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The
°Malarial
VOL. 127.
financial
rtitude
SATURDAY AUGUST 18 1928.
financial Thronicte
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The Financial Situation.
While the acceptance speech of Secretary Hoover
contains many admirable features, as we point out
in a separate article on a subsequent page, it offers
no prospect of relief to that class of taxpayers upon
whom the burden of the income and surtaxes rests
with especial severity. There have been successive
reductions of the income taxes, just as Mr. Hoover
says, but they have been mainly for the benefit of
the taxpayers at the two extremes of the tax lists;
namely the taxpayers of very small incomes and
the taxpayers with the very largest incomes. That
great body of taxpayers with moderately large
incomes lying between the two extremes mentioned,
has fared badly in these successive tax reductions
and upon them the burden is still a very oppressive one.
The reason for referring to the matter now is
that Mr. Hoover in his acceptance speech sees fit
to enumerate the relief granted at the lower extreme as a strong point in the accomplishments of
the administration of the government by the Republican Party during the last seven and a half years.
Mr. Hoover says: "Taxes have been reduced four
successive times. These reductions have been math
in the particular interest of the smaller taxpayers.
For this purpose taxes upon articles of consumption and popular service have been removed. The
income tax rolls to-day show a reduction of 80%
in. the total revenue collected on incomes under $10,000 per year, while they show a reduction of only
25% in revenues from incomes above that amount."
Mr. Hoover regards this discrimination in favor of
the smaller taxpayers as a commendable feature and
for which the Republican administration should be
given due credit.
NO. 3295.
It is worth noting that another Cabinet member
of the Coolidge administration—no less a person
than Secretary Mellon—has in the past taken a different view of the matter. He has not hesitated to
refer to the tendency to cut and eliminate taxes at
the lower end, to the disadvantage of other classes
of taxpayers, as occasion for criticism, rather than
the reverse. In his annual report last December and
in his statement made before the House Ways and
Means Committee on Oct. 31, Mr. Mellon expressed
himself very freely on the subject. In his annual report,in analyzing the income returns under the 1924
and 1926 tax laws, he declared that "the income
tax in this country has become a class rather than
a national tax." For the calendar year 1925 327,018 individuals with net income of $10,000 and over
returned, he pointed out, $701,497,726 out of a total of $734,555,183 of income taxes collected, and
2,174,148 individuals returned the remaining tax of
approximately 433,000,000. "According to these returns less than three-tenths of 1% of our population
returned 951 2% of our total income tax, about 1.9%
/
returned 41 2%,and the remaining 97.8% of the pop/
ulation returned no tax whatever."
The truth is, however, that it has been not only
the smaller taxpayers that have been so graciously
benefited, but also the taxpayers at the other end—
those in enjoyment of extremely large incomes. One
illustration of the truth of this statement will appear when we say that in the 1926 tax revision the
maximum of the surtax was reduced from 40% to
20%, a reduction in itself not open to objection, but
whereas the former 40% tax was not reached until
the income exceeded $500,000 a year, the new maximum of 20% was made applicable on amounts of
income beginning as -low down as $100,000. Secretary Mellon recognized the inequity of such a proceeding and in his statement before the House Ways
and Means Committee on Oct. 31 last recommended a
reduction and readjustment of the surtax schedules
so as to deal more justly with the class of taxpayers
in the so-called intermediate brackets. Mr. Mellon
in the statement referred to said: "While there was
a readjustment of the intermediate surtax rates
(referring to the tax revision of 1926), the effect
of the drastic cut in the maximum surtax rates and
the sharp reduction in normal rates was to benefit
the small taxpayers and the large taxpayers somewhat more than those whose taxable incomes fall
in the brackets running from $10,000 to $70,000.
In view of the above I recommend a revision of the
rates applicable to the so-called.intermediate brackets." But the House paid no heed to the recommendation. The Senate did provide for a readjustment of the surtax schedule, but had to abandon this
feature of its bill when the matter went to conference committees of the two houses. The surtax
860
FINANCIAL CHRONICLE
[VOL. 127.
schedules, with their discrimination against mod- through the purchase of acceptances rather than
erately large incomes, therefore remain the same as of U. S. Government securities. Altogether total
bill and security holdings the present week are $1,before.
Absence of the needed relief is peculiarly hard in 399,839,000, against $1,431,490,000 last week, but
the case of the proprietors of the small corporations comparing with $1,003,253,000 on Aug. 17 last year.
who derive their entire income from the corpora- The amount of Federal Reserve notes in circulation
tion. The Federal corporation tax was the present further increased during the week from $1,627,586,year lowered, but still is 12%. In addition there is 000 to $1,638,622,000 and gold reserves have risen
2
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/
in New York a State corporation tax of 4 %, from $2,605,416,000 to $2,612,592,000. It will be renet income which called that on Friday of last week it was reported
2
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/
making altogether 16 % of its
the corporation itself has to pay. Then the surtax that £625,000 gold had been bought in London for
rates have to be added. These begin with net in- account of the Federal Reserve Bank of New York.
comes of $10,000 and reach their maximum of 20% The Federal Reserve statements the present week
on income above $100,000. Adding this 20% to the show the presence of no such item, indicating very
2
1
/
2
1
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16 %, it is found that 36 % has to be paid on plainly that no gold was bought in England for acincome in excess of $100,000. But that is not all. count of the Reserve institutions.
There is in New York also a State personal income
The stock market the present week has again
tax to be paid. This is a graded tax and runs from
rate applying on the in- 'been under domination of the course of money rates.
1% to 3%, the maximum
come over $50,000. Altogether, we have here a to- On Monday call loans on the Stock Exchange still
2
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2
1
/
tal tax of 39 % to pay on the portion of the in- ruled at 7 %, all loans on that day having been
come in excess of $100,000. In other words, out of made at that figure, including renewals. Even on
2
1
/
every $1,000 of income, $395 has to be paid over to Tuesday the renewal rate was still 7 %, though
the State and National Governments combined, on in the afternoon some now loans were negotiated
/
income over $100,000. And this ten years after the at 612%. The market was weak all around on that
close of the war! It is a pity that Mr. Hoover could day with large and general declines in prices, after
not see his way clear to offering any express relief having shown more or less irregularity on Monday.
On Wednesday, however, the entire complexion of
in that particular.
speculation changed and the market now swung upIt is gratifying to be able to state that the Fed- ward with great rapidity; the renewal charge for
eral Reserve statements the present week wear a standing call loans was marked down to 7% and
more assuring look than heretofore. Apparently the as the day advanced there was a drop in the rate on
2
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credit situation is now improving somewhat, even new loans to 5 %. On Thursday the renewal
if only in a slow way. Brokers' loans show a sub- charge was lowered to 6% and new loans were made
2
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stantial decrease after the increase of the two weeks in the afternoon at 4 %. Accordingly, the stock
preceding. The reduction for the week is over $50,- market now became positively buoyant. On Fri000,000, the total of these loans to brokers and deal- day the call loan renewal charge was marked down
ers (secured by stocks and bonds) having fallen to 5% and the tone of the stock market was further
from $4,273,884,000 Aug. 8 to $4,223,230,000 Aug. strengthened by the news that brokers' loans dur15. More than the whole of the decrease is found ing the week had been reduced in amount of over
in the loans made by the 45 reporting member banks $50,000,000. As a result, the speculation for higher
for their own account. These loans for own ac- prices gained new headway, though a sudden and
count are down to $783,437,000 Aug. 15, against unexpected spurt in the call money rate in the after$860,487,000 Aug. 8 and $1,022,037,000 on Aug. 17 noon to 7% had a dampening effect and induced relast year. On the other hand, the loans made for alizing sales, under which a part of the early adaccount of out-of-town banks increased during the vances were lost. Under the revival of speculation;
week from $1,549,423,000 to $1,579,742,000. Loans the latter part of the week, the volume of trading
"for account of others" this time also show a de- increased and speculative confidence also increased.
crease, though only slight, beifig now $1,860,051,000 On Monday the dealings aggregated 1,665,310 shares,
against $1,863,974,000 on Aug. 8, but comparing on Tuesday 2,189,831 shares, on Wednesday 2,598,900 shares, on Thursday 2,877,340 shares, and on
with only $918,796,000 on Aug. 17 last year.
There has likewise been a slight change for the Friday 2,899,800 shares. In the Curb Market transbetter in the Federal Reserve's own statements. actions aggregated 305,050 shares on Monday, 353,Member bank borrowing at the twelve Reserve insti- 695 shares on Tuesday, 382,095 shares on Wednestutions is still above a billion dollars, but at least day, 364,745 shares on Thursday and 347,105 shares
the amount has been reduced during the week by on Friday.
As a result of the rise the last half of the week,
$58,751,000, the total for Aug. 15 being $1,002,534,
000, as against $1,061,285,000 Aug. 8. At the Fed- prices closed yesterday as a rule substantially higheral Reserve Bank of New York by itself the dis- er than on Friday last, notwithstanding the sharp
counts have been reduced from $329,393,000 to decline which occurred earlier in the week. Gen$274,575,000, showing that the greater part of the eral Motors stock was one of the weak features early
improvement has occurred in this Reserve district. in the week and indeed precipitated the general deHoldings of U. S. Government securities have also cline which occurred on Tuesday. There were rubeen slightly further reduced, being now $206,413,- mors then, which, however, found no confirmation,
000, against $207,868,000 a week ago. On the other that Mr. Raskob was disposing of his holdings and
hand, however, holdings of acceptances have in- the coincident advance of Chrysler gave rise to recreased during the week from $161,847,000 to $189,- ports that Mr. Raskob was acquiring an interest in
902,000, giving plausibility to the reports which the latter property. General Motors shares sold
2
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2
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have been current that the Reserve banks intended down to 176 on Tuesday from 183 on Saturin a moderate way to supply funds to the market day, but after that recovered all of their loss and
Aua. 18 1928.1
FINANCIAL CHRONICLE
touched 187/ on Friday with the close at 185%,
3
4
against 183% on Friday of last week. Chrysler,
/
4
after selling up from 913 on Aug. 11 to 9834 on
/
Aug. 15, later lost the greater part of its advance
and closed yesterday at 94%, against 94% the close
on Friday of last week. All the motor stocks register material advances for the week. Studebaker
closed yesterday at 72% against 70% on Friday of
last week; Packard closed at 80% against 75; Nash
/
at 86 against 8358; Hudson at 80% against 79, and
/
.
Hupp at 61% against 5938 In the rubber group
U. S. Rubber common closed yesterday at 3214
/
against 32 the previous Friday, and the preferred
/
at 611 8 against 60%; Goodyear Tire & Rubber
closed at 55 against 5378 and B. F. Goodrich at
/,
76 against 75%. In the oil group Atlantic Refining
has been a conspicuous feature of strength; it closed
yesterday at 165%, against 154 the previous Friday; Marland Oil closed at 37% against 36%, and
Standard Oil of N. J. at 4538 against 4478
/
/
.
In the steel group U. S. Steel common distinguished itself last Saturday for a sharp rise in a
dull market and has been a feature of strength the
rest of the week, evidently on the continued activity
of the steel trade. It closed yesterday at 1473
/
4
against 140% on Friday of the previous week. The
independent steel stocks have been keeping it close
company. Bethlehem Steel closed yesterday at 6038
/
against 56% the previous Friday and Ludlum Steel
at 58% against 57. The copper group has continued
to display great strength on the favorable state of
the copper trade. Kennecott Copper closed yesterday at 95% against 94 on Friday of last week; American Smelting & Refining attained a new high for
the year and closed yesterday at 213 against 198 the
previous Friday; Anaconda Copper closed at 66%
/,
against 6558 and Cerro de Pasco at 77 against 76%.
Among the high-priced specialties Montgomery
Ward & Co. closed yesterday at 194% against 197%
the previous Friday; Amer. Tel. & Tel. at 17538
/
against 174; General Electric at 155% against
148%; Allied Chemical & Dye at 18434 against 177;
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Sears-Roebuck & Co. at 129% against 12678 and
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Radio Corporation of America at 18134 against
/
17414
/
.
There was some revival of speculation in the railroad shares on Thursday and Friday, as a result
of which important gains for the week were established. New York Central closed yesterday at 165
against 162 the previous Friday; Baltimore & Ohio
at 106% against 105%; Chesapeake & Ohio at 1823
/
4
against 182; Atchison at 190% against 188%; Canadian Pacific at 206%,against 202%; Great Northern at 97% against 96; Northern Pacific at 95%
/
against 9514; Wabash at 75% against 70%; Union
Pacific at 193% against 193%; Southern Pacific
at 120% against 119; New York Chicago & St. Louis
/
at 12534 against 125; St. Louis-Southwestern at 93
bid against 93%; and St. Louis-San Francisco at
/
11334 against 112%.
861
ment of imports shows a value of only $316,000,000,
which compares with $315,118,000 the revised figures for the preceding month and with $319,298,000
for the corresponding month a year ago.
July exports this year were in excess of the value
of exports reported for any preceding July back to
1920. Imports, however, were smaller in value than
for the corresponding month of any preceding year
back to 1924. Conditions in our foreign trade have
not been wholly satisfactory since the opening of
this year. The tendency toward recession in both
exports and imports, but particularly the latter, has
been plainly much in evidence. The value of foreign shipments as the year advances generally
moves a little lower, at least until the new crops figure in the report in the early autumn. This year to
date the recession has been a little more marked
than usual. Cotton exports, which constitute a
considerable share of our total exports, have shown
quite a reduction in quantity this year to date, but
have contributed a larger sum to the value of the
exports, owing to the higher price at which that
commodity has ruled in the markets.
Merchandise exports last month exceeded those of
a year ago by $40,200,000 and of this amount exports of cotton in July this year alone contributed
$6,675,000. As to quantity, however, exports of
cotton in July were 341,850 bales, or 47,500 bales
less than in July 1927. Three of the seven months
of this year to date have shown smaller exports
than for the preceding year, while the same thing
is true as to imports for four of the seven months
of this year compared with 1927.
Total exports for the seven months this year are
valued at $2,759,533,000, which amount compares
with $2,708,102,000 for the corresponding period
of 1927, an increase of $51,431,000. Practically all
of the latter was in the last two or three months.
Cotton exports for the seven months contributed
very little to the increase—for these seven months
this year the value was $409,756,000, while for the
corresponding period of 1927 cotton exports were
valued at $408,848,600, an increase this year of only
$907,323. On the other hand, exports of cotton as
to quantity for the seven months of this year of
3,896,100 bales were 1,714,600 bales smaller than
similar exports during the corresponding period of
1927. Merchandise imports for the seven months
of 1928 are valued at $2,400,432,000 as compared
with $2,442,473,000 a year ago, a decrease this year
of $42,041,000. The excess of exports this year to
date has been $359,101,000; for the corresponding
period of 1927 the excess of exports was $265,629,000.
Gold exports in July were somewhat less than in
several of the earlier months of the year, the amount
being $74,190,000 while imports were $11,531,000.
For the seven months of 1928 gold exports have been
$529,708,000 and imports $94,507,000, the excess of
exports being $435,201,000. In the corresponding
period of 1927 exports of gold amounted to only
$31,674,000 and imports to $172,110,000, leaving an
excess of imports of $140,436,000. Silver exports
last month were $6,160,000 and silver imports $6,560,000.
Merchandise exports from the United States for
the month of July again showed some increase in
value over last year. While imports were reduced,
being only a trifle heavier than the revised figures
for June and with this exception lower than for any
month since February 1927. Exports last month
Trading on European securities market has been
amounted to $382,000,000 and compare with $388,- more active the past week, and has been accompan636,000 for June and with $341,809,000 for July ied by a firmer trend of prices, than has been wit1927. On the other hand, the preliminary state- nessed since the extremely active sessions of May.
862
FINANCIAL CHRONICLE
The price trend remained uneven to a considerable
extent and the volume of trading was hardly excessive, but a generally more cheerful tone was
nevertheless prevalent. On the London Stock Exchange the oil shares gave perhaps the best account
of themselves as a group, reflecting the continued
improvement in the industry. The Shell group,
Royal Dutch, Burmah, Mexican and Canadian Eagle
were all firm and at times buoyant. Tobaccos and
brewers shares also were carried forward in the
early sessions of the week. Rubber shares were in
increased demand, with little stock to offer. The
Lowenstein companies, Hydro-Electric Securities
and International Holding Company, again dropped
sharply in Monday's trading, but no further pressure was exerted against them thereafter. Imperial
Chemicals was a feature Tuesday, strong demand
sending the shares up sharply. The gilt-edged market showed only trifling variations to Wednesday's
close, but hardened Thursday and yesterday on
gratifying results of British Treasury conversion
operations.
The Paris Bourse, after a quiet start Monday, became extremely active Tuesday, with brisk trading
throughout the session. Considerable purchasing
was noted for foreign account, chiefly Belgian.
Bank shares were particularly in demand. Trading
was resumed Thursday after a legal holiday Wednesday, and the firm tone also was resumed, the
mid-month settlements passing easily. The Berlin
Boerse showed more unsettlement than the other exchanges, rising and falling alternately. Mid-month
settlements exercised a depressing effect Monday.
Whether for this or for other reasons, the directors
of the Boerse decided Tuesday to abolish the midmonth settlements, effective from the first of October. The market moved upward Tuesday led by
mining shares, which English sources were rumored
to be buying. Wednesday's trading was quiet and
uneven, with many traders absent because of a religious holiday. The unevenness was more pronounced Thursday, with bank shares falling, while
Polyphon, Artsilks and the motor fuel stocks moved
upward in lively fashion.
Preparations for signing the multilateral treaty
renouncing war as an instrument of national policy
were virtually completed the past week, August 27
being chosen for the ceremony, while the place will
be the Salle des Horloges of the Quai d'Orsay in
Paris. Discussion continues, meanwhile, as to the
significance of the treaty and the possible consequences of the document to which fifteen world
powers will attach their signatures late this month.
In England some newspapers have suggested the
possibility that the British Government may discontinue work on the huge naval base at Singapore,
pending final ascertainment of the value of the
treaty in preventing warfare. Such suggestions,
however, seem hardly to merit serious consideration
in view of the commercial value of much of the work
at Singapore. President Coolidge, in his summer
retreat in Wisconsin, took pains on August 10 to
make clear to newspaper correspondents that the
national defense policy of the United States Government was not in any way involved with Secretary Kellogg's international peace treaty. "He
made it emphatic," an account in the New York
Herald-Tribune said, "that he did not regard the
[vol.. 127.
Kellogg peace treaty as affecting the army or navy
of the United States, for the given reason that they
were maintained entirely for defensive purposes and
not for aggression." This expression was gratefully
received at Paris, where the impression had prevailed that signing of the treaty might be followed
by an active campaign for reduction of armaments,
and particularly of land armaments, in which
France leads the world.
The remarks made by President Coolidge were
precipitated, apparently, by the "compromise" between England and France under which those Governments agreed to place before the next meeting of
the Preparatory Disarmament Commission of the
League of Nations a new plan which may lead to
reduction of naval armament. Announcement of
this agreement was made in the British House of
Commons July 30 by Sir Austen Chamberlain, Foreign Secretary in the Conservative Government. A
summary was cabled to Washington August 1, but
the impression on Washington seemed to be rather
an unfavorable one. Neither the agreement itself
nor any official summary of it has been published.
It appeared, moreover, that the Kellogg pact is
viewed in the highest British circles as a possible
means for a real decrease in naval armaments. W.
C. Bridgeman, First Lord of the Admiralty, remarked late last week; "With the principal nations
of the world openly declaring that they do not want
war, it seems to me that we are likely to see various
navy budgets being reduced out of sheer economy.
If this should turn out to be a fact, then the Kellogg
pact may be the means of saving us from perpetually
taking trips to Geneva every few months to discuss
a reduction in naval armaments."
President Coolidge again took occasion to refer to
the Kellogg pact on Wednesday of this week, praising it in this instance as holding out a greater hope
for international peace than any ever before given
to the world. The President's remarks were made
at Wausau, Wisconsin, before the Wisconsin State
Convention of the American Legion. After speaking on the World War and the burdens it placed on
civilized society, Mr. Coolidge observed: "It is in
accordance with our determination to refrain from
aggression and build up a sentiment and practice
among nations more favorable to peace . . . that
we have secured the consent of fourteen important
nations to the negotiation of a treaty condemning
recourse to war, renouncing it as an instrument of
national policy, and pledging each other to seek no
solution of their disagreements except by pacific
means. It is hoped other nations will join in this
movement. Had an agreement of this kind been in
existence in 1914, there is every reason to suppose
that it would have saved the situation and delivered
the world from all the misery which was inflicted
by the great war. By taking a leading position in
securing this agreement, which is fraught with so
much hope for the progress of humanity, we have
demonstrated that when we have said we maintained our armaments, not for aggression, but purely for defense, we were making a candid statement
which we were willing to verify by our actions. I
shall not now go into a discussion of the details or
the implications of this agreement other than to
point out that, of course, it detracts nothing from
the right and obligation of ourselves or the other
high contracting parties to maintain an adequate
AITG. 18 1928.]
FINANCIAL CHRONICLE
national defense against any attack, but it does
pledge ourselves not to attack others in consideration for their agreement not to attack us, and to
seek a settlement of our controversies one with another through peaceful means. While it would be
too much to suppose that war has been entirely
banished, yet a new and important barrier, reasonable and honorable, has been set up to prevent it.
This agreement proposes a revolutionary policy
among nations. It holds a greater hope for peaceful relations than was ever before given to the world.
If those who are involved in it, having started it
will finish it, its provisions will prove one of the
greatest blessings ever bestowed upon humanity.
It is a fitting consummation of the first decade of
peace."
Little doubt remained early this week as to who
the plenipotentiaries will be who will sign the documents for their respective Governments on August
27. Berlin dispatches stated definitely, last Sunday,
that Dr. Gustav Stresemann will go to Paris for the
ceremony, thus removing the uncertainty on this
point. The names of the officials who are expected
• to sign the treaty in the order set forth in the preamble, are as follows: United States, Frank B. Kellogg, Secretary of State; France, Aristide Bliand,
Foreign Minister; Belgium, Paul Hymans, Foreign
Minister; Czechoslovakia, Eduard Benes, Foreign
Minister; Great Britain, Lord Cushendun, Acting
Secretary for Foreign Affairs; Canada, Mackenzie
Bing, Prime Minister; Australia, Sir Joseph Cook,
High Commissioner in London; New Zealand, Sir
Christopher James Parr, High Commissioner in
London; South Africa, J. C. Smut, High Commissioner in London; Irish Free State, P. McGilligan,
Minister for External Affairs; India, Lord Cushendun; Germany, Dr. Gustav Stresemann, Foreign
Minister; Italy, G. Grandi, Under Secretary for
Foreign Affairs; Japan, Viscount Yasaya Uchida,
Privy Councilor; Poland, M. Zaleski, Foreign Minister.
863
ish Foreign Office before becoming Ambassador to
Paris. Such an agreement is not signed, as a treaty
would be, but exists in the form of a memorandum
agreed to by the two Foreign Ministers.
This agreement, the Times correspondent adds,
"has been submitted to the other naval powers as a
suggestion of a _program they might adopt in consideration of future naval limitation. If approved
by the other powers, it would become the basis of the
naval discussions at Geneva. If not approved by
the others, it would represent the position the English and French diplomats would support during
the negotiations. It is thus apparent that the
agreement needs the assent of other powers to form
a definite basis of naval limitation. The final basis
might be somewhat different and still win the adherence of England and France. The agreement
represents, then, simply the position England and
France now stand ready to advocate. In the nature
of things, one cannot say what ships now affected
by the agreement will form part of some general
arrangement. The heart of the proposal lies in fly()
provisions, one for limiting cruisers below 10,000
tons and carrying more than 6
-inch guns and the
other for limiting submarines of more than 600 tons.
Even if France and England were to carry the submarine part of the agreement into the form of a
definite treaty, it is apparent that the cruiser limitation plan would not become binding on England
until America accepted it. And it should be further
borne in mind that it is not proposed to limit either
cruisers or submarines on any tonnage or percentage basis, but only by statements by the various
countries of their building programs five years in
advance."
Treaties of arbitration and conciliation were concluded by the United States Government, Thursday,
with the Governments of Austria, Czechoslovakia
and Poland, Secretary of State Frank B. Kellogg
and the three diplomatic envoys of the participating
countries affixing their signatures at the offices of
the Department of State. The texts of all three
treaties were identical and were similar, moreover,
to the Bryan treaties and others that have recently
been concluded between the United States and
France, Italy, Germany, Denmark and Finland.
Similar treaties are eventually to be concluded between the United States and twenty-two nations.
The treaties provide for the arbitration of all disputes between the United States and the contracting parties before the Hague Tribunal or another
competent tribunal, except under the three conditions of: 1, when the subject matter of any dispute
is within the domestic jurisdiction of either of the
contracting parties; 2, When it involves the interests of third parties, and 3, when it depends upon
or involves the maintenance of the traditional attitude of the United States concerning American
questions, commonly described as the Monroe Doctrine. Moreover, any disputes between the contracting parties are to be referred to a commission
of conciliation which shall have one year to make
its report, the parties agreeing not to go to war over
the dispute during that year.
Uncertainty as to the real nature of the agreement for a naval compromise reached between Great
Britain and France has been largely dispelled, even
though the agreement has not been made public.
The first announcment of the agreement was made
in the British House of Commons on July 30 by
Sir Austen Chamberlain, Foreign Secretary. A
summary was cabled to Washington for the information of the United States Government on August
1, and guarded statements by American officials
made it appear that limitation of cruisers carrying
8-inch guns was implied in the agreement. As this
was one of the chief points of difference on which
the Tripartite Naval Limitation Conference broke
up last Summer, functionaries of the State and
Navy Departments in Washington made it clear, in'formally, that the position of the United States Government had not changed in this particular. These
expressions were viewed with some concern in Paris
and London. In the French capital, Edwin L.
James, special correspondent of the New York
Times, ascertained Wednesday that the agreement
does not constitute a treaty. It represents, the
Times account said, an accord in policy between the
two Foreign Offices arrived at through negotiations
Yugoslavia remains in the throes of pronounced
conducted by Philippe Berthelot, Permanent Under internal dissension, with more than a little uncerSecretary of the Qual d'Orsay, and Sir William Ty- tainty as to the course of events in the immediate
rell when he occupied a similar position in the Brit- future. Serbs and Croats have been seriously at
864
FINANCIAL CHRONICLE
[vol.. 127.
Manchuria, and she is using that position to force
the Chinese Government to reconsider its treaty
stand. The forces of the Nanking Government were
able to unify all of China proper in their military
drive northward earlier this year, and were prevented from taking over the Government of Manchuria
only by a Japanese edict forbidding fighting in the
territory. This caused deep resentment throughout
China. Nanking, however, acepted the situation and
proceeded to negotiate with Chang Hsueh-liang, the
hereditary War Lord of Manchuria, for incorporation of the "Three Eastern Provinces" within.the
Nanking regime, at least in so far as foreign policy
was concerned. Success of these negotiations would
have meant that the many Japanese nationals and
the vast Japanese interests in Manchuria would automatically have become subject to the peculiar
procedure of Chinese courts of justice in the event
of abrogation of the Sino-Japanese treaties. AceGrdingly, Japan has been exerting all her influence to prevent union of Manchuria with China on
the one hand, and to prevent the treaty abrogation
on the other hand. Solution of the treaty problem would bring with it a solution of the Manchurian problem.
The developments late last week had an extremely
grave appearance. From reliable sources it was
learned that Baron Hayashi, the Japanese Consul
General at Mukden, had strongly "advised" the
Manchurian Military Governor, Chang Hsueh-liang,
against entering into an alliance with the Nanking
ilovernment. The Japanese official was also said
to have promised Chang Japan's full support if
opposition to this
Relations between the Japanese Government and necessary to suppress by force any
in Manchuria is sufthe Nanking Nationalist Government of China con- policy. The position of Japan
out of any
tinue in an unsatisfactory state and are causing ficiently strong to insure the carrying
this manner. Chang
much uneasiness in Western countries. It would such wishes if expressed in
dispatches of Aug.
appear that most of the uncertainty is due to a Hsueh-liang, according to Tokio
"advice," and informed
degree of ineptness on the part of the Japanese Gov- 13, deferred to the Japanese
suspend neernment in dealing with an exceedingly difficult sit- Baron Hayashi that he had decided to
Govern- gotiations for a compromise with Nanking. In
uation. The negotiations between the two
publicly
ments give every appearance of a strong, military Tokio, meanwhile, Premier Tanaka stated
on on the still weak that Japan would not necessarily oppose an agreepower seeking to exert compulsi
ManNanking Government in the matter of the hegemony ment between the Chinese Nationalists and
interests in
of Manchuria. Actually, Japan is merely concerned churia, provided Japan's rights and
beapparently to protect her interests in China and par- Manchuria were not endangered. The tension
Tokio reports inticularly her huge investments in Manchuria and to gan to ease, finally, on Thursday,
keep her prestige in China unimpaired. The question dicating that the Nanking Nationalist Government
of prestige, far more important in the East than in had withdrawn its abrogation of the commercial
the West, probably is paramount, and in that respect treaty with Japan and had intimated, instead, that
the position of the Japanese Government is a doubly it was willing to proceed with revision of the
difficult one. The Chinese hold everything that per- treaty.
While these moves and counter-moves were in
tains to Japan in deep disdain and distrust. The
in China is an progress, the Nanking Government has continued
very term applied to the Japanese
Govopprobrious epithet. The distrust of the Japanese to consolidate its position as the sole effective
y, by the Japanese annexa- ernment in China proper. For this purpose a plenis heightened, politicall
of
tion of Korea in 1910, which was preceded by just ary session of the Central Executive Committee
are now being made in regard the Kuomintang (Nationalist Party) was held in
such protestations as
to Manchuria. Possibly for both these reasons, the Nanking last week, the meeting closing on Tuesday
covered a
Nanking Government has selected the treaty of ex- of the present week. The deliberations
important detraterritoriality with Japan as a test to see if all wide range of subjects, resulting in
F. Milsuch treaties may not be abrogated. That Japan cisions. The latter were listed by Thomas
correspondent of
will be able to annex Manchuria as she did Korea lard, the well-informed Shanghai
Adoption
seems most unlikely. The British Government the New York "Herald Tribune," as: (1)
of a budget system; (2) Reorganization of the Namade clear its position on that point as recently as
navy;
July 30 last, Sir Austen Chamberlain stating in the tionalist Army; (3) Plans for an efficient
Man- (4) Preparation of a new constitution; (5) AbolishHouse of Commons that Britain considered
concentrating
churia definitely a part of China. It is known that ing the division of political councils,
authority in a central government and dividing the
similar views are held at Washington.
ve,
Japan, nevertheless, is in a powerful position in government into five departments—administrati
odds since June 20, when a fanatic Serbian shot and
killed two Croatian Deputies and wounded four
others during a session of the Skuptchina or National Parliament at Belgrade. The wounded Croatian leader, Stefan Raditch, succumbed to his injuries August 8, and his funeral at Zagreb, the ancient
Croatian capital, last Sunday, caused 300,000 of his
followers to make the pilgrimage to that city to pay
their last respects. Raditch was eulogized last Sunday by the Peasant and Democrat leaders, who declared that his death was a fateful event in Croatia's
history. After the Skuptchina assassinations, the
Croatian Deputies, who constituted the Opposition,
absented themselves from Belgrade, holding rump
Parliament meetings in Zagreb. The Belgrade Parliament, nevertheless, resumed its sittings late in
July, and on August 13, with the entire Opposition
absent, ratified the Nettuno Convention with Italy
which was one of the chief causes of the difficulties
between Serbs and Croats. The treaty grants commercial privileges to Italians on the Croatian
Croatian leaders had for several
Coastline, and .
years prevented its passage through the Skuptchina.
News of the ratification of the accord again caused
demonstrations at Spalato, in Croatia, Wednesday.
Some four or five thousand students and workers
paraded in protest against the accord with Italy,
eighty arrests being .made when the demonstration
threatened to get out of hand. At Zagreb, meanwhile, the rump Parliament discussed the question
of declaring for complete independence or for autonomy within the present Kingdom.
AUG. 18 19281
FINANCIAL
judicial, legislative, examination and supervisory;
(7) Disbanding unneeded troops, carrying out a
soldier labor policy, unifying the military system
and adopting conscription as the basis for military
service; (8) Adopting and enforcing scientific taxation; (9) Unifying national railways; (10) Encouraging road building; (11) Prompting political
education. A Nanking dispatch of Aug. 14 stated
that Finance Minister T. V. Soong plans to fund
all of China's debts as soon as possible.
The stability of the Mexican Government remains
unimpaired although it is now more than a month
since President-elect Alvaro Obregon was assassinated near Mexico City, plunging the country into
as grave a crisis as it has ever known. Anxious
thoughts were entertained by those best informed on
Mexican affairs when General Obregon was shot
and killed on July 17. He was considered the strongest man in the country and with his passing there
was universal apprehension that revolutionary activities would be resumed. But President Calles,
with admirable composure, strength and sagacity,
appears to have guided the Government safely
through the storm. The young religious fanatic,
Jose de Leon Toral, who murdered General Obregon, is undergoing trial in the Mexican capital in
a civil court, itself an extraordinary circumstance
in a country where the military has always heretofore attended to such matters with both secrecy
and dispatch. The uncertainty that still remains,
hinges upon the procedure at the end of next November, when the Mexican Congress will assemble to
choose a successor to General Obregon. President
Calles is debarred by the Constitution from succeeding himself and in addition he appears to have every
personal desire to leave his arduous post after four
years of service. The choice of the dominant agrarian faction, according to present indications, will
fall on Aaron Saenz, Governor of the State of Nuevo
Leon.
In the terrific tension that followed the assassination of General Obregon, President Canes
steered a middle course between the Agrarians,
whose leader General Obregon was, and the Laborites, who were in a measure the opponents of the
President-elect. Accusations were promptly made
by the Agrarians against the Laborites, resulting in
the resignations of Luis Morones, leader of the faction, and two of his followers, from President Calles's Cabinet. Calles's answer to these accusations
was to turn the investigation of the assassination
and the prosecution of the criminal completely over
to the Agrarians. The latter, nevertheless, demanded a definite accusation against the Labor leaders,
but to this President Calles would not agree. Instead, he issued a number of statements blaming
"Catholic elements," thus drawing the fire of the
two powerful factions away from each other and
concentrating it on a vague section of a religious
body that simply has no political existence in Mexico. These tactics rapidly dispelled both the ire of
the people and the mutual hostility of the Agrarians
and the Laborites.
An additional calming influence has been exerted by American Ambassador Dwight W. Morrow,
who publicly praised on Aug. 1 the calmness and
steadiness shown by the Mexican rulers in their
hour of trial. The expressions of confidence by the
American Ambassador were immensely gratifying
ONICIE
865
to every party and faction in Mexico and have resulted in his fulsome praise in all the country's
journals, and notably in the "Excelsior" and "El
Universal," the most powerful organs of public opinion in Mexico. "Excelsior" hailed Mr. Morrow's
speech as a "great service to our country." "El
Universal" on Aug. 11 observed:"Ambassador Morrow respects our sovereignty, settles problems by
the standards of right, understands our love for
decorum and dignity, wins our affection and goodwill, and establishes the ways of peace and friendship. This wise, honorable and sympathetic man is
showing the world that these two great civilizations can work harmoniously side by side."
President Calles's insistence that vague "Catholic elements" were to blame for the assassination of
General Obregon caused profound resentment at
Rome. This resentment found expression last week
in intimations, published in the semi-official Vatican organ, the "Osservatore Romano," that President Calles had somehow planned the assassination
of General Obregon himself, using as tools the religious fanatic and others who admittedly committed the murder. Not content with these implied
charges, the "Osservatore Romano" returned to the
attack Tuesday of the present week, openly pointing
to President Canes as the murderer of General Obregon. The suppression of General Obregon was the
only way, according to the Rome journal, for President Calles and his "fellow-Bolshevists" to maintain their position. The resentment of the Catholic Church is understandable in view of the treatment it has experienced in Mexico in the last two
years. The charges themselves are refuted by the
calm and courageous demeanor of the Mexican President and by his announced intention to retire to
his farm when his term expires.
Severe engagements have again taken place in
Nicaragua between the occupational forces of the
United States Government and the rebellious elements under General Augustino Sandino, despite
the official assertion of Secretary of the Navy Wilbur in the closing days of July that "armed resistance to the United States in Nicaragua has died
down." This information had hardly been given to
President Coolidge in Wisconsin and repeated by
him to press correspondents before further reports
from Nicaragua told of another skirmish between
United States marine airplanes and Sandinistas. A
small force of American marines made their way
to the retreat of the Nicaraguans on Aug. 8, engaging them in a hand-to-hand struggle in which one
marine was killed and three wounded. The reports
indicated that ten Nicaraguans had been killed and
three wounded. American marines, meanwhile, have
pursued Nicaraguans into Honduran territory, doing so, however, with the authority of the Honduran
Government. According to reports given out in
Washington early this week, marine airplanes have
so far engaged in 84 air fights with Nicaraguan rebels. The planes have been struck fifty-nine times
by fire from the ground with only one casualty. The
planes have also been actively employed in spreading propaganda and amnesty notices, with the resuit that 1,131 former "bandits" discontinued their
resistance and returned to their homes.
A request for an official statement of how theLeague of Nations interprets the Monroe Doctrine
•
866
FINANCIAL CHRONICLE
was received at the League Secretariat in Geneva,
Wednesday;from Senor Castro, Foreign Minister of
Costa Rica. The request, a Geneva dispatch to the
New York "Times" explained, was in response to a
League communication urging Costa Rica to resume
participation in the League. .The Costa Rican Minister stated in reply. that the League stand on the
Monroe Doctrine might be a deciding factor in the
question of re-entry into the League. "The Costa
-Rican Government," the request said, "approves the
ideals which inspire the League of Nations, but before coming to take a seat among its members, Costa
Rica desires first to know how the League interprets
the Monroe Doctrine and what is the effect which
has been given to that doctrine by the fact that it
has been mentioned in Article XXI of the League
Covenant." Senor Castro explained further that the
contention had been made that as the Monroe Doctrine is named in the Covenant of the League, it
thereby has acquired an official international juridical value among all peoples signatory to the Treaty
of Versailles. On the other hand, he-added, statesmen and public opinion have at various times been
extremely divided regarding it. The Costa Rican
Government, in bringing up this question, stated
that it was actuated by a desire to learn whether
it was possible to obtain advantages from the
League which "should result from its exalted mission in the world." In Washington, according to
dispatches, the Costa Rican action caused no surprise and drew no comment. League officials were
equally reticent.
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;
53/2% in Italy and Norway; 5% in Denmark and
Madrid; 432% in London and Holland; 4% in
Belgium and Sweden, and 332% in France and
Switzerland. In London open market discounts are
now 431% for short and 431@)4 5-16% for long bills,
against 4 3-16©43% for the former and 43I
4 5-16% for the latter on Friday of last week. Money
on call in London was 432% on Wednesday, but only
2%% yesterday. At Paris open market discounts
0
remain at 3317 and in Switzerland at 3 7-16%.
The latest statement of the Bank of England,
dealing with the week ending Aug. 15, shows a loss
in gold of £284,477; but inasmuch as there was a
contraction of notes in circulation of £984,000, the
reserve of gold and notes in the banking department
was augmented by £699,000. For the second time
in several years the ratio of reserve to liabilities is
aver the 50% mark, this week's ratio being 50.22%
against only 29.49% at this time last year and 27.31%
t-wo years ago. On July 25 the ratio was 50.39%,
said to be the highest percentage since the 52.36%
of July 22 1914. In the "deposit" items "other"
deposits fell off £1,906,000, but public deposits expanded £166,000. Loans on Government securities
decreased £396,000 and loans on other securities
£2,018,000. Gold holdings, which three weeks ago
were the largest in the history of the institution, now
total £174,147,577 against £151,948,986 in 1927 and
£154,144,128 in 1926. Notes in circulation now
aggregate £135,793,000. The Bank's official discount rate remains at 432%. Below we furnish
comparisons of the various items of the Bank of
England statement for five years: :
[you 127.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1924.
1925.
1926.
1928.
1927.
Aug. 20.
Aug. 19.
Aug. 18.
Aug. 15.
Aug. 17.
£
E
Circulation
6135.793,000 136,837,260 140,553,290 144.183,875 125.118,705
Public deposits
13,079,000 17,794,173 16.938,686 16,534,829 15.635.288
Other deposits
102.625,000 100,458,238 104,827,957 110,236,320 109.974,439
Governm't securities 28,672,000 49,956,999 34,332,268 33,989.105 42,468,443
Other securities_
47.081_000 51,588,234 72,218,739 71,323,241 78,316,654
Reserve notes dr coin 58,104,000 34,861,726 33,340.838 39,598.830 22,947,043
Coln and bullion__a174.147,577 151,948,986 154,144,128 164,032,705 128.315.748
Proportion of reserve
to liabilities
50.22%
29.49%
27.31%
1834%
a1 %
4%
43-i%
Bank rate
5%
436%
4%
•Includes, beginning with April 29 1925, £27,000.000 gold coin and bullion
Previously held as security for Currency note issues sad which was transferred to
the Bank of England on the British Government's decision to return to gold atandard.
I:. Beginning with the statement for April 1925. includes £27,000,000 of Bank
of England notes issued in return for the same amount of golo. coin and bullion
held up to that time In redemption account of currency note Issue.
In its statement of Aug. 11 the Bank of France
reports a decrease in note circulation of 422,000,000
francs. - Total note circulation now aggregates 60,923;581,855 francs, as against 61,345,581,855 francs
last week and 60,435,581,855 francs the week before.
On the other hand, creditor current accounts showed
a gain of 391,000,000 francs, while current accounts
and deposits rose 608,000,000 francs. Gold holdings
which gained 157,931,098 francs during the week,
now amount to 30,251,316,896 francs. French
commercial bills discounted rose 2,082,000,000 francs
and bills bought abroad increased 2,440,000,000
francs, while credit balances abroad dropped 2,314,736,507 francs and advances against securities fell
31,000,000 francs. A comparison of the various
items of the bank's return for three weeks past is
furnished below.
BANK OF FRANCE'S COMPARATIVE STATEMENT.
HAW as o
Changes
.fidy 28 1928.
Aug. 11 1928. Aug. 4 1928.
for Week.
Francs.
Francs.
Francs.
Gold Holdings—
Francs.
Gold holdings_ __Inc. 157,931,008 30,251,316.896 30,093,385,798 29,918,300.373
Credit bats. abe1LDec.2314736507 14,495,689,227 16,810,425,734 16,810,612,316
French commercial
bills discounted_Inc.2082,000,000 5,731,297,293 3,649,297,293 3,295,297,293
Bills bought abed Inc.2440,000,000 16,044,230,808 13,604,230,808 12,624,230,808
Advs. against sec-Dec. 31,000,000 1,952.986,468, 1.983,986,468 1.903.986.468
Note circulation_ _Dec.422,000.000 60,923.581,855 61,345,581,855 60.435,581,855
Creditorcur.acc'ts.Inc, 391,000,000 15.298,398.463 14,907,398,463 15,223,398.463
Cur, meta dr dep-Inc. 608.000.000 5,550,728,062 4,942,728,062 5,475,768,062
An abrupt change again took place in the New
York money market this week, with call money rates
easing sharply in contradiction to the rising tendency
of recent weeks. The underlying firmness, however, which caused an advance in time money last
week to 63/2%, showed only slight relaxation. Maturity rates continued at 63/2% until yesterday,
when the easing influence caused a few offerings
at 6%%, although most of the trading continued
at the higher level. Moreover, the gyrations in
call money, although chiefly downward this week,
are themselves clear evidence of the continued
strain in the market. Demand loans opened at
732% this week and continued at that figure until
the final hour of trading Tuesday. A break appeared imminent in the Stock Market at that time,
and two prominent banking institutions chose the
moment to pour large sums into the money market,
causing a precipitate decline in the call money rate
to 63/2% at the Stock Exchange lending table, while
in the outside market funds were freely offered at
6%. Renewals Wednesday were fixed at 7%, but
offerings estimated at $75,000,000 and said to represent cash from out-of-town banks and from corporation surplus accounts were thrown on the mar4
ket, causing a recession to 51 %. This process
was repeated Thursday, causing further ease in
demand loans. Renewals were fixed at 6%, but
pressure of funds on the market caused successive
Amu. 181928.)
FINANCIAL CHRONICLE
867
occurred during the late afternoon,on Wednesday and
again on Thursday in collateral loan rates at New
York, and doubtless the retention of the Bank of
England rediscount rate at 432% also had to do with
the slight recovery recorded, as for several weeks
past there has been a marked halt in trading until
Thursday's cables made clear the attitude of the
Bank of England regarding its rediscount rate.
The range this week has been from 4.843/i to4.853
for bankers' sight, compared with 4.85 1-16 to'
4.8530 last week. The range for cable transfers has
been from 4.853I to 4.85 9-16, compared with
4.85 7-16 to 4.85 19-32 a week ago. For several
weeks the Weakness of sterling has been attributed
Rates for banks' and bankers' acceptances were in part-to the firm money rates ruling in New York
on Monday by the American Ac- since June. Doubtless this is still a factor, but it is
advanced
ceptance Council for both 150 and 180 day bills believed to be of less importance because the amounts
and on Tuesday were also raised 38 on 120 day bills, transferred to New York from London are now
but the latter were marked down again 4 on Friday. comparatively small, since most. banks over there
1
The posted rates of the American,Acceptance Council had already reached their limit for this category of
for prime bankers' acceptances eligible for purchase investment a week or more ago.
The easing -up of money rates in New York on
by the Federal Reserve banks are now at 43 %
4
bid and 4/% asked for bills running 30 days and Wednesday and Thursday certainly brought to a
also for bills running 60 and 90 days, 47
4% bid and standstill whatever flow of funds might still have
497 asked for 120 days, and 5%7' bid and 5Ys% been in prospect for the New York market. If, as
0
0
asked for 150 and 180 days. The posted rate of the some bankers believe, this is the case, then the present
Acceptance Council for call loans against acceptances weakness in the sterling rate must be ascribed rather
was advanced on Monday from 6% to 63/2%, but to seasonal influences in connection with heavy
0
reduced to 53/2% on Wednesday to 4%7 on Thurs- import payments now accumulating in Europe to
2
%
day and to.43/ on Friday. Open market rates for meet American and Canadian shipments of foodacceptances have also been changed and are now stuffs and other raw materials. Bankers are very
much in doubt as to the prospect of gold shipments
as follows:
SPOT DELIVERY.
taking place from London to New York unless sterling
—180 Days-- —150 Days— —120 Days—
declines much further. Last week London disAsked.
Bid.
SM.
Asked.
Bid.
Asked.
5
5j
6
bq
Prime eligible bills
5
414
patches stated that £625,000 in gold bars, which
—90 Days— —60 Days-- —30 Dapwere sold by the Bank of England, were believed to
Asked.
Bid.
814.
Asked.
Bid.
Asked
4
eligible bills
4%
have been for the account of the Federal Reserve
Prime
481
4%
Of
Bank of New York. On Thursday it was officially
FOR DELIVERY WITHIN THIRTY DAYS.
the Federal Reserve Bank
Eligible member banks
5 bid denied in New York that
Eligible non-member banks
5 bid had bought any gold in London.
As already noted,
sterling touched a new low for the year on WednesDealing in detail with the rates from day to day, day at 4.853 for cable transfers. In some quarters
all loans on Monday were at 7
including re- it has been asserted that the gold import point figured
newals. On Tuesday the renewal charge was still at 5% interest, and at the Bank of England selling
732% but on new loans there was a decline to 63/2% price for metal of 84s. 113/2d. per ounce is approxiOn Wednesday the renewal charge was lowered to mately 4.85. Open market offerings, however,
7% and with the rate for new loans down to 532%. have been going at below Bank of England's selling
On Thursday the renewal rate was marked down to price. Last week South African offerings were
6%, while in the afternoon some new loans were bought by Germany, it is understood, at 84s. 111 8d.,
/
negotiated at 43v%. On Friday the charge for at which price the gold import point for shipments
renewals was only 5%, but in the afternoon there to New York is about 4.8515. At 84s. 11d, it is
was a spurt in the rate on new business to 7%. 4.8520 to 4.8525, and it has been estimated that at
For time loans the rate the early part of the week 84s. 10d., at which price the metal sold in the
continued at 63/2%. for all dates of maturity, but London market a few weeks ago, the import point
on Thursday the quotation was 6k@63/2%. Rates to New York is approximately the exchange rate at
on commercial paper have again advanced. Names which sterling sold in Wednesday's market. Now
of choice character maturing in four to six months that the money market in New York has turned easier
are now quoted at 53@532%. For names less however, there is less talk of gold imports.
well known the quotation is 5M@594%. The rate
This week the Bank of England shows a loss in
for New England mill paper is 53/2%.
gold holdings of 084,477, the total standing at
There have been no changes this week in Federal £174,147,577. On Monday the Bank of England
Reserve Bank rates.
received £400,000 in sovereigns from South Africa.
At the Port of New York the gold movement for the
Sterling exchange, as during the past few weeks, week Aug. 9-16 inclusive, as reported by the Federal
has been dull and irregular throughout the week, Reserve Bank of New York, consisted of imports of
ruling on average slightly lower than a week ago. In $226,000 from Latin America. Gold exports totaled
Wednesday's market sterling went to a new low for $127,000, of which $75,000 was shipped to Mexico
the year, when cable transfers sold down to 4.853i. and $52,000 to Germany. There was no Canadian
There was a slight recovery in Thursday's and Fri- movement of gold either to or from New York.
day's trading due largely to the sharp drop which Montreal funds on Saturday last were at.a premium
drops, until the rate reached 4%,!,the lowest
singe May 5, Although renewals were fixed at 5%
yesterday, the entire trend was again reversed.
The banks withdrew about $50,000,000, causing a
rise to 7% in demand rates. Brokers' loans against
stock and bond collateral declined in the week ended
Wednesday ,night, the report of the Federal Reserve
Bank for the 45 reporting member banks indicating
a decrease of $50,654,000. Gold movements for the
week to Wednesday were negligible, but were significant nevertheless, as imports exceeded exports
for the first time in many months. The imports
were $226,000 while exports were $127,000.
868
FINANCIAL CHRONICLE
(VOL. 127.
of 1-64 of 1%; on Monday at a premium of 1-16 of bankers recently figured the dollar gold export point
1%; on Tuesday at 1-16 of 1% premium; and on at 25.6 francs to the dollar, which works out 3.9062.
Thursday and Friday there was a slight easing in New York bankers place the gold point slightly lower,
but as gold shipments are usually arranged on joint
Canadian exchange to a premium of 1-32 of 1%.
Referring to day-to-day rates, sterling on Saturday account and from the country of origin of the imports,
last was dull in an irregular half-holiday market. shipments from France would not be surprising.
Bankers' sight was 4.85 1-16@4.85 13-16 and cable However, it is doubtful if any import movement
transfers 4.85 13-32@4.853/. On Monday sterling from France would be large enough to be of impor2
was under pressure. Bankers' sight was 4.85@ tance. The Bank of France has apparently allowed
4.853, and cable transfers 4.85%@4.85 7-16. On the exchange market to follow its own course and
Tuesday sterling continued under pressure. The has not liquidated any large proportion of its foreign
range was 4.84 15-16@4.85 1-16 for bankers' sight exchange holdings to support the markets. Its
and 4.85 9-32@4.85% for cable transfers. On foreign exchange holdings are larger than necessary,
Wednesday sterling, continued depressed and moved but its gold holdings are not far above the minimum
down to a new low for the year. The range was reserve requirements. Bankers here believe that the
4.847(4)4.85 for bankers'sight and 4.853i@4.85 5-16 Bank of France would release a part of its exchange
/
for cable transfers. On Thursday exchange showed holdings rather than allow an important gold export
a slight recovery. The range was 4.84 15-16@ movement.
The London check rate on Paris closed at 124.21
4.85 1-16 for bankers' sight and 4.85 5-16@4.85%
for cable transfers. Yesterday there was further on Friday of this week, against 124.20 on Friday of
fractional recovery, with the range for bankers' sight last week. In New York sight bills on the French
4.85@4.851 4 and for cable transfers 4.85%@ centre finished at 3.90 9-16, against 3.905 a week
/
.
/
Closing quotations yesterday were ago; cab!e transfers at 3.90 13-16, against 3.903',
4.85 9-16.
4.85 1-16 for demand and 4.85 7-16 for cable trans- and commercial sight bills at 3.903(, against
fers. Commercial sight bills finished at 4.85, 60- 3.90 5-16. Antwerp belgas finished at 13.903 for
day bills at 4.81 3-16, 90-day bills at 4.79, docu- ' checks and at 13.91 for cable transfers, as against
ments for payment (60 days) at 4.813. and seven-day 13.90 and 13.913 on Friday of last week. Final
grain bills at 4.84%. Cotton and grain for payment quotations for Berlin marks were 23.833/i for checks
closed at 4.85.
and 23.843/ for cable transfers, in comparison with
23.81 and 23.82 a week earlier. Italian lire closed at
The Continental exchanges have as usual moved 5.22 15-16 for bankers' sight bills and 5.23 3-16 for
more or less in sympathy with sterling exchange. cable transfers, as against 5.22% and 5.233. AusThis applies especially to the leAding Continentals, trian schillings have not changed from 143/ Ex.
8
which suffered small fractional declines this week, change on Czechoslovakia finished at 2.9615, against
hardly compensated for by the slight recovery on 2.9615; on Bucharest at 0.603 , against 0.613; on
%
Thursday. German marks were an exception to the Poland at 11.20, against 11.15, and on Finland at
general European list and show improvement over 12.52 against 2.52. Greek exchange closed at 1.293
%
'
a week ago. The firmness in the mark is partly for checks and 1.295 for cable transfers, against
4
attributed to the increased gold holdings of the 1.29 and 1.2934.
Reichsbank and to the steady purchases of gold by
the Reichsbank in the London open market. Ger- The exchanges on the countries neutral during the
many is gathering gold in small amounts from all war have been dull, especially the Scandinavians.
sources possible. It will be recalled that last week The fractionally lower quotations of the Scan$50,000 was shipped from New York to Germany dinavians are, however, due largely to the lower
and, as already noted, a shipment of $52,000 took sterling rate. The central banks of Sweden, Norway,
place this week. The Reichsbank's gold reserves and Denmark will meet in the autumn to discuss
stand at 2,231,900,000 marks, compared with 2,199,- a revival of the Scandinavian Monetary Union.
600,000 the week previous. This is according to the Bankers confidently believe that the union will be
statement issued on Aug. 10. It is believed that the established anew. Holland guilders early in the
decline in short-term money rates on this side may week continued under pressure, showing perhaps
make more short-term credits available to German greater weakness than any other exchange except
borrowers. Further, if money rate structure here sterling. Dollar exchange is now well over par at
eases in the next few weeks, many German long-term Amsterdam, but gold exports to New York are
loans now under negotiation will be concluded and not looked for, as the Netherlimds Bank holdings
offered in New York. These contingencies promise of foreign bills are large enough to arrest such a
some firmness for mark exchange quotations. A movement. The average of money rates in New
few weeks ago the firm money rates in New York York, despite the decline in the call money rate
were attractive to surplus funds in Germany, but on Wednesday and Thursday, is sufficiently high
this condition is no longer a factor militating against to attract funds from Amsterdam and money rates
the mark rate. Money rates are easier in Berlin in London are also attractive to Dutch bankers.
than they have been in many weeks, but they are The seasonal approach of import payments is also
nevertheless sufficiently high to be attractive to an adverse factor in the guilder rate.
Spanish pesetas registered declines this week,
lenders in other countries. Easier money in Berlin
is ascribed largely to the improved status of the despite the stabilization loan arranged in New York
and London for the support of the peseta. It is
Reichsbank.
ease stated that the Madrid committee officially in
French francs have inclined toward greater
and have been nearing the point at which gold im- charge of Spanish stabilization arrangements is a
ports from France might prove profitable. Accord- rather cumbersome body for such purposes. Nevering to Dow, Jones & Co.'s Paris office, French theless there can be little doubt that it will presently
AUG. 18 1928.]
FINANCIAL CHRONICLE
function smoothly and maintain peseta rates within
narrow limits. London advices state that the
Government has arranged an internal credit with
the Bank of Spain and the consortium of Spanish
bankers organized for the maintenance of exchange.
The Spanish authorities are averse, it would seem,
to any sharp rise in the peseta. The bank's gold
reserves are well above the legal minimum, and it
would be possible to issue large amounts of notes
should it be necessary to prevent a rise in the peseta.
Bankers' sight on Amsterdam finished on Friday
at 40.08%, against 40.083/i on Friday of last week;
cable transfers at 40.10%, against 40.103/2, and
commercial sight bills at 40.06, against 40.05.
Swiss francs closed at 19.25% for bankers' sight
bills and at 19.25% for cable transfers, in comparison
with 129.243 and 19.25 a week earlier. Copenhagen
checks finished at 26.683/ and cable transfers at
26.693/, against 26.69 and 26.70. Checks on Sweden
2
closed at 26.753/ and cable transfers at 26 763/2,
.
against 26.77 and 26.78, while checks on Norway
finished at 26.683/ and cable transfers at 26.693/2,
against 26.69 and 26.70. Spanish pesetas closed
at 16.653/ for checks and at 16.663/ for cable transfers, which compares with 16.72 and 16.73 a week
earlier.
The South American exchanges have been dull.
Argentine paper pesos have been under piessuie.
The weakness in sterling has been a factor adverse
to the peso. London has been bearish on the Argentine exchange since the presidential election in
Argentina. The incoming President, Hippolito
Yrigoyen, served a previous term from 1916 to
1922. During his previous term of office, Presidentelect Yrigoyen put through a program of what is
considered radical legislation, such as an eight-hour
law for labor and other measures which the Argentinians regard as humanitarian. However, it
seems to be the opinion in London that the elections
are not conducive to the best interests of British
holdings in Argentina; hence the bearish attitude
of London on the peseta. London cables predict an
export movement of gold from Argentina to the
United States, but bankers here seem not to share
this opinion. The period of seasonal pressure is
nearing its end and peso futures are already firming.
New York exchange traders do not expect the rate
to touch the gold export point. As to Brazilian
exchange, a decree has recently appeared in the
"Diario Official" of Rio de Janeiro fixing the value
of the gold milreis at 4.567 paper milreis for the
purpose of collection of taxes and of any other payments to public departments which are fixed in
terms of gold. This is another step towards the
definite stabilization of that currency. It will be
remembered that on Dec. 18 1926 the milreis was
fixed at 180 milligrams of fine gold, and other
elaborate preliminary arrangements have been made
for the legal stabilization of that currency. It is
understood that six months' notice will be given for
the application of the law. This six months' period
has not begun yet, so that it is impossible for Brazil
to effect a legal stabilization of her currency in the
course of the present year. The postponement of
definite stabilization is highly disadvantageous from
a Brazilian point of view. It gives rise from time to
time to rumors of the Government's intention to
change the stabilization rate. As the yield of recent
869
external loans has been transferred in actual gold,
Brazil should now be in a position to proceed to
the legal stabilization at an early date. There
would be no difficulty in raising additional credits
or loans if required. Argentine paper pesos closed
yesterday at 42.19 for checks, as compared with
42.25 on Friday of last week, and at 42.25 for
cable transfers, against 42.30. Brazilian milreis
finished at 11.90 for checks and at 11.96 for cable
transfers, against 11.94 and 11.95. Chilean exchange closed at 12.06 for checks and at 12.12 for
cable transfers, against 12.10 and 12.20, and Peru
at 3.98 for checks and at 3.99 for cable transfers,
against 4.01 and 4.02.
In the Far Eastern exchanges Japanese yen have
been under pressure and in Thursday's trading declined % of a cent to 44.75, which is the lowest rate
quoted since January 1926. Yen have sold as high
this year as 48.12. The decline in yen has occurred
mostly in the past three months during the period
when Japanese exchange should be seasonally strong
in reflection of the season's heaviest exports. The
weakness in yen is attributed largely to the situation
in China, where relations between Japan and the
Chinese Nationalists have become estranged. Closing quotations for yen checks yesterday were 44%,
against 45.07@459 on Friday of last week; Hong
Kong closed at 50.10@503, against 50.20©503i;
Shanghai at 653@653/2, against 65%@65%; Manila
at 49%, against 49%; Singapore at 563'g563/2,
against 56%@563'; Bombay at 363', against 36%,
and Calcutta at 363', against 36%.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
AUG. 11 TO AUG. 17 1928, INCLUSIVE.
country and Monetary
Unit.
Noon Buying Role for Cable Transfers to New York,
Value in United States Money.
Aug. 11. Aug. 13. Avg. 14. Aug. 15. Aug. 16. Aug. 17.
EUROPE$
Austria,schilling
.140822
Belgium. belga
.139089
Bulgaria, ley
007234
Czechoslovakia. kron• .029628
Denmark, krone
266982
England. pound a
sterling
4.854403
Finland, markka
.025166
France. franc
039071
Germany, relchsmark. .238147
Greece, drachma
.012963
Holland, guilder
.401027
Hungary, pengo
174333
Italy, lira
052309
Norway, krone
.266970
Poland, zloty
.112137
Portugal, escudo
.045810
Rumania,leu
006110
Spain, peseta
.166954
Sweden, krona
.267660
Switzerland, trans.__ .192511
Yugoslavia, dinar
.017606
ASIAChinaChefoo tadl
.669583
Hankow tee!
.665625
Shanghai tael
.651875
Tientsin tee!
.685416
Hong Kong dollar
.499642
Mexican dollar_
.470250
Tientsin or Pelyang
dollar
.473333
Yuan dollar
.470000
India.rupee
.362281
Japan, yen
450463
Singapore(S.S.)dollar_ .558750
NORTH AMER.Canada. dollar
1.000069
.999562
Cuba. peso
474333
Mexico. peso
Newfoundland, dollar. .997656
SOUTH AMER.Argentina, peso (gold) .959182
119445
Brazil, milreis
120748
Chile. peso
1 025990
Uruguay, peso
nninmhia nowt
.970900
$
.140860
.139065
.007202
.029621
.266947
$
.140890
.139053
.007206
.029627
.266907
$
.140845
.139050
.007197
.029621
.266861
4.853675
.025170
.039063
.238114
.012947
.400945
.174258
.052302
.266943
.112115
.045679
.006114
.166896
.267658
.192497
.017600
4.852991
.025163
.039053
.238116
.012958
.400803
.174237
.052297
.266905
.112125
.045315
.006099
.166709
.267655
.192492
.017599
4.852400
.025158
.039044
.238219
.012944
.400880
.174258
.052293
.266867
.112125
.044962
.006096
.166658
.267610
.192484
.016595
.668333
.664791
.650678
.684166
.499310
.469000
.668333
.664583
.650803
.681666
.499464
.470500
.668333 .669583 .669583
.663750 .665000 .665833
.649642 .651785 .652232
.681666 .682500 .682083
.499107 .499642 .499910
.470750 .472000 .472500
.472083 .471666
.468750 .468333
.362283 .362625
.449966 .450322
.559583 .559583
.472083 .473750 .473333
.468750 .470416 .470000
.362678 .362896 .362853
.449141 .446338 .446983
.539583 .560000 .559583
5
.140841
.139053
.007247
.029625
.266835
$
.140848
.139061
.007197
.029623
.266886
4.852926 4.854672
.025170 .025163
.039044 .039069
.238302 .238368
.012952 .012948
.400933 .401000
.174216 .174229
.052294 .052298
.266830 .266871
.112065 .112016
.045210 .045325
.006103 .006102
.166669 .166652
.267595 .267636
.192498 .192525
.017595 .017597
1.000325 1.000516 1.000512 1.000256 1.000303
.999562 .999500 .999500 .999500 .999562
.475166 .476000 .476500 .476666 .447166
.998105 .998312 .998250 .997812 .997812
.959005 .959257 .959337 .959069 .959223
.119420 .119410 .119410 .119390 .119379
.120742 .120737 .120740 .1357:46 .120717
1.025790 1.026418 1.026318 1.026419 1 079790
.970000 .970900 970900 07tI000 (mar.
870
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 OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday. Monday,
Aug. 11. Aug. 13.
81.000,000
95.000.099
Tuesday. Wedneury, Thursday, Friday,
Aug. 14. Aug. 15. Aug. 16. Aug. 17.
81.000.00
$
88.600.000
96.600.000
95.000,100
Aggregate
for Week.
Cr. 516,300,000
Note.—The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve bank rem 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
Holm Institutions, as only the items payable in New York City are represented In
the daily balances. The large volume of checks on Institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of
bullion in the principal European banks:
Aug. 18 1927.
Aug. 16 1928.
Banks of
Gold.
Silver.
Total.
I
Gold.
Meer.
I
Total.
£
151,948.986
174.147 577 151,948.986i
England__ 174,147,577
(d)
242.010.535 147,260,559' 13.680,000160.940,559
France__
42,010,53
994,600 89,229,050
Germany 107,316,650 c994,600 108,313,250 88,234,450
Spain_ ___ 104,337,000 28,179.000,132,516,000 103,901,000 27,036,000 130,937,000
53.261,000 48,736.000 3,842,000 50,578.000
53,261,000
Italy
1,929.000 38 173,0001 32.200,000 2,361,000, 34,581.000
Nethernhs 36,244,00
Nat1.13e1g. 22,950.000 1,249,000 24,199,000 18,566,000 1,175,000 19,741,000
20.051.000
2.698.00 20,051.000
Switzerla'd 17,909,000 2.172,000 20,081,000 17,353,0
12,292,000
12,779,000 12.292,000
Sweden_ __ 12,779.000
718.0001 10,839.000
606,000 10,706,000 10,121,000
Denmark _ 10,100,000
8,180,000
8,166,00
8.180.000
8,160.000
Norway __
g
Total week 789,122,762 35,129,800 824,352,362,636,792,995 52,504,800 689,297,595
Prey. week 788,149,77 35,297.000823,447.3721636,769.984 52,893,600 689.463.584
a These are the gold hoklings of the Bank of France as reported In the new
form of statement. b Gold holdings of the Bank of Germany are exclusive of
gold held abroad, the amount of which the present year Is £4,281,300. c As of
Oct
.7 1924. d Silver is now reported at only a trilling sum.
Mr. Hoover's Speech of Acceptance.
It was not to be expected that Mr. Hoover's
speech accepting the Republican nomination for the
presidency would show him in any other light than
that of a stalwart Republican. Those who feared,
or perhaps hoped, that his independent personal
temper and masterful disposition might lead him to
"kick over the traces" or "take the bit in his teeth"
must have forgotten his previous declarations of his
position. Months before the Kansas City convention met, in a statement authorizing the presentation of his name as a candidate in the Ohio primaries, Mr. Hoover announced his intention, if he
were elected, to carry on the policies of President
Coolidge; and Mr. Coolidge, as everyone knows, is
a stalwart Republican. Within a few hours after
he had been nominated at Kansas City he telegraphed to the chairman of the convention that he
not only accepted the nomination, but that he also
stood upon the platform which the convention had
adopted. He had already informed Senator Borah,
in response to a questionnaire, that he was opposed
to the repeal of the Eighteenth Amendment or the
nullification of the acts enforcing it, and while sentiment in the Republican party was obviously
divided on the issue of prohibition, the platform declaration was unquestionably "dry." It was fairly
-to be expected, accordingly, that such individuality
as marked his speech of acceptance would take the
form, not of any radical departure from the position
[vol.. 127.
which the party had assumed or the traditions to
which it has adhered, but of such personal interpretation of the party platform as every candidate is
entitled to make, and the elaboration of general
issues, not necessarily of a partisan nature, which
he was himself interested in advancing.
On each of the four main issues which he discusses, Mr. Hoover shows himself fully in accord
with the Coolidge policies. He comes out squarely
in support of a high protective tariff, particularly
because, as he believes, protection will aid the farmers, and with protection he links restriction of immigration. "The Republican principle of an effective control of imported goods and of immigration,"
he declares, "has contributed greatly to the prosperity of our country. There is no selfishness in this
defense of our standards of living. Other countries
gain nothing if the high standards of America are
sunk, and if we are prevented from building a civilization which sets the level of hope for the entire
world." No tariff or immigration laws, he continues, are perfect, and those which we have will be
changed as conditions require. The immigration
laws will be amended "to relieve unnecessary hardships upon families," and "we have pledged ourselves to make such revisions in the tariff laws as
may be necessary to provide real protection against
the shillings of economic tides in our various industries." It is hardly necessary to say that the
"Chronicle" does not agree with Mr. Hoover in his
praise of protection, and we do not see how the raising of tariff rates already so high as to be, in many
cases, prohibitive is likely to aid the "promotion of
foreign trade" by which the Government, as Mr
Hoover says elsewhere,"can expand the markets for
our manufacturers and farmers and thereby contribute greatly to stability and employment," but
the pronouncement is, of course, entirely in harmony with Republican policy.
Mr. Hoover's analysis of the farm situation merits consideration. "In my mind," he says, "most
agricultural discussions go wrong because of two
false premises. The first is that agriculture is one
industry. It is a dozen distinct industries incapable
of the same organization. The second false premise
is that rehabilitation will be complete when it has
reached a point comparable with pre-war. Agriculture was not upon a satisfactory basis before
the war." The causes of the failure of agriculture to
"win its full share of national prosperity" are many,
but Mr. Hoover is entirely opposed to a solution of
the problem which shall organize agriculture into
larger units by enlarging farms. "Farming is and
must continue to be an individualistic business of
small units and independent ownership. The farm
is more than a business; it is a state of living. We
do not wish it converted into a mass production machine." The remedy which he endorses, in addition
to tariff changes and the development of inland
waterways, is "the creation of a Federal Farm
Board of representative farmers to be clothed with
authority and resources with which not only to still
further aid farmers' cooperatives and pools and to
assist generally in the solution of farm problems,
but especially to build up with Federal finance
farmer-owned and farmer-controlled stabilization
corporations which will protect the farmer from the
depressions and demoralization of seasonal gluts
and periodical surpluses." The carrying out of such
a program will doubtless involve an expenditure of
AUG. 18 1928.]
FINANCIAL GEEICONICLE
"several hundred millions of dollars of capital," to
be "advanced by the Federal Government without
obligation upon the individual farmer," but Mr.
Hoover has "little patience" with the objection
based upon that ground. "A nation which is spending ninety billions a year (an extravagant estimate
of the national income, as it seems to us) can well
afford an expenditure of a few hundred millions
for a workable program"—which is unquestionably
true.
On the question of prohibition Mr. Hoover reaffirms concisely the stand which he had already
taken. He does not favor the repeal of the Eighteenth Amendment, stands for "the efficient enforcement of the laws enacted thereunder," and declares
that "modification of the enforcement laws which
would permit that which the Constitution forbids is
nullification." "Common sense," he adds, "compels
us to realize that grave abuses have occurred—
abuses which must be remedied," but while he recognizes the right of those who do not believe in "the
purposes of several provisions of the Constiution"
to seek to amend them, he stands with the Republican party in denying "the right of any one to seek
to destroy the purposes of the Constitution by indirection." On the fourth and last of the main issues
which he discusses, that of foreign policy and national defense, Mr. Hoover recalls the efforts of the
United States in behalf of peace, and its "offer of
treaties open to the signature of all, renouncing war
as an instrument of national policy," but adds that
"our people have determined that we can give the
greatest real help" to the cause of peace, "both in
times of tranquility and in times of strain, if we
maintain our independence from the political exigencies of the Old World," and that for that reason
we have "refused membership in the League of Nations" while glad to co-operate with it in various
matters. "But in the mean time," he continues,
"we know that in an armed world there is only one
certain guarantee of freedom, and that is preparedness for defense." In furtherance of that object the
United States must and will maintain its navy and
merchant marine "in the strength and efficiency
which will yield to us at all times the primary assurance of liberty, that is, of national safety."
These are the principal points of the address.
Other matters more briefly touched upon include an
expression of hearty sympathy with labor; endorsement of an elaborate program of public works, including waterways, irrigation, flood control, road
building and the construction of public buildings,
destined to cost upwards of $1,000,000,000 within
the next few years; opposition to Government participation in business except "where it is helpful
and necessary;" commendation of the policy of consolidating and simplifying the numerous Government bureaus at Washington, and praise of the civil
service as "a great national boon." Here and there,
as is likely to be the case in any such pronouncement, one comes upon statements in which substance counts for appreciably less than form. The
statement that the Republican party stands
"pledged to the curtailment of excessive use of the
injunction in labor disputes" is, of course, quite
meaningless until we know what is meant by "excessive," and the exuberant assertion that while we
have not yet succeeded in abolishing poverty, we
shall soon, if "given a chance to go forward with the
policies of the last eight years . . . be in sight of
871
the day when poverty will be banished from this nation," pictures a future which even Mr. Hoover himself, upon more mature reflection, must know will
never arrive. There is no questioning, however, the
soundness of his epigrammatic statement, that
"there is no guarantee against poverty equal to a job
for every man."
Partisan critics will probably urge that Mr.
Hoover has stressed too strongly the agency of the
Republican party in the notable record of national
advancement since 1921 which he recites, and that
he claims for his party a good many social benefits
with which the party as such has had nothing to do.
It is natural, perhaps, for Mr. Hoover, trained as an
engineer and accustomed to deal with concrete
tasks, to specify rather than generalize, but the
record to which he appeals is nevertheless, in many
respects, a distinguished one. What is most surprising, however, and at the same time gratifying,
in the whole speech is the high plane from which
Mr. Hoover surveys American conditions and problems, and the felicitous form in which many of his
observations are phrased. "Our party platform
deals mainly with economic problems, but our nation is not an agglomeration of railroads, of ships,
of factories, of dynamos, or statistics. It is a nation of homes, a nation of men, of women, of children
Economic advancement is not an
end in itself. Successful democracy rests wholly
upon the moral and spiritual quality of its people.
Our growth in spiritual achievements must keep
pace with our growth in physical accomplishments
. . . . Dishonesty in government, whether national, State or municipal, is a double wrong. It is
treason to the State. It is destructive of self-government. Government in the United States rests
not only upon the consent of the governed, but upon
the conscience of the nation. . .. Our purpose is
to build in this nation a human society, not an economic system. We wish to increase the efficiency
and productivity of our country, but its final purpose is happier homes."
These are lofty sentiments, all too unusual in political pronouncements of any kind. They are the
more significant because they come from a man
whose main interest has been supposed to lie in the
field of practical administration. They point to
qualities which have been too little emphasized in
our national life. If, as Republicans and Democrats alike will certainly hope, they indicate the
spirit in which Mr. Hoover proposes to conduct his
campaign, we may with some confidence expect to
see the campaign go forward, as far as the Republicans at least are concerned, on a high plane.
Politics and Business.
In a campaign year it is well to consider often
and at length the essential relation of business to
politics and the reverse. Politics we commonly define as the art of government or the administration
of public affairs; business we define as industry,
trade or profession, the production, distribution and
consumption of "wealth." Although there is a commerce clause in the Constitution,. there was no
thought in the minds of the founders that the government then erected had any direct purpose to regulate or control business. That government was for
the express purpose of guaranteeing the natural
rights of the individual. No man expected the laws
or the government to aid him in the making of a
872
FINANCIAL CHRONICLE
living. This he was free to do in his own way.
Being free, independent, and sovereign, he expected
to work for a living.
There was no taint of paternalism in the structure he erected—the Federal Constitution. He saw
in it the regulation and administration of public
affairs, not private affairs. He asked only that the
laws protect him in initiating and carrying on the
work, trade, business, necessary to support his life
and that of his family. He had not even a remote
intention of making the taxing power a means of
protection or advancement. He did not conceive
that government had any relation to agriculture,
manufacture, or transportation. But he foresaw
that in the production, distribution and consumption of goods, the lines of the States would be crossed
and in that crossing the laws of the States could
no longer protect the individual in his daily pursuits and he therefore introduced the clause giving
the Federal Government the power to regulate interState commerce, and in the sole interest of guarding the freedom of trade. For the rest, business
integers were small, there were no great aggregations of wealth, the chief occupations were agriculture and merchandising—and subsidies, tariffs,
bureaus of control were not dreamed of. Nor in
these matters has the Constitution ever been
changed.
The manner in which taxation became distorted
into the protection of infant manufacturing industries and the many subterfuges politically proclaimed to keep tariff taxation upon the statute
books we need not recount. Suffice it to say that
in the mutations of time the revenue produced by
tariffs constitutes at this day a small part of our
total taxation; and that, in fact, in view of the income tax we have turned so far away from industrial protection that we now tax the profits of
trade, which is the antonym of protection to industry. We return, then, to the idea of paternalism, to
say that at the foundation of our form of government it was wholly non-existent. Time passes. Resources are developed. Invention aids production.
Manufacture grows into a colossal industry. A
huge continent, filled with new and prosperous
States, is populated. Transportation by means of
steam railroads links the whole together into one
huge thriving community intent on making a living
and saving and accumulating wealth. The chief
aim of the free, working, achieving citizen, is to provide for the future of his sons and daughters who
inherit naturally equally under the law. In a thousand forms the means of making a living arise. The
young man entering the common pursuits of his social environment has but to conceive and execute
a new scheme for "making money" and by industry, thrift and saving he becomes the owner of
wealth. Consequently, wealth assumes myriad
forms. And still, save for the few complications of
transport across State lines under the Constitution,
the government has nothing to do with this vast inter-related and inter-acting institution of business.
A change has come. How and why it is not easy
to state. Contributing influences are found in the
demands of labor, in the arguments for a strong
centralized government, in the penchant of politicians to provide laws in the interest of sections and
industries to the end of their own advancement, in
the persistent boring from within of a small handful of socialists who would change the form of the
[vol. 127.
government, in the insidious spread of unopposed
supervision to the tacit acceptance of the governmental right to regulate and thus to control by huge
Boards and Commissions and Bureaucratic devices
the natural and uncontrollable operations of a business, trade, commerce, that make their own laws
through experience in the development of right under the primal law of individual freedom, initiative and enterprise, the greatest good to the greatest number. If government, we now see, is a shield
it cannot be a sword. If business is the affair of the
free citizen it cannot be the affair of a serving government. In their purpose and benefits, government and business are as far apart as the poles. Government cannot save and accumulate capital, the
substance of business. It cannot work, that is the
province of the individual. Without the inherent
power of production, distribution and consumption,
the government is powerless to "do business." On
the other hand, business, save by subterfuge, selfish
asking for favors, business cannot approach government. And in their essential primal separation lies
the integrity and perpetuity of each. When Government absorbs business it will die; when business absorbs government it will die.
Let us now come closer home. It is the campaign
year. By some subtle transformation we see in political principles and political parties the Government. They are not. In the frenzy of the fires of
debate and voting the Government at Washington
still lives. It may, does, ask for more taxes, but in
its functioning does not ask to engage in production, distribution, consumption save at the will and
word of the representatives of the legislative division. But we transform this silent government into
the clamoring voice of politics. Turn to the other
side. Production, transportation and consumption,
the great triumvirate of business, in their actual
functioning are aloof from politics. Consumption,
(sale, exchange, use), asks nothing. These occupational integers are not concerned in politics.
Transportation—well it had its experience with politics and government and is well content to "mind
its own business." Production—the section and
class, in politics, known as agriculture, asks aid.
Farmers' relief is the cry! Since manufacture is
protected so must be agriculture. Prices must be
fixed and profits equalized between agriculture and
manufacture! Why and how? No one knows.
There is envy of accumulated wealth in the East
(manufacture is fast becoming decentralized) and
envy leads to enmity—the "embattled farmers" are
in the saddle in politics, there must be a law to
accomplish that which is not the province of government, the same or equal favors bestowed all
around! Thus politics debauches government and
destroys the natural equality of business.
How long can the individual be free under this
mixing of politics, business and government? How
long can business be free to function when made
the football of politics? How long can a free government maintain its integrity, follow the Constitution which knows not business in its three selfmade independent divisions of production, distribution and consumption, when it becomes the agency
of equalization, the patron of say first manufacture, then labor, then agriculture, and mayhap,
later, transportation?
What principle of liberty, equality of opportunity
under the law, is at stake in this cringing before
AUG. 18 1928.]
FINANCIAL CHRONICLE
873
talist? A violent twist has been given to our reasoning at this point. Contrast has often been made
by arraying men against dollars. Yet there is not
a law on the statute books that concerns dollars,
in place of men, save the innocuous coinage laws.
The equality of all men before the law requires
the equality of all laws before men. To organize
a "class" whether industrial, agricultural or laboring, and to demand legislation, is to deny the right
to individual opinion, freedom and suffrage. It is
contrary to the spirit of liberty and in keeping with
slavery. The farmers, while not unionized, are
forming a "class" by their insistence upon "relief."
No "favor" can be shown to a working man or a
Influence of Class—The A. F. of L.
farmer save at the expense of those not favored.
That the American Federation of Labor should Favors cannot be distributed evenly by their very
return to its policy of non-partisan attitude toward nature—they would not be "favors." The "Federelections is in accordance with the lessons of ex- ation" is not satisfied, we are told, with the injuncperience. It departed therefrom in 1924 and en- tion planks in the two platforms. And this is just
dorsed the brilliant La Follette, leader of the Pro- as well, since no political proposal can contravene
gressives, but with very little effect upon the re- the independence of our judicial system. Perhaps,
turns. In fact, the whole "movement" in that year as the campaigns go by, "labor" has less to ask as
was disheartening, and in 1928 we find it has not it has less to propose or seek, as a special right.
sufficient vitality to put a ticket in the field. ProLabor, with us, is often commended because it
gressivism, with its vague, inchoate "principles," does not seek to found a party. Concede that this
has been swept aside, and we find both the old is the proper attitude, is it not proof that "class,"
parties, covering some of the foggy ground, but in as such, in a Republic has no distinctive rights?
no very clear or distinctive way. A brood of lesser As for the federation of trades unions, it only asissues than the lauded reforms of this whilom party sumes to speak for labor. Ten per cent. or about
block the way. And it is not too much to say that four millions in about forty millions of workers, is
"labor" as a class has been sidetracked to be dis- not an authorized Voice. More than this, and no
placed by the "farmer" as a class. There is a rea- higher credit can be given to the members of the
son for this, no doubt, in that "labor" with its war respective trades, the Federation never has measurwages still continuing, in large part, is in no very ably controlled its voters. While it may be argued
bad way—and content to let "well enough alone." that a worker joining an outside union surrenders
Hence the Executive Council of the A. F. of L., some of his freedom and hampers some of his rights
after some heated debate, resolves to return to its he does not surrernder his citizen's right to vote
non-partisan stand of neutrality.
as he pleases, as his own judgment dictates. This
Not, however, that the Federation shows no in- has been proved over and over again. Men are men,
terest in the coming election. It wills to support no matter where or how they work. And when men
neither of the candidates for the Presidency, but are truly men they are above "class."
