sealed blds until 12 m.(Daylight SavingButts,
4
time)
Batchelder, Wack & Co
100.03
Aug. 29, for the purchase of an issue of $20,000 coupon or registered
43%
George B. Gibbons & Co
fire
100.234 apparatus bonds. Rate of interest
43.5%
Dewey, Bacon & Co
100.075 multiple of 34 or 1-10th of 1%. not to exceed 5% and to be stated in a
4A
Dated Aug. 1 1928. Denems. $1,000
AUG. 11 1928.]
FINANCIAL CHRONICLE
857
bonds bid for is required. No more bonds to be awarded than will produce
payable at
e $2,000 Aug. 1 1929 to 1938, incl. Principal and int. payable to the a premium of $1,000 over $100,000. Legality approved by Clay, Dillon
the
tonal Park Bank, New York City. A certified check
approved by Clay, & 'Vandewater of New York City.
er of the City for $500 is required. Legality to be
SALE.
-The
-BOND
Fla.
County,
Highlands
SEBRING,
Ion & Vandewater of New York City.
6% semi-annual street improvement series B bonds offered
-A $50,000 issue $5,000 issue of 24-V. 127, p. 142
-BOND ,SALE.
-was awarded to a Mr. F. H. Desoto of
OSEVILLE, Placer County, Calif.
for sale on July
by Bond &
o municipal impt. bonds has recently been purchased
Marguette at a price of 96.00, a basis of about 6.97%. Due on Sept. 1. as
win & Tucker, Inc., of San Francisco for a premium of $1,186, equal follows: $2,000, 1932 and 1933 and $1,000 in 1934.
102.372, a basis of about 4.52%. Due from 1929 to 1938 inclusive.
Morrill
SHORT LINE IRRIGATION DISTRICT (P. 0. Bayard),by L. A.
-BOND SALE.
-The County, Neb.-BOND OFFERING.
-Sealed bids will be received
OSS TOWNSHIP, Allegheny County, Pa.
-were Fricke, District Secretary, until Aug. 14, for the purchase of a 3.55,000
p. 3638
,
.000 435% school bonds offered on July 9-V. 126. a premium of
I.
issue of 6% semi-annual funding bonds. Denom. 3500. Dated Aug.
arded to the Mellon National Bank of Pittsburgh, at
314.18 equal to 102.08, a basis of about 4.30%. Dated July 1 1928. 1928. These bonds are subject to prior sale,
e July 1 as follows: $15,000. 1934. 1939. and 1944; and 318.000, 1949.
-BOND OFFERING.
County, N. J.
SOMERS POINT, Atlantic
ese bonds were authorized for sale on July 26 by James F. Woodward, James G. Scull, City Clerk, will receive sealed bids until 8 p. m.(daylight
-V. 127, p. 719.
rotary of Internal Affairs.
August 17, for the purchase of an issue of $182,000 5% coupon
County, saving time)
Denoms. $1,000. Due
• OYAL OAK TOWNSHIP (P. 0. Royal Oak), Oakland Co., both registered school bonds. Dated May 1 1928. $5,000, 1943 to 1968 incl.
-The Detroit Co., and the Security Trust
SALE.
follows: $4,000, 1930 to 1942 incl.; and
ch.-BOND
May 1, as
$98,500 special assessment water Principal and int. payable in gold at the First National Bank, Somers
Detroit, jointly purchased an issue of
City for 2% of the
Point. A certified check payable to the order of the than will produce a
• sewer improvement bonds at a premium of $26, equal to 100.026.
-BOND ELECTION.- bonds bid is required. No more bonds to be awarded approved by Clay,
County (P. 0. Ballinger), Tex.
to be
RUNNELS,
of $1,000 over 3182.000. Legality
• e County Commissioners Court has called a special election for Sept. premium Vandewater of New York City.
a $525,000 issue of road bonds. It is reported that a road district, Dillon &
(P. 0. Los
only a portion of the county, has been created, the northern
mprising
SOUTH PASADENA CITY HIGH SCHOOL DISTRICT
-The $100.000
-BOND SALE.
rt of the county having been eliminated from the district and bonds Angeles), Los Angeles County, Calif.