One of the alternative compensations of the elethe Trade Unions in their respective localities in
their individual capacities are expected to "select" vation of purely social questions into a campaign
candidates for Senators and Representatives in is that they crowd out of view, or should, sections
Congress, regardless of party, that are favorable and classes by creating larger though less pertinent
to labor. This has been done before, and will be political issues. A campaign run wild over "wet
done again. And while this form of the injection of and dry," as mere expressions of opinion on the
"class" into the campaign has been considered in "liquor question" (with constitutionalism and
other years, it is quite worth while at each new ap- State's Rights and modification all mixed together
pearance to point out its faults and failures. And in a jumble of argument), creates two huge classes
in the very first place of all, an organized class has that devour the labor "class" and the farm relief
no place in the machinery of a representative democ- "class" but do not come very near to the real issues
racy. Our form of government rests upon the free- that constitute fundamentals in government. It is
dom and sovereignty of the individual voter. The a fault of our political system. We might have a
people consists of a great number of individual "labor" question in some form, or a farm question
units. Rule is the result of the will of the many in a more rational form, or a money question in
freely expressed at the polls.
some new form, were it not that "wet and dry" has
A "labor" class, seeking to impress itself on the captured the front of the stage and set two alllegislation of the nation through the ballot box, in embracing "classes" into an irreconcilable conflict.
its own interest, is at best an anomaly in a Repub- In such a state, "labor" may well take a back seat.
lic. If a class of capitalists, per se, were to attempt
There is little in common between a class and a
the same thing, "labor" would be the first to decry political party. The former is exclusive, the latter
the effort. "Labor" holds itself not a "commodity." inclusive. A party seeks to embrace all men, to conYet when it proffers votes for favors can it be any- vert them to its own view. A "class" seeks to conthing else? "Labor's" answer to this is that it seeks trol all men in its own interest and ignores the
not favors but rights and justice. But because it masses in their common rights and privileges and
organizes into a class can it create any rights not duties. If parties seek to absorb classes, as such,
possessed by the individual citizen? Can there be they include antagonistic elements. Classes are auany justice for the laboring man that is not applic- tocratic, parties are democratic. Parties seeking
able alike to the farmer, business man, and capi- support of classes must fail to reach the high plane
the throne of government? Is politics any longer
statesmanship when parties stoop to conquer by
lending ear to the voices of dissatisfaction, the selfishness of sections, and the ignorant cries for equalization where none can exist? But to this base end
has come the wisdom of those who first saw in a limited government the guaranty of the equality of opportunity and in the individual a sovereign in his
own right free to do as he will so long as he respects the rights and interests of all other free and
sovereign citizens. Business is bigger than agriculture. Politics is not the corn in the ear, but the dry
husk of fancied theories. And government is neither.
874
FINANCIAL CHRONICLE
of disinterestedness, of devotion to the good of the
whole country. Classes that would rule, destroy
• themselves, because they cannot combine. A "farmer-labor" party cannot be organized. A "labor"
party arouses every other class and cannot destroy
political parties or political principles that are
broad as the country and inclusive as "the people."
We are now in arrant confusion because the voices
of classes are discordant. Our election promises
to be indecisive of anything worth while because
there is too much appeal to "class."
New Voices in the Williamstown Institute.
Dr. Louis Pierard of Belgium made a notable
contribution to the Institute by introducing two
new and highly important subjects. The first is
the relation of the two chief nationalities in Belgium, the Walloons and the Flemings, to each other;
and second, the use the working man is making of
his free time, which he characterized as probably one
of the most important of all social problems to-day.
The first bears directly on the disturbance existing in so many of the smaller European States in
which people of different nationalities are in the
conditions resulting from the war, kicking against
their inclusion with others under a common rule,
however long that union may have existed. The
Belgians are making a splendid effort in every way
to undo the attempt of the Germans to drive a wedge
between the two sections of the country, Flanders
and Wallonia, which was at the time futile. Of the
8,000,000 population, 4,000,000 are Flemish and
3,000,000 Walloon, having different speech. Notwithstanding the intense loyalty which the war
aroused in all and the many precious links, economic and otherwise, which unite the people, new
conditions have given a new force to old contentions, and differences previously disregarded are
now disturbing and promote strife.
Dr. Pierard, a native of Mons, the chief manufacturing center, with a large working population, has
interested himself greatly in their condition and is
doing what he can in public affairs to obliterate traditional differences, the drawing of the Flemings
to Holland on the one hand, and of the Walloons to
France on the other; and to minimize the difference
of speech by making use of both in the training of
the army. The introduction of some plan of federation in the provinces after the Swiss system is also
proposed.
But differences among the Belgians, however they
may arise in other lands, lie largely in other ways
than in language. They appear in art, in literature, religion, social economy, and in temper. Belgium has been the cockpit of Europe; she now has a
mission to fulfill as a link between three great civilizations, French, German and English. She is a
corridor of commerce not only of goods but of
ideas. Feeling this, Dr. Pierard's heart is with his
own people, the working men of Mons. They stand
for the public opinion of Belgium, and a new and
little considered condition of life has begun with
them. It is the eight-hour day. One of its first Belgian advocates had said: "It would produce chiefly
the mental ascent of the workingman and enable
him to take his part of the intellectual treasure aconmulated by humanity." The leisure gained, if
well employed, was to correct the evil effect of machine production on the man who serves it. What
has been done to secure.to the working man the
[Vol,. 127.
return to nature and the joy of life? Is his new
leisure time, a gift or a curse? How is it spent?
Goethe once wrote: "Nothing is more difficult to
man than to spend his leisure time"; and here were
the men of least experience with that task. Idleness is only too often a curse. A French expert
studying the effect of the eight-hour act had found
pure idleness its chief result and had characterized
it as La Corvee de Joie, the wet-blanket of joy. The
French working man said: "What am I doing when
I am not in the factory or the public house? Well,
I sleep." "When I am not asleep? Well, I do not
know." The real problem is to let the man know
what he may do when he has nothing to do! This
is the social problem in Europe; and Dr. Pierard
has for several years set himself to answering this
question for the working men of Belgium. His experience though far from complete is so thorough
in its method and so whole-hearted and sincere in
its purpose that it cannot fail of wide influence.
He starts with the statement that if the conquest
of free hours does not at the same time increase the
knowledge, the general culture and the morality of
the working men; if it does not improve their health,
then the spirit of the grant is violated and the eighthour day will mean social retrogression, and not
social advance. He recognizes that legislation and
official action is not desirable or pertinent. Compulsory action of any kind would defeat its purpose.
Free time must b 3 free. His aim has been to secure
co-operation by the State to the extent of shaping
public education with reference to it, with especial
regard for youths between 14 and 18 years of age.
Then the co-operation of the provinces is to be obtained in providing technical education broadly,
such as is already done for the diamond workers of
Antwerp and by the action of certain municipalities and some provinces. Hainault,for instance, has
established a Universite du Travail, which as a Labor University is considered a model of advanced
technical training for young working men.
But these do not in themselves reach the "free
time" problem. The next step is to secure the cooperation of all private enterprises and associations,
and to supplement them by official creations where
private enterprise is lacking, and then to erect a
national fund to receive gifts from wealthy persons, corporations, trade unions and co-operative
societies, with such grants from the municipalities
and the provinces as may be added, the whole to
be independent of the state, and to be administered
by an Educational Board to deal with all work and
organization directed to the free time of the working man. This will be a carefully created national
body which will help to organize local art exhibitions, competitions in making furniture and decorations for working men's homes, promoting gardening and physical training, gymnasiums, bathing
places, music, &c., and general education through
lectures, movies, travel and visits to galleries. The
fund will give aid to social centers, clubs, and settlements open to working men of any opinions.
Dr. Pierard is here to gain all the light possible
from what is doing with us which will be helpful.
President Coolidge announced in 1924 that a Federal commission would be appointed to draft a
scheme of a co-ordination between institutions dealing with this problem of leisure time, but it apparently has not yet been created. Meanwhile some
European countries like Finland and the Scandi.
AUG. 18 1928.]
FINANCIAL CHRONICLE
875
navian nations, and of late still more effectively studying the differences between peoples of the
Czechoslovakia, are doing much. France and Eng- West and Orientals, can discover no biological suland are dealing with it, and have produced single periority in the white man. When the Oriental
important examples. Foyers des Campagnes have gets the scientific impulse that dominates the West,
not do as well. The
been initiated in France, and England, especially at there is no evidence that he will
advantage lies largely in his earlier
the north, has taken up the Danish conception and white man's
many reasons not inheris pushing the creation of libraries and country start. Cultures differ for
ent, and do not of themselves prove race superiority.
clubs for the peasantry. Russia and Italy are dealThe "racial garland" of the Pacific was "colored"
ing with the subject in wholly different ways though
prior to the coming of the European. He has occuwith very different objects in view.
slight resistance and the aboWithout unity of action France has done much pied the rims with
rigines are receding, but the substantial masses,
through individual effort, with the work of some
Malay, do not yield to his presleading manufacturers and the experiments made Japanese, Chinese,
moving in similar lines. It is not
by artists and intellectuals supported by the Gen- sure, and are now
Pacific will belong
eral Confederation of Labor. France has much to probable that the future of the
because 20% of its 800,000,000
show of music and art at their best brought in many to the white race,
races are no
direct, though quiet, ways to the common people. people are white. In fact, the yellow
homogeneous than the whites and have their
M. Godart, the Minister of Labor, said at the 6th more
not likely to
Geneva Conference that as a result of the eight-hour own causes of rivalry. The Pacific is
be divided into a two-colored situation with either
day "family life was improved, working men's gardens had increased in number more than 45%, and a white or a yellow peril.
The great truth is that the exploitation of backalcoholism which has such terrible effects on the
ward people in this progressive age is not only danFrench population, had decreased." In closing his
appeal, Dr. Pierard quoted Anatole France's say- gerous, but impossible. Their rights, especially the
ing: "The ignorance of the masses has condemned rights of those who have not the number or the
democracy to death"; adding, now we want to "keep ability to speak for themselves, must be respected.
Obviously, the impulse for this change of external
democracy alive."
Prof. R. W. McKenzie, of the State University of and national attitude must lie in the reality and
Washington, who led the discussion of the Popula- sincerity of its adoption among individuals here
tion Problems on the Pacific Rim, commanded keen at home. The institute is certainly holding up
attention. The Pacific Ocean is now the great ave- some very simple economic and political truths.
nue, and is no longer the barrier of communication. Presidential elections do not always express the
For this the great rivers are feeders and the islands place held by these truths in the hearts of the peoare stepping stones. Agriculturally, the two sides ple; they are so often crowded aside by more clamare largely complementary. Modern science has orous issues. Only the weight of individual conmodified the impediment of climate and has un- viction and practice can reestablish them.
folded tremendous possibilities of occupancy and
Public-Utility Earnings in June.
production even in distant islands. A single ecoGross earnings of public-utility enterprises in June, exnomic web makes the solution of race problems
clusive of telephone and telegraph companies, as reported
imperative.
to the Department of Commerce by ninety-five companies or
The leader, as a man of far travel and wide ex- systems operating gas, electric light, heat, power, traction
and water services and comprising practically all of the
perience, is well equipped to point them out, and important organizations in the United States, were $178,the discussions have drawn out contributions from 000,000 as compared with $180,121,761 in May, and $167,consist,
others of like knowledge. Mr. Wang, Chinese Gov- 975,072 in June 1927. Gross earnings earningsin general,
in general
of gross operating revenues, while net
ernment Fellow in Washington, said that China is represent the gross, less operating expenses and taxes, or
cases the figures
more than ready for the common fellowship which the nearest comparable figures. In somesame subsidiaries,
years do not cover exactly the
While in response, Prof. C. R. Fay for earlieracquisitions, consolidations, &c., but these differis involved.
owing to
of Toronto pointed to the dilemma created by eco- ences are not believed to be great in the aggregate. The
summary presents gross and net public-utility
nomic imperialism when one country enters an- followingby months from January 1925, the figures for the
earnings
other for the purpose of running it. From the legal latest months being subject to revision:
as well as the economic point of view, both Japan
PUBLIC UTILITY EARNINGS.
1928.
1927.
1926.
1925.
$
and China are finding it difficult to live up to their Gross Earnings-$
$
196,573,107
191.702,022
177,473,781
163,500,133
177,612,648 *187,383,731
165,658,704
professions. And neither England nor the United January
151,839,283
February
179,564,670 .187.726.994
167,642,439
151,583,666
March
176,467.300 .181,143,683
166,927,022
States has been able to justify its position in the April
147,841,101
171.255,699 *180,121.761
159.135,618
145.571,954
May
178.000.000
167,975.072
157,744,715
Orient, which, however, the United States is now June
142,448.670
964,577,411 1,010,949,276
994 582,279
902,584.807
amending.
Total(6 mos.)
161,638,462
153,245,315
141,063.557
Professor McKenzie dwelt at length on the prob- July
162,647,420
153,188.101
142,422.405
August
169,413,885
159.519,246
146,666,896
lem of racial distinctions. When we study types September
177,734,493
170.733.069
158,770,250
October
182,077,497
176,000,649
163,128,279
November
of humanity we become confused about the meaning December
194,985,134
188,146,705
172,488,624
of race, because the people of the world are all mon- Total(year)
1,827,124,618 1,995,415,364 2,113,074,302
grels, hybrids, or mixtures of migratory peoples of Net Barningt—
79,013,279
73,746,891
68,974.941
58,671,777
.74,296.567
66.907,757
the past. Color has no great sociological value as January
61,555,164
54,102,576
February
•72.811,146
65.412,739
60,696,920
52,475,643
March
68.971.324
64.907.729
59,471,359
a distinction—much as it has served to keep peo- April
51,016.359
.67,674,637
61,194,779
54,993,907
48,972.398
May
66,000,000
59,167,096
55.699.751
47.777,644
ple apart. The assumption that peoples with su- June
428.766 962
391,336,991
359.392.042
313.016,397
perior technical culture are superior to peoples Total(6 mos.)
53.980.280
49.238,806
44,309,630
without that has also no real validity. The Nordic July
53.551,164
49,844,522
44,770.778
August
61,897.207
56.930,481
49,139.669
who happened to be the first to use mechanical September
65.259,727
60,878.181
55,057.277
October
70.214,468
65,844,729
60.511,807
78.937,417
energy and to have the resources, got the lead over November
73.023,848
6.5,414,632
December
in the 19th century, and would Total(year)
775.177,254
715.152.609
632,220.190
the rest of the world
explain his position on the basis of race. Science, *Revised.
876
FINANCIAL CHRONICLE
Colonel Ayres of Cleveland Trust Co. Looks for Better
Business in Remainder of Present Year Than in
Same Period Last Year.
"Business during the remaining months of 1928 will
probably be better than it was during the corresponding
months of 1927," says Col. Leonard P. Ayres, Vice-Pres.
of the Cleveland Trust Co., in the company's "Business
Bulletin" issued under date of Aug. 15. Colonel Ayres says:
So far this year the key industries of iron and steel, building construction,
and automobile production have made an impressively good showing, and
there seems to be good prospect that they will do well during the remaining
months. Car loadings on the railroads, and coal production, are now
beginning, week by week, to produce records that are a little better than
those of the corresponding weeks a year ago. The agricultural outlook Is
good, with, weather conditions promising large harvests, and with farm
prices at higher levels than last year. The increased sales of the mall
order houses and the farm-Implement manufacturers are reflecting the
Improvement in the purchasing power of the agricultural sections.
Over against these constructive conditions must be set the developments
in banking and the money markets that have produced the current high
rates of interest which have already increased the cost of doing business,
and brought about declines In bond prices and some stock prices, and a
sharp curtailment in the issuing of new securities. These conditions are
not merely temporary and artificial, nor are they the result of an unnecessary
and undignified quarrel between the Federal Reserve System and the Stock
Exchange. They are primarily the result of a large and rapid outflow of
gold, and partly the aftermath of a great outburst of stock speculation
staged at a singularly unpropitious time.
In the right-hand column of this page are two over-simplified diagrams
!these we omit, Ed.i which attempt to illustrate the working-out of the
principal factors which have resulted in the present high interest rates.
The upper diagram shows monthly since the beginning of 1922 In billions
of dollars the stock of monetary gold in this country, and the total amount
of bank credit in use, as it has increased from less than 40 billions early in
1922 up to nearly 60 billions this summer. The figures of the diagram are
for all banks, State and national, and whether members of the Federal
Reserve System or not.
The surface representing the mounting volume of bank credit in use is
divided into an upper part, showing the amounts loaned on stocks and
bonds, and a lower section representing other bank credit. A study of the
diagram shows that our stock of gold, on which the bank credit is based,
increased in the first part of this period of nearly seven years, and has
recently been decreasing. Meanwhile the loans on stocks and bonds have
been increasing irregularly, but rapidly, and other bank credit has increased
somewhat more steadily, but less rapidly. The figures for loans on stocks
and bonds are estimated from the data for the banks embraced in the
membership of the Federal Reserve System, which include about 63% of
the banking resources of the country.
The lower diagram shows the changes in these same three series if we
consider their values in 1923 as having been equal to 100 and state all their
[vcr.. 127.
other values in relative terms with that as a basis. This shows that the gold
stock increased rapidly and steadily from early 1922 to late 1924. then ran
along without great change to the summer of 1927. and since then has
declined rapidly. Meanwhile the volume of miscellaneous bank credit
varied closely with the amount of gold until the recent gold exports began,
since which time it has been rising vigorously while its gold basis has been
shrinking. This last disparity alone would normally have resulted in a
distinct stiffening of interest rates.
The loans on stocks and bonds began to mount out of all proportion to
the gold basis of credit in the autumn of 1924, when this bull market got
under way, and they have kept on ever since, reaching their most rapid
expansion and greatest volume during this past year while we have been
losing gold. Under these conditions a stiffening of interest rates has been
necessary and inevitable rather than merely temporary and artificial. In
a certain sense it does represent a contest between the Federal Reserve
System and the Stock Exchange, but it is a contest that the Reserve System
has entered upon to protect the creilt supply that is vital to business, and a
contest which it probably should have entered upon earlier, and waged more
vigorously, than it has.
Regarding brokers' loans Colonel Ayres has the following
to say:
Stocks and Loans.
This bull market is now four years old. In early July of 1924 the average
price of the 228 stocks composing the price index of the Standard Statistics
Co. was just above 100. Ever since that time it has been rising irregularly.
until in May it was above 220. Its course each month since the
beginning
of 1925 is shown in the diagram by the solid line. Running along below
this solid line is a dotted one which shows the changes in the volume of loans
to brokers as reported each month by the New York Stock Exchange. In
general the paths of the two lines are roughly parallel, but with the dotted
line closely approaching the solid one just before the important price
declines early in 1926 and again this
year.
Probably the most important feature of the diagram Is the evidence it
affords of the relative mildness of the declines that have just taken place in
both prices and the volume of brokers loans in the falling market of May and
June. During the bear market that ran from late 1919 to the middle of
1921 this same price index dropped 35%,and In the milder bear market of
1923 it declined 17%. Compared with these severe readjustments of prices
the subsequent technical breaks have been quite small. The great break
of March 1926, carried this Index down 11%,that of September of the same
year 5%,and the one in Oct. of 1927 nearly
6%
The reduction in this price index in May and June of this year amounted
to a little over 8%, of which a major part has already been recovered.
Somewhat similar comments might well be made about the volume of
brokers' loans. The reductions so far have been moderate in amount, and
strictly limited in duration. They have not made even a good beginning
at cancelling the advances that resulted from the excesses of speculation
last March and April. There is but little reason to suppose that the downward revisions of stock prices and brokers loans have been completed, and
much evidence to Indicate that there remains a good deal more of Corrective
shrinkage to come.
The New Capital Flotations During the Month of July
and from Jan. 1 to July 31
Contrary to the experience in most of the months during
the first half of the year, new financing during July was
on a relatively small scale. As a matter of fact, the grand
total of the new issues brought out in that month was the
smallest of any month of any year since August 1926. During the summer months it is customary to find some falling
off in the totals, but the present year certain special influences have tended in an important degree to interfere
with the marketing and floating of new issues, making
bankers exceedingly chary about bringing them out. Market conditions have been decidedly adverse—the investment market being more or less congested with other recent new issues which have not yet found definite lodgment—and of course the tension prevailing in the money
market, with the high rates of interest commanded by
collateral loans, both in the call loan branch and in the
time loan division, has been a drawback to new financing
of any kind which it has been difficult to overcome.
With short date money yielding very exceptional rates
of interest, it has naturally been difficult to tempt lenders
to invest their funds in permanent securities of any kind
Inasmuch as these from the very nature of the case must
be expected to yield much more moderate returns, even
if not so extremely low as those which obtained before the
recent great upheaval in the money and investment markets. Besides this, the experience with many other recent new issues has not been encouraging. Many of these
are now selling 5 to 8 points lower than the issuing price,
the level of all security values having so seriously declined during the last few months. The issuing houses
have in many cases had to bear a considerable part of
the losses themselves. They are not anxious to repeat the
experience. Any new issues now brought out must net a
much higher rate of return in order to attract investors. On
the other hand, however, borrowers, whether they be private corporations or Government entitles, are extremely
reluctant to pay these higher rates and hence have not been
Inclined to force new obligations upon an uncertain market. Thus in the case of borrower and lender alike, the
disposition has been to pause and go slow for the time
being.
,
The situation indicated has been common to the whole
security market and municipalities have encountered real
difficulty in floating new bond issues except at prices which
they regarded as prohibitory. In not a few instances, offerings of new municipal issues have met with no response
whatever in the shape of bids, while in other instances
the bids have been rejected because considered too low.
The result has been the same in both cases; namely, the
new bonds have not come upon the market. All of which
explains why new financing during July has been on such
a greatly reduced scale.
Our tabulation, as always, includes the stock, bond and
note issues by corporations and by States and municipalities, foreign and domestic, and also farm loan emissions.
The grand total of the offering of securities under these
various heads during July aggregated no more than $442,682,282, which, as already stated, is the smallest amount of
new financing for any month of any year since August 1926.
As against this diminutive amount for July, the grand total of the offering of new securities during June ran above
a billion dollars, the exact amount being $1,035,270,033. In
May the total of new financing also exceeded a billion dollars, the exact amount being $1,019,639,995. In April the
new offerings aggregated $1,051,935,042, this having been
the largest amount ever recorded for any month of any
year. In March the new issues totaled $958,986,883; in
February they were $865,905,021; in January only $758,830,479. In December, on the other hand, the amount exceeded a full billion dollars, the exact figure being $1,040,351,927. In November the new issues footed up $771,882,778, but in October, as in December, the new financing
exceeded a billion dollars, the precise amount having been
$1,033,974,377, and this having been the first time in any
month up to that date in which the billion-dollar mark
had been reached. In September the total was $628,101,764,
and in August $617,364,763.
This year's total is smaller even than that for the month
of July last year, when also the bond market was congested (though without any tension in the money market)
and when new issues as a consequence were held back with
the view to giving the investment market a needed rest.
•1
gown.
AuG. 18 1928.]
Last year's July total was $483,819,239; that for July 1926
was $582,173,596, and that for July 1925 $696,189,064—
from all of which an idea will be gained of the extent of
the present year's shrinkage. As compared with last year's
small total there is a falling off under each leading head
excepting only in the amount of foreign government securities put out, which was somewhat larger the present
year, though this statement is not true regarding the
foreign corporate issues, which were much smaller the
present year. The total of the corporate issues, foreign
and domestic combined, for July 1928, is only $323,748,369, against $371,094,681 for July 1927, and the amount of
the municipal issues only $76,137,913, against $86,028,558.
New financing in July on behalf of industrial corporations aggregated $247,276,773 and comprised over 75% of
the corporate total for the month. Compared with the
June industrial total of $407,638,650, July at $247,276,773
shows a decrease of more than 160 millions. Public utility
issues were also on a greatly reduced scale, July totaling
only $57,797,596 as against $378,636,625 for June. Railroad
financing in July at $18,874,000 compares with $42,158,300 reported for June. As already stated, total corporate
offerings during July were $323,748,369, of which nearly
two-thirds, or $208,211,869, comprised stock issues, $99,936,500 consisted of long-term, and only $15,600,000 comprised
short-term financing. The portion devoted to refunding
was only $38,945,202, or slightly less than 12%. In June
$217,025,800 (revised total), or over 26%, went for refunding. In May, $174,477,240, or not quite 23%, was for refunding. In April no less than $349,116,372, or somewhat
over 41%, comprised the refunding portion. This established April as the second largest month on record in this
respect, it having been exceeded only by March of the present year in which month the refunding portion reached
$361,242,750. In February, $201,343,948, or 32% of the
total, was for refunding, while in January the amount was
$165,028,100, or not quite 29% of the month's total. In
July, 1927, the refunding portion was only $29,436,500 or
less than 8% of the total for the month. There was only
one large refunding issue during July of the present year,
this being 452,847 shares of Chrysler Corp. common offered
at $571/i per share, involving $26,038,702, which is to be
used in retiring outstanding 8% preferred stock.
The total of $38,945,202 raised for refunding in July
comprised $9,456,000 new long-term to refund existing longterm, $1,441,500 new short term to refund existing shortterm, $125,000 new stock to replace existing long-term and
$27,922,702 new stock to replace existing stock.
Foreign corporate issues sold in this country during
July totaled only $11,373,400 as compared with no less
than $230,350,000 in June. The issues offered during July
were: Canadian: 81,816 shares of Aluminium Ltd. common
stock at $25 per share, involving $2,045,400, and 78,000
shares Crown Cork & Seal Co. Ltd. capital stock priced
at $16 per share, involving $1,248,000. Other foreign issues were: $3,400,000 Hungarian Discount and Exchange
Bank (Budapest) 35-year communal 7s 1963, issued at
9512 yielding 7.35%; 125,000 American shares of Roan
/,
Antelope Copper Mines Ltd. offered at $24 per share and
$1,500,000 7% cum. pref. and 7,500 shares of common stock
of International Mortgage & Investment Corp. offered in
units of 1 share of preferred and % share of common at
$112 per unit.
The largest domestic corporate issue of the month was
285,887 shares Public Service Corp. of N. J., $5 div. pref.
stock offered at $98 per share, involving $ 8,016,926.
2
Other domestic utility issues of importance comprised:
131,370 shares Standard Gas & Electric Co. $4 cum. pref.
stock issued at $66 per share, involving $8,670,420 and
$5,600,000 General Water Works Corp. 1st lien and coll.
tr. 5s A 1943, priced at 90%, to yield 6.00%.
Domestic industrial issues of importance during July
comprised: 4:52,847 shares of Chrysler Corp. common stock
offered at $57% per share, involving $26,038,702; $12,000,000 Transcontinental Oil Co. 1st mtge. 6 s 1938, issued
/
1
2
at par; 95,215 shares of Industrial Rayon Corp. class A
stock offered at $80 per share, involving $7,617,200; $7,601,440 United States Gypsum Co. common stock, offered
at par ($20) and $5,000,000 6% cum. pref. stock. (par $50)
and 100,000 shares of common stock of Metal & Mining
Shares, Inc., offered in units of 1 share of preferred and
1 share of common at $70 per unit.
Railroad financing during July consisted of $17,500,000
Pennsylvania RR. capital stock offered at par ($50); $894,-
877
FINANCIAL CHRONICLE
000 Wheeling & Lake Erie fly. Co. ref. mtge. 5s B 1966,
.
placed privately, and $480,000 Chicago St. Paul, Minneapolis
& Omaha Ry. equip. trust 4%s E 1929-38, placed privately.
Three separate foreign government loans (all emanating
from South America), amounting to $41,396,000, were
floated here during July. The offerings were: $23,000,000
State of Rio Grande do Sul (Brazil) ext. 6s 1968, priced
at 94%, yielding from 6.40% to 7.53%; $15,000,000 State
of San Paulo (Brazil) ext. 6s 1968, offered at 94%, yielding
6%% and $3,396,000 City of Tucuman (Argentine) ext 7s
1951, brought out at 96%, to yield 7.30%.
Farm loan financing consisted of two small issues aggregatinc $1,000,000, the yields on which were from 4.37%
,
to 4.70V;.
Offerings of various securities during the month which
did not represent new financing and which, therefore, are
not included in our totals, embraced the following: $1,081,/
600 Apponaug Co. 612% cum. pref. at 101; 36,090 shares of
common stock of the same company at $32 per share; 187,378 shares Cannon Mills Co. common at $48 per share; 30,000 shares Julian & Kogenge Co. (Cincinnati) common at
$30 per share; 50,000 shares Michigan Steel Corp. common
at $50 per share; 211,991 shares Mohawk Carpet Mills
Inc. common at $40 per share; 30,000 shares Nachman/2 per share; 20,000
Springfilled Corp. common at $281
shares Odin Cigar Co. common at $19 per share; 54,167
shares The Perfect Circle Co. common at $30 per share,
and $1,500,000 Western Pacific RR. 1st mtge. 58 A 1946,
priced at market, to yield about 5.09%. The following is
a complete summary of the new financing—corporate,
State and city, foreign government, as well as farm loan
issues—for July and for the seven months ending with
July. It should be noted that in the case of the corporate
offerings we subdivide the figures so as to show the longterm and the short-term issues separately, and we also separate common stock from preferred stock, and likewise
show by themselves the Canadian corporate issues, as well
as the other foreign corporate flotations.
New Capital.
MONTH OF JULY.
Corporate—
Domestic—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Refunding.
Total.
$
t
$
87.080,500
14,158,500
77,529,906
94,660,861
9,456.000
1,441,500
2,009,000
26,038,702
96,536.500
15,600.000
79,538,906
120,699.563
3,293,400
3,293,400
3,400,000
3,400,000
1,680,000
3,000,000
1,680.000
3,000.000
Total corporate
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States Possessions
284,803,167
41,396,000
1,000,000
38,945.202
323,674,369
41,396.000
1,000.000
75,092,313
1,045,600
76,137.913
Grand total
SEVEN 3.10S. ENDED JULY 31.
Corporate—
Domestic—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Canadian—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other foreign—
Long-term bonds and notes
Short-term
Preferred stocks
Common stocks
402,691.480
39,990,802
442,682,282
Total corporate
Foreign Government
Farm Loan Issue
War Finance Corporation
Municipal
Canadian
United States Possessions
nr.knoi tntsd
400,000
400,000
1,283,913,600
105,452,700
576,575,542
699,399,767
933,288.400 2.217.202,000
35,773,800 141,226,500
231,802,300 808,377,842
165,404,412 864,804,179
81.480,000
68.792,000
150.272.000
19,000,000
8,613.400
26.000,000
45.000,000
8,613.400
350,781,500
10,000,000
11,530,000
30,281,750
46,118.500
396,900,000
10.000,000
11,530,000
30,281.750
3,177,028,259 1,507,179,412 4,684,157,671
439,331,587 100.538,413 539.870,000
38,100,000
38,100,000
829.871,375
30,640,000
6,085,000
23,230,789
853,102,164
30.640,000
6.085.000
4 521.056.221 1.630.948.614 6.152.004.835
In the elaborate and comprehensive tables on the succeeding pages we compare the foregoing figures for 1928 with
the corresponding figures for the four years preceding,
thus affording a five-year comparison. We also furnish a
detailed analysis for the five years of the corporate offerings, showing separately the amounts for all the different
classes of corporations.
Following the full-page tables we give complete details
of the new capital flotations during July, including every
issue of any kind brought out during that month.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING FOR THE MONTH OF JULY FOR FIVE YEARS.
Total.
New Capital.
3
$
96,536.500
184,189.800
15,600,000
21,430,800
79.538,906
46,700.400
120,699,563
25,614,181
1927.
Refunding.
$
15,058,200
1,364,200
6,562,100
175,000
1.500.000
Total.
New Capital.
6
$
199,248,000 211,607,500
22,795,000
10,535,000
53,262.
500
26,
709,380
25.789,181
67,663,240
1.500,000
49.250,000
10.000,000
New Capital.
Total.
$
$
2-16,562,500 162,259,700
22.685,000
11,410,000
44.480,200
27,899.380
73,136,240
61.977,471
1925.
Refunding.
$
32,192,500
8,560,000
24.904,000
9,025,000
Total.
New Capital.
$
$
194,452,200
96,883.000
19,970.000
23,860,000
69,384.200
30,662,500
71,002.471
7,213,044
1924.
Refunding.
$
41,184,000
3,000.000
2,000,000
Total.
$
138,067,000
26,860,000
32,662,500
7,213,044
38,850,000
38,850,000
64.500,000
4, .
000000
1926.
Refunding.
$
34,955.000
12,150,000
1.190,000
5.453,000
1,500,000
1,500.000
22,875,000
20,000,000
22.875.000
20,000.000
49,250,000
16.000,000
13,500,000
8.000,000
20.250,000
13,500.000
8,000,000
20,250,000
31,500,000
31,500,000
3,293,400
3,400,000
58.223,000
4,
000,000
6,277.000
1.680,000
3,000,000
323,748,369
41.396,000
1.000.000
341,658,181
25,596,000
1.100,000
29,436,500
371.094,681
25,596,000
1,100,000
414.635,120
12,520,000
6,000,000
59,748,000
474.383,120
12.520,000
6,000,000
323,377,371
117,500,000
3.000,000
74,681,500
27.000,000
6.000,000
398,058,871
144,500,000
9,000,000
232,993,544
10,000.000
13.900,000
46,184,000
279,177,544
10,000,000
13,900,000
76,137,913
84.725,558
1,303,000
86,028.558
88,594,676
675.800
89.270,476
131,836,403
12,793,790
144,630.193
453.079.739
30.739.500
483.819.239
521.749.796
60.423.800
582,173,596
575,713,774
120,475,290
696,189.064
115.262,429
13,739,000
200,000
380,094.973
1,861,250
400.000
442,682,282
0
4§, 15:Ho
-
117,123,679
13.739,000
200,000
434.140,223
1924,
Refunding.
$S
15,200,000
18,177,000
7,750,000
Total.
$
46,028,500
86,263,000
9,450,000
8.000,000
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF JULY FOR FIVE YEARS.
1928.
1927.
MONTH OF JULY.
New Capital. Refunding.
Total.
New Capital. Refunding.
Long Term Bonds and
Notes$
$
$
Railroads
$
$
480,000
894,000
1,374,000
11,187,000
707,000
Public utilities
10,943,000
68,862,000
1,538.000
10,943,000
Iron. steel, coal, copper. &c
1.700.000
1.700.000
23,723,000
6,277,000
Equipment manufacturers
1,000,000
1,000,000
5.960.000
Motors and accessories
Other industrial & manufacurng
ti
7,750,000
7.750.000
4.750,000
Oil
•
6.264,000
5,736,000
12,000.000
12,142.800
7,857,200
Land, buildings, &c
46.824,500
1.670,000
48,494,500
39.719,000
Rubber
Shipping
Miscellaneous
15.519,000
1.156,000
16,675,000
77,569,000
4. - 6:560
91
Total
90.480.500
9.456.000
21.335.200
99.936,500 243,912,800
Short Term Bonds and
Notes
Railroads
650,000
Public utilities
S.I50:600
3,250.000
13,945,800
714.200
Iran, steel, coal, copper, &a
Equipment manufacturers
Motors and accessories
Other Industrial' and
manufacturing
Oil
Land, buildings, &c
7,208,500
1.441.500
8.650.000
3,485.000
Rubber
Shipping
Miscellaneous
3,700,000
3.700,000
8,000.000
Total
14,158.500
1.441.500
25.430.800
1,364.200
15,600.0
00
StocksRailroads
17.500.000
1.761,600
Public utilities
17 500 000
. .
43.404.596
26.659.281
3,640,500
43,404.596
Iron, steel, coal, copper. &c
14,000.000
14.000,000
875,500
Equipment manufacturers
Motors and accessories
26,038.702
26,038.702
Other industrial and
manufacturing
48.321,434
24,620,000
2,921,600
46.312 43
2.009.000
. 4
Oil
3,030,000
3,030.000
750.000
Land, buildings, &c
7.393.000
7,393.000
5.731.750
Rubber
525.000
525,000
Shipping
Miscellaneous
47.999,137
47.999.137
11,916.450
175.000
Total
180,164.167
28,047,702 208.211,869
72,314.581
6,737.100
TotalRailroads
17,980,000
18.874,000
894.000
12,948,600
1,357.000
Public utilities
57,597,596
57,597.596 109,467,081
5.892.700
Iron. steel, coal, copper, &c
15,700.000
15.700.000
24,598.500
6.277,000
Equipment manufacturers
1,000.000
1.000,000
5,960,000
Motors and accessories
26,038.702
26.038.702
°ther industrial and manufacturing
54,062,434
2,009,000
56,071,434
29,370,000
2,921,600
Oil
9,294,000
5,736,000
15,030.000
12,892,800
7.857,200
Land, buildings, &c
61.426.000
64.537,500
3.111.500
48.935,750
Rubber
525,000
525,000
Shipping
Miscellaneous
67,218,137
1,156.000
68.374,137
97.485.450
5,131.000
Total corporate securities
284,803.167
38,945,2021 323.748,369 341,658.1811 29,436.500
1926.
New Capital. Refunding.
Total.
$
5
$
11,894,000
30,775,000
70,400,000 113,821,000
19.730,000
15,000.000
30.000,000
5.960.000
3,269.000
10,000,000
4,750,000
29.860.000
3,590,000
20,000,000
39,719,000
8.385,000
62.472,500
1925.
New Capital. R funding.
Tviat.
$
$
$
30,775,000
57,475,000
7,525,000
133,551.000
35,453.500
5,347,500
15,000,000
1.300,000
1,700.000
3.269,000
400,000
10,000,000
33.450,000
17,847,000
16,100,000
70,857,500
58,579,200
2,000,000
100,000
4.105,000
177.259.700
34.510.000
299,707,500
3.250,000
34.955.000
37.760.000
334,662.500
650,000
14.660.000
1E.Yob:656
10,000.000
900,000
10.000,000
16.800,000
700.000
1.250,000
6,000.000
3,485,000
3.935,000
1.950,000
6.000,000
3,935.000
9,500.000
620,000
8.000.000
26,795,000
20.535,000
18.150,000
38,685.000
100,000
19,410,000
1.761,600
30,299.781
875.500
60.288.480
1.190.000
61.478,480
27,541,600
750.000
5,731,750
14.000.000
8,679.000
500,000
8,100,000
5,453.000
12.091.450
79.051,681
2,825.140
94.392.620
14,305.600
115.359,781
30.875,500
5.960,000
10,000.000
21,820,000
32,291,600
20,750.000
48,935,750
30.775,000
190.009,480
15,000.000
3.269.000
24.000,000
36,239,000
500,000
74,507.500
102,616.450
371.094,681
37.335.140
414,635.120
1,520,000
82.525.000
265.248.000
8.340,000
850,000
32,192,500
8.560,000
Total.
New Capital.
$
$
65,000,000
30,828,500
68,086,000
40,801.000
1,700.000
3,000,000
400,000
33,947,000
8,063,000
60,099.200
2.000,000
100.000
4.105.000
209,452,200
26,658,000
400,000
800,000
14.722,500
151,258,000
16,900.000
850,000
57,000
8,120,000
41,184,000
26,658,000
400,000
800,000
14,722,500
192,442,000
20,000,000
5,650.000
20,000,000
5,650,000
3.000,000
3,000,000 ,
18.000.000
210,000
43,860,000
3.000,000
46,860,000
30,451,512
700,000
662,500
2,000,000
32,451,512
700.000
662,500
9,500.000
620,000
18,000,000
210,000
8.560.000
100.000
27.970.000
34.223,335
15,929.000
50,152,335
14,000.000
14,132,006
500,000
8,100,000
7.500,000
46,748.486
13,221.500
2.550.000
18.000,000
7,500,000
46,748,486
31,221,500
2,550,000
1,000,000
144,782
2,000.000
2,825,140
101.035.620
22.464,350
126.707,671
22,464,350
160.636.671
2,916,750
37,875,544
15,200,000
20,177,000
7,750,000
66,028,500
124,364,512
10,150,000
662,500
40.585.140
474,383.120
9,063,000
18,144,782
28,868,000
400,000
800,000
17,639,250
232.993,544
3,057.000
3.250,000
59.748.000
57,475,000
7,525.000
65,000.000
78.016.835
29,836.500 107,853.335
2,150,000
1,700,000
3.850.000
400.000
400,000
7.500.000_
7.500,000
64,595.486
16,106:600
80,695,486
22,721,500
18,000,00
40,721,500
61,749.200
1.520.000
63.269.200
2,000,000
2,000,000
100,000
100.000
26,669,350
26,669,350
323.377,371
74,681.500 398.058.871
50,828.500
104,187,512
2,400.000
662,500
10,293,000
6.000.000
8.385,000
40,775,000
211,829,480
15.000,000
3.269,000
24.000,000
49,532,000
6,500,000
82.892,500
12,120,000
18,144,782
28,868,000
400,000
800,000
17.639,250
279.177,544
6,643,000
33,929,000
•
2,000,000
46,184,000
1,000,000
144.782
2,000,000
2,916,750
39,875,544
armixoullo rIVIDNVNI3
MONTH OF JULY.
1928.
CorporateNew Capital. Refunding.
Domestic$
$
Long-term bonds and notes
notes_
87 080 500
87,080,500
9,456,000
Short ter
1,441.500
Preferred stocks
77.529,906
2,009,000
Common stocks
94,660,861
26,038.702
CanadianLong-term bonds and notes_
Short term
Preferred stocks
Common stocks
3,293,400
Other Foreign
Long-term bonds and notes_
3,400,000
Short term
Preferred stocks
1,680,000
Common stocks
3,000.000
Total corporate
284,803,167
38,946,202
Foreign Government
41.396,000
Farm Loan issues
1,000,000
War Finance Corporation
Municipal
75,092,313
1,045.600
Canadian
United States Po
ions
400.000
Grand total
402.691.480
39.990,802
[13g6I 81 *DaV
SUMMARY OF CORPORATE, FOREIG
N GOVERNMENT, FARM LOAN AND
MUNICIPAL FINANCING FOR THE SEVEN
MONTHS ENDED JULY 31 FOR FIVE
7 MONTHS ENDED JULY 31
1925.
YEARS.
1927.
Corporate—
1926.
New Capital. Refunding.
Total.
1925.
New Capital. Refunding.
Domestic—
Total.
New Capital. Refunding.
1924.
Total.
$
New Capital. Refunding.
Long-term bonds and notes. 1.283.913,600
Total.
$
New Capital. Refunding.
$
933.288,400 2.217.202,000 1.838.191,990 866.490.
Total.
Short term
010 2,704.682,000 1,574.972,330 325,948.170
105,452.700
35,773.800 141,226,500
1,900,920.500 1,403.158,375 305,526,025 1.708,68
Preferred stocks
127.018.
28,375,200 155,393,500
576.575,542 231,802,300 808.377,842 459.150, 300
178,201,695
4,400 1,129,854.223 197,309,377 1,327,163,600
34,709,000 212,910,695
Common stocks
129.618.750
43.121,350 502.271.575 358,045,772
77,230,000 206,848,750
699,399,767 165,404,412 864,804.179 388,602.225
188,256.000
7,290.000 365,335.772 370,162,585
Canadian—
28,270,000 216,526,000
818
68,826,100 457,428.918 444.852,634
30,393,500 400,556,085
148,750,
10,562,575 455.415,209 270,069,889
Long-term bonds and notes_
12,037,223 160,787,550
36,426.910 306.496,799 388,229,327
81,480.000
68,792,000 150,272,000
423
Short term
117.463.000
4,900,000 393.129,423
20,000,000 137.463.000
92,892,000
27,458,000 120,350,000
Preferred stocks
2,000.000
52,370.000
10,050,000
19,000,000
2.000,000
62,420,000
1,250,000
26.000.000
25,875,000
45,000.000
Common stocks
1.250,000
1,000,000
25,875,000
18,000.000
2,500,000
8,613,400
1,000,000
20,500,000
4,000.000
21,150,000
8,613,400
Other Foreign—
Obb4,000,000
,1566 29,150,000
1,000,000
2,600,000
3,600,000
990,000
Long-term bonds and notes_
990,000
2.600.000
380,781,500
2,600.000
46.118.500 396.900,000 208,563,000
Short term
18.787,q00 227.350,000 231,374,000
10,000.000
10.000.000
Preferred stocks
231374.000 160,900,000
12.000,000
12,000,000
11,530.000
160,900,000
14,000,000
40,680,000
6,000,000
11,530,000
10.000,000
Common stocks
20.000.000
50.680,000
22,000,000
30.281,7N
22.000,000
10,000.000
30,281.750
5,355.625
10,000,000
23,000,000
Total corporate
5.355,625
23,000,000
26.410.740
3.419.300
3.177,588,259 1.507,179.412 4.684,207.671 3,159,34
29,830,040
2.925.000
Foreign Government
4,958
2.925.000
439.331,587 100.538,413 539.870.000 406.374.800 1,045.599,660 4,204,944,618 2,936.989,171 415,387,045 3,352,376,216
Farm Loan issues
2.453,204,599
29,500.000 435.874,800 200.619,000
38.100.000
14.873,000 215,492.000 302,131,000 467,326,435 2,920,531,034 1.942,794,973 260,516,600 2,203,311,573
War Finance Corporation
38.100,000
50,850,000
92,800,000 143.650.000
95,000,000 397,131,000 200,940,000
80,300,000
40,200,000 120,500,000
Municipal
130,000,000 330,940,000
105,597,100
14,527,900 120,125.000
829,871,375
23,230,789 853.102,164
143,400,000
Canadian
947,082.978
143,400,000
21,766,300 968,849,278 824,167,065
30,640,000
14.090,347 838.257.412 864,022,680
30,640.000
United States Po
38,510.000
28.969,000
32,446,087 896,468,767 896,872,494
67,479.000
6.085.000
53.792,000
46.000,000
8,996,158 905,868,652
6,085,000
99,792,000
5,345,000
35,158,000
Grand total
24,522,000
5.345.000
4.521.056.221 1.630.948.614 6,152.004.835 4,607,507,736
59.680,000
8,288.000
39,556,562
6,650,000
46,206,562
000
.
1.218.634.960 5.826.142,696 4.104,155.236
4,050.000
„
4 - 000
530.550,392 4.634.705,628 3,764,163,379
6.035,000
6,035,000
633,822.422 4,397.985.801 3,229.599,029 408,162,
7583.635,761.787
CHARACTER AND GROUPING OF NEW CORPORATE
ISSUES IN THE UNITED STATES FOR
THE SEVEN MONTHS ENDED JULY 31
FOR FIVE YEARS.
1928.
1927.
7 MONTHS ENDED JULY 31.
1926.
New Capital. Refunding.
Total.
1925.
New Capital. Refunding.
Total.
1924.
New Capital. Refunding.
Long Term Bonds and Notes—
Total.
$
New Capital. Refunding.
6
$
$
Total.
S
New Capital. Refunding.
$
102.162.50
:total.
206.691.500 308.854,000 291,149 03
6
874,510 551.024,000 5,000
$
Public utilities
6,05 204,56Railrods
$
527836500 530,439,301,058.275,800 639468,390
$
$
240,111,000 275,888
6
$
600 391.223.900 1030692500 748625,330
Iron, steel, coal, copper, &c
85,207.700
61,744.300 146.1152,000
223.558,170 972,183,500 537,030,500110,719,000 386,607,500 363,309,800
60,238,900 423,548,706
74,040,000
16,160,000
400 121,765.100 658,795,500 439,893,923
Equipment manufacturers
90,200,000 109,181,000
5,816.000
21.069.000 130,250.000
104,882,577 544.776,501
5,816,000
11,155,000
30,650,000
Motors and accessories
4,346,000
11,155.000
34,996,000
5,020,000
5,299,000
70,641,000
780,000
13,119.000
5,800,000
5,299,000
50,000,000
83.760.001
7,300,000
3ther industrial & manufaoturing
50,000.000
7,300,000
216,284,700 104,301.300 320,586,000 255,749.000
66,000.000
5,000.000
66,000,000
5,000,001
76350.000
67,673,000 323,422,000 161,612,000
350,000
MI
76,500,000
27,753,000
4,460,000
40,346,000 201,958,000
31.747.000
8,315,000
59.500.000 211.859.400
12.775,001
137,054,800
54.540.600 266,400,000
33,435,700 170,490,500
Land, buildings. &c
374,805,200
44,015.000
91,679,000
70.620,000 445,425,200 329,565,000
7.935,000
18,699,900 110,378,900
51,950.000
55.400.000
28,271,000 357.836,000 372,916,000
13,500,000
Rubber
68,900,000
1,300,000
4,196,000
18,527.000 391.443,000 376,806,900
1.300,00014,000
4,210,000
60,000,000
Shipping
16.218,000 393,024,900
60,000.000
1,600.000
144,714,500
790,000 145,504,500
1.600.000
2,36171.680
34,500,000
Miscellaneous
2.360,000
34,500,000
369.989,500
6.900,000
41.875.500 411.865,000 298.871.500
400,000
6,900.000
400,000
3,259.775
27.534.000 326,405.500 179.642.000
4.315.225
7.575,000
Total
3,800,000
5.308,000 184.950,000
__ ______
1,716,175,100 1,048,198.900 2,764,374,000 2.164.21
3,800,000
82,388,000
10,927.000
93,315,000
7,990 905,277.010 3,069.495,000 1,899,846.330
Short Term Bonds and Notes—
68,315,000
1.250,000
69,565,000
352,798,170 2,252,644,500 1,616,428,375 315,576,
Railroads
025 1,932,004,400 1,196.409,223 207,309,377 1.403,71
12,500.000
17,000,000
29,500,000
8,600
650,000
Public utilities
650,000
43,672,000
6,500,000
4,150.000
16,000,000
47,822.000
22,500,000
44.075,800
32,000,000
21,609.200
Iron, steel, coal, copper, &c
400,000
65,685,000
32,400,000
49,660,000
400,000
49,050.000
11,725.000
19,000,000
400.000
61,385,000
68.050,000
2,300,000
62,670,000
26,630,000
Equipment manufacturers
2,300,000
89,300,000
6,000,000
84,546,000
13,420,000
6,000,000
97,966,000
1,200,000
20,265.000
Motors and accessories
2.500,000
1,200,000
22,765,000
1,200,000
1,675.000
650,000
1,200,000
2,325,000
4,400,000
1,150,000
Dther industrial and manufacturing
4,400,000
1,150.000
13,210,000
4,103,900
1,000,000
2,488,100
200.000
6,592,000
13,410,000
1,000,000
9,150.000
Oil
4,450,000
13,600.000
43.400,000
6,505,800
9,000,000
10,694,200
5,750,000
17,200,000
49,150.000
9,000.000
30.200,000
14,318,750
___ _____
Land, buildings, &c
30,200,000
14,318,750
12,966,000
19.896.000
1,910.000
7,034,000
1,441.500
3,200,000
21,337,500
20,000,000
5,110.000
23.332,500
16,500,000
1,666,000
50,200,000
Rubber
24,998.500
66,700,000
14,321,500
53,500,000
14,321,500
53,500,000
18,390,000
Shipping
18,390,000
32,250,000
2,925,000
32,250,000
2,925,000
125.000
Miscellaneous
125,000
500,000
2Q,175.000
26.175.000
500.000
26.235.000
5,000,000
26.235,000
5,000,000
14,644,195
Total
14,644.195
114,452,700
6,825,000
35,773,800 150,226,500 141.018.300
6.825,000
28,375.200 169.393,500 193,451,695
Stocks—
5,800,000
5,800.000
40,709.000 234,160,695 177,118,750
Railroads
79,730.000 256,848,750 209,406,000
52,597.650 139,954.700 192.552.350
36,270,000 245,676,000
49,843,4
35,000,000
Public utilities
84.843,487
513,569,938 147,818,048 661,387,986 466.957. 87
836
iron, steel, coal, copper, &c
33,510,500 500,468.336 372.608,882
26,823.737
51,200,581
6,614,300 379,223,182 300,755,215
17.200.000
68,400,581
26,823,737
6,019.250
Equipment manufacturers
20,362,500 321,117,715 363,799,989
6,019,250
36.675.000
1.920,000
9,292,223 373,092,212
36.675,000
1.920,000
12,890,000
Motors and accessories
12,890.000
5,628,500
8,028,400
13,734,160
27.288.702
35,317,102
5,628,500
13,734,160
27,0;18,790
Dther industrial and manufacturing 267,013,833
27,018,790
41.220,650
662,500
64,124,622 331,138,455 130.164,385
41,220,650
662.500
99,159,000
Dil
1,110,000 100,269,000
19,658,700 140.823.085 112,227.392
3,227,000
25,626,180
11,657,575 123,884,967 114,430.171
200,000
25,626,180
3,427.000
11,812,500
Land. buildings, &c
7,778.000 122,208,171
11.812,500 102,287,140
59,090,600
50,617,033
7,445,000
2,800,000 105,087.140
1,346,000
66,535,600
51,963,033
27,729.788
27,178.500
40,504,910
Rubber
100,000
27.278,500
68,234,698
32,033,700
43.546,712
11.887,975
1,042.400
32.033.701
12.930,375
43,546,712
23,156,500
2,701,675
Shipping
120,000
2,701,675
23,276,500
1,464,537
6,643,357
6,212,500
6,212,500
1,464,537
6.643,357
750,000
Miscellaneous
750,000
357,726.369
1,600,000
24,432,240 382,158,609
1,600,000
2,250,000
132,412,245
23,678,250 156,090,495 139,545.345
2.250,000
Total
808.000 140.353,345
1,346.400,459 423,206.712 1,769,607.171 854,108,
86,036,800
2,145.000
88,181,800
Total—
668 111,947350 966,056,118 843.691346
17,851,695
17.851695
21.879.875 865,571.021
667,157.474
72,020.410 739.177,884 536,979,750
Railroads
167.260,150 363.646.200 530,906,350 340.992,
16,937.223 553,916,973
Public utilities
1,085,078,438 682,407.348 1,767,485,786 1,150,50 977 295,524,510 636,517,487 210,556,000
52,055,000 262,611,000 300,388,500 111,119,
2,236 446,343,600 1,596.845.836 1.170.894.212
:ron, steel, coal, copper, &c
136,808,281
241,897.470 1,412.791,682 900.455,615 168,757.000 411,507,500 439,183,537
78,944.300 215,752,581
79,238,900 518,422,
82,359,250
16,160,000
Equipment manufacturers
600 1,069,213,215 888.239,912 127,594,800 1,015,83 437
98,519,250 151856,000
7.736,000
21,069.000 172,925,000
7,736,000
4,712
63.805,000
12,355,000
Motors and accessories
6,846,000
12,355.000
70,651,000
10.927.500
86,050.160
14,248,400
28,068,702
13,769,000
10,927,500
99,819,160
42,317,102
8,450,000
81,418,790
Dther industrial and manufacturing 487.402.433 170,914.022
81,418,790 120.430,650
8,450.000
6,662,500
200,000 120,630,650
175,309,000
658,316.455 395,063.385
6,662,500
1,460.000 176,769,000
91.781.700 486,845,085 317,239,392
)11
59.884,980
16,687,000
42,441.200 102,326,180 253,871,900
57,753,575 374,992,967 265,803,721
8,515,000
25,202,000
41,213,700 307,017.
54,540,600 308.412.500 159,268.140
..and, buildings, &c
152,679.600
445,318.233
17,769,000 177,037.140
29,344,900 182,024,500
73.407.500 518,725.733 380,076,000
99.629,788 104,204,910 203,834,421
30.037,000 410,113,000 419,271,200
lubber
698 101,242,712
13,187.975
1,042,400
18,527,000 437.798,200 418,353.400
14,000 101,256,712
14.230,375
2,701,675
16,338,000 434,691,400 154.282,857
;hipping
60,000,000
62,701,675
35.314,537
6,212.500
35,314,537
790,000 155,072.857
6,212,500
35,250.000
2,485,000
Miscellaneous
2,485,000
35,250,000
7,480,000
753,890.869
2,000,000
66.307.740 820.198,609 457,518,745
7,400,000
10,500,775
2,000,000
51,212.250 508,730,995 333,831.540
4,315,225
14,825,000
Total corporate securities
3,800,000
6316.000 339.947,540 175,249,800
3.177.028.259 1,507,179,412 4,684.207.671 3.159.34
3,800,000
13.072.000 188,321,800
4.958 1.045.599,660 4,204,944,618 2,936,989,171 415.387.
91,966,695
1,250,000
93.216,695
045 3,352.376,216 2.453.204.509 467,326.435 2.920.53
1.034 1.942.794.073 2fif1_51R Rnn 2 9n2 211 572
FINANCIAL CHRONICLE
880
[VOL. 127.
DETAILS OF NEW CAPITAL FLOTATIONS DURING JULY 1928.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
3
Railroads
480,000 New equipment
894,000 Refunding
Price
To Yield
Aboui.
. Company and Issue, and by Whom Offered.
by First Tr. &
Price on application Chicago Sc. Paul Minneapolis & Omaha Ry. Eq. Tr.4%s "F.," 1929-38. Offered
Savings Bk. and Continental Nat'l Co., Chicago.
Wheeling & Lake Erie Ry. Co. Ref. M.58 "B," 1966. Halsey, Stuart & Co., Inc.
Placed privately
1,374,000
Public Utilities
438,000 Acquisitions, other corp. purposes _ 100
750,000 Acquisitions,improvemls,&e
96%
2,050,000 Acquisitions, add'ns, extenslons,&c
98
5,600,000 Acq.operat'g cos., other corp.purp.
90%
69.5,000 New power plant
200,000 Acquisitions
210,000 Acquisitions
1,000,000 Additions improvements.&c
100
100
964
99
6.50 American Utilities Co. (Del.) Deb. 6%s, 1941. Offered by Parsley Bros. dr Co.; Paul & Co.:
Frederick Peirce & Co. and Yeager Young & Pierson, Inc.
6.25 Associated Public Utilities Corp. Deb. 6s "A," 1948. Offered by E. H. Rollins Sr Sons; Bond &
Goodwin, Inc. and G. V. Grace & Co., Inc.
5.65 Central West Public Service Co. 1st lien Coll. 548 "A & B." 1956. Offered by A. B. Leach .it
Co.. Inc.; Halsey. Stuart & Co., Inc. and Porter Fox & Co., Inc.
6.00 General Water Works Corp. 1st Lien & Coll. Tr. 5s "A," 1943. Offered by Howe, Snow & CO..
Inc.; E. H. Rollins & Sons; II. M. Byllesby & Co., Inc. and Emery, Peck & Rockwood Co.
6.50 Gulf States Service Co. lot M.648, 1938. Offered by W. H. Newbold's Son A- Co., Philadelphia.
6.50 La Mirada Mutual Water Co. 1st M. & Coll. Tr. 645, 1943. Offered by Wm. It. Stoats, Co.,
San Francisco.
5.35 Paducah (Ky.) Water Works Co. Gen. & Ref. 5s "A," 1943. Offered by Block, Fetter & Trost.
Louisville, Ky.
5.08 St. Louis (Mo.) County Water Co. 1st M.5s "B," 1945. Offered by P. W.Chapman & Co., Inc.
and Francis Bros. & Co.
10.943,000
Iron, Steel, Coal, Copper, &c.
1.700.000 Acquisitions. other corp. purposes_
99
Equipment Manufacturers
1,000.000 Finance lease of equipment
5.10-5.30 North Western Refrigerator Line Eq. Tr. 5s "E," 1930-10. Offered by Freeman & Co., N. Y.
Other Indutrial & Mfg.
1.000,000 Working capital
2.500.000 Construction & eq'Pm't of new mill 100
2,700,000 Acquire Kimberly-Clark Co
994
200,000 Additions, betterments
1,350,000 Acq. eonst. cos., wkg.et p. dtc
99%
7,750.000
Oil
12,000,000 Refunding,reduction curr. debt. _ _ 100
Land,Buildings. &c.
800,000 Real estate mortgage
6.10 Utilities Elkhorn Coal Co., Inc. 1st M.6s, 1948. Offered by Federal Securities corp., Chicago.
5.25-5.75 J. Greenebaum Tanning Co. 1st M.545, 1929-38. Offered by Hathaway & Co.; Hitchcock & Co.
and First Tr. & Savings Bk., Chicago.
6.50 Gulf States Paper Corp. 1st M.64s, 1913. Offered by Canal Bk.& Tr. Co. and Watson, Williams
& Co., New Orleans.
5.05 Kimberly-Clark Corp. (Del.) 1st M. ts "A." 1943. Offered by Haligarten dr Co.; Lehman Bros.
First Wisconsin Co. Milw. and First Tr. & Savings Bk., Chicago.
5.50-5.75 Munising Paper Co 1st M.5%s "13," 1932-39. Offered by Baker, Fentress & Co.
6.05 National Rubbet Machinery Co.(Ohio) 1st M.Cony.68, 1943. Offered by .1. A.Saito & Co.. N.Y,
6.50 Transcontinental 011 Co. 1st M.64s, 1938. Offered by Correll & Co., Inc.; Stein Bros. & Boyce
and Henry D. Lindsley dr Co., Inc.
Price on application The Archbishop of halt. Direct Ong. Is, 1938. Offered by Bitting & Co. and Mercantile Tr.
Co., St. Louis.
7.00 Arizona Biltmore Corp. lot (closed) M. 7s, 1913. Offered by California Co. and Drake, Riley &
100
Thomas, Los Angeles; Bradford, Kimball & Co. and Morris & Noble, San Francisco and Ferris
& Hardgrove, Spokane.
6.00 Bankers Bldg. (3111w.) lot M. Leasehold 6s, 1944. Offered by S. W. Straus & Co., Inc.
100
750,000 Finance constr. of bldg
5.50 Blue Ridge Association for Christian Conference and Training 1st (closed) M.54s, 1929-38.
100
Refunding,improvements
180,000
Offered by I. 13. Tigrett & Co., Memphis.
5.50 Boston Postal Service Station 1st M.54s, 1938. Offered by Robert Garrett & Sons, Baltimore.
100
650,000 Finance constr. of bldg
and Love, Bryan & Co., Inc., St. Louis,
.me.
6.50 Bricken Properties Corp. Gen. M.Fee & Leasehold 648,1946. Offered by S. W.Straus de Co
100
5,000,000 Real estate mortgage
6.00 C. & R. Hotel Co. (Picayune, Slim) 1st M. Cs, 1930-37. Offered by Rogers, Green & Jones.
100
100,000 Real estate mortgage
Laurel, Nilss,
6.00 Chicago Stadium Corp. 1st (closed) M.60, 1913. Offered by Blyth, Witter & Co.
100
1,7.50,000 Finance constr.of stadium bldg
6.00 Clark Belmont Bldgs.(Chicago) lot M.65. 1931-38. Offered by Lackner. Butz & Co., Chicago.
100
315,000 Finance constr,of bldg
6.00 Commercial Exchange Bldg. (Los Angeles) 151 H. Leasehold Gs. 1930-43. Offered by S. W.
100
820,000 Realestatemortgage
Straus & Co., Inc.
Portland, Me.) 1st H.545, 1953. Offered by Maynard S. Bird dr Co. and
5.50 Congress St. Corp.(
100
896,000 Finance construction of building
Ireland & Co., Portland, Me.
purpose._ Price on application Continental Bond 8c Investment Co. 1st Coll. Tr. 545."D" 1931-37. Offered by Smith, Hull
300,000 Provide funds for loans
& Co., Minneapolis.
6.50 (Wm.Clark) Crittenden Inc. Coll. Tr.& 1st (closed) NI.648, 1943. Offered by Bradford. Kimball
100
1.250,000 Consolidation of holdings, &c
dr Co., Drake, Riley & Thomas and Pacific National Bank, Los Angeles.
Chicago) 1st M. 64s, 1930-38. Offered by IIolzer, Inc., Chicago.
6.50 Dearborn Plaza(
645,000 Finance construction of apt. hotel_ 100
6.50 The Fairfax (Pittsburgh) 1st & Ref.64s, 1934-43. ()tiered by F.II. Smith Co., Washington. D.C.
other corporate purp_ _ 100
2,140,000 Refunding;
5.50 The First Natl. Co. (Balt.) 1st H. Coll. Tr. 54s,"0" 1931-38. Offered by company.
100
500,000 Provide funds for loan purp
5.50 Hotel Nlanget (N. Y.) 1st H.54% Guar. Prudence Ctfs., 1929-36. Offered by the Prudence Co.,
100
1,050,000 Real estate mortgage
Inc., N. Y.
5.47-6.00 Hotel Victoria (N. Y.) 1st M. 6s, 1930-43. Offered by Greenebaum Sons Securities Corp., N. Y.
2.250.000 Finance construction of hotel.....
.
Price on application Jewell-La Salle Realty Co. 18t M.Gs, 1930-38. Offered by First National Co., Kansas City, N10
600,000 Real estate mortgage
5.00 Kesner Realty Trust and .1. L Kesner Coll, Tr, 55, 1935. °tiered by First Trust 6 Savings
100
1,500,000 Real estate mortgage
Bank, Chicago.
5.50 Kings County Postal Bldg Corp. 1st M.54s, 1938. Offered by Oliver J. Anderson and Geo. H.
100
310,000 Improvements to property
Burr A; Co.
5.50 Lexington Ave. & 32d St.(N. Y.) 1st M.54% Ctfs., 1929-38. Offered by New York Title &
100
690,000 Real estate mortgage
Mortgage Co.
100b
6.50 Manhattan Towers (N. Y.) Deb. 645, 1938. Offered by Commonwealth Bond Corp., New York.
500,000 Construction; other corp. purp
5.75 Mercantile Arcade Bldg. (Los Angeles) 1st M. 54s, .1953. Offered by Ilalsey, Stuart & Co.1
3.750,000 Real estate mortgage
90%
inc.; S. W.Straus A Co., Inc.; Stroud & Co., Inc., and Reilly, Brock & Co.
6.00 Meyering Land Co. 1st M.65, 1938. Offered by Fenton, Davis & Boyle, Detroit,
200,000 Impts. to prop.; consol. of debt-. 100
5.50 Mortgage Guarantee Co. of America (Atlanta, Ga.) 1st H.Coll. 545,.'AE" 1938. Offered by
100
1.000,000 Provide funds for loan purp
company.
5.50 National Bond & Mortgage Corp.(Houston, Tex.) 1st H. Coll. 54s."A" 1933 18 Offered by
100
500,000 Provide funds for loan purp
'.
Century Trust Co., Britirnere.
5.50 National Co.of Ann Arbor 1st H.Leasehold 55.A. 1914. Offered by First National Co.of Det.,Inc.
100
250,000 Finance construction of building
99
5.60 Nicollet Ave. Properties Corp. lot Si. Leasehold 54s, A, 1943. Offered by Lune, PlPer & Jaffrey'
1,250,000 Real estate mortgage
Inc.; First Minneapolis Trust Co., and Kalman dr Cc.
6.60 North Penn Theatres,Inc.1st(closed)5
99
1,250,000 Retire mtge. debt; other corp.purp
1.648, 1948. Offered by J.H. Brooks & Co. Scranton,Pa.
54-0 Oak l'ark (Ill.) 1st H. 6s, 1930-1938. Offered by Chicago Trust Co.
410,000 Finance constr. of apt. hotel
6.50 Oakwood (Calif.) Properties 1st H. 648, 1938. Offered by the John NI. C. Marble Co., Los
106
275.000 Finance sale of property
Angeles.
6.00 Oglesby Apt. Bldg. (Chicago) 1st NI, Gs, 1943. Offered by S. W. Straus & Co., Inc
100
875,000 Real estate mortgage
6.00 120 West Lake St. Garage 'Chicago) 1st H. Leasehold 65, 1938. Offered by American Bond &
.500,000 Finance construction of garage bldg 100
Mtge Co., Inc.
6.25 1420 Lake Shore Drive Bldg.(Chicago) lot H.Cs, 1940. Offered by Geo. M.Forman & Co.. Chia.
1,700,000 Finance construction of apartment 98
6.00 lillton A. Phillips Ilotel (Shawnee, Okla.) let H. 6s, 1931-38. Offered by the Wheeler KellY
100
construction of hotel
210,000 Finance
,
Hagney Trust to., id lohita, Kansas.
6.00 Plymouth Road Development Corp. Coll.'Fr. 6a, 1936. Offered by Detroit & Security Trust CO.:
950,000 Retire outstanding debt; impts.,&c 100
Guardian-Detroit Co.. Inc. and Nicol, Ford & Co., Detroit.
800,000 Retire existing debt; other corpo6.00 Quinby Properties (Los Angeles) 1st NI. 68, 1930-44. Offered by S. W. Straus de Co., Inc.
100
rate purposes
6.00 Riverside Drive & 103.1 St. Bldg. (N. Y.) 1st M. Ca, "A" 1940. Offered by American Bond &
1.925,000 Finance construction of apartment 100
Mortgage Co., Inc.
5.00 St. Francis Sanitarium & Training School for Nurses (Baton Rouge, La.) 1st H.5s. 1930-43.
275,000 Refunding;additions and impts.... 100
Offered by H1Lernia Securities Co., Inc., New Orleans.
Sc. Patrick's Academy of
St. L.
400,000 Finance constr. of academy bldg._ Price On application School Sisters of Notre Chicago 1st NI. 5s, 1930-13. Offered by Lafayette South Side Bk.,
Dame (Milwaukee) 1st NI.5s, 1931-43. Offered by Second Ward Seturities
5.00
1,250,000 Finance construction of buildings _ 100
Co., Milwaukee, and Paine, Webber & Co.
5.50 Second Ave. & 11th St.(N. Y.) lot M.54% Ctfs., 1929-30. Offered by New York Title & Mort100
643,500 Real estate mortgage
gage Co., N. Y. City.
6.00 Sherland Apts. (Chicago) 1st M. 6s, 1930-38. Offered by Leight & Co., Chicago.
100
330,000 Finance construction of apt
6.00 South Central Commercial Bldgs.(Chicago) 1st M.Os. Offered by National Republic Co., Chic.
100
1,750,000 Finance construction of building
6.00 Universal Mortgage Co. Insured 1st H. Os, "A" 1930-47.0ffered by Smith, hull & Co., MInnealt•
500.000 Provide funds for loan purposes_ 100
6.00 Wabash-Harrison Bldg.(Chicago) 1st H.65, 1943. Offered by S. W.Straus Sc Co., Inc.
2,100,000 Finance construction of building._ 100
5.50 Whitney Estate Co. 1st M. 54s, 1932-43. Offered by Wm. Cavalier & Co.. San Francisco.
100
Real estate mortgage
1,200,000
5.50 Young Men's Christian Assn. 'Little Rock, Ark.) 1st H.54s, 1929-38. Offered by Real Estate
100
200.000 Real estate mortgage
Mortgage Trust Co. and Tausslg, Day, Fairbank & Co.. Inc., St. Louis.
08.494.500
Miscellaneous
6.04 Consumers Rock & Gravel Co., Inc. (Los Angeles) 1st H.6s, 1918. Offered by Bank of Italy
994
1,500,000 Refunding; other corp. purposes._
National Trust & Savings Assn. and Dean Witter & Co.
6.02 Gannett C.o., Inc. Deb. Os, "A" 1943. Offered by Hemphill, Noyes & Co.; Chemical National Co..
5,000,000 Acquisitions; working cool. &c..„ 99%
Inc.; Eastman, Dillon & Co., and S. W. Straus & Co., Inc.
6.50 (2. D.) Halstead Lumber Co.(Los Angeles) 648. 1929-38. Offered by Los Angeles Investment
100
200,000 Retire mtge. debt; expansion
Securities Corp.
7.35 Hungarian Discount & Exchange Bank (Budapest, Hungary) 35-Yr. Communal 7s, 1963.
954
3.400,000 Provide funds for municipal loan
Offered by Bauer, Pogue, Pond & Vivian and Ames, Emerich & Co., Inc.
8.50 Interstate Co. Deb. 6.4a, 1938. Offered by Kalman & Co., Chicago.
1,000,000 Retire existing debt; wkg. capital_ 100
Logan & McClure Lumber Co. (Estes, Miss.) 1st M. Us. 1929-36. Offered by Whitney Central
6-6.05
600,000 Acquire timber; fund curr. debt
Bonita, New Orleans.
Allyn & Co., Inc.
6.00 Miller & Hart,Inc. Deb.6s, 1943. Offered by Continental National Co.and A. C.
1.700.000 Acq. predecessor co.; working cap'l 100
6.50 Mutual Stores, Inc. (Oakland. Calif.) Deb, 64s. 1943. Offered by lilyth, Witter A Co. and
100
1.500.0001Refunding; cap'l expenditures_
Mitchum, Tully & Co.
1.000,000 Acquisitions,improvements
FINANCIAL CHRONICLE
AUG. 18 1928.]
Amount.
Price.
Purpose of Issue.
To Yield
.About.
881
Company and Issue, and by Whom OThred.
9;
Miscellaneous (Concluded).
650,000 Finance construction of bridge____
6.55 Nebraska-Iowa Bridge Corp. let (closed) M.654s, 1943. Offered by Harry H. Polk & Co., Inc.
and G. S. Watson & Co.. Inc.
6.00 (.I. F.) Prettyman & Sons, Inc.(Charleston, S C.) 1st (closed) M. Os, 1929-43. Offered by Citizens & Southern Co., Savannah, Ga.
6.50 Quincy Memorial Bridge Co. let M. 654s, 1948. Offered by Stevenson & Co. and Bartlett &
Gordon, Chicago.
9954
325,000 Retire bank debt; working capital_
100
800.000 Finance construction of bridge____
100
16.675,000
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Price.
Purpose of Issue.
Public Utilities1,650,000 Acq. operate no's; other corp. purp
995i
1,600.000 Acquisitions; working capital
To Yield
About.
99
Company and Issue, and by Whom Offered.
6.24 General Water Works Corp. 354-Yr. Cony. Deb.(3s "A," Dee. 1 1931. Offered by Howe Snow &
Co., Inc., E. H. Rollins & Sons, H. M.Byllesby & Co., Inc., and Emery, Peck At Rockwood Co.
6.05 Interstate Public Utilities Corp. 1-Yr. 1st Lien Coll. 5s "A," June 15 1929. Offered by De Wolf
& Co., Inc.; Dahinden-Schmitz Co., and Mid-America Corp.
3,250,000
Land, Buildings. &c.
1,850,000 Refunding; other corp. purposes
100
3,000,000 Devel. & impts.; other corp. purp_ 100
1,000,000 Provide funds for loan purposes
9934
100
1,800,000 Real estate mortgage
500,000 Provide funds for loan purposes__ _
500,000 Provide funds for loan purposes
166
6.00 Beach Hotel Co.(Chicago) 1st M.6s, July 1 1931. Offered by A. G. Becker & Co., and Foreman
Trust & Savings Banks, Chicago,
6.00 Montauk Beach Development Corp. 1st M.& CoP. Trust 6s, April 30 1932. Offered by Jas. C.
Wiison & Co., Louisville, Hy,
6.00 Mortgage Security Corp. of America 1-Yr. 1st Lien Cony. 5345 V-N. Y., July 1 1929. Offered
by E. H. Rollins & Sons and Arthur Perry & Co.
5.50 101-110 Central Park West, Inc. lot M.554% Guar. Prudence Certificates, July 1 1931. Offered
by The Prudence Co., Inc.
554-6.00 Republic Realty Mortgage Corp.(Chicago) Direct Oblig. Coll. as, 1929-33. Offered by company.
5.00 Security Mortgage Co.(Ga.) 2-Yr. 5s, Series I due 1930. Offered by Mackubin. Goodrich & Co.:
Baltimore, Md.
8,650,000
Miscellaneous
1.500,000 Retire curr. debt; working capital_
1,200,000 Provide funds for investml pup
100
9854
1,000,000 Reduce current debt; expansion...
6.00 Bowman-Biltmore Hotels Corp. 3-Yr. 6s, July 1 1931. Offered by Otis & Co.; Hemphill. Noyes
& Co. and Peabody, Smith & Co.
5.30 Financial Investing Co. of N. Y., Ltd Cony,5s, Oct. 1 1932. Offered by )Sauer, Pogue, Pond dr
Vivian and Smith, Reed & Jones, Inc.
51(-6.00 (Walter E.) Heller & Co. Coll. 6s "A," 1930-33. Offered by S. W.Straus & Co., Inc.
3,700.000
STOCKS.
Par or
No.ofShares
a Amount
Price
To Yield
'malted. Per Share. About.
Purpose of Issue.
Railroads
5
17.500,000 Capital expenditures
17.500,000
Public Utilities
"21,150shs Acquisitions; other corp. purposes_
1,300.000 Additions and improvements
5,000.000 Additions and betterments.
'285.887,1w General corporate purposes
100,000 New construction
•131.370shs General corporate purposes
11 sh, pref.
4,000,000
•10.000shs Retire bk loans; other corp. purp.
I
Motors and Accessories
•452,847sh Retire 8% pref. stock
ii sh. Corn.
7,000,000 11 sh. pref.
11 eh. Corn.
3.000.000 24
14,000,000
26,038,702
2,045,400
3.290,000
*100.000sh Working capital
1.500,000 Retire pref. stock.; acquisitions
1,500,000 15
1,500,000 100
*78,000 she Acquired from private sources
1,248,000
2,000,000 Acquire const, cos.; wky.
•225,000sh Additional capital
2,000,000 104
1.237,500
554
*95,215 shs Extensions to plant
'140.000alts Acquire Kimberly-Clark Co
7,617,200
7,280,000
80
52
214,447 Retire debt; working capital
428.894
2
325,00 Refunding; working capital
325.000 100
25
20
16
796,250
22;i
*50,000 she. Acquire constituent cos
1,487.50C
2934
*50,000 sits. Acquire constituent cos
1,150,005
23
*40,000 ehs. Acq. N. Y. corp. of same name_ _ _
522,500 Capital expenditures
80,000 abs. Ext. of Day. Chem. activities in
finished fertilizer field
1,000.000 Retire pref. stk.; expansion, &c
1)00,00C
7,604,440 Finance constr, of plants
425,000 Expansion of business
8,500 abs. Expansion of business
*25,000 she. Retire pref. stk.; wkg. caPital
22;4
522,500 100
Chrysler Corp. Common. Offered by company to stockholders.
Aluminium, Ltd.(Canada) Common. Offered by the company to stockholders.
American Cyanamid Co. Class "B" common. Offered by Company to stockholders;
underwritten.
American Beet Sugar Co. Common. Offered by Company to stockholders.
Brandon Corp.(Greenville, S.C.) 7% Cum,Prof. Offered by South Carolina Security
7
Co., Charleston, S. C.
Crown Cork & Se_.1 Co., Ltd.(Canada) Capital stock. Offered by Paine, Webber &
Co., and Greenshields & Co.
Diamond Shoe Corp.654% CUM. Pref. Otfered by Merrill, Lynch & Co.
(Chas.) Freshman Co., Inc. Class "A" stock. ()tiered by company to stockholders:
underwritten.
Industrial Rayon Corp. Class "A" stock. Offered by company to stockholders.
Kimberly-Clark Corp. (Del.) Common. Offered by liallgarten & Co.: Lehman Brom
and First Wisconsin Co., Milwaukee.
Merchant Calculating Machine Co., Inc. (Oakland, Calif.) Common Offered by
company to stockholders.
0.00 McNeel Marble Co.(Marietta, Ga.) let6% Cum,Pref. Offered by Citizens & Southern
Co.
National Rubber Machinery Co. (Ohio.) Common. Offered by Jerome B. Sullivan
dr Co., and E. F. Gillespie & Co., Inc.
Oliver United Filters, Inc. $2 Div. Cum. Cony. "A" stock. Offered by Crocker
Securities Co., and E. 11. Rollins & Sons.
Oliver United ulcers. Inc. Class 13 stock. Offered by Crocker Securities Co.. and
E. H. Rollins & Sons.
Louis Philippe. Inc.(Del.) Cum.,Panic., Cony. Class A Common. Offered by Strabo
V. Ciaggett Ar. Co., Inc,. Boston and Moss, Pratt & Co., Inc., N.Y.
6.00 Scott Paper Co.6% Cum. Pref. Series "B." Offered by Boenning & Co.. Philadelphia,
7:66
Silica Gel Corp. Capital stock. Offered to stockholders of Davison Chemical Co.
0.00 Sparks Withington Co. 6% Cum, Pref. Offered by company to stockholders:
underwritten.
100
6.50 Stromberg-Carlson Telephone Mfg. Co. 654% Cum. Pref. Offered by company to
stockholders.
16
Suburban Electric Development Co. Common. Offered by K. W.Todd & Co.. Inc..
Pittsburgh.
20
United States Gypsum Co. Common. Offered by company to stockholders.
sh. pref. t For Vetaglass Corp. 7% Cum. Pref. Offered by Stubbs, Blood & CO., Inc., N.Y.
12 sits. Com.J5115 Vetapjass Corp. Common stock. Offered by Stubbs, Blood & Co., Inc., N. Y. CO.;
100
6.00 Vulcan Corp. $6 Cum. Prof. Offered by Love, Macomber & Co.; Folds, Buck &
2,000 000 25
1,03c 000 100
1,000,000
1,000.000 Additional capital
*25,000 she. General corporate Purposes
For Lehigh & Wilkes-Barre Corp.6% Non-Cum. Prof. Offered to holders of Burns Bros.
Class A and B Common.
$400 Lehigh & Wilkes-Barre Corp. Common Stock. Offered to holders of Burns Bros.
Class A and B Common.
For Metal & Mining Shares, Inc. 6% Cum. Prof. Offered by P. H. whiting de Co., Inc.
$70 Metal & Mining Shares, Inc. Common stock. Offered by P. 11. Whiting & co., Inc.
Roan Antelope Copper Mines, Ltd., American Shares. Offered by Chas. D. Barney
& Co. and Lehman Bros.
5755
Other Industrial & Mfg.
*8E816 shs General corporate purposes
3.290,000 Acquisitions, addlis,; wky.
*35,000 abs. Acquire constituent cos
Pennsylvania RR. Capital stock. Offered by company to stockholders.
50 (par)
American Utilities Co.(Del.) Common. Offered by company to stockholders.
317,250 15
1,300,000 Price on unpile:14 n Northern Indiana Public Service Co. 554% CUM. Prof. Offered by Utility Securi;
ties Corp.. New York.
5,000,000 50 (par)
Philadelphia Rapid Transit Co. 7% Cum. Pref. Offered by company.
28,016,926 98
Ki0 Public Service Corp. of N. J. $5 Div. Pref. Offered by company to stockholders.
Rockville-Willimantic Lighting Co. Prof. Offered by company to stockholders.
100.000 100
8,670,420 66
Standard Gas & Electric Co. $4 Cum. Pref. Offered by company to stockholders.
43,404,596
Iron, Steel, Coal, Copper, &c.
500,000 Retire bk,loans; other corp. purp.
5,000,000 Acq. metal & mining securities.....1
•100,000slis Acq. metal & mining securities__
125.000shs Devel.& equipment of property_ --
Company and Issue, and by Whom Offered.
400,000
7.604,440
488.750
2,500,000
ft
and J. R.Edwards & Co.
48,321.434
Oil
500,000 Acquisitions; working capital, &c_
*50,000 she. General corporate purposes
1,000,000 Expansion of business
*90,000 sits. Liquidate eurr. debt, .5.:e
•25,000 sits. Additional capital
500,000 100
650,000 13
1,000.000 100
630,000
250.000
3,030.000
Land, Buildings. &c.
650 etfs. Finance lease of property
Working capital
880.000
Working capital
•8,800
600 ctfs. Finance lease of property
500,000 Additional capital
1,250 et.fs. Finance lease of property
660.000 General corporate
1.000,000 Acquisitions
720,000 Working capital
360,000 Working capital
purposes
7
10
7.00 (Forrest E 1 Gilmore Co. 7% Cum. Pref. Offered by company.
Louisiana Oil Refining Co. Common. Offered by company to stockholders.
6.50 North Central Texas Oil Co.654% Cony. Pref. Offered by company to stockholders:
underwritten.
Superior Oil Corp. Capital stock. Placed privately.
Salvestre Oil Co., Inc.(Mt. Vernon, N.Y.) Common. Offered by Billings, Ward &
Co., Inc.
Associated Motor Terminals Co.Land Trust ctfs. Offered by Caldwell & Co., Nashville
Bonded Capital Corp. 7% Cum, Pref. Offered by W. W. MacNeill & Co.. N. Y.
Bonded Capital Corp. Common stock. Offered by W. W. MacNeill ,k Co., N. Y
I timers Ttust Bldg. Site (Anderson. Ind.) Land Trust Ws. Offered by MeyerKiser Bank, Indianapolis,
1,000,000 100
Fidelity Union Title & Mortgage Guaranty Co.(N. J.) Capital stock. Offered by
Company to stockholders.
1,275,000 1,020
Morehouse-Martens Bldg. site (Columbus, 0.) Land Trust ells. Offered by Tillotson & Wolcott Co.
660,000 Price on application (J, J.) Newberry Realty Co. 654% Can'. Pref. Series "A" Offered by Neergaard.
Miller & Co., N. Y.
1,000,000 98
Pacific Southwest Realty Co. 534% Cum. Pref, Series AA to VV. Offered by First
Securities Co., I os Angeles.
} 1,320,000
share Al For Southern New Jersey Title & Mortgage Guaranty Co. Class A. Offered by company.
11 share 13 $55 Southern New Jersey Title & Mortgage Guaranty Co. Class 13 Offered by company.
650,000 1,000
} 1,188.000 11 sh. pref.' For
fl sh. con1.1$13$
300,000 500
1
7,393.000
882
Par or
No.ofShares
[vol.. 127.
FINANCIAL CHRONICLE
a Amount
Price
To Yield
Inrolved. Per Share. About.
Purpose of Issue.
Rubber
.30,000 ohs. Expansion of mfg. facilities
525,000 1734
Miscellaneous
*82.500shs. Provide funds for invest. purposes }6,806,250 1 sh. pref.
Offered by-
Aetna Rubber Co., Capital stock. Offered by company to stockholders.
American London & Empire Corp. Panic. Stock. Placed privately by Gilbert Eliot!
& Co., New 'York.
4,125,000 Provide funds for invest. purposes.
1 sh. partic _ I $82% American London & Empire Corp. 6% Cum. Pref. Placed privately by Gilbert
Elloct & Co.. New York.
5500,000shs Provide funds for invest, purposes
American Investors, Inc. Class "B" Common. Placed privathy.
5,000,000 10
1,000,000 Working capital
American Small Loan Co. of Del. 7% Cum. Partio. Stock. Offered by C. A. Merrill
1 sh. pref.
dc Co., Inc., New York.
num ohs. Working capital
For American Small Loan Co. of Del. Common "A" Stock. Offered by C. A. Merrill
1,350,0001 2 ohs."A
& Co., Inc., New York.
*10,000 shs. Working capital
1 sh. corn. $135 American Small Loan Co. of Del Common Stock. Offered by C. A. Merrill & Co..
New York.
•111,111shs Extensions, new construction. &CArnold Constable Corp. Capital Stock. Offered by company to stockholders; under3,888.885 35
written.
450.000 Additional capital
5.71 L. S. Ayres & Co. (Indianapolis) 6% Cum, Pref. Offered by Indiana Tr. Co. and
450,000 105
Merchants Nat'l Bk., Indianapolis.
100,000 Working capital
Baltimore National Insurance Co. Capital Stock. Offered by Wellepp-Bruton &
170,000 17
CO..
Baltimore.
10.000 Provide funds for invest. purposes
Bankinstocks Holding Corp. (N. Y.) Class "A Stock. Offered by company to
100.000 10
'
stockholders.
'40,00Q sh. Provide funds for invest. purposes
Bansicitia Corp.(N. Y.) Ciass A Shares. Offered by company to stockholders.
1,000,000 25
.46,333 shs. Acq. addl. property. wkg. cap._ _
Canada Dry Ginger Ale. Inc. Capital Stock. Offered by company to stockholders.
2,779,980
1,500.000 Acq. predecessor & subsidiaries_
1,500,000 60(Par)
50
766 Gamble-Robinson Co. $33.4 Cum. lot Pref. Offered by Lane, Piper & Jaffrey, Ine..
-.
klinneapoils.
1,100,000 22
500,000 Additional capital
Independence Fire Insurance Co. Capital Stock. Offered by W. H. Newbold's Son
& Co.: Graham, Parsons & Co. and Townsend, Whelen & Co.
1,250,000 Additional capital
.1,750.000 1 sh pref. 1 For Industrial Bankers of America, Inc. 7% Cum. Pref. Offered by Clarence Hodson
& Co., New York.
•12,500shs. Additional capital
1 sh. corn. 15140 Industrial Bankers of America, Inc. Common Stock. Offered by Clarence Hodson
& Co.. New York.
1,500,000 Proviue funds for loan purposes _ }1,680.000{ 1 sh. pref. 1 For International Mortgage & Investment Corp.7% Cum.Pref.
Offered by Colvin &CO.
*7,500shs. Provide funds for loan purposes
34 sh. corn. 15112 International Mortgage &Investment Corp.Common Stock. Offered by Colvin&Co
,
4,000.000 104
4,000.000 Provide funds for Invest. purposes
577 Joint Investors, Inc. (N. Y.) Series B 6% Cum. Pref. Offered by Grover O'Neill
& Co., New York.
.40,000shs. Provide funds for Invest. purposes
1,400 000 35
Joint Investors. Inc.(N.Y.) Class A Common. Offered by Grover O'Neill & Co., N.Y.
*52,500shs. Acquisitions other corp. purposes. 1.575,000 30
Langendorf United Bakeries, Inc. Class A Stock. Offered by Shingle, Brown & Co.
1,443,750 2631
Liberty Bell Insurance Co.(Phila.) Capital stock. Offered by Janney & Co.. Phila.
550,000 Additional capital
870,000 29
Loudon Packing Co. Capital Stock. Offered by Mitchell. Hutchins & Co., Chicago.
*30,000 shs. Adquisitions, addl. capital
Marine Share Corp.(Buffalo) Capital Stock. Offered by company
.so,000shs. Provide funds for Invest. purposes 1.500.000 30
to stockholders.
55.000 ohs. Acq. predecessor Co.. wag, cap'!
2,860,000 52
Miller & Hart, Inc. (Del.) Cony. Preference Stock. Offered by A. C. Allyn &
Co..
Inc. and John Burnham & Co., Inc.
20,000 ohs. Provide funds for invest. PurlMohawk Investment Corp. Class A Common. Offered by Shawmut Corp. of Boston.
, - 2,060,000 103
.27,500 shs. Expansion of mill facilities
550,000 20
South Coast Co. Common. Offered by company to stockholders; underwritten.
*25,000shs. Additional capital
875,000 35
Standard National Corp. Common. Offered by company to stockholders.
2,500.000 Additional capital
2,500.000 100
Travelers' Insurance Co. (Hartford) Capital Stock. Offered by company to stockholders.
.23,520shs Provide funds for invest. purp
658,560 28
United Pacific Corp.(Seattle) Partic. Pref. Offered by company to stockholders.
*4,704 ohs. Provide funds for invest. purp
131,712 28
United Pacific Corp. (Seattle) Common Stock. Offered by company to stockholders.
For
1
47,999,137
FARM LOAN
Amount.
Issue and Purpose.
Price
ISSUES.
To Yield
About.
500,000 Pennsylvania Joint Stock Land Bank 5s,
1938-68 (provide funds for loan purposes).--- 10231
500,000 Potomac Joint Stock Land Bank (Wash.,
D. C.) 43,s, 1938-58 (provide funds for loan
purposes)
101
Offered by
-
4.70 Brooke. Stokes & Co.
4.37 C. F. Childs & Co., New York.
1,000,000
FOREIGN GOVERNMENT LOANS.
Amount.
Issue and Purpose.
Price
23,000.000 State of Rio Grande de Sul (Brazil) Ext. is.
1968 (refund internal & external debt; provide
for subscription to cap. stk. of Rural Cred. &
Mtge. Bk.; municipal improvements)
15,000,000 State of San Paulo (Brazil) 40-Yr. Ext. 6s,
1968 (additions, betterments, & extensions to
water supply & sewerage systems of City of
San Paulo; railway extension)
3,396,000 City of Tucuman (Argentine) Ext. 7s, 1951
(provide for paving; for discharge & consolidation of Looting debt; municipal improvemls _
To Yield
About.
Offered by
943-1
6.40-7.53 Nat'l City Co.; White Weld & Co.; Equitable Tr. Co. of New York; Illinois Merchants
Tr. Co.: Cassatt & Co. and Anglo London Paris Co.
94%
6% Speyer & Co.: Blair & Co.; Inc.; J. Henry Schroder Banking Corp.; Ladenburg, Thalmann & Co.; E. H. Rollins .8 Sons; Equitable Tr. Co., Co. of N. Y.; Blyth. Witter
& Co.
7.30 E.11. Rollins & Sons and H. M. Byllesby & Co., Inc.
06%
41,396,000
• Shares of no par value.
a Preferred stock
-sofa stated par value are taken at par, while preferred stocks of no Par value and all classes
of common stock are computed at their offering Prices.
b Bonus of 10 shares of capital stock with each 81,000 bond.
Ratio of Borrowings in Open Market by Various Industries-Compilation by National Credit Office.
The National Credit Office, this city, makes available in the following table, the important ratios in the
prominent
industries obtaining short-term credit in the open market during the first six months of 1028.
IMPORTANT RATIOS IN TIIE PROMINENT
INDUSTRIES USING TIIE OPEN MARKET BASED ON FINANCIAL STATEMENTS ISSUED
DURING
THE FIRST SIX NIONTIIS OF 1928 ON 1927 OPERATIONS.
Lines of Industry.
Number
of
Conterns.
Textiles14
Converters cotton goods---91
Department stores
13
Factors
22
Manufacturers of hosiery_ _ _
Mfrs, men's wear (cutters).- 36
14
Mfrs. work clothing
Milts
New England cot. cloth mills 23
Southern cotton cloth mills_ 55
58
Wholesalers dry goods
Wool dealers
17
Woolen cloth mills
18
Foodstuffs
Meat packers_a
25
Wholesale grocers
191
Metals
Mfrs. light & heavy hardw're 63
Mfrs.light &heavy machines 25
Mfrs. stoves & ranges
21
Wholesale heavy hardware
79
Wholesale light hardware
40
Leather
Manufacturers of shoes_
33
Tanners of upper leather
19
Lumber
Manufacturer's of furniture_ 25
Manufacturers of lumber__ _
17
Retail furniture
22
Retail lumber
62
Miscellaneous
Auto finance-wholesale and
retail
29
Wholesale drugs
29
• Number of times. a Big Four
Quick
Assets
to
Quick
Debt.
Profits
on
Net
Worth.
Profits
on
Working
Capital.
Turnover
of
Working
Capital.
Turnover
Profits
on
Sales.
Ratio.
2.90
3.45
1.60
3.24
3.59
3.70
%
3.65
4.10
1.26
3.92
3.76
5.05
%
11.40
9.40
10.41
9.91
10.44
10.69
%
10.70
15.83
10.49
20.63
12.38
18.15
•
3.58
4.15
9.64
4.65
3.68
3.23
•
3
.33
2.35
11.31
2.08
3.04
2.36
Days.
72
53
50
49
77
60
•
4.75
5.13
- --4.52
5.41
4.16
%
1.6
37.7
,2_
-5 i
13.0
17.9
%
55.4
28.6
149.4
26.3
38.7
29.8
%
57.4
30.8
149.4
33.1
40.4
30.6
%
85.,5
82.3
%
74.8
61.1
- - :7
90
65.0
76.8
71.8
75.9
55.0
2.54
2.89
3.14
5.11
4.00
2.05
8.59
2.81
2.09
2.83
3.20
10.35
6.75
9.00
3.87
7.83
50.70
8.21
10.44
7.79
3.13
5.96
3.01
5.07
3.30
1.20
1.62
2.38
4.53
1.40
57
41
87
24
57
3.00
4.20
4.49
4.45
4.26
75.0
61.3
15.3
5.7
56.0
33.0
30.1
41.9
28.0
18.0
38.0
34.8
45.8
28.0
20.0
114.0
82.0
70.2
94.0
81.0
77.0
142.0
82.6
44.0
44.0
2.89
3.17
0.90
1.41
2.70
5.65
7.90
8.88
14.40
5.87
5.70
4.07
16
42
10.60
5.80
61.3
19.6
29.9
41.5
41.0
42.8
100.5
85.6
74.0
67.3
5.16
5.47
0.22
4.54
5.78
5.13
6.84
2.56
3.25
2.92
8.38
9.35
3.12
7.10
6.12
18.52
15.40
6.08
10.04
8.32
4.75
2.68
2.22
3.15
2.92
1.53
1.66
2.02
2.18
2.20
59
93
121
68
66
4.43
4.98
4.67
3.98
3.73
49.5
33.9
35.2
20.6
19.4
19.6
26.2
23.7
31.5
31.4
27.0
31.7
28.5
33.8
33.9
77.6
67.5
58.3
84.1
83.2
55.3
55.6
65.0
56.5
50.4
3.44
3.20
4.02
5.37
6.40
7.06
9.70
9.14
3.76
2.85
2.50
1.
00
62
50
4.77
2.91
36.7
35.0
38.0
31.0
40.0
33.0
76.5
113.0
69.0
45.0
3.90
4.03
3.71
3.82
6.64
4.78
6.19
5.09
10.84
6.21
8.27
7.59
19.73
15.31
8.78
12.84
2.82
4.15
1.54
2.36
1.63
1.09
1.68
1.53
94
45
273
105
4.99
4.77
5.42
3.71
42.1
82.0
24.5
22.4
22.6
16.4
37.5
19.8
28.2
32.5
45.2
21.5
t14.3
107.6
33.3
50.4
68.1
61.0
142.6
42.0
1.12
1.84
3.43
3.03
eliruinatod.
13.45
7.87
6.73
9.96
6.94
3.54
12.00-2.72
iii
4.95
.
17.0
285.0
35.3
386.0
37.0
74.4
07.9
Net
Net IVorth Net Worth Working Inventory
RepreRepreWorth
RepreCapital
of
Collec- Turnover Divested seated by sented by
Repre- seated by
Net
lion
of
in Fixed
sensed by
Quick
Quick
Total
Worth. Period. Inventory. Assets.
Debt.
Debt. Inventory. Debt.
AUG. 18 1928.]
FINANCIAL CHRONICLE
883
Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
on the situation. Sugar advanced with a sharp increase in
refiners' buying, as trade in their own product increased
Friday Night, Aug. 17 1928.
Some increase in business for fall delivery has taken and prices for it advanced. The talk Is general that there
place with hot weather helping the sale of summer goods, will be no restriction by Cuba next year, but world's conthe supplies of which were found to be considerably de- sumption seems to be large and the prolonged drought on
pleted. At the same time the weather In the main has the Continent of Europe may affect the yield of beet sugar.
The efforts to stimulate business in general merchandise
been favorable for the crops which tends to increase the
buying power of the agricultural population. In many by special measures at the West have been rewarded by
industries it is stated employment is increasing. The feel- larger sales not only of drygoods but of hardware, farm
ing is more cheerful as to the outlook for fall and winter implements, shoes, clothing and cognate lines. Some of
trade in many lines. Carloadings have been increased by the leading centers of the West report the largest sales
grain shipments, the largest thus far in 1928. The cloth- for mid-summer known for some years past. Employment
ing trades show considerable activity. One drawback dur- tends to increase. Detroit reports a total of 280,000, a
ing the week was the prevalence of tropical storms in the gain of about 2,000 for the week. The total is some 75,000
South Atlantic States, which have probably done some larger than a year ago and over 42,600 larger than in 1926.
harm to cotton, grain and fruit crops, though to all ap- There is marked activity in the canned goods business.
pearances it has thus far been exaggerated. Business in The promising condition of the automobile trade is revealed
the West has been stimulated to some extent by trade meet- with reasonable clearness in the rise in employment at Deings, market weeks, buyers' conventions and so on. Dry- troit. The shoe manufacturing industry shows more life.
goods have attracted more attention. Print cloths have The output of iron and steel has increased and for the
sold more freely. It is true that the supply of cotton fourth quarter higher prices are quoted for finished steel.
goods is rather excessive and there is some talk of a shut- At some of the large Western centers there has been a good
down of the mills for a week or two in September. But on business in pig iron. As to steel the railroads are said to
the whole, the tendency seems to be towards improvement, be buying more freely, while building contractors and autoespecially if raw cotton prices become stabilized. Man- mobile companies are also buying on a noticeable scale.
chester, England, reports a better demand for goods. Wool Steel scrap advanced. Some of the department stores rehas declined and the low prices have stimulated business port a better business.
The stock market of late has advanced with brokers'
to some extent. Cotton has been advancing owing to
2%, but an early rise
tropical storms, rainfalls of 6 inches in a day in Georgia loans decreasing and money down to 4Y
and the Carolinas, flooded rivers and fields, reports of dam- to-day was stopped when money rose to 7% again. Early
age from the cloudbursts, from weevil and other insects, advances had been in some cases 5 to 9%. Trading has
and finally a sharp demand from alarmed shorts. Prices risen during the week to approximately 3,000,000 shares
/
1
in a few days advanced 14c. But to-day after an advance a day. The crop news in the main has been good and
of Mc. at the start, owing to further rains, higher Liver- crop estimates by the Government of both grain and cotton
pool prices and domestic and foreign buying, there came a are believed to be under the actual harvests. In general
sudden slump of nearly %c., owing to a better weather trade the feeling is more cheerful. Recent advances in
forecast and heavy selling largely on stop orders, home money are supposed to reflect larger demands from trade
and foreign. The weather in the next three or four weeks and not solely a desire on the part of the banks to put
is expected largely to decide the size of the crop and the the brakes on stock market trading. The July exports
average price. As near as can be gathered, despite loud were the largest in 8 years and left an apparent balance
talk of weevil prevalence and depredations, the actual dam- in favor of this country of $66,000,000.
New Bedford, Mass., reported on the 13th inst. that techage thus far is small. The infestation seems to have
been lighter than last year and this and hot dry weather nically, at least, the ranks of the striking textile operawest of the Mississippi River and at times to the eastward tives there are now 2,000 smaller than they were two days
has kept the pest down. The domestic cotton consumption previously owing to the complete closure Friday of the
in July was the smallest in four years, but the great rains Sharp Manufacturing Co., one of the 26 mills involved in
have had the effect of arresting the recent downward trend a wage controversy which entered its eighteenth week on
of prices. The weather will now be the arbiter.
the 13th. Liquidation or removal of at least six other
Wheat advanced in an oversold market, with some fears New Bedford cotton manufacturing establishments is being
at times of frost in Canada and a fair export demand, en- seriously considered by their directors who have in most
couraged by higher Liverpool prices. It is believed that cases indicated unofficially their preference for selling out
at the present comparatively low level Europe will buy rather than re-equip the plants at heavy expense. No
from this country on a larger scale with futures at Chi- definite action has been taken. Adverse conditions in the
cago 25 to 27c. lower than a year ago. Harvesting is rap- industry as a whole, and the labor situation in New Bedidly advancing northward and has already begun in Can- ford are given as the cause of all this. If carried out the
ada, which is expected to raise 500,000,000 bushels, or 60,- changes would involve 658,000 spindles and more than'
000,000 more than last year. Corn advanced on all deliv- 9,000 looms. Labor may kill the goose that laid the golden
eries except September which was erratic and finally end- eggs. Directors of the Bristol Mill at New Bedford voted,
ed lower with some reports of "firing" in Iowa and Illinois It is said, on the 13th to pass the quarterly dividend, owing
and temperatures very high. Still It looks as though Iowa, to unfavorable conditions. The corporation, it was said,
Illinois and Indiana have crops approaching the largest had been paying $1.50 quarterly on a capitalization of $1,ever known. The net result was a moderate advance in 000,000. Fall River, Mass., wired on the 11th inst. that
prices. It would not be surprising to see a rather larger the American Printing Co. was again running at normal
foreign market for our corn this year, though there are no capacity and the Algonquin Printing Co. was operating in
signs at the present time of any important European buy- part to run off the cloth which was in the machines when
ing. Rye advanced with wheat and on some business for about 100 operatives walked out. The Lincoln Manufacexport. Oats declined slightly on generally favorable turing Co. was reported closed down last Thursday evening
weather for the crop. The crop is larger than was expected until Monday as a curtailment movement. On Aug. 13 the
some months ago. Indiana indeed will have the largest American Printing Co., the Algonquin Printing Co. and
on record. There is an excellent cash demand for the oats, the Lincoln Manufacturing Co. where strikes were called
though it is offset by the weather and hedge selling, while last week opened with more help than could be given work.
receipts are now rather large. But all the grain markets The Stafford No. 2 mill, which opened for the first time
have acted oversold. Provisions advanced with corn and since last November, was forced to turn away 100 operabogs which were up at one time to $13, the highest price tives seeking employment. No disorder was reported.
Greenville, S. C., wired that little information is now
since November 1926. Higher prices are obtainable for
cattle. Rubber has declined with less demand from the available as to the plants of the Greenville mills for curfactories and the consumption smaller than had been ex- tailment during the first week of September. Many mill
pected. Rubber speculation moreover has died down. Cof- men said that no decision had been reached. Officials of
fee has been firm for Rio and slightly lower for Santos, Judson Mill who recently announced the opening of Mill
;but in the main Brazil evidently still has a pretty firm grip No. 2 after several months of idleness said it was not
884
planned to curtail in September, but this decision may be
changed later. At Greenville, S. C., on the 16th inst., the
mills reported a better demand. Richmond, Va., wired that
of the textile mills in Greenville County, S. C., 20% failed
to make a profit in the first half of 1928 and that consolidations are now planned for the mills in that vicinity
which is hoped will improve their financial aspect. Richmond, Va., also wired that the walkout at the Twentieth
Century Rayon Co.'s plant at Petersburg, Va., ended on the
16th inst.
Late last week 5 to 8 inches of rain fell in Georgia and
2 to 51; inches in the Carolinas, following big rains and
A
hurricanes from a tropical storm that struck Florida. It
was clear and cool here over last Sunday and early in the
week. It was 71 degrees as the highest here on the 12th
Inst. and 79 on the 13th inst.; at Chicago on the 13th it
was 60 to 72, at Cincinnati 58 to 80, at Cleveland 60 to 72,
at Detroit 58 to 74, at Milwaukee, 62 to 76, at Montreal 50
to 76, at Winnipeg 70 to 92, at Boston 58 to 72 and at St.
Paul 58 to 82. The storm at the South killed a number
of people. On the 13th inst. two more tropical storms
menaced the South. Florida suffered from a new hurricane, which struck the Gulf Coast from Boca Grande north
toward Tampa and a big lake overflow threatened. Spartanburg, S. C., reported that as the result of another devastating flood late on Wednesday night in the Carolinas,
several cotton mills of that section were damaged, the estimates running as high as $200,000. Communication was
destroyed at several points and it was difficult to get
information. The dam at Clifton Mill No. 1 went out,
as mill employees on either side of the stream were preparing to vacate their homes. The breaking of the dam
sent a flood of water down upon Pacolet Mills, but no
damage was reported and operations continued. Atlanta,
Ga., wired Aug. 16 that a cessation of torrential rains yesterday brought moderate relief to the flooded area of South
Georgia, although many rivers and creeks were still rising.
It was believed that they will soon reach their crest, unless
there is recurernce of rains. Ttobacco, peaches and cotton,
as well as other crops in the flooded area, were said to have
been badly damaged.
On the 15th inst. it was up to 90 degrees here. On the
16th inst. it was 69 to 86 degrees here, 82 to 94 in Boston,
82 to 92 in Chicago, 78 to 84 in Cleveland, 80 to 86 in Milwaukee, 74 to 80 at Minneapolis. To-day it was cooler and
rainy, with temperatures 68 to 72 degrees, and the forecast
for showers to-morrow and higher temperatures.
Increase In Retail Food Prices in July as Compared
With Previous Worth.
The retail food index issued by the Bureau of Labor
Statistics of the United States Department of Labor shows
for July 15 1928, an increase of one-tenth of 1% since June
15 1928; a decrease of a little less than one-half of 1% since
July 15 1927; and an increase of 53.5% since July 15 1913.
The index number (1913=100.00) was 153.4 in July 1927;
152.6 in June 1928; and 152.8 in July 1928. The Bureau's
advices, Aug. 17, also state:
During the month from June 15 1928.to July 15 1928, 18 articles on which
moathly prices were secured increased as follows: Pork chops and strictly
fresh eggs, 7%; round steak, 6%; sirloin steak and chuck roast, 5%; rib
roast, 4%; plate beef and ham, 3%; bacon, lard, and navy beans. 2%;
fresh milk, butter, cheese, rice, baked beans, and prunes, 1%;and wheat
cereal, less than five-tenths of 1%. Nine articles decreased: Cabbage,
22%; potatoes, 21%; onions,8%;lamb.3%;flour, 2%; hens and bananas,
1%; and oleomargarine and tea, less than five-tenths of 1%. The following 15 articles showed no change in the month: Canned red salmon,
evaporated milk, vegetable lard substitute, bread, cornmeal, rolled oats,
cornflakes, macaroni, canned corn, canned peas, canned tomatoes, sugar,
coffee, raisins, and oranges.
Changes In Retail Prices of Food Bit Cities.
During the month from June 15 1928, to July 15 1928, there was an increase in the average cost of food in 30 of the 51 cities as follows: „Butte,
and Manchester,3%;Boston, Jacksonville. Los Angeles,and Portland, Me.,
2%; Bridgeport, Chicago, Denver, Detroit, Fall River, Indianapolis,
Memphis, Newark, New Orleans, Portland, Oreg., Providence, Seattle,
and Washington, 1%; and Birmingham, Cincinnati, Milwaukee. New
Haven, New York. Omaha,Peoria, St. Paul, San Francisco, Savannah, and
Springfield, Ill., less than five-tenths of 1%. The following 18 cities decreased: Kansas City. and Minneapolis, 2%; Atlanta, Buffalo, Cleveland,
Columbus, Little Rock, Louisville, Philadelphia, Richmond. and St. Louis,
1%; and Charleston, S. C., Dallas, Mobile, Norfolk, Rochester, Salt Lake
City, and Scranton, less than five-tenths of 1%. In Baltimore, Houston,
and Pittsburgh there was no change in the month.
For the year period July 15 1927, to July 15 1928. 26 cities showed decreases: Mobile, 4%; Columbus and Jacksonville, 3%; Atlanta, Butte,
Charleston, S. C., Houston, Peoria, Pittsburgh, and Seattle, 2%; Birmingham, Dallas, Detroit, Little Rock, Minneapolis, New Orleans, New York,
Omaha, St. Louis, St. Paul, Salt Lake City, San Francisco, and Savannah.
1%; and Chicago, Fall River. and Springfield, Ill., less than five-tenths of
1%. Twenty-four cities showed increases: Louisville, 4% Washington,
3%; Kansas City. Manchester, Memphis, and Scranton, 2%; Baltimore,
Cincinnati, Cleveland, Indianapolis, Newark, Portland. Me., Providence
[vol.. 127.
FINANCIAL CHRONICLE
Richmond, and Rochester, 1%;and Boston, Buffalo, Denver, Los Angeles,
Milwaukee, New Haven, Norfolk, Philadelphia, and Portland. Oreg., less
than five-tenths of 1%. In Bridgeport there was no change in the year.
As compared with the average cost in the year 1913, food on July 15
1928. was 65% higher in Chicago; 62% in Washington; 60% in Detroit,
and Scranton: 59% in Richmond; 58% in Baltimore and Birmingham;
57% In Cincinnati and Philadelphia;56% in Atlanta and St. Louis; 55% in
Buffalo and Milwaukee; 54% in Boston, Cleveland. Manchester, New
Haven, New York, and Providence; 53% in Charleston, S. C., and Louisville; 52% in Dallas, Indianapolis, Minneapolis, New Orleans, and Pittsburgh;51% in Fall River;48% in Kansas City, Newark,and San Francisco;
47% In Memphis and Omaha; 44% in Jacksonville and Little Rock; 43%
In Seattle; 40% in Denver, Los Angeles, and Portland, Oreg.; and 32% in
Salt Lake City. Prices were not obtained in Bridgeport, Butte, Columbus,
Houston, Mobile, Norfolk. Peoria, Portland, Me., Rochester, St. Paul.
Savannah, and Springfield, Ill., in 1913. hence no comparison for the 15
year period can be given for these cities.
Loading of Railroad Revenue Freight Increasing.
Loading of revenue freight for the week ended on August
4 totaled 1,048,622 cars, the Car Service Division of the
American Railway Association announced on Aug. 14.
This was an increase of 14,646 cars over the preceding
week, increases being reported over the week before in the
loading of all commodities except coal and ore, which showed
slight decreases. The total for the week of August 4 was an
increase of 24,584 cars above the same week in 1927, but a
decrease of 26,770 cars below the corresponding week two
years ago. Details are given as follows:
Miscellaneous freight loading for the week totaled 420,548 cars, an
increase of 29,010 cars above the corresponding week last year and 27,487
cars above the same week in 1926.
Coal loading totaled 154,460 cars, a decrease of 1,971 cars below the
same week in 1927 and 28,230 cars below the same period two years ago.
Grain and grain products loading amounted to 55,809 cars, an increase
of 3,970 cars over the same week last year but 3,002 cars below the same
week in 1926. In the western districts alone, grain and grain products
loading totaled 40,528 cars, an increase of 8,138 cars above the same week
In 1927.
Live stock loading amounted to 22,878 cars, a decrease of 2,298 cars
below the same week last year and 2.634 cars below the same week in 1926.
In the western districts alone, live stock loading tdtaled 16.854 cars, a
decrease of 1,642 cars compared with the same week in 1927.
Loading of merchandise less than carload lot freight totaled 257,136
cars, a decrease of 2,428 cars below the same week in 1927 and 1,415 cars
below the corresponding week two years ago.
Forest products loading amounted to 66.393 cars, 1,230 cars below the
same week last year and 3.327 cars under the same week in 1926.
Ore loading totaled 62,299 cars. 20 cars below the same week in 1927
and 13,262 cars below the same week two years ago.
Coke loading amounted to 9.099 cars, 449 cars below the same week
In 1927 and 2,387 cars below the corresponding week in 1926.
All districts reported increases in the total loading of all commodities
compared with the same week last year except the Pocahontas, Southern
and Northwestern which showed decreases. All districts reported decreases
compared with the same period two years ago except the Southwestern
which reported an increase.
Loading of revenue freight in 1928 compared with the two previous years
follows:
1926.
1927.
1928.
Four weeks in January
3.686,696
3.756,660
3,447,723
Four weeks in February
3,677,332
3,801,918
3,589,694
Five weeks in March
4,805,700
4,982,547
4,752,031
Four weeks in April
3,862.703
3,875,589
3,738,295
Four weeks in May
4.145,820
4,108,472
4,006,058
Five weeks in June
5,154,981
4,995,854
4,923,304
Four weeks in July
4,148,118
3,913,761
3,942,931
Week ended August 4
1,075.392
1,024,038
1,048,622
Total
29,448,658
30,458,839
30,556,742
Record Employment Figures in Detroit.
The Detroit•Employerst Association reported employment
figures for week ended Aug. 14 as 280,088, a new high
record; the figures represent a gain of 2,059 over last week
and 75,900 over a year ago.
Record Summer Levels of Industrial Activity Based on
Consumption of Electricity.
Consumption of electricity by manufacturing plants in
major industries in July was on a higher plane than in the
preceding month and greater than in the corresponding
month last year, according to reports received by "Electrical
World" from more than 3,000 plants consuming a total of
15,000,000,000 kilowatt-hours annually. The rate of production for July, corrected for seasonal variation, was the
highest ever attained. The publication goes on to say:
The index of activity for the month without correction for seasonal
variation was 120.2, as against 116.4 in June, 119.0 in May, and 110.6 for
July of last year. The present rate of general production is materially above
the average for the summer period of previous years.
The index of activity in general industry for the country as a whole,
based on monthly consumption of electricity, shows an average of 119.9
for the seven-months period of this year, as against 115.7 in the same
period in 1927.
The rate of operations in the automobile manufacturing plants, including
parts, at present appears to be on a plane some 40% higher than last year,
with the average for the first seven months about 28% above that for the
same period in 1927 The ferrous and non-ferrous metal working plants
are also maintaining a high rate of operations, the July rate being about
21% greater than in July of last year, consumption of electricity shows.
In the metals group the July figure was only 1% under the peak of February last.
AUG. 18 1928.]
FINANCIAL CHRONICLE
Textiles showed a decline in the rate of operations. In July this industry
operated at a rate about 19% under that witnessed in July of last year, and
the average for the first seven months was close to 12% below that which
obtained in the same period in 1927. The peak of 1928 activity in the
textile industry was reached in February and ever since that month the curtailment in operations has been constant and at a more than normal seasonal rate. The position of the industry in July was the lowest since July.
1926.
The rate of industrial activity in July, compared with July of last year,
all figures adjusted to 26 working days and based on consumption of electrical energy as reported to "Electrical World"
-monthly average 1923-25
-follows:
equals 100
July 1928.
July 1927.
All industrial groups
120.2
110.6
Metal industries group
124.2
108.6
Rolling mills and steel plants
121.2
113.0
plants
Metal working
126.3
104.4
Leather and its products
99.0
96.3
Textiles
91.8
113.0
Lumber and its products
108.8
112.9
Automobiles and parts
143.7
102.3
Stone, clay and glass
129.8
111.3
Paper and pulp
127.3
115.8
Rubber and its products
135.3
109.0
Chemicals and allied products
128.5
104.9
Food and kindred products
129.2
121.2
Shipbuilding
67.2
118.7
New Farm Commodity Buying-Power Index Adopted
by Department of Agriculture-Retail Prices Paid
by Farmers for Goods Used for Comparisons
Instead of Wholesale Prices.
As a measure of the purchasing power of farm products the
United States Department of Agriculture has begun using the
retail prices that farmers pay for what they buy instead of
the wholesale prices of non-agricultural goods for comparisons. In announcing this, under date of Aug. 13, the
Department says:
Farmers of course obtain most of their supplies at retail rather
than at
wholesale, and a retail index is therefore more appropriate as a
measure
of the exchange value of farm commodities. Moreover, many of the articles
included in the wholesale price index formerly used enter only
slightly or
not at all into the expenditures of the average farmer. The change Is
illustrated for the first time in the price index number
comparisons for
June of thLs year. For that month, according to the new method of reckoning, the purchasing power of farm products was 93% of the level
prevailing
-year period Aug. 1909 to July 1914.
in the 5
It should be noted, however, that the new index numbers do not measure
the Purchasing power of farmers, but merely that of a fixed quantity of
farm products. They show the power of a given amount of
agricultural
commodities to purchase certain kinds of other goods, as
compared with
pre-war exchange ratios. The index numbers do not measure
changes in
farm receipts or in farm expenses; nor do they take into account variations
in the quantities of farm products sold or of goods purchased. Since these
factors influence the buying power of the farmer as an individual,
their
exclusion from the basis for calculating index numbers makes the
latter a
measure of the exchange value per cent of goods or commodities,
rather
than a measure of the buying power of the producers. Unless this is
borne
in mind, the index number system may be misinterpreted.
Under the new system the Department takes the prices since
1910 of
commodities purchased by farmers for the family living and for
operating
the farm. Indices of these prices are constructed with practically the same
base period (1910-1914), and as nearly as possible in the same
manner, as
the index of prices received by farmers for the commodities they sell. The
prices paid are:weighted by estimates of quantities purchased
for the
average fatm in the period 1920-1925. In other words, an attempt
is made
to measure the purchasing power of farm commodities in terms of the
usual
things that farmers actually buy. But the list ofsuch things does not
include
all the values for which farm income is disbursed. It does not include, for
example, such items as interest on mortgages and loans, rents, and
railroad
fares.
Naturally, measurement of farm commodity purchasing power on a
basis
of retail instead of wholesale price comparisons tells a slightly different
story from that told by the index numbers previously in use. Retail prices
commonly lag behind wholesale prices in readjustment periods. When
prices are advancing it is usual for wholesale prices to advance more quickly
and more steeply than retail prices. The opposite happens in periods of
falling prices. In consequence the new index number system shows, for the
early years of the post-war depression period, a somewhat smaller disparity
between the prices of farm products and the prices of other goods than was
shown by the old system. On the other hand. when prices are advancing
the tendency is for the retail comparison to show less advance than
would
be shown by the wholesale comparison.
Describing the new system, the Department takes occasion to
review
the post-war history of the farm commodity purchasing power. In
June
1928, the purchasing power attained by farm products was the
highest
since 1920. It was expressed by the index number 93, with 100
representing
the base period 1910-1914. Corresponding figures, expressing the
farm commodity purchasing power since 1920. in terms of this average
mode of
reckoning, are: 99 for 1920;75 for 1921;81 for 1922:88 for 1933;87
for 1924;
92 for 1925; 87 for 1926; and 85 for 1927. In the last year farm
purchasing power has increased, due to an increase in farm commodity
ohms. The prices of things bought by the farmer have remainedcommodity
practically
constant. Thus in June 1928 prices received for farm products
were 145%
of the pre-war, compared with 130% of that level in June
1927, while in
the same period the prices paid by farmers for commodities
remained
approximately the same.
As already noted, this improvement is not a complete measure
of the
agricultural price situation. Although the prices of commodities
purchased
by farmers are now nearly on the level with the prices of products
sold by
farmers, taxes and farm wages remain relatively high. In June
1928 farm
taxes were 250% of the pre-war level and farm wages 170% of
that level.
It is significant, however, that the prices of commodities purchased
by
farmers for use in production are lower than the prices of
commodities
entering into the family living. This difference is expressed in the
fact that
the index of the prices of commodities used in production averaged about
148% of the pre-war level in June, whereas the prices of commodities
used
for family living in that month averaged 162% of the pre-war level.
Among the items contributing to the high cost of living on the farm in
June were furniture and furnishings at 208% of the pre-war; clothing at
179% of the pre-war; and building materials for the home at 171% of the
pre-war level. Food prices were about on the same level as commodity
prices generally. Some production items were relatively low, notably
feed and fertilizer prices. The price of farm machinery was close to
the
general price level.
885
Union Trust Co. of Detroit Says Substantial Expansion in
Business Is Looked For In Fall-Factory Employment
in Michigan Above That of Year Ago.
Wayne W. Putnam, Assistant Vice President of the Union
Trust Company, Detroit, finds that general business continues
to move with more animation than is characteristic of the summer season. Good weather conditions, he notes, have strengthened crop prospects and stimulated retail sales. There is much
confidence, he adds, in the business outlook, the belief being
rather general that substantial expansian will take place in
the fall. In his survey Mr. Putnam also has the following
to say:
Confidence in the business outlook for the next few months is
founded chiefly on the agricultural situation. Farm income, based on
current prices and governmental estimates of crop production, will
be materially larger than a year ago, possibly by as much as $800,000,000.00. This increased buying power, which is predicted, of
course, on the continuance of good growing conditions, is certain
to be reflected in trade conditions this fall and winter. Southern
cotton growers will receive approximately 10% more for this year's
crop based on the current price and the August first crop estimate
of the United States Department of Agriculture.
The general trend of business is reflected in freight car loadings,
which show a gain of 29,170 cars for the first four weeks of July
compared with the same period last year. Loadings for the first
seven months of 1928 were only 3% under those for the corresponding period in 1927, two-thirds of which decline, however, was due to
smaller shipments of coal and coke. Coal movements in the early
months of 1927 were unusually large on account of the impending
coal strike. Car loading reports, of course, do not reflect the steadilyincreasing volume of merchandise transported by motor trucks.
Steel production last month, ordinarily a dull period, was greater
than in any July on record, notwithstanding the small volume of
business received from the railroads. Preliminary estimates indicate
that automobile output last month established a new high record for
July. Increased demand, influenced to some extent by lower prices,
is bringing about improvement in the tire industry. July construction
contracts in the territory east of the Rocky Mountains amounted to
$583,432,400.00, the highest July contract total on record, and brought
the total for the first seven months of the year up to $4,028,299,900.00,
a new high record for that period. Exports are at a high level. Commercial conditions in Canada, whose purchases of American goods are
exceeded only by those of the United Kingdom, have never been
better, according to the Bank of Montreal. Employment conditions
continue good. Increased purchases of gasoline and higher prices
are aiding the petroleum industry. The principal offsetting factors in
the business outlook are the stringent credit situation, and the adverse
condition of the cotton textile industry.
Manufacturing operations in Michigan are being well maintained
and production efficiency is very high. More factories are working
overtime than is usual at this season of the year. Only three cities,
all having populations under 6,000, report manufacturing below normal.
Automobile plants generally are working on heavy schedules as are
factories making motor parts and accessories. Canning factories arei
doing a good business. Production schedules at the furniture plants
are not as heavy as it was anticipated a month ago, but showcase
and fixture output is 15% above the average. Business continues
very good at the copper mines.
Factory employment in Michigan is well above that of a year
ago. Fourteen cities report increases compared with last month, while
only three experienced a decrease. More workmen were employed in
Lansing, Jackson and Detroit during the first week of August than
at any time on record. The report of the Employers' Association
of Detroit, whose members employ two-thirds of the city's industrial
workers show 278,040 men at work on August seventh. This was a
'
gain of 15,389 compared with a month ago and 73,613 above the
corresponding week in 1927. In the farming sections of the state
employment has also been increasing during recent weeks.
Lake traffic passing through the Sault canals in July amounted to
9,966,187 tons compared with 9,216,591 tons in the same month last
year.
Nineteen Michigan cities issued permits in July for buildings costing $19,195,097.00, an increase of $1,781,881.00 compared with the
month of June but a decrease of $7,471,244.00 compared with July,
1927. Two large industrial buildings in Pontiac helped to swell the
construction figures for that city $7,006,000.00 in July last year.
Retail trade has been assisted by good employment and tourist
business. Hot weather is stimulating purchases of seasonal goods.
Wholesalers in practically all' lines have noticed a decided pick-up
during the past two weeks both in Detroit and throughout the state.
Distributors of merchandise are very optimistic over the outlook for
fall business. Both retailers and wholesalers report collections fair.
A cheerful note runs through the reports from agricultural sections
of the state. Nature has been kind to most of the crops, the condition
of which is good to excellent despite the late start of the growing
season. In a few localities heavy rains have done some damage to
hay, wheat, potato and bean crops. The condition of apples, peaches,
pears, plums and grapes is much above the average.
Favorable Weather Aids Crops in Canada,
According to Bank of Montreal.
Hot dry weather has brought all crops along rapidly in
the Prairie Provinces of Canada, according to reports received by the Bank of Montreal from its agents in various
parts of the Dominion. Cutting of crops has commenced in
many districts and will be general in Manitoba and Saskatchewan within a week and in Alberta a little later.
There has been some further local hail in northern Saskatchewan and light frost in parts of Alberta, according to
the reports, but the prospects continue above the average.
In Quebec crops are making rapid progress and the outlook
is promising for an average crop. In Ontario favorable
weather has prevailed during the past week and farmers
[VOL. 127.
FINANCIAL CHRONICLE
have made rapid progress with harvesting. Fall wheat is
is stated, is practically all cut and a large part of the crop
is under cover except in the backward sections. In the
Maritime Provinces weather conditions have been favorable
except in the St. John River Valley, where rain has prevailed, delaying haying, lodging oats and causing in some
sections a little blight and evidence of rust and rot. In
British Columbia recent rains have been beneficial and
crops generally are in excellent condition. Threshing of
grain is now general and unusually good crops of high quality
are reported.
Factory Employment in New York State During July Shows
Small Seasonal Decline.
The improvement in factory employment in New York
State factories which was reported for June was maintained
during July, according to Industrial Commissioner James A.
Hamilton. This is based on reports of number of workers
employed by about 1600 representative firms of the State that
have been reporting to the State Department of Labor since
1914. It is pointed out that the mid-summer is always a period
of slower operation in most industries, and the drop of only
nine-tenths of 1% in the employment index from June to July
is smaller than usual, and so points to greater strength in the
industrial situation. The activity of machinery and electrical
apparatus, automobile and automobile parts and shoe factories
is the most important force in reducing the effect of the summer dullness this year, says the commissioner's survey, issued
August 13 which further states:
Reduction in New York City Larger Than Up-State.
The reduction in number of factory workers in New York City
was somewhat greater than in the whole State, but even here the
fall was not as large as it has been from June to July for the past
few years. The larger decrease in employment in New York City
was due to generally lower operations than up-State in practically
all of the industries except furniture, glass, silk goods, laundering,
men's clothing and furnishings; in other industries either more workers
were laid off or fewer workers were taken on in New York City
than in the factories of the rest of the State. The expansion of
operations in the fur, shoe and men's clothing factories was large,
and partially counteracted the mid-summer declines in other industries.
Machinery and Autos Continue High Operations.
The strength shown by makers of machinery and electrical apparatus and automobiles and automobile parts was the most striking
point of the employment reports for July. The peak season in the
automobile industries is usually over at the begining of the summer;
this year there was a large increase in employment in June and further
increases of two percent in July. Similarly, the machinery and
electrical apparatus factories have been adding to working forces
during the past two months, although operations are usually slower
in the summer. The activity of these industries partially offset the
mid-summer dullness prevalent in most of the metal industries, so
the decline from June in number of metal workers was less than
for any of the past five years. The summer slowing up in metal
industries has become less pronounced in recent years, and last
month's reports probably reflect in part a continuation of this tendency
toward steadier production. There is, however, evidence of greater
firmness in the situation than during the past year. The declines
in employment were greatest in the pig iron and rolling mills and
the railroad repair shops, both of which had kept large working forces
farther into the summer than usual.
Shoes, Furs, Men's Clothing Increasing Activity.
The fall pick up in production is coming earlier in the shoe industry this year, in part as a result of the policy of buying only
for immediate use and the great contraction of production the first
part of this year that has made stocks low. There were additions
to forces throughout the shoe factories of about four percent of
the June totals. The increases in employees in the men's clothing
industry were larger in the New York City firms mainly because
the up-State firms began expansion earlier and had been taking on
more workers during the preceding month. Fur working establishments continued to add to their forces, taking on two percent more
workers. This is a large increase for July, but the industry is
becoming increasingly irregular in its production, and is now operating considerably below the levels of the past two summers.
Manufacturing Employment in Ohio Increased In July
Over Same Month Last Year According to Bureau
of Business Research.
The Bureau of Business Research of the Ohio State University states that manufacturing employment in Ohio
during Julty was 3% greater than in July, 1927. This is the
second time in fifteen months that employment has exceeded
that of the corresponding month of the preceding year, says
the Bureau, its review adding:
Employment during July was 1% less than during Juno. Employment
during the first seven months of 1928 was 1% greater than during the same
period of 1927. Of the 613 reporting concerns, 286 showed Increases of
July employment over Juno. 280 showed decreases, and 41 showed no
change from Juno.
The decrease from June was shared by the iron and steel, stone. clay
and glass, textile, and vehicle groups of industries. The lumber products,
machinery, metals other than iron and steel, and paper and printing groups
of industries showed no change from June, while the chemical,food products.
rubber products and miscellaneous groups showed increases of July employment over June. The lumber products, rubber products, textiles.
and vehicle groups of Industries were the only ones in which July emPloYment was less than July 1927.
MANUFACTURING EMPLOYMENT IN OHIO.
In each series average month 1923 equals 100.
(These data are complied from reports of Individual concerns, covering average
employment during the first halt of each month.)
Industry.
Chemicals
Food products
Iron and steel
Lumber products
Machinery
Metals other than iron and st'l
Paper and printing
Rubber products
Stone, clay and glass
Textiles
Vehicles
Miscellaneous industries
Total
Change Change Average
Indezes.
No.
from from Jan. - July
of
Change
June July
July
Report'g June
Firms. 1928. 1928. 1928. 1927. from 1927.
4..C .
444.0W:n0W0.
886
111
108
101
81
104
93
117
125
112
95
85
104
113
113
99
81
104
92
117
128
105
93
81
110
+1%
+4
—3
__
__
__
__
+2
—6
—3
—5
+5
nix
inx
in9
—1
+ 3%
+20
+5
—2
+4
+5
+2
—1
__
—4
—1
+2
—2%
+10
+1
—8
—3
+10
—1
+2
—1
—6
—8
+4
-5-3
+1
Industrial Employment Situation in Illinois—Improvement in Unemployment Situation with
Demand for Workers in Agricultural Districts.
"Although industrial employment in Illinois has followed
its usual July movement with a falling off of 0.7%, unemployment conditions have shown decided improvement duo
largely to a demand for thousands of workers in agricultural
districts, most of which have been favored by unusually
good weather conditions during the last thirty days." This
statement is made by Sidney W. Wilcox, Chief of the Bureau
of Labor Statistics, of the Illinois Department of Labor,
in his review of the industrial situation in Illinois during
July, issued Aug. 16. In the slight decline witnessed in
the month, Mr. Wilcox states that metals have been a
major influence in the falling off, although clothing and food
industries also followed the policy of operating with reduced
working forces. "Outside the manufacturing industries
there were more names on the payrolls of all leading groups
except trade in which the total number of employees is less
than was the case a month ago. Two new trade groups
milk distributing and metal jobbing, are included in our
figures for the first time," says the review which continues:
Although the volume of employment in linnets is less than it was a year
ago, the outlook for the autumn months is decidedly better than was
that of July 1927. Reports regarding the automobile accessory and the
farm implement industries indicate a large volume of orders, and the outlook in the furniture industry has lately been improved by an increased
interest in fall orders.
Unusually good weather conditions have also been very helpful in agricultural centers in some of which an actual shortage of help was reported.
It is apparent, however, that agriculture like manufacturing is undergoing rapid changes in its technique of production with the result of reducing the demand for help—especially during harvesting time. In the
wheat belts of the United States the combine is enjoying a greater and
greater use, while the tractor has already gained wide acceptance. According to one authority, the man hours required to produce one acre of wheat
has been reduced from 8 to 2. Another states that because of increased
productivity, a $6 a day tractor operator is less expensive than the $26 a
month farm hand of thirty years ago.
The complete change in the coal mining situation has taken place as a result of the policy recently initiated by the United Mine workers. Under
this Policy, unions are given the power to make local agreements with
operators and are therefore able to give consideration to economic factors
peculiar to individual communities.
Of the changes within the munufacturing group,the 4.3% decline in metals
and a drop to 1.2% in food are of greatest significance. Canneries havedismissed workers somewhat earlier than usual because of the early completion of the pea canning season. Meat packers have reversed their usual
policy of adding workers to their payrolls by dismissing 0.3% of the reported working forces. Dairies and flour mills are also among tho food
groups to retort smaller working forces.
'rho present decline of employment in metal establishments is due to usual
seasonal influences among which are inventory taking and extended vacation periods. The princ pal reductions have been made in Iron foundries.
m kiin products establishments, electrical equipment factories and jewelry
machngep
Food Industries Active; Printing and Textiles Quiet.
Certain food industries are at the peak of their activity during the
summer. The canning industry was employing more workers in July
than a year ago; while the beverage and sugar refining plants reported larger increases from June to July than last year, but were
still operating at lower levels than last July. Bakery and candy factories, on the other hand, had reduced forces somewhat since June.
Further large decreases occurred in the textile and women's clothing
and millinery establishments, which ended their season in June. The
printing shops were working slightly below the June rate, judging
from the number employed. Seasonal dullness continued also in furniEmployment has also declined In the stone and clay and wood products
ture, piano and other wood products factories, although a few firms groups. In each instance the present decline Is in lino with previous July
were already taking on workers for the fall production.
movements. Judging from the experience of other years a continued
AUG. 18 1928.]
FINANCIAL CHRONICLE
887
decline in the stone and clay group during August will not be unusual. but
an increase may be expected in the wood products group which normally
receives a large number of orders as a result of nation-wide furniture shows.
A drop of 1.6% in the clothing industry is of unusual interest because
It reverses the upward movement which has characterized the course of
employment during the month of July in 1926 and 1927. The fact that it
has been shared by the majority of large houses tends to indicate that
it is due to economic influences which have, according to recent press reports, caused buyers to be more conservative in the amount of their orders.
Leather products manufacturers have added 3.9% to their working
forces putting employment in the industry on practically the same level
as a year ago.
Printers and paper products manufacturers report a 4.3% pickup due
principally to a gain of 11.4% in job printing establishments. The lithographing and engraving group which we are reporting for the first time this
month shows a 2.4% gain over June.
Every trade group has reported seasonal layoffs during July except
milk
distributing and metal and hardware jobbing which are being
included
with the monthly reports for the first time.
Public utilities have increased their working forces by
1.7%. A
pickup in railroad car repair shops is of particular interest because 5.0%
continued inactive and part time schedules in this industrial trade. of the
Builders continue to report increased working forces,
especially in the
Chicago area where several large construction jobs are now
under way.
Permits for the month of July indicate that there will be
even more demand
for building workers in the near future.
has been an increase in volume in the various retail channels
in which chain
store volume ranks first. Mail order houses are next
and department
stores follow in third place.
According to the report "Retail Trade Conditions in the
Twelfth Federal
Reserve District", there is a falling-offin instalment
buying.
are reported as highly favorable. Merchandise stocks continue Collections
low, which
condition promises to become more or less permanent.
Transportation
Is so varied and dependable, sources of supply becoming so well
scattered,
that retailers are refraining from carrying heavy inventories, but
depend
on replacement on short notice.
Labor Day has for years been the
automatic signal to return to business with renewed
energy and a welloutlined program for the balance of the year. 1928
is very similar to
former years in this respect.
Employment is steady and of a seasonal variety.
There are numerous
applicants from among the vacation visitors.
The Petroleum industry shows no definite trend,
although production
continues strong. The construction industry Ia
spotted, local construction
is marking time. while Arizona, New Mexico and
Texas are active.
Retail volume continues to match last year's records.
Stock exchange
transactions have left the "mystery class" and are
more normal again.
Postal receipts and bank clearings records are good
for a July month
and considering the high records of the early part of the
year. Wholesale
price trend is definitely upward.
Agricultural crop yields will be better than early estimates
and prices are
satisfactory.
Local rains in Arizona and New Mexico have had very
beneficial effect
to ranges. Livestock prices are good and demand is steady.
The copper
mining industry looks better—surplus stocks are running
low—with both
domestic and foreign consumption increasing. Copper prices
are also showing slight improvement.
. . .
Employment.
Employment is fairly steady, demand coming from the
seasonal lines,
particularly fruit picking and agriculture. In the local
industries motion
pictures show a decided improvement for the month.
The food industry
is running strong.
Petroleum, which has lagged for some time is showing
some improvement
largely on account of a number of the important firms
adopting the six-day
week.
Mill-work is especially active. Clay products and
rubber
tries show stronger than last month. Iron and steel is thegoods indusoutstanding
weak spot. wearing apparel shows some falling-off due
to
activity. Furniture and fixtures and printing are running between-season
about normal.
Numerous applications are being received by various
employment officers
from vacation visitors.
Construction Industry.
The construction industry is showing slight decline. There
permits during the month, aggregating a total of $8,231.236. were 2,768
as compared
to 3,036 permits aggregating $9,190,434 for June. The building
permit
record to date for the year is 21.305 Permits aggregating
Additional activity is anticipated in the construction Industry$60,300,981.
in the early
fall.
. . .
Bank Clearings.
The bank clearings for the month of July amount to
5830.393,699 as
compared to June 1928 at which time the records
were $951,882.143.
It is apparent in noting this excellent record on bank clearings,
that
tion of the early part of this year did not play much of a part in speculathe bank
clearing records. July record is among the high totals
for all times,although
about one hundred million below the record of June.
Stock Exchange Transactions.
In the "Southwest Business Review" of June appeared the
statement.
"These records are likely to show some slight falling-off
during the next
few months provided speculation is held in check"; and again,
"These
clearing records may show some effect of the abnormal
stock market activity, hence a falling-off which is likely to follow would
not indicate a
slowing up of normal business." The stock exchange
transactions for the
month of July, up to and including the 30th, amounted
to 3
Estimating the closing day will show a record of approximat $ 8,187.678.
ely $40.000,000
for the month, as compared to $83.514,467 for June. which is
twice the July record, but interesting when compared with practically
July
in which the total transactions amounted to $11.587,864. The 1927
of July in the stock exchange has been quiet when compared with month
several
previous months, however this more normal condition is greatly
desired.
It is also interesting to note that Los Angeles stock exchange
seats
are now fourth in line from a standpoint of price per seat—first, New
York
.
Stock Exchange $340,000 second,San Francisco Stock Exchange
third New York curb market $90.000; fourth, Los Angeles Stock $135.000:
Exchange
$85,000. Los Angeles Is making steady progress in its growth as an
important financial centre.
Former
Models
Price.
-passenger enclosed drive limousine--- $3,550
7
-passenger sedan
7
3,450
Convertible coupe
3,450
-passenger coupe
4
3,450
-passenger sedan
5
3,350
-passenger coupe
2
3,350
4
-passenger touring
3,100
Runabout
2,900
-passenger club brougham
5
2,750
(Prices quoted are f. o. b. Buffalo.
New Automobile Models and Price Changes.
The Olds Motor Works, a division of the General Motors
Corp., has added five new de luxe models consisting of the
landau, roadster, sport coupe, four-door sedan and the
phaeton. These are in addition to the present line of seven
body types announced early this year and which continue
unchanged. There has been no change made in the engine
and chassis for the new line of de luxe cars. The new models
range from $1,145 to $1,235.
The Hupp Motor Car Corp., has announced an entirely
new line of 1929 Hupmobile Century Six and Eight ears,
the Sixes priced at $1,345 to $1,645 and the Eights at $1,825
Business Conditions in Southwest as
Viewed by Los
Angeles Chamber of Commerce—Employment Con- to $2,125, all prices f. o. b. Detroit.
The Chevrolet Motor Co. early this month announced
ditions.
addition to its line of a new utility truck which embodies
Reviewing, in its "South West Business Review",
general several improvements, four speeds forward transmission,
business conditions in July, the Los Angeles Chamber
of four-wheel brakes and channel steel bumper. The new model
Commerce says:
ists at $520 for the chassis and $635 with the cab.
The month of July ushers in the vacation season
summer dullness for some lines. July and August, or and the usual mid- - The Pierce-Arrow Motor Car Co. recently reduced prices
the vacation period,
usually means readjusted working forces and little
or no aggressive from $275 to $600 per car, as follows:
pursuit of a constructive program.
Retail Trade.
Retail trade for the month of July has shown a steady tone. Much
o the demand of course is for outing and vacation requirements. There
f
To-day's
Price.
$2,950
2,850
2,950
2.950
2,750
2.750
2,700
2,600
2.475
Amount of
Reduction.
$600
600
500
500
600
600
400
300
275
The Chrysler Corp. announced the new De Soto models,
priced at $845 to $875. This line is offered in seven body
types and is equipped with four-wheel brakes. The models
are powered by a six-cylinder engine developing 55 horsepower at 3,000 r.p.m. and speed of 60 miles an hour.
The Chrysler Corp. also recently advanced prices of its
Plymouth line from $5 to $15, effective Aug. 1. A comparison of prices follows:
New.
Old
Coupe
$686
$670
Roadster, with rumble seat
675
670
Two door sedan
700
690
De Luxe coupe, with rumble seat
735
720
Four door sedan
735
725
Prices of touring and chassis remain the same at $695 and $490,respectively. All prices are f. o. b. Detroit.
The Chandler-Cleveland Motors Corp. announces a new eight-cylinder
line of cars, ranging in price from $1,295 to $1.495, and bearing the name
Royal "75" series, according to reports from Cleveland. This
follows the
recent announcement of the new "65" series, listing at $895. Included
In this latest series are four body styles, viz.: A five-passenger brougham at
$1.295; a de luxe sedan at $1,495. and a four-passenger rumble seat coupe
at $1,295, all on a 118-inch wheelbase chassis. An option of four colors
can be had with any of these models. The motor of the straight-eight
type employs the "Pike's Peak" power principle.
The Graham-Paige Motors Corp. has added two new body types, a fivepassenger coupe and a two-door phaeton to its llne of four-speed models.
The five-passenger coupe appears on the Graham-Paige eight and the
129..
Inch wheelbase six, priced respectively at $2,385 and $2,085. The twodoor phaeton is offered on the 119
-inch and 114-inch sixes at $1,745 and
51.435. In addition a seven-passenger phaeton has been added at $2.410
on the eight and $2,110 on the 129
-inch six.
The Peerless Motor Car Corp. announces a new line of cars, the Six-81
.
with a 116 in. wheelbase and in five body styles, ranging from $1,595 and up.
This is in addition to the Six-91 closed model,priced at $1,895 and up and
takes the place of the Six-60 and Six-80, both discontinued.
The Studebaker Corp. has introduced a new President eight roadster
listing at 51.850.
The Marmon Motor Car Co. now has on display a new series of its
two lines of straight
-eight cars, known as the New Series Marmon 68 and
78,in four body styles for each line, with others to be added at a later date.
The wheelbase of the New Series 88 continues at 114 inches and that of the
New Series 78 at 120 inches.
Opening of New York Branch of Universal Credit Co.
to Finance Time Payments for Purchasers of Ford
Cars.
Announcement was made on Aug. 15 of the opening of a
New York office of the Universal Credit Company,formed
several months ago by the Ford Motor Company to provide
a uniform time payment plan for purchasers of Ford cars
and trucks and Lincoln ears. The New York branch of the
Universal Credit Co. will be located at 1777 Broadway, and
will, it is said, serve the Ford dealer organization and Ford
time purchases in the territory covered by the local Ford
branches. The "Times" of Aug. 15 stated:
Branches of the Universal Credit Company are already
operating in
Detroit and Kansas City. The company plans to open offices
as rapidly
888
FINANCIAL CHRONICLE
as possible from coast to coast, with the next ones scheduled for Atlanta.
Boston, Philadelphia and Chicago. It is also planned to extend the financing to include sales of Ford tractor.; and Ford tri-motor airplanes.
Officials of the credit company, in connection with the announcement,
said that while extremely low cost was one of the impotant features of the
credit plan. it also offered insurance protection providing a policy against
fire and theft for a period of one year, based on the actual value of the car.
This plan, it was pointed out, has a distinct advantage over certain other
automobile finance plans, which only give the purchaser a memorandum to
the effect that his car is insured only for the equity which the seller has in
the car.
The Universal Credit Company was started with an initial capaital of of
$10,000,000, which, it was said, would be increased as operations were
extended.
-All Locals in
Building Council Reorganized Here.
City Join It.
In its issue of Aug. 16, the "Times" said:
[Vol.. 127.
The Association also released the following figures, estimated to represent 75% of the inustry:
CONSUMPTION OF COTTON FABRIC AND CRUDE RUBBER IN THE
PRODUCTION OF CASINGS, TUBES, SOLID AND CUSHION TIRES.
6 Mos. End. Cat. Year
Month of
1927.
Period-June 1928. May 1928. Apr. 1928.June 3028.
Cotton fabric (lbs.).-19,646,494 19,167,606 18,309,791 108,941,141 177,979,818
Crude rubber (lbs.)...53,158,592 51,061,030 43,700,630 286.995,016 514,994.728
Statistics, representing 100% of the following respective
industries, were also issued:
Cat. Year
6 Mos. Ended
Month of
1927.
June 1928. May 1928. June 30 1928.
Period-Gasoline consumed
(gallons)
1,218,420,000 1,148,364,000 6,235,452,000 11,220.342,000
3,085,738
1,907.631
:Passgr.cars produced
295.199
379,141
487,585
287,524
:Trucks produced-45,976
50,682
x These figures include Canadian production and cars assembled abroad the
parts of which were manufactured in the United States.
William J. McSorley, President of the Building Trades Department of Fur
Workers Vote to Form New Union-Left Wing
the American Federation of Labor, completed yesterday the reorganizaLocals Say A. F. of L. Is Responsible for Strife
tion of the Building Trades Council of Greater New York and vicinity
Sing Sing
which had been disrupted since Robert P. Brindell was sent to
in Industry.
prison in 1923 after he was convicted of extortion. Brindell, now dead.
It is stated in the "Times" that after listening to bitter
building trades unions in New York.
was known as the czar of the
After Brindell had been deposed the American Federation of Labor attacks upon the American Federition of "Labor,
--particu:
Cancelled the charter of the Building Trades Council of New York. A new
.
against President Green and Vice-President Woll,_ a
organization was formed but a great many of the men engaged in the
meeting
-•
3
- -000-fur
,
fworkers,representing nearly every
building trades stayed out of it and the work of the council lacked unity.
The reorganized body, which has received a new charter from the Amer- furriers' local union in the United-States and Canada,
ican Federation of Labor. is considered by its leaders to be more powerful
unanimously_adopted on Aug 16 a resolution to form a new
_
than the original council. It has approximately 150.000 members and Greater New York and vicinity. John Halkett is international fur workers' union. The "Times" adds:
includes every local in
The meeting, which was held at Cooper Union, raised about $15,000
President of the reorganized council. Roswell D. Tompkins is Secretary
toward a fund of $25,000 to finance the new movement.
Treasurer.
were arranged at a meeting at
The final details of the reorganization
The decision to organize a new furriers' union marks the culmination of
a two years' struggle between the American Federation of Labor and the
154 Third Avenue, the headquarters of the council.
left wing of the fur workers, led by Ben Gold, manager of the New York
Shipments of Rubber Tires in June Reach New High Furriers' Joint Board of Locals 1, 5, 10 and 15.
The resolution adopted, after charging the American Federation of
Record-Production at High Level-Inventory De- Labor with being responsible for "a reign of terror" among fur workers,
clines.
says:
"It is further known to all wookers that the officials of the International
According to statistics compiled by the Rubber Associa- Fur Workers' Union and the officials of the American Federation of Labor,
tion of America, Inc., from figures estimated to represent in league with the fur bosses, set up What is actually a company union.
They sought, by means of persecution, frame-ups and strong-arm Intimi75% of the industry, 5,338,056 pneumatic casings-balloons, dation, to terrorize the fur workers into submission to the company union.
The once solid ranks of the workers were thus torn asunder. The Intercords and fabrics-and 48,426 solid and cushion tires were national Federation of Labor officials, therefore, became directly responduring the month of June 1928. This was a new sible for the misery,oppression and starvation that the fur workers and their
shipped
families have endured for the past two years."
high record for all time and exceeded the previous high
Representatives of Locals 1, 5, 10 and 15 of New York and Lcals 88, 54.
reached in Aug. 1926, by 272,517 tires. Shipments in the 53. 25, 30. 40 and 91 of Brooklyn, Newark, Philadelphia, Boston, Toronto.
4,842,513 pneumatic cas- Chicago and Winnipeg were at the meeting. Among the speakers were
month of May 1928 amounted to
H. Englander of Toronto, Chairman of the United International Comings and 47,604 solid and cushion tires, while in June 1927 mittee; S. Lebowitz, Assistant Manager of New York Joint Board; J.Pert.
pneumatic casings and 55,338 solid man,Business Agent of Local 30: E. When,Chairman of Local 30 of Boston:
there were 4,690,393
Samuel Burt, Business Agent of Local 53; S. Kator, Vice-President of Local
and cushion tires shipped.
88: M. Stein. Business Agent of Local 54, and II. Sorkin of the Progressive
in June 1928 totaled 5,019,472 pneumatic Bloc.
Production
casings and 48,614 solid and cushion tires, the third highest
figure reached thus far, and compares with 5,069,233 pneumatic casings and 46,606 solid and cushion tires produced
in the preceding month, 5,113,994 pneumatic casings and
42,950 solid and cushion tires in March(the record month)
and 4,659,195 pneumatic casings and 61,165 solid and cushion
tires in June 1927.
Inventory at June 30 1928 amounted to 9,121,776 pneumatic casings, a decrease of 645,978 as compared with May
31 1928, at which date the total pneumatic casings at hand
totaled 9,767,754, the record high figure.
Inventory of both balloon and high pressure inner tubes at
June 30 1928 amounted to 12,869,659, compared with
13,276,713 at May 31 1928, and 13,393,897 at June 30 1927.
The total output for the six months ended June 30 1928
was 28,626,540 pneumatic casings and 254,032 solid and
cushion tires, as compared with 26,251,428 pneumatic casings and 329,059 solid and cushion tires in the corresponding period of 1927, while shipments totaled 26,657,337
pneumatic casings and 255,352 solid and cushion tires as
against 24,537,235 pneumatic casings and 307,956 solid and
cushion tires for the first six months of last year.
The Association in its bulletin, dated Aug. 15, gave the
following statistics:
Month of JuneTiresSaloons
Cords
Fabrics
Total pneumatics
Solid and cushion tlres
Total
Inner Tubes
Balloon pressure
High pressure
Total
First 6 MonthsTiresBalloone
Cords
Fabrics
Total pneumatics
Solid and cushion tires
Total
Inner Tubes
Balloon pressure
High pressure
Total
Temporary Decline in Lumber Movement.
Temporary declines in production, shipments and orders
characterized the lumber movement for the week ended
Aug. 11, according to the analysis of the National Lumber
Manufacturers Association, based on reports received from
738 softwood and hardwood (units) mills. Production for
the week under review totaled 339,462,000 feet; shipments,
354,667,000 feet, and orders, 348,873,000 feet. There were
fewer mills reporting than for the week before, which partly
accounted for the declines.
_Reports from the regional associations indicate growing
strength in the position of the lumber industry. The West
Coast Lumbermen's Association reports for 222 identical
mills production for the week of 185,624,638 feet, as conipared with the operating capacity of these mills of 217,985,757 feet. Production of this Association is substantially less than shipments and orders.
There was slight variation in the hardwood branch of the
inriustry as
.
s_compared with the week before; production was
steady, while shipments and orders were slightly lower;
continues the Association, which we further quote:
1
Unfilled Orders.
The unfilled orders of 272 Southern Pine and West Coast mills at the
1927.
1928.
Shipments. Produaion. Shipments. end of last week amounted to 707.802.559 feet, as against 706,993,481
Production.
3,658.508 3,486,748 2,744,363 2,374,345 feet for 268 mills the previous week. The 148 identical Southern Pine
1,345,857 1,812,907 1,884,149 2,202,930 mills
in the group showed unfilled orders of 249,439.743 feet last week, as
113,118
30.683
38,401
15,107
against 245,228,994 feet for the week before. For the 124 West Coast
4,659,195 4.690,393 mills the unfilled orders were 458,362,816 feet, as against 461,764,487 feet
5,019.472 5,338,056
55,338
61,165
48,426
48,614
for 120 mills a week earlier.
Altogether the 453 reporting softwood mills had shipments 102% and
5,068,088 5,386.482 4,720,360 4,745,731
orders 101%. of actual production. For the Southern Pine mills these
'3 553.191 3.184,056 2,794,164 2,328,152 percentages were respectively 110 and 116; and for the West Coast mills
1,661,897 2,168.337 1,935,666 2,796,094
105 and 110.
Of the reporting mills the 278 with an established normal production for
5,215,088 5,352,393 4,729,830 5,124,246
the week of 173.359,000 feet, gave actual production 89%.shipments 90%
19,541,535 17,662,318 14,715,690 13 252,092 and orders 85% thereof.
The following table compares the lumber movement, as reflected by the
8.904,307 8,774,974 11,078,265 10,650,197
634,946 reporting mills of eight softwood, and two hardwood, regional associa457,473
180.698
220,045
tions,for the two weeks indicated:
28,626,540 26,657,337 26,251,428 24,537,235
Preceding Week 1928 (Res.)
Past Week
307.956
254,032
329,059
255,352
Hardwood.
Softwood.
Hardwood.
Softwood.
366,000
462 000
366 000
453 000
28,880,572 26,912,689 26,580,487 24,845,191 Mills (or units')
288.950,000 50,512,000 305.974,000 49,862,000
Production
58,533,000 323,318,000 59,537,000
296,134,000
19,931,341 17,009,505 16.007,061 13,777.586 Shipments
293,095,000 55,778,000 318,022,000 58,381,000
10,330,765 10,269,148 12,940,744 13.782.154 Orders(new business)
*A unit is 35,000 feet of daily production capacity.
30,262.106 27,278,653 28,947,805 27,559,740
111
AUG. 18 1928.]
FINANCIAL CHRONICLE
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 124 identical mills reporting for the week ended Aug. 11
amounted to 140,791,269 feet. shipments 134,383,185 and production
127,779,829. Unfilled orders totaled 458,362,816 feet.
More men than jobs are now reported from a few districts of the Pacific
Northwest. according to the 4L Employment Service. Portland, Ore. This
condition, however, is not true of the Inland Empire country, where harvesting, sawmill activity and woods work are at the season's peak. Forest
fires have slowed logging somewhat, although the situation has been better
during the past few days. From Bend, Ore.. come reports of a fire that is
still burning and has done considerable damage to standing timber. Along
the West Coast calls for falters, buckers and rigging men lead the labor
demand. Many Douglas fir logging camps are now increasing their crews.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 148
mills reporting, shipments were 9.95% above production and orders were
15.92% above production and 5.43% above shipments. New business
taken during the week amounted to 81,763,947 feet, (previous week 75,248,808); shipments 77,553,198 (previous week 81,512,559); and production 70,536.811 feet (previous week 72,635,184). The normal production
(three-year average) of these mills is 80,864664 feet. Of the 146 mills
reporting running time, 69 operated full time, 10 ran overtime. Three
mills were 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 34,303,000 feet, as compared with a normal
production for the week of 35.925,000, and for the week before 34,178,000
There was a slight decrease in shipments last week, and new business
feel off to some extent.
The California White and Sugar Pine Manufacturers Association of
San Francisco, reports production from 15 mIlls as 20,849,000 feet (43%
of the total cut of the California pine region), as compared with a normal
figure for the week of 21,745,000. Twenty mills the previous week reported
production as 29.261,000 feet. There were heavy decreases in shipments
and new business last week.
The California Redwood Association of San Francisco. reports production from 15 mills as 6.610.000 feet, compared with a normal figure of
9,069.000. Sixteen mills the week earlier reported production as 8,039,000
feet. Shipments were slightly larger last week and new business slightly
less.
The North Carolina Pine Association of Norfolk, Va., reports production
from 60 mills as 9,069,000 feet, against a normal production for the week of
13,710,000. Sixty-two mills the preceding week reported production as
8,927.000 feet. There are slight decreases in shipments and new business
last week.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
reports production from 7 mills as 12.075.000 feet, as compared with a
normal figure for the week of 12,585,000, and for the week before 11,707,000.
Shipments and new business showed some reduction last week.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis.. (in its softwood production) reports production from 51
mills as 7,727,000 feet, as compared with a normal production for the week
of 23,200.000. Forty-nine mills the week earlier reported production
as 7,232.000 feet. Shipments were about the same last week, with a
normal decrease in new business.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh. Wis., reports production from 81 units as 8,818,000 feet, as compared with a normal figure for the week of 16,985,000. Seventy-five
units the preceding week reported production as 8.866,000 feet. Shipments were about the same last week, with a fair gain in new business.
The Hardwood Manufacturers Institute of Memphis, Tenn., reports
production from 285 units as 41,694.000 feet, as against a normal production for the week of 59,808.000. Two hundred and ninety-one units the
week before reported production as 40,996,000 feet. There was no noteworthy change in shipments last week, and new business showed some
decrease.
Lumber Production and Shipments During June.
The "National Lumber Bulletin" published by the National Lumber Manufacturers Association, Inc., Washington,
D. C., on Aug. 10, issued the following statistics on the production and shipments of lumber during the month of June:
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS
ASSOCIATION FOR JUNE 1928 AND JUNE 1927.
Production.
dnociation.
Harditeds.
Mills. Feet.
Softwoods.
Feet.
Shipments.
Hardteds. Softwoods,
Feet.
Feet.
June 1928—
16
32,209,000
California Redwood
34,554,000
California White & Sugar
19
214,957.000
Pine Mfrs
140,405,000
47
43.793 000
North Carolina Pine
45,662.000
Northern Hemlock &
35 26,749,000
14,578,000 26.266.000
Hardwood Mfrs
19.491,000
9
53,541,000
Northern Pine Mfrs
51,414,000
6 1.882.000
5,910,000 2,047 000
Southern Cypress Mfrs
7,096.000
120
289,729,000
Southern Pine
297,825,000
543,056,000
West C'st Lumbermen's 104
659.760 000
16
60,106,000
Western Pine Mfrs
65.760.000
1,285,000 6.683,000
Lower Michigan Mfrs__ 10 7,049,000
2,047.000
20 15.406.000 42 226.000 13.883,000 49.245,000
Individual reports
410 51,086,000 1.301,390,000 48.879,000 1,373,259,000
Total
June 1927—
16
31,376,000
California Redwood
34.835,000
California White & Sugar
19
135,700,000
Pine Mfrs
106,710,000
52
25,739,000
North Carolina Pine
27.085,000
Northern Hemlock &
36 27,939,000
14,899,000 29,825,000
Hardwood Mfrs
24,772,000
9
48,063,000
Pine Mfrs
Northern
38.001,000
7 2.702.000
2,947,000 3,280,000
Southern Cypress Mfrs_
5.388,000
131
298,287,000
Southern Pine
284,060.000
316.358,000
West C'st Lumbermen's - 73
345,460,000
35
137,919,000
Western Pine Mfrs
120,353,000
2,807.000 7.592,000
2,912,000
Lower Michigan Mfrs__ 12 6,904,000
27 12,326.000 35,480.000 12,954.000
43,482,000
Individual reports
_ ..
.117 AA 571 nnn 1 nso 575 nnn AR 051 MA I me II a fmn
Total production, June 1928, 1.352,476,000 feet; June 1927, 1,099,446,000 feet.
Total shipments, June 1928, 1,422,138,000 feet: June 1927, 1,086,769.000 feet.
Ifote.—Reports for June 1928 and June 1927 given above are not from comparable
mills and are not comparable.
889
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY STATES
BY MEMBER ASSOCIATIONS.
June 1928.
StM4.
Mills.
Alabama
Arkansas
California
Florida
Idaho
Louisiana
Michigan
Minnesota
Mississippi
Montana
North Carolina Region
Oregon
South Carolina
Texas
Washington
Wisconsin..
Others•
10
11
28
12
4
31
18
4
27
4
47
49
2
32
70
28
33
Production,
Feet.
19.385.000
24.342.000
209.582.000
30.242.000
8.516.000
77,034,000
19,057 000
24,823,000
74,871.000
13,052,000
43.793.000
284,581,000
3,416,000
67,723,000
334.598,000
30,604,000
86.857,000
Total
410
1,352.476.000 I
* Includes mostly individual reports, not distributed.
Shipments.
Feet.
22 276 000
23,560,000
145.572,000
33,524.000
6.470.000
77,369 000
18,089,000
32,105,000
79,144,000
16.102,000
45.662,000
317,291.000
3,643,000
66,893.000
415,045,000
38.124,000
81.269.000
1.422.138,000
West Coast Lumbermen's Association Weekly Report.
Growing strength in the position of the Pacific Northwest Lumber industry in the markets of the country is
shown in reports received by the West Coast Lumbermen's
Association for the week ending Aug. 4. With demand active, 153 major mills in Washington, Oregon and British
Columbia report production below orders and shipments for
the week referred to. The orders received by this group of
mills are 9.68% in excess of current production; their shipments exceeded production by 4.68%. Figures received
by the Association show a substantial reduction in the
amount of lumber produced during the 31 weeks of 1928
as compared with the same period in 1927, it was stated.
Production reports received from 210 major mills of the
Douglas Fir region show that for the week ending Aug. 4
these operations manufactured 170,973,990 board feet of
lumber. This total, according to records for each reporting
mill, compiled by the Association, is 17.7% less than the
operating capacity of these same mills which is 207,778,461
board feet. During the 31 weeks of 1928 to date, the lumber manufactured in these plants has been 18% less than
normal operating capacity, and 6% less than their average
weekly production during 1927. Included in the 210 mills
was practically every lumber plant cutting 50,000 board
feet or more daily in Washington, Oregon and British Co-lumbia. The Association also released the following statistics:
WEEKLY REPORT OF PRODUCTION, ORDERS AND SHIPMENTS.
153 mills report for week ending Aug.4 1928.