-was
449
for
1 be voted, it is believed to carry out a road building program callingthe issue of 5% school bonds offered for saloon Juy 30-V. 127, p.of $6,523,
for premium
expenditure of $1.500,000, the Highway Commission assisting in
awarded to the Wm. R. Staats Co. of Los AngelesJuya1,1927. Due from
rk.
equal to 106.523, a basis of about 4.46%. Dated
-The $15,000 Jaly 1, 1935 to 1957.
-BOND SALE.
RUTLAND,Rutland County, Vermont.
-were
The other bidders and their premiums were as follows:
Premium.
sewer and sidewalk bonds offered on August 6-V. 127, p. 715
Bidder$5,765
arded to the Vermont Investment Corp. of Brattleford, at 98.51, a basis
about 4.11%. Dated August 1 1928. Due August 1 1948. Other bids Dean Witter & Co Co
American National
re as follows:
& Tucker
Rate Bid. Bond & Goodwin
655,.5 4°47 9
4 :29628
6
Bidder97.53 Detroit Co
5,881
lantic-Merrill Oldham Corp
95.05 R. H. Moulton Co
6.119
. L. Day & Co.
97.19 California Securities Co
5,679
rris, Forbes & Co
Anglo London-Paris Co
5,625
RYE AND HARRISON UNION FREE SCHOOL DISTRICT NO. 6 Bank of Italy
-BOND SALE.
-The
r County, N. Y.
. 0. Harrison), Westcheste
-The $3,000
-CERTIFICATE SALE.
SPENCER,Tioga County, N. Y.
la•
36,000 coupon or registered school bonds offered on Aug. 8-V. 127. at
offered on August
5% fire station construction certificates of indebtedness
1-were awarded to Dewey, Bacon & Co. of New York, as 4.40s,
-were awarded to the Farmers & Merchants Bank of
0.21, a basis of about 4.38%. Dated Aug. 1, 1928. Due Aug. 1,1928. 6-V. 127. p. 449The certificates are dated August 15 1928 and mature
Spencer, at par.
on Aug. 1, 1930 to 1953 inclusive.
ue $14,000,
were submitted.
on June 15, from 1929 to 1932 incl. No other bids
$750
ST. CLAIR COUNTY SCHOOL DISTRICT NO. 189 (P. 0. Belle.
-BOND
Pa.
SPRING CITY SCHOOL DISTRICT, Chester County, July 18-V.
-All bids submitted on August 6-V. 127,
-BIDS REJECTED.
lie), III.
bonds offered on
coupon school
581-for the purchase of an issue of $350,000 4%% school bonds sched- SALE -The $100.000 4%% to A. B. Leach & Co. of Philadelphia, at a
-were awarded
rejected. The bonds are dated August 1 1928 126, p. 4122
ed to have been sold were
July 1,
premium of $800 equal to 100.80, a basis of about 4.19%. Dated
d mature $50.000. August 1 1936 to 1942 incl.
1928. Due July 1, as follows: $5,000. 1933; $10,000, 1938; 315.000, 1943:
-BOND OFFERING.
-J. R. $20,000, 1948; and $25,000, 1953 and 1958.
ST. JOSEPH, Berrien County, Mich.
tone, City Clerk, will receive sealed bids until 8 P. in. Aug. 15, for the
0.
SPRINGFIELD CONSOLIDATED SCHOOL DISTRICT (P. urchase of the following issues of bonds rate of interest not to exceed
-BOND DESCRIPTION.
Springfield), Orangeburg County, S. C.
:
&
$50.000 issue of school bonds recently awarded to Ryan. Sutherland
Oct. 15 1929 to 1937 inclusive.
The
14,400 paving bonds. Due $1,600,
-is more fully described
price of 103.22-V. 127, p. 582
13.500 special assessment improvement bonds. Due Oct. 15 1929 to Co. of Toledo at a semi-annual bonds in $1,000 denoms. Dated July 1.
as follows: 534%
1937 inclusive.
July 1, 1943
1928. Due 32.000 from July 1, 1933 to 1942 and $3,000 from
A certified check for 5% of the bonds offered is required.
all incl. Basis of about 5.18%.
-BOND OFFERING. to 1952,
ST.JOSEPH COUNTY (P.O.South Bend),Ind.
-R. L. Day
SALE.
-BOND
STAMFORD, Fairfield County, Conn.