(All mills reporting production, orders and shipments for last week.)
Production.
Orders.
Shipments.
146,058,801 feet
160,197,029 feet
153.446,047 feet
9.68% over production.
100%.
4.68% over production.
COMPARISON OF ACTUAL PRODUCTION AND WEEKLY OPERATING
CAPACITY (210 IDENTICAL MILLS).
(All mills reporting production for 1927 and 1928 to date.)
Actual Production Week Average Weekly
Average Weekly
x Weekly
Ending
Production 31 Weeks
Production
Operating
Aug.4 1928. Ending Aug. 4 1928.
During 1927.
Capacity.
.170,973,990 feet.
170.284.770 feet.
178,876,736 feet. 207.778,461 feet.
WEEKLY COMPARISON FOR 120 IDENTICAL MILLS
-1928.
(All mills whose reports of production, orders and shipments are complete for the
last four weeks.)
Week Ending—
July 21.
Aug. 4.
July 14.
July 28.
Production (feet)
126,539.677 128,111.440 130,997,890 110,656,236
Orders (feet)
144,812,506 134,283.908 121,872,858 113,051,759
Rail (feet)
63,751,122 65,053,329 61.658.605 54,428,004
Domestic cargo (feet)
43,732,408 42,121,989 32,985,153 30,058,004
Export (feet)
25,86,719 21,383,686 21,896,892 17,338,101
5,724,904
Local (feet)
5,332,208 11,227,650
11,464,221
Shipments (feet)
138,710,901 142,172,513 119,709,413 138,157,952
Rail (feet)
64.265.052 62,277,876 64,073.354 57,171,007
Domestic cargo (feet)
44,949,150 53,119,409 38,350.493 43.404.130
Export (feet)
18,032,472 21,050,324 11,953,358 26,355,165
5,332.208 11,227,650
5,724.904
Local (feet)
11,464.227
Unfilled orders(feet)
461,764.487 470.155,100 470.118.329 449.056,963
Rail (feet)
169,355,541 168,276,541 168,346,046 172.499,040
153,993,090 170.186,332 170.220,840 156.386,580
Domestic cargo (feet)
138,415,856 131,692,227 131.551.443 120.171,343
Export (feet)
100 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments are complete for 1927
and 1928 to date.)
Average 51 Average 31
Week Enct'g Weeks Entre Weeks End'y
Aug. 4'28. Aug.4 '28. Aug.6'27.
103.137,153 99,654,294 95,684.216
Production (feet)
114,652,589 109,950,344 100.180,022
Orders (feet)
113,226.095 106,086.375 98,102.442
Shipments (feet)
a 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.
Reports from 100 identical mills show that during 1928 to date orders
have exceeded production by 11.12% and shipments have exceeded production by 9.78%. During the corresponding period of 1927, the orders
obtained by these mills exceeded their production 10.47% and their shipments exceeded production by 2.53%.
Census Report on Cotton Consumed in July.
Under date of Aug. 15 1928 the Census Bureau issued its
report showing cotton consumed, cotton on hand, active
cotton spindles, and imports and exports of cotton for the
month of July 1928 and 1927. Cotton consumed amounted
to 438,743 bales of lint and 62,921 bales of linters, compared
890
FINANCIAL CHRONICLE
with 569,765 bales of lint and 69,872 bales of linters in July
1927, and 510,565 bales of lint and 63,587 bales of linters in
June 1928. It will be seen that there is a decrease from
July 1927 in the total lint and linters combined of 72,488
bales, or 12.6%. The following is the statement complete:
July report of cotton consumed. on hand. Imported and exported, and active
cotton spindles. (Cotton in running bales, counting round as half bales, except
foreign, which is In 500
-pound bales.)
Cotton Consumed
During
Year
United States
Ten
Months
Ending
July 31
(bales.) (bales.)
July
Cotton on Hand
July 31-
Cotton
Spindles
In
In Public Active
Consurn'g Storage
During
Estaband at
July
tishments. Comyna.
(bales.) (bales.) (Number.)
{ 1928 438,743 6,832,689 1,007,017 1,189,565 28,228,024
1927 569,765 7.189,585 1,404,815 1,822,552 32,324,426
Cotton-growing States__.._ 1928 331,961 5,113,999 613.618 1,036,183 17,674,582
1927 415,423 5,193.500 882.427 1.498,453 17,655.378
New England States
1928 89,963 1,435,947 339,774
94.1157 9,260,192
1927 129.956 1,674,772 440,874 102.924 13,246,552
All other States
1928 16,819 282,743
59,325 1,293,250
53,625
1927 24,386 321,313
81,514 221,175 1,422,496
Included Above
Egyptian cotton
1928 13,451 216,758
47,812
17,507
1927 21,354 239,768
58,882
13,287
80,686
1928 6,554
16,359
28,791
Other foreign cotton
1927 6,685
6,468
20.718
69,693
American-Egyptian cotton 1928 1,327
3,718
15,315
2,187
1927 1,088
19,669
2,118
4,237
Not Included Above
Linters
11928 62,921 757,400 159,894
44,569
1 1927 69.872 806,083 198.745
52,819
Imports of Foreign Cotton (500-lb. Bales).
July
12 Mos.End. July 31.
Country of Production.
1928.
Egypt
Peru
China
Mexico
British India
All other
Total
1927.
9.224
3,622
2,753
2,874
18.473
1928.
1927.
22,155
2,127
4,333
173
2,200
159
201.856
23,319
62,888
22,844
25,663
1,656
231,767
20,877
33,466
93,272
18,892
2,709
31,147
338.226
400,983
Exports of Domestic Cotton and Linters
(Running Bales
-See Note for Linters).
July
Country to Which Exported.
Distribution.
Net exports (total exports less re-imports)
Consumed
Destroyed (ginned cotton)
On hand July 31 1928, total
In consuming establishments
In public storage and at compresses
Elsewhere (partially estimated) a
7,530,879
6,832,689
20,000
2,531.582
1,007,017
1,189,565
335.000
Aggregate distribution
16,915,150
Excess of distribution over supply b
121.850
Includes cotton for export on shipboard but not cleared; cotton coastwise:
cotton in transit to ports, interior towns and mills; cotton on farms, drc. (agents
and trade reports).
b Due principally to the inclusion in all distribution items of the "city croP."
which consists of rebaled samples and pickings from cotton damaged by fire and
weather.
Note: Foreign cottons included in above items are 297.444 bales consumed.
99.355 bales on hand Aug. 11927. and 110,469 bales on hand July 31 1928.
Cottonseed Oil Production During July.
On Aug. 13 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand
and cottonseed products manufactured, shipped out, on
hand,and exports during the month of July, 1928 and 1927.
COTTONSEED RECEIVED, CRUSHED AND ON HAND (TONS).
State.
Received at MtIls*
Crushed
On Hand at Mills
Aug. 1 to July 31. Aug. 1 to July 31.
July 31.
1928.
Alabama_
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North CaroUna
Oklahoma
South Carolina
Tennessee
Texas
All other
1927.
1928.
1927.
296,374 360,733 297,058 360,153
41,166
52,219
52,091
41,237
308,049 463,270 309,498 462,159
47,626
85,080
82,311
50,157
443,048 669,892 444,963 668,932
154,800 241,426 165,311 230,081
546,230 719,039 555,017 712,545
302,498 442,452 303,110 442,119
362,001 604,018 383,231 582,842
210,569 307,279 211,637 306,576
266,788 368,493 265,043 369,198
1,534,581 1,944,036 1.555,428 1,915,267
72.450 121,510
71,975 121,501
1928.
99
102
232
238
467
117
3,884
142
326
247
2,861
13,066
1927.
783
173
1,681
2,769
2.382
10,628
12,671
754
21,556
1,315
1,116
33.931
25
United States
89,784
21.781
4,586,160 6,379.447 4.653,663 6,305,775
*Includes seed destroyed at mills but not 89,784 LOW and 23.249 tons on hand
Aug. 1,nor 79,739 tons and 107.079 tons reshipped for 1928 and 1927,respectively.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT AND ON
HAND.
12 Mos. End. July 31.
1928.
United Kingdom
France
Italy
Germany
Other Europe
Japan
Allother
[Vol.. 127.
1927.
44,553
30,473
38,651
45,637
108,809
50.546
23,180
38,924 1,430,539 2,573,658
23,101
895,682 1,023.977
32,479
690,095
782,083
73,730 2,093,849 2,883,301
110,063 1,233,472 1,442.625
959,474 1,615,755
58.988
54.073
862,539
430,066
1928.
1927,
Total
341,849
389,358 7.733.177 11.183,938
Note.
-Figures Include 10,397 bales of linters exported during July in 1928 and
17.479 bales In 1927. and 193,232 bales for the 12 months ending July 31 in 1928
and 257,324 bales In 1927. The distribution for July 1928 follows: United
dom, 750; Netherlands, 25; France. 1,893: Germany. 6,115; Belgium, 663; KingItaly,
100; Canada, 650; Mexico, 1; Australia, 100; New Zealand. 100.
WORLD STATISTICS.
The estimated world's production of commercial cotton, exclusive of linters,
grown in 1927. as compiled from various sources. is 23,204,000 bales, counting
American in running bales and foreign bales of 478 pounds lint while the consumption
of cotton (exclusive of linters in the United States) for the year ending July 31 1927
was:approximately 25,869,000 bales. The total number of spinning cotton spindles,
both active and idle. Is about 165,000,000.
Supply and Distribution of Domestic and Foreign
Cotton in the United States, Season of 1927-28.
The Department of Commerce has issued the preliminary
report compiled from Census returns of cotton consumed
and on hand for the 12 months ending July 311928. The
statistics for the several items of the Supply and Distribution of Cotton in the United States for the season of 1927-28
are presented in the following tabular statements. No. 1
shows the principal items of supply and distribution: No. II
the comparative figures of stocks held on July 31 1927 and
1928; and No. III further details concerning the supply and
the distribution. The quantities are given in running bales,
except that round bales are counted as half bales and foreign
eotton in equivalent 500-pound bales. Linters are not
included.
-COTTON GINNED, IMPORTED. EXPORTED, CONSUMED AND
I.
BURNED IN THE UNITED STATES FOR THE 12 MONTHS
ENDING JULY 31 1928.
°Innings from Aug. 1 1927 to July 31 1928
12,709,590
321,343
Net imports
7.530.879
Net export'
Consumed
6,832,689
Destroyed (ginned cotton)
20,000
IL
-STOCKS OF CO'TTON IN THE UNITED STATES JULY 31 1927 AND 1928.
1928.
1927.
(Bales).
(Bales).
/n consuming establishments
1,007.017 1,404,815
1,189,565 1,822,552
In public storage and at compresses
Elsewhere (partially estimated) a
335,000
535,000
Item.
Season.
On Hand
Aug. 1.
Shipped Out
Produced
-July 31. Aug.1-Ady31
Aug.1
On Hand
July 31.
Crude oil
1927-28 *16,296,641 1,476,535,672 1,468,087,555 *19,456,834
16,296,641
(pounds)
1926-27
8,280,561 1,887,910,155 1,884,263,443
Refined oil
a335,405,666
1927-28 a378,612,700 ti1,311,509,019
378.612,700
(pounds)
1926-27 145,670,884 1,658,478.187
Cake and meal 1927-28
32,601
2,124,158
2,093,127
63,632
(tons)
63,632
2,919,296
1926-27
2,840,084
142,844
Hulls
30.571
1,457.420
1,319,946
1927-28
168,045
(tons)
168.045
1,778,677
1926-27
1,854,389
92,333
Linters
42,697
879,978
876,498
1927-28
46,177
(runnt'g bales)1926-27
46,177
1,061,440
1,041,864
65,753
Hull fiber
2,118
97,993
1927-28
78.181
21,930
(500-lb. bales)1926-27
21,930
97,082
101,677
17,335
Grab's, motes &c1927-28
1,748
39.513
39,419
1.842
(500-1b. bales11928-27
a at
1.842
44748
49.669 .
*Includes 6,235,454 and 2,295.178 lbs. held by refill ng and manufactuirng estab
lishments and 4.638,300 and 3,290,652 lbs. in transit to refiners and consumers
Aug. 1 1927 and July 311928. respectively.
a Includes 9,784,634 and 7,524,641 lbs. held by refiners, brokers, agents and warehousemen at places other than refineries and manufacturing establishments and 10,
818,983 and 9,895,141 lbs. in transit to manufacturers of lard substitutes, oleomargarine, soap, &c., Aug. 1 1927 and July 311928, respectively.
It Produced from 1,421,094,136 lbs. crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR 11 MOS.ENDING JUNE 30.
Item1927.
1928.
011
-Crude, pounds
37.961.114
48,228,718
Refined, pounds
18,923,992
9,554,541
Cake and meal, tons
477.904
308,699
Linters, running bales
239,845
182,835
Normal Conditions in Fall River Textile Mills Reported.
Officials of several plants affected by the recent textile
strike at Fall River, Mass., announced on Aug. 14 that conditions in their mills virtually had returned to normal. The
Associated Press advices, in stating this, added:
At the same time, the police authorities ordered men detached for special
strike duty to return to regular duty tomorrow.
Nathan Durfee, Asst. 'Treas. of the American Printing Co., said that
so far as he was concerned the strike at his plant was over. He asserted
that he had been compelled to turn away applicants for positions and that
tomorrow all forty-two printing machines in the plant would be in operation. The cotton division of the mills was operating normally, he added.
Joseph H. Hindle, Superintendent of the Algonquin Printing Co., another
concern affected by the strike, said its plant was running on a normal basis
and that more persons were seeking work than could be accommodated.
The Troy Cotton & Woolen Manufactory, which has been closed for several weeks, will reopen tomorrow to run out its stock in process. About
400 persons will be employed.
Tire Makers to Give Unlimited Guarantee
-L. C.
Andrews Announces Revised Warranty Against
Defects by 44 Manufacturers.
Announcement that all of the 125,000 tire dealers in the
United States would receive on Aug. 16 notice of a revised
warranty on pneumatic tires which amounts to a perpetual
guarantee against defects during the life of the tire, was
made in the ?Times" of Aug. 16, which said:
2,531,582 3,762,367
Total
III.
-SUPPLY AND DISTRIBUTION OF DOMESTIC AND FOREIGN
COTTON IN THE UNITED STATES FOR THE 12 MONTHSENDING
JULY 31 1928.
Supply
(Bales).
On hand Aug. 1 1927. total
3,762,367
In consuming establishments
1,404.815
In public storage and at compresses
1,822,552
This applies to tires now in service and in dealers' stocks as well as to
Elsewhere (partially estimated) a
535,000
Net imports(total imports less re-exports year ending June)
321,343 future deliveries.
Ginnings during 12 months, total
12,709.500
The announcement is being made by forty-four tiro manufacturers, who
Crop of 1927 after July 31 1927
12,620,829
produce 95% of the tires made in America, through General Lincoln C
Crop of 1928 to Aug. 1 1928
88,761
.Andrews, Director General of the Rubber Institute.
The new warranty reads as follows:
Aggregate supply
16,793,300
AUG. 18 1928.]
FINANCIAL CHRONICLE
891
gasoline 3j cent to 12 cents at Philadelphia (the jobbers
price being 13 cents), but other refiners did not follow.
Prices on motor gasoline at principal points as of Aug. 17
3
follow: New York, 11%c.; Group 3,9%c.; California, 93ic.;
Boston (delivered), 133c.; Tiverton, R. I., 123ic.; Chelsea,
123jc.; Providence (delivered), 133.'c.; Marcus Hook, Philadelphia, Norfolk, Carteret, Baltimore, and Portsmouth,
%
113 c.; Jacksonville and Tampa, 11c.; Houston and New
Orleans,1034c. Export prices were: New York,navy,eases,
26.9o.; bulk, 12c.; 61-63 degrees, 13e.; 64-66 degrees, 1334c.;
66-68 degrees, 1634e.; Gulf ports, navy, 10%c.; 60-62 degrees, 1134c.; 64-66 degrees, 123‘c.
Other principal refined products at New York as of
California Crude Higher-Gasoline Also Higher.
Aug. 17 were as follows: Tank-wagon gasoline, 18c.; tankAdvances in refinable grades of California crude oil fea- wagon kerosene, 15c.; gas oil, 32-36, Sc.; Diesel oil, $2 a
tured the petroleum market during the current week. Stand- barrel; bunker C fuel, $1.05 a barrel; furnace oil, delivered,
ard Oil Co. of California announced Aug. 15 that owing to 10c.; f.o.b. refinery, 6c.; kerosene, water white, Wic.
higher prices offered by others for refinable crude oil it had
increased the prices offered for the purchase of crude oil at
Crude Oil Output in the United States Lower.
the well in California, the increases ranging from lc. a barrel
for the lower grades of refinable crude to 59 cents for the
The American Petroleum Institute estimates the daily
highest grade, the average advance being 15 cents a barrel. average gross crude oil production in the United States
No advance was made on non-gasoline bearingcrude. The rise for the week ended Aug. 11 1928 at 2,389,200 barrels, a
was followed by Richfield Oil Co., Union Oil Co. and General decrease of 14,950 barrels as compared with 2,404,150 barPetroleum Co., the latter a Standard Oil Co. of New York rels for the preceding week. Compared with the output
subsidiary.
of 2,575,550 barrels per day during the week ended Aug. 13
Seminole production was close to 300,000 barrels a day 1927, the figure for the week ended Aug. 11 1928 shows a
at the close of the week, the temporary removal of all re- decrease of 186,350 barrels daily. The daily average prostrictions on production in the Little River pool being re- duction east of California was 1,752,500 barrels for the
spons ible for the increase. Restrictions will not be reim- week under review, as compared with 1,762,150 barrels, a
posed in the Little River pool until early in September, decrease of 9,650 barrels. The following are estimates of
when the output of the pool will be restricted to 125,000 daily average gross production by districts for the weeks
barrels daily, based on both potential output of wells and noted:
proven acreage.
DAILY AVERAGE PRODUCTION.
Crude production in Venezuela for July totaled 9,397,541 (Is barrels.)
Aug.11'28. Aug. 4'28. July 28 '28. Aug.13'27.
858,300
589,800
592,150
604,600
barrels, a daily average of 303,146 barrels, against 8,389,075 Oklahoma
105,350
102,600
103,000
102,750
Kansas
62,700
105,650
63,750
61,700
barrels, or 277,968 daily in June, and 5,480,204 barrels, or Panhandle Texas
91,300
87.000
92,550
94,850
North Texas
68.400
56,250
55,700
55,450
176,780 daily in July last year. July shipments were West Central Texas
163.700
338.500
351.550
333,600
West Texas
21,250
32,550
8,807,594 barrels against 8,230,514 in June and 4,425,922 East Central Texas
21,150
21,100
25.050
32,250
25,350
25,650
Southwest Texas
barrels in July last year.
42,150
60.600
41,000
40.500
North Louisiana
106,850
88,750
87,500
87,900
Press reports from London intimating that a merger af- Arkansas
123.200
105,300
104.750
106,450
Coastal Texas
16.150
26.750
24,150
28.200
fecting Standard Oil Co. of New Jersey and Royal Dutch- Coastal Louisiana
114,500
114,000
113,500
113,000
59,200
58,250
Shell was.pending, based upon a visit paid by W. C. Teagle, Eastern
60,300
59,750
Wyoming
10,100
16.750
10,050
10,100
Montana
President of Standard Oil Co. of New Jersey, to Sir Henri Colorado
7,900
6,800
8.250
8,000
2.850
2,700
2,850
2,950
director of Royal Dutch-Shell, were New Mexico
Deterding, managing
642,500
617,700
642,000
636,700
California
denied in a cable received from Mr. Teagle.
2,389.200 2,404.150 2,386,250 2.575,550
Total
Stocks of stored crude held in Eastern pipe lines on July
The estimated daily average gross production of the Mid-Continent
31 totaled 10,819,331 barrels, a drop of 468,348 barrels from field including Oklahoma, Kansas, Panhandle, North, West Central, West,
the previous month. Shipments increased 332,538 barrels East Central and Southwest Texas, North Louisiana and Arkansas, for
to 5,873,565 barrels and runs gained 23,947 barrels to 1,770,- the week ended Aug. u. was 1,428,100 barrels, as compared with 1,438,700
barrels for the preceding week, a decrease of 5,600 barrels. The Mid541 barrels.
Continent production, excluding Smackover, Arkansas heavy oil, was
Gasoline prices were stronger with consumption close to 1,370,300 barrels, as compared with 1,876,250 barrels, a decrease of
record levels. Oklahoma refinery stocks have decreased 5,950 barrels.
The production figures of certain pools in the various districts for the
approximately 18,000,000 gallons in the past three weeks.
current week, compared with the previous week, follow:
U. S. Motor gasoline at Group 3 refineries was strong at
(Figures in barrels of 42 gallons)
93 cents a gallon, the high point of the year, with natural
4
Aug.11 Aug. 4
Aug.11 Aug. 4
North Louisiana
4
gasoline at a new high at 103 to 11 cents, an advance of Oklahoma5,950 6,050
Tonkawa
13,100 13,350 Haynesvlile
34 cent for the week and likewise a new high for 1928.
6.850 6,900
Burbank
29,000 29,400 Urania
4rlcansas20,950 21,050
California refiners advanced the market for U. S. Motor Bristow Slick
7.550 7.550
Cromwell
9,450 9,400 Smackover. light
57,800 57,450
50.200 50.100 Smackover. heavy
gasoline 3( cent to 9% to 9M cents a gallon Aug. 16,follow- Seminole
12,950 12,650
Bowlegs
85,950 56,550 Champagnolle
ing the crude advance. U. S. Motor gasoline at New Searlght
Coastal Texas
12.850 12,700
8,150 8,200
Little River
45,300 43,400 West Columbia
Orleans was strong at 1034 to 103 cents, with water white Earlsboro
4
10,500 11,700
77,250 75,700 Pierce Junction
11,800 10,400
39,500 Hull
St. Louis
50,600
kerosene 34 cent higher at 93 cents a gallon and bunker Allen Dome
37,700 36,650
21,400 21,950 Spindleton
Coastal Louisiana
"C" fuel oil quiet and unchanged at 95 cents to $1.05 a
Panlaan42e Texas
4,500
Hutchinson County ____ 33,300 35,700 Vinton
barrel. Spot U. S. Motor gasoline started the week firm Canon County
4 050 6,050
:5
40
6,700 6,650 East Hackberry
3,950 3,900
20,300 Sweet Lake
Gray County
20,200
at 9Y to 93 cents a gallon at Chicago, but was up % cent Wheeler County
9
4
3,400 3,900
900 Sulphur Dome
950
Wyoming
North Texasat 93 to 9% cents a gallon on Aug. 17. Kerosene was
38,100 39,800
Creek
M Wilbarger
36,000 32.800 Salt
cent up at 6 to 634 cents with fuel oil unchanged at 623i, to Archer County
20,350 20,500
Montana
West Central Texas
65 cents a barrel.
8.300 8,300
Shackelford County.--. 10,650 10,850 Sunburst
12,100 12,200
Brown County
Standard Oil Co. of New Jersey on Aug. 14 advanced
California
West Texas
38,000 38,000
18,300 17,950 Santa Fe Springs
water white kerosene in cases Mo. to 18.65 cents a gallon, Reagan County
194.000 198,000
67,750 71,350 Long Beach
Pecos County
52,000 52,000
standard white being unchanged at 17.40 cents. Bulk water Crane es Upton Cos- 62,600 64,150 Huntington Beach
17,700 17,000
183,800 Torrance
white at New York was %cent up to 9 cents, and % cent Winkler County - 170,250
11.000 11,000
Dominguez
Nag Central Texas
6,000 6,000
10,500 10,550 Rosecrans
Corsicana Powell
higher at Gulf ports at 6M cents for prime white and 7M Nigger Creek
29,700 29,000
1,000 Inglewood
1,000
74,500 73,000
Midway-Sunset
Southwest Texas
cents for water white.
Other refiners on Aug. 13 followed
53,000 53,000
13,500 13,250 Ventura Ave
Luling
31,500 32,000
8,800 8,700 Seal Beach
the quarter cent advance on water white kerosene in tank Laredo District
car lots made at Bayonne on Aug. 11 by Standard Oil Co.
of New Jersey. Standard Oil Co. of Louisiana on Aug. 15 Reports of World Conference on Oil Restriction.
advanced tank-wagon kerosene 1 cent a gallon in Louisiana
United Press advices from London were reported as foland Arkansas, the increase being made effective Aug. 13.
lows in the "Wall Street Journal" of yesterday (Aug. 17):
A world conference on oil restriction is predicted by the financial expert
Atlantic Refining Co. on Aug. 16 announced an advance
of the "Evening Standard." The writer said the conference would be called
on tank-wagon gasoline in Pennsylvania and Delaware of after "discussions" now taking place in Scotland between Sir Henri Deter1 cent a gallon to 18 cents tank-wagon and 20 cents service ding, Walter C. Teagle and Sir John Cadman.
Earlier advices from London (Associated Press) Aug. 15
station. Sinclair Consolidated Oil Co.followed the advance.
Atlantic Refining also advanced the refinery price of tank car said:
and serial
"Every Pneumatic tire of our manufacture bearing our name
number is warranted by us against defects in material and workmanship
during the life of the tire to the extent that if any tire fails because of such
defect, we will either repair the tire or make a reasonable allowance on the
purchase of a new tire."
"The reputable manufacturer," said General Andrews yestreday in commenting on this announcement, "always stands behind this product, to
make good any article in which a defect may-have developed due to faulty
material or workmanship. The purpose of this warranty is to provide for
the handling of all claims on a basis of adjustment which will be fair to all
consumers. Adjustments will be restricted to defective tires only, and replacements will be based on reasonable expectancy and without any limitations as regards time or mileage. This is a better protection to the individual user than any definite mileage guarantee that can be written."
892
FINANCIAL CHRONICLE
Reports of an impending consolidation in the petroleum industry are
current.
The "Daily Express" says that two outstanding figures in the oil trade.
Sir Henri Deterding, Director General of the Royal Dutch Petroleum Co..
and Walter G. Teagle, President of the Near East Development Corp..
are sojourning at Anchacarry Castle, Invernesshire.
A number of other oil officials, including Sir John Cadman, Chairman of
the Anglo-Persian Oil Co. and a Director of the Suez Canal Co., have
also arrived at the castle or are in the neighborhood. Attempts to get
information about conferences have met with rebuffs. Both Sir Henri and
Mr. Teagle have announced they came to "shoot,fish and forget about oil.'
Venezuelan:Oil Production in July at Record High
Shipments Almost Double Those of Same Month
Last Year.
According to the August issue of "O'Shaughnessy's South
American Oil Reports," oil production in Venezuela during
the month of July 1928 totaled 9,397,541 barrels, a record
high figure, and an increase of 1,058,466 barrels, or about
13%, over the preceding month, and 3,917,337 barrels,
or over 71% more than the total output in July 1927 when
5,480,204 barrels were produced. In the month of May
1928, the previous record month, the 'total production
amounted to 8,784,123 barrels.
8,807,594 barrels of oil were shipped in July, an increase
of 7%, or 577,080 barrels, as compared with June last, and
4,381,672 barrels, or 99%, more than the total shipped in
July 1927.
Venezuelan production during the first seven months of
the current year amounted to 55,508,604 barrels as compared with133,177,920 barrels in the corresponding period
last year. Shipments totaled 54,114,870 barrels, as against
26,338,3861barrels in the first seven months of 1927.
.
The above referred to report also contains the following
statistics:
PRODUCTION BY COMPANIES PARTLY ESTIMATED.
(In Barrels at 42 Gallons.)
July
Daily
June
Daily
July
1928.
clue.
1928.
Ante.
1927.
V.0.C
3 247,523 104,759 2,967,815 98,927 2,034.886
Lego
2,325,636 75,021 2.240.066 74,669 1.326.438
Lego
-Max
21,225
Falcon Oil Corp..
100,820
3,252
Guff
-Creole-a
1,138,267 36,718
973,000 32.433
569.330
Gulf
218,057
237,700
236,100
7,034
7,923
Gulf
-yen. Pet
704,800 22.735
599,000 19 967
380,000
Caribbean Pet
1,486,872 47,964 1.134,270 37,809
662,225
B.C.0., Ltd
139,566
153,224
198.000
4,502
5,107
General Asphalt_ _ _ _ 36,000
34,000
52,000
1,161
1,133
Daffy
Aces.
65.642
42,788
685
18,365
7,616
12.258
21,362
6.387
1,677
Totals
9,397,541 303,146 8.339 075 277,968 5,480,204 176.780
SHIPMENTS BY COMPANIES, PARTLY ESTIMATED.
(In Barrels 01 42 Gallons.)
Daily
July
Daily
June
July
Daily
Acge.
Ave.
1928.
1927.
Aoge.
1928.
V. O. C
2606.537 84,082 2,913,063 97,102 1.578.200 50,910
Lego
36,020
2,444,592 78,858 2.306,849 76,895 1,116,622
Falcon Oil Corp_ ___ 100,820
3,252
Gulf
-Creole
1,232.440 39,756 1.049,220 34,974
390.600 12,600
Gulf
219,360
7,076
7,000
310,880 10,363
217.000
Gulf
-Yen. Pet
747,200 24,103
582,900 19,430
260.400
8,400
Caribbean Pet
1 283,200 41,394
895,000 29,833
620,500 20,016
B. C.0., Ltd
137,445
4,434
138,602
4.620
6,116
189.600
General Asphalt_ _ _ _ 36,000
1,161
34,000
1,133
53,000
1.710
Totals
8,807,594 284,116 8,230,514 274,310 4,425,922 142,772
a Creole proportion. 538,314 barrels.
Production of Portland Cement in July Shows Little
Change-Shipments Increase-Stocks Lower.
The Portland cement industry in July 1928 produced
17,431,000 barrels, shipped 19,898,000 barrels from the mills,
and had in stock at the end of the month 22,571,000 barrels, according to the United States Bureau of Mines, Department of Commerce. The production of Portland cement
in July 1928 showed an increase of 0.1% and shipments
an increase of 4.8%, as compared with July 1927. Portland
cement stocks at the mills were 16.4% higher than a year
ago. Production during June 1928 totaled 17,469,000 barrels, shipments 18,421,000 barrels, and stocks on hand
June 30 1928 amounted to 25,038,000 barrels.
The total production from January to July 1928, inclusive, amounts to 94,436,000 barrels, compared with 92,466,000 barrels in the same period of 1927, and the total shipments from January to July 1928, inclusive, amount to
93,851,000 barrels, compared with 93,759,000 barrels in the
same period of 1927.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 158 plants at the close of
July 1928 and of 149 plants at the close of July 1927:
RELATION OF PRODUCTION TO CAPACITY.
1_ July
1928.
The month
The 12 months ended
July
1927.
June
1928.
May
1928.
April
1928.
87.0% 90.4% 90.1% 86.6% 70.0%
73.7% 73.9% 73.8% 73.9% 74.0%
[VOL. 127.
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT,BY DISTRICTS.IN JULY 1927 AND 1928(IN BARRELS).
Production.
Stocks End of Month.
Shipments.
District
.
1927.
Eastern Pa., N.
J. .k Md___N. Y.& Me.b.
Ohio, Western
Pa.dt W. Va.
Michigan
Wis.. III., Ind.,
& Ky
Va.,Tenn., Ala.,
Ga.,Fla..tria_
East. Mo., Ia.,
Minn.deS.D.
West.Mo.,Neh.
1928.
1927.
1928.
1927.
1928.
4,090,000 3,808,000 4.237,000 4,039,000 4,247,000 5,900,000
1,258,000 1,207,000 1.263,000 1,428,000 1,531,000 1,622,000
1,909,000 1,834,000 2,056.000 2.172,000 2,806,000 3,096,000
1,460,000 1,662,000 1,674,000 1.872.000 1,743,000 1,755,000
2,360,000 2,365,000 2,935,000 2,863,000 1,857,000 2,506,000
1,504,000 1,414,000 1.465,000 1.419,000 1,251,000 1,867.000
1,509,000 1,736,000 1,931,000 2,323.000 2,419,000 2,544,000
xan.aosia. 964,000 1.027,000 1,035,000 1,227,000 1,672.000 1,370.000
Texas
458,000
314.000
316,000
561,000
472,000
603,000
Colo., Mont. &
Utah
239,000
455,000
531.000
260,000
291.000
254,000
California
1,264,000 1,124,000 1,241,000 1.192,000 624,000
752,000
Ore. & Wash
393,000
390,000
433,000
421,000
469,000 400,000
Total
17.408.000 17.431.000 l8.9e4100 10.595.000 19.397.000 22.571.000
PRODUCTION. SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT, BY MONTHS. IN 1927 AND 1928 (IN BEMS.).
Production.
Stocks at End of Month.
Shlinnents.
Month.
1927.
Jan___
Feb_ ___
March__
April__
May.__
June__
July__
Aug..Sept__
Oct....
Nov____
Dee- __
1928.
1927.
1928.
8.258.000
7,377,000
11,450.000
14,048.000
16,701,000
17,224,000
17,408,000
18,316,000
17.505,000
17,174,000
14.449.000
11,999,000
9,768,000
8,797,000
10,223,000
13,468,000
17,280,000
17,469.000
17,431,000
5,968,000
6,731,000
11,100,000
14,350.000
16,865,000
19,761,000
18,984,000
21,411,000
19,828,000
18.105.000
11,619,000
6,200,000
6.541,000
6.563,000
10,135,000
13.307,000
18,986,000
18,421,000
19,898,000
1927.
1928.
22,914,000 25,116,000
23,563,000 27,349,000
23,922,000 27.445,000
23.654,000 27,627,000
23,503,000 25,972,000
20,972,000 a25,038.000
19,397,000 a 22,571,00
16,292,000
13,996,000
13,141,000
16,022,000
22,082,000
Total_ 171,908,000
170.922.000
a Revised, b Maine began producing April 1928, and shipping May, 1928.
The above statistics are compiled from reports for July
from all manufacturing plants except two for which estimates have been included in lieu of actual returns.
Further Decrease Shown in World Stocks of Slab Zinc
Total on August 1 Estimated at 63,000 Tons.
A. J. M. Sharpe, honorary foreign correspondent of the
American Zinc Institute, Inc., estimates world stocks of
slab zinc Aug. 1 at 63,000 metric tons of 2,204.6 pounds
each compared with 64,200 tons on July 1, a decrease of
1,200 tons. The following table gives in metric tons Mr.
Shaape's estimate of zinc stocks in the various countries:
Aug.1 28. July 1 28. June 128. Apr. 128. Jan. 1 28. Jan. 1 273
United States
38 300
40 300
41,000
37,700
37,000
19.800
Canada
4,200
4,500
4,400
4,000
2,400
3,200
Australia
3,600
4,000
4.000
3,500
2,400
2.800
Germany and Poland_ 6,100
3,800
5,800
6,600
9,500
6,100
Belgium
4,800
5,200
4,900
5,600
4,200
4,000
Great Britain
1,200
1,300
1,232
1,300
1,100
1,000
Scandinavia
200
200
200
200
200
200
Far East
800
800
800
800
500
600
Elsewhere
x3,800
4.100
3,900
1,700
3,200
3,000
Total
63,000
64,200
66,232
62,900
56,100
43.600
x Includes 1,200 tons In France.
Mr. Sharpe, in reviewing world conditions of zinc, August
16, says:
Week after week the public press sums up the zinc markets in Europe
as lifeless. Perhaps from a spectacular point of view this expression on
the market fits the bill, but, if the zinc Industry be viewed from the angle
of production and consumption, what then? A picture in marked Contrast
to metal exchange stagnation can be shown. For example, world production
for the first half of this year of 708.000 metric tons Is the greatest ever;
and, as stocks at the end of June were not substantially different from the
total reported at the beginning of January, it follows that world consumption of zinc is higher than it ever was in war or peace time.
It is probably reflection on this state of affairs that has Inspired talk
on the Continent of a revolt against the London Metal Exchange quotation
being accepted as the true price for slab zinc. The real trouble with the
London market can be summed up In a very few words:selling on the Metal
Exchange is out of proportion to the volume of buying, because producers
and consumers alike utilize the Exchange for hedging purposes, whereas
the bulk of metal produced to-day is sold by producers direct to consumers
and traders and thus does not figure in Metal Exchange business. In
the last year or two this direct business between smelter and consumer
and(or) merchant has expanded and tended to accentuate the disproportion
between buying and selling orders booked by London Metal Exchange
brokers.
One of the leading interests intends to introduce this question for discussion by members of the International Cartel in the event of that association being prolonged beyond Its probationary period, and, failing the
carrying of a proposal that the Cartel should be vested with authority
to itself exercise discretionary powers over the London selling price, the
proposer will submit an amendment that the chief producers shall act
in concert by agreeing upon a Common selling price for slab zinc week by
week, regardless of London Metal Exchange quotations. How the withdrawal of actual metal for delivery against sales made on the Metal Exchange would affect the situation it is difficult to foresee. This particular
producer may even be viewing the question from an angle which is perforce
not available to other smelters, because it owns its own mines and Is independent of purchased ores. Others will probably not be prepared to run
the risk of foregoing the advantage of hedging against ore purchases which
the London Metal Exchange offers. There are no other media open for
such hedging, It is all very well to argue that the producers' selling price
could always be maintained at a higher level than the Metal Exchange, but
this is illogical and it does not follow that in times of speculative activity
the average of the Metal Exchange quotation in monthly periods would
be definitely higher or lower than the average of the four weekly price
fixations of producers. It could, indeed, happen that a smelter would be
893
FINANCIAL CHRONICLE
AUG. 18 1928.]
sometimes paying more for the zinc content of an ore than he would receive
for the resultant metal.
The more serious consideration that is bestowed on this problem, the
clearer it becomes that there can be no revolutionary change in the selling
price of slab zinc in Europe unless there be a corresponding diversion in
the method of buying and selling of zinc ores. For the present, at any rate,
the London Metal Exchange is the only medium open that meets the metal
end of the ore trades in the expression of prices current. If the principal
producing interests are dissatisfied with such expression of value, then it
is up to them to create a modus operandi whereby they can, whenever
necessary, either by market support or otherwise, prevent artificiality
in the quotation and ensure that the London Metal Exchange price shall
as nearly as possible represent the true economic value of the metal.
compared with 159,500 tons in the preceding month and
135,200 tons in July 1927.
Copper output for the seven months ended July 31 1928, by
principal countries of the world which furnished about
98% of the world's total, amounted to 1,036,439 tons,
as against 953,826 tons in the same period in 1927, an
increase of 82,613 tons. The daily rate of production for
these countries for the month of July 1928 was 4,942 tons
as compared with 4,264 tons the preceding month and 4,264
tons for the month of July 1927. The Bureau's figures
follow:
Stocks of Refined Copper Again Decline-Production
Higher-Shipments Establish New High Record
According to figures compiled by the American Bureau of
Metal Statistics, stocks of refined copper on July 31, last
amounted to 54,871 short tons compared with 58,809 tons
on June 30, a decrease of 3,938 tons, or 7,876,000 pounds.
Surplus of blister copper, however, increased 5,979 tons,
amounting to 257,673 tons on July 31, against 251,694 tons
on June 30. Total stocks therefore, showed a net gain of
2,041 tons to 312,544 tons at the end of last month, contrasted with 310,503 tons on June 30, announces the "Wall
Street Journal," which we further quote:
MONTHLY COPPER PRODUCTION (IN SHORT TONS).ir
(By principal countries of the world, which furnished about 98% of world e total.
Production of copper by mines in the United States in July totaled 73.426
short tons, against 73,224 tons in June. Output of refined copper in North
and South America last month was 135,092 tons, a daily rate of 4,358
tons. In June output was 131,024 tons, an average of 4,367 tons per day.
Shipments in July amounted to 139,030 short tons, a new high record, of
which 56,785 tons were for export and 82.245 tons domestic. In June the
deliveries totaled 138,503 tons, with 57,067 tons going abroad and 81,436
tons to domestic users.
For the 7 months ended July 31 production of United States mines was
422,893 tons, and the output of North and South Amercia amounted to
894,719 tons. Shipments in the 7 months were 935,146 tons, of which
408,873 tons were for export and 526,273 tons to domestic consumers.
The following table gives in short tons, blister production of North and
South America and stock of copper at the end of each month for North
and South American refiners and producers, together with stocks of copper
in Great Britain and at Havre:
ProductionMines, United States
Blister, North America
Blister, South America
Stock (End of Period)
North and South America:
Blister_x
Refined
Total
Great Britain y
Refined
Other forms
Feb.
Mar.
Apr.
May
June
July.
67,423 70,327 69,721 73,729 72,954 73,426
90,190 89,079 90,564 94,796 97.685 93,109
26,100 26,123 26,228 28,334 30,620 32,014
247,529 242,416 235,392 241,755 251,694 257,673
86,932 87,292 72,893 66,288 58,809 54,871
334,461 329,708 308,285 308,043 310.503 312,544
1,636
9.977
1,634
8,549
1,988
8,007
1,795
8,035
1,046
7,866
2,285
7,894
Total
11,613 10,183 9,995
9,830 8,912 10,197
Havre
2,264
2,218
3.162
2,404
1,332
2,542
Japan
3,815
2,274
1,559
2,208
z
1,934
a Includes copper in process and in transit. y Official warehouses only. z Not
available.
The following table shows in short tons shipments and production of re-
fined copper by North and South American producers and refineries:
Production.
Primary. Scrap.
56,721
60,603
55.970
64,989
56,738
57,067
56,785
64,824
73,789
72,642
72,234
79,103
81.436
82.245
121,545
134,392
128,612
137,223
135,841
138,503
139,030
849,915 44,904
894,719
4,201 408,873 526,273
935,146
4,374
3,145
3.090
4,186
3,692
4,322
4,284
5,644
4,635
5,962
7,117
133,110
122,673
126,975
125,796
125,581
113,233
118,133
119.786
119,100
124,927
118.269
4,294
4,381
4,096
4,193
4,051
3,774
3,811
3,864
3,970
4,030
3,942
7,240
128,923
124,639
111,254
129,304
129.612
116,758
124,952
110,105
130,520
126,261
127,538
111,279
124,499
..10100
,
01
..1
14.000000
Total 1928
Total.
122,723
124,848
128,972
122,824
129,236
131,024
135,092
116.245
117.788
123,162
117.088
122,738
125,076
127,718
VcV-Ao7D
4.0W3-.0..4
February
March
April
May
June
July
01.00..01-.00
January
Total.
ExDomes
port..
tic.
,
0000.00
0m-.4m..m m
.
CO
1928.
Shipments.
Daily
Rate.
1
December
Total 1927
1923
1924
1925
1095
-.0NOONM
0M00011,
MV100. 00.0t0.000
,
.
C.4.0000000.
te.:1;<4.-ir. Cen444p6...
NI
N...C.INNO
1927.
January
February
March
April
May
June
July
August
September
October
November
48,130
43,690
49,767
55,636
46,979
61,487
48,140
58,784
54,683
58,919
52,013
4,159 63.637
76,499
67,564
79,537
73,976
69,779
63.465
61,965
71,736
71,578
68,619
59,264
60.862
1,418,815 57,691 1.476,506
4,045 641,865 824,844 1,466,709
27,261 1,163,885
32,522 1,300,332
52,477 1,352,309
58.810 1.440.454
3,189 421.872 735,521 1,157.393
3,553 566,395 753.389 1,319.783
3.705 584,553 831,171 1.415,724
3045 595 451 ono lo.. ..... -...
1,136,624
1,267,810
1,299,832
1 353 11114
a Beginning 1926 includes shipments from Trail refinery in British Columbia.
The following table shows output in short tons in the United States for
the past 6 months:
Porphyry mines
Lake mines
Vein mine
Custom ores
Mar.
Mthly. Feb.
Apr.
May
June
July
Ao.'27 1928.
1928. 1928.
1928.
1928. 1928.
28,605 26,842 28,423 28.524 30,289 31,383 31,310
7,447
7,795
8,589
7,740 8,199
6,978
7,067
29,167 29,106 29,536 29,266 31.641 31,293 31.249
3,646
3,500
3,788
3,540
3,600
3,570 x3,800
Total crude prod-- __ 69,165 67,423 70,327 69,070 73.729 73.22.4 73.426
x Partly estimated.
World's Production of Copper for the Month of July
Totaled Approximately 156,200 Short Tons, A Decrease of 3,300 Tons.
According to figures compiled by the American Bureau
of Metal Statistics, the world's production of copper for the
month of July amounted to about 156,200 short tons, as
Monthly Production.
Daily Rate.
1926.
January
February
March
April
May
June
July
August
September
October
November
December
1927.
1928.
1926.
1927.
1928.
129,518
136,455
134,727
136,938
136,468
124,100
124,483
128,568
132.013
136,600
148,321
142,300
142,337
132.870
136,347
135,729
139,114
134,243
132,186
135,015
133,291
145,278
141,975
148,961
140,546
144.546
144,842
143,427
153,414
156,474
153,190
4,178
4,516
4,346
4,565
4,402
4.137
4,016
4,147
4,400
4,406
4,944
4,590
4,624
4,745
4,398
4,324
4,488
4,475
4,264
4,355
4,443
4,686
4.733
4,805
4,534
4,984
4,672
4,781
4,940
5,216
4,942
1,600,491 1,658,346 1.036,439 4,385 4,543 4,868
Total
148,063
138,196
133,374
Monthly average_ _ _
a Tables includes production by the United States, Mexico, Canada, Obis) and
Austraila. Europe (partly estimated) and 13e.glan Congo.
Peru, Japan,
Steel Demand Holds at High Summer Level-Prices
Unchanged.
finds business holding up to the surprising
Mid-August
volume of the past several weeks, without, however, signs of
ncreases in the immediate future, states the "Iron Age"
in its weekly market review on Aug. 16. The one exception
is that the steel requirements for pipe for the oil industry are
mounting rapidly. Otherwise, strictly new buying is on the
whole not of impressive proportions. Seasonal expansion
for fall needs, as in rails and wire products, cannot be expected before September, continues the "Age," which further adds:
Active specifying against contract purchases, often accompanied by demand for quick delivery because of low stocks, has lifted operations in
somethe general Pittsburgh area to nearer 85% of capacity than 80%. or
comwhat above the late July rate. In the Chicago district, specifications
of August, but for the
pare closely in volume with those of the first week
lighter tonnage commodities and ingot output
most part they call for the
there has not increased
The price trend is toward higher levels. Cold finised steel bars and
shafting, including screw stock, have been advanced $2 a ton, restoring
preparing for a higher base
the base of 2.20c., Pittsburgh or Chicago, and
the $2 increase refor fourth quarter sales, provided hot rolled bars hold
been
cently announced for the same period. New higher prices also have
named for last quarter sheet sales, and billets and other semi-finished
steel are believed to be headed for a rise.
The oil industry has brought a brisk demand for seamless pipe for the
new Santa Fe, Cal., oil field, and several pipe lines again are under active
-mile line
-mile line has just been closed, and the 480
negotiation. A 250
-in, pipe from the Panhandle to Omaha, under consideration for some
of 24
-mile
progress is being made on a 500
months, is an early likelihood, and
line to St. Louis. For oil tanks for the Texas & Pacific 3,000 tons of
plates and 300 tons of large rivets will be required.
Several thousand tons of rails have been bought in the week,representing
extra requirements for early delivery. Included were 1,000 tons for the
Wheeling & Lake Erie. on top of 2,500 tons purchased two weeks ago,
1,700 tons for the Southern and 2,000 tons for the St. Louis & Southwestern.
-Kansas-Texas has closed for 500 cars. For miscellaneous
The Missouri
needs, the Pennsylvania is requiring for 25,000 tons of plates, shapes
and bars and the Great Northern for 6,000 tons.
The prices to be asked for sheets for the fourth quarter are 4c. for autobody, 2.750. for black, 3.600. for galvanized and 2c. for blue annealed up
to 45 in. in width and 2.100. for sheets 45 in. and wider, all Pittsburgh
base, with the usual differentials for Gary and Birmingham. Except for
the autobody sheets, which would have the usual spread over black sheets.
the new levels represent an advance of $2 over what has been regarded as
the regular market, but compared with the basis of the bulk of current
shipments are actually $3 higher on black and $4 on the galvanized product.
The considerable volume of sheet buying meanwhile gives color to the
belief that no little tonnage already covered will be carried into the last
three months of the year.
Although fabricated structural steel bookings, totaling only 25,000 tons,
amounted to about half the average of recent weeks, continued activity
is indicated by new projects calling for more than 37.000 tons. Subway
work in New York accounts for 29,000 tons of this total.
The heavy tonnage of structural steel placed with fabricating shops during July is reflected by the tonnage report for the month of the New York
Structural Steel Board of Trade, which indicated bookings of 70.000 tons
in the New York metropolitan territory, exclusive of bridges, subways, etc.
This compares with 38,000 tons in the previous month and is the highest
amount since July 1927, when 73,000 tons was reported.
Nails show a sharp rise in demand. Mill output having dropped to a
60% rate now gives promise of expanding, particularly with the fall trade
In prospect. No price advances are talked of, stabilization having yet
to be thoroughly realized, following the Steel Corporation's recent reduction
to the mid-point of the wide spread that existed among prices.
Pig iron sales at Cleveland totaled 84,000 tons, one of the largest weekly
totals of the year, following bookings of 100.000 tons in the previous fortnight. In New York 16,000 tons was sold in addition to 30,000 tons bought
for various plants by a maker of heating equipment. Selling pressure
from steel company furnaces is abating with the increased use of pig iron
in open-hearth mixtures. Prices have a firmer tone in the Central West,
but In the East attractive tonnages are still bringing out concessions.
Much of the business done is for the fourth quarter,, indicating that many
894
FINANCIAL CHRONICLE
foundries believe the market is scraping bottom and that there Is no advantage in postponing buying.
Heavy melting scrap at Pittsburgh has advanced another 50c. a ton,
making a recovery of $1.50 to $2 above the recent low paint. Scarcity of
scrap in the face of efforts of dealers to cover short sales indicates that the
advance has not yet run its course.
The "Iron Age" composite prices remain unchanged. That for finished
steel is 2.348c, a lb. for the second week and that for pig iron $17.04 a gross
ton for the fourth week, as the following table shows.
Pig Iron.
Finished Steel,
Aug. /4 1928, 2.348e. a Lb.
Aug. 14 1928, $17.04 a Groes Ton.
-$17.04
One Week ago
2.348e. One week ago
17 09
One month ago
2.319c. One month ago
One year ago
2.367e. One Year 53
°
15.72
10-year pre-war average
1.689c. 10-year pre-war average
Based on steel bars, beams,tank plates.
Rased on average of basic iron at Valley
wire, rails, black pipe and black sheets. furnace and foundry irons at Chicago.
constituting 'a; of the United States Philadelphia. Buffalo. Valley and Birmingham.
output of finished steel.
Low.
High.
High.
Low.
1928_2.364c. Feb. 14 2.314e. Jan. 3 1928...417.75 Feb 14 $17.04 July 24
1927_2.453e. Jan, 4 2.2930. Oct. 25 1927.... 19.71 Jan. 4 17.54 Nov. 1
1926_2.453e, Jan.
2.403c. May 18 1928__ 21.54 Jan. 5 19.46 July 13
1925__2.560e. Jan, 6 2.3960. Aug. 18 1925__ 22.50 Jan. 13 18.96 July 7
9242.789c. Jan. 15 2.460e. Oct. 14 1924- 22.88 Feb. 26 19.21 Nov. 3
923_2.824c. Apr. 24 2.446e. Jan. 2 1923-. 30.86 Mar.20 20.77 NoY.20
Pig iron is increasingly sympathetic to the sustained demand and firmer price tendency which have characterized
finished steel recently, and for many producers the past
week has been the most active selling one this year, according to the "Iron Trade Review," Aug. 16, in its weekly
review of market conditions. Demand in the Middle West
is of the proportions of a buying movement and many consumers, evidently believing pig iron to be a "buy" at current prices, have covered for the remainder of the year.
The situation bears some of the earmarks of 1924, when
the pig iron markets became active and buoyant preceding
the presidential election and continued so into the following
year, continues the "Review," which is further quoted:
Finished steel, meanwhile, has bridged the middle of August-normally
'
,
a slack period-with an inflow of orders and a rate of production equaling
the July record. Automotive, oil country and building requirements for
steel are unabated, while railroad needs for track material and equipment are a shade broader. The trend toward higher prices is marked.
More producers are advancing heavy steel, Independent sheet mills are
opening fourth quarter books at 82 to $3 over present quotations, and strip
makers may follow.
When pig iron producers at Cleveland sold 87,000 tons in the past week,
largely to automotive interests, they set a weekly record for 1928 and
brought sales for the past three weeks up to 176,000 tons. Pending inquiries at Chicago promise a record week. While sales at Pittsburgh are
rather meager, specifications against contracts are heavy. Shipments at
St. Louis are at the heaviest rate this year. New York interests have
booked 16,000 to /8,000 tons. Price changes have been few, but soft spots
are disappearing.
Coke prices are generally unchanged. In iron and steel scrap the price
tendency is unmistakably higher and dealers are sometimes covering at
losses. Semi-finished steel Is moving well to sheet and strip mills, northern
Ohio producers taking more than their share of this business recently. One
Youngstown semi-finished maker is continuing $33 on sheet bars into the
fourth quarter.
Independent sheet mills in the Mahoning valley have announced fourth
quarter prices as 2.75c., Pittsburgh, on black, 3.50c. on galvanized and
2.00c. to 2.10c., depending on width, on blue annealed. Autobody sheets
are unchanged at 4.00c. A Chicago district independent is asking 2.850.,
western mill, for black, 3.70c. for galvanized and 2.10 c. for blue annealed.
It may be several weeks before these levels enter the test period. Demand
at Pittsburgh and Youngstown is large and ,diversified. At Chicago black
and galvanized grades lead.
Soft steel bar demand, especially for automotive uses, is extensive enough
at Pittsburgh to defer deliveries mildly. Pittsburgh plate mills are booking
good tonnages for river barges, while at New York 7,500 tons for oil tanks
has been placed and at Chicago 10,000 tons of this business is pending.
-ton department store in
Structural steel awards are featured by a 17,000
Brooklyn, while in New York 47,000 tons for subways and 17,000 tons
for an office building are near the closing stage. An independent mill,
following the leading maker, has announced 2.c., Pittsburgh. or $3 over the
current billing price, for heavy steel for fourth quarter delivery.
Price inequalities in hot and cold-rolled strip, for which automotive specifications continue heavy, are expected to be eliminated soon by advances.
Cold finished steel production is markedly high in the light of the July
record made by some producers. Manufacturing grades of wire are moving well and expectations of a good fencing business this fall are on the way
to fulfillment. Small lot sales of reinforcing bars aggregate a high total,
and for rail steel mills at Chicago a record year is probable.
Miscellaneous rail orders from western roads have enabled Chicago rail
mills to expand their schedules slightly to 55%. Great Northern is inquiring for 1,000 ore and 500 coal in addition to 500 flat and 600 box cars
Pat out last week. July freight car orders totaled only 682, the smallest
in any month in two years. compared with 2,422 in June and 2,295 last
July. The seven-month total stands at 28,916 against 44,460 in the like
Period of 1927 and 26,615 in 1926.
Wfth 43 out of 53 open hearths lighted, one more than last week, independent steel production in the Mahoning valley is at Its highest point
this year. The Pittsburgh district is up three points this week, to 78%.
Bethlehem Steel Co. is exceeding the 80% schedule for August. while Carnegie Steel Co. and Jones & Laughlin Steel Corp. are at 75 to 80%• Of
the 127 independent sheet mills in the Mahoning valley 107 are operating
this week, a decline of one. Chicago steelmaking operations are unchanged, though slightly stronger at 75%•
The "Iron Trade Review" composite of 14 leading iron and steal products
Is unchanged this week at $34.89, which compares with an average of $34.93
for July and $36.25 last August.
Ingot production of the U. S. Steel Corp. increased nearly
4% during the past week to slightly under 80%, compared
with a shade better than 76% in the preceding week and about
76M% two weeks ago,the "Wall Street Journal" says. "This
is the largest gain recorded at this season in many years and
indicates the extent to which consumers have requested deliveries on contracts, continues the "Journal," adding:
Independents also have brought up their operations about 3%, and are
credited with averaging around 72%, contrasted with about 69% a week
ago and 70% two weeks ago.
[Vol,. 127.
For the entire industry the average is placed at slightly better than 75%:
against approximately 72% in the preceding week and 7235% two weeks
ago.
Substantial increases are shown In comparison with this time a year ago
when the Steel Corp. was at 69%,independents at around 64%. and the
average at 66%.
Most authorities only recently had been predicting a let-up during
August and the increases reported are therefore surprising. They will
probably result in decreases in unfilled orders for leading companies as of
Aug. 31,for up to this time new business has not been keeping up with the
output which has been rushed to meet the needs of customers.
The "American Metal Market" is quoted as follows:
The steel trade Is running farther ahead of last year's pace than it did In
the first half of the year.
The prevalence of hand-to-mouth buying all along the line, in products
made from steel as well as In mill products, goes far to explain the unprecedented July movement, other factors being the unusually heavy summer
operation of agricultural implement factories, the large line pipe orders
placed in June after a lull in that direction, and unusual activity in the
past three months in the placing of fabricated steel jobs.
Conditions in the various steel consuming lines are on the whole verY
favorable for a continuance of the present steel consumption or even an
increase.
Output of Bituminous Coal Higher in July Than in June
Prices Remain Unsettled.
Despite the optimistic tone of business in general, the coal
industry registered no measurable improvement during July,
according to "Coal Age." The average sales realization in the
spot bituminous markets of the country was slightly less than
in June, the figure for last month being $1.6975 per net ton,
f.o.b. mines, as against $1.726 in the month previous. The
average daily output of bituminous in July was 4.8% greater
than in June. Industrial stockpiles have not been melting away
with the rapidity some factors in the trade would like, continues the "Coal Age," adding:
The slight increase in productive activity at the mines, freight-Tate
uncertainties, and the ensettlements feared as a result of the decision
of the international policy committee of the United Mine Workers to
abandon the Jacksonville scale as the basis for wage negotiations, all
had a rather depressing influence on the market.
Anthracite exhibited its usual steadiness in prices on the domestic
sizes and steam quotations were without notable fluctuation throughout July. This steadiness, however, was attained at the cost of further
declines in production. The July daily average was 12.7% under
the June average. Production of anthracite for the first 7 months of
1928 was approximately 4,500,000 net tons behind the figures for the
corresponding period last year.
Bituminous Coal Production Lower-Anthracite Output Increased-Coke Unchanged.
According to the United States Bureau of Mines, the production of
bituminous coal during the week ended Aug. 4 totaled approximately
8,748,000 net tons, as compared with 8,964,000 net tons in the previous
week and 8,495,000 net tons during the week ended Aug. 6 1927. Output
of anthracite during the week ended Aug. 4 1928 is estimated at 1,164,000 net tons, an increase of 98,000 net tons as compared with the preceding week and 207,000 net tons less than in the week ended Aug. 6
1927. Production of beehive coke in the United States is placed at 59,000
net tons for the week ended Aug. 4, the same as for teh preceding week,
and compares with 107,000 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 Aug. 4, including lignite and coal coked at the mines, is estimated at 8,748,000
net tons for the week ended Aug. 4, the same as for the preceding week,
this shows a decrease of 216,000 tons, or 2.4%. Production during the
week in 1927 corresponding with that of Aug. 4 amounted to 8,495,000
tons.
Estimated United States Production of Bituminous Coal (Net Tons), Did. Coal Coked.
192'
1928
Cal. Year
Cat. Year
to Date.a
Week.
Week.
to Date.
299,491,000
July 21
8.259,000
6642.000
258.371,000
1,748,000
Daily average
1,377,000
1 440.000
1,507,000
308,085,000
July 28_h
8,594,000
8 964,000
267,335,000
Daily average
1,738,000
1,432,000
1,404,000
1,507,000
316,580,000
Aug.4 c
8,495,000
8,748,000
276,083,000
Daily average
1,727,000
1,416,000
1,
a Minus one day's production first week M 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 Aug. 4 (approximately 183 working days) amounts to 276,083,000
net tons. Figures for corresponding periods in other recent years are
given below:
1927
272,310,000 net tons
316,580,000 net tone 1924
1926
338,418,000 net tons
_314,309,000 net tons 1923
1925
214,917,000 net tons
277,701,000 net tons 1922
ANTHRACITE.
The total production of anthracite during the week ended Aug. 4
amounted to 1,164,000 net tons, an increase of 98,000 tons, or 9.2%,
over the revised estimate for the preceding week.
Estimated United States Production of Arithacite (Net Tons).
1928-2727
Cal. Year
a . Year
Week Endedto Date.a
Week.
Week.
to Date.
July 21
44,341,000
1,339,000
1,195,000
40,124,000
July 28_1:,
45,691.000
1 066,000
41,190,0001,350,000
Aug 4.0
471/82,000
1,371,000
1104,000
42,354,000
a Minus one days' production first week in January to equalize nubmer of days
in the two years. b Revised. c Subject to revision.
BEEHIVE COED.
The total production of beehive coke for the country as a whole during
the week ended Aug. 4 is estimated at 69,000 net tons, the same as for the
preceding week. The accumulative production of beehive coke during loss
to Aug. 4 amounts to 2,580,000 tons, a decrease of 2,886,000 tons cons.
pared with that in the corresponding period of 1927.
Estimated Production of Beehive Coke (Net Tong).
19271
1928
Aug.4 July 28 July 30
Week Endedto Date. to Date.a
1928.
1928.b 1927.
United States total
59,000 59,000 107,000 2,580.000 41.965.000
13,900
26.700
Daily average
9,84)0
9.800 17,000
a Minus one days' production Mgt week in January to equalise the number of
days in the two years. b Subject to revision.
AUG. 18 1928.3
FINANCIAL CHRONICLE
895
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Aug. 15, made public by the Federal
Reserve Board, and which deals with the results for the
12 Reserve banks combined, shows decreases for the
week of $58,800,000 in holdings of discounted bills and
$1,500,000 in Government securities, and increases of $28,100,000 in holdings of bills bought in open market, of
$19,600,000 in member bank reserve deposits, of $11,000,000
in Federal Reserve note circulation, and of $7,800,000 in
cash reserves. Total bills and securities were $31,700,000
below the amount held on Aug. 8. After noting these
facts, the Federal Reserve Board proceeds as follows:
The principal changes in holdings of discounted bills were decreases of
$54,800,000 at the Federal Reserve Bank of New York, $12,300,000 at
Chicago, and $5,900,000 at Cleveland, and increases of 86,400,000 at
Philadelphia, $4,300,000 at Boston, and $3,400.000 at Minneapolis.
The System's holdings of bills bought in open market increased $28,100,000
and of certificates of indebtedness $1.000,000, while holdings of Treasury
notes declined $2,000,000 and of United States bonds $400,000.
Federal Reserve note circulation shows an increase of $4,800,000 at the
Federal Reserve Bank of New York, 83.000,000 at Cleveland, $2,300,000
at Philadelphia, and 811,000,000
all
at
Federal Reserve banks.
The statement in full, in comparison with the preceding
week, and with the corresponding date last year, will be
found on subsequent pages—namely, pages 922 to 923. A
summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
Aug. 15 is as follows:
Increase (+) or Decrease (—
During
Week.
Year.
+37.800,000 —$385,500,000
+7,200,000
—390.400,000
Total reserves
Gold reserves
Aug 15 1928. !Aug 8 1928. Aug 17 1927
Due from banks
Due to banks
85,082,000
90,689,000
85,741,000
1,093,400,000 1,088,655,000 1,165,229.000
187.610,000
Borrowings from F. R.Bank—total_
Secured by U.S. Govt.obligations-All other
244,215,000
67,618,000
89,945,000
97,665,000
120,570,000
123,645,000
55,350,000
12,268,000
Loans to brokers and dealers (secured by
stocks and bonds):
783,437,000 860,487.000 1,022,037,000
For own account
For account of out-of-town banks_1.579,742,000 1,549,423,000 1,248,136,000
1,860,051,000 1.863.974,000 918,796,000
For account of others
Total
4,223,230,000 4,273,884,000 3,188,969,000
3,361.774,000 3,360,271,000 2,371,906,000
861,456,000 913,613,000 817,063,000
Chicago
-43 Banks.
2.055,138,000 2,055.328,000 1,950,472,000
Loans and Investments—total
On demand
On time
Leans and discounts—total
1 571,370,000 1,568.957,000 1,519,948,000
13,921.00014,306,000
Secured by U. S. Govt. obligations__ 14,620.000
784,871,000 785,534,000 823.605,000
Secured by stocks and bonds
771,879,000 769,502,000 682,037.000
All other loans and discounts
483,768,000
484,371,000
430,524,000
221.088,000
U.S. Government securities
Other bonds, stocks and securities._ 262,682,000
221,835,000
262,536,000
174,345,000
256,170,000
Reserve with Federal Reserve Bank.— 179,840,000
Cash in vault
16,460,000
179,966.000
16,945,000
179.106.000
18,086,000
Investments—total
1,235,324,000 1,231,811,000 1,289.733,000
669,911,000 679.920,000 621,436,000
3,014,000
14,322,000
14,814,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
155,230,000
343,911,000
142,828,000
347,382,000
151,564,000
363,864,000
Borrowings from F. R.Bank—total....
81,658,000
76,100,000
6,750.000
Secured by U.S. Govt. obligations—
All other
87,494,000
14,154,000
69.534.000
8.588,000
4,920,000
1,830,000
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
Bills bought In open market
+28.100,000
+19,000,000 Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themU. S. Government securities, total
—1,500,000
—235,100,000
Bonds
—400,000
—123,600,000 selves, and covering the same week, instead of being held
Treasury notes
—2,000,000
—10,200,000
Certificates ofIndebtedness
+1,000,000
—101,300,000 until the following Monday, before which time the statistics
the entire body of reporting member banks, now
Federal reserve notes in circulation
+11,000,000
—25.900,000 covering
636, cannot be got ready.
Total deposits
—10,900.000
—23,500,000
Members' reserve deposits
+19,600,000
In the following will be found the comments of the Federal
—9,700,000
Government deposits
—33,000,000
—12,100,000 Reserve Board respecting the returns of
the entire body of
reporting member banks of the Federal Reserve System for
Returns of Member Banks for New York and Chicago the week ended with the close of business Aug.8.
Federal Reserve Districts—Brokers' Loans.
The Federal Reserve Board's condition statement of 636 reporting
member banks in leading cities as of Aug.8 shows
week of
Beginning with the returns for June 29 1927, the Federal 358.000.000 in loans and discounts,of $129,000.000decreases for theof $307,in investments,
Reserve Board also began to give out the figures of the 000,000 in net demand deposits. of 315,000.000 in time deposits, of 552,000,member banks in the New York Federal Reserve District, 000 in Government deposits, of $27,000.000 in borrowings from Federal
of
as well as those in the Chicago Reserve District, on Thurs- Reserve banks, and and3134,000.000 in balances due to banks.
bonds, including U. S. Government obligations,
Loans on stocks
days, simultaneously with the figures for the Reserve banks were 894,000,000 below the Aug. 1 total at all reporting banks, declines of
themselves, and for the same week, instead of waiting until $93,000.000 being shown for the New York district and of $14,000,000 for
the Cleveland district. "All other" loans
discounts increased
the following Monday, before which time the statistics 000.000 at all reporting banks, $33,000,000 andthe New York district$35.in
and
covering the entire body of reporting member banks—now $7,000.000 in the Boston district, and declined $7,000.000 In the Chicago
district.
636—cannot be got ready.
Holdings of U. S. Government securities declined 283.000,000 at reThe following is the statement for the New York member porting banks in the New York district, 38.000,000 in the Boston district.
banks and that for the Chicago member banks thus issued $8,000,000 in the Cleveland district, and $101.000,000 at all reporting
Holdings
in advance of the full statement of the member banks, which banks. Cleveland of other bonds, stocks and securities declined 37,000.000
and New York
In the
district. $5,000,000 each in the
latter will not be available until the coming Monday. The dhitricts and 328.000,000 at all reporting banks. Boston
New York statement, of course, also includes the brokers' Net demand deposits, which at all reporting banks were 2307.000.000
reporting banks in
loans of reporting member banks, which this week decreased below the Aug. 1 total, declined 3248.000.000 at district, $16,000.000the
in
New York district.
the Cleveland
$50,654,000, the grand aggregate of these loans on Aug. 15 the Boston district.322.000,000 In the Chicago district and 38.000.000
$7.000.000 in
being $4,223,230,000. This total is $340,010,000 below In the San Francisco 'strict. At the same time balances due to other
banks (included
the peak registered for the week of June 6, but is over a at all reporting in most part in net demand deposits) declined 8134.000.000
banks and $140,000,000 in the New York district. Time
billion dollars—to be exact, $1,034,261,000—more than deposits show a decrease of 27.000.000 for the week at reporting banks in
the Chicago district and $15.000,000 at all reporting banks. All districts
the total of these loans at this time last year.
participated in the decrease of 352.000.000 in Government deposits.
Total bills and securities
Bills discounted. total
Secured by U. S. Govt. obligations
Other bills discounted
—31,700,000
—58,800.000
—37,100,000
—21,700,000
+398.600,000
+612.000,000
+346.400,000
+265.700.000
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN
CENTRAL
RESERVE CITIES.
New York-45 Banks.
Aug. 15 1928. Aug. 8 1928. Aug. 17
1927
$
Loans and Investments—total
.7,113,471,000 7.219,168.000 8,551.374.000
Loans and discounts—total
Secured by U.S. Govt. obligations
Secured by stocks and bonds
All other loans and discounts
Investments—total
U.S. Government securities
Other bonds,stocks and securities_
Reserve with Federal Reserve Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
5251,615,000 5.349.387,000 4,724,819,000
46,670,000
53,237,000
35,649,000
"399 771 000
,2449448000 2,224,416.000
2,805,174,000 2,826,702.000 2, 64,754,000
4
The principal changes in borrowings from Federal Reserve hanks, which
show a total reduction of 827,000.000, were decreases of 121,000.000 and
respectively, In the Chicago and New York districts, and an
in the San Francisco district
Increase of
reporting member
A summary of the principal assets and liabilities of
banks, together with changes during the week and the year ending Aug. 8
312.000.000,
39.000,000
636
1928. follows:
Increase 1+) or Decrease (—)
Aug. 8
During
Week.
1928.
Year.
$
$
$
22,262,204,000 —187,274,000 +1,590,610,000
1.881,858,000 1,889,781,000 1,828,555,900 Loans and Investments—total
994,9139,000 1,001,211,000 888.848,000 Loans and discounts—total
15,802,502.000• —58,069,000 +1,122.878,000
866,917,000 888,570,000 939.707,000
Secured by U.S. Govt. obligations 136,645.000 —7,659,000
+15.873,008
695,290.000 688.747.000 882.308.000
6,632,629,000 —.86,146,000 +627,969,000
Secured by stocks and bonds
51,378,000
52,159,000
9,033,228,000 +.35,736,000 +479,036,000
All other loans and discounts
84.340,000
Investments—total
6,459.702.000 —129,205,000 +467.732,000
5,013.390,000 5.022.155,000 5,174.597.000
1,172,151,000 1.156,115.000 1.012.573,00()
LI. S.Govt. securities
2,940,158,000 —101,132,000 +427,008,000
32.035,000
35,117.000
Other bonds.Stocks and securities_ 3,519.544.000 —28,073,000
4.487.000
+40,724,00d
FINANCIAL CHRONICLE
896
Increa3e(1-) or Decrease (—)
During
Aug.8
Year.
Week.
1928.
—56,264,000
1,657,270,000 —81,239,000
—14,538,000
+9,145,000
244,587,000
Reserve with F.R.banks
Cash In vault
12,879,104,000 —306,501,000
6,898,065,000 —15,306,000
192,333,000 —52,357,000
—485,824,000
+588,306,000
+139,583,000
1,025,510,000 —91,962,000
3,049,618,000 —133,673,000
—112,966,000
—263,260,000
Borrowings from F. R. banks—total
827,297,000 —27,419,000
+566,653,000
Secured by U.S. Govt.obligations
AU other
497,808,000 —52,648,000
329,489,000 +25,229,000
+326,069,000
+240,584,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
sAllig. 1 figures revised.
[vol.. 127.
the decrease in exports was comparatively heavier. Exports for the
six months dropped to 6,997,000,000 lire this year as against 7,989,000,000 lire last year while imports totaled 11,105,000,000 lire and 11,805,000,000 lire respectively. In consequence of these changes the
trade deficit rose from 3,815,000,000 lire for the first semester of
1927 to 4,107,000,000 lire for the corresponding period of this year.
June imports totaled 2,124,000,000 lire and exports 1,412,000,000 lire,
both of which are the highest for this year.
JAPAN
Immediate trade prospects in Japan are declared only fair. Capital
investments are declining, and there is little activity in the stock
exchange. Heavy rains have caused a speculative advance in rice
prices, but any serious or actual damage to the rice crop is as yet
unknown.
LATVIA
A continual increase in deposits is noticeable in the accounts of
the Bank of Latvia. The average growth in deposits at the Bank
has been from 50,000 lats to 100,000 lats each week. This account
totaled 12,025,000 lats ($2,320,000) on July 13, 1928.
Summary of Conditions in World's Markets According to
Cablegrams and Other Reports to the Department of
Commerce.
NETHERLAND EAST INDIES
General trade conditions in Java continue favorable, though slowThe Department of Commerce at Washington releases for
ness in sugar sales in East Java is making dealers cautious with
publication August 18 the following summary of market commitments. Import business is strong, particularly in automobiles,
coisditions abroad, based on advices by cable and radio:
toilet soaps, and iron and steel products. Exports of wet native rubber
ARGENTINA
The general situation in Argentina is still improving and money is
plentiful. Strike troubles in Rosario have been settled, in the main,
and weather conditions are reported good for winter crops. Exports
for the first seven months of this year show a tonnage of 12.9%
less than for the corresponding period of last year, but a 1.6% higher
value. This quantity shortage is due mainly to a decline of 1,351,000
tons of corn and 150,000 tons of meat.
CUBA
Unfavorable business conditions which have prevailed in Cuba durreflected in the continued sharp decline
ing the current year are
in United States exports to that country during the first six months
of 1928. Exports were $64,010,422, a loss of $17,840,319, or nearly
22%, as compared with the first half of 1927. Imports from Cuba
have also shown a large decline and in the first half of 1927 were
but $111,888,647 as against $143,590,738 in the same period of 1927.
Conditions are expected to improve somewhat in the Isle of Pines
with the movement of the grapefruit crop which commenced early this
year. The crop matured early and exports started moving on July
15. By August 1, 1,793 crates had been shipped to England and 795
to the United States.
AUSTRALIA
Dullness which has characterized general business in Australia during recent months continues. Early wool arrivals for the opening
of the new wool season show good quality, and the trade anticipates
a normal market. In view of the outlook for wool it is believed that
general business will be revived somewhat.
BRAZIL
General business has continued fair in Brazil with exchange steady
and coffee prices firm, although the market was inactive. A bill
regulating petroleum production has been presented to congress and
action is expected within three weeks. A Sao Paulo company has
been granted a franchise for the erection of a nitrate fixation plant.
CANADA
The first half of 1928 was the most active period ever enjoyed by
Canadian business. An official analysis of returns for the six months
ended June, 1928, as compared with the same period of 1927 credit
an increase of 14% in the physical volume of busineis to a gain
in imports of 10.5%, manufacturing 5%, industrial employment 5.5%,
car loadings 5.5%, mining 7%, and construction contracts 34%.
Late reports from the Prairie Provinces indicate continued favorable crop conditions. Harvesting of spring wheat has begun and is
expected to be general by August 20. An arrangement has been concluded between the British and Dominion governments for the transfer of 10,000 British unemployed to the Western Province to assist
in harvesting.
CHINA
Notwithstanding the satisfactory volume of trade during the first
half of the year, unsettled conditions in North China have militated
against profitable business. The outlook for the remainder of the
year is declared adversely affected by a money stringency encouraging
spot transactions. Crop prospects in North China are generally good.
Projected industrial developments have been suspended, although an
extensive building program already projected for next year will probably encourage imports of building materials during the remainder
of the year.
FINLAND
Customs receipts in Finland for the first six months of 1928 have
not only exceeded estimates, but are considerably higher than those
for the same period of 1927. Revenues from this source for the period
under review amounted to 766,100,000 marks as compared with 676,450,000 marks in 1927. Estimated income for the first half was
653,900,000 marks. Receipts from the leading sources were as follows: (Eesimates for six month's period in parentheses): Import
duties, 669,000,000 marks (550,000,000); export duties, 1,970,000
(5,000,000); forwarding duties, 1,360,000 (1,750,000); tobacco excise,
82,100,000 (80,000,000); match-tax, 8,700,000 (8,000,000); candy excise,
14,200,000 (9,000,000).
INDO-CHINA
General business conditions in Indo-China during July were poor.
Merchants were reducing import orders and banks were making an
effort to shorten credit terms. No improvement is anticipated before
the Chinese New Year has passed. The rice market was weak but
firmed toward the end of the month, due to better demand from
Java. July rice exports reached 130,385 metric tons, of which 24,000
metric tons went to Hongkong and 26,000 metric tons to India. At
the end of the month white rice was quoted at 8.48 pihsters per
100 kilos ($4.30 per 220 pounds), and quotations for other grades
fluctuated very little during the month.
ITALY
Italian foreign trade figures for the first six months of this year
chow a heavier trade deficit than was realized during the correspondsad period of 1927. Both imports and exports showed decreases, but
in June exceeded the monthly average, confirming expectations of
small curtailment of native production.
NORWAY
Official Norwegian statistics for the first six months of 1928 reveal
an import surplus of 164,000,000 crowns against 110,000,000 crowns
during 1927. Imports for this period amounted to 500,000,000 crowns
as compared with 443,600,000 crowns for 1927 while exports were
valued at 336,000,000 crowns or an increase of 2,300,000 crowns over
previous year. June imports showed the following increases as compared with the previous month, in crowns (May figures in parentheses)
Finished metals 4,700,000 (3,500,000); raw and semi manufactured
metals, 3,300,000 (2,300,000; lumber, 1,670,000 (1,360,000); hides and
skins etc., 2,700,000 (800,000); textile raw materials, 160,000 (750,000); fruits and vegetables, 3,300,000 (2,980,000); and seed and
feedstuff, 2,600,000 (1,600,000). Increases in value of exports were,
in crowns (May figures in parentheses); Paper and pulp, 15,400,000
(14,800,000); fish 7,500,000 (6,900,000); hides and skins 1,860,000
(1,500,000); tallow 3,300,000 (2,200,000); and raw and semi-manufactured metals 6,500,000 (4,900,000).
PANAMA
Bank collections and business in Panama were normal during the
week ended August 11. It is reported by the trade that the Chiriqui
coffee crop will probably amount to 2,000,000 pounds. General construction continues active and work has been started on the widening
of the Sabanas road. A new lighthouse has been planned for Agdadulce.
Imports into Panama during July amounted to $1,297,000 of which
66% came from the United States.
PERU
Local trade apathy in Peru evident since May continues, but with
a decidedly optimistic outlook to the future. The assurance of
available funds for public works construction eliminates the danger
of curtailed labor employment which has been a threatening factor in
the economic situation. Reserve bank figures for July 31 show the
note circulation at Lp. 6,210,304 as against Lp. 6,026,363 the month
previous. Bank clearings were Lp. 6,752,473 in July as compared
with Lp. 6,967,462 in June.
PHILIPPINE ISLANDS
Indent business in fruits is very satisfactory with particular good
interest being shown in grapes. The copra market is quiet but steady
with production seasonally heavy. Arrivals, however, are low due to
adverse weather conditions. All mills are reported to be operating.
The hemp market is quiet but steady at unchanged prices. Production is good but arrivals are lighter due to stormy weather. The
percentage of low grade hemp being received is reported to he
greater than during the previous year.
POLAND
Polish foreign trade in June resulted in a debit balance of 97,549,000 zlotys (par value, $0.1122), imports amounting to 289,510,000
and exports, 191,961,000 zlotys. Compared with the preceding month,
both imports and exports decreased in June by 6,960,000 and 9,814,000
zlotys, respectively. State finances for June closed with a surplus
of 10,372,000 zlotys (par value, $0.1122), actual receipts totaling
216,581,000 zlotys against 206,209,000 zlotys of expenditures. Actual
receipts of State revenues for the first half of the current year
totaled 1,593,172,000 zlotys, against 1,398,853,000 zlotys of actual disbursements, thus resulting in a surplus of 194,319,000 zlotys. The
relative figures for the first six months of 1927 were: revenues,
1,216,000,000; expenditures, 1,079,000,000 and a resultant surplus of
137,000,000 zlotys, thus showing increases for the 1928 pertbd of 31%
an revenues, 30% in expenditures, and 42% in the surplus.
PORTO RICO
Business remains dull in Porto Rico in practically all lines with rico
important change. Retail trade in San Juan is fairly active and in
Mayaguez the turnover continues above average, but elsewhere retailers report difficulty in moving stocks. Merchants do not anticipate any marked improvement during August but increasing activity
is looked for in September. Collections continue slow and banks report a reduction in the volume of drafts arriving from the United
States for collection. Outstanding bank loans are still above normal
for this season and caution rules in making new commitments. Tobacco
liquidations progress slowly but the settlement of sugar loans is
slightly more rapid.
£35,000,000 British Issue to Pay Off War Loan.
A cablegram from London Aug. 16 to the "Journal of
Commerce" says:
After the Stock Exchange closed today the Government announced the
new Treasury bond issue to most the National War Bond Si. which mature
Sept. I.
The Government in this announcement invites tenders for £35,000,000
in Treasury Si. redeemable not before 1933 and not later than 1935, at a
minimum tender of not below 101.
AUG. 18 1928.]
FINANCIAL CHRONICLE
Hitherto the market has not been certain just how much remained in
National War Bonds to be converted. This announcement, therefore,
relieves the market of that uncertainty, but it is considered that the Government, owing to current money conditions, is unable to refund the bonds on
better terms.
897
price of oil shares, especially those of the Koninklijke Petroleum Maatschappij(Royal Dutch)"and makes the following
comment:
The net profits of the Royal Dutch in 1927 were nearly f102 millions,
that is to say, rather more than in 1926. It has been a surprise to many
that the company has been able, in this year of over-production of oil and
Railway Association Conference Approves Agreement of low prices generally to present such a high figure of profits: and it is
Reducing British Railway Wage.
in fact the more striking, inasmuch as the Standard Oil Company of New
Jersey, the largest of the two Standard Oil companies, only made a
By an overwhelming majority (according to Associated of about 40 million dollars, as compared with its 117 millions in profit
1926.
Press advices from London), the delegates to the Railway Thus the profits of the Royal Dutch alone, without the Shell. are as high
Associa:tion Conference approved on Aug. 12, a provisional as those of the Standard Oil Co.of New Jersey, although the latter obtained
in 1926 a profit which was almost three times as much.
agreement reached between the railway unions and the asThe Royal Dutch ascribes this success not merely to the manysidedness
sociated railway companies to reduce wages by 234%. Ref- of its undertakings, but also to the elasticity of its organization, the long
experience of its higher officials, the modernizing of
erences to the proposed wage reductions appeared in our issues all to the tank fleet which has a loading capacity of its enterprises and above
1,762.421 tone,and which
of Aug. 4, page 625, and Aug. 11, page 766. Under date of is the hargest of all the oil concerns.
Perhaps some part is also played by the production policy of the comAug. 13 London accounts from London (Associated Press)
pany, which aims both at volume of output and at a wise geographical
said:
distribution of sources. The following table, in tons of 1.000 Kilos, sumA saving in labor costs to the railways of England amounting to about
both of these:
$15,000,000 annually is estimated to be the result of the 2%% cut in salaries marizes
1927.
1926.
1927.
1926.
and wages which has just been ratified by the unions. The Railway Clerks Dutch East Indies_ 3,448,116 2,904,911 Trinidad
65,841
59,638
Association completed the indorsements by the workers when it followed Sarawak
711,637 United States____ 5,898,031 5.793,267
711,756
example of the shopmen,, locomotive men and the big general union of Egypt
the
183,284
171,918 Argentine
17,701
5.203
Rumania
632,202
593,828
other railroad employees in voting to accept the cut.
1.582,281 2,135,496
Mexico
While the reduction applies to all classes of employees, from managing Venezuela
4,497.713 3,122,379 Total
16,998,551 15,536,65
directors down through crossing guards, many workers maintain that they
These figures show that the company has not only attained the highest
are undergoing a double sacrifice. They point out that, by a policy of
grouping the roads, many important positions are being abolished and that volume of production, but also that it has devoted its attention to the
acquisition of sources outside the United States.
the prospects of promotion are thus lessened.
Credit Arranged for Bank of Spain—France Only
Canada Seeks Tax Reciprocity—Objects to United
Power Not Resorting to External Credit for StabilStates Levy on Securities Held There.
ization of Franc.
The following Toronto adviees Aug. 14, are from the
The following from the Financial Attache to the French
"Times":
Embassy calls attention to a slip made by us in our issue
A dispatch to '"I'he Toronto Telegrams' from Ottawa to-day says the
taxation branch of the National Revenue Department is taking up with the of last Saturday. We are glad of course to publish a corUnited States Government the question of taxation of dividends of Canadian rection.
holders of United States securities in the hope that an agreement will be The Editor, The Financial Chronicle,
reached whereby each country will exclusively tax its own people. The
138 Front Street, New York.
dispatch continues:
Dear Sir:—Will you allow me to point out to you a slight error which
"This is the principle of agreement being sought in the steamship taxation occurred in your August 11th number. On page 727,speaking of the openwhich is now the subject of dealings with the United States Government. In
this matter the proposal is that steamship companies doing an international ing of credit for the Bank of Spain, you write: "It will be recalled that
business should be taxed only in the country where their head offices are lo- similar credits arranged with Messrs. J. P. Morgan & Co. preceded the
cated. The United States Government has been proposing to tax the Can- stabilization of French, British, Belgian and Italian currencii3s."
adian Steamship Lines because of its International business and, moreover,
I think it useful to draw your attention to the fact that contrary to
make it retroactive to the extent of some hundred thousand dollars. It
Is hoped by negotiations to obviate this on the lines indicated and with- this statement, France alone, of all the great European nations, did not
to similarly adjust the taxation of Canadian have recourse to any external credit for the stabilization of the franc.
out retaliating, and to endeavor
participants in United States dividends whose complaints have not lacked
Very truly yours,
volume or vigor."
The Financial Attache to the French Embassy.
Taxes of United States securities held in this country are deducted from
R. LACOUR GAYET.
the dividends when they are forwarded to the security holders through Canadian banks.
Spain Permits Exchange Operations in Effort to
Regulate Peseta Value.
British Loss Heavy in French Rentes—Revaluation of
Franc Means Loss of £62,000,000 on Bonds Sold in
With regard to the decree of the Spanish Governmentfor the
London—U. S. Losses Small.
regulation of the peseta exchange, the Washington corresA statement to the effect that while British investors are pondent of the "Journal of Commerce" had the following to
taking losses from their investments through the stabiliza- say Aug. 14:
Intervention in the International exchange market by the Spanish Governtion of the franc at .0392,estimated at more than £52,000,000,
ment for the exclusive purpose of regulating the quotation of the peseta,
Americans are not nearly so badly hurt, is attributed to the value of which has been fluctuating in recent months because of speculaDepartment of Commerce officials in Washington adviees tion, has been authorized in a decree just issued by the Presidency of the
Council, according to advices received at
to the "Wall Street Journal" of July 31, in which it was also to-day from Commercial Attache Charlesthe Department of Commerce
A. Livengood and Assistant
said:
Commercial Attache Everett D. Hester at Madrid.
Investors in the United States are in their happier Position due to the
Stabilization of the currency is to be effected through a committee whose
fact that nearly all French loans floated in this country were In dollars in- appointment Is authorized by the decree. The committee, of which the
stead of francs.
Spanish Minister of Finance is Chairman and which Is composed of other
Total French loans here, in francs, were $6.098,000, floated in 1920. Government officials and three representatives of the Bank of Spain. is to
But by that time the franc was valued at from 6.6 to 7.5 cents, so that have at its disposal a fund of500,000,000 pesetas, halfof which is provided by
stabilization at near the four-cent level was only a depreciation of about the Treasury and half by the Bank of Spain. At least one-third of this amount
40%.
must be in gold; the remainder must consist of convertible gold notes,
Other Purchases Speculative.
credits opened in foreign banks and foreign checks and letters of exchange
This is the total of loans floated here officially. Officials believe that payable in stabilized currencies.
The committee has power to open credits, to acquire or pay out foreign
many other French securities have been purchased by Americans but purely
on a speculative basis. Of these there is no record. Loss suffered, also, moneys at exchange rates which it may fix, to make contracts with comIs of somewhat different character from that suffered by those who pur- panies and individuals for effecting payments abroad, to buy and sell gold
in bars, coin and notes, and in general to carry on every type of banking and
chased the French securities as investments.
British situation is different from the American In that many more issues mercantile operation. The committee is authorized also to supervise
all operations in foreign currency carried out by companies and individuals.
floated there in francs. Especially in issues of rentes
were
floated
In 1915 and 1916, under stress of the war, were losses heavy. Large These operations are effected through the Bank of Spain, which shares with
amounts of the 5% and 4% rentes of these years were subscribed in the the Treasury the gains or losses. All resolutions of the committee are to be
London and Dublin markets and later figures show wide distribution of held secret.
Individuals and concerns duly authorized to carry on exchange operathem.
6% Return Expected.
tions are required to register their transactions in detail.
In connection with the Government's supervision of exchange operations,
These issues totaled 1,641,000,000 francs, which at the par exchange
an office of economic studies and statistics will be established primarily
then was approximately £65,000,000. Investors were led to believe that to collect data for the committee in regard to world economic movements,
such securities would yield more than a 6% return. The yield now amounts International gold movements,exchange quotations, price levels and various
to about 1% %, and some four-fifths of the capital value of the securities other economic subjects.
was automatically written off by the stabilization.
A previous reference to the decree was contained in our item
Though the loans were made through the Bank of England no action can
help the investors. In view of the like losses of internal holders, It is (Aug. 11 p. 767) on the credit arranged in behalf of the
improbable that the Government of France will recognize any oblihighly
Bank of Spain.
gation on its part to compensate the foreign holders.
Little realization existed at the time of the British subscriptions of danger in the,decline of the franc, officials believe. The feeling was that the Establishment of Foreign Bank of Spain To Further
Allies would win the war, that Germany would pay for it and that there
Intercourse Between Spain and Americas.
was perfect safety in investing in foreign monetary securities.
The establishment of a Foreign Bank of Spain with a
capital of 150,000,000 pesetas (about $25,000,000) as of
Bank on Rise In Price of Oil Shares— Aug. 6, was announced on Aug. 11 in a long note issued
Amsterdamsche
Profits of Royal Dutch.
by the Government, says Associated Press adviees from
Madrid. The message likewise says:
The Amsterdamsehe Bank, Amsterdam, in its economic
The new bank will operate in the closest accord with the Bank of Spain
Holland, calls attention to the "notable rise in the and was especially constituted to assist foreign enterprises using or sell ng
review of
898
FINANCIAL CHRONICLE
Spanish products and to make loans In favor of States or public service
corporations in Spanish-America, Brazil, Portugal and the Philippines.
The note adds that the object of the Government in creating the bank is to
increase the ties between Spain and the Americas.
The bank shares will be Issued in denominations of 500 pesetas. Twothirds of the stock will be underwritten in Spain and the rest will be offered
abroad.
Move by Great Britain, France and Germany to Insure Spain's Election as Semi-Permanent Member
in League of Nations.
Great Britain, France and Germany took action jointly
on Aug. 7 to insure the election of Spain as a semi-permanent
member of the Council of the League of Nations, according
to Associated Press advices from Geneva, which said:
They sent identical telegrams to the League giving notice that they
will ask the 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 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.
Spain and Brazil resigned from the League because of their failure to attain
permanent seats in the Council. But Spain has returned, and the League
Powers wish to insure her virtual permanence on the Council by providing
that the Assembly may re-elect her to that body every three years.
Present rules of the League of Nations prevent the immediate re-election
been
to the Council of a non-permanent member of that body unless it has
labeled eligible for such action at the start of its three-year term.
One of the nations whose terms expire in September is China, and some
League officials believe that she may request the privilege of re-eligibility at
the meeting next month.
[voL. 127.
direct and indirect taxes, indicating the continuation of a general
improvement in business. Customs receipts totalled 98.4 million zlotys
for the first quarter in comparison with 77.6 million zlotys for April.
June 1927. The government monopolies too have yielded a larger
revenue during the first quarter of the fiscal year 1928-1929 than
they did during the corresponding period of a year ago.
"The more favorable position of public finances is indicated by the
fact that, apart from possible expenditures to be financed by internal
loans hereafter authorized, the Government contemplates in the budget
of 1928-1929 very considerable capital outlays for permanent improve.
ments to be made out of current revenue.
"An analysis of the budget with a view to bringing out transactions
of the investment type indicates that, considering general administration, enterprises and monopolies together, the estimated current re.
ceipts (i.e. exclusive of borrowings or of sale of government property)
for 1928-1929 total zl. 2,628,000,000. Against this sum are set current
expenditures of zl. 2,325,000,000, leaving a balance of over zl. 300,000,000 available from current transactions for investment purposes. This
sum covers nearly two-thirds of the proposed investments in the
budget, which total about zl. 490,000,000 and much of the remainder
is to be covered by the previously accumulated railway surplus.
"Taking into account both the investment expenditures planned in
the budget and those out of last year's general Treasury surplus authorized by the law above mentioned, Poland contemplates in 1928-1929
permanent additions to and improvements of government property
amounting to more than zl. 575,000,000 or over $60,000,000. This is
a large sum in comparison with the general level of government
financial transactions. Construction costs are lower in Poland than
in America, and this amount is sufficient to add very materially to
the equipment of the government and its enterprises. Of the total
about zl. 230,000,000 is for railway extensions and improvements.
The most important item is that toward construction of the new
direct line from the Upper Silesian coal region to Danzig and Gdynia."
It is noted that, apart from capital investments, the budget
provides for large payments in reduction of public debt, which
total of such
Dollar Over Par at Amsterdam—Gold Exports Not Ex- serve to increase net government assets. The
to Holdings of Foreign Bills by Bank payments is put at zl. 106,000,000, mainly in the form of
pected Due
amortization instalments required by the terms of the various
of the Netherlands.
loans.
The following advices from Amsterdam Aug. 10 are taken
"Times:"
from the
Loan Negotiations Not Authorized, Says Government
During the past week there were further important changes in the exof State of Espirito Santo, Brazil,
change market, as the margin of private discounts widened between New
York and Amsterdam, leading to the transfer of capital to New York as
The Banco do Brazil on Aug. 16 cabled the Guaranty Trust
well as to London. Sterling remains well under parity, but the dollar has Co. of
New York as follows:
already passed it, thus approaching the gold export point. No gold exports
are expected, however, as the foreign bills in the Netherlands Bank remain
unaltered.
Imports for the first half of 1928 totaled 1,343.000,000 guilders, not including gold imports, comparing with imports of 1.227,000,000 guilders
In the first half of 1927. Imports of raw materials increased 41,000.000
guilders and imports of manufactured goods were 50,000,000 higher. Imports of gold totaled 34,000,000 guilders, against 13,000,000 in the 1927
period.
Exports for the half year totaled 933,000,000 guilders, against 897.000000 last year. Exports of manufactured goods rose 319.000.000 guilders to
390,000,000, while raw materials exported decreased 17,000,000. which is
considered a favorable development.
Imports from Germany in the first half of 1928 totaled 351,000.000 guilders, against 310.000,000 the year before; from Belgium 154.000,000 against
127,000,000; from England 129,000,000 against 121.000,000; from France
65,000,000 against 59,000,000; from America 141,000,000 against 134.000.000. and from the Dutch Indies 73,000.000 against 43,000.000.
Exports to the same countries were 221,000,000 guilders to Germany
against 224.000,000: 75,000.000 to Belgium against 77,000,000, to England
205.000,000 against 218,000.000, to France 61,000.000 against 65.000.000,
to America 27,000,000 against 25,000,000, and to the Dutch Indies 90,000,000 against 61,000,000, featuring our growing colonial trade, which rose
from 5.4% to 7.1% of total foreign trade.
The Government of the State of Espirito Santo, Brazil. Is informed that
some person is attempting to negotiate a loan in New York. stating that he
Is acting for that Government, and requests a denial be published that
anyone has been authorized to conduct such negotiations for the State of
Espirito Santo.
Province of Buenos Aires Bonds Available in Definitive
Forms.
Hallgarten & Co. and Kissel, Kinnicutt & Co.,fiscal agents
for $41,101,000 Province of Buenos Aires 6% refunding
external sinking fund gold bonds, dated March 1 1928 and due
1961, announce that definitive bonds of this issue are ready
for delivery in exchange for interim receipts at the office of
The First National Bank of Boston, Boston, Mass., or at
the office of The First National Corporation, New York
City.
Payments on Ecuador Debt—Ayora Government in
Three Years Makes Payments Eqiuvalent to
$7,772,951 on Obligations.
Move to Revive Scandinavian Monetary Union.
The government of Dr. Ayora, President of Ecuador,
Associated Press advices Aug. 14 stated:
during the period 1925 to 1928 has made payments on the
The American-Swedish "News Exchange" today says a conference has
the amount of
of the three central banks of issue in Sweden. country's external and internal debt to
been arranged by the heads
Norway to revive the Scandinavian Monetary Union, which $7,772,951 says the "Wall Street Journal" of Aug. 11, from
Denmark and
was disrupted by the World War.'
which we also take the following:
Whether Finland will be included in the union is uncertain, since its new
on
debt amounted to $1,808,246, made up as follows:
currency does not correspond in value to the other Scandinavian units.
The gold standard has been restored In all four countries.
Payments
external
Condor bonds, eight coupons, July 2 1912, to Jan. 2 1916. $53,110; Silt
certificates, 23 coupons, July 2 1917, to July 2 1928, $235,456; 1549 Salt
certificates amortized $139.410; Guayaquil & Quito Railway prior lien
bonds, eight coupons, Jan. 2 1925. to Jan. 2 1928, $101,820; 736 prior lien
bonds amortized, $736,000, first mortgage bonds, 2 coupons, Jan. 2 and
July 2 1913, 536,450: 6 bonds amortized $6.000.
Internal debt of the national government in 1925 was 39,834.541 sucres;
debt of the national boards, independent of the Government. which debt
was assumed by the Government, was 7,007.649 sucres, bringing internal
debt to 46,842,190 sucres. On Juno 30 1928, this debt stood at 17.018,665
sucres, a reduction of 29,823,525 sucres. Converting sucres at the
rate of five to the dollar, this represents a reduction of 85,964,705. Adding
payments on external debt brings total payments to $7.772,951.
Budget Receipts of Poland Exceeding Budget Estimates—
Quarterly Report of Charles S. Dewey, Financial Adviser.
With budget receipts of Poland consistently exceeding the
estimates, the Polish Government has administered its finances
on a conservative basis and is now in a position to carry
out capital improvements from current income, according to
the third quarterly report of Charles S. Dewey, Financial Adviser to the Polish Government and member of the Council of
the Bank of Poland, made public here today at the Legation Ayora Government in Ecuador Wins U. S. Recognition
—Faithful to Program of Reforms Due to Aid of
of Poland, Washington, on August 10. During the first quarProf. Kemmerer.
ter of the current fiscal year, from April through June, actual
receipts amounted to 683,112,000 zlotys as compared with the
Washington advices Aug.15 to the "Herald Tribune"state:
The intervention of Professor Edwin W. Kemmerer. American authority
original budget estimate of 659,916,000 zlotys. It is stated
that with actual expenditures amounting to 649,698,000 zlotys, on economics, in assisting the republic of Ecuador to straighten out its
tangled Government affairs to-day led to de jure recognition of that Republic
the surplus achieved was 33,000,000 zlotys, despite an extra by the United States.
The State Department announced that the American Minister at Quito.
budgetary expenditure of 32,000,000 zlotys for a 15% increase
Gerhard A. Bading, delivered yesterday to the Ecuadorian Minister of
in the salaries of the state employees. The financial section of Foreign Affairs a
note observing with satisfaction the progress and tranquilthe report states:
ity of Ecuador since the coup e'etat of July 9 1925, and expressing confidence
"It is encouraging to note, that though the same taxes and monopolies have been continued, receipts for the first quarter of the fiscal
year 1928-1929 exceeded those of the first quarter of the preceding
fiscal year by 70.8 billion zotys. An increase has occurred in both
in that country's desire and capability of "maintaining an orderly internal
administration and scrupulously observing all international obligations."
The main reason for American recognition, it was learned hero, is that the
Ecuadorian Government under President Ayora has promulgated decrees
AUG. 18 1928.]
FINANCIAL CHRONICLE
899
establishing a central bank, monetary law, tariff law and customs administration law, all suggested by Professor Kemmerer and now being carried
out with the assistance of four American advisers appointed for a period of
three years. These advisers are James H. Edwards, Comptroller General;
W. F. Roddy, Director General of Customs; Earle B. Schwulst, Adviser
to the central bank. and Harry L. Thompkins, Superintendent of banks.
American recogniation ceased when a bloodless military coup d'etat overthrew the regime of President Cordova,which had led to distressing economic
conditions and general dissatisfaction.
average man or woman to be able to decide wisely for himself concerning all investments. Therefore, he says, "Investors must depend upon the advice of investment banking
houses of character and reputation. Aside from the reputation of the house, as a check upon its dependableness for
investment advice, Mr. Strawn pointed out the less common
but very significant method of noting what houses do the
financing for high-grade corporations when they are in the
Transoceanic Radio Service—Stock Exchange Said to market for new money. "No
corporation," says Mr.
Approve Plan to Send Stock Prices to Europe.
Strawn,"can afford to have its securities distributed by any
From the New York "Times" of Aug. 15 we take the but high-class, experienced dealers."
following:
The International Quotations Company, Inc„ which has obtained a new
hearing before the Federal Radio Commission in Washington on Aug. 21 of
Its plea for a transoceanic radio channel to transmit to Europe official stock
and commodity quotations from the leading American markets, is understood to have the approval of the New York Stock Exchange on the ground
that the new service will make available a complete daily record of transactions here. Nowhere in Europe, it is said, is there a complete quotation
service for any American market.
The Chicago Board of Trade has formally approved of the company's
plan, as have the New Orleans Cotton Exchange and various cotton growers
associations. The company was incorporated in Delaware recently with a
capitalization of 2,000 shares of no par value. The directors include Fal
de Saint-Phalle and Henry Steel Roberts of De Saint Phalle & Co.. members of the New York Stock Exchange; C. P. Dugan, Vice-President of the
New York Central Securities Corporation; Frank A.Speekerman and David
C. Moss.
New Record Price for Los Angeles Stock Exchange
Memberships.
Membership in the Los Angeles Stock Exchange is now
valued at $90,000, according to a brief statement issued
yesterday by Norman B. Courteney, Secretary and Manager.
In a formal statement to the membership of the Exchange
he announced that the transfer of a seat has been arranged
at that figure but declined to name the purchaser or seller.
This figure, it is stated, establishes a new record price for
Los Angeles Stock Exchange memberships and brings it up
to third place, from the standpoint of seat values, among
the Exchanges of the country. The last sale price on this
Exchange was $85,000. It is further stated:
Among the Stock Exchanges of the country the New York Stock Exchange ranks first with seat values, according to last announced sale price,
at $375,000. The San Francisco Stock Exchange is in second place with
memberships valued at $135.000. The Los Angeles Stock Exchange and
the New York Curb Exchange are now tied for third place on the list with
quotations on both Exchanges at $90.000. The San Francisco Curb Exchange is next in line at $50.000 and is trailed by the Chicago Stock Exchange with $45.000.
Total valuation of the 70 memberships on the Los Angeles market is
boosted to $6.300,000 by this transaction, as against $5,950,000 formerly,
an increase of $350,000. Since the first of this year seat values have
jumped 260%. The last sale during 1927 was reported during December
and the consideration was $25.000. Yesterday's announcement establishes
an increase of $65,000 since January 1 last.
The increased value of memberships is accompanied by an even greater
gain in Exchange transactions. Sales to date this year have mounted to
over $469,500,000 as against $87,500.000 for the corresponding period of
last year. or an increase of 436.7%. This percentage increase
compares
with 260% increase in membership values.
Silas H. Strawn's Radio Talk for Halsey, Stuart &
Co.—Investment Advice.
"Just now we are going through the greatest era of speculation the world has ever seen. The disease is epidemic.
I would not'hang crepe,' but the present great danger is that
in our rush to get rich without work many of those who are
now risking their all in speculation may find, when the crest
of the present wave has subsided, that they have lost their
little fortune which carefully invested would have secured
them against want." This is the warning which was broadcast by Silas H. Strawn, retiring President of the American
Bar Association, as guest speaker of Halsey, Stuart & Co.
on the radio. Mr.Strawn talked on the subject"A Lawyer's
Views on Sound Investments." He stressed two principal
sources of danger for the average person in placing his
money. First, speculation, where he plunges without
knowledge of what he is doing in the hope of amassing riches
quickly. Second, the wide-spread tendency among people
of accepting financial advice without any knowledge of who
is back of it or what may be the motive.
"Every day we are amazed by the stories of the ways
in which poor people have been buneoed out of 'their all'
by crooked, so-called investment concerns. While it is
true," said Mr. Strawn, "that laws commonly known as
Blue Sky laws have been adopted in almost every State,
designed to protect the investor against fraudulent and
unscrupulous methods of dealers, no law has yet been devised to make people honest, or that will protect the careless
or inexperienced investor from his own folly."
On the other hand, Mr. Strawn insisted that the investment field to-day is too extensive and complicated for the
Thomas A. McGrath Chosen Assignee for Failed
Brokerage Firm of W. D. Moore & Co.
With regard to the affairs of the failed New York Stock
Exchange firm of W. D. Moore & Co., the failure of which
on Aug. 9 was reported in the "Chronicle" of Aug. 11, page
770, the "Wall Street Journal" of Aug. 14 reported that
at a meeting of the creditors Thomas A. McGrath had been
chosen assignee for the firm. It was furthermore stated
that the house owes customers approximately $2,000,000
and has assets within about $56,000 of that total, according
to Mr. McGrath, who also stated that only about 40 customers have claims.
Railroad Stocks and Fall Traffic—Prognostications
of Moody's Investors Service.
In a circular under date of Aug. 9 Moody's Investor's
Service points out that recent increases in earloadings and
other statistical evidence indicate rather definitely that
previous predictions regarding an increase in railroad traffic
during the second six months of the current year are to be fulfilled. It, therefore, seems advisable for the investor in
railroad stocks to consider carefully which groups of railroads
and which individual railroads are likely to be benefited to
the greatest extent and, if possible, to what extent such
benefits may be reflected in the market prices of the various
stocks represented. The service then undertakes to indicate
what classes of freight are apt to show the greatest gains,
what sections of the country are likely to be relatively the
most prosperous, what groups of railroads and what stocks
should be benefited most substantially. The conclusions
are summarized as follows:
A 14% increase in coal car requirements for July. August and September
is egpected. Such increase will probably be reflected to the greatest extent
in the Allegheny and Middle Western regions, for which increases of 17%
and 2434% in car requirements are anticipated. One should, therefore.
give mareful consideration to the prospects of the various coal carriers
operating in these sections. Railroads operating in the Trans-MissouriKansas and Southwestern regions should be benefited by a greater movemint of agricultural products and petroleum. In the Southeastern States,
only a moderate increase in car requirements is anticipated. Cotton
prices, to be sure, are considerably higher than a year ago, and this indicates
a gain in purchasing power; yet this will presumably not be reflected in railroad traffic until the end of the year or 1929. The automobile carriers will.
In all probability, enjoy an increase in business, those which will be benefited
to the greatest extent being the carriers of Ford automobiles and others.
production of which was at a low ebb a year ago.
Large Wall Street Brokerage Houses Transformed Into
Private Telegraph Stations—Automatic Printers
Plugged In on Phone Wires Make Messenger Boy
Obsolete.
According to the "Herald-Tribune" of Aug. 14 large
Wall Street brokerage houses are being transformed on a
wholesale scale into private telegraph stations in direct
contact with the remotest parts of the world by means of the
new Western Union-American Telephone and Telegraph
wire hook-ups in conjunction with automatic printing transmission and receiving machines, it was learned Aug. 13 at
the office of Newcomb Carlton, president of Western Union.
The account in the paper referred to adds:
The rapidity with which Stock Exchange and Curb Market orders can be
sent through this new method of handling large volume financial business
is expected by Wall Street immensely to stimulate speculative trading in
secmities because it virtually brings the entire nation to the ringside of the
New York financial district for a blow-by-blow view of the clashing bulls
and bears.
A secondary effect of the new development, already apparent, will be
to make the sight of a telegraph messenger boy on the crowded narrow
down-town streets as much of an anachronism as an Indian of Peter StlaYvesant'a time. Every day there are fewer and fewer messenger boys in the
financial district, the company reports.
Brokers Enthusiastic.
Brokerage circles are enthusiastic over the unilin(ted communication possibilities opened up, and have swamped the Western Union Telegraph
Company with orders for new installations. The "Street." where a second
is often equivalent to a milion,ls confident that tremendous savings in time
and money will result.
The means by which brokers may send messages to London or San
Francisco and return in three minutes is not new. It merely has been made
more available.
900
FINANCIAL CHRONICLE
It is the simplex printer, which operates essentially like a typewriter and
keeps a written verbatim record of the message which has been sent at high
speed. A few installations have been made in Wall Street in the last few
years, but the cost for an individual telegraph wire has been prohibitive
except for the largest brokerage houses and banks who do an extensive
foreign exchange business
Now, however, any office that has a telephone wire can have an autotelegraph printer hooked in on it and telegraph and telephone messages
can be transmitted on the same wire without interfering with each other.
greater
Theadvantage of the simplex printer over the telegraph key is that of
to
speed and of greater accuracy; the advantage over the telephone tie-line
on the
the local telegraph office Is the same. Both on the telegraph key and
stress of martelephone mouthpiece important words become garbled in the
ket operations.
Link Up Continent.
new Western
The wide territory which can be covered by means of the
development
Union-A. T.. and T contracts also is an important factor in the
North American
Wherever a telephone wire extends, almost any point on the
If the messages are
continent, these telegraph messages can be sent.
"via cable" or
destined for foreign countries, the sender merely specifies
"via radio."
which will increase
The Western Union has orders from New York brokers
alone more than 100
the automatic printer service for the security business
more than 33 1-3%.
per cent. Since June installations have increased by
for more than
The large "wirehouses" that have had automatic printers
messages in dollar valume
two years are sending from 10 to 100 times more
than at the time of installation.
receive. A New York broker
The automatic printer can either send or
Chicago office for an hour,
can be connected on a telephone circuit with his
then with his San Francisco
then with his Denver office for an hour. and
or Los Angeles office.
Aid Commodity Markets.
local main office of the Western
Or the printer can be connected with the
destined for a variety
Union Telegraph Co.for the transmission of messages
orders are received they can be
of places. In cases where stock market
floor of the New York Stock
read instantaneously over the telephone to the
circuits will also be
Exchange or the Curb Market. The new telephone
in the cotton market.
valuable in the commodity exchanges, particularly
for brokers with
Hookups can be made with New Orleans or Galveston
branches in those or other Southern cities.
to send messages withCustomers in brokerage offices will also be enabled
on calling a messenout the inconvenience and inevitable delay attendant
between cities are
ger. At present the expensive private telegraph wires
seldom available even to a broker's best customers.
offices
Although the Increase in automatic telegraph printers in brokerage
to
has been enormous since June, the increase in direct telegraph tie-lines
telethe main telegraph office has been only about 4% and the Increase in
graph tie-lines about 1%.
Broadcasting of prices by radio was at one time regarded as a factor which
that
would stimulate interest in the stock market. It was found, however,
the
citizens in the hinterland, while interested, got only a general view of
get
market proceedings. On the new telephone printer hookup they will
Immediate r.eports on their own operations.
New York Curb Market Suspends Two Members
Temporarily.
a special meeting of the Board of Governors of the
At
New York Curb Market on Wednesday of this week(Aug. 15)
Leonard D. Ketcham and Eugene F. Cerf were suspended
as regular members of the Exchange for six months for violation of Article XVII, Section 7, of the Constitution.
H. M. Sims Becomes Chief Examiner for Chicago Clearing House Association—Successor to Charles H.
Meyer.
The assumption of the office of Chief Examiner for the
Chicago Clearing House Association by Howard M.Sims on
Aug. 15 marks the appointment of the third incumbent of
that office since the institution of member bank examinations by that organization twenty-two years ago, says the
Chicago "Journal of Commerce." With reference to Mr.
Sims' appointment the item in the latter said:
Mr. Sims, who for about five years has been chief examiner of National
Charles
Banks of the Seventh (Chicago) Federal Reserve District, succeeds
the Clearing House board last week,
H. Meyer, who was discharged by
advantage of his position to obtain unsecured loans
charged with taking
Association.
from members of the Chicago
System Instituted is 1906.
for the Chicago Clearing House AssociaThe position of Chief Examiner
of examinations conducted by the local ortion, and of the general system
particular interest in banking circles due to
ganizations, is regarded as of
pioneer in this movement. The system of
the fact that Chicago was the
Clearing House was instituted in Chicago
member bank examination by a
McDougal, now Governor of the Federal Reserve
in 1906 under James B.
Bank of Chicago.
eight years and during that period
Mr. McDougal held that position for
associations of the country Instituted
most of the major clearing house
adopted'in Chicago. Since 1914 Mr.
examinations along the general lines
boast of the association is that durhas been Chief Examiner and the
Meyer
examinations were put into force in 1906, not
ing the entire period since the
in a member bank.
a dollar has been lost to a depositor
borrowed as much as $414,000 from
While it is charged that Mr. Meyer
House Association without securtwenty members of the Chicago Clearing
the Clearing House and Chairman
ity. George M. Reynolds, President of
Trust Company, states that there
of the Continental National Bank and
extended the loans being seriously
is little danger of any of the banks which
made good.
impaired in case the borrowings are not
Took Up Notes, Renewed Them.
Reynolds states, indicates that Mr.
The preliminary investigation, Mr.
time of other examinations
Meyer concealed unsecured borrowings at the
his notes only to renew
than his own of the banks involved by taking up
of the Clearing House,
them later. By this method, according to officers
the loans until very recently.
the Association's other examiners failed to note
House Board
When the matter came to light, a meeting of the Clearing
absence from the
demanded Mr. Meyer's resignation, but, owing to his
[VOL. 127.
city, has no statement to make as to his ability to meet the obligations.
Mr. Reynolds points out that no unlawful act was committed in the borrowing by the association's chief examiner, but that this dismissal was due
to the belief on the part of the Clearing House board that such conduct was
unethical.
Boston Clearing House Association Increases Commission Charges on Loans for Account of "Others"
Following Action of New York Clearing House.
The Boston Clearing House Association, at a meeting on
Aug.15,passed regulations to increase the commission charges
on security loans for account of "others"—that is, for cusi
tomers other than banking institutions—from Y to M of 1%.
This is learned from the Boston "Transcript" which says:
On loans made for the account of other banks, the charge will remain
at 5% of the interest rate. Hereafter the Clearing House banks will not
handle loans for "others" in units of less than $101,000. This action of the
Boston banks coincides with the measures taken recently by New York
institutions.
The new regulations become effective on Sept. 1 1928, on call loans and
are effective immediately on time loans.
The action of the New York Clearing House Association
was noted in these columns Aug. 4, page 627 and Aug. 11
p. 772.
Current Investment Situation as Viewed By First National Corporation of Boston—Early End of
Present Dulness in Bond Market Looked for—Most
Bonds Selling at Bargain Prices.
Comment on the present investment situation is presented
as follows by the First National Corporation of Boston under
date of Aug. 13:
In response to innumerable requests for information concerning the present money situation, in particular as it affects security prices, we are setting
forth the following which is intended to explain the present situation rather
than to foretell the future.
Without the special causes which have intensified this year's operations,is
the normal course of events bond markets would undoubtedly have passed
through a period of adjustment, if for no other reason than because of the
amount of undigested securities that the enormous volume of new business
had unloaded upon the dealers, and to a lesser degree because of the proverbial summer dulness.
When a wave of more or less speculative buying hits any market it
is always easy to overlook underlying factors which will ultimately affect
the situation. The loss of gold and the offsetting increase in rediscounts
by banks were well-known facts long before the month of June, but the
were more or less disregarded because their effect had not been felt.
The earliest natural result of this cumulative loss of gold and credit
facilities was as usual noticeable in the Government Bond market, where
a small amount of liquidation and particularly a lack of demand brought
about slight recessions early in the spring, which became more and more
apparent as summer approached.
The general bond market felt the changed status when the banks and
general public were definitely obliged to take notice of the forced curtailment of credit, and the demand for securities almost Immediately ceased.
with the results that dealers, failing to sell, dropped their bids and falling
bond prices set in. Without panic or distress selling, prices sagged consistently to their present levels, which in general have been maintained without
radical change for the last three weeks.
Up to the present time the cause of the price recession in bonds has been
due to lack of demand rather than selling pressure. The credit situation,
the stock exchange loans outstanding, and the figures on gold exports have
been so regularly reported in the press that repetition is of little value here.
but a recital as to the possibility of bond values further receding, with any
increased demand for credit, may be of interest.
In the last few years, the banks have been, as a class, among the largest
buyers of both United States Government and other bonds. They are for
the time being, will be perhaps for some months out of the market and may.
if the presure for credit becomes greater, be sellers. Up to the present.
liquidation by banks in general has not taken place In a marked degree.
The other classes of investors who have been the main support of the bond
market are the individual buyer, the insurance company, the large estate.
the investment trust, and the large industrial corporation. The purchasing capacity of these five types of investors in general has not been
curtailed by present credit conditions, in fact the potential buying power
in some cases has Increased. Although no doubt a certain proportion of
Investors has in the last year taken a greater interest in stocks than formerly, it is still problematical to what extent such deflection of funds from
the bond market took place and how much of that which was deflected
will return.
In any event, there is within this country an ever-increasing amount
of funds accumulating and awaiting the proper time to eater the bond
market. It only requires a sufficient number to believe that the bottom
Is reached, to reverse the trend of prices overnight and send them upward
materially. It is not impossible that such a situation might well occur in
the face of higher call money or in the face of increased rediscounts, as the
shrewdest buyer anticipates any movement and does not bold off to obtain
the lowest price before buying.
The question would then arise as to whether any such upward movement
would be continuous and whether former levels would soon be reached.
To return to present conditions, we incline to the belief that dealers have
perhaps fewer bonds today than they had in June, but that they still have
well-stocked shelves. As the rather drastic drop in prices came at a time
when new issues were literally being poured into the market,it was Inevitable
that many important new issues were withheld,are still ready to be marketed,
and will be offered for sale at the earliest opportunity. We therefore subscribe strongly to the belief that if in the near future bond prices take a
sudden turn upward, the former level of prices will not be reached at once,
or for some months at least, because new issues will greatly absorb any increased buying power.
To offset this possibility, we recognize that gold may flow back to this
country, the stock market may require less money, the export of capital
may cease, and the repayment of short credits heretofore made abroad may
ease our situation to the extent that the buying power may be greatly increased, in which case the old level of prices may be reached in a shorter
time and may be maintained.
AUG. 18 1928.]
FINANCIAL CHRONICLE
901
issues apthe month of July. A total of $132,973,500 new
in
is the element that upsets during
last month as compared with $273,964,500
Always recognizing that the unknown factor
remarks as an effort to peared on the market
ng
bond
the bast of calculations, we venture the followi
During the first seven months of this year
h to an estimate of the situa- July of last year.
against $3,888,640,880 in the
lay before our customers the nearest approac
financing has aggregated $3,488,699,590
tion, based on the known facts.
money for a corresponding period of last year.
reasonably high, and may be higher. Time
to what is considered atCall money is
In illustrating the decline in bond values
demand with possibly fractionally
one of the larger bond houses
month or two will be increasingly in
higher if only the normal amount of tractive levels for institutional buying
bonds have declined
higher rates. Acceptance rates will go
l increase of bills is forthcom- has pointed out that 20 representative municipal
buying is in evidence and the normal seasona
point where their average yield stood
selling
in price since January from a
Government bonds should not meet any real
ing. United State
difference of
to be held as rediscountable paper, at 3.87% to a point where they show a yield of 4.17%, a
pressure as they are needed by banks
in the
material amounts by large corporations .30 in yield basis. A list of 20 of the higher grade rail bonds
nor should there be liquidation in
a yield basis of 4.13% to 4.47%, a
money market. The present dulness
same period has sold down from
in order that they may enter the call
and an increase in activity should
difference of .34 in yield.
In other bonds should soon be over
at higher level, but probably
a
set in which may be carried on at somewh
for some time.
of last April
will not reach anything like the levels
watchful waiting on the part of
At the present moment we feel that
the surest policy, but we are not certain that it may
the investor is perhaps
Federal Reserve Bank Warns
We are quite certain that most bonds Governor Seay of Richmond
be to any extent more lucrative.
ure Is Not As
son with prices we expect will
in compari
Member Banks That the Credit Struct
are selling today at bargain prices
uflon how great a bargain the
Rates
be met a year or so hence. It all depends
It Was—Rise in Interest and Discount
Strong As
ng, as to whether he buys today
long term investor is warranted in expecti
Expansion—Decrease in
le opportunities.
Penalties for Further Credit
or waits until later hoping for more favorab
Bond Dealers Act to Clear Laden Shelves—Cut Price Campaign Under Way—$225,000,000 in Securities Moved,
It Is Claimed.
According to the "Wall Street News" of August 11 a concentrated drive resulting in wholesale liquidation of unsold
newly issued securities in the hands of the large underwriting
syndicates stands out conspicuously as an important move being
taken by the banking community in its effort to bring relief to
the present credit situation. The account goes on to say:
Gold Supply.
"a very marked degree
Calling attention to the fact that
concurrently
expansion exists and is still going on
of credit
base", George J. Seay, Governor
with a decrease in the gold
Richmond, in a letter to
of the Federal Reserve Bank of
member banks saysl
as it was and it
re is not as strong
The credit structure therefo
of credit withed by further expansion
cannot continue to be weaken
interest and disthe penalties is a rise in
out penalty. One of
means; it is
artificial situation by any
count rates. It is not an
d it and led up to it.
of acts which have precede
the natural result
on withrequirements is to limit expansi
The purpose of legal reserve
of safety."
in the bounds
From strictly official sources it is learned that a complete price reby virtually all
adjustment at materially lower levels has been made
Journal" the letter also
Many
According to the "Wall Street
of the important underwriting houses on their list of securities.
have been sustained and charged says in part:
now be
syndicates have been dissolved. Losses
credit expansion must
of the year.
It is manifest that the degree of
against the sizeable profits which accrued in the first half
gold supply
have been practically a complete distribution very much greater than a year ago because of diminished
The immediate results
year. On
he elimination of
of credit issued in the past
of those "overhanging" securities by underwriters—t
and actual increase in volume
and currency
on new issues, and the flow of those securities into the June 30, 1927, ratio of gold stock to individual deposits
inflated prices
never
than being
was 6.57%. This ratio has
strong hands of insurance companies and trust funds rather
was 7.5%. On June 30, 1928, ratio
when it was 6.3%.
dumped on the market, by virtue of the fact that prices were been at such a low point, except in 1920,
merely
es
been caused by loans on securiti
reduced to levels affording attractive yields to those institutions.
"Increases in bank loans have
many banks to borrow
ent banks some few
The campaign which was begun by the investm
estate. The situation has forced
d the and real
on eligible paper in order
weeks ago, when the trend of money rates and bond prices receive
from the Federal Reserve Bank
exon quietly heavily
contraction of credit, which was
urgent need of some sort of price revision, has been carried
avoid a sudden and severe
rediscount.
to some of the larger to
er which are not eligible for
but earnestly and now the operation, according
panded by loans of a charact
1 it is authoritively estibeen brought about by orderly
houses is practically completed. Since July
present expanded condition had
but
of securities have been If
business it would be a different matter,
mated between $200,000,000 and $225,000,000
conduct of commercial
originating houses in the New York area alone. Per- such is not the case.
released by the
tion has taken place within
haps the greater proportion of the distribu
Washington advices Aug.
the new issue market
The "Journal of Commerce" in
the past two or three weeks during which time
t
Seay's warning:
has been at a complete standstill weekly offerings being the smalles
16 thus refers to Governor the Federal Reserve districts are
banks in certain of
in several years.
Member
banks
of
on the part of the Reserve
This operation does not mean that there is not a certain amount
receiving intimations of a desire
on their own lendings in a
congestion still prevailing in the market as smaller bond houses, those that these borrowers "put the brakes"
and to make available
doing largely a retail business, are undoubtedly generally overloaded move to greatly deflate the loans to Wall Street
ture and busicases will find it necessary to revise prices in order to immediately when needed increased credit for agricul
and in many
tion of moral
It does mean however, that the powerful underwriting ness this fall. The first public move toward the ultiliza
liquidate.
of the weakened
are in a decidedly more liquid position than is generally realized Persuasion upon member banks to take cognizance
houses
about
into
of the United States, brought
—having taken their losses. They are now placing huge sums
condition of the credit structure
from Governor
the money market—a factor at least tending to relieve the current by the general decrease in the gold reserves, comes
to
Bank.
credit stringency to a certain extent. While some authorities point
J. Seay of the Richmond Federal Reserve
a tre- George
in its present condition canthe congested condition of the bond market as accounting for
Warning that the credit structure
' loans, some of the
on of credit without
mendous proportion of the total figure of brokers
continue to be weakened by further expansi
conceded not
banks in his district to consider
larger houses are actually lending money on call. While it is
penalty, Governor Seay urges the
in hands
to take steps to
that the amount of loans required to carry the unsold bonds
active fall season is facing them and
amount that an
the penalties of increased interest
of dealers may be somewhat larger than in normal times, the
curtail expansion, to the end that
is believed to be considerably exaggerated.
t rates may be avoided.
d a most and discoun
The position of the bond market a few weeks ago, afforde
Excess Borrowings Increase.
in the spring
interesting comparison with the condition which existed
in the district. 287 were
conOut of a membership of 561 banks
of last year. Similar in respect that a certain amount of bond
ng
virtually in borrowers. On July 31 there were 94 member banks borrowi
gestion prevailed—yet with causes and effects differing in
this
in the from the Richmond institution more than their basic line. Of
every respect. The congestion experienced last year is still fresh
banks
banks. The amount borrowed by city
minds of bond men, in fact the situation perhaps was the most serious number 89 were country
was esti- in excess of their basic line was given as only $1,800,000.
experienced at any time since the war. In June of 1927 it
as borrowed totaled $20,the
The amount given on July 31 last year
mated that well over $500,000,000 in new securities were tied up in
year a figure of $58,415.018
and bond dealers in New York. At that time 029,113, while for the same day this
hands of underwriters
, $20,703,256 is listed for Virginia
money rates were extremely favorable to security prices and a strong is given. Of this latter amount
the entire Richmond district
,
this is greater than the figure for
investment demand for new securities existed. Investment bankers
and
but
overdate Virginia borrowings totaled
however, in their effort to take advantage of these conditions,
July 31, 1927, and on that
isCarolina, with this year's figure
looked the fact that there was a limit to the price at which new
$5,001,626. Next comes North
syndi565 ; South Carolina, $5,030,401 and
sues could be marketed. The keen competition among banking
$18,405,120 and last year's $6,796,
ind, $5,994,092 and $2,742,083, recates for New issues resulted in prices soaring to levels where the
$2,791,865, respectively; Marylan
many
46 and $2,211,973, respectively, and
vesting public naturally stopped buying. The result was that
spectively; West Virginia, $4,612,1
$485,000, respectively.
syndicates were quickly dissolved—prices of new issues broke sharply the District of Columbia, $3,770,000 and
examples
: Maryland, $17,465,493; West Virand investment houses sustained large losses. Two outstanding
Reserve deposits were as follows
um issue and
$9,174,267 ; Virginia, $16,058,
of the situation were afforded by the large Phillips Petrole
$6,752,897 ; District of Columbia,
re- ginia
a, $5,050,406.
New York City bonds. In both cases the offering syndicates
Carolina, $9,807,815, and South Carolin
the
316; North
banks that have written him that
offered the bonds at lower levels.
Referring to an impression among
d
is generally accepte
loans on securities was almost
The congestion in the new issue market this year
the increase in the aggregate of bank
r Seay calls attention
a year ago. In attempting to
in the New York city banks, Governo
as decidedly more moderate than that
tes entirely
loans of the reporting memavoid a repetition of the condition in June of last year, syndica
the fact that the increase in security
to
maintained offering prices more in line with the average yield on out- ber banks outside of New York City was not far from twice the
n of
banks.
standing issues, but were confronted by the unexpected situatio
amount of such loans in New York City
extremely high money rates which naturally resulted in a downward
izes Loss of Gold.
Emphas
trend in bond prices. The excessive speculation in the stock market
Acknowledging that the growth of loans and deposits year by year
which resulted in inflated market values brought about the present
looked for and accepted as a normal every onr,onGseoveinrnodrepSeosiat:
condittino
efforts on the part of the Federal Reserve banks and the large banking is
it is known that for
to reduce the speculation by means of establishing high also suggeststhat
institutions
be an increase in reserves. Increases in reserves o
there must
money rates. With the downward trend in bond prices came a slowing
is
f
member banks can only come from increases in the n Id
up in the distribution of new issues.
and borrowing at Federal Reserve banks. There
Supporting the contention that a significant corrective measure has
increases in reserves which arise from the voluntary employment
been under way is the curtailment of new bond offerings, particularly here
902
FINANCIAL CHRONICLE
[voL. 127.
by Federal Reserve banks of their
own funds in open market operaDepartments offer to purchase Third Liberty Loan Bonds
tions nor increases from lessene
d currency demands from the public.
at
He then calls attention to the
fact that during the last fiscal year 100 1-32 would hold good only until Aug. 15, and that the
the United States supply of
gold decreased about $456,000,000, followed price after that date would
be par, plus accrued interest.
by further exports of gold. Ordinar
ily, he said, that amount of gold The statem
ent follows:
would serve as a basis for
more than $5,000,000,000 of bank credit,
Acting Secretary Lowman today in referring
and, "in fact, that amount has
to the offer made by the
been issued against it and is still Treasury on August 1
to purchase. through Federal Reserve Banks, at the
outstanding, although the gold is gone."
option of holders. Third Liberty Loan
44% bonds, for account of the sink"It is, of course, well underst
ood that the gold supply is the ing fund, called particular attention to the fact that the
price fixed by the
fundamental basis of all bank credit
of this country, and gold also Treasury for such purchases would change on August 15.
forms a large part of credit currenc
Ile stated that any bonds tendered under
y," said Governor Seay. "One
this offer before the close of
way, therefore, to measure the
extent of credit expansion is to business Aug. 15 would be purchased at 100 1-32, together with accrued
consider the gold supply in proportion
Interest to date of purchase, and that
to the amount of bank credit
any bonds tendered after that date
would be purchased at par, togethe
and currency outstanding.
r with accrued interest to date of purchase, lie further stated that any
"It is manifest that the degree
tenders actually in transit up to midnight
of credit expansion must now Aug.
15 would be accepted at the Aug. 15 price.
be very much greater than it was
one year ago although it was even
then greatly expanded, because of the
An item regarding the offer appeared in our issue of Aug.
diminished gold supply and the
actual increase in the volume of credit
4, page 630.
issued in the past year."
On the basis of now available information,
Governor Seay places
the ratio of the gold stock to total
bank deposits and currency
Secretary Kellogg Sails for Europe to Sign Treat
July 31 last at 6.57%, compared with
7.5% on the same day a year
y
ago. He suggested that 1% does not sound
to Outlaw War.
very formidable, but
when computed in the form of percent
age of decrease it is between
Secretary of State Kellogg, accompanied by Mrs. Kellogg,
13 and 14%.
sailed from New York at midnight last night (Aug. 17) on
In the face of the decrease in the
gold supply, he said, the
member banks obviously have managed
to maintain their reserves the French steamship Ile de France for Paris, where he will
by borrowing from the Reserve banks
and between July 1 and the sit with the representatives of fourte
en other nations to
end of the year the increased borrowings
likely will total $200,000,000 sign on Aug. 27 the
treaty renouncing war.
to $400,000,000.
Real estate loans are held responsible for
a considerable part of
the increased borrowings by member banks
utilizing eligible paper
Secretary Mellon Returning from Europe.
in order to avoid a sudden and severe
contraction of credit which
was expanded by loans of a character not
Secretary of the Treasury Mellon, who sailed from Engeligible for rediscount.
Governor Seay stated that if present expand
ed condition of credit land on Aug. 14 for the United
States expected to be in
had been brought about by the orderly conduct
of commercial busi- Washington
next week.
ness, which in its nature is self-liquidating
, it would be a different
matter, but such is not the case.
The simple purpose of the Seay missive
to the banks is said by
its author to be to show that a very
marked degree of credit ex- Speech of Acceptance of Herbert Hoover, Republican
pansion exists and it is still going
on concurrenly with a decrease
Nominee for President—Opposed to Repeal of 18th
in the gold base.
Amendment—Would Improve Farmers Positi
"When the gold supply diminishes,
on
as it has done recently, in
a
very short time and in a very large
In Field of Distribution.
amount, in order to avoid a too
sudden and to drastic curailm
ent of credit, member banks
Formally accepting the nomination as President
may
maintain their reserve balances
of the
by borrowing from Federal Reserve United
States on the Republican ticket, Secretary of Combanks, as provided by law,"
explained Governor Seay, adding,
"but merce Hoover, in a speech
gradually member banks must—a
delivered on Aug. II in the
nd in most cases of their
own
volition will—seek to reduce the
amount of their borrowings, and stadium at Stamford University, Palo Alto, Cal. presented
the volume of credit in the
absence of an increased gold supply his views as to Government policies on presen
t day issues,
will have to be adjusted
accordingly.
interest centering largely on what he had to say regard"The quantity of bank credit
available against a given gold
supply ing from relief, the tariff and prohibition.
depends upon the uses to which
In indicating
the credit is put. If credit is needed
in the form of currency
his position on the last named question, he restated his
a very much smaller amount
of credit can
be issued. It will make this
clear to state that member banks
previously announced stand on the Eighteenth Amendment,
can
increase their credit expansion
only against excess reserve.
If when saying:
they rediscount with or
borrow from Federal Reserve
"I do not favor the repeal of the Eighteenth Amendment. I stand
banks, they
can leave the proceeds of
for
their borrowing to their
credit, and thus the efficient enforcement of the laws enacted thereunder. Whoever is
create excess reserve, they
can expand their credit
chosen President has under his oath the solemn duty to pursue
at a ratio carrying from ten to fourteen
this
to one; but if, on the
other hand, they course. ...
are compelled to withdr
aw the proceeds of
"Common sense compels us to realize that grave abuses have occurre
their borrowing in
currency to be used in the
d—
general circulation their
power to ex- abuses which must be remedied. An organized searching investigation
pand credit is not increased
one dollar by borrowi
ng. Thus, in the of fact and cause can alone determine the wise method of correcting them.
fall season, when demands
for currency are usually
the heaviest, Crime and disobedience of law cannot be permitted to break down the
the banks are accustomed to
borrow several hundred
million dollars Constitution and laws of the United States.
purely for the purpose of furnish
ing currency.
"Modification of the enforcement laws which would permit
"This situation should be
that which
borne in mind with
the active fall sea- the Constitution forbids is nullification. This the American people will
son confronting us and the
present already greatly
not countenance. Change in the Constitution can
dition of credit," he warned
and must be brought
the Richmond district expanded con- about only by the straightforward
methods provided in the Constitution
price of credit, like the price
bankers. "The
of most things, is
itself. There are those who do not believe in the purpose
governed by the
supply. The supply is governe
s of several
d by the ability to
provisions of the Constitution. No one denies their right
It is not a legitim
obtain reserves.
to seek to
ate source of supply to
amend it. They are not subject to criticism for asserting that right.
obtain excess reserve
But
borrowing for continuous use."
by the Republican party
does deny the right of any one to seek to destroy
the purposes of the Constitution by indirection.
Meeting of Federal Reserve
Board.
It was stated in a Washington
Street Journal" Aug. 13 that for thedispatch to the "Wall
first time
there was a quorum of the Federal Reserv since Aug. 3
e Board here.
with Governor Young, Vice-Governors
Cunningham and Comptroller McIntosh Platt, James and
present at
morning's meeting (Aug. 13). The "Wall StreetMonday
News"
reported the following from Washington Aug. 16:
Governo
r Roy A. Young of the Federal Reserve Board to
positively to discuss matters under consideration by the -day declined
board as to a
change in policy respecting the credit situation by member
banks of the
Federal Reserve System. lie would not admit that the credit
situation had
been considered but did state that the board has held several
important
meetings during the past week. What matters were under discussi
on by the
board he refused to state declaring that no statement would be
made at
this time. He would not answer any question which formed the
basis of
consideration by the board.
At the State Department it was said that Secretary Kellogg has taken
no action whatever in attempting to restrict Americans loans
abroad. It
was denied that the department had in any way attempted to coerce
American bankers in this respect.
Berlin cables conveyed the information that the United States State
Department had curtailed American loans. It is believed that the informa
tion
was inspired and sent from the United States.
It had no origin in the
State Department. it was emphasized.
Treasury's Offer to Purchase Third Liberty Loan
Bonds at Premium Ends.
Acting Secretary of the Treasury Seymour Lowman, in a
statement issued Aug. 12, announced that the Treasury
In his declarations as to the farm relief problem, Mr.
Hoover, as the Republican candidate for President made
the statement, that "the farm is more than a business. It
is a state of living. We do hot wish it conver
ted into a
mass production machine. Therefore, if the farme
rs position is to be improved, it must be done
not on the farm,
but in the field of distribution." He added
in part:
"An outstanding proposal of
the party program is the whole-hearted
pledge to undertake the reorgani
zation of the marketing system upon
sounder and more economical
lines. We have already contributed greatly
to this purpose by the acts support
ing farm co-operatives, the establishment of Intermediate credit
banks, the regulation of stockyards, public
exchanges and the expansion
of the Department of Agriculture. The
platform proposes to go much
farther. It pledgee the creation of a Federal Farm Board of
representative farmers to be clothed with authoriti
and resources with which not
only to still further aid farmers' co-operatives and pools and to assist
generally in solution of farm problems, but
especially to build up with Federal
finance farmer•owned and fannercontrolled stabilization corporat
ions which will protect the farmer from
the depressions and demorali
zation of seasonal gluts and periodical surpluses.
Secretary Hoover further declared that
"an adequate
tariff is the foundation of farm
relief." On the subject of
the tariff and the immigration
law we quote from his
speech the following:
"The Republican party has
ever been the exponent of protection to
all our people from competition with
lower standards of living abroad.
We have always fought for tariffs
designed to establish this protection
from imported goods. We also
have enacted restrictions upon immigration for the protection of labor
from the inflow of workers faster than we
can absorb them without breaking down
our wage level.
Aug. 18 1928.]
FINANCIAL CHRONICLE
903
not a discourse upon the platform—in which I fully concur—but something of the spirit and ideals with which it is proposed to carry it into
administration.
Our problems of the past seven years have been problems of reconstruction; our problems of the future are problems of construction.
They are problems of progress. New and gigantic forces have come
into our national life. The World War released ideas of government in
conflict with our principles. We have grown to financial and physical
power which compels us into a new setting among nations. Science
has given us new tools and a thousand inventions, Through them have
come to each of us wider relationship, more neighbors, more leisure,
broader vision, higher ambitions, greater problems. To insure that these
tools shall not be used to limit liberty has brought a vast array Of
questions in government.
The points of contact between the Government and the people are
constantly multiplying. Every year wise governmental policies become
more vital in ordinary life. As our problems grow so do our temp.
tions grow to venture away from those principles upon which our
Republic was founded and upon which it has grown to greatness. More.
In his speech Secretary Hoover made the statement that over we must direct economic progress in support of moral and spiritual
"the Republican platform gives the pledge of the party progress.
Our party platform deals mainly with economic problems, but our
to the support of labor. It indorses the principle of colnation is not an agglomeration of railroads, of ships, of factories, of
lective bargaining and freedom in labor negotiations. We dynamos, or statistics. It is a nation of homes, a nation of men, of
stand also pledged to the curtailment of excessive use of women, of children. Every man has a right to ask of us whether the
wife and his children to
the injunction in labor disputes." He observed that "the United States is a better place for him, hisconducted the Government
live in because the Republican Party has
time has arrived when we must undertake a larger visioned for nearly eight years. Every woman has a right to ask whether her
development of our water resources." He continued:
life, her home, her man's job, her hopes, her happiness, will be better
"Nearly all of our greater drainages contain within themselves pos- assured by the continuance of the Republican Party in power. I propose
sibilities of cheapened transportation, irrigation, reclamation, domestic to discuss the questions before me in that light.
water supply, hydro-electric power and frequently the necessities of
With this occasion we inaugurate the campaign. It shall be an honest
flood control. But this development of our waters requires more definite campaign; every penny will be publicly accounted for. It shall be
national policies in the systematic co-ordination of those different works a true campaign. We shall use words to convey our meaning, not to
upon each drainage area.
hide it.
"We cannot develop modernized water transportation by isolated projects.
Progress Under Republican Guidance.
We must develop it as a definite and positive inter-connected system
The Republican Party came into authority nearly eight years ago.
of transportation. We must adjust reclamation and irrigation to our It is necessary to remind ourselves of the critical conditions of that
needs for more land. Where they lie together we must co-ordinate trans- time. We were confronted with an incompleted peace and involved in
portation with flood control, the development of hydro-electric power violent and dangerous disputes both at home and abroad. The Federal
and of irrigation, else we shall as in the past commit errors that will Government was spending at the rate of five and one-half billions
take years and millions to remedy.
per year; our national debt stood at the stagggering total of twentyAnother statement contained in Secretary Hoover's four billions. The foreign debts were unsettled. The country was in a
speech was that government should not engage in business panic from overexpansion due to the war and the continued inflation of
credit and currency after the armistice followed by a preciptant nationin competition with its citizens. Such actions he said. ex- wide deflation which in half a year crashed the prices of commodities
tinguish the enterprise and initiative which has been the by nearly one-half. Agriculture was prostrated; land was unsalable; comglory of America and which has been the root of its pre- merce and industry were stagnated; our foreign trade ebbed away;
five millions of tnemployed walked the streets. Discontent and agitation
eminence among the nations of the earth. On the other against our democracy were rampant. Fear for the future haunted every
hand, it is the duty of business to conduct itself so that heart.
No party ever accepted a more difficult task of reconstruction than
government regulation or government competition is undid the Republican Party in 1921. The record of these seven and onenecessary.'" Regarding the consolidation of Government half years constitutes a period of rare courage in leadership and
bureaus, Secretary Hoover said:
constructive action. Never has a political party been able to look back
"Our Republican Presidents have repeatedly recommended to Congress upon a similar period with more satisfaction. Never could it look forthat it would not only greatly reduce expenses of business in their contacts ward with more confidence that its record would be approved by the
with government, but that a great reduction could be made in govern- electorate.
Peace has been made. The healing processes of good-will have exmental expenditure and more consistent and continued national policies
could be developed if we could secure the grouping of these agencies tinguished the fires of hate. Year by year in our relations with other
devoted to one major purpose under single responsibility and authority. nations we have advanced the ideals of law and of peace, in substitution
I have had the good fortune to be able to carry out such reorganization in for force. By rigorous economy Federal expenses have been reduced
respect to the Department of Commerce. The results have amply justified by two billions per annum. The national debt has been reduced by six
Its expansion to other departments and I should consider it an obli- and a half billions. The foreign debts have been settled in large part and
gation to enlist the support of Congress to effect it".
on terms which have regard for our debtors and for our taxpayers.
Referring to our foreign policy Secretary Hoover said Taxes have been reduced four successive times. These reductions have
been made in the particular interest of the smaller taxpayers. For this
the country had "one primary object, and that is peace." purpose taxes upon articles of consumption and popular service have
"Our offer of treaties open to the signature of all re- been removed. The income tax rolls to-day show a reduction of 80%
nouncing was as an instrument of national policy, proves" in the total revenue collected on income under $10,000 per year, while
show a reduction of only 25% in revenues from incomes above that
said Mr. Hoover "that we have every desire to co-operate they
amount. Each successive reduction in taxes has brought a reduction in
other nations for peace. But our people have de- the cost of living to all our people.
with
Commerce and industry have revived. Although the agricultural, awl
termined that we can give the greatest real help—both
and textile industries still
In times of tranquility and in times of strain—if we main- solicitude and assistance, lag in their recovery and still require our
yet they have made substantial progress. While
tain our independence from the political exigencies of the other countries engaged in the war are only now regaining their preOld World. In pursuance of this, our country has refused war level in foreign trade, our exports, even if .we allow for the demembership in the League of Nations, but we are glad to preciated dollar, are 58% greater than More the war. Constructive leadership and cooperation by the Government have released and stimulated
co-operate with the League in its endeavors to further the energies of our people. Faith in the future has been restored. Conscientific, economic and social welfare and to secure li- fidence in our form of government has never been greater.
But it is not through the recitation of wise policies in government
mitation of armament." The acceptance speech, followed
alone that we demonstrate our progress under Republican guidance.
the notification speech which was delivered by Senator To me the test is the security, comfort and ,opportunity that has been
George H. Moses, the chairman of the Republican National brought to the average American family. During this less than eight
Convention at Kansas City; in full the acceptance speech years our population has increased by 8%. Yet our national income
has increased by over $30,000,000,000 per year or more than 45%.
of Mr. Hoover follows:
Our production—and therefore our consumption— of goods has inYou bring, Mr. Chairman, formal notice of my nomination by the
creased by over 25%. It is &ally demonstrated that these increases
Republican Party to the Presidency of the United States. I accept. It
have been widely spread among our whole people. Home ownership
is a great honor to be chosen for leadership in that party
which has has grown. While during this period the number of families has inso largely made the history of our country in these last seventy years. creased by about 2,300,000, we have built more than 3,500,000 new
Mr. Chairman, you and your associates have in four days
traveled and better homes. In this short time we have equipped nearly 9,000,000
3,000 miles across the Continent to bring me this notice. I am reminded more
homes with electricity, and through it drudgery has been lifted
that in order to notify George Washington of his election, Charles from the lives of
women. The barriers of time and distance have been
Thompson, Secretary of the Congress, spent seven days on
horseback swept away and life made freer and larger by the installation of 6,000,000.
to deliver that important intelligence 230 miles from New York to more telephone, 7,000,000 radio sets, and the service of an additional
Mount Vernon.
14,000,000 automobiles. Our cities are growing magnificent with beautiIn another way, too, this occasion illuminates the milestones of prog- ful buildings, parks and
playgrounds. Our countryside has been knit
ress. By the magic of the radio this nomination was heared by mil- together with splendid roads.
lions of our fellow citizens, not seven days after its occurrence, nor
We have doubled the use of electrical power and with it we have
one day, nor even one minute. They were, to all intents and purposes, taken sweat from the backs of men. The purchasing power of wages
present in the hall, participants in the proceedings. To-day these same has steadily increased. The hours of labor have decreased. The twelvemillions have heard your voice and now are hearing mine. We stand hour day has been abolished. Great progress has been made in stabilization
In their unseen presence. It is fitting, however, that the forma of our of commerce and industry. The job of every man has thus been made
national life, hallowed by generations of usage, should be jealously pre- more secure. Unemployment in the sense of distress is widely di.
served, and for that reason you have come to me, as similar delegations appearing.
other candidates through the years.
have come to
Most of all, I like to remember what this progress has meant to
Those invisible millions have already heard from Kansas City the America's children. The portal of their opportunity has been ever
reading of our party principles. They would wish to hear from me widening. While our population has grown but 8%, we have increased
"The Republican principle of an effective control of imported goods
and of immigration has contributed greatly to the prosperity of our country. There is no selfishness in this defense of our standards of living.
Other countries gain nothing if the high standards of America are sunk
and if we are prevented from building a civilization which sets the level
of hope for the entire world. A general reduction in the tariff would
admit a flood of goods from abroad. It would injure every home. It
would fill our streets with idle workers. It would destroy the returns
to our dairymen, our fruit, flax and livestock growers, an our other
farmers.
"No man will say that any immigration or tariff law is perfect. We
welcome our new immigrant citizens and their great contribution to our
nation; we seek only to protect them equally with those already here. We
shall amend the immigration laws to relieve unnecessary hardships upon
families.
"We have pledged ourselves to make such revisions in the tariff laws
as may be necessary to provide real protection against the shiftings of
economic tides in our various industries.
904
1,1INANCIAL CHRONICLE
by 11% the number of children in our grade schools, by 66% the
number in our high schools, and by 75% the number in our institutions
of higher learning.
With all our spending we have doubled savings deposits in our
banks and building and loan associations. We have nearly doubled our
life insurance. Nor have our people been selfish. They have met with
a full hand the most sacred obligation of man—charity. The gifts of
America to churches, to hospitals and institutions for the care of the
afflicted and to relief from great disasters, have surpassed by hundreds
of millions any totals for any similar period in all human record.
One of the oldest and perhaps the noblest of human aspirations
has bee- the abolition of poverty. By poverty I mean the grinding by
under-neerishment, cold and ignorance and fear of old age of those
who ho
the will to work. We in America to-day are nearer to the
final tr emph over poverty than ever before in the history of any
land. T
poorhouse is vanishing from among us. We have not yet
reached " goal, but, given a chance to go forward with the policies
,r,
of the lif eight years, and we shall soon, with the help of God, be in
sight of •he day when poverty will be banished from this nation. There
is no .4. •-antee against poverty equal to a job for every man. That
is the • -nary purpose of the economic policies we advocate.
I e^t
'l'y rejoice in the effect of our increased national efficiency
upon t'
mprovement of the American home. That is the sanctuary of
our lot
ideals, the source of the spiritual energy of our people. The
better,'
me surroundings, the expanded schools and playgrounds, and
the ed leisure which have tome with our economic progress have
broug' •
the average family a fuller life, a wider outlook, a stirred
imagiand a lift in aspirations.
Eco• advancement is not an end in itself. Successful democracy
rests e
le upon the moral and spiritual quality of its people. Our
growth
soiritual achievements must keep pace with our growth in
physic
-eompliahments. Material prosperity and moral progress must
march
they if we would make the United States that commonwealth
-madly conceived by its founders. Our Government, to match
the e•
-ions of our people, must have constant regard for those
hum.
,
that give dignity and nobility to life. Generosity of impulse.
ation of mind, willingness to sacrifice, spaciousness of spirit
—tho
the qualities whereby America growing bigger and richer
and rr
eowerful, may become America great and noble. A people
or Got
ent to which these values are not real, because they are not
tangib'
ie peril. Size, wealth, and power alone cannot fulfill the
prom)''
America's opportunity.
[vol.. 127.
the Atlantic. These improvements would mean so large an increment
in farmer's prices as to warrant their construction many times over.
There is no more vital method of farm relief.
But we must not stop here.
An outstanding proposal of the party program is the whole-hearted
pledge to undertake the reorganization of the marketing; system upon
aotrnder and more economical lines. We have already eoetributed greatly
to this purpose by the acts supporting farm co-oper
es, the establishment of intermediate credit banks, the regulation of steeky mis, public exchanges and the expansion of the Department of Agriculture. The platform proposes to go mach further. It pledges the ere Ilion of a Federal
Farm Board of representative farmers to be cloth,') willi authority and
resources with which not only to still further aid farmers' co-operatives
and pools and to assist generally in solution of form problems but
especially to build up with Federal finance, farmer-owned and farmer.
controlled stabilization corporations which will proOeet the farmer from
the depressions and demoralization of seasonal gluts and periodical surpluses.
Objection has been made that this program, as laid down by the
party platform, may require that several hundred millions ef dollars of
capital be advanced by the Federal Government without ohligation upon
the individual farmer. With that objection I hose little patience. A
nation which is spending ninety billions a year
well afford an expenditure of a few hundred millions for a workable program that will
give to one-third of its population their fair share of the nation's prosperity. Nor does this proposal put the Government He business except
so far as it is called upon to furnish initial capital with which to
build up the farmer to the control of his own destinies.
This program adapts itself to the variable pv01.1(1118 of agriculture
not only to-day but which will arise in the future. I do not believe that
any single human being or any group of human beings cao determine in
advance all questions that will arise in so vast and complicated an
industry over a term of years. The first step is to create an effective
agency directly for these purposes ,and to give it authority and resources. These are solemn pledges and they will be Nitrified by the
Republican Party. It is a definite plan of relief. It meals only the
detailed elaboration of legislation and appropriations to put it into
force.
Co-operation Between Government and Business.
During my term as Secretary of Commerce I have ste,fIlly endeavored
to build up a system of co-operation between
the Goverrineeit and business.
Under these co-operative actions all elements intere.ted ii the problem
of a particular industry, such as manufacturer, distributor, worker,
and consumer have been called into council together, net for a single
occasion but for continuous work. These efforts have le en successful
beyond' any expectation. They have been accomplish,' a ithout interference or regulation by the Government. They hove lee eyed progress
in the industries, remedy for abuses, elimination of waste,. ri ihiction of
cost
in production and distribution, lower prices to the eon-Antler, and
more
stable employment and profit. While the problem varies wi Ii every different commodity and with every different part of our cou
should wish
to apply the same method to agriculture so that the le:eters of every
phase of each group can advise and organize on policies :111I constructive
measures. I am convinced that this form of action, ;Is ii has done in
other industries can greatly benefit farmer, distribelor .ind consumer.
The working out of agricultural relief constitutes the most important
obligation of the next Administration. I stand pledged to these proposals.
The object of our policies is to establish for
our farmers :III income equal
to those of other occupations; for the farmer's wife the same comforts
in her home as women in other groups;
for the farm boys and girls the
same opportunities in life as
other boys and girls. Si, far as my own
abilities may be of service, I dedicate them
to help secure prosperity and
contentment in that industry where
I and my forefathers were born and
nearly all my family still obtain
their livelihood.
Farm Relief Problem.
The
t urgent economic problem in our nation to-day is in agricolter,
must be solved if we are to bring prosperity and contentment
--third of our people directly and to all of our people indirectl.
,, have pledged ourselves to find a solution.
In
most agricultural discussions go wrong because of two
false
-c The first is that agriculture is one industry. It is a
dozen
,t industries incapable of the same organization. The second
false p
is that rehabilitation will be complete when it has reached
a poi!,
,,p,ribie with pre-war. Agriculture was not upon a aatisfactor,
before the war. The abandoned farms of the Northeast
bear t
v. testimony. Generally there was but little profit in Mid,Pure for many years except that derived from the slow
West
increas
firm-land values. Even of more importance is the great
advarue
tandards of living of all occupations since the war. Some
branch,
aviculture have greatly recovered, but taken as a whole
it is e'''ping pace with the onward march in other industries.
Thor,
many causes for failure of agriculture to win its full share
of natio d prosperity. The after-war deflation of prices not only brought
Crest P e' losses to the farmer but he was often left indebted in
Inflated I -liars to be paid in deflated dollars. Prices are often demoralizew through gluts in our markets during the harvest season. Local
taxes he
heeen increased to provide the improved roads and schools.
The tar' an seine products is proving inadequate to protect him
The Tariff and Immigration.
from
The Republican Party has
imports from abroad. The increases in transportation rates
ever been the exponent of protection to all
since the
war ha - greatly affected the price which he receives for his products. our people from competition with
,
lower standards of living abroad. We
Over 6. 0,50.0 farmers in times of surplus engage in destructive have always fought for tariffs designed
to establish this protection from
competiti'Ti with one another in the sale of their product,
imported goods. We also have
often depressenacted restrictions on immigration for
the protection of labor from
ing price. below those levels that could be maintained.
the inflow of workers faster than we can
The whole tendency of our civilization during the last fifty years absorb them without breaking down
our wage levels.
The Republican principle
has beeti toward an increase in the size of the units of production in
of an effective control of imported goods
order ti secure lower costs and a more orderly adjustment of the flow and of immigration has contributed greatly
to the prosperity of our
of commodities to the demand. But the organization of agriculture into country. There is no selfishness in the defense of our standards of
larger units must not be by enlarged farms. The farmer has shown he living. Other countries gain nothing if the
high standards of America are
can incre Ise the skill of his industry without large operation. He is sunk and if we are prevented from building a civilization which sets the
to-day producing 20% more than eight years ago with about the same level of hope for the entire world. A general reduction in the tariff
would
acreage :Ind personnel. Farming is and must continue to be an in- admit a flood of goods from abroad. It
would injure every home. It
dividualistic business of small units and independent ownership. The would fill our streets with idle workers.
It would destroy the returns to
farm is more than a business; it is a state of living. We do not wish our dairymen, our fruit, flax, and livestock growers, and our other
it converted into a man production machine. Therefore, if the farmer's fanners.
No man will say that any
position is to be improved by larger operations it must be done not
immigration or tariff law is perfect. We
'en the farm but in the field of distribution. Agriculture has partially welcome our new immigrant citizens and their great contribution to our
nation; we seek only to
advanced in this direction through co-operatives and pools. But the
protect them equally with those already here.
We shall amend the
'traditional co-operative Is often not a complete solution.
immigration laws to relieve unnecessary hardships
Differences of opinion as to both causes and remedy have retarded upon families. As a member of the commission whose duty it is to
determine the quota basis under
the comp'etion of a constructive program of relief. It is our plain duty
the national original law I have found it
to search out the common ground on which we may mobilize the is impossible to do so accurately and without hardship. The basis now
sound forces of agricultural reconstruction. Our platform lays a solid in effect carries out the essential principle of the law and I favor repeal
of that part of the act as
%ids upon which we Cu build. It offers an affirmative program.
calling for a new basis of quotas.
We have pledged ourselves
An adequate tariff is the foundation of farm relief. Our consumers
to make such revisions in the tariff laws as
may be necessary to provide
Increase hurter than our producers. The domestic market must be
real protection against the shiftings of eco1/01111C tides in our various
protected. Foreign pnodunts raised under lower standards of living
Industries. I am sure the American people
are to-day competing in our home markets. I would use my office would rather entrust the perfection of the tariff to the consistent
friend
and Influence I. give the farmer the full benefit of our historic tariff of the tariff than to our opponents, who have always reduced our
tariffs,
who voted against our present
Policy.
protection to the worker and the farmer,
• large portion of the spread between what the farmer receives for and whose whole economic theory over generations has been the destruchis products sad what the ultimate consumer pays is due ts increased tion of the protective principle.
transportation charges. Increase is railway rates has been one of the
Republican Support of Labor.
penalities of the war. These Increases have been added to the cost to
Having earned my living with
my own hands I cannot have other than
the farmer of reaching seaboard and foreign markets and result there- the greatest
sympathy with the aspirations of those
fore in reduction of his prices. The farmers of foreign countries have been my good
who toil. It has
fortune during the past twelve years to have received
the
thus been indirectly aided in their competition with the American co-operation of
labor in many directions and in promotion of many
farmer. Nature has endowed us with a great system of inland water- public purposes.
ways, Their modernization will comprise a most substantial contribution
Trade union movement in our
country has maintained two departures
to Mid-West farm relief and to the development if twenty of our iatorior from such
movements in all other countries. They have been
stanch
States. This namiernisatfra includes not only the great Mississippi system, supporters of
American individualism and American institutions. They
with its jelabbg of the Great lakes and of the heart
of Yld-Wast have steadfastly opposed subversive doctrines from abroad.
Our freedom
agriculture of the Gulf, but also a shipways from the Great Likes
to from foreign social and economic diseases is in large degree due to
this
•
AUG. 18 1928.]
FINANCIAL CHRONICLE
905
regulation as long as equal opporns, is the duty of Government to avoid
trade unions, with few exceptio
public rights violated. Governtunity to all citizens is not invaded and
ce by our own labor. Our
resistan
largein competition with its citizens. Such
ment in industrial methods. This
have welcomed all basic improve
the ment should not engage in business
e which has been the glory
the advancing standards of living of
actions extinguish the enterprise and initiativits
ness of mind has contributed to
pre-eminence among the
properly have sought to participate—by
which has been the root of
whole of our people. They
and savings which of America and
hand, it is the duty of business
result of improvements
nations of the earth. On the other
additions to wages—in the
on or Government competiregulati
conduct itself so that Government
they have helped to make.
grown greatly in the mutual under- to
During these past years we have
realiza- tion is unnecessary.
it is founded upon faith—faith among our
and employe. We have seen a growing
Business is practical, but
standing between employer
to
it will receive fair
the highest practicable wage is the road
integrity of business men, and faith that
tion by the employer that
seen a growing reali- people in the Government. It is the duty of Government to maintain
consumption and prosperity and we have
increased
s, of effort and of skill play from the
break down in a day
would
m use of machine
faith. Our whole business system
zation by labor that the maximu
and in the end to higher real wages. that
of moral responsibility in our business
is the road to lower production costs
al if there was not a high sense
ethics of business has made great strides
the Republican protective system our industri
The whole practice and
Under these impulses and
effort
and our wages have grown steadily world.
quarter of a century, largely due to the
output has increased as never before
wages can of improvement in the last
the most helpful
power. Our workers with their average weekly
the professions themselves. One of
in buying
butter than any of business and
ions of workers,
associat
more bread and
years is the stronger growth of
today buy two and often three time;
demanded for our workers a signs of recent
with a desire to cure their
wage-earner of Europe. At one time we
business men and professional men
interest Many problems can be
have now gone far beyond that conception. farmers,
a purpose to serve public
"full dinner pail." We
participation in life and own abuses and co-operation between Government and these self-governing
Today we demand larger comfort and greater
solved through
business cures its
methods and practices. When
leisure.
to the support associations to improve
than political
self-government which comprises more
The Republican platform gives the pledge of the party
true
e bargaining and freedom own abuses it is
of labor. It endorses the principle of collectiv
curtailment of exces- Institutions.
in labor negotiations. We stand also pledged to the
Consolidation of Government Bureaus.
sive use of the injunction in labor disputes.
business with Government is the
the greatest difficulties of
One of
Development of Water Power.
with Government bureaus, the uncere of unnecessary contacts
ion of
during the re- multitud
The war and the necessary curtailment of expenditure
of Government policies, and the duplicat
needed tainty and inconsistency
to the scattering of
construction years have suspended the construction of many
s. A large part of this is due
organizamust undertake Governmental activitie
Federal
public works. Moreover, the time has arrived when we
confusion of responsibility in our
agencies
drop which functions and the great
, fourteen different bureaus or
a larger visioned development of our water resources. Every
tion. We have, for instanceconstruction, located in nine different deyielding its full economic service is a waste.
runs to the sea without
public works and
ties engaged in
Nearly all of our greater drainages contain within themselves possibili
It brings about competition between
coc water partments of the Government.
of control, and a total lack of
of cheapened transportation, ireigation, reclamation, ddinesti
con- Government agencies, inadequacy
bureaus and
supply, hydro-Actric power and frequently the necessities of flood
works. We have eight different
definite national ordinated policies in public
s, located In
trol. But this development of our waters requires more
of our natural resource
each agencies charged with conservation
These conditions mist in
policies in the systematic coordination of those different works upon
departments of the Government.
have wasted scores of millions by projects undertaken five different
witn the absence of cendrainage area. We
directions. Divided responsibility,
. many other
of
not as a part of a whole, but as the consequence of purely local demands
tive and consistent development
projects. tralized authority, prevents construc
We cannot develop modernized water transportation by Isolated
of broad National policies.
We must develop it as a definite and positive interconnected system
repeatedly recommended to Congress
needs
Our Republican Presidents have
business in their contransportation. We must adjust reclamation and irrigation to our
only greatly reduce expenses of
lie together we must co-ordinate transportation that it would not
could be made in
for more land. Where they
ent but that a great reduction
with Governm
continued national
with flood control, the development of hydro-electric power and of irriga- tacts
expenditure and more consistent and
and Governmental
secure the grouping of these
tion, else we shall as in the past commit errors that will take years
of policies could be developed if we could
millions to remedy. The Congress has authorized and has in process
purpose, under single responsibility and
the works agencies, devoted to one major
legislation great programs of public works. In addition to
fortune to be able to carry out such
large undertak- authority. I have had the good
in development of water resources, we have in progress
ent of Commerce. The results
reorganization in respect to the Departm
tion of public buildings.
ents and I should
ings in public roads and the construc
justified its expansion to other departm
will probably require an expenditure of upwards of have amply
Congress to effect it
All these projects
an obligation to enlist the support of
largest consider it
one billion dollars within the next four years. It comprises the
Place,
Small and Large ilutineas Have Their
engineering construction ever undertaken by any government. It involves
.