Sealed bids will be received by D. J. Campbell, County Treasurer, until
were awarded on August 9, an issue of $350,000 public
0 a. in. August 15, for the purchase of an issue of $20,000 Olive Township & Co. of Boston, bearing interest at the rate of 431% at 100.159. The
% coupon road bonds. Dated August 1 1928. Denoms. $1,000. Due improvement bonds
1929 to 1948 inclusive. H. L.
loan matures in annual instalments fromother bidders offering 100.07 for
1,000, May and Nov. 15 1929 to 1938 incl.
New York were the only
-BOND SALE.- Allen & Co. of
Bend), Ind.
ST. JOSEPH COUNTY (P. 0. South
the bonds.
he City Securities Corp. of Indianapolis was awarded on August 6, an
AND IMPROVEMENT DISue of $55,000 4% road bonds maturing semi-annually from 1929 to
STARR COUNTY WATER CONTROL
M
-At a special
-BONDS VOTED.
TRICT NO. 1 (P.O. Rio Grande), Tex.
938 incl.; at a premium of $57.00 equal to a rpice of 100.10.
$1.500.000 in
held on Aug. 1 the voters approved the issuance of
of the first county irrigation project. It is
ST. LOUIS,Mo.-CITY TO BORROW 34,000.000.-A report in the St. election
development
" of Aug. 4 states that the city finds it necessary bonds for the
sale.
Ws "Globe-Democrat
that the bonds will shortly be offered for
• borrow partly because of the large public improvement program that is reported
-The 39.350
SALE.
o be started and partly because of the decreased tax payments. The
STARK COUNTY (P. 0. Knox), Ind.-BOND improvement bonds
$7,300 issue of 5%
rtiele, in part, reads as follows:
5% road improvement bonds and -were awarded to the Fletcher Savings
Comptroller Nolte was given authority by the Board of Estimate and offered on Aug. 1-V. 127, p. 582
to 100.65.
PPortionment yesterday to borrow $4,000,000 from local banks to meet & Trust Co. of Indianapolis, at a premium of $108.40. equal
bid
urrent expenses of the city until heavy tax collections begin three months The bonds mature semi-annually from 1929 to 1938 incl. No other
rom now.
submitted.
Government average about $2,000,000 a month was
Expenses of the City
DISTRICT (P. 0.
STEAMBOAT ROCK CONSOLIDATED SCHOOL
• nd the city now has on hand about $2,200,000. The loan will be negotiINFORted through the chairman of the St. Louis Clearing House Association Steamboat Rock), Hardin County, lowa.-ADDITIONAL
p.
Nolte does not yet know MATION-The $50,000 issue of school bonds that was purchased-V.
nd will begin about Aug 15. Comptroller
-bore interest at 4% and was awarded to Geo. M. Bechtel &
719
hat rate of interest the el& will have to pay. The last loan of this kind
as made in 1922, when 31,500.000 was borrowed. The city paid 4J% Co. of Davenport at apr.
-The
-BOND SALE.
nterest at that time.
STRUTHERS, Mahoning County, Ohio.
Aug.
-Unofficial returns of the special
-BONDS VOTED.
5% special assessment street and paving bonds offered on at a
SAINT LOUIS,MO.
-indicated that the proposed bond $48,964.04 p. 582
127. p. 719
-were awarded to W. K. Terry & Co. of Toledo,
lection held on Aug. 7-V.
3-V. 127.
Dated July
ue for $2,000,000 to construct a municipal airport had been approved premium of $281. equal to 100.57, a basis of about 4.86%. 35.000, 1931
.y
• a largo majority. The following is taken from the St. Louis "Globe 15 1928. Due Oct. 15, as follows: 35.000. 1929: 36,000, 1930;
Democrat" of Aug.8:
36,000, 1932; 34.964.4, 1933; 36,000, 1934; 35,000. 1935; 36.000, 1936::
scattered
Unofficial returns last night from 212 precincts favor of through the and $5,000. 1937. Other bids were as follows:
the $2,000,000
showed a total of 24,496 votes in
wenty-eight wards
The bid of the Herrick Co. was for 5%% bonds:
Premium.
Airport bond issue proposal and 5,254 against it. It appeared the six to
Bidder$260.00
one majority would be maintained and perhaps surpassed. The vote in First National Co
256.00
-election predictions, might ballot against Asset, Goetz & Moerlein
wards which, according to pre
180,00
the proposal was practically in, and with returns from the West End wards N S.11111 & Co
171.37
majority might bo increased.
it was thought the
Otis & CO
153.00
SCHOOL DISTRICT (P. 0. San Diego), Detroit Security & Trust Co
SAN DIEGO COUNTY
89.00
& Mayer
-Sealed bids will be received until 11.15 a. in, Seasongood
-BOND OFFERING.
5144..690
0
Calif.
Irving Co
on Aug. 13 by J. B. McLees, County Clerk, for the purchase of a $16,000 Weil, Roth &
District bonds. Int. rate is not to exceed Provident Savings Bank & Trust Co
issue Chula Vista Union School
-The
Due $2,000 from July 16
-BOND OFFERING.
5%. Denom. $1.000. Dated July 16 1928. rates may
SUMMIT COUNTY (P. o. Akron). Ohio
be made. Prin. following issues of bonds aggregating $362,050 offered on August 6-V. 127.
1931 to 1938, incl. Alternate bids at different
premium
and int. (J. & J. 16) payable at the County Treasurer's office. Approving p.449
-were awarded to the Herrick Co. of Cleveland,at 434s,at a
opinion of Orrick, Palmer & Dahlquist of San Francisco will be furnished. of $515 equal to 100.13, a basis of about 4.72%•
Due Oct. 1 as folA certified chock for 3% must accompany the bid.
$103,000 special assessment road improvement bonds.1931; $11.000. 1932:
Financial Statement.
lows: 310.000, 1929; 311,000, 1930: 310,000,
310,000. 1935 to 1938 incl.
$2,983.734
$10,000, 1933; 311,000, 1934, and
Assessed valuation-1928
$4,800, 1928.
89.000
67.800 sewer improvement bonds. Due Oct. I as follows:
Bonded debt
and 37.000, 1929 to 1937 incl.
5,850
Population
bonds. Due Oct. 1 as folt
32,250 special assessment road improvemen$3,000, 1930: 34.000. 1931:
.Area-91 sq. mile.
lows: $3,000, 1928; $4,000. 1929:
-BONDS VOTED.$3,250, 1937.
SAN FERNANDO Los Angeles County, Calif.
$3,000 and 1933: 33,000. 1934 to 1936 incl., and I 1928 to 1936.
held on Aug. 2 the voters authorized the issuance of
At a special election
29,000 bridge construction bonds. Due $3,000, Oct.
$80,000 in bonds for the purchase of a public park by a count of 1C4 for to
incl., and $2.000, 1937.
13 against.
Dated June 1 1928.
.
-The $20,000
-BOND SALE.
SAN LEANDRO SCHOOL DISTRICT (P. 0. San Leandro), Ala
TARENTUM, Allegheny County, Pa.
-The $20.000 issue of 5% school
-BOND SALE.
-were awarded
meda County, Calif.
4%% borough bonds offered on August 6-V. 127. p. 449 of $222 equal
premium
offered for sale on July 30-V. 127. p. 581-was awarded to R. 11
bonds
to the Mellon National Bank of Pittsburgh, at a
Moulton & Co. of Los Angeles for a premium of $1,545, equal to 107.725, to 101.41, a basis of about 4.35%. Dated August 1, 1928. Due 35.000,
a basis ofabout 4.37%. Due in 1945 and 1946. The other bidders and their August 1,1933; 1938,1943 and 1948. Other bids were as follows:
Crocker First National Co.. $1.518; Dean Witter &
Rate Bid.
bids were as follows:
llt er101.13
Co., $1,387; Wooden & Co., $1,342; American National Co.,$1,278; Heller A. B. Leach & Co
100.30
$1,269 and Anglo London-Paris Co., 31.220.
Bruce & Co.,
J. H. Holmes & Co.
100.015
COUNTY SCHOOL DISTRICTS (P. 0. San Jose), W.H. Newbold's Sons
SANTA CLARA
100.31
-BOND SALE -The two issues of 5% bonds aggregating $44.000 Prescott Lyon & Co
Calif.