It is
le aid in the promotion of business
three times the expenditure laid out upon the Panama Canal.
The Government can be of invaluab
tion
freedom from those fluctuations from
justified by the growth, need and wealth of our country. The organiza
The ideal state of basinese is
periods of unemployment
first
slump which bring on one hand the
and administration of this construction is a responsibility of the
are
skill. boom to
other speculation and waste. Both
order. For it we must secure the utmost economy, honesty, and
and bankruptcy and on the
hardship to every home.
will provide jobs for an army of men should so far destructive to progress and fraught with great
These works which
finance it
e.
wise taxation and sound fiscal
as practicable be adjusted to take up the slack of unemployment elsewher
By economy in expenditures,
and promote financial staI rejoice in the completion of legislation providing adequate flood con- 'can relieve the burdens upon sound business
our workmen, our farmers
trol of the Mississippi. It marks not alone the undertaking of a great bility. By sound tariff policies it can protect
of living abroad. By scientific
national task, but it constitutes a contribution to the development of and our manufacturers from lower standards
ment in methods. By
the South. In encouragement of their economic growth lies one of the research it can promote invention and improve
the elimination
and statistical service it can promotedistribution. By
great national opportunities of the future.
economic research
on and
contribute to stability in producti
of waste and
,
Prohibition.
the markets for our manufat
of foreign trade it can expand
I recently stated my position upon the Eighteenth Amendment which I promotion
te greatly to stability and emand farmers and thereby contribu
turers
again repeat:
a
"I do not favor thz repeal of the Eighteenth Amendment I stand for ployment.
on and distribution of goods on
Our people know that the producti
of our
er. Whoever is
the efficient enforcement of the laws enacted thereund
Many of the most improtant comforts small
wrong.
chosen President has under his oath the solemn duty to pursue this large scale is not
production and distribution. Both
people are only possible by mass
course.
of business is not its
have their full place. The test
"Our country has deliberately undertaken a great social and economic and big business
competition, whether there is
is whether there is honest
ss of
experiment, noble in motive and far-reaching in purpose. It must be size—the test
there is integrity and usefulne
freedom from domination, whether
the
worked out constructively."
have been greatly impressed by
us to realize that grave abuses have occurred— purpose. As Secretary of Commerce I
business
Common sense compels
n business is the independent
must be remedied. An organized searching investigation of fact that the foundation of America
by proabuses which
ions and
ent, by encouragement of his associat
fact and causes can alone determine the wise method of correcting them. man. The departm
in a position of
service, has endeavored to place him
Crime and disobedience of law cannot be permitted to break down the visions of special
ns. Alike with our
ion and skill with larger operatio
equality in informat
here that
Constitution and laws of the United states.
ld of American individuality. It is
Modification of the enforcement laws which would permit that which farmers his Is the strongho
ip. It is here that we refresh
forbids is nullification. This the American people will our local communities receive their leadersh
opportunity
the Constitution
se. We must maintain his
not countenance. Change in the Constitution can and must be brought bur leadership for larger enterpri
protected from
and the publio must be
,
about only by the straightforward methods provided in the Constitution and his individual service. He
business.
itself. There are those who do not believe in the purposes of several pro- any domination or from predatory
more than economic, that
I have said that the problems before us are
visions of the Constitution. No one denies their right to seek to amend
. I hold that there
to criticism for asserting that right. But the in a much greater degree they are moral and spiritual
and
it. They are not subject
which affect the moral
an Party does deny the right to any one to seek to destroy the rests upon Government many responsibiities
Republic
ation of women in politics
spiritual welfare of our people. The particip
purposes of the Constitution by indirection.
means
nce of these questions. It
Whoever is elected President takes that oath not only to faithfally means a keener realization of the importa
execute the office of the President, but that oath provides still further higher political standards.
of Ballot
that he will to the best of his ability preserve, protest and defend
Responsibilities of Citizens in Making Use
of the balthe Constitution of the United States. I should be untrue to these
fail to exercise the responsibilities
Oue-half of our citizens
could embrace this
great traditions, untrue to my oath of office, were I to declare otherwise. lot
I would wish that the women of our country
box.
they could apply
Government Competition With Business Opposed.
problem in citizenship as peculiarly their own. If
their freshness of enthuve proof on all sides of magnificent progress no one can their higher sense of service and responsibility,
With impressi
become,
tion to this problem, it would
plane
rightly deny the fundamental correctness of our economic system. Noth- siasm, their capacity for organiza
of profound patriotism. The whole
ing, however, is perfect but it works for progress. Our pre-eminent ad- as it should become, an issue
made more
vely of political life would be lifted, the foundations of democracy
vance over nations in the last eight years has been due to distincti
American accomplishments. We do not owe these accomplishments to ekeltre.
nce. I come
In this land, dedicated to tolerance, we still find intolera
not
our vast natural resources. These we have always had. They have
ed for their beliefs. Here
What has changed is our ability to utilize these resources of Quaker stock. My ancestors were persecut
conviction I
increased.
and found religious freedom. By blood and
more effectively. It is our human resources that have changed. Man they sought
The glory of
in stand for religious tolerance both i nact and in spirit.
for man and woman for woman we are today more capable whether
God according
in our our American ideals is the right of every man to worship
the work of farm, factory, or business than ever before. It lies
the hardworking character of our to the dictates of his own conscience. .
by individual
magnificent educational system, in
In the past year there has been corruption participated in
ip in industry, the ingenuity,
municipal
people, in the capacity for far-sighted leadersh
in National. State and
pioneers of new inventions, in the abolition of the saloon, officials and members of both parties
with indifference
the daring of the
affairs. Too often this corruption has been viewed
of our national policies.
seem unnecessary to state
and the wisdom
ng complexity of our economic life the by a great number of our people. It would
inspire confidence not
With the growth and increasi
ing daily. They are the elemental requirement that government mast
of Government and business are multiply
ty in government, whether
relations
it is helpful and necessary, only in its ability but in its integrity. Dishones
other. Where
yearly more dependent upon each
double wrong. It is treason to State.
ed. Beyond this it should not go. It National, State or municipal, is a
this relation should be encourag
906
FINANCIAL CHRONICLE
[VoL. 127.
It is destructive of self-government.
Government in the United States
rests not only upon the consent of
the governed but upon the conscience of
the nation. Government weakens the
moment that its integrity is even
doubted. Moral incompetency by
those entrusted with government is a
blighting wind upon private
integrity. There must be no place for
cynicism in the creed of Americ
a.
ability and the greatest character. Socialism
bids all to end the race
equally. It holds back the speedy to
the pace of the slowest. Anarchy
would provide neither training nor umpire
. Despotism picks those who
should run and those who should
win.
Conservative, progressive and liberal though
t and action have their
only real test in whether they contri
bute to equal opportunity, whether
they hold open the door of opport
Civil Service.
unity. If they do not they are false
Our civil service has proved a
great national boon. Appointive office, in their premise no matter what their name may be.
both North, South, East and West,
It was Abraham Lincoln who firmly enunci
must be based solely on merit,
ated this ideal as the equal
character and reputation in the community
in which the appointee is to chance. The Sherman law was enacted to endeavor to hold open the
serve; as it is essential for the
door of equal opportunity in busines
proper performance of their duties that
s. The commissions for regulation
officials shall enjoy the confidence
and respect of the people with whom of public utilities were created to prevent discrimination in service and
they serve.
prevent extortion in rates—and
thereby the destruction of equal opporFor many years I have been
associated with efforts to save life and tunity. Equality of opportunity is a fundamental principla of our nation.
health for our children. These
experiences with millions of children With it we must test all our policies. The success or failure of this
both at home and abroad
have left an indelible impression—that the principle is the test of our Government.
greatness of any nation, its freedom
Mr. Chairman, I regret that
from poverty and crime, its inspiratime does not permit the compass of many
tions and ideals are the direct quotie
nt of the rare of its children. important questions. I hope at a later time to discuss the development
Racial progress marches upon the feet
of waterways, highways, aviatio
of healthy and instructed children.
n, irrigable lands, foreign trade and merThere should be no child in America that
is not born and does not live chant marine, the promotion of education, more effective administration
under sound conditions of health; that
does not have full opportunity of our criminal laws, the relation of our Government to public utilities
of education from the beginning
to the end of our institutions; that is and railways, the primary necessity of conservation of natural resourc
es,
not free from injurious labor;
that does not have every stimulation to measures for further economy in government and reduct
ion of taxes--accomplish the fullest of its capacities. Nothin
g in development of child all of which afford problems of the first order.
life will ever replace the solicit
ude of parents and the surroundings of
President Coolidge's Administrati
home, but in many aspects both parent
on Extolled.
s and children are dependent upon
I would violate my
the vigilance of government, National,
conscience and gratitude, I feel, did I not upon
State and local.
this occasion express
I especially value the contribution that
appreciation of the great President who leads our
the youth of the country can party to-day.
make to the success of our Americ
President Coolidge has not
an experiment in democracy. Theirs is ministr
only given a memorable Adation, he has left an imprin
the precious gift of enthusiasm, without
t of rectitude and statesmanship upon
which no great deeds can the history
of our country. His has
be accomplished. A Government that does not
been the burden of reconstruction of
constantly seek to live our country
from the destruction of
up to the ideals of its young men and women falls
war. He has dignified economy to a
short of what the principle of
American people have a right to expect and deman
government. He has charte
d the course of our nation and
d from it. To inter- our party over
many years to come.
pret the spirit of the youth into the spirit
It is not only a duty but it is the
of our Government, to bring part of
statesmanship that we adhere
the warmth of their enthusiasm and the flame
to his course.
of their idealism into the
No man who stands
affairs of the nation, is to make Americ
before the mighty forces which ramify Americ
an government a positive and life has
an
the right to promis
living force, a factor for greatness and nobility
e solutions at his hand alone. All that
in the life of the nation.
an honest man can say
is that within the extent of his abiliti
es and
Foreign Policy.
his authority and in
co-operation with the Congress and with leaders
I think I may say that I have witnes
sed as much of the horror and of every element in our people, these
problems shall be courageously
suffering of war as any other American.
From it I have derived a deep met and solution will be courageously attemp
passion for peace. Our foreign policy
ted.
Our purpose is Li build
has one primary object, and that
in this nation a human society, not an ecoIs peace. We have no hates; we wish
no further possessions; we harbor nomic system. We wish to increase
the efficiency and productivity of our
no military threats. The unspeakable
experiences of the great war, the country but its final purpose is happie
narrow margins by which civiliz
r homes. We shall succeed through
the faith, the loyalty
ation survived from its exhaus
, the self-sacrifice, the devotion
tion, is which
still vivid in men's minds. There
to eternal ideals
live to-day in every
is no nation in the world today
American.
that
does not earnestly wish for peace—
The matters which
that is not striving for peace.
I have discussed directly and deeply
There are two co-operating
affect the
moral and spiritual
factors in the maintenance of
welfare of our country. No one believes these
peace—the rations
building of good-will by wise and
aspiand hopes can be
sympathetic handling of interna
realized in a day. Progress or remedy lies
tional re- often
lations, and the adequate prepar
enough at the hand
edness for defense. We must not
of State and local government. But the
only be awakening
just; we must be respect
ed. The experiences of the war
of the national consci
afforded final agency
ence and the stimulation of every remedial
proof that we cannot isolate
is indeed a functi
ourselves from the world, that the safegu
on of the national Government. I want to see
arding our
of peace cannot be attained
Government great both
by negative action. Our offer of treatie
as an instrument and a symbol of the nas tion's greatne
open to the signature of all,
ss.
renouncing war as an instrument
of national
policy, proves that we have
The Presidency is
every desire to co-operate with other nation
more than an administrative office. It must be the
s symbol of
for peace. But our people
have determined that we can give
the greatest the same American ideals. The high and the lowly must be seen with
real help—both in times of
eyes, met in the
tranquillity, and in times of strain
same spirit. It must be the instrument by
—if we
maintain our independence from
the political exigencies of the Old which national conscience is livened and it must
under the guidance of
World. In pursuance of this,
the Almighty
our country has refused membership
interpret and follow that conscience.
in
the League of Nations, but
we are glad to co-operate with the
League
in its endeavors to furthe
r scientific, economic and
social welfare and
to secure limitation of armam
Georgia's First Bale of
ent.
We believe that the foundation
Cotton Sold at Auction Brings
of peace can be strengthened
$5,000.—Proceeds to Democratic Campaign
by the
creation of methods and agenci
es by which a multitude of inciden
Fund.
ts may
be transferred from the realm
The first 1928 bale of
of prejudice and force to arbitra
Georgia cotton was sold at auction
tion and
the determination of right and
wrong based upon international
at the Ziegfield Theat
law.
We have been and we are particu
re, New York, on Aug. 15, the purlarly desirous of furthering
the limi- chaser, Barron G.
tation of armaments. But in the
Collier paying $5,000 for it. The promeantime we know that in an
armed ceeds will go
world there is only one certain
to the Democratic campaign fund
guarantee of freedom—and that
is preparedness for defense. It is
. Mayor
Walker acted as
solely to defend ourselves, for
the protection of our citizens, that we mainta
auctioneer. The New York Cotton Exin armament. No clearer eviden
this can exist than the unique
ce of change, as we indicated
fact that we have fewer men in
last week (page 775) declined to
army uni- auction off
form today than we have in
the bale, indicating that auctions by it
police uniforms, and that
we maintain a
standing invitation to the world
were
confined to charitable
that we are always ready to
limit our
naval armament in proportion
objects.
as the other naval nations will
do likewise.
We earnestly wish that the burden
_
s and dangers of armament
upon every Offer of Pierre S. du
home in the world might be
lessened. But we must and
Pont to Resign From General Motors
shall maintain
our naval defense and our mercha
Corporation in View of Politi
nt marine in the strength
and efficiency
which will yield to us at all times
cal Activities Declined—
the primary assurance of liberty
Leave of Absence
, that
is, of national safety.
Granted by Director
Equality of Opportunity.
There is one of the ideals
of America upon which I
wish at this
time to lay especial emphasis.
For we should constantly test
our economic, social and governmental
system by certain ideals which
must control them. The founders of our
Republic propounded the revolutionar
y
doctrine that all men are create
d equal and all should have equali
ty
before the law. This was the
emancipation of the individual. And since
these beginnings, slowly, surely
and almost imperceptibly, this nation
has added a third ideal almost
unique to America—the ideal of equal
opportunity. This is the safeguard
of the individual. The simple life
of early days in our Republ
ic found but few limitations upon eqiial
opportunity. By the crowding of
our people and the intensity and complexity of their activities it takes
today a new importance.
• Equality of opportunity is
the right of every American—rich or poor,
foreign or native-born, irrespe
ctive of faith or color. It is the right
of every individual to attain
that position in life to which Isis ability
and character entitle him.
By its maintenance we will alone hold open
the door of opportunity to
every new generation, to every boy and girl.
It tolerates no privile
ged classes or castes or groups who would hold
opportunity as their prerogative. Only
from confidence that this right
will be upheld can flow that
unbounded courage and hope which stimulate each individual man and
woman to endeavor and to achievement. The
sum of their achievement
is the gigantic harvest of national progress.
This ideal of individualism based
upon equal opportunity to every
citizen is the negation of social
ism. It is the negation of anarchy.
It is the negati
on of despotism. It is as if we set
a
race. We, through free
and
universal education, provide the
training of the runners; we
give to them an equal start; we
Provide in the Government the umpire
of fairness in the race. The
winner is lie who shows the most conscientiou
s training, the greatest
s—Mr. du Pont's
Contribution to Democratic
Fund.
Following the action of
John J. Raskob, Chairman of the
Democratic National
Committee, who last month resigned
as Chairman of the
Finance Committee of the General Motors Corporation, Pierr
e S. du Pont, Chairman of the Board
of Directors of the Corpo
ration likewise presented his resignation to the latter
because of his political activities. In the
case of Mr. Raskob, his
resignation, as noted in our issue
of July 28, page 497,
was accepted,—Alfred P. Sloan Jr.
President in his letter
of acceptance expressing the hope
and expectation that Mr.
Raskob would resume his duties
with the conclusion of
the Presidential Campaign. Mr. du
Pont's resignation is
not accepted, a leave of absence from
his post being granted
instead. The New York "Times"
of Aug. 10 in referring to
the action of the directors of the
Corporation on Aug. 9 said
—
By its
action, which was regard
ed as a compromise, the board is
believed to have patche
d up what threatened to be
a serious family
quarrel among the most
important stockholding groups in the corporation. Mr. du Pont
had determined to sever his executive connection
with the corporation and
thereby follow the example of his friend and
associate, Mr. Raskob,
who resigned the chairmanship of the Finance
Committee of General
Motors after becoming Chairman of the National Democratic
Committee. Other interests in the corporation,
it is understood, persua
ded Mr. du Pont that he could take a
absence, retain the chairm
anship and at the same time engage in
leavof
1
AUG. 18 1928.]
FINANCIAL CHRONICLE
907
, his declaration in favor of modification gives
without embarrassing General brought about. However
any political activity that he cared to
greater encouragement than does the nonconstructive opinion of his
Motors.
opponent."
Sloan Issues Statement.
by the folThe "Wall Street Journal" added:
the solution reached was plainly indicated
That this is
Sloan Jr.:
Mr. du Pont said he has never been wholly a "party man," having
lowing statement by President Alfred P. the directors his resignation
to
voted for President Wilson, though his other votes for President
"Mr. Pierre S. du Pont submitted
he felt that his activities in con- have uniformly been on the Republican side. "I have always interested
as Chairman for the reason that
the Prohibition Amendment might myself in the plans and policies involved and in the personality of
nection with the Association Against
mind and give the impression that a candidate more than in the name of the party, and I believe that
cause confusion in the public
movement. The board felt that no intelligent voter can do otherwise," he said.
General Motors was involved in that
having been stated, was understood
the position of the corporation,
A contribution of $50,000 by Pierre S. du Pont to the
that Mr. du Pont's activities in conand that all should appreciate
an indithe association's work are entirely those of
Democratic Campaign fund, was announced by Mr. Raskob
nection with
on. The resignation was,
vidual and did not concern the corporati
accorded a leave of on Aug 14.
therefore, not accepted and Mr. du Pont was
Governor
absence instead."
on would amplify the state- Senator Norbeck and Henry Wallace See
No one connected with the corporati
for
du Pont left immediately after the directors' meeting
Smith's Rejection of McNary-Haugen Equalization
ment. Mr.
was made at the General
his home in Wilmington. No reference
as Hurtful to His Cause.
active participation in the
fee
Motors offices to Mr. du Pont's possible
It had been
Governor Smith's repudiation of the equalization
Presidential campaign as a supporter of Governor Smith.
dispatches from Wilmington and in political and financial of the McNary-Haugen formula of farm relief hurt his cause
indicated in
could take part
circles here that he intended to resign so that he
ng to letters received at
Smith's election, in the agricultural West, accordi
in the campaign. He is understood to favor Governor
Norbeck,
to how active he will be in the Washington on Aug. 10 from Senator Peter
but there has been no intimation as
, Iowa
the Prohibicampaign. He is a member of the Association Against
Republican, of South Dakota and Henry Wallace
to have positive
option Amendment, as is Mr. Raskob, and is known
can and farm editor, both of whom were bitterly
Republi
views on prohibition. . . .
ion. A Washington dispatch
posed to Mr. Hoover's nominat
Fisher Opposition Rumored.
ing this, said:
to be to the New York "Times," in indicat
The Fisher brothers of Detroit, some of whom are reputed
predicted that Secretary
In speeches in the Senate, Senator Norbeck States of the agricultural
candidacy, are said to have taken
ardent supporters of Mr. Hoover's
, would lose the
time of Mr. Raskob's acceptance of the Democratic Hoover, if nominated for President City convention, Mr. Wallace. whose
the position at the
t, while, since the Kansas
with Mr. Hoover,
chairmanship that the corporation should not be involved in the politi- Northwes
Mr. father served in the Harding and Coolidge Cabinets
cal activities of its officers. According to reports in Wall Street,
nominee's attitude on the farm
may have has been severely critical of the Republican
du Pont took sides with Mr. Raskob in whatever disagreement
of issue
from the West that
occured, and it has been rumored for some time that as a result
While Hoover leaders were cheered by the news concern over the sitand the
that situation a rift developed between the Fisher brothers
Senator Norbeck and Mr. Wallace, their
interests. There has been no confirmation of any of the came from
du Pont
that Earle S. Kinsley, Veras indi- uation in the East was evidenced by the fact
rumors, but they have been accepted in the financial district
as Chairman Work's chief
the largest mont National Committeeman, who is acting of conditions in the New
cating that some differences actually did develop among
a survey
The Fisher brothers and the du of headquarters, had been sent to make
holders of General Motors stock.
England States.
Pont interests have taken no notice of the rumors.
Swing in Indiana, Says Watson.
de
support of
Mr. du Pont, as Chairman of the Board of E. I. du Pont
The assertion that Indiana farmers are going over to the
of
Nemours & Co., which owns nearly 25% of the common stock
rly since Governor Smith's announcement
the dominant figure in that Secretary Hoover, particula
General Motors, has been looked upon as
ion fee, was made here to-day by
of the that he was opposed to the equalizat Mr. Watson declared that senticorporation. Members of the du Pont family and associates
James E. Watson of Indiana.
Mr. Raskob, are also large holders of the Senator
immediately
du Ponts, including
ment among Hoosier farmers was antagonistic to Mr. Hoover
stock. According to Wall Street information, these interests have what after the Kansas City convention, but that a change had been in evidence
Fisher
amounts virtually to working control of the corporation. The
the in the past few weeks.
friends here,
brothers hold the largeest amount of stock of any group besides
The letters of Senator Norbeck and Mr. Wallace, written to
and they, like the du Ponts and their
of the equalization fee
du Ponts, it is understood,
stated in effect that Governor Smith's disapproval
actively identified with the General Motors manage- had greatly disappointed corn belt farmers who now argue that In view of
associates, are
P. Fisher and
announced
ment. Charles T. Fisher, Fred J. Fisher, Lawrence
attitude there is no substantial difference in the
of directors attending Mr. Smith's two candidates on the question of farm relief.
William A. Fisher are directors. The full list
of the
that Governor
it was learned that position
opinion
yesterday's meeting could not be obtained, but
Messrs. Norbeck and Wallace expressed the
equalization fee also had
some of the Fisher brothers were present.
Smith's failure to propose a substitute for the
ntment in the corn belt.
accentuated the feeling of disappoi
belt farmers, notably
Minimize Talk of Frfctfon
As a result, the Senator and editor 'wrote, the corn
n of other issues,
Persons in the confidence of various of the General Motors directors in South Dakota and Iowa, have turned to a discussio
of
is developing rapidly.
were inclined yesterday to minimize the importance of the reports
with the result that sentiment for Hoover
friction between the du Ponts and the Fisher brothers, saying they
did not believe that anything like a serious quarrel had taken place.
These persons said also that if there were any such differences they Corn Belt Democrats and Republicans, Headed by George
probably were smoothed over with the decision reached yesterday.
tic Presi-
In a statement issued at Wilmington Aug. 10 regarding
his resignation from the General Motors Corporation, Mr.
du Pont said:
"It is true that some days ago I presented my resignation of the
the
position of chairman of the Board of Directors and member of
on.
Finance and Executive Committees of General Motors Corporati
ly
"The board has requested that my withdrawal be made temporari
I have taken much interest
and in form of leave of absence. Recently
of legisin the broad subject of the propriety and validity of the kind
ion of the
lation involved in the 18th amendment to the Constitut
United States and in the enforcement of the Volstead act.
of
"This question is strictly political and, though not yet a matter
conpolitics, may become a party issue of as great importance and
tention as has ever arisen. The alignment may not become that
of the existing party, but until a settlement is reached strongly opposed opinions will continue to be held.
"In order to avoid embarassment to General Motors Corporation and
its officers and in order to adhere strictly to the rule that the corporation shall not become involved in political affairs it has seemed
proper to offer to the board an opportunity of discussing my relations to
the prohibition amendment. The decision reached is entirely satisfactory to me and is now in force."
The "Wall Street Journal" of Aug. 10 stating that Pierre
S. du Pont had come out for Gov. Smith, Democratic candidate for President, with a declaration that modification
of the prohibition law is "the real issue before the country"
announced that Mr. du Pont in a statement to Every Evening, a Wilmington newspaper, said:
"The really important issue before the country, namely that of
maintaining intact our original form of government and the liberties
of the people, is not dealt with in either party platform. The issue
has been raised by the Eighteenth Amendment of the Constitution.
Nine years of experiment have proved that 'prohibition' does not
prohibit, strong drink is still readily obtainable and the ill effects of
its abuse remain with us. The real question involves the governproy
ment itself—whether the machiner of our system, designed to
and abused so as to curtail
mote individual liberty, can be twisted
their direct consent,
liberty and to impose upon our people, without
to a substantial minority or perhaps even to
laws that may be odious
a minority.
platforms have ignored. the question, but
"The parties in their
and after his nomination, has spoken
Governor Smith, both before
ion. I believe he intends .to enforce the
clearly in favor of modificat
the Democratic platform until a change is
law in accordance with
N. Peek, Confer With Gov. Smith, Democra
dential Nominee, on Farm Relief—Secretary Hoover's
Views Considered Unsatisfactory.
Headed by George N. Peek of Moline, Ill., a delegation of
farm leaders in the corn belt, conferred at Albany, N. Y. on
the
August 13 with Governor Smith, at the instance of
d the conference with a view to
latter, who had arrange
s for
seeking their ideas on the subject of legislative measure
nt following the conference Gov.
farm relief. In a stateme
in his
Smith indicated that he would discuss the subject fully
g the nomination as President
speech, (August 22) acceptin
Albany on
on the Democratic ticket. A dispatch from
" said:
August 13 to the "Times
gs
the day's proceedin
The report of the Governor's visitors on
meeting broke up. It
was given out late in the afternoon as the
ed by Chester C. Davis,
took the form of a joint statement distribut
Montana, who
Commissioner of Agriculture in
formerly Republican
g co-operatives in
farm organizations and marketin
has represented
Chicago and Washington.
The statement reads as follows:
of Governor Smith to disWe came to Albany at the invitation
and to explain our view
the agricultural problem with him
cuss
adopted toward its solution.
national policies which should be
of
political situation in our States
We were not invited to discuss the
or sections.
that
to Governor Smith, is
In general our position, as explained
stability and protection equivabefore agriculture can be afforded
an effective control of
lent to that developed for other groups
permit the
must be provided, which will
agricultural surpluses
or domestic
supplies that are in excess of seasonal
handling of
needed at home. If
requirements, independently of the portion
Treasury subsidy is
surplus control is to be effective, and if
such
n that the costs involved
to be avoided, we explained our convictio
against the units of the
in handling the surplus must be assessed
commodity benefited.
crops of agriculture
We expressed the view that if the surplus results from tariffs
Government subsidy the
are to secure without
these principles must be
that compact industrial groups secure,
with the Goverin national legislation. We were pleased
embodied
agricultural problem.
interest in and understanding of the
nor's
Gov. Smith issued the following statement:
908
FINANCIAL CHRONICLE
I invitied these gentlemen here today, as among the foremost
leaders of farm organizations and of farm thought, to secure their
views first hand on necessary legislation and not to discuss politics.
After hearing their views, I find we are agreed as to the necessity of legislation to help America's basic industry. I have assured them, in my opinion, the essentials of the relief they are
seeking through legislation are covered in the Democratic
platform upon which I stand. There remains
but to determine the
details to make these essentials effective.
I shall discuss this subject fully in my acceptan
ce speech.
In its account of the conference the "Times" dispatch said
in part:
Although politics was nominally eschewed
by the conference, the
first negotiations on an extended scale
for an alliance between
Governor Smith and the Republican Corn Belt were
opened today
when eleven farm leaders, seven of them more
or less actively
affiliated with the Republican Party, spent the morning
and afternoon with the Democratic candidate in the Executiv Mansion.
e
• • •
The delegation which met with the candidate represented some
of the most powerful agricultural organizations of the West, which
have memberships of thousands and have been politically influential.
It included four members of the Committee of Twenty-two of the
North Central States Agricultural Conference, a chairman of
the Corn Belt Committee, and the Presidents of the leading farm
organizations in Illinois and Indiana, in which States Governor
Smith plans a special campaign drive.
Peek Heads the Delegation.
Although the conference was represented by all concerned to be
primarily informative and non-political, it was pointed out that
the political angle, hinted at in the visitors' recognition of the
Governor's "understanding" of their problem, was emphasized by
the fact that they came shepherded by George N. Peek, Chairman
of the Committee of Twenty-two, who declared his support
of
Governor Smith two weeks ago despite his Republican leanings.
One other Frank W. Murphy of Wheaton, Minn., Chairman of
the Legislative Committee of the Corn Belt Committee, which
is
made up of almost forty Midwest farm organizations,
had been
a bolter from Republican ranks, following Mr.
Peek into the Smith
camp. When Mr. Peek declared for the Democrat
ic candidate he
let it be known that he would enter actively
into the campaign by
rounding up other farm leaders.
•
• •
Elaborating on the prepared statement
of his colleagues, Mr.
Davis, as spokesman, disclosed a possible
reason for the absence of
a political pronouncement as well as a hint
of action to come when
he suggested that those present wanted to
consult their associates.
"These men are representatives of farm
organizations," he said.
"Back of them are boards of directors and
subsidiary organizations
to be consulted before any pronouncement.
Any such declaration
would be based on the acceptability of the
platform and the stand
of the candidate. Of course, the candidate
has not formally detailed his stand, which must await the acceptan
ce speech."
Says Platform Meets Wishes.
Refusing to say what the views of the others
with him might
be, Mr. Davis gave it as his personal
opinion that the wishes of
the farm leaders were covered by the
Democratic plank on farm
relief.
[VOL. 127.
culture, and his general statement of the necessity to establish fo.
farmers an income equal to that of other occupations is good. No
farm organization could ask for more in the way of general expression.
Says Program Is Wanted.
"The responsibility of a farm organization to its members, however, requires that before a program can be accepted as satisfactory
it must give assurance of the means that will be adequate to secure the ends promised. This, in my judgement, Mr. Hoover's
statement fails to do. He promises higher tariffs, waterway improvement and a farm board to set up stabilization corporations
financed by Government loans. This last proposal was the basis
of the Crisp bill, which Congress rejected in the last session and
which failed to secure farm support.
"Mr. Hoover says the tarriff is the foundation of farm relief
and promises to use his office and influence to give the farmer the
full benefit of our historic tarriff policy.
"For five years eastern farmers have demanded not only that
agricultural tarriffs be adequate but that a way be found to make
such tarriffs effective on that portion of our surplus crops consumed
at home. On the latter Mr. Hoover is silent. This question has
been too much in the forefront
of farm relief discussion to bo
ignored. Farmers will want this question answered before
they
go to the polls in November."
Although Mr. Peek was as silent on political predictio
ns as the
others, he seemed pleased with
the results of the conference. He
pointed out that three other members
of the Committee of TwentYTwo were present, and when
asked whether any more would declare for Governor Smith hq
gave an emphatic affirmative. Besides the four in Albany today, two
of whom, Mr. Peek and Mr.
Murphy, are now in the Smith
camp definitely. A. D. Fairbaira,
an Ohio member of the Committe
e, has announced his support of
the Democratic candidate.
Those Attending Conference.
In addition to Messrs. Peek, Murphy, Settle,
Smith and Davis, X.
Cavern°, president of the Missouri
Cotton Growers Association, and
a member of the Committee of Twenty-t
wo, and Mrs. Vernie Hatch,
head of the Women's
department of the Indiana Farm Bureau
Federation, were Republican members
of the delegation.
The others present. Democrat
s or Independents, were William
Hirth, Chairman of the
Corn Belt Committee and a member of the
Committee of Twenty-two;
J. N. Kehoe of Kentucky, member
of the Burley Tobacco
Growers Association; Dr. B W. Kilgore
of North Carolina,
President of the American Cotton Growers
Exchange, and Dr. Tait Butler
of Tennessee, publisher of The
Progressive Farmer.
With the completion of
the farm conference Governor Smith
faces four more political conversat
ions in the next four days
which may have almost
as large an effect on his political fortunes. Tomorrow he is
to see Senator Carter Glass of Virginia.
On Wednesday, Josephus
Daniels of Raleigh, N. C., former Secretary of the Navy, is to
pay him a visit, Senator Walter F. George
of Georgia will come
Thursday and Senator Thomas J. Walsh of
Montana on Friday.
All of these visitors
are drys and all are influential, the three
Senators having been
in the running or memtioned prominently
for the Democratic
Presidential nomination. Prohibition and the
Governor's stand in his
speech of acceptance are naturally expected
to be subjects of
conversation. There also will be a discussion of
political prospects in the
South.
"It recognizes the problem and
remedy in about the way the
farm group sees it," he said.
Declaring that the conferences had
limited itself to a disAn item relative to the
cussion of the economics of the general
intention of Mr. Peek to support
agricultural situation, he Gov.
added:
Smith for President appeared in our issue
of August 11,
"We came to impart our views rather
than to get the Governor's. page 774.
We did not attempt to pin him
down in any way. It would be
unfair to imply that our purpose,
or the Governor's, was to
bring G. N. Peek of
out political support. We did find
Committee of Twenty-Two Requests Gov.
that the Governor showed a
satisfactory interest in the problem.
Hamill to Call Conference of Governors of States in
"
Although Mr. Davis insisted that
the group preferred not to take
North Central Agricultural Conference.
a political stand, he said:
"These things are watched pretty
Supplementing the correspondence published in our issue of
closely. After the Governor's
speech, then every man will have to
decide for himself on the mat- August 11, page 774 between Gov. Hamill
of Iowa and George
ter."
N. Peck, chairman of the Executi
W. H. Settle, President of the Indiana
ve Committee of TwentyFarm Bureau Federation Two
and a Republican, who, like the other
of the North Central States Agricultural Conference,
unpledged members of the
delegation, refused to say whether he
would support Governor a further letter has been addressed by Mr. Peek to Gov.
Smith, admitted that at the Kansas City
convention he had said Hamill; in his latest
communication Mr. Peck asks that the
in a speech: "We won't support Herbert
Hoover." With his col- same states
leagues, however, he refused to discuss a possible
represented at Gov. Hamill's conference in 1926
move to back the
Democratic nominee.
(at which the equalization fee was indorsed again
),
be called
"We might even have a third party," he suggeste
d when in- in conference for the purpose
of redefining their position on
quirers sought to have him make his answers
more definite.
the equalization fee of the McNary
"You don't seriously mean that," Mr. Davis
-Haugen farm bill. As
said quickly, and
we indicated in our issue of a
Mr. Settle nodded agreement.
week ago (page 774) Mr.
Peek has declared himself in
Discuss Hoover's Speech.
support of the candidacy of
If there was no public statement made for
the Smith candidacy, Gov. Smith for
President; the fact that Gov. Smith is not
dissatisfaction was openly voiced, however for Hoover's
stand on committed
farm relief as explained in his speech of acceptan
to the equalization fee was likewise referred to
ce of the Republican nomination.
on page 774 of our August 4 issue. An account of the latest
"Hoover's pronouncement," said Mr. Davis, "on
the national letter of Mr. Peek to Gov. Hamill
is taken as follows from
steps to restore agricultural equality are
wholly inadequate to the New
York "Times" of August 13:
accomplish it."
The Peek letter was in reply
"He failed to discuss the real question at all,"
to a rather acrimonious communisaid Mr. Settle.
cation from Governor Hamill
"My Personal reactions to Hoover's inadequacy in
in which the latter accused Mr. Peek
the situation of having gone
were expressed beforehand," said
beyond the power vested in the Executive ComMr. Peek, indicating that his mittee of
Twenty-two in bolting the Republican Party and coming
hostility to the Republican candidate was
unchanged.
out for Governor Smith.
Earl E. Smith, President of the Illinois
Mr. Peek, when he announced several
Agricultural Association, days ago. after
a
a conference with Governor Smith, that he would
Republican, who was another member of
the delegation, added support him for
that Mr. Hoover had entirely
President, made it perfectly clear that he was
overlooked the problem of disposing speaking
only for himself and not for his committee. He stresses
of surplus crops. In a
statement he handed out, which he pre- this fact
in his answer to Governor Hamill,
pared in Chicago before conferrin
which was made public
g with Governor Smith, Mr. Smith through the
said:
Democratic National Committee.
Governor Hamill, following
"Mr. Hoover in his acceptan
a conference of the Corn Belt Comce speech frankly recognizes that mittee. another
the most urgent economic
important agrarian group, which was held at Hes
problem in our nation today is agri- Moinees on
July 16, announced his own stand in support of Herbert
AUG. 18 1928.]
FINANCIAL CHRONICLE
Hamill
national platform. Governor
Hoover and the Republican
Corn Belt Committee, which
occasion declared that the
on this
Democratic agrarian plank, was comcame out in support of the
public
Mr. Peek in the letter made
posed largely of Democrats.
the
on Resolutions, which framed
declarecs that its Committee
endorsing
rejecting the Republican and
resolution finally adopted,
of
stand en agriculture, was composed
the Democratic platform
Democrats.
one independent and only two
thirteen Republicans,
Peek Blames Administratiox.
ion to Mr. Peek had said that
Governor Hamill in his communicat
Mr.
farm relief legislation by Congress.
"Politics" had blocked,
blocked through
answer just made public said it was
Peek in his
President, inspired by Mr. Hoover
the action of an. "unsympathetic"
W. Mellon, the action being
Secretary of the Treasury Andrew
and
of the three against any measure
based upon opposition on the part
on agricultural commodities in the
that would stimulate the prices
of the surplus products.
home market by artificial control
Hamill, the Republican Party, first
Thus, Mr. Peek wrote Governor
and subsequently in its natthrough the President and his advisers
program which the North
ional platform, had definitely rejected the
been created to foster
Central States Agricultural Conference had
until recently had been an
and of which Governor Hamill himself
aggressive exponent.
endorse the
"You say that the Democratic Party failed to
"To be sure,
equalization fee," Mr. Peek's letter goes on to say.
of the McNaryit did not by name endorse the equalization fee
of the
Haugen bill, but it very definitely endorsed the principle
equalization fee when it said: 'We pledge the party to an earnest
cost of
endeavor to solve this problem of the distribution of the
dealing with crop surpluses over the marketed units of the crop
whose producers are benefited by such assistance. The solution
which the
of this problem would avoid Government subsidy, to
a prime
Democratic Party always has been opposed, and will be
and immediate concern of a Democratic Administration.' "
909
Railroad Trainmen, had
A. F. Whitney, l'resident of the Brotherhood of
Chairmen of the two Brotherhoods
the ballots distributed by ninety general
the West. The decision will
meeting with their committees throughout
be announced Sept. 2.
98% of the mileage west
About eighty railroads, owning approximately
have been settled by arbitraof Chicago are involved. Wage differences
tion in the East and South.
to settle the wage question by
As a result of the failure of recent efforts
the original demands of the
arbitration in the West, the balloting is on
to 18% for trainmen
for increases ranging from 10% for yardmen
unions
and conductors.
rejected an offer of a 73.% increase
The labor organizations recently
existing working rules which
because the union insisted on retaining certain
the rules in dispute were
Western roads wished to abolish. Among
the
two locomotives and the numi
those govening the restrictions on the use of
ber of cars to be pulled by two engines.
conferences at Chicago between
The 735% offer was made following
Williams of the Federal
representatives of the union, the roads and John
satisfactory to the labor organizaBoard of Meditation. This increase was
also were important and
tions, but they contended the working conditions prepared and the last of
then
negotiations were dropped. Strike ballots were
them were mailed from Chicago yesterday.
finally were dropped Aug.8;
The Chicago conferences started July 16 and
increases were made several months
The original demands for the 10 to 18%
ago.
offer would have
Whitney said acceptance by the unions of the 73i%
and trainmen, giving them
discriminated against Western conductors
and Southern roads.
lower wages than those in effect on Eastern
rates for conductors, trainThe head of the trainmen said standard basic
were under Government conmen and yardmen established while the roads
Board of Arbitration on
trol had been upheld in a decision by the Federal
yardmen equal to those of
Mar. 1 1927, that raised salaries of Western
similar employees in the East and South.
roads involved are the
Among the more important of the eighty Western
Santa Fe, Rock Island,
Southern Pacific, Union Pacific, Atchison, Topeka &
Milwaukee & St. Paul,
Chicago & Northwestern, Burlington, Chicago,
and the St. Louis
Denver & Rio Grande, Great Northern, Northern Pacific
& San Francisco.
e
On Aug. 15 J. W. Higgins, Chairman of the Conferenc
Committee of Managers of the Western railways, issued
a statement at Chicago representing the railroads' views on the
strike vote. "In refusing to accept the offer of arbitration
made the railways," Chairman Higgins said, "the union repsentatives have acted in disregard to the spirit and purpose
of the Watson-Parker Labor Act and are imperiling its usefulness. The Watson Act passed only two years ago, was
drafted by representatives of all railway labor organizations
and the majority of the railways, and its passage was urged
by both groups. Persistence by conductors and trainmen in their refusal to arbitrate would amount to a repudiaon
tion of this law," In June 1927, Higgins said, an arbitrati
board under this Act held that the fact that employees on
labor.'
"We were instructed 'under all circumstances' to work for the Eastern and Southeastern roads were granted an increase
enactment of these principles into law. It should be apparent that
no reason why an advance should be granted on Western
if the enactment of these principles is to be secured by farmers was
in the West prevregardless of party, who wil roads, because conductors and trainmen
they must help elect a President,
2
the pledges of his party and who will sign such a measure iously had been earning 6V to 7% more than those in the
respect
to give farmers the benefit of tariffs and orderly marketing: and East and Southeast.
to accomplish this without Government subsidy, by spreading the
It was stated in Associated Press dispatches from Washingcost of handing surpluses over the commodity benefited.
to
ton yesterday (Aug. 17) that urgent pleas for an appeal
Asks Neuf Farm Conference.
President Coolidge for the creation of a special Federal
"This does not mean that farmers should desert their friends in
inquire into the threatened strike have reached
Congress, or turn against friendly candidates for State and other board to
from business
offices, unless such candidates go out of their way to try to carry the United States Board of Railroad Mediation
with them a Presidential candidate known to be opposed to the and civic organizations all over the West and from a number
Principles for which they are striving and for which their organizaof Governors of Western States.
tions stand.
Chairman Winslow of the Board to-day refused to say
"As to your charge that I have been attempting to mislead the
people as to Governor Smith's attitude toward the equalization fee, whether an appeal to the President had been or would be
r have only this to say: In Governor Smith's authorized statement made, but in answer to a question said:
Warns Against Compromise.
CommitMr. Peek went on to say in his letter that the Executive
the North
tee of Twenty-two was bound through instructions from
the very
Central States Agricultural Conference not to compromise
rejected in
principles which the Republican Party had definitely
only
its platform and could be released from those instructions
goes on:
through action by the conference itself. The letter then
that twice
"These principles have formed the basis of farm relief
the opPassed Congress in legislation that would have furnished
crops
portunity for the farmers to get the benefit from tarritTs on
only to
of which we export a surplus-legislation that was passed
who never
meet twice with the veto of an unsympathetic President
problem.
advanced a constructive proposal himself addressing the
And this in the face of the platform pledges of his party upon
which he was elected 'to take whatever steps are necessary to bring
and
about a balanced condition between agriculture industry
merit he repeated his stand in support of the very principles for
which we, and until lately you, have been working—effective surplus control, with the cost assessed against the units of the commodity benefited. You always pretended to believe that principle
Governor Smith has asserted his belief that it
to be sound
is
sound and if there is a better way to apply it than through the.
equalization fee provisions of the McNary-Haugen bill, I for one
to see Governor Smith free to develop that better way with
want
the aid of farm leaders and marketing economists.
"In conclusion I wish to reiterate the suggestion which was the
purpose of my former letter to you. The Committee of Twentytwo is bound by the instructions of your conference to the principles of farm legislation which were rejected by the Republican
Party at Kansas City and endorsed by the Democratic Party at
Houston. If you desire the Committee of Twenty-two to follow the
Republican example in repudiating this principle, then I repeat
my former suggestion that you may 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 redefine their position. Such a decision,
involving as it would a radical change of policy, is elearly beyond
the scope of my Committee."
Strike Ballots Distributed Among Employees of Western
Roads—Increased Wage Demands the Issue.
A vote on the question of a strike of trainmen and conductors of Western railroads is now under way, regional
meetings having been held on Aug. 14 to distribute strike
ballots approximately 70,000 employees of the roads. Wage
disputes between the roads and the Brotherhood of Railroad
Trainmen and the Order of Railway Conductors precipitated
the action said Associated Press dispatches from Cleveland
Aug. 14, from which we quote the following:
"There is nothing different in this case from the usual orderly proceedings which take place when a strike vote is taken by a railroad employees'
organization or organizations acting in accordance with their established
methods, which are quite familiar to both parties immediately involved.
The railroad labor law clearly indicates the line of action to be followed
in the event of any really threatened strike within the meaning of the Act.
the
There appears to be no present reason for supposing that the provisions of
to arise or that
law would not be adequate to meet any situation likely
to protect the
the machinery of the law will not be operated if necessary
interests of employees, carriers and the public."
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
The latest reports of new banking ventures in this city are
a new
to the effect that a move is under way to establish
Street bank. One of the newspaper accounts regarding
Wall
this reported project appeared as follows in the "HeraldTribune" of Aug. 17:
Itaskob, Chairman of the
Wall Street heard yesterday that John J.
F. Kenny, Governor
Democratic National Committee. and William
pre-convention campaign, were
Smith's friend and pane pal backer in his
of a new bank whose capital,
among those interested in the organization
which any bank ever was organized
$50,000,000. would be the largest with
in this country.
The report took more definite form than the facts warrant, according to
project. Mr. Fiske said that
A. F. C. Fiske, one of those interested in the
stage of Informal discussion;
the enterprise had not advanced beyond the
as suitable for capital and surplus,
the no sum had been agreed upon
of the opinion that it must be a substantial one, and that
although all were
it was altogether too early to speak of the selection of directors.
"I was much surprised," said Mr. Fiske. "to see the announcement of
the proposed formation of a new bank of 850,000,000 capital and surplus on
the front page of one of this evening's newspapers.
"There has been some informal discussion concerning the organizing a a
910 •
FINANCIAL CHRONICLE
large new bank and the time has been considered opportune
in view of the
general confidence of the business community that which every
way the
elections go, a period of prosperity lies ahead.
"But the story appearing in this evening's paper is erroneous
in nearly
every detail. No sum has yet been decided upon as the capital and
surplus
of the proposed bank, although it is felt that, if organized, it should
be of
very substantial size.
"Several men, well known in the financial world, have been approached
only in the most informal way to assume their full knowledge and approval
of the general plan of organization. No board of directors has been decided
upon nor invited to participate."
Mr. Raskob said that he was not an incorporator and could not say
anything about it.
Others who were mentioned as probable directors are the Fisher Brothers,
of Detroit, members of the du Pont family; Ralph Jonas, of Brooklyn,
Cllhirman of the Financial and Industrial Securities Corp., and Fred
Hasler, a Director of the Bank of America when the legality of its voting
trust was successfully contested by the Jonas interests.
Wall Street heard yesterday on good authority that the Jonas Brothers,
Ralph and Nathan, who control the Manufacturers Trust Co. and the
Financial & Industrial Securities Corp., had been approached by organizers
of the new bank and that they had consented to become actively interested.
It is understood that no application for a national bank charter has
yet
been made to the Controller of the Currency, but this would constitute one
of the final steps In the organization proceedings.
'At a meeting of the board of directors of the International
Union Bank of New York on Aug. 15, it was decided to call
a meeting of stockholders for Aug. 27, to act upon a proposal to increase the capital and surplus from $500,000 to
$1,050,000. The capital and surplus at present stand at
$250,000 each.
:At a meeting of the board of trustees of the New York
Trust Co. held Aug. 15, Cleveland Cobb and Arthur W. W.
Lawless of the Fifth Ave. office were appointed Assistant
Secretaries.
Edward S. Rothchild,President of Chelsea Exchange Bank
of New York, returned this week on the Ile de France from
an extended European trip. Lewis H. Rothchild, President
of the Chelsea Exchange Corp., is sailing on the Ile de
France for a business trip to Europe.
[vol.. 127.
court on his entry into the banking field will be men who
will be representative of a diversified number of trades.
Apart from the confirmation of a report that the charter for the bank had been approved, Mr. Lefcourt's comment was to the effect that the new institution would naturally be intimately identified with the business of midManhattan, especially that between 34th and 42d Streets
and from Fifth to Eighth Avenues. It is reported that the
new bank will apply for membership in the New York
Clearing House Association. As a national bank, the Normandie National Bank will automatically become a member of the Federal Reserve System. Mr. Lefcourt stated
that the directorate and officers of the bank have not as
yet been determined but that an announcement would be
forthcoming within the next month. He added that the
president of the new institution will be an experienced
banker and one who has been prominently identified with
local financial institutions for many years. As a pioneer
in the movement which called for the exodus of the
women's garment manufacturing industry from the east
to the west side of the city, Mr. Lefcourt is the owner
of four corners on Broadway between 34th and 42d Streets.
He is a director of the Harriman National Bank, and was
the first President of the Manufacturers Association of
the women's garment industry, which body, following the
general strike in the industry in 1910, signed the protocol
of peace calling for the abolition of the sweat shop in the
garment trades promulgated by Justice Brandeis. It was
immediately on his retirement from the women's garment
trade that Mr. Lefcourt commenced the erection of modern fireproof loft buildings on the west side. Mr. Lefcourt
is one of the foremost builders in the metropolitan area.
He is now completing his twenty-first structure, a 40-story
office building at Fifth Avenue and 43d Street, on the
site of the old Temple Emanu-El, to be known as the Lefcourt-National Building.
A new national bank has been organized in Harlem in
John David Beals, a director of the Bank of the Manhattan Co. of this city, died on Aug. 11 in Pontiac, Mich. behalf of the negro population of the city. The new bank
Mr. Beals was President of the Bank of Washington Heights will be established under the name of the Dunbar National
Bank of this city. The application to organize the bank
before its merger with the Bank of the Manhattan Co.
was approved by the Comptroller of the Currency. The
The Bank of America National Association on Aug. 11 institution will have a capital of $500,000, a surplus of
opened its 29th office in Greater New York at Roosevelt $500,000, and undivided profits of $40,000, or a total at the
and Alburtis Avenues, Corona, L. I. This is the second start of $1,040,000. The bank will locate in the Dunbar
branch to be established since the consolidation of the co-operative apartments for negroes erected by John D.
Bowery and East River National Bank and the Commercial Rockefeller Jr. at Eighth Avenue between 149th and 150th
Streets; the institution will open for business on Sept. 17.
Exchange Bank with the Bank of America.
The officers of the bank are: President, Joseph D. Higgins,
formerly Vice-President of the American Exchange Irving
John J. Lewis was elected a Vice-President and Edward
Trust Co.; Vice-President, Arthur H. Thien, also of the
R. Manning as Assistant Treasurer of Municipal Bank and
American Exchange Irving Trust Company; Cashier,
Trust Co., New York, on Aug. 13. Municipal Bank
dz George C. Loomis, formerly Assistant Auditor
of the FedTrust Co. opened their Manhattan office at 70 Wall St.
on eral Reserve Bank of New York. So far
as possible the
Aug. 15.
rest of the personnel will be negroes. The directors of the
bank arc: J. Howard Ardrey, Vice-President, National Bank
The Guaranty Trust Company of New York
announces
the appointment of Stuart Robert Cockburn as Manager of Commerce in New York; Edward L. Ballard, Chairman
of the Board, Merchants' Fire Assurance Corporation; R.
and Luigi Solaini as Assistant Manager of its
Liverpool C. Bruce, resident
manager, Dunbar Apartments; Everett
Office.
Guaranty Trust Company of New York also announces Colby, lawyer, Barry, Wainwright, Thacher & Symmers;
the appointment of Elmer G. Tewes as an Assistant Trust William R. Conklin, lawyer, Van Doren, Conklin & McNevin; Henry E. Cooper, Vice-President, Equitable Trust
Officer.
Company; Bertram Cutler, trustee, Equitable Life Assurance Society; Frank A. Dillingham, President South Porto
The organization of a new large national bank on Broad- Rico
Sugar Company; Charles 0. Heydt, President Empire
way in the district between 34th and 42d Streets was for- Mortgage
Company; Joseph D. Higgins, President; Robmally brought under way on Aug. 7, when A. E. Lefcourt ert C. Hill,
Chairman, Consolidated Coal Company; Charles
received the approval by the Comptroller of the Currency C. Huitt,
President, Ampere National Bank, Orange, N. J.;
in Washington of his application for a charter to organize William
Travers Jerome Jr., James B. Colgate & Co.;
the Normandie National Bank. The bank will be located George Leask,
retired banker; John D. Rockefeller 3d, and
In especially designed quarters in the new Lefcourt-Nor- Herbert L.
Pratt, Chairman of the board of the Standard
mandie Building now in course of construction at the Oil Co. of
N. Y. The stock of the new bank will be in
southeast corner of Broadway and 38th Street on the shares of
$25, and the price at which it will be placed is
site of the Hotel Normandie. These upstairs banking $52 per share—$2
5 going to capital, $25 to surplus, and
quarters, which will contain a footage equivalent to two $2 to the
undivided profit account.
entire floors with a height of the same dimensions, will
be the first of their kind to be introduced to Broadway.
The newly organized Plaza Trust Company of this city
and will be reached by a marble stairway from the main
will open for business at Fifth Avenue and Fifty-second
lobby of the building. It is expected that the bank will
commence to function with the official opening of the St. about Oct. 15. The institution will have a capital of $2,building on Jan. 2 of next year, and that when completed 000,000 and a surplus of $1,000,000. The stock of the company is being disposed of at $170 a share (par $100). An
the new Normandie National Bank will have the most
item regarding the new company appeared in these columns
modern and commodious quarters of any financial instiJune 30, page 4032.
lustten AU the mid-town section. Associated with Mr. Let
-
FINANCIAL CHRONICLE
Aua. 18 1928.]
The Pennsylvania Exchange Bank of New York announces the election of Joseph B. Marian' as a Director,
and the appointment of Frank M. Davis Jr. as Assistant
Vice-President.
IL
From the Boston News Bureau of yesterday, Aug. 17,
we learn that the Old Colony Associates, a subsidiary of the
Old Colony Trust Co. of Boston, contemplates an investment in the Harvard Trust Co. of Cambridge, Mass. and
are about to make an offer to shareholders of $475 a share
for as many shares of that company as may be offered.
As the offer is for investment only, it is said, with no intention of controlling or directing the policies of the Cambridge institution, it is conditional upon the continuance
of the present officers and directors in the management.
The Old Colony has no idea of absorbing or dominating
the Harvard Trust Co. The paper mentioned goes on to
say:
that the new bank was organized to handle the funds of
the Grand Lodge and to care for the banking needs of Italian
American citizens in and near New Haven. The institution
is capitalized at $100,000 in 1,000 shares of the par value
of $100 a share, all•held by the Grand Lodge. The officers
include officers and members of the lodge and are as follows: President, State Senator Joseph Cubelli of Bridgeport, Conn.; Vice-President, Dr. J. J. Costanzo of Stamford; Treasurer, Charles Sciullo of Waterbury, and Secretary and Cashier, A. Rosario Giaimo of New Haven.
Full board of directors of Harvard Trust approve the offer and are
recommending its acceptance by shareholders on ground that the proposed
association with larger financial interests will give impetus to the growth
of trust and investment departments, will enlarge the sphere of usefulness
to the Cambridge banking public and community and is a wise action in
anticipation of the general trend of expansion among financial institutions
in metropolitan Boston.
Harvard Trust Co. has a capital of $750,000: surplus and undivided
profits of $800,000; deposits of approximately $13,000,000 and resources
of $15,000.000. Sundry hidden (muffles are understood materially to
swell the book value of $206 a share. As compared with current offer of
$475 a share, stock is understood to have changed hands at $350 a share
prior to Inception of present negotiations which have been under way several
months.
Proposed investment in Harvard Trust Co., if consummated will give
Old Colony Associates control of eight suburban institutions, other acquisitions having been Menotomy Trust Co. of Arlington, Boulevard
Trust Co. of Brookline, Union Market National of Watertown, Newton
Trust Co., First National of West Newton, Needham Trust Co. and Dedham National. Total deposits of these seven were about $40,000,000 and
Harvard Trust will bring the total up to $53,000,000.
Former Mayor H. Otto Wittpenn of Jersey City was elected a Vice-President of the First National Bank of Hoboken,
N. J., on Aug. 7. Mr. Wittpenn is also a director of the
bank.
William AI. Beard was elected President of the Westfield Trust Company of Westfield, N. J., on Aug. 6, to succeed the late Joseph R. Connoly, who died July 24. Mr.
Beard has been a director of the trust company for three
years, and is completing his second term as Mayor of
Westfield. Mr. Beard is also a Counselor-at-law.
The Philadelphia "Ledger" in its issue of Aug. 17 states
that following a conference between officers of the Fidelity
Philadelphia Trust Co.and Philadelphia National Bank with
representatives of the Broad Street National Bank, National
Bank of North Philadelphia, Queen Lane National Bank and
Oak Lane Trust Co., which latter Philadelphia banks have
announced their intention to consolidate under the name of
the Philadelphia Bank & Trust Co., the following statement '
was issued:
Robert Cunningham Morse, for about twenty years a
partner in the investment banking firm of Jackson & Curtis, Boston, died at his home at Milton, Mass., on Aug. 7.
Mr. Morse, who was born in Brookline, Mass., had been
associated with the house of Jackson & Curtis since about
1900 and a partner for about twenty years. Among his
numerous other interests, he was a director of the Blue
Hill National Bank of Milton, the Boston Manufacturing
Company, Vice-President and director of the Boston Petroleum Company, a director of the Boston Gas Light
Company, Electric Securities Corporation and the Flintkote
Company; a director of the Gillette Safety Razor Company,
the Thomson Electric Welding Company, United Electric
Securities Company and the Wyman-Gordon Company;
treasurer and director of the Gloucester Electric Company,
&c., &c.
As a result of a conference held between officers of the Fidelity-Philadelphia Trust Company and of the Philadelphia National Bank and representatives of the Broad Street National Bank, National Bank of North
Philadelphia, Queen Lane National Bank and Oak Lane Trust Company.
it was announced that the merging banks, upon completion of their consolidation will use the name "Bank of Philadelphia and Trust Company."
The conference was entirely friendly, and it was the unanimous opinion of
those attending that the suggested change in name would be helpful to
all the banks concerned.
Directors of the Old Colony Trust Co. of Boston, Mass.,
have elected Charles B. Wetherbee of the transfer department of the institution a Vice-President, and John Coulson,
Jr., Secretary, to fill the vacancy caused by Mr. Wetherbee's promotion. At the same meeting, Miss Martha L.
Scally was made an Assistant Cashier and Miss Susan B.
Sturgis, an Assistant Secretary. With regard to these promotions, the Boston "Transcript" of Aug. 11 said in part:
Mr. Wetherbee entered the Old Colony In July 1896 and has served
thirty-three years in helping to build up one of the largest transfer departments in the country. When Mr. Wetherbee first went to the bank
the department employed fifteen and now numbers well over one hundred persons.
Mr. Coulson joined the staff in 1912, as a messenger at the Temple
place office. Later he was connected with the check tellers and trust
departments. During the war he served as a first lieutenant in the
301st Machine Gun Battalion, returning to the trust department in 1919.
He was appointed assistant trust officer in March 1920 and trust officer
In June 1927. Later he entered the transfer department as assistant
secretary.
Miss Scally has been in the employ of the company since 1910, when
she entered as a stenographer. From 1917 to 1925 she did secretarial
work for Francis Hart and Philip Stockton. She was also secretary to
former Vice-President Wallace B. Bonham. In 1925 Miss Scally was
elected assistant secretary and is the first woman to hold office in any of
the large Boston banks. At present she is New England Vice-President
of the Association of Bank Women. She will be in charge of the new
women's department to be opened at the Temple Place office in the fall.
Miss Sturgis entered the Old Colony Trust Oompany in 1918 and has
been connected with the Bay State branch ever since. She has acted
as secretary of the women's advisory committee since it was organized
and has been in charge of the lectures and teas given to women enstamers at the Temple place branch. For a number of years Miss Sturgis
acted as technical director of the Vincent Club.
The Sons of Italy Bank, under the auspices of the Connecticut Grand Lodge of the Sons of Italy, opened for business at Wooster Place, New Haven, on July 31, according
to the New Haven "Register" of that date, which stated
911
Arthur Hamilton Vail, Philadelphia Manager for the
investment brokerage firm of Halsey, Stuart & Co. of this
city, was killed, Aug. 9, when he toppled from a window
of the company's offices on the fourteenth floor of the
Packard Building at 15th and Chestnut Streets, Philadelphia. Death was instantaneous. Illness ascribed to the
extreme heat was the explanation of Mr. Vairs fall, given
by Philip C. Rider of the New York office of Halsey, Stuart
& Co. who went immediately to Philadelphia after being
informed of the tragedy. Mr. Vail was 45 years of age and
was born at Wisner, Neb. He attended the University of
Chicago and Harvard University. He had been with the
Philadelphia office of the brokerage house since 1916.
Arthur S. Arnold, of Arnold & Wannemacher, was recently elected a director of the Aldine Trust Co. of Philadelphia, according to the Philadelphia "Ledger" of Aug. 15.
A charter was issued by the Comptroller of the Currency
on Aug. 1 for the Hyde Park National Bank of Scranton,
Pa., with capital of $125,000. The institution represents
a conversion of the Hyde Park Deposit Bank of Scranton.
Gomer C. Davis is President of the new bank and H. T.
Harris, Cashier.
The following important changes were made in the personnel of the Commonwealth Bank of Baltimore, at a meeting of the directors, on Aug. 9, according to the Baltmore
"Sun" of the following day; J. G. Valiant was elected
Chairman of the Board, a newly created office; Bernard
J. Barrett was made President, succeeeding A. J. Grape,
who resigned; Frank H. Callaway was elected First VicePresident; Irvin D. Baxter, Second Vice-President; A. B.
Crouch and W. H. Yeatman were appointed Assistant Cashiers, and William L. Galvin, Attorney. At the same meeeting
W. II. Billingslea resigned as Cashier, but this office was
left vacant temporarily, it was said: Mr. Grape and Mr.
Billingslea have disposed of their holdings in the bank,
It was stated, and plan to engage shortly in other pursuits.
,Advices from Marion, Ind. on Aug. 6 to the Indianapolis
"News" reported the merger of the Marion State Bank of
Marion and the Marion National Bank, two of the oldest
banking institutions in that city. The resulting institution
will continue the name of the Marion National Bank and •
will occupy the home of that institution. The Marion State
912
FINANCIAL CHRONICLE
Bank, as such, closed for business on Aug. 4 and moved
Its deposits and equipment to the Marion Nationa Bank,
l
the dispatch said. George A. Bell continues as Chairm
an
of the Board of the enlarged bank and E. E. Blackbu
rn
as President. Milton Matter and Philip Matter formerl
y
of the Marion State Bank, become Vice-Presidents
of the
new institution. Combined resources of the banks approxi
mate $7,000;000. The Marion National Bank was founded
as the Jason Wilson Bank in 1862, while the Marion State
Bank was organized by Philip Matter, now dead, in 1883.
At a meeting of the Board of Directors of the Chicago
Title & Trust Company held on August 8, Hugo Sonnenschein was elected a member of the Board to succeed the
late Wyllys W. Baird.
At a meeting of the Board of Directors of the Union
Trust Company, Chicago, on Aug. 14, Chairman of the
Board Frederick H. Rawson announced that a resolution
was passed to increase the capital stock by $1,000,000
(raising the same from $3,000,000 to $4,000,000). The stockholders will vote on the plan to increase the stock at a
meeting to be held in September. If the plan is approved,
the new stock will be offered to stockholders of record on
a date to be announced later at $400 a share, and each
stockholder will have the right to buy one new share
for each three shares held.
On Aug. 7 Homer A. Miller tendered his resignation as
President of the Iowa National Bank of Des Moines and
of its affiliated institution, the Des Moines Savings Bank
& Trust Co., and was succeeded by Clyde E. Brenton, heretofore First Vice-President of the banks, according to the
Des Moines "Register" of Aug. 8. In announcing his
resIgnation, Mr. Miller stated that he was acting on
the
advice of his doctor. He will continue as a director
and
stockholder of the in.stitutions. In regard to Mr.
Miller's
career, the paper mentioned said:
Mr. Miller started in the banking ivisiness with his
father, B. F.
Miller, at Webster City, in 1882. His father had
founded the Farmers Nati-nal bank in Webster City before the Illinois
Central cad extended its line to the town. As quite a young man,
Mr. Miller went
to Eagle Grove, where he darted the First National
bank. His successful record there caused him to be made a state
bank examiner, in
which work he continued for several years.
While still in Eagle Grove, he joined with twenty-ei
ght other bankers in starting the Iowa Bankers association, of
which he was the
seventeenth president in 1903.
He came to Des Moths to join the old Des
Moines Savings bank.
This bark consolidated Its interests with
the Iowa National bank twenty
years ago and Mr. Miller has for many years
been president of both
banks, which are operated under separate charters,
although the same
officers and directors serve both banks. He
has watched the banks'
deposits grow in the thirty years he has been
there from about $1,000,000
to nearly $25,000,000.
Mr. 'tiller is a member of the state
banking board, which post
he will continue to hold as he does his
place as director in the banks.
During the war he was director of war
savings stamps sales for this
state when Iowans bought $47,000,000 worth
of stamps in one year.
He has been a member of the executive
council of the American Bankers association and has served on many of
its conunittees.
The Bank of Commerce & Trust Co. of Memphi
s will start
construction in the early fall of a new million
-dollar banking home at the corner of Second Street and
Monroe Avenue. It will be the largest building in the
South, it is
stated, used exclusively for banking purposes,
and one
of the largest in the country. The following
outline of the
plans Is given by W. J. Hanker of the firm of Hanker
and
Cairns, architects:
The building is to be 150 feet square, with an exterior
height of 60
feet from the street level. It will include three stories and
basement with
the set-back type of architecture used. It will provide 75,000
square
feet of working space.
The exterior of the building will be of polished granite
with heavy
ornamental bronze doors for both the Second Street and the Monroe
Avenue entrances. All exterior windows and frames will be
of cast
Iron, steel and plate glass.
The first floor plan provides for a public lobby 56 x 90 feet
with a
48-foot ceiling, and a skylight 40 x 80. There will be office
space for
executive officers of the banking and trust departments and the
Commerce Securities Compaay.
The basement will have a twelve-foot ceiling. It will include
the safe
deposit vaults and lobbies with capacity for 15,000 boxes. The
safe deposit department will be equipped with coupon rooms.
The bank vault will be the largest in the country, 25 by
90 feet, with
cash and securities departments. There will
be one circular door 84
inches in diameter and 24 inches thick and one rectangul
door 48 inches
ar
Wide. 84 inches high and 12 inches
thick. The vault wall will be 27
Inches thick of re-enforced concrete
with steel lining.
The impressive beauty of the exterior of the
building will be repeated
in the interior. On the first
floor and in the basement, marble floors
will be used in all public spaces, with cork tiled
floors in all work
spaces.
The well treatment of the first floor will be
of marble with marble
columns and pilasters. All doors, elevator enclosure
s and bank screens
will be of bronze and plate glass.
[VoL. 127.
The Bank of Commerce & Trust Co. is among the largest
and strongest banks of the South. It has been identified
with the progress and prosperity of Memphis for over half
a century. It was established more than fifty-five years
ago. Its capital investment is in excess of $5,000,000, including the bank capital of $3,000,000 and real estate and
other holdings amounting to more than $2,000,000. Its deposits aggregate $30,148,778, and its total resources approximate $36,000,000. Ownership of the Memphis Abstract
Co. is vested in the Bank of Commerce, which also owns
the Commerce Securities Co., the Mississippi Joint Stock
Land Bank, and the Tennessee Joint Stock Land Bank.
The officers are: T. 0. Vinton, President; S. J. Shepherd,
(and general counsel), R. Brinkley Snowden, L. A. Thornton, A. B. Lewis, and R. B. Barton, Vice-Presidents; A. C.
Burchett, Cashier; Lew Price, John T. Wilkerson, Frank
F. Sturm, H. D. Burkett, E. C. Lewis and A. Y. Forbes,
Assistant Cashiers; James H. Fisher, Secretary; J.
R.
Pipes, Treasurer; T. W. Vinton, Trust Officer; J. L. Ross,
Assistant Trust Officer, and L. E. Wittenberg,
Auditor.
From the Tulsa "World" of Aug. 8 it
is learned that the
Tulsa National Bank and the Tulsa Trust
Co., its subsidiary
institution, have been consolidated under one manage
ment,
according to an announcement the previou Saturda
s
y, Aug.
4, by J. M. Berry, former President of
the Tulsa National
Bank and now Chairman of the Board
of Directors under
the new arrangement. In order that
the management of
the two institutions could be co-ordinated, Johnso
n D. Hill
resigned as President of the Tulsa Trust
Co. and as a director and a stockholder of the Tulsa
National Bank voted
for the merger of the two institutions. Fred
L. Dunn,
a former Tulsa banker and later head of the First Nationa
l
Bank at Bartlesville, Okla., has succeeded Mr.
Berry and
Mr. Hill as President of both institutiqns,
which will function as formerly except that they will now
be under the
same management.
The following details have been received from the
Hamilton National Bank of Chattanooga, Tenn. in regard
to
the proposed consolidation of that bank and its affiliated
institution, the Hamilton Trust & Savings Bank, reference
to which appeared in our issue of Aug. 11, page 781:
The Boards of Directors
of the Hamilton National Bank and the
Hamilton Trust St Savings Bank
have for some time had under consideration increasing the capital
stock of the Hamilton National Bank to
$2,000,000 and consolidating
the two banks under the name and charter
of the Hamilton National
Bank, allowing the Main Street Office, the
Roseville and East Chattanoo
ga Offices to become branches of the
Hamilton National Bank. The
matter has now been unanimously agreed
upon by both Boards of
Directors, the Comptroller of the Currency
has tentatively consented to
same, and the Federal Reserve Board at
Washington has already granted
to the Hamilton National Bank fiduciary
powers, which was the first
step in the consolidation. A meeting of the
stockholders has been called
for October 24th, for the purpose of ratifying the recommendation of
the
of the two banks and the payingtwo Boards. The actual physical union
in of the new capital will occur as
soon after the first of January
1929 as all details can be arranged.
The $500,000 new stock will
be offered to the stockholders at $220
per share, each old
shareholder being allowed to subscribe for one share
of new for each three shares
of his present holdings. Stock which is
not taken by the old stockhold
ers will be offered by a Committee of the
Board of Directors of the
Hamilton National Bank to the public at
not less than $250 per share,
all premiums going to the surplus and
profit account.
The Hamilton Trust &
Savings Bank was organized in 1889, and is
consequently 39 years old.
It's main banking house has always been at
the corner of Market and Main
ly but $10,000, has been five Streets. The capital, which was originaltimes increased, the last increase being
to $500,000, which was made
by the payment of a 100 per cent stock
dividend.
The Hamilton National
Bank, with a capital of $250,000 was organized in 1905. During its
nearly twenty-four years of existence, this
has been increased four
times,
holders on October 24th will and the special meeting of the stockprovide an amendment to the articles
of Association of the Bank
so as to increase the capital stock from
$1,500,000 to $2,000,000,
and also to provide for the consolidation
of the Hamilton National
Bank and the Hamilton Trust & Savings Bank
under the title of The
Hamilton National Bank of Chattanooga, the
principal office of course will
continue at Market and Seventh Street',
where it has always been.
This will give the Ilamilton
National Bank four banking points in the
city, all with facilities, supervisio
n and the advantages of a large National Bank, with invested
capital of nearly $4,000,000, and total resources, including trust funds
of more than $30,000,000, and, with
the exception of a bank in Nashville
it will be, in point of capital, the
largest National Bank in Tennessee
, and one of the largest in the South.
The Ilamilton National Bank and
the Hamilton Trust tic Savings Bank
have for many years been owned
by the same shareholders, and since
the passage of the McFadden Bill,
liberalizing the charters of National
Banks, the Directors of the two
Banks did not deem it necessary to
continue the two institutions
under separate charters.
The Directors of the Hamilton
Trust & Savings Bank remain as at
present, except that they will
constitute the Advisory Board of the
three branches of the Hamilton National
Bank, and their officers will
hold corresponding positions with the Hamilton National Bank.
There
will be no change in the Board of Directors of
the latter bank.
AUG. 18 1928.]
FINANCIAL CHRONICLE
the Hamilton Securities ComA securities company, to be known as
high class securbe organized for the purpose of dealing in
pany, will
the National Bank Charter.
ities. All trust business will be done under
capital of $500,000, and will to
This Securities Company will have a
National Bank in the proowned by the shareholders of the Hamilton
National Bank stock for each share
portion of four shares of Hamilton
be a part of the invisible
of Hamilton Securities stock, and this will
surplus of the Hamilton National Bank.
upon, the Board of
While no definite plans have yet been agreed
future at the
Directors contemplates erecting a building in the near
feet on Broad Street
corner of Broad and Seventh Streets, fronting 661
determined whether
and 100 feet on Seventh Street. They have not yet
present Hamilton
the building will be 15 stories high, matching the
be five or seven stories,
National Bank Building, or whether it will
will
though it is quite likely it will not exceed seven stories. The Bank
buildings,
occupy the first and second floors of both the old and the new
besides giving over a large part of the basement to safe deposit vaults.
913
According to the statement released yesterday (July 27), the purchase is not a deal in chain banking, as the term is commonly used.
The Northern California National and the Redding Savings will remain,
as in the past, independent institutions.
It is reported no essential change of policy or management is contemplated. E. C. Friable is president and with his associated officers
and directors will remain in active charge.
The Anglo and London Paris National owns the Consolidated Securities Company, which owns the capital stock of the Anglo London.
Paris Company, investment arm of the bank, and the Anglo Corporation
also owns controlling interest in seven banks in California and one outside the State.
The Anglo London Paris banking interests already have control of
institutions in the following cities: Longview, Wash.; Weed, Red Bluff,
Suisun, Fairfield, Hanford and Lemoore, Cal.
The acquisition of the Redding banks by the Anglo brings to light
the interesting history of the family which founded the Northern California and the Redding Savings, Edward Frisbie, who organized the
Northern California in 1888 was the pioneer owner of the original townsite of Redding. Included in the original directorate of the bank were
Fred H. Dakin, James McCormick, Edward Sweeny and Dudley Andrews,
all Sacramento valky pioneers.
The Northern California National ownerhip and management has
remained in the hands of the Friable family for three generations. In
1910 the Redding Savings was chartered as an affiliated State bank,
while the Northern California was nationalized in 1911. The original
Investment was $76,000.
The Crystal Springs Bank, Crystal Springs, Miss., failed
to open for business on Aug. 10, according to a press dispatch from that place on the same date appearing in the
New Orleans "Times-Picayune" of the following day. Losses
suffered by truck farmers through unfavorable weather
were assigned as the cause of the failure. The last statement of the institution, July 11 last, showed, it was said, a
capital of $50,000, surplus of $40,000, deposits- of $722,024,
That the directors of the Bank of Toronto, Toronto, Ont.,
and total resources of $1,109,759. The advices furthermore Canada, on Aug. 15, voted to increase the bank's capital by
said:
$1,000,000 (raising the same from $5,000,000 to $6,000,000)
Plans for organizing a new bank were being shaped, while a representative
is in charge of the closed bank's affairs. by the issuance of 10,000 shares of new stock of the par
of the State bankng department
L. M. Dampeer, considered one of the leading bankers of this section, value of $100 a share, was reported in advices from Toronto
Is president of the Crystal Springs bank. No statement has been made on that date to the New York "Times," which continuing
as to its present condition.
No run was made on the bank but after a lengthy session of the direc- said:
tors yesterday it was decided not to open for business today, this being
In the interest of the depositors.
The proposed new institution will, in all probability, buy the handsome banking building occupied by the old bank and will in a large measure assist in liquidating the affairs of the closed bank.
These will be offered to shareholders of to-day's (Aug. 16) record at
$200 per share, adding $1,000,000 to the capital and a like amount to
the rest account. The offer is of one new tare for five old ones. This
rate makes the bonus approximately $20 per share at to-night's price.
The bank's capital will be $6,000,000 when this offering is absorbed, and
Its rest account wil lbe $8,000,000. The stock was quoted to-day on the
Toronto Exchange at 800.
The Citizens National Bank of Denison, Texas, and the
National Bank of Denison, both capitalized at $100,000,
were consolidated on July 31 under the title of the Citizens' THE WEEK ON THE NEW YORK STOCK EXCHANGE.
National Bank of Denison with capital of $150,000.
There has been a considerable revival of speculation on
Advices from San Francisco on Aug. 14, appearing in the
"Wall Street News" of the same date, stated that the
United Security Bank & Trust Co. (headquarters San
Francisco) had purchtised the Golden State Bank of Walnut Park, Los Angeles County, Cal. Present ownership
of the bank, the dispatch said, is vested in the FrenchAmerican Corporation, which is owned share for share by
the stockholders of the United Security Bank & Trust Co.
It was furthermore reported that the Golden State Bank
has been in operation a year and has combined capital,
surplus and undivided profits of $56,536.
J. Dabney Day, President Citizens National Trust & Savings Bank of Los Angeles, announces the election of Robert
E. M. Cowie of New York City, President of the American
Railroad Express Company, as a director of the Citizens
National Trust & Savings Bank. Mr. Cowie who has extensive property interests in and around Los Angeles began
his career with the American Express Co. in 1883 at Cleveland and worked his way forward until in 1915 he became
vice-president and general manager. Under the United
States railroad administration the express business of the
older companies was consolidated into the American Railway Express Co. and in 1923 Mr. Cowie succeeded the late
George C. Taylor as president. The American Railway
Express Co. is one of the largest employers of labor in the
United States with a total staff of 125,000 and a monthly
payroll of $14,000,000. It has pioneered in a specialized
field of transportation and has agents in every part of
the world. The Citizens' National Trust & Savings Bank
held a reception on Aug. 11 upon the opening of new and
enlarged banking quarters. Resources of this bank now
amount to $120,000,000.
Acquisition of the Northern California National Bank
of Redding, Cal. and the Redding Savings Bank, affiliated
Institutions, by the Anglo Corporation, a subsidiary of the
Anglo London Paris National Bank of San Francisco (of
which Herbert Fleischhacker is President), thus further
expanding the Fleischhacker interests in the California
banking field, was reported in the San Francisco "Chronicle" of July 28, which in continuation said:
the Stock Exchange the present week due to the easing of
money rates. During the early days the course of the market
was quite irregular and on Tuesday it was decidedly weak,
as a result of continued tension in money, together with a
sharp break in General Motors shares, which served to carry
the whole list of stocks downward. But, on Wedneday, the
situation changed with a decline in call money on the Stock
Exchange to 53/2%, while on Thursday the call loan rate
dipped as low as 4%%. This marked a great change from
money conditions in the early part of the week, the renewal
rate for call loans on both Monday and Tuesday having been
73%, and even on Wednesday the renewal charge was still
7%, though in the afternoon of that day the rate on new
loans declined to 5%%, as already stated. On Thursday
the renewal charge was only 6%,and Friday renewals were
effected at 5%, though in the afternoon there was a spurt
again to 7%. The great desline in money rates met with
quick response on the Stock Exchange, and beginning with
Wednesday stocks moved steadily upward with a large and
general rise in prices, though there was somewhat of a reaction on realizing sales at the close on Friday. Favorable
statements of the Federal Reserve banks issued after the close
of business on Thursday helped the upward movement of
prices on Friday, brokers' loans showing a reduction of over
$50,000,000 for the week, though the spurt in call loan rates
to 7% served to dampen the speculative ardor again at the
Confirmation of the deal was made by E. C. Friable, president of
both banks, who was in San Francisco yesterday to close the $500,000
deal that has been under way for several weeks. The two Redding banks
have total assets of approximately $3,000,000, the June 30 bank call
statement showing combined assets of $2,069,172.83.
As of June 30 the Redding Savings Bank had deposits of $1,576,016.25
and the Northern California National $789,672.89. The two banks have
capital, surplus and undivided profits of $345,920.
close.
The three conspicuous features in fluctuations of prices
during the week have been the weakness at one time of
General Motors shares and the sharp rise in Chrysler stock
along with the marked strength of U. S. Steel Corporation
shares. General Motor stock sold down to 176% on Tuesday, against 184% on Monday, but re3overed to 187% on
%
Thursday and rose as high as 1878 on Friday. Chrysler
stock was strong the early part of the week, touching 988
%
on Wednesday, against 918 on Saturday, but sold off again
%
to 94 on Thursday and to 92% on Friday with the close on
the latter day at 943. The early weakness in General
Motors was ascribed by the Stock Exchange fraternity
to rumors, for which no confirmation could be found, that
Mr. Raskob was disposing of some of his holdings in the
company and rumor also had it that the rise in Chrysler
reflected Raskob buying. The advance in Steel Corporation shares was attributed to the generally satisfactory
condition of the steel trade. As against 1393 on Saturday
A
last, Steel common advanced to 147% on Thursday, and
to 149% on Friday.
In the half day session on Saturday, the advance of Steel
common was the feature, the stock establishing a net gain
3
/
of 2 s. Bethlehem Steel advanced 17 in sympathy.
3
Loose-Wiles Biscuit was also conspicuous on the upside of
the market, showing a gain for the day of 3%. On this
day Chrysler was depressed and recorded a net decline of
914
FINANCIAL CHRONICLE
[VoL. 127.
23(. Montgomery-Ward also moved down 15
%.
THE CURB MARKET.
day the market was irregular notwithstandin On Mong that Mr.
Prices in the Curb Market in the beginning of the week
Hoover's acceptance speech seemed to be
regarded favor- were general
ly off on a small volume of business. A broader
ably in Stock Exchange circles. Montgo
mery-Ward dedemand developed later and some strength was shown
clined a further 2%. Chrysler, however,
recovered 1%
of its Saturday loss, and Warner Bros. A
stock gained though gains as a rule were small. Warner Bros. Pictures
seven points. U. S. Steel showed a fractional
further ad- sold up from 70 to 81, a new high record, reacted to 75 and
vance of %,while Bethlehem Steel declined %.
3
On Tues- closed to-day at 75%. Amer. Arch. sold off at first from
day, the market was weak all around, as already
indicated 49% to 493 then up to 55 8, the
final transaction to-day
owing to the continued high money rates and the
break in being at M.
Auburn Automobile advanced from 91%
General Motors. General Motors lost 5% on that
day, to 10134
Hudson Motor 23/, Montgomery-Ward 53, U.S.
and reacted finally to 993.. Bancitaly Corp. after
s
Steel 1%
and Warner Bros. "A" 13.. Chrysler, however,
a loss of about two points to 11034(moved up to 117%, the
rose 23
%
and Atlantic Refining, another one of the strong
features close to-day being at 11534. Checker Cab Mfg. com. imof the week, moved up 5%. The latter stock ranged
3
%
during proved from 39 to 433 and sold finally at 433'. Sanitary
the week from 153 on Tuesday to 1673 on Friday,
closing Grocery Co. eased off at first from
355 to 35134, advanced
on the latter day at 1653 against 154 on Friday
4
of last to 367 and ends the
week'at 361. Sparks, Withington Co.
week. On Wednesday, the market moved upward
with jumped
great rapidity, as already stated. Among the sharp
from 983 to 118 and sold finally at 110. Public
advances were 103 in Radio Corporation,8in General Motors Utilities were quiet and showed few changes importa
%
,
of
nce.
6% in American Can, 45% in General Electric, 5 in Mont:. There was light
trading in oil shares with prices holding
gomery-Ward, 3% in Packard Motor, 334 in Paramount fairly well.
Humble Oil & Ref. sold up from 7934 to 81,
Famous Lasky, 2% in U. S. Steel, and 17 in Hudson
Motor. On Thursday there were further pretty general the close to-day being at 80. Prairie Pipe Line eased off
advances, but of more moderate proportions, and Chrysler from 191 to 186 and recovered to 18854.
A complete record of Curb Market transactions for the
declined, while Packard Motors also showed a fractional
downward reaction. The net gain for the day in Mont- week will be found on page 941.
gomery-Ward was 234, in Corn Products 29z, in General
DAILY TRANSACTIONS AT THE
NEW YORK CURB MARKET.
Motors 13,in Radio Corp. 1, in American Can 155, while
/
*STOCKS(No. Shares).
American Smelting & Refining made a jump of full 8 points.
BONDS (Par Value),
Week Ended
Aug. 17.
International Nickel was also actively bought and showed
Indus. &
Foreign
a
Mtscell.
Ott,
Mining. Total.* Domestic. Government.
net gain of 1%. There was likewise a revival of activit
y Saturday
80.835
45,160
16.900 142.895
in the railroad list on that day, apparently in investm
8393,000
$281,000
Monday
155,640
ent Tuesday
90,750
58,660 305.050 1.201,000
557,000
'buying, the stocks particularly conspicuous in that
223,045
90,250
40,400 353.695 1,321,000
697,000
respect Wednesday
214.855
66,910 100.310 382.075 1,291.000
411,000
Thursday
being New York Central with a net advance of
212.935
60,300
90.510 364,745 1.586,000
761.000
134, Balti- Friday
231,505
52,800
62,800 347,105 2,156,000
400,000
more.& Ohio with a fractional advance, Rock Island
with
Total
1,118,815 406,170 369.580 1,895,565 $7,948,000 83,107,000
a net gain of 33, while Wester
n Maryland common on
*In addition, rights were sold as follows:
large dealings advanced 234. On Friday, the
railroad 8,100; Wednesday,9,200; Thursday, 1,100;Saturday. 700; Monday.3,500;Tuesday
Friday, 1.900.
stocks were again leaders in the upward movement,
some
of the noteworthy instances of advances being Pittsbu
rgh
COURSE OF BANK CLEARINGS.
& West Va. with a net gain of 3 points, Central RR.of N.
J.
Bank clearings the present week will again show a decrease
23(, Texas & Pacific 23.', Pere Marquette 2, Denver & Rio
Grande Western pfd 2, Western Pacific pfd. 134 and Atchi- as compared with a year ago. Preliminary figures compiled
son Topeka & Santa Fe 134. Illinois Central on the other by us, based upon telegraphic advices from
the chief cities
hand declined 13 points, Bangor & Aroostok 1% and N. Y. of the country
, indicate that for the week ending to-day
Ont. & Western 13. In the general list some of the note(Saturday, Aug. 18) bank exchanges for all the cities of the
worthy advances for the day were 4% in Westinghouse
Elec. & Mfg. 23. in General Elec., 13 in General Motors United States from which it is possible to obtain weekly
and 13/i in U. S. Steel. The rise might have attained much returns will be 5.5% smaller than for the corresponding
larger proportions except for the downward reaction occa- week last year. The total stands at $9,160,474,923, against
sioned by the renewed upward spurt in call loans, to which $9,690,353,096 for the same week
in 1927. At this centre,
reference has already been made. Radio Corp. of Amer. there is a loss
for the five days ending Friday of 6.0%.
suffered a net loss for the day of 23..
Our comparative summary for the week follows:
TRANSACTIONS AT THE NEW YORK STOCK
EXCHANGE
DAILY. WEEKLY AND YEARLY.
Stocks.
Number of
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
RaGroad;
dtc..
Bonds.
State.
Munktyca &
Foreign Bonds.
705,700
1,665,310
2,189,831
2,598,900
2,877,340
2,899,800
Week Ended Aug. 17.
81,639,000
3,524.000
4,387,500
4,579,500
5,914,000
7.468,000
$1,148,000
1,614,000
1,770,000
1,947,000
2,024.000
1,797,000
8147.000
213,000
373,000
722,000
316,000
869,000
827,512,000
810,300.000
82.640,000
13,026,881
Sales at
New York Stock
Exchange.
Week Ended Aug. 17.
1928.
1927.
United
Moles
Bonds.
Jan. 1 to Aug. 17.
1928.
1927.
Stocks. No. of shares__
13,026,881
9,767.767
463,020,417
343,696,026
,
Bonds.
Government bonds__ - $2,640,000 53,947.750
8133.577,250
8204,644,300
State and foreign bonds 10,300,000 11,954,500
522,792.565
533.056.900
Railroad & misc. bonds 27,512,000 38,136,500 1,581,323,025 1,429.791.550
•
Total bonds
540.452,000 $54,038,750 82,237,692.840 82,167.492,750
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Week Ended
Aug. 17 1928.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey. week revised
Clearings-Returns bit Telegraph.
Week Ended August 18.
Boston.
Philadelphia,
Baltimore,
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales,
14.707
•24,299
27.093
28,475
36,157
13,998
86,000
a9.771
2,450
69,489
1,000 a12.851
14,100 021,438
8,000 a26,980
2,000 a12,835
$6,000
32,500
41,500
4.500
24,200
20,000
841
1,228
1.184
1,532
1.601
2,182
813,300
22,100
29.500
16,200
7,000
16,000
144,729
$33,550
93,364
$128,700
8,568
8104,100
138.423
$23.300
82,153
895.500
8,116
$106,900
•In addition, on es of rights were: Monday. 200.
a In addition, sales of rights were:Saturday, 1,610; Monday.
1,750; Tuesday.900:
Wednesday. 1,130; Thursday. 500; Friday. 2,200.
New York
Chicago
Philadelphia
Boston
Kansas CitY
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
C.eveland
Baltimore
New Orleans
Thirteen cities, 5 days
Other cities, 5 days
Total all cities, 5 days
A..cities, 1 day
Total all cities for week
1928.
1927.
Per
Cent.
54.407,000,000
548,558,592
390,000 000
325.000.000
136,506,790
129.300.000
178.000.000
179,717,000
134,578,784
181,790,709
115,928,935
81,785,836
49.582,560
54,753,000,000
704,625.591
427 000,000
353,000,000
123,195,612
119,900,000
165,176,000
141.317,000
135,668,422
153,829,011
104,595,532
84,230.110
51.784,744
-6.0
-22.1
-8.7
-17.9
+10.8
+8.3
+7.8
+27.2
-0.8
+18.2
+10.8
-2.9
-4.2
$6,918,249,206
923,813,230
$7,317,322,022
982,202,015
-5.5
-5.9
$7,842,062,426
1,318,412,487
$8,299,524,637
1,390,828,459
-5.5
-5.2
89.160.474,923
89.690.353,096
-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. 11. For
that week there is a decrease of 4.7%, the 1928 aggregate of
clearings for the whole country being $9,285,782,476, against
$9,739,190,578 in the same week of 1927. Outside of this
city, the clearings show a decrease of 6.6%, the bank exchanges at this centre recording/a loss of 3.3%. We group
districts in
the cities now according to the Federal Reserve
that in thQ
which they are located and from this it appears
city) there is a
New York Reserve District (including this
Boston Reserve District of 7.2%
falling off of 3.3%, in the
10.9%. In the
and in the Philadelphia Reserve District of
District the totals show a diminuation of
Cleveland Reserve
of 13.2% and in
5.5%, in the Richmond Reserve District
Reserve District of 6.3%. In the Chicago Rethe Atlanta
in the St.
serve District, clearings have decreased 12.8%,
is Reserve DisLouis district 3.7%, and in the Minneapol
District has to its
trict 0.6%. The Kansas City Reserve
the Dallas Reserve District of 5.1%
credit a gain of 4.2%,
2.6%.
and the San Francisco Reserve District of
we furnish a summary by Federal Reserve
In the following
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended August 11.
Clearings at
1928.
1927.
1928.
Ine.or
Dec.
1026.
1925.
Federal Reserve Diets.
12 cities
1st Boston_
2nd New York_ 11 "
3rd Philadelphlal0 "
4th Cleveland__ 8 "
5th Richmond _ 6 "
8th Atlanta____13 "
7111 Chicago. _ _20 "
8th St. Louis.. 8 "
9th Minneapolis 7"
10th Kansas City12
5 "
11th Dallas
12th San Fran_ _17 "
454,574,035
497,970,906
473,026,273 -7.2
438,984,756
6,651,575,599 5,845,223,116 -3.3 5,254,235,105 4,771,525,377
561,749,760
524,577,840
532,044,934 -10.9
474,109,543
385,339,277
392,190,122
390,392,743 -5.5
368,756,093
207,311,996
195,387,838
182,765,036 -13.2
158,555,912
238,015,957
195,293,662
177,413,402 -6.3
166,206,647
941,886.742
957,672,244
880.602,631 1,009,977,162 -12.8
214,415,994
219,620,883
199,471,837 -3.7
192,265,617
127,945,622
122,782,426
114,282,480 -0.6
113,644,561
235,994,618
266,009,092
236,012,000 +4.2
245,822,697
64,379,583
72,172,654
63,335,353 +5.1
66,562,021
519,463,348
655,949,759
515,246,242 +2.6
628,696,399
129 cities
Total
Outside N.Y.City
9,2E5,782,476
3,746,577,593
31 cities
433,167,262
Canada
-4.7
-6.6
9,253,862,531
4,114,495,574
8.722,602,309
4,074,062,792
330,156,286 +31.2
327,949,527
290,363,711
9,739.190,578
4,012,609,862
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended August 11.
Clearings at
1928.
1927.
Inc. or
Dec.
1926.
1925.
1927.
Inc. or
Dec.
1926.
$
,
$
,
S
Seventh Fede at Reserve D istrict-Chi cago
242,011
263.148 -16.1
220,739
-Adrian __
Mich.
1.167,270
896,928 -1.9
879,732
Ann Arbor__ _ _
162.542,254 166,739.457 -2.5 172,947,003
Detroit
8.214.239
7,521,603 +7.2
8,060.199
Grand Rapids_
2.864,069
3,178,725 -10.2
2,855,901
Lansing
3.013,410
3,273,747 -11.8
2.888,567
-Ft. Wayne
Ind.
25.944.000
25,691,000 -13.3
22,264,000
Indianapolis_ _
3,233.000
+7.3
3,169,100
3.401,800
South Bend_ _ _
6,134,128
5,277,800 -14.8
4,495,819
Terre Haute_ _ _
44.162,918
44,088,471 -6.7
41,156,193
Wls.-lsliiwaukee
2,689.206
2.702,073 -4.6
2,577,847
Iowa-Ced. Rap
9,595,577
9,292,797 -0.8
9,152,155
Des Moines_ _ _
6,501,907
6,366,593 +9.9
6,995.157
Sioux City_ _ _
1,227,613
+7.5
1.327.761
1,426,890
Waterloo
1,536,012
+0.1
1,618,856
1,619,352
111.-Bloorningt'n
598,102,393 717.000.000 -16.6 655,438.231
Chicago
1,553.067
1,568,200 -7.4
1,451,641
Decatur
5,446,085
+3.1
4,502,379
4,642,254
Peoria
3,078.267
3,110,892 -0.6
3,092,003
Rockford
2,684,231
2,450,632 +13.3
2,777,735
Springfield...
1925.
$
228.261
1,007,163
156,685,830
7,922,119
2,649,000
2,971.865
17,551,000
2,860,023
5,427.246
42,540,544
2,550,638
9,153,338
6,950,219
1.151,811
1.924,139
667.741,610
1,683,907
4,984,465
2,715,602
3,187,962
880,602,631 1 009 977.162 -12.8
957,672.244
941,886,742
Eighth Fedora I Reserve Dis trict-St. Lc tris5,742.734 -8.9
5.234,411
Ind.
-Evansville
Mo.-St. Louis.. 126,300,000 128.800,000 -1.9
32,853,822 -5.1
31,190,053
Ky.-Louisville._
345,950 +27.0
439,327
Owensboro. _
17,611,601 -7.8
16.235,522
Tenn.-Memphi
12 183,815 -9.1
11,071,683
Ark.
-Little Rock
443.190 -16.2
371,485
Ill -Jacksonville
1,490,708 -4.5
1 423,136
Quincy
5,767.970
144,700.000
34,346.625
355.498
19,551,405
12,827,884
482,809
1.588.692
5,226,956
145,600,000
32,198,921
365,724
16,323,120
12.409,462
634,144
1,657,667
Total(20 cities)
Week End. Aug. 18 1923.
915
FINANCIAL CHRONICLE
AUG. 18 1928.]
Total(8 cities) _
Ninth Fedora
-Duluth.
Minn.
M inneapolls. _
St. Paul
No. Dak.-Farg
S. D.
-Aberdeen
-Billings
Mont.
Helena
Total(7 cities).
-3.7
219 620 883
214.415,994
Reserve Dis trict-Minnc apolis8,121.863 -32.9
5.446,597
+1.3
71,878,420
72,791,497
+2.3
27.387,921
28,024,903
2,213,027 -12.8
1,930,414
+8.0
1,273,970
1,375,994
+0.9
555,2130
676.156
2,852,000 +19.2
3,399,000
8.466,163
77,711,232
29,705.562
1,880,889
1,344,191
538.453
3,135,936
9.671.525
80.737,557
30.856,942
1.074.859
1,550.358
611.194
2.843.187
-0.6
122,782,426
127.945,622
192.265,617
113,644,561
199,471,837
114,282,480
Tenth Fedora Reserve Dis trict- Kan,
449,190
430,394
Neb.-Fremont _
571,790
603,655
Hastings
5,151,631
4.710,712
Lincoln
40,613.301
43,902,752
Omaha
3,396,421
3,910,548
-Topeka...
Kan.
7.836.533
9,759,532
Wichita
Mo.-Kan. City. 146,846,937 144,004.422
7,100,382
6,912,109
St. Joseph_ _ _
24,017,600
25,994,000
-Okla.Cit
Okla.
1.388.241
1,316,567
-Col. Spgs
Colo.
a
a
Denver
1 482 476
1 435,491
Pueblo
as City 491,270
-4.2
425,334
+5.6
4,655,178
-8.6
40,031,781
+8.1
4,261,620
+ 15.1
10,292,684
+24.5
+2.0 165,451,250
7,753,974
-00.0
30,165,500
+8.2
1,264.908
-5.2
a
a
1.215.593
-3.2
421,101
645,039
4 530,620
41,630,637
4.705,78
8 768 68
140,773,047
7,602,75q
24494.995
1,312,084
a
1.109,871
$
$
$
%
$
First Federal Reserve Dist rict-Bosto n734,633
826.226
842,930 -30.3
587.718
Maine-Bangor _
3.505,745
3,941,472
3,751,134 -9.1
3,409.655
Portland
-6.7 448.000,000 402,000,000
-Boston _ _ 392.000,000 420.000.00
Mass.
+4.2 266.009.092 235,994,618
245,822,697 236,012,000
2,076,164
2.092.119
2,149,486 -50.0
1,074,599
Total(12 cities
_
Fall Myer
1.440,538
1,037.737
1,165,454 -7.1
1,082.214
Lowell
-Da Ras
1,368.740
1,290,577
1,290,498 -30.0
Eleventh Fed ral Reserve District
903.187
1,687,732
New Bedford.
1,439,902
1,263,989 +40.7
1.778,610
5,491,977 Tex.
5,227,059
4,835.839 -3.9
-Austin_ _ _
4,649.370
39,964,808
Springfield_ _
41,366,627
42,005,198 +0.9
42,382,434
3,750,459
3.411,253
3,413,357 -12.5
Dallas
2,987,560
10,865.236
13,795.242
Worcester
10,061,200 +9.3
13,124,447
15,012,333
13,035,793
15.214,163 -23.8
Worth _ _
11,592.164
Frot
7.346,000
-Hartford
10,717,000
Conn.
5,076,000 -23.'
3,882,000
6,856,358
6,810.752.
7.140,325 +5.1
Galveston
7,503,575
5,015,802
4,853.883
New Haven__ _
+9.4
4,928,966
5,304.530
11,085,200 La.
11,519,600
12,527,700 +0.1
-Shreveport
12,586.000
R.I.-ProvIdenc
697,494
-5.3
732,712
695,387
658,714
64,379,583
N.11.-Manches'
72.172,654
+5.1
63.335.353
66.562.021
Total(5 cities)
438,984,756 473,026,273 -7.2 497,970,906 454.574.035
Total(12 cities
Franc iscoTwelfth Fede r at Reserve D istrict-San
44,659,548
47,432,866
+0.1
44,187,672
44.247.362
Wash -Seattle..
12,029,000
Second Fede at Reserve D Istrict-New York13,102.000
13,055,000 -0.5
12,990,000
5,503,481
5,857,396
5,245,347 -2.7
5.103.340
Spokane
-Albany
1,557.298
N. Y.
1,418.683
1.102.744 +19.8
1,320.905
949,600
1,131,285
1,189,663 +43.9
1,711,512
Yakima
40,744,796
Binghamton __
43,203.043
38,333,392 -4.8
36,481.459
61,198,281 Ore -Portland..
49,946,523 -4.6
49,411.885
47,670,529
16,101,200
Buffalo
17,084,407
15,641,593 +0.7
15.757,287
1,107.202 Utah-S. L. Cit v
1,117.138
1,002,490 +7.0
1,072.421
3.911,593
Elmira
4,261,747
4,282,150 -17.8
3.518.684
1,785,477 Cal.
1,355,362
1,272,669 +2.2
-Fresno__ _ _
1,301.003
Jamestown._
6.816,003
6.677,445
6.797,837 +15.5
7.850,764
.
Long Beach..
New York__ _ 5,539,204,883 5,726,580,716 -3.3 5,139,366,957 4,648,539,517
+8.0 174,648,000 150,673,000
12.571,739
12,545,054
13.299.160 -4.3
Los Angeles.. _ 177,274,000 164,063,000
12,729,341
20,558.955
Rochester
22.001,031
18,658.645 -7.3
17,294,566
5,462,274
7,283,532
5,764,484 -4.0
Oakland
5,534,264
6,049,203
Syracuse
6.095,115
+7.5
5,972,587
6,417,727
3,575,256
3,389,386 +18.0
3,084,728
Pasadena_ _ _ _
4,000.831
-Stain for
Conn.
7,305.029
8.681,911
7.199,736 +14.7
8,258,077
488.148
715.171
667,808 -11.2
Sacramento...
593,207
N. J.-Nlontelal
5,853,453
6,471,522
+3.5
5.689,292
7,957,001
30,254,402
.
32.386,597
36,864,870 -11.4
San Diego...
32,054,268
Northern N.J
194,396.000 193.043,000
San Francisco. 179,400,000 180,937,000 -0.9
3.260,838
3.413.520
2.792.820 +23.5
3,448,222
Jose
5,845,223,116 -3.3 5,254,235,105 4,771,525,377
San
Total(11 cities 5,651,575,599
1,605.374
1.626,539
1.490,553 +16.5
1.736.081
Santa Barbara
2.344.658
2,507.430
2,296,621 -2.4
2,242,364
Santa Monica.
Reserve Dist rict-Philad elphia Third Fedora
2,949.800
2,867.900
2.745.000 -8.9
1,540.727
.
2,501,900
1,604,920
1,774,072 -14.1
Stockton
1,523,698
Pa.
-Altoona _
3.996,261
4,532.206
3,861,472 +41.6
5,468,433
Bethlehem._ _ •
+2.6 555,949,759 519,463,348
1,868,842
1,859,438
1.636,917 -19.9
Total(17 citiesI 528,696,399 515,246,242
•
1,311,397
Chester
2,567,364 Grand total (12)
1,911,924
2.129,790 -8.7
1,945,146
Lancaster
. 9.285,782 476 0,739,190,578 -4.7 9,253,862.531 8,722,602,309
cities)
444.000,000 501,000.000 -11.4 493,000.000 530,000,000
Philadelphia _
3,992,524
3,964,413
4,296,539 -21.7
3,362,547
Reading
5,848,209 Outside New Yor t 3,746.577,593 4,012,609,862 -6.6 4,114,495,574 4.074.062,792
6,255,634
5,950,682 -15.0
5.065.282
Scranton
3.503,371
3,933,678
4,038.001 -10.4
3,616.180
Wilkes-Barre_
2,741,201
1.889,996
+0.1
1,912,466
1,916,768
York
5,636.201
5,025.631
5,435,995 +8.'
5,900,092
Week Ended August 9.
N.J.
-Trenton. •
Clearings at
474,109,543 532.044,934 -10.9 524,577,840 561,749,760
Inc. or
Total(10 cities
1925.
1926.
Dec.
1927.
1928.
Fourth Fade r at Reserve 0[strict-Clev eland$
5.935.000
6,471.000 +0.4
5,960,000
0.495.000
$
-Akron._ _
Ohio
$
%
$
Canada87,218.892
4,275,477
4,557.819
3.973,138 +1.9
4.043,403
Canton
141,295,213 100,367.186 +40.8 103,097.310
sal
82,359.168
68,617.377
66,187.054 -7.0
66,942,596 Mon,.
97,074.812
61,578,802
95,524,401 +29.4
Cincinnati _ .
123,642.941
Toronto
49,080.475
50,174.344
Cleveland_ __ _. 112.232,737 122,337.609 -8.3 118,848,744 120,185.590 Winnipeg
51,476.665 +41.4
72.790.583
15,191,408
19,515.100
19.747.000 -14.8
18,410,900
16,205,375
16,823.900
18.063.104 +11,7
Columbus
20.182,411
5,248.688
+3.3
1.805,116
2,126,868
2,009.577 Vancouver
5,856,424
1,865.088
6,123.240 + 13.8
Mansfield_ _ ,
6,968.265
5.268.007
+7.3
6.723.410
5.497.236
6.509,673 Ottawa
.
5,896.353
5.751.930
6.076.195 + 13.4
Youngstown _
6,887,599
Quebec
2.878,464
2.837.132
2,770.180 +30.7
-Pittsburgh . 139,815,810 164,374,590 -2.8 165.865,795 161.045.464 Halifax
Pa.
3,621,059
4,522,900
5.008.603
4,906,771 -0.1
4,901,973
Hamilton
6,471,014
7,115,084
7,856.681 +108.1
Total(8 cities). 368.750,093 390,392,743 -5.5 392.190,122 385.339,277 Calgary
16.347,790
2,569,587
2,554.044
2,710.577 + 16.0
3,144.348
St. John
ond2.488,636
2.048.403
2.400.558 +15.6
Fifth Federal Reserve Dist rict-Richm
2,774.298
440,791 Victoria
1,
1,633,383
2,282.715
1,085,514 + 17.5
1,275.370
2,545,437
W.Va.-Hunt'g'i
2,844.893 -0.1
2,832.159
4,215,001
5.057,759 -5.2
7,390,204
„
4,795,344
6,941.226 London
4.974.808
4,178.463 +54.6
Va.-Norfolk
6,458,457
45,985,000 -21.6
43.912,000
3,753,640
36.040,000
54,118,000 Edmonton
4,449,683
5.942.022 -86.54
Richmond _ _ _ „
776.488
Regina
673.964
1,605,498 -33.6
1,651,392
2,671.000
1,676.518
633,039
594.977 +36.7
813.324
S.C.-Chariesto 1
556.596
. 89.021,968 104.251.043 -14.6 114,720,512 118,978,138 Brandon
557,667
542.066 +36.3
Md.-13altimore
739,092
1,855.875
24,780.222 -0.1
26.080.347
24.752.230
24,148.323 Lethbridge
2,414,116
2,417,015 -31.3
D.C.-Washing'3
3,172.307
Saskatoon
1.087.585
1,160,740
1,208,214 +13.2
1,367,713
-13.2 195.387,838 207,311,996 Moose Jaw
918,569
951.562
1,060.631 +13.9
1,207,974
Total(6 cities) _ 158,555.912 182,765.036
Brantford
730,325
915,153
1,114,786 -7.5
1,028,227
Fort William_ _
663,240
Reserve Dist rict-Atlant a-1.3
752,520
823,375
813.079
Sixth Federal
6,830,130
6,821,480 +21.7
249,277
7,183.237 New Westminster
8.298.732
255.681
272,272 +54.2
419.921
Tenn.-ChatVga
Medicine Hat...
3,977,326 -20.7
685.481
*4,000.000
3,933,017
3,152.436
701.085
733.493 +12.4
_ _
824.803
Knoxville_
23,053,230 -7 6
23,344,801
2.005.260
21.461,000 Peterborough
21,299,881
968,088
+2.9
922,534
948,028
Nashville. _ _ _ _
Sherbrooke
65,555,317
49,935.981
43,430,397 -3.9
873.147
1,014,622
. 41.753.054
1.517.611
991,755 +12.7
Cla.-Atlanta_ _
4,218,631
1,460.480 +9.6
1,484,932 Kitchener
1,613.752
1,601.163
4,332.460
4.756,403 -8.9
4,333,620
Augusta
1 852 484
283,520
1 924 015 +5.1
:
1771 309 Windsor
2.023,058
247,676
507,245
375.087 +35.2
Macon
Prince Albert_ _
750.133
15,400,962 -16.4
26,637.154
21,547.996
12,868,983
822,868
897,912 +14.4
1.027.107
Fla.-Jacks'nvil c
33,104,103 Moncton
6,846.823
663,413
3,470.000 -50.1
1.732.000
763,759
746.447 +20.4
800,053
I. Miami
23.022,594
23,108,895 Kingston
23,356,578 -8.5
764.143
21.381.22
771,889 -13.1
670.703
Ala._Blrmlng'fl1,720.130 Chatham
2.303,392
1,436,549 +7.0
910,959
1,537,823
652,881
685.594 -4.8
Mobile
+9.5
1,438.000
1,359.000 Sadnia
1.610.224
1,703,000
-Jackson _"
Miss.
350,409
363,472
290,363.711
350.364 +62.8
570 282
Total(31 cities) 433,167.262 330,156.286 +31.2 327,949,527
Vicksburg __ _
50,249,331
52,207.300
51,121,707 -5.7
48,225:015
-New Orleac
La.
910 ntc nc,
. ...... nna 12.4., 1,7 419 409 --ft !I 10A 900 669
a Manager refuses to report weekly clearing figures.
Total (13 citi
916
FINANCIAL CHRONICLE
[VoL. 127.
THE ENGLISH GOLD AND SILVER MARKETS.
Treasury Money Holdings.
We reprint the following from the weekly circular of
The following compilation, made up from the daily GovSamuel Montagu & Co. of London, written under date of ernment statements, shows the money holdings of the TreasAug. 1 1928:
ury at the beginning of business on the first of May, June,
GOLD.
July and August 1928:
The Bank of England gold reserve aga
" the 25th ultimo
constituted a resh high record, namely
• with
£173,153,805 on the previous Wednesday), am.
£19,316,190 since the 29th April 1925, when an effective go,..
was resumed.
The small amount of gold available in the open market this week-about
£45,000
-was absorbed by the requirements of India and the Trade.
The following movements of gold to and from the Bank of England have
been announced, showing a net efflux of £2,331,000 during the week under
review:
Received
Withdrawn _ _ _
July 26. July 27.
Nil
Nil
Nil £763,000
£744,718
1.471
Exports.
Germany
Belgium
Switzerland
Austria
Colombia
India
Other countries
/658,125
101,063
20,400
12,950
200,000
13,750
10,943
July 1 1928. Aug.1 1028.
Net gold coin and bullion
Net silver coin and buillo i
Net United States notes_
Net national bank notes.
Net Federal Reserve note
Net FeCI'l Res. bank note
Net subsidiary silver
Minor coin. Ac
S
331,772,189
14,297,757
4,409,614
15,0.54,023
983.930
33,722
3.449,805
4,648,401
$
337,802,942
18,574,705
4,499,870
18,075,454
1,321,445
64,966
3,308.638
4,926,112
$
313.920.118
15,105.541
3,021.104
19,526,096
1,576,535
101,210
2,802,145
16,106,244
$
330,130,611
12.725,164
2,927,601
22,093,921
1,076,462
150,110
2,742,050
6.388,867
Total cash in Treasury.
Less gold reserve fund
374,599,441
156,039,088
388,574,132
156,039,088
372,248,993
156,039,088
378,234,790
156,039,088
Cash balance In Treas'
Den In spec') depositories.
acct. Treasury bonds,
Treasury notes and certificates of inclebtedn'
Dep ILI Fed. Res banks_
'
Dep in national banks:
To credit Treas. U. S..
To credit dist) officers_
Cash In Philippine Islands
Deposits In foreign depts.
Dep in Fed'i Land banks
218.560,353
232.535,044
216.209,905 .222,195,702
172.841,000
36.184,130
18,706,000
56.679,695
245,754,000
23,959.959
96,727,000
28,331,044
6,927,574
20,631,410
473,830
522,875
7,118.984
19,553.454
623,820
431.188
7,043,957
19,902.070
760,834
526,122
7,128,950
19,101,288
897,436
469.845
Net cash In Treasury
and In banks
Deduct current liabilities_
456,141,172
257,190,650
335,647,985
280.816,283
514,156,847
248,629,866
374,851.865
258,101.580
Available cash balance_
Aug. 1.
July 28. July 30. July 31.
NII
£23,000
Nil
£500,000
Nil
Nil
£1,107,000 £984,000
The receipt on the 30th instant was in soverigns from South Africa,
and of the £1,107,000 withdrawn on the 31st ultimo, £500,000 was in
sovereigns set aside on account of South Africa; all other withdrawals
were in gold for Germany.
The following were the United Kingdom imports and exports of gold
registered in the week ended noon on the 26th ultimo:
Imports.
British South Africa
Other countries
Holdings In U. S. Treasur / May 1 1928. June 1 1928
198,950.522
54.831.702
265.526.981
116.750.285
£746,189
£1,017,231
The Southern Rhodesian gold ouput for the month of June 1928,amounted
to 51,762 ounces, as compared with 47,323 ounces for May, 1928, and
52,910 ounces for June. 1927.
•Includes Aug. 1 57.858,881.52 silver bullion and 52,592,415.67 minor coin, da.,
not included instatement "Stock of Money."
SILVER.
The tendency of the market has been good. Persistent China buying,
broadening each day, carried prices on the 27th ultimo to 2734d for both
deliveries. Next day pressure relaxed and a fall of Ad. ensued owing to
slam from China and other quarters. Though prices eased still further,
the market maintained a steady tone as America was not much of a seller,
and the Indian Bazaars were buyers at the lower levels. Continental
supplies continue, though on a reduced scale.
On the 28th ultimo, 128 silver bars were shipped from Marseilles to
Bombay per the as. "Malwa."
The following were the United Kingdom imports and exports of silver
registered in the week ended noon on the 26th ultimo:
Imports.
Exports.
France
£32,797 Egypt
£37,040
United States of America_ _ _ 28,767 Persia
77,392
India
351,800
Other countries
150
Xerrumercial andMiscellancousItems
£61,564
£466,382
INDIAN CURRENCY RETURNS.
(/n Lacs of Rupees)July 7. July 15. July 22.
Notes in circulation
17811
17893
17978
Silver coin and bullion in India
10241
10074
10156
Silver coin and bullion out of India
Gold coin and bullion in India
2976
2976
2976
Gold coin and bullion out of India
Securities (Indian Government)
4277
4277
4277
Securities (British Government)
484
484
484
The stock in Shanghai on the 28th ultimo consisted of about
47,500,000
ounces in sycee, $80,600,000 and 7.460 silver bars, as compared with about
45.100,000 ounces in sycee, $78,500,000 and 7,800 silver bars on the 21st
ultimo.
Statistics for the month of July last are appended:
-Bar Silver per or. std. Bar Gold
cash.
Two Mos.
Per oz. Fine.
Highest price
2734d.
2734d.
84s. 1134d.
Lowest
27 I-16d.
27 -d.
84s. 10d.
Average
27 262d.
27.202d.
84s. 10.6d.
Quotations during the week:-Bar Silver per oz. std.Bar Gold
Cash.
Two Mos.
Per oz. Fine.
July 26
27 746d.
2734d.
84s. 11%cl.
July 27
2734cl.
2734d.
84s. 113ld.
July 28
275cl.
273cl.
84s. 113.d.
July 30
27 5-16d.
27 5-I6d.
84s. 113'ld.
July 31
27%d.
27%cl.
848. 113d.
August 1
273d.
273d.
84s. 1134d.
Average
27.375d.
27.364d.
84s. 1 .4d.
The silver quotations today for cash and two months' delivery are each
I-16d. below those fixed a week ago.
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sal..
Mon.,
Tues..
Wed.,
Thurs.,
Frt.,
Aug. 11. Aug. 13. Aug. 14. Aug. 15. Aug. 16. Aug.
17.
Silver, per oz.d. 273.
273-16
273.
2731
273-16
273-16
Gold, per tine
ounce
s. 84.1134
84.103(
84.1134
84.1134
84.11
84.1134
Consols, 23.18__
5534
5534
5534
British. Is..-,
102%
102%
102%
5
1021
55 1146
102%
British, 4%s.._
9834
9834
9834
9834
9834
French Rentes
(in Paris)_tr.
68.15
68.20
Holiday 68.50
68.75
French War L'n
93.45
(In Paris)-fr- ---93.75
Holiday 93.75
93.90
The price of silver in New York on the same days has been:
Silver in N. Y.. per oz. (cts.):
59
59
Foreign
5834
5834
5934
5934
BANK NOTES
-CHANGES IN TOTALS OF', AND IN
DEPOSITED BONDS, &c.
-We give below tables which
show all the monthly changes in national bank notes and in
bonds and legal tenders on deposit therefor:
Amount Bonds
on Deposit to
Secure Clrcula
ton for National
Bank Notes.
July 31 1928
June 30 1928
May 31 1928
Apr. 30 1928
Mar. 31 1928
Feb. 29 1928
Jan. 31 1928
Dec. 31 1027
Nov 30 1927
Oct. 31 1927
Sept. 30 1927
Aug. 31 1927
July 31 1927
June 30 1927
May 31 1927
Apr. 30 1927
Mar. 31 1927
Feb. 28 1927
Jan. 31 1927
Dee 31 1926
Nov. 30 1928
Oct. 31 1926
Sept. 30 1926
Aug. 31 1925
July 31 1926
666,64:3,200
665,658,550
667,491,900
556.196,450
666,865,710
657,011,210
666,230,710
667,127,710
655.830,210
666.873,290
666,985,790
667,143.790
667.156.290
866,991,130
667,095,680
655.724.930
665,641,990
666.138,640
664,503,940
666,211,440
666,278.180
665,492,880
655,830,440
665,889,940
655.941,890
National Bank Circulation,
Afloat on
Bonds.
658,463,42:3
658.732.988
661,522.450
661.127,660
662,412,992
661,481,322
659,332,017
662.380,082
683,340,675
663,167,030
662,742.593
663,747,178
661.550,768
661,288.545
663,158.720
562,238.833
661,673.603
660,366,240
657,364.790
661,046.465
662,764,613
661.742.830
660,555,797
659,760.467
661,434.195
Legal
Tenders.
38,926,224
40,887,654
39,757.992
38.814,509
36,802,227
38,250.372
38,407.517
38,623.507
39,060,424
39,825,684
40,537.019
41,052,614
42,957,269
42,857,722
42.777.217
39,074,404
38,251,364
36,825.184
37.856.759
36,721,464
37,927,974
38.971,702
39,178.467
39,768.777
40,714.779
Total.
697,349,647
699,620,652
701,280,442
699,942.169
699,215,219
599,731,694
697,739,534
701.003,589
702,401,099
702,992.694
703,279,612
704,799,702
704.518,037
704,148,267
705.933.937
701.313,237
699.924.967
697.191.424
695,221,549
697.767.929
700.692,587
700.714.532
699,734,284
699,529,244
702,148,974
54,154,618 Federal Reserve bank notes outstanding Aug. 11028,secured by lawful
money. against 54.638,468 on Aug. 1 1927.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on July 31:
U. .5. Bonds Held July 31 1928 to Secure
Bonds on Deposit
July 311028.
On Deposit to On Deposit Is
Secure Federal
Secure
Reserve Bank Natlonel Bask
Notes
Notes.
25, U. S. Consols of 1930
Is, U. S. Panama 01 1935
28, U. S. Panama of 1938
Totals
Total
H.I.
592,186,800
48.700,080
25,756,320
592.186,800
48,700,080
25,756,320
666.643,200
666,643,200
The following shows the amount of national bank notes
afloat and the amount of legal tender deposits July 2 1928
and Aug. 1 1928 and their increase or decrease during the
month of July:
National Bank Notes-Total Afloat
Amount afloat July 2 1928
Net decrease during July
Amount of bank notes afloat Aug. 1
Legal Tender Notes
Amount on deposit to redeem national bank notes July 2
Net amount of bank notes redeemed in July
Amount on deposit to redeem national bank notes Aug. 1 1928
5699,620,652
2.231,005
5697,389,647
540,887,664
1,951,440
$38.926,224
AUG. 18 1928.]
FOREIGN
FINANCIAL CHRONICLE
TRADE OF NEW YORK-MONTHLY
STATEMENT.
Merchandise Movement at New York.
Month.
Imports.
1927.
1926.
Exports.
1927.
1926.
$
$
158,169.597 184,794,382 138,284,513 132.903.105
July
August- - - 166,332,013 161.973.351 142,661.747 116,821,090
September 172.707,698 182.914,678 126,772.088 151.629,613
October__ _ 175.855.280 177.239,667 137,849,733 123,823.
326
November 179,611,688 185,959,035 156,060.057 149,662,
December_ 157.075,741 178.172.967 157.874.44 150.344,955
551
I
1928.
1927.
1928,
1927.
January
168.712,467 176,319,795 148,120.044,155,
February 173.826,482 154.108,688 135,898.816,129, 804,975
846,153
March __ 185,264,893 185,002,299 168,891,7681150,660,298
April
165.919,118 188,933,508 130.785.0401164,037,393
May
157,560,673 163,149,501 150,186,285,139,497,479
Customs Receipts
at New York.
1927.
I
1926.
s
I
26,620.038
30,852,625
32.593,222
31,626,401
29,487.856
24,267,557
$
24,619.552
29,183,549
32,000,997
31.359.820
30,431.596
26.823.969
1928.
25,495,311,
25,128,590
26,742,317
24,102.748
23,853,273
1927.
24.850.299
23,681.705
26,675,460
26,635.472
24,059,482
917
By Wise, Hobbs & Arnold, HAW
Shares. Stocks.
$ per oh, Shares. Stags.
$ per oh,
12 Webster-Atlas National Bank __193
10 Plymoutt cordage Co
66
20 National Shawl:nut Bank
31294 75 Old Colony Trust Associat
20 Pepperell Mfg. Co
90-9094 200 Carr Fastener Co.,corn., es.5294-5334
par$25 3334
60 Whitman Mills Corp
1834 9 Quincy Market Cold
Storage &
15 Saco-Lowell Shops, 2d pref
6
Warehouse Co., pref
72
150 Sharp Mfg. Co., corn
12c. 25 Howes Brothers, ser. B 6%
pref_
45 Farr Alpaca Co
115
5 Joint Stock Securities Co. of 76
10 Arlington Mills
Massachusetts, corn
3594
9 Whitman Mills Corp
23.4
18
20 Draper Corporation
65-6534
5 Granite Mills, pref
1
10 New Bedford Gas & Edison Light
14 Naumkeag Steam Cotton Co_ .12834
Co., undeposited, par $25
80 Fall River Electric Light Co.,
5,000 Temiskaming Mining Co.,10234
undeposited, par $25
Ltd.. par $1
6094
$20 lot
5 First National Stores, Inc.. 1st
15 Regal Shoe Co.. Wei
83
preferred
1021.4 & div
Bonds.
Per Cent.
8 Comecticut & Passumpsic Riv$4,000 Consolidated SS. Lines coll.
ors RR.. pref
10334
trust 4s. Jan. 1957
$53.4 lot
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ Per oil.
Mortgage deed on lot 4, block 12,
10 Mortgage Security Tr. Co.,Phila.140
Central Park Subc.ivision St.
5 Girard Trust Co
1602
Petersburg, Fla.; amt. due, $3,1 Girard Trust Co
1600
Total_ _ _ 1861235 650 1918567871 1593384 5341156
425 and accrued int. from Oct.
2 Atlantic Safe Deposit dc Trust
5030 933300,769,938300,331,901
27 1927
$500 lot
Co., N. J
418
Mortgage deed on 80 acres in east
100 Bankers Bond & Mtge. Co.,
Movement of gold and silver for the eleven
half of the southwest Quarter of
common
months:
583.4 ox-rights
Sec. 20. Twp.22, Range 17, Her100 Bankers Bond & Mtge. Co.,
nando County, Fla
$500 lot
common
Gold Movement at New York,
58 ex-rights
Lot No. 10, block 7, of Bayshore
Siker-New York.
100 Bankers Bond & Mtge. Co.,
Subdivision, Hinsborough Co.
common
Month,
Imports,
56 ex-rights
Exports,
Imports,
Fla.: subject to a mortgage of
Exports.
10 United Securities Corp., Wil$33,000
$500 lot
mington corn
1927.
1926.
1934
1927.
1926,
Lots Nos. 71 and 72 of Harbordale
1927.
1926.
18 John B. Stetson Co.. corn., no
Subdiv.. St. Petersburg, Fla $500 lot
par
2
$
100
II
$
5 National Bank of No. Phila
8
35094 25 Commonwealth Casualty Co..
July
$
5,215,929
846,762 1.090,730 1,598.
1,554.118 15,470,003 21 National Bank of No. Phila_ _ _350
August_ _ _ 6,107,889
par $10
662,466
26
883,618 21,154,974
3 Overbrook
September
180
20 Aberfoyle Mfg. Co., corn
1,714.313
972,617 24.166,981 21,675.322 1.492.026 2,727,989 30 Overbro National Bank
130
180
October__ 1.470 Springfield Worsted Nth's
495,910
523,970 9,147,118 1,018.790 2.154,705 4,450,040 3 Northwe ok National Bank
20
stern National Bank_ _ _ _970
1,796,403 2,402,526
November
13 Mortgage Co., Penna
727.412
652,888 34,200,361 1,463.90
34
December
100 Union Building Co.. Newark
487.049 6,622.900 71,982.903 6,756,4 5 2,007.426 2.988.534 3 Second Nat. Bank, Atlantic City_375
19
64
708,777 4.804.479 2 Roslyn National Bank, Mont250 Union Building Co., Newark
18
gomery County, Pa
62%
Rights1928.
1927.
$ per Right.
1928.
1927.
10 Union Bank & Trust Co
1928
1928.
January -390
795.991 17.840,886 50,866.191
94 Franklin Trust Co
160
February - 6,763,918 14.060,641 24,536,938 14.466.637 2,819.736 8.913,573 51 Mitten M. & H. Bank & Trust
1 Franklin Trust Co
150
Co., stamped
Marsh _
899,714 1,512,363 96,975,664 2.084.371 1,652,499 4.325.121
116
100 Bankers 13d.& Mtge. Co.. com. 834
1,628.544 2,050,259 3,769.747 20 Security Title & Tr. Co., par$50_ 70
AMU
3,873,068 3,853,056 94,843,016 1,928.63
Bankers Bd.& itge. Co.,corn. 8
8 1,819,080 4.049,989 35 Colonial Trust Co., par $50_ _ _ _25034 100
May
551,762 27,257,660 82,603,409
Bonds.
Per Cent.
756,245 1,127,725 3.724,039 10 Susquehanna Title & Trust
Co..
$9,000 Wayne Coal Co. 1st 6s,'37_235 lot
Par $50
Total_ -- 26,632,945 74,806,758 491,296,929
$6,000 Illinois Coal Corp. 1st s. 1.
74,527,430 19,182,754 40,626,040 11 Guarantee Trust & Safe Dep.Co 60
_460
75, 1943,ser. A,ctf. of dep
$30 lot
5 Broad St. Trust Co., par $50_ _
99
National Banks.
-The following information regard
ing
national banks is from the office of the
Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE
APPROVED,
Capital.
Aug. 7
-National Kingsboro Bank of Brooklyn
in New York,
N.Y
Correspondent, aoilit J, Bennett" Jr..
fig §iiti St., $500,000
Brooklyn, N. Y.
Aug. 10
-The Commercial National Bank & Trust
Co. of New
York, N. Y
___6,000.000
Correspondent, Elmer Schlesinger, 120
Broadway,
Now York City.
Aug. 10
-The Normandie National Bank of New York,
N. Y_ _ 2,000,000
Correspondent, A. E. Lefcourt, care
of Lefcourt;Marlboro Bldg., 1359 Broadway, New
York, N. Y.
CHARTERS ISSUED.
Aug. 6
-The First National Bank of Douglasville.
Ga
President, J. R. Hutcheson; Cashier,
Frederick Latimore. 25.000
Aug. 8
-The Eastport National Bank, Eastpor
t, N. Y
President, William II. Chapman;
Cashier, John A. Daly. 50,000
VOLUNTARY LIQUIDATIONS.
Aug. 6
-The Arizona National Bank of Tucson
, Ariz
Effective Aug. 4 1928. Litt.
Agent, Frank M. Utt, 100,000
Tucson, Ariz. Absorbed by the
Consolidated National Bank of Tucson, No. 4,287.
Aug. 6
-The First National Bank of Shosho
ne, Idaho
Effective Juno 28 1928. Lig.
40,000
Agent, the First Security Bank of Shoshone, Idaho.
Succeeded by the
First Security Bank of Shoshone,
Idaho.
Aug. 6
-The Union National Bank of Johnst
own,
200,000
Effective July 31 1928. Lig. Comm. Pa
John Stenger and Robert C. Boone, : J. IC. Love,
Absorbed by the First National Johnstown, Pa.
Bank of Johnstown, No. 51.
BRANCHES AUTHORIZED UNDE
R ACT OF FEB. 25 1927.
Aug. 6
-Hudson County National Bank. Jersey
City, N. J. Location
of branch, vicinity of 2860 Hudson
County Boulevard.
Aug. 6
-The Melrose National Bank of Now
branch, vicinity of Morris Park andYork, N. Y. Location of
White Plains Ave., Van
Nest District.
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were
sold at auction
in Now York, Boston, Philadelphia and Buffalo on
Wednesday of this week:
By Adrian H. Muller & Sons, New York:
Shares. Stocks.
$ per oh, Shares. Stocks.
125 Iroquois Transit Corp., Class
380 Phoenlx Factors Corp.8% 8 per sh.
cum.
A: 125 class 13
$40 lot
pref., par 825;40 Phoenix Factors
Tint Holding Corp
80
$30 lot
Corp., corn., par $25: subject
to
100 Public Light & Power Co.,corn. 1534
an indebtedness to Phoenix
50 General Vending Corp., comtors Corp., approx. 228,000Facmon, no par
754 3,350 Multi-crypt Mausoleum __2200 lot
1,140 Phoenix Factors Corp., 8%
Builders Assn., Inc., corn.,
rum. prof., par $25
$11,000 lot
no par
$55 lot
10 Texas Land Synoicate
$13 lot 80 Big Store Realty Corp.,
no par $440 lot
20 Tents Land Syndicate No. 3.
par 50c
$19 lot
By R. L. Day & Co., Boston.
Shares. Stocks.
5 per oh.
2 National Shawmut Bank
313
10 First National Bank
44134
306
5 Beacon Trust Co
242 Arlington Mills
35
12c.
450 Sharp 611g. Co
-13c.
140.
275 U. S. Worsted Corp
40 U. S. Worsted Corp., let p1_80c.-1.05
34 Wamsutta Mills
40
75 Lancaster Mills
154
1 Am,Optical Co., 1st pref
95
Shares. Stocks.
43 Edison Elec. Ill., Brockton
60 The Kinney Mfg. Co
10 Saco-Lowell Shops, 2d prof
35 Eastern Mfg. Co., let pref
3 per alt.
53
$51 lot
72
Bonds.
$3,000 Collateral Bankers Co., Per Cent.
6s, Oct. 1952, ser. A C, and Inc.,
U. S. Worsted Corp. 1st 2120
pref.
scrip
$2 lot
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
5 per alt. Shares. Stocks.
$ per sh.
10 Labor Temple Assn. of Buffalo
1% National Motor Corp. of Del.,
and Vicinity, Inc., par 55
$1 lot
common, no par
$1108
1,000 West Dome Lake, par $1
834c. 1,000 Goldhill Mines, par $1
Sr.
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).
Ambarna & Vicksburg
Canadian Pacific, corn.(guar.)
Preference
Chesapeake Corporation (quar.)
Consol. RRs. of Cuba, pref. (quar.)
Cuba Northern Rye., corn.(No. I) -North Pennsylvania (ouar.)
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
3
Oct. 1 Holders of rec. Sept. 8a
234 Oct. 1 Holders of rec. Aug. 31
2
Oct. 1 Holders of rec. Aug. 31
*75c. Oct. 1 *Holders of rec. Sept. 8
15.5 Oct. 1 Holders of rec. Sept. 100
64.40 scot.28 Holders of rec. Sept.280
51
Aug. 25 Holders of rec. Aug. 20
Public Utilities.
Amer. Telep. & Teleg. (quar.)
15 Holders of rec. Sept. 20
Oct.234
Central Indiana Power,7% pref. (quar.)
134 Sept. 1 Holders of rec. Aug. 20
Central Pub.Serv., $6 pf.(qu.)(No.
1)
Columbus Elec. & Power, corn. (quar.) *S1.50 Oct. 1 *Holders of rec. Sept. 100
50c. Oct. 1 Holders of rec. Sept. 100
Second preferred ((mar.)
1% Oct. 1 Holders of rec. Sept 10a
Preferred, series B iquar.)
134 Oct. 1 Holders of rec. Sept. 100
Preferred, series C (guar.)
13. Oct. 1 Holders of rec. Sept. 10a
Consol. Gas (N.Y.). corn. (in stock)
*1100
*Holders of rec. Aug. 517
Electric Public Service, pref.
(quar.) .
Oct.154
1 Holders of rec. Sept. 12
Electric Public Utilities. Pref.
Engineers Public Serv., cony. (ouar.)_ _ _ $1.75 Oct. 1 Holders of rec. Sept. 12
pi.
Galveston-Houston Elec. Co., (go.)_ _ $1.25 Oct. 1 Holders of rec. Sept. 5
3
Sept.15 Holders of rec. Sept.
Gas & Elec. Securities, corn. pref
(monthly)_ *50c. Sept. 1 *Holders of rec. Aug. 4
Common (payable in common
stock) _ *f75e. Sept. 1 *Holders of rec. Aug. 15
Preferred (monthly)
15
• 58 1-3c Sept. 1 *Holders of rec. Aug. 15
Gas Secur. Co., coon.(mthly., (in
sc:ip)_ .
034 Sept. 1 •Ho,ders of rec. Aug. 15
Preferred (monthly)
•34 Sept. 1 *Holders of rec. Aug. 15
Gulf States Utilities, $6 pref.
(guar.).
*81.50 Sept.15 *Holders of rec. Sept. .5
$5.50 preferred (quar.)
1.3734 Sept.15 *Holders of rec. Sept.
Illinois Power Co..6% pref.
(quar.).... 134 Oct. 1 Holders of rec. Sept. 5
Seven per cent preferred
15
(guar.)
134 Oct. 1 Holders of rec. Sept. 15
Laclede Gas & Elec., prior lien
stk.'
Lexington Water Co., pref. (otter.) qu.) '134 Sept. 1 *Holders of rec. Aug. 24
•134 Sept. 1 *Holders of rec. Aug. 20
Nat. Public Service,
400. Sept.15 Holders of rec. Aug. 27
New Rochelle Water com. A (quar.)- Co.,
Ohio Power Co., 6% pref.pref. (quar.).. *194 Sept. 1 *Holders of rec. Aug. 20
(quar.)
"134 Sept. 1 *Holders of rec. Aug. 10
Ohio Pub.Serv.7% 1st
pf.,ser.
Oklahoma Gas & Elec., pref. A(mthlY.)• 58 1-3c Sept. 1 *Holders of rec. Aug. 15
(quar.)- - - "134 Sept.15 'Holders of rec. Aug.231
PennsylvaniaGas&Elec.Corp..A&B(qu.) •
3734c Sept. 1 *Holders of rec. Aug. 20
7% Pref. (quar.)
515.4 ocs. 1 *Holders of rec. Sept. 20
$7 preferred ((mar.)
"21 75 Oct. 1 *Holders of rec. sent.20
Rochester Gas & Elec.. pref.
B (ouar.).. .
134 Sept. 1 'Holders of rec. Aug. 15
Preferred series C & D
(guar.)
'134 Sept. 1 *Holders of rec. Aug. 15
Superior Water L. & Pow.,
pref. 0:111.) 134 Oct. 1 Holders of rec. Sept.15
Toledo Edison Co., 7% pref.
(mthly.)- - •
581sc. Sept. 1 *Holders of rec. Aug. 15
6% pref. ,monthly)
•50c Sept. 1 *Holders of rec. Aug. 15
Utica Gas & Elec., 7% pref.
(guar.)
•154 Aug. 15 *Holders of rec. Aug. 4
Wisconsin Pr.& Lt.,6% pref.
(No. 1)- •134 Oct. 15 *Holders of rec. Sept. 30
* Banks.
American Colonial of Porto Rico
(qu.) - 2
Sept. 1 Holders of rec. Aug.
Extra
2
Sept. 1 Holders of rec. Aug. 17
17
Miscellaneous.
Adams Express, com.(guar.)
'134 Sept.29 *Holders of rec. Sept.
Preferred (guar.)
15
Alabama Cash Credit Corp., corn.(au.) •134 Sept.29 'Holders Of rec. Sept.15
9c. Aug. 25 Holders of rec.
Preferred (quar.)
Aug. 13
15e. Aug. 25 Holders of rec.
Preferred (extra)
Aug. 13
9c. Aug. 25 Holders of
Allen Industries. corn. (guar.)
25c. Sept. I Holders of rec. Aug. 13
Preferred (quar.)
rec.
76e. Sept. 1 Holders of rep. Aug. 20
Alliance Realty Co.. pref. (qu.)
Aug. 20
134 Sept. 1 Holders of
Amer. Art Works, corn. & pf. (quar.)
134 Oct. 15 Holders of rec. Aug. 24
Amer. Art Works,corn.& pt.(quar.)
rec.
134 Oct. 15 Holders of rec. Sept.30
Am., British & Cont. Corp.,1s
Sept.30
Amer. Potash & Chem. Corp.tid(qu.).- $1.50 Sept. 1 *Holders of rec. Aug.
15
(No. 1)- - .50e. Sept.29
Amer. Seating Co.. corn. (guar.)
*Holders
75c, Oct. 1 Holders of rec. seat.21
Amer. Stores (quar.)_
at rec. Sept.20
*50c. Oct. 1 *Holder
s of rce. Sept.15
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Sept. 17 Holders of rec. Sept. 5
1
Atlantic Terra Cotta, pref. (guar.)
•50c. Sept. 1 'Holders of rec. Aug. 17
Portland Cement(guar.)
Atlas
80c. Aug. 25 Holders of rec. Aug. 13
Badger State Cash Cred.Corp..pf.(au.)
150. Sept. 1 Holders of rec. Aug. 15
Bankers Security Trust.6% Pf A (qu.).
*50c. Oct. 1 *Holders of rec. Sept. 14
Barker Bros., corn. (guar.)(No. 1)
•1f4 0.3. 1 *Holders of rec. Sept. 14
% pref. (guar.)
80e. Oct. 10 Holders of rec. Sept. 25
Beech-Nut Packing, corn. ,quar.)
1 Si Oct. 1 *Holders of rec. Sept. 1
Belgo Canadian Paper, pref.(quar.)_ _
•50e. Oct. 1 "Holders of roe. Sept.15
Bendlx Corp., class A (guar.)
*75c. eept. 15 'Holders of rec. Aug. 24
Best & Co. (guar.)
10c. Sept.15 Holders of rec. Sept. 1
Bishop Oil Corp
Sept.30 *Holciers of rec. Aug. 31
"2
Bolsa Chica Oil, class A (No. 1)
passed
Bristolalanufacturing-Dividend
*50c. Sept.20 *Holders of rec. Sept. 5
By-Products Coke Corp., corn. (qu.)•25c. Oct. 1 'Holders of rec. Sept. 7
California Petroleum, corn. (quar.)_ _
Oct. 1 Holders of rec. Sept. 15
3
Canada Permanent Mtge.(guar.)
of rec. Sept. 10
Case J. I )Threshing Mach..com.(qu.)_ *13-4 Oct. 1 *Holders of rec. Sept. 10
"I.% Oct. 1 'Holders
Preferred (guar.)
$1 Sept.29 Holders of roe. Sept. 10
Chesebrough Mfg. Co. (guar.)
25c. Sept.29 Holders of rec. Sept. 10
Extra
"75c. Oct. 1 *Holders of rec. Sept. 10
Chickasha Cotton Oil (guar.)
Aug. 21
Chicago Flexible Shaft, pref. (guar.) _ *13-i Sept. 1 "Holders of rec. Sept.15
Oct. 1 Holders of rec.
Si
Cities Service, common (monthly)
Oct. 1 Holders of rec. Sept.15
Common (payable In corn. stock)_ _ _ _ f%
Oct. I Holders of rec. Sept.15
34
Preferred and preferred B B (mthly) Sc. Oct. 1 Ho.ders of rec. Sept. 15
Preferred B (monthly)
of rec. Aug. 23
Collins & Aikman Corp., pref. xquar.)_. 1% Sept. 1 Holders of rec. Sept.20
$2 Oct. 1 Holders
Commercial Solvents Corp. ((mar.)
25 Sept 30 'Holders of rec. Sept. 18
'51
Coty. Inc. (guar.)
"1% Sept.30 *Holders of rec. Sept.15
Crucible Steel, pref. (guar.)
25e. Sept.29 Holders of rec. Sept. In
Cuban-Amer. Sugar, corn. (guar.)
Sept.29 Holders of rec. Sept. In
Preferred (guar.)
•13-4 Sept. 1 'Holders of rec. Aug. 13
Mfg., corn. (guar.)
Dartmouth
•13j Sept. 1 'Holders of rec. Aug. 13
Preferred (guar.)
*50e. Sept. 1 "Holders of rec. Aug. 17
Dictaphone Corp., corn. (guar.)
"2 Sept. 1 *Holders of rec. Aug. 17
Preferred (guar.)
25e. Sept. I Holders of rec. Aug. 15
Dominion 011. Ltd., class A (guar.)
Sept. 1 *Holders of rec. Aug. 27
Durham Duplex Razor, pr. pref. (guar.) "51
•1% Aug. 31 *Holders of rec. Aug. 20
Eagle (C. K.) de Co., 7% pref. (qu.)
13.4 Oct. 1 Holders of rec. Aug. 31
Eastman Kodak, pref. (guar.)
•13.4 Sept. 1 *Holders of rec. Aug. 16
Equitable Financial Corp. (quar.)
Oct. 1 Holders of rec. Sept.15
Equit. Off. Bldg. Corp. new com.(No.1) 50c. Oct. 1 Holders of rec. Sept.15
Preferred (quan)
Sept.15 Holders of rec. Aug. 24
pref.(guar.)
Federal Mining & Smelting
Aug. 31 *Holders of rec. Aug. 15
Federated Capital Corp. corn. (quar.)-- '373.4c Aug. 31 *Holders of rec. Aug. 15
*373-4c
Preferred (quar.)
"2
Oct. 1 *Holders of rec. Sept. 13
(guar.)
First National Pictures pref.
25e. Aug. 15 *Holders of rec. Aug. 1
Foster & Klelser Co. corn. (guar.) ___. .
10
Fuller(Geo. A.) Co.' partic. prior pf.(nu) 13-4 Oct. 1 Holdeis of rec. Sent. 15
•75e. Sept. 1 'Holders of rec. Aug.
Galland Mere. Laundry xqu.) (No. 1)_ _
Oct. 1 Holders of rec. Sept. I
Goodyear Tire & Rubber 1st pref.(qu.)
Oct. 1 Ilolders of rec. Sept. 1
Preferred (ouar.)
75c. Sept. 1 *Holders of rec. Aug. 25
Grand Union Co. cony. pref. tquar.)- - •
Sept. 1 'Holders of rec. Aug. 16
Great Atl. & Pacific Tea, corn.(quar.)
Sept. 1 *Holders of rec. Aug. 16
5
Preferred (guar.)
*75e. Sept. I *Ilolders of rec. Aug. 20
Great Northern Paper (guar.)
.5100 Oct. 15 *Holders of rec. Sept. 15
1 011
Group No.
Sept.29 Holders of rec. Aug. 31
Hamilton United Theatres, Ltd.,pf.(qu.)
750. Sept. 1 Holders of rec. Aug. 15
Hathaway Bakeries class A 'quar.)....._
$1.75 Sept, 1 Holders of rec. Aug. 15
Preferred (guar.)
*20c. Sept. 1 *Holders of rec. Aug. 25
Hayes Body pref. A (guar.)
*50c. Sept. I 'Aug. 19 to Aug. 31
Hobart Mfg. corn. (guar.)
be. Sept. 8 Holders of rec. Aug. 22
Hollinger Consol. Gold Mines(mthly.)_ _
be. Aug. 25 Holders of rec. Aug. 13
Illinois Cash Credit Corp. corn.(guar.).
20c. Aug. 25 Holders of rec. Aug. 13
Preferred (guar.)
be. Aug. 25 Holders of rec. Aug. 13
Preferred (extra)
Aug. 20
Illinous Safety Razor cl. A (No. 1) ..11.1.) .600. Sept. 1 'Holaers of rec.
•50c. Oct. 1 'Holders of rec. tent. 19
Class B (No. 1) ,quar.)
Insurance Shares Management Co.
35e. Sept. 1 Holders of roe. Aug. 15
Series A-27
35e. Sept. 1 Holders of rec. Aug. 15
Series C-27
320. Sept. 1 Holders of rec. Aug. 15
Series F-27
270. Sept. 1 Holders oj rec. Aug. 15
Series H-27
19e. Sept. 1 Holders of rec. June 30
Series B-28
corn. (quar.)_ _ •81.00 Oct. 15 'Holders of rec. Sept.25
International Harvester
"134 Sept. 1 'Holders of rec. Aug. 20
International Milling pref. (guar.)
603. Sept. 1 Holders of rec. Aug. 200
Internat I Safety Razor class A (quar.)_
50e. Oct. 1 Holders of rec. Sept. 190
Class B (No. 1) (quer.)
50e. Sept. 1 Holders of rec. Aug. 15
Johnson-Stephens-Shinkle Shoe (quar.)_
50c, Oct. I Holders of rec. Sept.20
yes Wheel corn. (guar.)
Kelsey-Ha
$1.50 Oct. 1 Holders of rec. Aug. 31
Kennecott Copper (guar.)
*51.75 Sept. 1 'Holders of rec. Aug. 15
Kobacker Stores Inc. pref. 'ouar.)
Sept. 1 *Holders of rec. Aug. 24
Kuppenheimer (B.) Co. pref. (guar.).- 5
Leighton Ind. class A (guar.)(No. 1) '37 Sic Aug. 15 *Holders of rec. Aug. 2
"25e. Aug. 15 *Holders of rec. Aug. 2
Class B (guar.)(No. 1)
*41c. Aug. 15 "Holders of rec. Aug. 11
Leaflir Co. corn. (extra)
.13.4 Sept. 1 *Holders of rec. Aug. 17
Lord & Taylor let pref. (quar.)
"5c. Aug. 20 *Holders of rec. Aug. 10
Comb. Gold Min (mttuy.)_
Lucky Tiger
11
Ludlow Manufacturing Assoc (guar.) - 32.50 Sept. 1 Holders of rec. Aug. 15
Sept. 1 *Holders of rec. Aug.
Si
'
Marmon Motor Car (guar.)
Aug. 20 "Holders of rec. Aug. 15
$1
Mascot 011 (monthly)
J.) Sugar Refining de
McCahan
Sept. 1 Holders of rec. Aug. 170
Molasses pref. (guar.)
50c. Sept. 1 Holders of rec. Aug. 15
Metropolitan Paving Brick corn. (ou.)_
Sept.15
Oct. 1 "Holders of
Miller (I.) & Sons Inc. corn. (quar.)_ _ *50e. Sept. 1 'Holders of rec. Aug. 26
rec.
5 1.62%
Preferred (guar.)
Sept. 1 Holders of rec. Aug. 15
Mitchell (Robt.) Co. pref. (guar.)
"62 Sic Oct. 1 'Holders of rec. Sept. 10
Mohawk Carpet Mills corn
*25c. Sept.15 *Holders of rec. Aug. 31
National Transit (extra)
*50e. Sept.15 "Holders of rec. Sept. I
Meter corn. A (guar.)
Neptune
30e. Oct. 1 Holders of rec. Sept.15
(on.)(No. 1)
Newberry ,J. J.) CO. corn.
Sept. 1 Holders of rec. Aug. 22
Ogilvie Flour Mills pf. (guar.)
*45e. Oct. 1 "Holders of rec. Sept. 15
(guar.)(No. 1)_
Ontario Mfg. corn.
"51.75 Oct. 1 "Holders of rec. Sept. 15
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 70
52
Param't Famous Lasky Corp. com.(qu.) "1373.6c Sept. 1 *Holders of roe. Aug. 18
Fender (D.) Grocery class A (quar.)
Sept. 1 Holders of rec. Aug. 15
4
Pepperell Manufacturing
Sept. 1 *Holders of rec. Aug. 17
Phoenix Hosiery prof. (guar.)
50c. Oct. 1 Holders oj rec. Sept. 20
Plekrel Walrus Co. (guar.)
'
173.40 Aug. 25 *Holders of rec. Aug. 15
pref. (guar.)
Pickwick Corp. 7%
Oct. 15 "Holders of rec. Oct. 0
*31
Quaker Oats, corn. (guar.)
'1(4 Nov. 30 Ilolders of rec. Nov. 1
Preferred (quar.)
*5152 Aug. 28 *Holders of rec. Aug. 21
Rand Mines Ltd. Amer. shares
(p.) Aug. 15 *Holders of rec. Aug. 14
Reagan County Purchasing Co
*Holders of rec. Sept. 10
5
Remington-Rand Inc. 1st pref. (qu.)- - *2
Oct. 1 *Holders of rec. Sept. 10
2d preferred (quar.)
15 Holders of rec. Aug. 10
Aug.
I
Royalty Corp. of Amer. part. pf (mthly)
% Aug. 15 Holders of rec. Aug. 10
Participating preferred (extra)
Oct. 1 Holders of rec. Sept.15
St. Maurice Valley Corp., pref (flU.)
25c. Sept. 15 Holders of rec. Aug. 31
Segal Lock & Hardware corn. (guar.)._
Oct. 15 Holders of rec. Sept. 30
Preferred 'guar.)
rec. Aug. 31
13.4 Aug. 31 Holders of
Smith (Howard) Paper Mills pref. (on.) "123-4c Sept. 1 *Holders of rec. Aug. 15
Southern Grocery Stores corn. xquar.)
1 *Holders of rec. Aug. 15
"62 Sic Sept.
Class A ((mar.)
123-10. Sept. 1 Holders of rec. Aug. 20
Specialized Shares Corp. corn.(flu.)
75e. Sept. 1 Holders of rec. Aug. 20
• Class A & B preferred (ouar.)
40e. Sept.29 *Holders of rec. Sept. 15
.
Spencer Kellogg & Sons Inc. new
25
25e. Sept.15 Holders of rec. Aug.
Standard 011(N. J.) par $25 (guar.)
123ie. Sept.15 Holders of rec. Aug. 25
325 par value stock (extra)
Sept.15 Holders of rec. Aug. 25
5100 par value stock (guar.)
25
50e. Sept.15 Holders of rec. Aug. 22
$100 par value stock (guar.)
1% Sept. 1 Holders of rec. Aug. 310
Sterling Securities Corp. pref. (guar.)
25c. Sept.15 Holders of rec. Aug.
Tennessee Copper & Chemical (ou.)._
70
750. Oct. 1 Holders of rec. Sept.
Texas Corp.(fur.)
Sent.15 *Holders of rec. Sept. I
*El
Texas Gulf Sulphur (guar.)
'Holders of rec. Sept. 15
•100. Oct. 15
Teton Oil& Land
of rec. Sept.20
Thompson Products, class A (guar.) -_ •30c. Oct. 1 *Holders of rec. Sept. 20
"10c. Oct. 1 *Holders
Class A (extra)
*300. Oct. 1 *Holders of rec. Sept.20
I Class B (guar.)
•10c. Oct. I "Holders of rec. Sept.20
Class B (extra)
'131 Sept. 1 *Holders of rec. Aug. 20
I Preferred (guar.)
[VOL. 127.
FINANCIAL CHRONICLE
918
134
134
134
134
*51
134
134
134
1'4
134
134
•134
134 Oct. 1
134
134
51
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive:
Miscellaneous (Concluded).
*50c. Sept. 1 *Holders of rec. Aug. 15
Union Mills common (guar.)
•1.% Sept. 1 *Holders of rec. Aug. 15
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 1
$1
United Fruit (guar.)
•75c. Sect.10 *Holders of rec. Aug. 17
United States Freight (guar.)
Oct. 1 'Holders of rec. Sept. 15
2
•
Universal Pictures 1st pref. (guar.)._
13.4 Sept. 15 Ilolders of rec. Sept. 14
Valvoline Oil common (guar.)
Sept. 1 'Aug. 21 to Aug. 31
*2
common (guar.)
Victor Monaghan
•1% Oct. 1 *Sept.21 to Sept.30
Preferred (guar.)
Wamsutta Mills-Dividend omitted.
'87lie Sept. 1 *Holders of ree. Aug. 24
Wayne Pump pref. (ouar.)
"75c Sept. 1 *Holders of rec. Aug. 20
Western Auto Supply, class A&B(qua
Westinghouse Elec.& Mfg. corn.(quar.) *El Oct. 31 *Holders of rec. Sept. 28
"51 Oct. 15 'Holders of rec. Sept. 28
Preferred (guar.)
Yarns Corp. of America class A (qtr.)._ •30c. Oct. 1 'holders of rec. Sept. 15
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Railroads (Steam).
Atch. Topeka & Santa Fe. corn.(quar.).
Baltimore & Ohio, corn.(guar.)
Preferred (guar.)
Bangor & Aroostook, common (guar.)._
Preferred (guar.)
Boston & Albany (quar.)
Chestnut Still (guar.)
Chic. R.I. & Pacific, corn.(guar.)
Cleve. dr Pittsburgh. guar.(guar.)
Special guaranteed (guar.)
Cuba RR., preferred
Delaware & Bound Brook (guar.)
Delaware & Hudson Co.(guar.)
Gulf :Mobile & Nor..6% pref. (quar.)._..
Illinois Central, common (guar.)
Preferred
Maine Central, common (guar.)
Preferred (guar.)
Missouri-Kansas-Texas, pref. (quar.)_
New Orleans Texas & Mexico (quar,)
New York, Chicago & St. Louis, corn.&
preferred (guar.)
Norfolk & Western, corn.(guar.)
Adjustment preferred (guar.)
Old Colony (guar.)
Pennsylvania RR.(guar.)
Pere Marquette, COM. (guar.)
Prior preferred & preferred (quar.)_ _ _
Phila. Germantown & Norristown (qu.)_
Pittsb.Bessemer & L. E.,corn.(guar.)
Pittsb. Youngs. & Ash., pref.(guar.)._
Reading Co., first pref. (guar.)
Second preferred (guar.)
-San Francisco, corn.(qui -St. Louts
Common (extra)
0% Preferred (guar.)(No. 1)
8% preferred (quar.)
Old preferred-See Note below
Southern Pacific Co. (quar.)
Texas & Pacific (guar.)
Union Pacific, corn.(guar.)
Preferred
Vicksburg Shreveport & Pacific. com
Preferred
Wabash Ey.. pref. A (guar.)
When
Per
Cent. Payable,
Books Closed
Days Inclusive.
23-4 Sept. 1 Holders of rec. July 270
1% Sept. 1 Holders of rec. July 14a
1
Sept. 1 Holders of rec. July 140
88e. Oct. 1 Holders of rec. Aug. 31a
1% Oct. 1 Holders of rec. Aug. 31a
*2
Sept.30 •IIolders of rec. Aug. 31
•1% Sept. 4 'Holders of rec. Aug. 20
4.1yi Sept.29 *Holders of rec. Sept. 7
87Sic. Sept. I Holders of rec. Aug. 10a
50c. Sept. 1 Holders of rec. Aug. 100
Febl'29 Holders of rec. Jan 1529
3
Aug. 20 "Holders of rec. Aug. 16
*2
2% Sept.20 Holders of rec. Aug. 280
'1% Oct. 1 *Holders of rec. Sept. 15
1% Sept. 1 Holders of rec. Aug. la
3
Sept. 1 Holders of roc. Aug. la
Oct. 1 Holders of rec. Sept. 15
1
13.4 Sept. 1 Holders of rec. Aug. 15
1% Sept.29 Holders of roe. Sept.16a
Sept. 1
Holders of rec. Aug. 150
134 Oct. 1 Holders of rec. Aug. 15a
Holders of rec. Aug. 310
2
Sept. 19
1
Aug. 18 Holders of rec. July 310
1% Oct. 1 Holders of rec. Sept. 160
87 Sic Aug. 31 Holders of rec. Aug. 10
13-4 Oct. 1 Holders of rec. Sept. 70
1% Nov. 1 Holders of rec. Oct. 5a
*51.50 Sept. 4 *Holders of rec. Aug. 20
"750. Oct. 1 *Holders of rec. Sept. 16
134 Sept. 1 Holders of roe. Aug. 200
50c. Sept. 13 Holders of rec. Aug. 230
50e. Oct. 11 Holders of roe. Sept. 200
134 Oct. 1 Holders of rec. Sept. la
25e. Oct. 1 Holders of roe. Sept. la
13-4 Nov. 1 Holders of rec. Oct. 80
134 Feb.129 Hold, of rec. Jan. 7 '29a
1%
1%
2%
2
23.4
2S4
13.4
Oct. 1
Oct. 1
Oct. 1
Oct. 1
Oct. 1
Oct. 1
Aug. 24
Holders of rec. Aug. 240
Holders of rec. Aug. 31a
Holders of recs. Sept. la
Holders of rec. Sept. la
Holders of rec. Sept. 8a
Holders of rec. Sept. 8a
Holders of rec. July 25a
Public Utilities.
25c Sept. 1 Holders of rec. Aug. 16a
Amer.Power & Light, corn.(guar.)
1% Sept. 1 Holders of rec. Aug. 31a
Amer.Teleg. de Cable (guar.)
American Water Works & Electric
51.50 Oct. 1 Slobbers of rec. Sept. 12a
56 first preferred (guar.)
Associated Gas & Elec.. $8 pref.(guar.) 151.50 Sept. 1 Holders of rec. July 31
13 1.623-4 Sept. 1 Holders of rec. July 31
563.4 pref. (guar.)
187 S.40 Oct. 1 Holders of rec. Aug. 31
Original series Prof. Ifoar.)
151.75 Oct. I Holders of rec. Aug. 31
$6 preferred (guar.)
Telep, Utilities, 57 pf. (qu.). $1.75 Sept.15 Holders of rec. Aug. 31
Associated
$1.50 Sept.15 Holders of rec. Aug. 31
$6 preferred (guar.)
1% Sept. 1 Holders of rec. Aug. 16a
Baton Rouge Elec. Co., pref. A (Glum.)_ _
44c Sept. 1 Holders of rec. July 31
Brazilian Tr. L & P., new corn. (guar.).
2
Sept. 1 Holders of rec. Aug. 80
Brooklyn Edison Co. (guar.)
Brooklyn-Manhattan Tran.,ser. A (qu.) 51.50 Oct. 15 Holders of rec. Oct. la
51.50 JanI5'29 Holders of rec. Dec. 31a
Preferred series A (guar.)
$1.50 AprI5'29 Hold. of rec. Apr. 1 '2110
Preferred series A (guar.)
Buffalo Niagara & East. Power
30e Oct. 1 *Holders of rec. Sept. 15
.
Common and class A (guar.)
•40c Oct. 1 "Holders of rec. Sept. 15
Old preferred (guar.)
51.25 Nov. 1 *Holders of roe. Oct. 15
•
First preferred (guar.)
Central Ark,Pub.Seri., pref.(guar.) -- 1% Sept. 1 Holders of rec. Aug. 15a
Central Gas & Elec.. $7 pref.(quar.)___. •111.75 Sept. 1 *Holders of rec. Aug. 16
4.5 1.62% Sept. 1 *Holders of rec. Aug. 18
563.4 preferred (guar.)
*Holders of rec. Sept. 30
51.50 Oct. 1
Central III. Pub. Serv.. pref. (quar,)_
(qu.)._ "4334c Sept.15 *Holders of rec. Aug. 26
Central Public Serv. Corp., el. A
Holders of rec. Aug. 21a
65eSept.
Chicago Rapid Transit, pr. of. A (qu.)..
60e Sept. 1 Holders of rec. Aug. 210
Prior preferred B (guar.)
Cleveland Electric III.. 6% pref. (qu.)_. 1% Sept. 1 Holders of tee. Aug. 15
13-4 Sept.15 *Holders of rec. Sept. I
Coast Cos. Gas Az Elec., 1st & Id pLIqui •
13-4 Sept. 1 •Holders of rec. Aug. 15
Connecticut Light & Power. corn. (flu.). .
"2
Sept. I *Holders of rec. Aug. 15
8% preferred (guar.)
*134 Sept. 1 'Holders of ree. Aug. 15
7% preferred ((luar.)
"13-4 Sept. 1 "Holders of rec. Aug. 15
03.4 preferred (guar.)
•13.4 Sept. 1 'Holders of rec. Aug. 15
63-4 preferred (guar.)
"52.50 Sept. 1 *Holders of rec. Aug. 20
Connecticut Power, common
Sept. 1 "Holders of rec. Aug. 20
6% preferred (guar.)
Consol. 0. E. L. & P., Balt., corn.(qu.) *75c. Oct. 1 *Holders of rec. Sept. 15
•14.‘ Oct. 1 •Holders of rec. Sept.15
Preferred A (guar.)
*13-4 Oct. 1 *Holders of roe. Sept.15
Preferred D (guar.)
•1% Oct. 1 'Holders of rec. Sept.15
Preferred E (guar.)
Consolidated Gas, N. Y.. corn.(guar.)._ $1.25 Sept.15 Holders of rec. Aug. 8a
33e. Sept.
Holders of rec. Aug. 24
Consol. Gas Utilities. class A (No.1)
1% Oct. 1 Holders of rec. Sept. 15
Consumers Power Co.6% pfd.(quar.)_ _
1.65 Oct. I Holders of rec. Sept. 15
0.6% preferred (guar.)
7% preferred (guar.)
134 Oct. 1 Ilolders of rec. Sept. 15
50e. Sept. 1 Holders of rec. Aug. 15
6% preferred (monthly)
0% preferred (monthly)
50c. Oct. 1 Holders of rec. Sept. 15
6.6% preferred (monthly)
55e. Sept. 1 Holders of rec. Aug. 15
55e. Oct. 1 Holders of rec. Sept. 15
6.6% preferred (monthly)
._• 66 2-3 Sept. 1 *Holders of rec. Aug. 15
Empire Gas & Fuel 8% pref.(mthly.)
6% preferred (monthly)
•50c. Sept. 1 *Holders of rec. Aug. 15
6%% preferred (monthly)
•54 1-6e Sept. 1 "Holders of rec. Aug. 15
58 1-he Sept. 1 *Holders of rec. Aug. 15
7% preferred (monthly)
Federal Light & Trae., corn.(guar.)._
20e, Oct. 1 Holders of rec. Sept. 130
Common (payable in corn. stock)
/150. Oct. 1 Holders of rec. Sept. 130
Preferred (guar.)
1% Sept. 1 Holders of rec. Aug. 200
Federal Water Service. class A (quar.)
50e. Sept. I Holders of rec. Aug. 8
Gary Railways, class A pref. If
- _ $1.80 Sept. 1 holders of rec". Aug. 20
120
General Cask Elec., corn. A (quar.)... 373-ic. Oct. 1 Holders of rec. Sept.120
$8 preferred class A (guar.)
Oct. 1 Holders of rec. Sept. 120
52
$7 preferred class A (guar.)