-were awarded
-An issue
-NOTE SALE.
offered for sale on Aug. 6-V. 127, p. 448 Warden & Co. as follows:
TENNESSEE, State of (P. 0. Nashville).
of San Francisco
bonds to
awarded on
330,000 Encinal School District
of $1,500,000 5% Smoky Mountain National Park notes was
for a premium of $551,equal to 101.836, a basis of about 4.78%. Aug.9 to the American National Co.of Nashville for a premium of $767.50.
Dated Aug. 9 1928. Due in
to 1948, incl.
Duo from 1929
equal to 100.0511. a basis of about 4.87%.
California
14,000 Mountain View School Districts bonds to the equal to National six months.
102.792, a
Co. of San Francisco for a premium of $391,
Chateau),
TETON COUNTY SCHOOL DISTRICT NO. 44 (P. 0.L.Scarrow.
Due from 1029 to 1942, incl.
basis of about 4.56%.
-Sealed bids will be received by D.
-BOND OFFERING.
Mont.
school
(P. 0. Scotch Plains)
SCOTCH PLAINS TOWNSHIP-R. L. Stretton, Township Union Clerk of the Board of Trustees, for the purchase of an issue of 31,200
Clerk
-BOND OFFERING.
$200 certified check must accompany the bid.
County N. J.
p. m. (daylight saving time) Septembe; bonds. A
-Sealed
Will receive sealed bids until 8:30
-BOND OFFERING.
TEXARKANA, Miller County, Ark. Nancarrow, Mayor, for the
coupon or registered
14, for the purchase of an issue of $100.000 and to be stated in atownship
42, S. C.
5%
multiple bids will be received until Sept. 5 7 semi-annual improvement bonds.
hall bonds-interest rate not to exceed Denoms. $1000. Due Oct. 1, as purche of a $317,000 issue of 4
, o
as
of % of 1%. Dated Oct. 1, 1928.
certified check, payable to the city,
193 to 1968 incl. Prin. Due from 1931 to 1962. incl. A 35,
follows: $2.000. 1929 to 1948 incl.; and $3,000.
the bid.
Plains.
and int. payable at the First State Bank, Scotchofficial for A certified must accompanybonds unsuccessfully offered on July 6-V. 127.P 300.)
the
2% of the
(These are
eaock payable to the order of the above-mentioned
858
FINANCIAL CHRONICLE
TILLAMOOK COUNTY SCHOOL DISTRICT NO. 31 (P. 0. Bay
City), Ore.
-BOND SALE.
-The $10.000
of 53(%
offered for sale on July 27-V. 127, p. 582 Issueawarded toschool bonds
-was
mens Trust Co. of Portland at par. Dated Aug. 1 1928. the Lumberfrom Aug. 1 1931 to 1940.Incl. No other bids were submitted. Due $1,000
TONAWANDA, Erie County, N. Y.
-BOND OFFERING.
-Sealed
bids will be received by the Mayor and Common Council, until
m. Aug.
20, for the purchase of the following issues of 4M% bonds 8 p.
aggregating
*40.000:
$20,000 Delaware and Young Sts. water mains bonds. Due $1,000, July
1, 1934 to 1953 incl.
20,000 Adam and Main Sts. water mains bonds. Due $1,000. July
I
1934 to 1953 inclusive.
Both Issues are dated July 1 1928. Denoms. $1,000. Prin. and int.
payable at the Chase National Bank, New York City. A certified check
of $500 for each issue payable to the order of the City Treasurer, 1.4 required.
Legality to be approved by Thomson. Wood & Hoffman of New York City.
TFtANSYLVANIA COUNTY (P. 0. Brevard), N. C.
-NOTE OFFERING.
-Sealed bids will be received until 10 a. m. on Aug. 22 by Ira D
Galloway, Clerk of the Board of County Commissioners, for the purchase
of an issue of $150.000 5% coupon revenue anticipation notes. Denom.
$5,000. Dated July 2 1928 and due on July 2 1929. Prin. and int. is
payable at the Chase Nationil Bank in New York City. A certified check
for 2% par of the bid, payable to the County. is required.
WALKER COUNTY (P.O. Huntsville), Tex.
-BONDS NOT SOLD.
The $400,000 issue of 5% coupon, special road series L bonds offered for
sale on Aug. 8-V. 127, p. 582
-was not sold as all bids were rejected.
Dated Aug. 1. 1928. Due from Aug. 1, 192910 1958, inclusive.
BONDS REGISTERED.
-The above issue of bonds was registered on
Aug. 4 by State Comptroller G. N. Holton. They were also approved by
the Attorney-General.
[VoL. 127.
WELLESLEY, Norfolk County, Mass.
-TEMPORARY LOAN.
The $50.000 temporary loan dated Aug. 6 1928 and maturing on
Dec.
1928 offered on Aug. 6-V. 127. p. 720
-was awarded to the Welled
National Bank, on a 4.62% discount basis. The Old Colony Corp.
Boston, was the next highest bidder offering to discount the loan
on
4.67% basis.
WEYMOUTH, Norfolk County, Mass.
-TEMPORARY LOAN.
The Bank of Commerce & Trust Co. of Boston, was awarded on Aug.
a $100,000 temporary loan maturing on Dec. 20 192800 a 4.725% disco
basis. Other bids were as follows:
BidderDiscount Bast
First National Bank (Boston)
4.77%
Shavrrout Corp. of Boston
4.78%
Old Colony Corp
Salomon Bros. & Hutzler
1..8 R
4
4
WHARTON COUNTY (P. 0. Wharton), Tex.
-BOND SALE.-Th
$200.000 issue of 5M% semi-annual special road bonds offered for sale
o
July 31-V. 127. p. 583
-was awarded to Geo. L. Simpson & Co. of Dallas
for a premium of $8,142, equal to 104.071.
• WICHITA, Sedgwick County, Kan.
-BONDS NOT SOLD.
Issues of 43.4% coupon bonds aggregating 4170,000. offered -The tw
for sale o
July 30-V. 127, p. 583
-were not sold as all the bids were rejected. Th
bonds will be re-offered over the counter at par. They are
described
follows:
$150.000 forum bonds. Dated Aug. 1, 1928. Due $15,000 from 192
to 1938 inclusive.
20,000 airport bonds. Dated July 1 1928. Due $2,000
from 1929
1938 inclusive.
Denom. $1,000. Int. is payable semi-annually.
All bids are made and will be received subject to thefollowing
conditions:
First: That the said bonds are required by law
State's School Fund Commission which commissionto be submitted to th
VANDERBURGH COUNTY (P. 0. Evansville), Ind.
-NO BIDS.
has the option to take
- or reject
the same. If taken in whole or part by said school fund commL
The $72,000 4% tuberculosis hospital bonds offered on Aug. 1-V. 127, P.
3968
-were not sold as no bids were submitted for the bonds. S. B. Bell, skin, the bonds so taken will not be included in this sale. Each
County Auditor attributes the lack of bids to the low rate of interest and Is required to state whether his bid covers the whole or part of said bidder
bonds
and whether he will take such portion thereof
states that the bonds will be reoffered as 4Ms as soon as possible.
as has not been taken by th
State School Fund Commission.
VANDERBURGH COUNTY (P. 0. Evansville), Ind.
Second: All proposals and
-BOND OFFERING.
-Sealed bids will be received by Charles 0. Wesselman, County Commissioners of the City of bids are subject to the right of the Board o
Wichita to reject any and all of said bids.
Treasurer, until 10 a. m. August 13, for the purchase of an issue of $15,400
4M% Henry G. Tiernan et al Perry Township road improvement bonds.
WILLISTON, Williams County, N. Dak.-l3OND
-The $52,500 issue of 5)4% refunding special improvement bondsSALE.
Due on May and Nov. 15. from 1929 to 1938 incl.
offered for saloon
July 30-V. 127, p. 450
-was awarded to the First National Bank of
WADSWCRTH, Medina County, Ohio.
Williston. Due from July 1, 1931 to 1948, inclusive.
-BOND OFFERING.
bids will be received by W. G. Bowman, Village Clerk, until 12 m.-Sealed
Aug. 11,
WOOD COUNTY SCHOOL DISTRICTS (P. 0. Quitman), Tex.
for the purchase of an issue of $10,000 57', water main construction bonds.
BONDS REGISTERED.
Dated June 1 1928. I:enonis. 31.000. Due 31,000, Oct. 1. 1929 to 1938
-On Aug. 2 the following four issues of 5% serial
Inclusive. Prin. and int. payable at the office of the Village Treasurer. bonds were registered by State Comptroller G. N. Holton: $4,000 consolidated school district No. 17 bonds: $3,800 consolidated school district
certified check payable to the order of the above-mentioned official
A
No.
for 31 bonds: $3,000 consolidated
2% of the bonds offered is required.
scnool district No. 36 bonds and $2,000 consolidated school district No. 45 bonds.
WARREN COUNTY (P.O. Indianola), lowa.-BOND OFFERING.
WORTH COUNTY (P. 0. Northwood), Iowa.
Bids will be received until 2 p. in. on Aug. 31. by J. C. Hendrickson,
-BOND OFFERING.
County Treasurer, for the purchase of an issue of *125,000 annual primary -Bids will be received by Louie Mostrom, County Treasurer, until 2 p. m.
on Aug. 16, for the purchase of an issue of *150.000
bonds. Denom. $1,000. Dated Sept. 1 1928. Due on May
road
45.i
1 as road bonds. Denom.$1.000. Dated Sept. 11928. Due% annual primary
follows: $10,000, 1934 to 1938 and $15,000. 1939 to 1943, all incl. Op*15,000 from May
tional after five years. After all the open bids are in sealed bids will be 1 1934 to 1943, incl. Optional after May 1 1933. Sealed bids will bo
opened when all the open bids are in. Blank bonds to be furnished
opened. Blank bonds are to be furnished by purchaser. Chapman
& purchaser. County will furnish legal approval of Chapman Sr Cutler by
Cutler of Chicago will furnish approving opinion at expense of the county.
of
A certified check for 3% of the bonds, payable to the County Treasurer, Chicago. A certified check for 3% of the bonds, payable to the County %
Treasurer, is required.
roust accompany bid.
WARREN COUNTY (P. 0. Vicksburg), Miss.
-BOND DESCRIPTION.
-The $250,000 issue of 4M% coupon or registered road bonds that
was recently purchased by Prudden & Co. of Toledo at a price of 100.16V. 127, p. 582
-is fully described as follows: Denom. $1.000. Dated June
1 1928, and due on June 1. as follows: $4,000, 1929 to 1933: $8.000.
to 1943 and $10,000. 1944 to 1953, all incl. Prin. and int. (J. &1934
D.)
payable at the American Exchange-Irving Trust Co. of New York City.
Basis of about 4.72%.
WATERFORD TOWNSHIP SCHOOL DISTRICT NO. 1 (P. 0.
Pontiac R. F. D. No. 5), Oakland County, Mich.
-BOND SALE.
The Detroit Co. and the Security Trust Co., both of Detroit. jointly purchased an Issue of $100,000 school bonds and an issue of $25,000 school
bonds as 4(s. at premium of $1,645 equal to 101.316.
WAYLAND UNION FREE SCHOOL DISTRICT NO. 1 (P. 0. Wayland), Steuben County, N. Y.
-BOND OFFERING.
-H. V. Pratt,
Secretary Board of Education, will receive sealed bids until 5 p. m.(standard
time Aug. 21,for the purchase of an issue of 3139.000 coupon or registered
school bonds
-rate of interest not to exceed 4M% and to be stated in a
multiple of 1-10th Or Li' of 1%. Dated July 1 1928. Due July
lows: $1.000, 1930: $2.000, 1931: 43,000, 1932: *4,000, 1913 and 1 as fol*5,000. 1935 to 1959 incl. Prin. and int. payable in gold at 1934: and
National Bank. Wayland. A certified check payable to Harry the First
E. Rogers,
Treasurer, for 5% of the bonds offered is required. Legality approved
by
Clay, Dillon & 'Vandewater of New York
These are the bonds
offered unsuccessfully as 434s on June 12-V. City. 3637.
126, p.
WEATHERFORD, Custer County, Okla.
-BOND
-Two
Issues of bonds aggregating $55,000, have been purchased SALE.
National Bank of Weatherford. The issues are divided as by the Liberty
follows: $45,000
sanitary sewer bonds and $10,000 park bonds.
WELLESLEY, Norfolk County, Mass.
-BOND OFFERING.
-Sealed
bids will be received by George S. Perkins, Town
(daylight saving time). August 20, for the purchaseTreasurer, until 12 m.
cf the following issues
coupon bonds aggregating $142,000:
of 4%
*60.000 water extension bonds. Due 34,000, Sept. 1 1929 to 1943 incl.
42,000 fire station bonds. Due Sept. 1, as follows: $3,000. 1929 and
1930;
and $2,000. 1931 to 1948 incl.
40.000 sewer extension bonds. Due $2,000, Sept. 1 1929 to 1948 incl.
Dated Sept. 1 1928. Denoms. 31.000, Prin. and int. payable at
Boston Safe Deposit & Trust Co.. Boston. Legality to be approved the
by
Ropes. Gray, Boyden Sz Perkins of Boston.
FINANCIAL
We Specialize in
City of Philadelphia
3s
32
/
1
8
48
41 4
/
,
41 2s
/
5s
51/ 8
4
51/
2s
Biddle & Henry
1522 Locust Street
Philadelphia
Private 1Vtro to New York
Call alma! 8.437
CANADA, its Provinces and Municipalities.
CAP A L'AIGLE, QUe.-BOND SALE.
-An issue of $11.500 bonds
bearing interest at the rate of 5% and maturing serially from 1929 to
1948
incl. was recently awarded to Ernest Savard,at 99.50 a basis of about 5.05%.
FORT CITY, Ont.-BONDS AUTHORIZED.
-The Roman Catholics
Separate School Board according to the August 3 issue of the "Monetary
Times" of Toronto, has passed a $35,000 534% 30
-instalment debenture
by-law.
GRAND BAIE, Que,-BOND OFFERING.
-F. Bergeron, SecretaryTreasurer, will receive sealed bids until 7 p. m. August 13, for the purchase
of an issue of $35,000 5% 30
-year serial bonds payable at Grand Bale,
Montreal and Quebec in denoms. of $500 and $100.
RICHMOND, Que.-NO BIDS.
-No bids were submitted for the issue
of *60,000 school bonds offered for sale on Aug. 1-V. 127, p. 302
-according to the Secretary-Treasurer. The bonds when issued will bear interest
at the rate of 57 and mature serially from 1929 to 1968, incl.
Denoms.
$1,000, $500 and $100. Int. payable on Dec. 1.
ST. HYACINTHE, QUO.
-BOND SALE.
-L. G. Beaubien & Co. were
recently awarded 3250,000 30
-year bonds at prices ranging from 100.05
to 100.07 according to a report in the August 3 issue of the "Monetary
Times" of Toronto. The bonds it is stated bear interest at the rate of 5%.
ST. SIMEON,
OFFERING.
-Sealed bids will be received
by A. Tremblay,Ous.-BOND
Secretary-Treasurer, until 10 a. m. August 13. for the
Purchase of an issue of $7,000 20
-year serial bonds. Dated June 1 1928.
In denoms. of $150 and $100. No interest rate specified.
Bond Offering.
-The above-mentioned official will receive sealed bids
the same date at 10 a. m. for the purchase of an issue of *9.000 25 on
-year
serial bonds. Denoms. $150 and $100. No interest rate specified.
SMITH'S FALLS, Ont.-BOND SALE.
-R. A. Daly & Co. of
were recently awarded an issue of s59,710 bonds maturing in 10 Toronto
and 20
instalments, at 100.27, a basis of about 4.97%. The bonds bear Interest
at tho rate of 5%.
WOODSTOCK, N. B.
-BOND SALE.
Securities Corp.
-The
was recently awarded an issue of *30.000 5% 15Eastern
-instalments water works
debentures according to the August 3 issue of the "Monetary Times" of
Toronto. The bonds we understand
being offered for investment at
prices yielding from 4.75 to 5.00%. are
FINANCIAL
FINANCIAL
WHITTLESEY
MeLEAN &COt
J. J. B. HILLIARD & SON
MUNICIPAL BONDS
PENOBSCOT BLDG., DETROIT
Members New York Stock Exchange
Investment Bonds
Louisville Securities
419 W. Jefferson St.. LOUISVILLE.KY
MINING ENGINEERS
H. M. CHANCE & CO.
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIES
4
Examined, Managed, Appraised
Oresoll Building
PHILADELPHIA
CITY OF LOUISVILLE
BONDS
Henning Chambers & Co.
Members N Y Stock Buhl:nes
LOUISVILLE. KY..
31 W.Jefferson St.
@FedFRASER