31.75 Oct. 1 Holders of rec. Sept. 120
51.75 Oct. 1 'holders of rec. Sept. 1
Preferred class B ((mar.)
Oct.
Great Western Power, pref. (guar.)._ 4,1% Oct. 15 Holders of tee. Aug. 100
1% Sept. 1 Holders of rec.
Havana Mee. Ry., Prof.(guar.)
Sept. 1 Holders of rec. Aug. 15
Indiana Service Corp.. 7% prof.(quar.). 1%
15
1% Sept. 1 Holders of roe. Aug. 20
6% preferred (quar.)
of rec. Aug.
Internat. fly. (Buffalo), Prof.(No. 1)- - - •$2.33 Sept. 1 •Holders of rec. Aug. I
20 'Holders
Kentucky Utilities, Junior pref. (guar.). •13-i Aug.
18
Sept. 1 Holders of roe. Aug. 31
Keystone Telephone of Phila., pref.(qu.) Si
Holders of rec. Aug.
.
Louisville Gas & Elec., corn. A & 11 (qu.) 43340 Sept.25
AUG. 18 19281
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
919
Per
P7hert
Name of Company.
Books Closed
Name of Company.
Cent. Payable.
Days Inclusive.
Public Utilities (Concluded).
Miscellaneous (Continued).
Marconi Wireless Teleg. of London.
Bomberger (L.) & Co.
ordinary (interim)
10
Aug. 31 July 18 to July 24
Preferred (guar.)
155 Sept. 1 Holders of rec. Aug. ha
Memphis Power & Light.$7 pref.(qu.)
$1.75 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
155 Dec. 1 Holders of rec. Nov.
$6 preferred Mari
$1.50 Oct. 1 Holders of rec. Sept. 15
104
Bankers Capital Corp., pref. (guar.). _ $2
Oct. 15 Holders of rec. Oct. 1
Middle West Utilities, prior lien (guar.)- 2
Sept.15 Holders of rec. Aug. 31
Preferred (guar.)
$2
Jan15'29 Holders of rec. Dec. 31
$6 prior lien (guar.)
$1.50 Sept.15 Holders of rec. Aug. 31
Bastian Blessing Co., corn. (guar.)
*50c. Sept. 1 *Holders of rec. Aug. 15
Monongahela West Penn Pub.Serv.Preferred Num%)
51.75 Oct. 1 Holders of rec. Sept. 20a
7% preferred (guar.)
4351c. Oct. 1 Holders of rec. Sept. 15
Beaton & Caldwell Co.(monthly)
•25c. Sept. 1 *Holders of rec. Aug. 31
National Power & Light, corn.(quar.)
25c. Sept. 1 Holders of rec.
Monthly
•25c. Oct. 1 *Holders of rec. Sept.29
National Public Service, corn. A (qu.)_ _ *400. Sept.25 *Holders of rec. Aug. ha
Aug. 27
Belding Corticelli, Ltd., pref.(guar.)
134 Sept.15 Holders of rec. Aug. 31
Nebraska Power, pref. (quar.)
1% Sept. I Holders of rec. Aug.
Bethlehem Steel, pref. (guar.)
ly, Oct. 1 Holders of rec. Sept. la
New York Steam Corp.,$6 pref.(guar.)- $1.50 Oct. 1 Holders of rec. Sept. 15
15a Bird Grocery Stores, Inc., pref.(quar.)
134 Sept. 1 Holders of rec. Aug. 20
$7 preferred (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 150 Bishop
011 Corp
be. Sept.15 Holders of rec. Sept. 1
North American Co., common (quar.)_ _ f234 Oct. 1 Holders of rec. Sept.
5a Bloch Brothers Tobacco, corn.(guar.)_ _ 3755c Nov. 15 Nov.
Preferred (guar.)
10 to Nov. 14
75c. Oct. 1 Holders
Preferred (guar.)
134 Sept. 30 Sept. 25 to Sept.29
North American Edison Co., pref.(qu.)_ $1.50 Sept. 1 Holders of rec. Sept. 50
of rec. Aug. 15a
Preferred (guar.)
155 Dee. 31 Dec. 26 to Dec. 30
North Amer. Utility Securities Corp.
Borden Co., corn. (guar.)
$1.50 Sept. 1 Holders of rec. Aug. 15a
First preferred (guar)
$1.50 Sept.15 Holders of
Brach (E. J.) & Sons, corn. (guar.)
*70c. Sept. 1 *Holders of rec. Aug. 15
First preferred allot. ctfs. (guar.)_ _ _ _ (m) Sept.15 Holders of rec. Aug. 31
rec. Aug. 31
Brill Corp,7% Pref.(guar.)
*151 Sept. 1 *Holders of rec. Aug. 20
Northern Liberties Gas
$1
Sept.12 Aug. 5 to Sept. 11
Bristol-Myers Co. (guar.)
Northern Ohio Pow.& It., 7% pf. (qu.) 1li Oct. 1 Holders
Sept.29 Holders of rec. Sept. 19
$1
of rec. Sept. 15
Quarterly
6% preferred (guar.)
Dec. 31 Holders of rec. Dec. 21
$1
155 Oct. 1 Holders of rec. Sept. 15
Brown (John W.) Mfg.(guar.)
*25e Sept. 1 *Holders of rec. Aug. 15
Nor. States Power (Wisc.). pref. (au.)-1% Sept. 1 Holders of rec. Aug.
Extra
20
Northern Texas El. Co., Pt. (In scrip)
1
1255c Sept. 1 *Holders of rec. Aug. 15
(.3
Sept. I Holders of rec. Aug. 15a Brown Shoe,
common (guar.)
6255c Sept. 1 Holders of rec. Aug. 200
Ohio Edison Co..6% pref.(guar.)
155 Sept. 1 Holders of rec. Aug. 15
Buckeye Pipe Line (guar.)
6.0% preferred (guar.)
31
Sept.15 Holders of rec. Aug. 17
1.65 Sept. I Holders of rec. Aug. 15
Bucyrus-Erie Co., common (guar.)
25c Oct. 1 Holders of rec. Sept. 8a
7% Preferred (guar.)
151 Sept. 1 Holders of rec. Aug.
15
Preferred (guar.)
5% preferred (guar.)
151 Oct. 1 Holders of rec. Sept. So
151 Sept. 1 Holders of rec. Aug. 15
Convertible preference (guar.)
6% preferred (monthly)
6255c Oct. 1 Holders of rec. Sept. 80
50c Sept. 1 Holders of rec. Aug.
Burroughs Adding Machine
15
8.6% preferred (monthly)
55c Sept. 1 Holders of rec. Aug. 15
No par value stock (guar.)
Penn-Ohio Edison Co.
75c Sept.10 Holders of rec. Aug.24s
Cabot Mfg. (guar.)
7% prior preferred (guar.)
134 Aug. 15 Holders of rec. Aug. 2
1% Sept. 1
California Dairies, pref. A (guar.)
Pennsylvania-Ohio P.& L., $6 pf. (au.) $1.50 Nov. 1 Holders of rec. Aug. 20
*$1.50 Sept. 1 *Holders of rec. Aug. 10
Holders of rec. Oct. 20
California Packing (quar.)
7% preferred (guar.)
$I
Sept.15 Holders of rec. Aug. 31a
1% Nov. 1 Holders of rec. Oct.
20
Calumet & Heels Consol. Copper(MO -7.2% preferred (monthly)
50c Sept.15 Holders of rec. Aug. 3Ia
60c Sept. 1 Holders of rec. Aug. 20
Cam obeli,Wyant & Cannon Fdy.(guar.)
7.2% preferred (monthly)
50c Sept. 1 Holders of rec. Aug. 15
60c Oct. 1 Holders of roe. Sept. 20
Canada Vinegars. Ltd.(No. 1)
7.2% preferred 'monthly)
•40c Sept. 1 *Holders of rec. Aug. 15
60c Nov. 1 Holders of rec.
Canfield 0116.6% preferred (monthly)
55c Sept. 1 Holders of rec. Oct. 20
Aug.
Common:(quar.)
6.6% preferred (monthly)
2
Sept. 30 Holders of rec. Sept. 20
55c Oct. 1 Holders of rec. Sept. 20
20
Common (guar.)
6.6% preferred (monthly)
2
Dec. 31 Holders of rec. Dec. 20
55c Nov. I Holders
Preferred (guar.)
Philadelphia Company,
pref.(quar.) $1.25 Sept. 1 Holders of rec. Oct. 20
Ili Sept. 30 Holders of rec. Sept. 20
of rec. Aug. 10a
Preferred (guar.)
Philadelphia Electric (guar.)
50c Sept.15 Holders of rec. Aug.
134 Dec. 31 Holders of rec. Dec. 20
Phila. Suburban Water, p•ef. (quar.)
134 Sept. 1 Holders of roe. Aug. 31a Case (J. I.) Thresh. Mach., corn.(guar.) *135 Oct. 1 *Holders of rec. Sept. 10
Preferred (guar.)
Portland Elec. Power, 2d pref. (guar.) _ _
•131 Oct. 1 *Holders of rec. Sept. 10
155 Sept. 1 Holders of rec. Aug. 115
Caterpillar Tractor,common (guar.)._ _ •55c Aug. 25 *Holders of
Power Corp. of Canada. 6';: pf.(qu.)
15
,
75c Oct. 15 Ifolders of rec..Sept.29
rec. Aug. 15
Common (extra)
Public ServIce Corp. of N. J., corn.(qu.)
•25c Aug. 25 *Holders of rec. Aug. 15
50c Sept. 29 Holders of rec. Sept.
6% preferred (monthly)
51.7S Sept. 1 Holders of rec. Aug. 10
500 Aug. 31 Holders of rec. Aug. la Celluloid Corp., 1st pref. (guar.)
3a
$7 preferred (guar.)
6% preferred (monthly)
$1.7 Sept. 1 Holders of rec. Aug. 10
50c Sept.29 Holders of rec. Sept.
is Central Investors Corp., Cl. A (quar.)_ _ _
7% preferred (guar.)
'3734c Oct. 1 *Holders of rec. May la
13 Sept.29 Holders of rec. Sept. la
Class A (guar.)
8%preferred(quar.)
•3734c Jan2'29 *Holders of rec. May la
2
Sept.29
Century Ribbon Mills. Prof.(guar.)_ _ _ _
Public Service Elec.& Gas,6% pfd.(qu.) 1% Sept.29 Holders of rec. Sept. la
151 Sept. 1 Holders of rec. Aug. 20a
Holders of rec. Sept.
7% preferred (guar.)
25c. Nov. 15 Holders of rec. Nov. 1
134 Sept. 25 Holders of rec. Sept. la Chelsea Exch. Corp., A & 11 (qu.)
is
Class A & B (guar.)
Radio Corp. of America, pref. A (qu.).. 8734c.Oct.
25c. Fb15'29 Hold, of rec. Feb. 1 '29
Holders of rec. Sept. is
Class A & B (guar.)
San Joaquin L.& P., 7% pref. (quar.)_.. •151 Sept.15
25e. My15'29 Hold. of rec. May 1 '29
*Holders of rec. Aug. 31
Chicago Yellow Cab (monthly)
6% preferred (guar.)
25e. Sept. 1 Holders of rec. Aug. 200
•155 Sept.15
Childs Company,common (guar.)
Southern Calif. Edison,7% pf.ser.A(qu.) 43'/,c Sept. 1 *Holders of rec. Aug. 31
60c. Sept. 10 Holders of rec. Aug. 27s
Holders of rec.
Preferred (guar.)
6% pref. series B (guar.)
131 Sept. 10 Holders of rec. Aug. 27
3734c Sept.15 Holders of rec. Aug. 20
Aug. 20
Chile Copper Co. (guar.)
Southern Cities Utilities, $6 pr. pf.(au) $1.50 Sept.
6234e Sept.29 Holders of rec. Sept. 5a
Holders of rec. Aug. 11
Chrysler Corp.. common (guar.)
Southern Colo. Power, corn. A (guar.)_ _
750. Sept.29 Holders of rec. Sept. 170
50e. Aug. 25 Holders of rec.
Preferred (guar.)
Preferred (guar.)
2
Sept. 29 Holders of rec. Sept. 170
151 Sept.15 Holders of rec. July 31
Aug. 31
Preferred (guar.)
So'west Gas CUL,pref. (qu.)
2
Jan2'29 Holders of rec. Dec. 170
1.6255 Nov.
Holders of rec. Oct. 20
Cities Service. common (monthly)
Preferred (guar.)
34 Sept. 1 Holders of rec. Aug. 15
1.6255 Febl'29 Hold,of rec. Jan.
20
Common (payable in common stock)._
Preferred (guar.)
,/55 Sept. 1 Holders of rec. Aug. 15
1.6255 M'yl'29 Hold.of rec. Apr.20'29
'29
Preferred and preferred BB (monthly).
Southwestern Power & Light, pref.(qu.) 1% Sept. 1 Holders
55 Sept. 1 Holders of rec. Aug. 15
of rec. Aug. 14
Pre.erred B (monthly)
Tennessee Elec. Power Co.
Sc. Sept. 1 Holders of rec. Aug. 15
City Ice & Fuel, common (guar.)
5% first preferred (guar.)
75c. Sept. 1 Holders of rec. Aug. 10
1% Oct. 1 Holders of rec. Sept.
655% Preferred (guar.)
•155 Sept. 1 *Holders of rec. Aug. 10
6% first preferred (guar.)
155 Oct. 1 Holders of rec. Sept. 15
Cleveland Stone (guar.)
15
50c. Sept. 1 Holders of rec. Aug. 155
7% first preferred (guar.)
Oct. 1 Holders of rec. Sept. 15
Extra
7.2% preferred (guar.)
25c. Sept. 1 Holders of rec. Aug. 15
1.80 Oct. 1 Holders of rec.
Coca Cola Co.,common (guar.)
6% first preferred (monthly)
51.50 Oct. 1 Holders of rec. Sept. 12s
50c. Sept. 1 Holders of rec. Sept. 15
Aug.
Colorado Fuel de Iron. pref. (guar.)
6% first preferred (monthly)
2
Aug. 25 Holders of
50c. Oct. 1 Holders of rec. Sept. 15
Congoleurn-Nairn, Inc., pref.(guar.) _ _ _ *151 Sept. 1 *Holders of rec. Aug. 100
7.2% first preferred (monthly)
60c. Sept. 1 Holders of rec. Aug. 15
rec. Aug. 15
Consolidated Cigar Corp.. prof. (guar.).
7.2% first preferred (monthly)
1% Sept. I Holders of rec. Aug. 15
60c. Oct. 1 Holders of rec. Sept. 15
Consumers Co., prior pref.(guar.)
United Gas improvement (guar.)
•155 Oct. 1 *Holders of rec. Sept. 15
$1
Oct. 15 Holders of rec. Sept. 15
Preferred
15a
Virginia Elec.& Pow.,7% pref.(qu.).
*331 Aug. 20 *Holders of rec. Aug. 10
15.1 Sept.20 Holders of rec.
6% preferred (guar.)
155 Sept.20 Holders of rec. Aug. 315 Corrugated Paper Board. pref. (guar.)_ _ •151 Sept. I *Holders of rec. Aug. 16
West Ohio Gas. class A pref. (quar.)_ _
3734e Sept.15 Holders of rec. Sept. 1
151 Sept. 1 Holders of rec. Aug. 310 Crane Co., common (guar.)
Aug.
Preferred (guar.)
West Penn Elec. Co.. class A (quar.)___
1% Oct. 1 Holders of rec. Sept. 15
13.5 Sept.15 Holders of rec. Sept. 1
155 Crosby Radio (stock dividend)
West Penn Rya..6% pref. (guar.)
e4
Dec. 31
155 Sept.15 Holders of rec.
Aug.
Crosby Radio Corp.(quar.)
Western Power Corp., 7% pref. (guar.) _
25c. Oct. I Holders of rec. Sept. 200
134 Oct. 15 Holders of rec. Oct. 25
Quarterly
1
Wilmington Gas. pref
25e. Jan 129 Holders of rec. Dec. 200
3
Sept. 1 Holders of rec.
Aug. 115 Crown Overall Co.. pref. (guar.)
Wisconsin Power & Light, pref.(quar.). •151 Sept.15
*2
Sept. 1 *Holders of rec. Aug. 15
*Holders of rec. Aug. 31
Crow's Nest Pass Coal (guar.)
*155 Sept. 1 *Holders of rec. Aug. 10
CUM()Press, prof.(guar.)
Trust Companies.
154 Sept.15 Holders of rec. Sept. la
Curtis Publishing, common (monthly)_ _
Title Guarantee & Trust (extra)
5
50c Sept. 2 Holders of rec. Aug. 20a
Sept.29 Holders of rec. Sept.
Common (extra)
22
50c. Sept.10 Holders of rec. Aug. 20
Curtiss Aeroplane & Motor,corn.(gu.)_ _
Miscellaneous.
500 Sept.15 Holders of rec. Sept. la
Cushman Sons, Inc., common (guar.)
Aluminum Manufactures, corn. (quar.)_
50c. Sept. 30 Holders of rec.
$1
Sept. 1 Holders of rec. Aug. 15a
$8 preferred (guar.)
Common (guar.)
500. Dec. 31 Holders of rec. Sept.15a
$2
Sept. 1 Holders of rec. Aug. 15a
7% preferred ((mar.)
Preferred (guar.)
1$1 Sept 30 Holders of rec. Dec. 15a
131 Sept. 1 Holders of rec. Aug. 150
Preferred (guar.)
1% Dec. 31 Holders of rec. Sept. 15a Davis Industries, class A (guar.)
'3134c Oct. 1 *Holders of rec. Sept. 201
Dec. 15a
Class A (guar.)
American Bank Note, common (guar.)
50c. Oct. 1 Holders of rec.
*3134c Janl'29 *Holders of rec Dec. 20
Sept. 120
Class B (quar.)
Preferred (guar.)
75e. Oct. 1 Holders of
.3131e Oct. 1 *Holders of rec. Sept. 201
Class B (guar.)
Amer. Chatillon Corp., pf.(gu.)
*51.75 Nov. I *Holders of rec. Sept. 125
*313.c Janl'29 *Holders of rec. Dec. 20
rec. Oct. 20
Davis Mills, common (quar.)
American Chicle, common (guar.)
75c. Oct. 1 Holders of
1
Sept.22 Holders of rec. Sept. 8
rec.
Prior pref.(guar.)
1% Oct. 1 Holders of rec. Sept. 15a Decker (Alfred) & Cohn, corn.(guar.)_ _ *50c Sept.15 *Holders of rec.
Sept. 5
Sept. 15a
Preferred (guar.)
6% preferred (guar.).
*155 Oct. 1 *Holders of
151 Sept. 1 Holders of rec. Aug. 200
rec. Sept. 15
Deere & Co., common (guar.)
American Hardware Corp.
$1.50 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
Quarterly
$1
Oct. 1 Holders of rec.
151 Sept. 1 Holders of rec. Aug. 150
Quarterly
$1
Jan 1'29 Holders of rec. Sept.15a Diamond Match ((Mar.)
2 Sept.15 Holders of rec. Aug. 31a
American Home Products (monthly)._ _
250. Sept. 1 Holders of ree. Dec. 1,5a Drug. Inc. (guar.)
$1
Sept. 1 Holders of rec. Aug. 15a
Aug. 140 Dunhill International (guar.)
Amer. Laundry Machinery,corn.(guar.) 5$1
Sept. 1 *Holders of rec.
51
Oct. 15 Holders of rec. Oct. is
Aug. 20
Quarterly
Amer. Linseed, pref.(guar.)
151 Oct. 1 Holders of
$I
Ian15'29 Holders of rec. Dec. 31a
Preferred (guar.)
Quarterly
1% Jan2'29 Holders of rec. Sept. 200
$1
Ap15'29 Hold,. of rec. Apr. 1 '295
rec. Dec. 21a Durkee-Thomas Co., cony. A
Amer. Locomotive. corn. (guar.)
$2
Sept.29 Holders of rec. Sept.
(No.1)-- *4351c Sept. I *Holders of rec. Aug. 15
13a
Preferred (guar.)
Convertible 13 stock (No. 1)
Sept.29 Holders of rec.
Sept. 13a Eastern Bankers Corp., preferred (guar.) *20c. Sept. 1 *Holders of rec. Aug. 15
American Manufacturing, con.. (guar.)_
1
Oct. 1 Holders of rec.
151 Nov. 1 Holders of roe. Sept. 30
Common (guar.)
Preferred (guar.)
1
Dec. 31 Holders of rec. Sept. 15a
151 Febl'29 Iloiders of rec. Dec. 31
Preferred (guar.)
131 Oct. 1 Holders of rec. Dec. 15a Eastman Kodak, common (guar.)
$1.25 Oct. 1 Holders of rec. Aug. 310
Sept. 15a
Preferred (guar.)
Common (extra)
151 Dec. 31 Holders of rec.
75e. Oct. 1 Holders of rec. Aug. 31a
American Metal, common (guar.)
75c. Sept. 1 Holders of rec. Dec. 15a Eitingon Schild Co., corn.(guar.)
6235c Aug. 31 Holders of rec. Aug. 16a
Preferred (guar.)
Preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 21,
Aug. 21a Electric Storage Battery, corn. de pf.(qu.) 155 Sept.15 Holders of rec. Sept. la
Amer. Multigraph, coin. (guar.)
50e. Sept. 1 Holders
$1.25 Oct. 1 Holders of rec. Sept. 8a
American Radiator, common (quar.)--- 51.25 Sept.29 Holders of rec. Aug. 15
Emporium Capwell Corp., corn.(guar.).
50c. Sept.24 Holders of rec.
of rec.
Amer. Railway Express (guar.)
$1.50 Sept.29 Holders of rec. Sept. 150 Evans(E. S.) Auto Loading (in stock) •e100 Sept. 1 *Holders of rec. Sept. la
Aug. 15
American Seating (guar.)
.75e. Oct. I *Holders of rec. Sept. 15a Fair (The). corn. (monthly)
20c. Sept. 1 Holders of rec. Aug. 210
Sept. 20
Common (monthly)
Amer. Smelt. & Refs., pref. (guar.)__
20c. Oct. 1 Holders of rec. Sept. 20a
1% Sept. 1 Holders of rec. Aug.
3s Fairbanks, Morse .1r Co., corn. (guar.)_.
Amer. Sugar Refg., pref.(quar)
151 Oct. 2 Holders of rec.
75e. Sept.29 Holders of rec. Sept. 12a
Preferred (guar.)
Amercan Sumatra Tob.. pref. (guar.)
1% Sept. 1 Holders of rec. Sept. 5a
134 Sept. 1 Holders of rec. Aug. Ila
Aug. 15a Fanny Farmer Candy Shops. corn.
Amer. Tobacco, corn. & com. 11 (gu.)..._ $2
(qu.)_
25c. Oct. 1
Sept. 1 Holders of rec. Aug.
Common (guar.)
Anaconda Copper Mining (guar.)
$1 Aug. 20 Holders of rec. July 10a
25c. Jan 129
Angle Steel Tool (guar.)
20c. Oct. 15 Holders of rec. Oct. 14a Fashion Park, Inc., coin.(guar.)
50c. Aug. 31 Holders of rec. Aug. 170
Common (guar.)
Artloom Corp., coin. (guar.)
75c. Oct. 1 Holders of rec. Sept. 5
50c. Nov.30 Holders of rec. Nov.
Common (guar.)
75c. Jan 129 Holders of rec. Dee. 21a Federal Motor Truck (guar.)
20e. Oct. 1 Holders of rec. Sept. 300
15a
Stock dividend
Preferred (guar.)
155 Sept. 1 Holders of rec. Aug. 21a
254 Oct. 5 Holders of rec.
Preferred (guar.)
•16c. Oct. 1 *Holders of rec. Sept. 15a
151 Dec. 1 Holders of rec. Nov. 17a Fifth Avenue Bus Securities((mar.)
Sept. 14
16a Fifty-five Park Ave., preferred
Goods, 1st pref.(guar.)_
3
Associated Dry
Sept. 1 Aug. 18 to Sept.
Sept. 1 Holders of rec. Aug. ha Finance
Service Co. (13alto.). common
4
Sept. 1 Holders of rec. Aug. 2
2c1 preferred (guar.)
(41 Sept. 1 Holders of rec. Aug. ha
Preferred (guar.)
15
131
Atlantic Coast Fisheries, corn. (quar.)_. $1
Sept. 1 Holders of rec. Aug. 20
First Federal Foreign Invest. Trust (qu.) 51.75 Sept. 1 Ilolders of rec. Aug. 15
Nov. 15 Holders of rec.
Atlantic Gulf & West I. S. S. Lines
First Trust Bank, Inc. (guar.)
Nov. 1
12550. Sept. 1 Holders of
Preferred (guar.)
750. Sept.29 Holders of rec. Sept. 10a
rec.
Extra
234e. Sept. 1 Holders of rec. Aug. I
75e. Dec. 31 Holders of rec. Dec. lb
Preferred (guar.)
Fisher Brass, pref. A (guar.)
Aug. I
*50c. Aug. 20
1
Sept.15 Holders of rec. Aug. 21a Fisk Rubber, 2d pref.
Atlantic Refining (guar.)
cony.(guar.) _ _ _ _ $1.75 Sept. 1 *Holders of rec. Aug. I
common (guar.)
Si
Sept. 10 Holders of rec. Aug. 31a Fitzsimmons & Connell
Atlas Powder,
Holders of rec. Aug. 15a
Dredge ,k Dock,
4351e Sept. 1
Atlas Stores Corp.(No. I)
corn. (guar.)
*50c. Sept. 1 *Holders of
151 Oct. 1 Holders of rec. Sept. 20a Formica Insulation (guar.)
Babcock & Wilcox Co.(attar.)
25c. Oct. 1 Holders of rec. Aug. 21
1% Jan 129 Holders of rec. Dec. 20a
Quarterly
Extra
10c. Oct. 1 Holders of rec. Sept. 15a
Quarterly
151 Apr129 Hold, of rec. Mar. 20'290
Quarterly
25c. Jan1'29 Holders of rec. Sept. 15a
•25c. Sept. 1 *Holders of ree. Aug. 20
Balaban & Eats (monthly)
Extra
rec. Dec. 15.
10c. Jan1'29 Holders
•250. Oct. 1 *Holders of roe. Sept.20
Monthly
General Asphalt, pref. (aunt.)
151 Sept. 1 Holders of rec. Dec. 15a
•151 Oct. 1 *Holders of rec. Sept.20
Preferred (guar.)
General Cable, class A (guar.)
of rec. Aug. 15a
$1
Sept. 1 Holders of
rec. Aug. 100
134
151
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
174 Sept. 1 Holders of rec. Aug. 226
General Cigar, Inc., pref.(guar.)
General Ice Cream Corp., pref.(quar.)... 175 Sept. 1 Holders of rel. Aug. 20
$1.25 Sept.12 Holders of rec. Aug. 130
General Motors, common (quar.)
175 Nov. 1 Holders of rec. Oct. 8a
6% preferred (guar.)
174 Nov. 1 Holders of rec. Oct. 8a
7% Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 8a
6% debenture stock (guar.)
$1.25 Sept. 1 Holders of reo. Aug. lo
Gillette Safety Razor (guar.)
25c. Sept. 1 Aug. 21 to Aug. 31
Cladding, McBean & Co.. monthly
250. Oct. 1 Sept. 21 to Sept. 30
Monthly
250. Noy. 1 Oct. 21 to Oct. 31
Monthly
25c. Dec. 1 Nov. 21 to Nov.30
Monthly
$1.75 Oct. I Holders of reo. Sept. 140
Glidden Co., prior pref.(guar.)
Globe Democrat Publishing, pref.(qu.). 174 Sept. 1 Holders of roe. Aug. 20
Oct. 1 *Holders of roe. Sept. 20
*2
Globe Grain & Milling, corn.(quar.).Oct. 1 *Holders of rec. Sept. 20
*2
Eight per cent preferred (guar.)
•174 Oct. 1 *Holders of roe. Sept.20
Seven per cent preferred (guar.)
740c. Sept. 1 *Holders of rec. Aug. 18
Golden State Milk Products (quar.)___ _ '
Sept. I Holders of roe. Aug. 100
Goodrich (B. F.) Co.,common (quar.)-174 Oct. 1 Holders of roe. Sept. 10a
Preferred (guar.)
Gorham Manufacturing, let pref. (qu.)- 174 Sept. 1 Holders of rec. Aug. 15
Goesard (H. W.) Co., corn. (monthly).. 331-30 Sept. 1 Holders of roe. July 200
33 1-3c Sept. 1 Holders of roe. Aug. 210
Common (monthly)
33 1-3c Oct. 1 Holders of me. Sept. 200
Common (monthly)
33 1-3c Nov. 1 Holders of rec. Oct. 19a
(monthly)
Common
33 1-3c Dec. 1 Holders of rec. Nov. 20a
Common (monthly)
331-30 Jan1'29 Holders of rec. Dec. 20
Common (monthly)
Oct. I Holders of rec. Sept. 140
$1
Greene Cananea Copper (guar.)
Greenlleld Tap & Die Corp.,6% pt.(qu) 134 Oct. 1 Holders of rec. Sept.15
Oct. 1 Holders of reo. Sept. 15
2
8% preferred (guar.)
500. Sept. 1 Holders of rec. Aug. 20a
Gruen Watch, common (guar.)
50c. Doe. 1 Holders of rec. Nov. 200
Common (guar.)
50c. Marl'29 Holders of rec.Feb.19'29a
Common (guar.)
174 Nov. 1 Holders of rec. Oct. 200
Preferred (guar.)
174 Febl'29 Hold. of reo. Jan. 19'29a
Preferred (guar.)
Oct. 1 Holders of reo. Sept.150
2
Guantanamo Sugar, pref.(guar.)
*50c. Sept. 1 *Holders of ree. Aug. 15
Hale Bros. Stores, Inc
134 Sent. 1 Holders of roe. Aug. 10a
Watch,Prof.(guar.)
Hamilton
15c. Sept. 1 Holders of rec. Aug. 20
Hanes(P. H.) Knitting, com.& corn. B..
174 Oct. 1 Holders of rec. Sept.20
Preferred (quar.)
coin.(guar.). 134 Sept. 1 Holders of reo. Aug. 21a
Harbison-Walker Refrac.,
135 Oct. 20 Holders of rec. Oct. 10a
Preferred (guar.)
(No.1) *50c. Sept. 1 *Holders of rec. Aug. 15
Hart-Carter Co.,cony. pref.(qu.)
50e. Sept. 1 Holders of rec. Aug. 20a
Hartman Corp., class A (guar.)
300. Sept. 1 Holders of rec. Aug. 200
Class B (guar.)
Aug. 31 *Holders of roe. Aug. 15
Schaffner & Marx, Inc.(guar.).- *2
Hart,
Hawallan Comml es Sugar (mthly.). -- 715e. Sept. 5 *Holders of reo. Aug. 25
725o. Sept. 5 *Holders of rec. Aug. 25
.
Extra
*25c. Oct. 5 *Holders of rec. Bept.25
Extra
.250. Nov. 5 *Holders of rec. Oct. 25
7
Extra
725c. Aug. 24 *Holders of rec. Aug. 4
.
Hazeltine Corp.(guar.)
.15c. Sept.15 *Holders of roe. Aug. 15
7
Heels Mining (guar.)
35c. Aug. 31 Holders of roe. Aug. 24
Hibbard, Spencer,Bartiett&Co.(mthly)_
Mo. Sept.28 Holders of rec. Sept.21
Monthly
Sept. 1 Aug. 21 to Sept. 1
2
Higbee Co.. 2nd pref. (guar.)
Hires(Charles E.) Co.,com.A (qu.)---- 500. Sept. 1 Holders of reo. Aug. 15
25e. Sept.30 Holders of rec. Sept. 150
Holly 011 (guar.)
50c. Aug. 25 Holders of roe. Aug. 20a
Homestake Mining (monthly)
Hood Rubber Products. pref.(qua:.)... 0$1.75 Sept. 1 *Holders of rec. Aug. 20
Horn & Hardart of N.Y.. pref. (qu.)... e$1.75 Sept. 1 *Holders of rec. Aug. 11
8770 Sept. 1 Holders of roe. Aug. 15a
HouseholdProducts (guar.)
60e. Oct. 15 Oct. 4 to Oct. 15
Illinois Brick (guar.)
Imperial Chemical Industries
(o) Sept. 6 *Holders of rec. Aug. 16
deposits receipts
Amer.
7250. Sept. 1 *Aug. 15 to Aug. 31
.
Imperial Oil. Ltd.,registered tquar.)
'1274c Sept. 1 *Aug. 15 to Aug. 31
Registered (extra)
*250. Sept. 1 *Holders of coup. No. 15
Coupon (guar.)
*1274c Sept. 1 *Holders of coup. No. 15
Coupon (extra)
174 Sept. 1 Holders of rec. Aug. 20
Indiana Limestone. pref.(guar.)
75e. Sept. 1 Holders of rec. Aug. 86
Ingersoll-Rand Co.. corn. (guar.)
44 Sept. 1 Holders of rec. Aug. 15
Inland Steel (guar.)
174 Sept. 1 Holders of rec. Aug. 15a
Internat. Agricul. Corp.. prior pref.(qu.)
Internat. Business Machines(quar.).... $1.25 Oct. 10 Holders of rec. Sept. 220
500. Aug. 31 Holders of ree. Aug. 160
Ins.Combustion Engineering,corn.(MO
International Harvester
174 Sept. 1 Holders of reo. Aug. 40
Preferred (guar.)
International Securities, corn. A (quar.)- 55e. Sept. 1 Holders fo rec. Aug. 15
12770. Sept. 1 Holders of rec. Aug. 15
Common B (guar.)
174 Sept. 1 Holders of rec. Aug. 15
Seven per cent pref. (guar.)
134 Sept. 1 Holders of rec. Aug. 15
6 % preferred (guar.)
134 Sept. 1 Holders of roe. Aug. 15
Six per cent preferred (guar.)
50e. Sept. 1 Holders of ree. Aug. 156
Internat. Shoe preferred (monthly)
50c. Oct. 1 Holders of roe. Sept. 153
Preferred (monthly)
50c. Nov. 1 Holders of me. Oct. 15a
Preferred (monthly)
500. Dee. 1 Holders of rec. Nov. 15a
Preferred (monthly)
International Silver. common (quar.)
134 Sept. 1 Holders of res. Aug. 150
Oct. 15 Holders of rec. Oct. 5a
Interstate Iron & Steel, corn.(qua:.) --- 91
J'n15'29 Holders of rec. Jan.5'290
$1
Common (guar.)
.174 Sept. 1 *Holders of rec. Aug. 20
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 14
$2
Intertype Corp., 1st pref. (guar.)
75c. Sept.15 Holders of rec. Aug. 31
Isle Royale Copper Co
6274c Sept. 1 Holders of rec. Aug. 17
Jaeger Machine,corn.(guar.)
Oct. 113 *Holders of rec. Oct. 2
'M
Jewel Tea, corn. (guar.)
7134 Oct. 1 *Holders of rec. Sept.14
.
Preferred (guar.)
•$1.25 Sept. 1 *Holders of rec. Aug. 15
Laughlin, common (quar.)
Jones dr
134 Oct. 1 Holders of rec. Sept. 150
Preferred (guar.)
*720. Aug. 21 *Holders of rec. Aug. 3
Joske Bros. Co.(guar.)
Sept. 1 Holders of rec. Aug. 176
2
Kinney (G. R.) Co., pref.(guar.)
154 Sept. 10 Holders of rec. Aug. 31
Kirby Lumber, common (guar.)
174 Dec. 10 Holders of roe. Nov.30
Common (guar.)
220. Sept. 1 Holders of rec. Aug. 100
Kroger Grocery & Baking,corn. Nu.)
Sept. 1 *Holders of roe. Aug. 15
93
Lackawanna Securities
75e. Sept.30 Holders of roe. Sept.210
Landers, Frary & Clark (quar.)
750. Dec. 31 Holders of me. Dec. 226
Quarterly
174 Aug. 31 Holders of rec. Aug. 2I6
'Allston MonotyPe,Macblne(quar )' - 234 Oct. 1 Holders of roe. Sept. 206
Lawyers Title Guaranty
Aug. 31 Holders of rec. July 310
$1
Coal & NavIgation (guar.)
Lehigh
750. Sept. 1 Holders of rec. Aug. 15a
Lehn & Fink Products, corn.(guar.)-- 1 *Holders of rec. Aug. 22
Lloby-Owens Sheet Glass, coin. (quar.)- *50c. Sept. 1 *Holders of rec. Aug. 22
7,174 Sept.
Preferred (guar.)
Liggett & Myers Tobacco
Sept. 1 Holders of roe. Aug. 150
$1
Common and common B (guar.)
Sept. 1 Holders of rec. Aug. 20
Lindsay (C. W.)& Co.. Ltd.. Pf.((p1.)
50o. Aug. 20 Holders of rec. July 100
Lit Brothers (guar.)
*50c Sept. 1 *Holders of roe. Aug. 18
Loblaw Grocerterias, Ltd. (quar.)
234 Sept. 1 Holders of reo. Aug. 11
Ludlow Mfg. Associates (guar.)
750. Sept. 1 Holders of rec. Aug. 15
Lyall(P.)& Sons Construction. corn-. 50c. Sept. 1 Holders of rec. Aug. 16a
Manhattan Shirt, common (guar.)
Sept. 1 Holders of rec. Aug. 15a
$1
May Dept. Stores. corn.(guar.)
Sept. 1 *Holders of rec. Aug. 20
McCrory Stores Corp.com.&com.B(qu.) *50e. Sept. 1 Holders of rec. Aug. is
25c.
McIntyre Porcupine Mines. Nuar.)
100. Oct. 1 Holders of rec. Sept. 206
McLellan Stores, class A es 13(No.2)50c. Aug. 18 Holders of rec. Aug. 4
Medart(Fred) Mfg.,corn.(guar.)
Aug. 5
134 Sept. 1 Holders of roe. Sept. 5a
Mengel Company, pref. (guar.)
91.25 Sept.29 Holders of reo. Sept. 5a
Mergenthaler Linotype (quar.)
of rec.
25c. Sept.29 Holders
Extra
Sept. 1 Holders of rec. Aug. 1
3
Merrimac Mfg., common
1
215 Sept. 1 Holders of rec. Aug. 25
Preferred
47340 Sept.15 Holders of ree. Aug. 150
Metro-Goldwyn Pictures pref. (guar.).
1 Holders of rec. Aug.
Mid-Continent Petrol., pref.(guar.)--- - 91.75 Sept.
Holders of rec. Nov. 3
Minneap.-Honeywell Regulator, pl.(qu) 1% Nov. 15 Holders of roe. Sept. 15
Oct. 1
Mitchell (.7. S.) Co.. pref. (guar.)
Sept. 1 Holders of roe. July 31
Mohawk Mining (guar.)
of rec. Sept. 206
Montgomery Ward & Co., el. A (guar.). $1.75 Oct. 1 Holders of reo. Aug. 31
174 Sept.15 Holders
Montreal Cottons, Ltd., corn. (qua:.).
Sept.15 Holders of rec. Aug. 31
Preferred (guar.)
Sept.15 Holders of rec. Aug. 31
3
Montreal Loan dv Mtge.(guar.)
25e. Oct. 15 Holders of roe. Oct.
Morris (Philip) & Co.. Ltd., Inc.((NJ
25c.Ja n. 18'29 Hold, of roe. Jan. 2 '290
Quarterly
750. Sept. 1 Holders of rec. Aug. 166
Munsingwear, Inc. (guar.)
25e. Sept. 1 Holders of rec. Aug. 22
Murphy (G. C.) Co.(guar.)
250. Dec. 1 Holders of reo. Nov.21
Quarterly
[VOL. 127.
FINANCIAL CHRONICLE
920
134
134
$1
154
Name of Company.
When
Per
Cent. Payable
Books Closed
Days Inclusive.
Miscellaneous (Continued).
National American Co., Inc.(guar.).
- 50c. Nov. 1 Holders of reo. Oct. 15.
'154 Sept. 1 *Holders of rec. Aug. 10
National Baking, pref. (quar.)
174 Sept. 1 Holders of rec. Aug. 2111
National Belles Hess Inc., pref. (quar.)_
15
14 Oct. 31 Holders of rec. Sept.288
9 50 A
National Biscuit, corn. (guar.)
Holders of rec. Aug. 174
Preferred (guar.)
75c. Oct. 1 Holders of rec. Sept. 4.
Nat. Dairy Products. corn. (guar.)
711.75 Oct. 1 *Holders of rec. Sept. 44e
Preferred A & B (guar.)
National Dept. Stores, 2d pref. (qu.)._ *134 Sept. 1 *Holders of reo. Aug. 15
50o. Sept. 1 Holders of roe. Aug. 20
National Family Stores. pref.(quar.)._.
$1.25 Sept.29 Holders of reo. Sept.141
National Lead,common (guar.)
Holders of roe. Aug. 316
Preferred class A (guar.)
‘S5 Holders of roe. Oct. 19.
14 Nov. 1
Preferred class B (guar.)
174 Oct. 1 Holders of rec. Sept. 4
National Sugar Refining (guar.)
Nauhelm Pharmacies, Inc.. pref.(guar.) 6234e. Nov. 1 Holders of rec. Oct. 17
Oct. I Holders of me. Sept. 18s
el
Nelson (Herman) Corp../flock div
50o. Aug. 20 Holders of rec. Aug. Ela
New Cornelia Copper (guar.)
*31.75 Sept. 1 *Holders of roe. Aug. 16
Newberry (J. J.) Co., Prof.(guar.)
'50c. Sept.20 *Holders of ran. Sept. 14
N. Y.Transportation (guar.)
50c. Dee. 15 Holders of me. May 24
Nichols Copper. common
15o. Sept. 1 Holders o rec. Aug. 10
North Central Texas 011 (guar.)
Ohio Oil (guar.)
.50c. Sept.15 *Holders of rec. Aug. 14
Oct. 1 *Holders of rec. Sept. 14
Omnibus Corp., pref.(guar.)
742
`
134 Oct. lb Holder, of roe. Sept. 291
Otis Elevator, pref.(guar.)
250. Aug. 31 Holders of rec. Aug. 15.
Packard Motor Car Co.(monthly)
Monthly
25e. Sept.29 Holders of rec. Sept. 151
Monthly
250. Oct. 31 Holders of rec. Oct. 15o
25o, Nov.30 Holders of rec. Nov. 15.
Monthly
Holders of rec. Aug. 10
PalinclIve Poet, corn.(In stock)
f
• 3274
*750. Sept.27 *Holders of rec. Sept. 17
Paraffin° Cos., Inc. (guar.)
*25o. Sept.27 *Holders of reo. Sept. 17
Extra
Paragon Refining, pref.(No.1)
Oct. 1 *Holders of rec. Sept. 15
1
7 3
Park & Tilford (guar.)
7543. Oct. 14 Hollders of reo.Sept.291
Stock dividend (guar.)
Oct. 14 Holders of ree. Sept. 290
el
Quarterly
75°. Ja 14'29 Holders of rec. Dec. 29a
Stock dividend (guar.)
Ja 14'29 Holders of rec. Dee. 29s
el
Quarterly
750. Ap14'29 Hold. of reo. Mar.29'290
Stock dividend (guar.)
el Ap14'29 Hold, of rec.Mar. 29 '290
Patin° Mines Enterprises (interim)
(r) Aug. 21 Holders of rec. Aug. 4.
62740. Sept. 1 Holders of rec. July 31
Pennsylvania Investing. claw A
37740. Aug. 31 Holders of rec. Aug. 208
Perfection Stove (monthly)
Monthly
3774e. Sept. 30 Holders of rec. Sept.206
Monthly
37340. Oct. 31 Holders of ree. Oct. 20a
Monthly
37340. Nov.30 Holders of rec. Nov. 20.
Monthly
8734e. Dee. 31 Holders of roe. Dee. 204
Phillips-Jones Corp.,corn.(guar.)
75c Sept. 1 Holders of rec. Aug. 200
Phoenix Hosiery, pref.(guar.)
*174 Sept. 1 *Holders of roe. Aug. 17
400. Sept. I Holders of rec. Aug. 150
Plllsbury Flour Mills, Inc., corn. (qu.)
50c.. Sept. 1 Holders of reo. Aug. 15a
Common (extra)
174 Sept. 1 Holders of rec. Aug. 154
Preferred (quar.)
Pines Winterfront Co., Cl. A &B (quar.)- .
775c. Sept. 1 *Holders of me. Aug. 15
Oct. 1 *Holders of rec. Sept. 15
Pittsburgh Plate Glass (guar.)
*2
Pittsburgh Steel. Prof. (guar.)
174 Sept. 1 Holders of rec. Aug. Ill
Pittsburgh Steel Foundry. Prof. (guar.) *174 Oct. 1 *Holders of roe. Sept.15
Pressed Steel Car, pref.((mar.)
134 Sept.29 Holders of reo. Sept. 1
Pro-phy-lac-tic Brush. pref. (guar.)- - $1.50 Sept. 15 Holders of reo. Aug. 31
174 J an 15'29 Holders of rec. Dec. 314
Prudence Co., Inc., pref.(guar.)
Pure 011, corn. (Guar.)
1234c Sept. 1 Holders of ree. Aug. 10.
134 Aug. 31 Holders of rwo. Aug. ii
Quaker Oats. pref.(guar.)
Dee. 1 *Holders of rec. Nov. 21
*3
Quissett Mills, preferred
3714c. Sept.15 *Holders of me. Sept. 1
Rapid Electrotype (guar.)
174 Oct. 1 Holders of rec. Sept. 15.
Remington Typewriter. 1st pf.(qua:.)._
2 Oct. 1 Holders of rec. Sept. 154
Second preferred (guar.)
Republic Iron & Steel, corn.((Nara ---. $1 Sept. 1 Holders of rec. Aug. 14a
174 Oct. 1 Holders of roe. Sept.14a
Preferred (quar.)
Roxy Theatres Corp., class A (guar.). 87740. Sept. 1 Holders of roe. Aug. 15
50c. Aug. 31 Holders of roe. Aug. 28
Russ Manufacturing (guar.)
to Sept.20
pt2
50e. Sept.20 Sept.
St. Joseph Lead (guar.)
to Sept.20
Mc. Sept.
Extra
to Dee. 20
50c. Dec. 20 Dec.
Quarterly
to Dee. 20
25e. Dee. 20 Dee.
Extra
Sept.15 Holder of rec. Sept. 5
$2
Sanitary Grocery Co.,corn.(guar.)
1.6274 Sept. 1 Holder of rec. Aug. 17
Preferred (quar.)
500. Sept. 1 Holders of Teo. Aug. 15a
Savage Arms, new corn.(guar.)
First preferred (guar.)
*1H Oct. 1 *Holders of roe. Sept.15
*137 Nov.15 *Holders of roe. Nov. 1
Second preferred (guar.)
Schulte Retail Stores, corn.(guar.)
87740 Sept. 1 Holders of roe. Aug. 15a
8770 Dec. 1 Holders of roe. Nov. 15s
Common (guar.)
u74 Sept. 1 Holders of rec. Aug. 15
Common (payable in corn. stock)
u74 Deo. 1 Holders of roe. Nov. 15
Common (payable in corn. stock)
isH Mar 19
Common (payable in corn. stock)
Sears, hoeouck & Co.(qu.)(PaY.in Stk ) *el Sept. 1 *Holders of roe. Aug. 15
eel Nov. 1 *Holders of rec. Oct. 15
Quarterly (payable in stock)
*el Febl'29 *Holders of rec. Jan15'29
Quarterly (payable in stock)
*el Myl'29 Hold. of roe. Apr. 15 '29
Quarterly (payable in stook)
350. Sept.30 Holders of roe. Sept. as
Shell Union 011 (guar.)
75e. Nov. 1 Holders of roe. Oct. 20
Shepard Stores, Inc., Cl. A (guar.)
75e. Febl 29 Hold. of roe. Jan.20 29
Class A (quay.)
750. May129 Hold,of roe. Apr.20 29
Class A (guar.)
Sherwin-Williams Co., pref. (guar.).
- 1.75 Sept. 1 Holders of reC. Aug. 15
Shippers' Car Line Corp., pref. (guar.). $1.75 Aug. 81 Holders of reo. Aug. 17
134 Sept. 1 Holders of rec. Aug. 17e
Simon (Franklin) Co., pref.(guar.)
Simons(H.) & Sons, Ltd.. pref.(guar.). $1.75 Sept. 1 Holders of rec. Aug. 20
500. Sept.151 Holders of rec. Aug. 151
Skelly 011 (guar.)
Holders of roe. Aug. 15
Sept.
Southern Ice & Utilities, $7 pref.(guar.)
Holders of roe. Aug. 15
Participating preferred (guar.)
.
35115 5
'4:C5 Sept. 1 *Holders of rec. Aug. 15
Southwestern Stores. pref.(guar.)
*45o. Sept. 1 *Holders of rec. Aug. 15
Class A (No. 1)
Holders of reo. Sept. 29
Spalding(A. G.)& Bros., corn.(qu.)_ _
5.t 1
51u 0cp. 15
91.25 °5 t..15 Holders of rec. Sept. 29
Common (extra)
Holders of rec. Aug. 181
First preferred (guar.)
Sept. 1 Holders of rec. Aug. 18
2
Second preferred (guar.)
•$1.75 Sept. 1 *Holders of ree. Aug. 15
Spear & Co., 1st & 2d pref.(guar.)
Sept. 1 Holders of rec. July 31
$1
Standard Chemical. Ltd
62740 Sept.15 Holders of me. Aug. 174
Standard 011 (Calif.)(guar.)
*62340 Sept.15 *Holders of rec. Aug. 18
Standard 011(Indiana)(quar.)
025o. Sept.15 *Holders of Mo. Aug. 16
Extra
63e. Sept.20 Aug. 28 to Sept.20
Standard 011 (Nebraska) (guar.)
25c. Sept.20 Aug. 26 to Sept.20
Extra
400. Sept.15 Holders of reo. Aug. 170
Standard 01101 N.Y.(gum.)
174 Sept. 1 Holders of ree. Aug. 10
Standard Oil(Ohio), pre/.(guar.)
42e, Aug. 25 Holders of ree. Aug. 66
Standard Sanitary Mfg., corn. (qu.)
174 Aug. 25 Holders of roe .Aug. On
Preferred (guar.)
25e. Sept. 1 Holders of roe. Aug. 20
Stromberg-Carlson Telep. Mfg.. com
.750. Oct. 1 *Holders of ran. Sept.15
7
Stroock (S.) & Co.(guar.)
'75.3. Dec. 22 *Holders of rec. Dec. 10
Quarterly
$1.25 Sept. 1 Holders of ree. Aug. 106
Studebaker Corp.,coin.(guar.)
174 Sept. 1 Holders of roe. Aug. 100
Preferred (guar.)
250. Sept.15 Holders of rec. Aug. 25
Sun 011 Co., common (guar.)
134 Sept. 1 Holders of roe. Aug. 106
Preferred ((purr.)
• 43340. Sept. 1 *Holders of rec. Aug. 10
Swan Finch Oil Corp.. pref.(qu.)
300. Sept. 1 Holders of me. Aug. 231
Thompson (John R.) Co.(monthlY)---134 Sept. 1 Aug. 21 to Aug. 81
Timken-Detroit Axle, pref.(guar.)
P p. 5
25e. 5: t .5 Holders of roe. Aug. 200
Timken Roller Bearing, corn. (qual.).-- $1
Holders of reo. Aug. 20.
Common (extra)
• 1270. Oct. 1 *Holders of roe. Sept.15
Traymore. Ltd., corn. (guar.)
*154 Sept. 1 *Holders of roe. Aug. 21
Truscon Steel, pref.(guar.)
sept..
1 c. Sept 29 Holders of roc. Sept. 14a
Underwood-Elliott Fisher Co.,com.(N.)
91.75 Sept.29 Holders of rec. Sept. 14.
Prof. and pref. B (guar.)
Holders of roe. Aug. 15
Union Financial Corp.,01.A.(qUJ(No.1).
6277e Nov. 10 Holders of rec. Nov. I
Union Storage (guar.)
$1.25 Sept.
Holders of ree. Aug. 18a
Union Tank Car Co. (guar.)
.2 *Holders of rec. Aug. 15
4100.
United Amusement
Sept.
Holders of roe. Aug. 18
United Btscult of Am.,corn.(qua:.)....
Sept. *Holders of roe. Aug. 10
*$1
United Biscuit. class A (guar.)
*39o. Sept. *Holders of rec. Aug. 15
United Milk Crate, A (qu.)(No. 1)-*Holders of rec. Nov. 15
7500. Dec.
.
Class A (guar.)
$1.50 Oct. 1 Holders of ree. Oct. lo
United Paperboard, pref.(guar.)
'2
A p 6 2 Hold. of rec. Jan. 2 '29a
$1.50 Jna 15,
Preferred (guar.)
Hold. of rec. Apr. 1 '290
4
10
$1 5 oct.
Preferred (guar.)
Holders of me. Sept. 2130
United Piece Dye Works,674% pf.(qu.)174 Jan2'2 Holders of roe. Dec. 20.
674% preferred (guar.)
37%
Aua. 18 1928.]
Name of Company.
FINANCIAL CHRONICLE
Per
IWhen
Cent. Payable.
Books Closed
Days Inclusive.
921
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. 10:
Miscellaneous (Concluded).
U.8 Bond & Share, corn
.
*$2
Sept. 1 *Holders of rec. Aug. 15
Common (extra)
.$2.50 Dec. 1 'Holders of rec. Nov. 15
Participating preferred
*25e. Sept. 1 *Holders of rec. Aug. 15
Participating preferred (extra)
*50e. Dec. 1 *Holders of rec. Nov. 15
U.S. Cast Iron Pipe & Fdy., corn.(qu.)_
Sept. 15 Holders of rec. Sept. 30 INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
Common (quar.)
24 Dec. 15 Holders of rec. Dec. in
FOR WEEK ENDED FRIDAY, AUG. 10 1928.
Preferred (quar.)
Sept. 15 Holders of rec. Sept. in
Preferred (guar.)
Dec. 15 Holders of rec. Dec. la
NATIONAL AND STATE BANKS-Average Figures.
U.S. Dairy Products, corn. A (quar.)__ _ •31
Aug. 31 *Holders of rec. Aug. 20
•1
First preferred (quar.)
Sept. 1 *Holders of rec. Aug. 20
Second preferred (guar.)
"2
Sept. 1 *Holders of rec. Aug. 20
.S. Envelope, corn
.4
Sept. 1 'Holders of rec.
OtherCash Res. Dep., Dep.Other
*3 ti Sept. 1 'Holders of rec. Aug. 15
Preferred
Including N. F. and Banks and
OTOS
Aug. 15
U. S. Gypsum, corn. (quar.)
'40c. Sept.30 'Holders of rec. Sept. 15
Loans,
Gold, Bk.Notes, Elsewhere. Trust Cos. Deposits.
Preferred (quar.)
•
IU Sept.30 'Holders of rec. Sept. 15
U.S. Hoffman Machinery (quar.)
$1
/Ifan hattan$
$
Sept. 1 Holders of rec. Aug. 21a
$
$
$
$
U. S. Playing Card, (quar.)
142.820,300 9,600 1,741,200 15,604,600 1,207,400 136,361,600
Bank of U.S
*81
Oct. 1 *Holders of rec. Sept.20
U. S. Print. de Lith. 2d pref. (quar.)
1S4 Oct. 1 Sept. 21 to Sept. 30
Bronx Borough..._ 20,600,000 5,500 713,000
668,000
21,179,000
Second preferred (quar.)
Bryant Park Bank 2,026,700 70,900 '159,400
Jan1'29 Dec. 22 to
99,600
Dec. 31
2,031.000
U. S. Realty & Improvement
$1 Sept. 15 IIolders of rec. Aug.
Chelsea Exch. Bk_ 20,680,000
_ 1,540,000
647.000
19,936.000
U.S. Realty & Invest. (quar.)(No. 1)._ •373.(c Oct. 1 *Holders of rec. Sept. 22a Cosmopolitan_ _ _ _
8,474,735 1,440 285,528 2,480,284
10,279,122
15
U.S.Sheet & W. G.. pref.(quar.)
*2
National__ 17.809,072 5,000
"Grace
Oct. 1 *Holders of rec. Sept. 21
88,909 1,367,432 1,055,668 14.903,290
U. S. Steel Corp.. Corn. (quar.)
Sept.29 Holders of rec. Aug. 30a Harriman Nat'l__ 33,428,000 20,000 860.000 4,160,000 713,000 36,109,000
Preferred (quar.)
Port Morris
4,485.000 36,700 100,000
1' Aug. 30 Holders of
246,300
4,000.600
Universal Pipe & Radiator. pref. (go.)._ $1.75 Nov 1 Holders of rec. Aug. 6a Public National__ 112.921,000 21,000 1,858,000 6,802,000
2,686,000 105,945.000
rec. Oct. 15a
Vacuum 011 (quar.)
75c. Sept.20 Holders of rec. Aug. 31
Brooklyn
Vapor Car Heating, pref. (quar.)
First National__ __ 20,032,000 43.000 431.600 1,890,300 292,700 17,378,200
Sept. 10 Holders of rec. Sept. in
Preferred (guar.)
114 Dec. 1
54,340,000 256,000 1,465,000 12,590,000
Holders of rec. Dec. in Mechanics
84,000 51,975,001
Vesta Battery Corp., pref.(quar.)
Municipal
•$1.75 Sept. 'Holders of rec. Aug. 20
46,316,300 23,300 1,398,500 3,119,000
36,800 42,045,100
Va.-Carolina Chem., prior pref. (qu.).._ _
Sept.
Holders of rec. Aug. 170 Nassau National_ 22,752,000 90,000 297,000 1,727.000 318,000 19,408,000
Participating pref. (No. 1)
3
Sept.
8,280.000 3,500 134,500
593,000
Holders of rec. Aug. 170 Peoples National_
53,000 8,464,000
Wagner Electric, pref. (quar.)
mr.A..... Tro•19991
9 0/1 ono
Oct.
lfI
an 3n0
294.800
Holders of rec. Sept. 30
10.1100 2.310.40C
Waltt & Bond, class A (guar.)
50e. Sept.
Holders of rec. Aug. 15
Class B (quar.)
• Clearing non-member.
d30c. Oct.
Holders of rec. Sept. 15
Wayagamack Pulp & Paper( quar.)
75e. Sept.
Holders of rec. Aug. 15
Welch Grape Juice, corn. (quar.)
25o. Aug. 3 Holders of rec. Aug. 20
TRUST COMPANIES-Average Figures.
Preferred (gear.)
15 Aug. 3 Holders of rec. Aug. 20
Wesson 011 & Snowdrift, pref. (quar.)_ _
Sept.
Holders of rec. Aug. 15
Western Dairy Products, class A (qu.)_ _
Sept.
Holders of rec. Aug. Ila
Res. Dep., Dep. Other
Western Oil& Refining. pref
Sept.) Holders of rec. Aug • 15
N. Y. and Baa.ks and
Gross
WhIte (J. G.) & Co., pref.(guar.)
154 Sept.
Holders of rec. Aug. 15
Loans.
Cash.
Elsewhere. Trust Cos. Deposits.
White (J. G.) Engineering, pref. (quar.)_
Sept.
Holders of rec. Aug. 15
White Motor Securities, pref. (quar.)_ _ _
Sept.2 *Holders of rec. Sept. 15
Manhattan$
$
$
$
$
White Motor (guar.)
25e. Sept.2 Holders of rec. Sept.
50.853,256
732,235 9,444,964
150 American
52.941 52,556.622
White Rock Mineral Spg., corn. (qu.)_ _
50c. Oct.
Holders of rec. Sept. 12
Bronx County
22,765,197
749,966 1,406.882
21.201,287
First preferred (guar.)
Oct.
Holders of rec. Sept. 12
Central Union
242,749,000 "30,196.000 4,810.000 3,111,000 252,639,000
Second Preferred
25 Oct.
Holders of rec. Sept. 12
Empire
75,853,000 *4.560.800 2,735.600 3,241.500 71,855,300
Wire Wheel Corp. of Amer., prof. (qu.)- $1.75 Oct.
holders of rec. Sept.
Bank of Europe dv Tr
1,6,410.700
829.375
52.228
15,778,157
Preferred (guar.)
$1.75 Jan 12 Holders of rec. Dec. 200 Federation
17,712,868
20
202,502 1,336,818
239,495 17,868,614
Woolworth (F. W.) Co.,(guar.)
$1.25 Sept
Holders of rec. Aug. 18
Fulton
10,414,700 2.081,700
334,100
16,329,400
Wright Aeronautical Corp. (guar.)
600. Aug. 3 Holders of rec. Aug. I50 Manufacturers
276,486,000 2,480,000 33,282,000 1,495,000 252,512,00(
Wrigley (Win.) Jr. Co.. corn. (mthly.)
25c. Sept.
Holders of rec. Aug. 20
United States
81,291,908 4,300,000 7,143,784
88,171,607
Common (monthly)
25c. Oct.
Holders of rec. Sept. 20
Brooklyn
Common (monthly)
25c. Nov.
Holders of rec. Oct. 20
Brooklyn
61.905,700 1,435,100 10,690,700
65,934,701
Common (monthly)
25c. Dec.
Holders of rec. Nov. 20
Kings County
26,777,769 1,852,249 2.158,401
24,776,471
Yale At Towne Mfg. (guar.)
$1
Oct.
Holders of rec. Sept. 7a
Bayonne, N. J.Yellow & Checker Cab, coin. A (mthly)_ 6 2-3c Sept.
Xfarhanlo,
Aug. 26 to
0 470 ROS
955 nsn
724 594
Aug. 31
970 nns
0 4AR AA(
Common elm. A (monthly)
,
6 2-3c Oct.
Sept. 26 to Sept. 30
Common class A (monthly)
6 2-3e Nov.
Oct. 26 to Oct. 31
• Includes amount with Federal Reserve Bank as follows: Central Union, $29,Common class A (monthly)
6 2-3c Dec.
Nov. 26 to
Nov. 30
472,000; Empire, 52.946,000; Fulton, $1,988,800.
Zellerbach Corp., pref.(guar.)
•1 54 Sept.
*Holders of rec. Aug. 15
• From unofficial sources. t The New York Stock Exchange has
will not be quoted ex-dividend on this date and not until furtherruled that stock
New York Curb Market Association has ruled that stock will notnotice. 5 The
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.
I Payable in common stock. p Payable in scrip. h On account of
accumulated
dividends. _I Payable in preferred stock.
I Associated Gas dc Electric dividends payable in cash or in class
A stock as
follows: On $6 pref 3.33-100 shares class A stock: on $0.50 pref.. 3.01-100
shares
class A stock; on original preferred, 2.26-100 of a share of class A stock;
on 57 preferred, 3.95-100 of a share of class A stock.
m $1.50 for each $100 paid in.
n Payable either in cash or class A stock at rate of one-fortieth of a
o Dividend is one shilling six pence, less deduction for expenses of share.
depositary.
p Reagan County Purchasing Co. dividend is $1 500,000.
r Patin() Mines & Enterprises dividend is four shillings per share, equal
to $0.9733
a basis of 54.8605 to the E.
u Bhutto Retail Stores declared 2% in stock, payable Si% quarterly.
St. Louis
Note.
-Old preferred stock of
-San Francisco Ry. was
-month (May to June) dividend of 50 cents being paid. called June 1
1928, a one
All subsequent
on this stock was cancelled.
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.
Aug. 15
1928.
Changesfrom
Previous Week
Aug. 8
1928.
Aug. 1
1928.
$
$
Capital
84.150,000 Unchanged
84,150.000
84,150,000
Surplus and profits....... 108,448,000 Unchanged
108,448,000 108,448,000
Loans, disc'ts & invest'ts_ 1,131.369.000 -5,096,000 1,136,465,000 1,116,696,000
Individual deposits
660,274,000
+235,000 860.039,000 671,470,000
Due to banks
133,091,000 -5.858.000 138,949,000 133,398,000
Time deposits
283,644,000
+191,000 283,453,000 285,891,000
United States deposits_ _ _
35,170,000 -1,299,000
36,469,000
29.272,000
Exchanges for Clg. blouse
23,422.000 -2.773,000
28.195,000
27,107,000
Due from other banks_ _ _
78,902,000
+649,000
78,253,000
82,974,000
Res've in legal depositles
80,429,000 -1,082,000
81,511,000
81,515,000
Cash in bank
9,318,900
+382,000
8,956,000
8,742,000
Res've excess in F.R.Bk_
214,000
-808,000
1.022.000
528.000
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
issued and now makes only the barest kind of a report. The
Philadelphia Banks.
-The Philadelphia Clearing House
newA return shows nothing but the deposits, along with return for the
week ending Aug.11, with comparative figurce
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 TIM WEEK ENDING SATURDAY AUG. 11
1928.
are 10% on demand deposits and 3% on time deposits, all
• Surplus <fr Net Demand
to be kept with the Federal Reserve Bank. "Cash in vaults"
Time
*capital. Undivided Deposits
Clearing House
Deposits
Members.
Profits.
is not a part of legal reserve. For trust companies not
Average.
Average.
$
members of the Federal Reserve System the reserve required
$
$
S
Bank of N.Y. & Trust Co... 6,000,000 12.875,200
54,365,000
7.908.000 is 10% on demand deposits and includes "Reserve with
Bank of the Manhattan Co.__ 12,500.000 19,228.500 139,235,000
31,651.090
Bank of America Nat. Assoc._ 25,000,000 37,009,900 128,942,000
51,099,000 legal depositaries" and "Cash in vaults."
90,000.000 73,961,000 a869,353.000
National City Bank
6,000.000 20,014,500 127,462.090 158,233.000
Chemical National Bank
Beginning with the return for the week ending May 14, the
5,959.000
National Bank of Commerce. 25,000.000 46.295,200 294,152,000
54.188,000 Philadelphia Clearing House Association discontinue showing
Chat•Phenix Nat.13k.&Tr.00 13,500,000 14,868,400 157,257,000
d
43,392,000
5,000.000 26,702,400 118,020,000
Hanover National Bank
2,953.000 the reserves and whether reserves held are above or below require11,000.000 17,762.700 168.302,000
Corn Exchange Bank
29.093,000
10.000.000 25.069,500 119.757,000
National Park Bank
8,546,000 ments. This will account for the queries at the end of the
10,000,000 87.588,200 238,785.000
First National Bank
10,739,000 table.
Amer. Exchange Irving Tr.Co. 40,000.000 52.522,200 359.183.000
50,304,000
Continental Bank
1,000,000 1,438,900
6,059.000
60,000,000 77,8'26,700 8525,939,000
Chase National Bank
500,000 3,158,700
Fifth Avenue Bank
24,366,000
1,000,000 1,899.000
Garfield National Bank
14,789.000
9,000.000 12,351,100 118.069,000
Seaboard National Bank
5,000(100 6,631,700
State Bank & Trust Co
34,415,000
25,000,000 75,000.000 c317,758.000
Bankers Trust Co
6.000,000 5,951,400
U.S. Mortgage & Trust Co
56,027,000
16,000,000 21,857,400
Title Guarantee & Trust Co
37.650,000
40,000,000 59.231,700 d442.598,000
Guaranty Trust Co
4.000.000 3,648,500
Fidelity Trust Co
39,236.000
3,000,000 3,845,200
Lawyers Trust Co
20,141.000
10,000,000 24,009,500 137,588,000
New York Trust Co
Farmers Loan &Trust Co._ _ _ 10,000.000 22,149,200 el 11,475,000
30,000.000 25.591.000 1317,556.000
Equitable Trust CO
1,400.000 3,705,600
Colonial Bank
26,810,000
Clearing Non-Member.
Mechanics Tr. Co., Bayonne.
800,000
66,384,000
832.000
461,000
8,982,000
59.486,000
58.016.000
4,272,000
1,980,000
80.953,000
4.421,000
2.837,000
28.766.000
21,165.000
40,913.000
7,059,000
500.000
773 900
3.403,000
5,747,000
'.ou.ovu ,n.uot,uu j,cJUO,O,U.,JO
•
1P$42,719,000
•As per official reports: National. June 3() 1928; State, June 30 1928; trust
isompanies. June 30 1928.
Includes deposits In foreign branches, (a) $286,940,000; (8) 514,015,000; (c)
149.602.000;(d) $80.566.0
00; (e) $2,390.000;(f) $112.334.000.
Totals
Week Ended Aug. 11 1928.
Two Ciphers (00)
omitted.
Members of
Trust
F.it. System Companies.
54,790.0
Capital
Surplus and profits_ _ _ _ 172.807,0
Loans. discts. & invest. 1,034.254.0
30,495,0
Each, for Clear. House
78,939,0
Due from banks
119,549,0
Bank deposits
Individual deposits_ _ _ 598,845,0
207,982,0
Time deposits
928,178,0
Total deposits
Res. with legal depos_
Res. with F. R. Bank _
88,279,0
Cash In vault•
9,003,0
Total res. & cash held,
75.282,0
Reserve required
Excess reserve and cash
n vault
1928.
Total.
Aug. 4
1928.
July 28
$
64,290,0
9,500.0
84,290,0
84,290.0
18,293,0 191.100,0 191,100,0 191,100,0
108.390,0 1,140,644,0 1.138,193,0 1,120,875,0
803,0
31,298,0
35,128.0
31,890,0
510,0
79,449.0
87,111,0
83,760,0
3.800.0 123,149,0 123,988,0 122,081,0
49.518,0 848,163,0 653,650,0 639,887,0
29,817,0 237,799,0 239,992,0 240,015,0
82,935,0 1,009,111.0 1,017.630.0 1.001,983,0
8.123,0
8,123,0
8,588,0
7,584,0
68,279.0
88,882,0
67,457,0
2.611,0
11,814,0
11,384,0
11,510,0
10,734,0
86.018,0
86,834,0
75,041,0
• Cash in vault not counted as reserve for Federal Reserve members.
[VOL. 127.
FINANCIAL CHRONICLE
922
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Aug. 16,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appear on page 895. being the first item in our department of"Current Events and Discussions."
1928.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS AUG. 15
Auy. 151928.Aug.81928. Aug. 11928.July 25 1928. July 18 1928. July 11 1928
July 3 1928. June 27 1028. Aug. 171927.
$
s
$
s
$
s
s
S
RESOURCES.
1,636,161,000
1,117,450,000 1,107.601,000 1,117,466.000 1,119.717,000 1,130,963,000 1,161,160,000 1,129,581,000 1,128,276,000
GORI with Federal Reserve agents
42,178,000
63,309,000
63,482,000
71,406,000
72,503,000
71,5,55,000
73.165,000
62,100.000
67.361,000
fund with U.S. Trees_
Gold redemption
$
000
Gold held exclusively agst. F.R.notes 1,189,005,000 1,180.161,000 1,180.775,000 1,191.123.000 1.204,428,000 1,228,521,000 1,191,684,000 1,191,758,000 1,678,339,
694,976,000 695,550,000 690,048,000 680,561,000 661,912,000 666,960,000 699,796,000 700,173.000 618,127,000
Gold settlement fund with F.It. Board
706,478,000
Gold and gold certificates held by banks_ 728,611,000 729,702,000 728,715,000 732,347,000 733,252,000 699,395,000 655,010,000 691,379,000
3,002,944,000
2,612,592,000 2,605,116,000 2,509,538,000 2,604,031,000 2,509,592,000 2,594,876,000 2,546,490,000 2,583,310,000 145,871,000
Total gold reserves
150,699,000 150.042,000 156,027,000 157,151.000 159,244,000 152,361.000 146,100,000 154,974,000
Reserves other than gold
Total reserves
Non-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
2,763,291,000 2,755.458,000 2,755,505,000 2,761,185,000 2,758,836,000 2.747,237,000 2,692.590.000 2,738,284,000 3,148,815,000
54,761,000
64,517,000
62,335,000
65,096,000
60,172,000
58,337,000
54,273,000
63,113.000
60.354,000
220,503,000
169,990,000
1,002,534,000 1,061,285,000 1,085,776,000 1,025,109,000 1,011,757,000 1.089,268.000 1,191,010,000 1,031,874,000
189,902.000 161.817.000 165,879,000 169,083,000 181,035.000 187.642,000 209,664,000 223.432,000
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
701,618,000
330,256,000
390.493,000
170,932,000
566,851,000
435,680.000
603,944,000
457,341,000
655,500.000
430,276,000
596.385.000
428,724.000
615,027,000
396,730,000
713,372,000
375,896,000
777,480,000
413,530,000
55.259,000
87,611,000
61,968,000
55,099,000
87,677,000
68,887,000
55,044.000
87,205.000
65,391,000
56,024,000
89,505,000
63,813,000
60,968,000
87,720,000
69,077,000
55,701,000
90,687,000
73,177,000
57,979,000
87,584,000
66,374,000
178,443,000
95,788,000
167,297,000
206,413,000 207,868,000
490,000
990,000
211,663,000
490,000
207.611,000
490,000
209,312.000
490,000
217,765.000
490,000
219,565.000
490.000
211,937.000
490,000
441,528,000
300,000
54,819,000
85,622.000
65,972,000
Total U. S. Government securities._
Other securities (see note)
Total bills and securities (0ee note)
Gold held abroad
Duo from foreign banks (see note)
Uncollected items
Bank premises
All other resources
000
1,390.839,000 1331,400,000 1,463.808,000 1,402,323,000 1.402.624,000 1,495,165,000 1,620,729,000 1,467,733,000 1,003,253,
Total resources
LIABILITIES.
F. It. notes In actual circulation
Deposits:
-reserve account
Member banks
Government
Foreign banks (see note)
Other deposits
5,028.750,000 1,907,779,000 5,000,197,000 4,924,182,000 5,036,074,000 5,062,523,000 5,195,121,000 1,963,462,000 5,022,656,000
Total deposits
Deferred availability items
Capital paid In
Surplus
MI other liabilities
2,323,493,000 2,334,410,000 2,402,191,000 ,346,116,000 2,349,042,000 2,407,441,000 2,459,316,000 2,381,800,000 2,346,969,000
665.639.000 547.270,000 587,799,000 574.543,000 672,160,000 619,630,000 682,191,000 582,086,000 639,320,000
141,695,000 143,057.000 143.009.000 143,024.000 143,116,000 143,221,000 141,210,000 140,318.000 130,391,000
233,319,000 233,319,000 233,319,000 233,319,000 233,319,000 233,319,000 233.319.000 233,319,000 228,775,000
12,699,000
21,304.000
20.598,000
22,137,000
22.982,000
19,571,000
21,186,000
18,953,000
18,762,000
-.75,000
735,573,000
60,125,000
8,993.000
574,000
593,0.54,000
60,123.000
8.743,000
573,000
651,501,000
60,115,000
8,463,000
573,000
626.843.000
60.113,000
8.628,000
573,000
740,451.000
60,053,000
8,431,000
571,000
687.818.000
60,056,000
8,563,000
571,000
758,391,000
60,047,000
8,520,000
571,000
626.380,000
60,036.000
8,063,000
39,057,000
200,966,000
59,444,000
16,360,000
1,638,622,000 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 1,661,502,000
000
.
2,285,180,0002,265.606,000 2 343,504,000 2.299,893,000 2.306,632,000 2,365,396,000 2,402,892,000 2,344,709.000 2,294,893,
21,363,000
20.331,000
13,735,000
9,307,000
42,277,000
11,274.000
29,970,000
21,468,000
12,230,000
5,334,000
8.724,000
8,651.000
10,057,000
8,703,000
9,523,000
8.953,000
8.852,000
9,476,000
25,379,000
17,241,000
17,803,000
20,053,000
17,114,000
18,618,000
10,197,000
26,104,000
20,339,000
5,028,750,000 4,907,779,000 5,000,197,000 4,024,182,000 5,036,071,000 5,062,523,000 5,195,121,000 4,963,462.000 5,022,656,000
Total liabilities
Ratio of gold reserves to deposits and
74.9%
64.8%
64.3%
65.5%
61.7%
65.8%
61.8%
65.9%
F. R. note liabilities combined
64.1%
Ratio of total reserves to deposits and
78.5%
69.9%
68.7%
69.5%
69.5%
65.4%
68.6%
60.7%
67.9%
F. R. note liabilities combined
Contingent liability on bills purchased
290,180,000 305,018,000 306,285,000 305,452,000 305.186,000 310,888,000 309,038,000 305,068,000 160,540,000
for foreign correspondents
$
3
$
5
5
3
$
5
3
ib
Distrution It,Maturitter57,126,000
77,748,000
52,006,000
51,655,000
91,671,000 103,443,000 102,704,000
76,020,000
73.920,000
1-15 days bills bought in open market_
823.346,000 883,129,000 896,105,000 841.613.000 828,869,000 936,325,000 1,044,234,000 892,122.000 300,567,000
1-15 days bills discounted
805,000
736.000
1,235,000
405,000
1.210,000
1,955,000
6,942,000
3,220.000
1-15 days U. S. certif. of Indebtedness_
1-15 days municipal warrant,*
27,887,000
39,364,000
17,389,000
36,310,000
37,852.000
37,111,000
37,618,000
29,072,000
37,839.000
16-30 days bills bought in open market 22,915,000
38,675.000
41,936,000
36,139,000
40,727,000
40,928,000
43,862,000
44,542,000
39,563,000
16-30 days bills discounted
92,925,000
S. certif. of Indebtedness
16-30 days U.
16-30 days municipal warrants
22,444,000
42.714,000
40,716,000
44,314.000
39,414,000
42,764,000
37,931,000
44,012,000
43,478,000
81-60 days bills bought in open market _
37,585,000
71,495,000
81,514,000
80,142,000
48,934,000
68,759,000
79,650,000
52,506,000
54,585,000
31-60 days bills discounted
81-60 days U. S. certif. of indebtedness
days municipal warrants
81-60
25,519,000
16,363,000
26343,000
25,410,000
23,651,000
27,693,000
21,602,000
26,099,000
81-90 days bills bought in open market.
26,683,000
22,588,000
57,393.000
35,368,000
51,540,090
45,324,000
42,491,000
59,333,000
61-90 days bills discounted
10,859,000
43,591.000
61-90 days U. S. certif. of Indebtedness_
61-90 days municipal warrants
1,534,000
5,593.000
6,276,000
5,481,000
7,429,000
6,185,000
7,329,000
Over 90 days bills bought in open market
7,101.000
5,722,000
6,808,000
19,311.000
12.003.000
14,631,000
12,505,000
11,963,000
13,868,000
Over 90 days bills discounted
16,297,000
15,201,000
74,372,000
64,586.000
67,767,000
64,017,000
65,638,000
63,733,000
63,108,000
66,235,000
Over 90 days certif. of indebtedness _
65,857,000
Over 90 days municipal warrants
F.E. notes received from Comptroller
F. R. notes held by F. R. Agent
Issued to Federal Reserve Banks
How Secured
By gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
2,816,639,0002.810.200,000 2,825,782,000 2,822,202.000 2,831,152,000 2,821,675,000 2.819,200.000 2,817,335,000 2,903,263,000
799,980,000 804.820,000 806,970.000 799,770,000 796,890,000 783.160,000 798,775,000 817,390,000 484,135,000
2,016,658,000 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 2,055,128,000
352,827,000 350,977,000 348.177,000 352,477,000 352,476,000 354,977,000 355,376,000 355,376,000 413,276,000
99,796,000
94,652,000
88.153,000
91346.000
88,624,000 104,500,000
95,355,000
96.552,000
99,815,000
676,470,000 661,972,000 669,193,000 675,794,000 683,132,000 706.368,000 677.656,000 684,276,000 1,118,385,000
1,155,853,000 1,191,942.000 1,213.595,000 1.160,789,000 1,157,472.000 1,222,349,000 1.318,795,000 1,195,831,000 539,087,000
2,273,303,000 2,290,543,0002,331,061,000 2,280,506,000 2.288.435.0002 302 Ann ruin 9 401 278 000 294 11)701)0 7 17A 248.000
,
_
.
NOTE,..._Eminning with the statement of Oct. 7 1925 two new items were added in order to show separately the amount of balances held abroad and amounts due to
addition, the caption "All other earning assets, previousl made up of Federal Intermediate Credit bank debentures, was changed to
foreign correspondents. In
assets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total of the
"Other securities." and the caption "Total earning the provisions of sections 13 and 14 of the
under
Federal Reserve Act. which, t was stated, are the only items included therein,
discount acceptances and securities acquired
Total.
LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG. 15 1928
WEEKLY STATEMENT OF RESOURCES AND
Two ciphers (00) omitted.
Federal Reserve Bank of
Total.
Boston.
$
$
RESOURCES.
107,264,0
Sold with Federal Reserve Agents 1,117,450,0 9,853,0
71,555,0
with U.S.Trees
Sold red'n fund
Gold held excl. agst. F.R.notes 1,189,005,0 117,117,0
Sold settle'i fund with F.R.Board 694,976,0 59,523,0
728,611.0 26,817,0
Sold and gold certificates
Total gold reserves
Reserve other than gold
'.612,592.0 203,457.0
150,699,0 13,346,0
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis, Minneap. Kan.City. Dallas. San Fran,
s
$
3
$
2
5
$
$
3
$
3
175,284,0 81,549,0 132,204,0 23,427,0 67,422,0 214,613,0 22,099,0 43,509,0 47,663,0 15,807,0 186.609,0
17,984,0 8,136.0 5,389,0 2,080,0 4,285,0 7,957.0 5,700,0 3,578,0 2,781,0 1,532,0 2,280.0
193,268,0 99,685,0 137,593,0 25,507,0 71,707,0 222,570,0 27,799,0 47,087,0 50,444,0 17,339,0 188,889,0
211,969,0 37,352,0 84,459,0 19,877.0 8,814,0 159,141,0 18,432,0 14,166,0 42,264,0 10,101,0 29,978,0
499,560,0 27,392,0 39,848,0 8.757,0 5,215,0 55.020,0 11,576,0 5,419,0 6,611,0 12,581,0 30.815,0
-903,797,0 154,329,0 261,900,0 54,141,0 85,736,0 436,731,0 57,807,0 66,672,0 99,310.0 40,021,0 248,682,0
28.298,0 6,711,0 15,073,0 10,603,0 17,284,0 18,319,0 17,065,0 2,451,0 5,505,0 5,872,0 10,172,0
2,763,291,0 216,803,0
Total reserves
60,354,0 5.970,0
on-reserve cash
131118 discounted:
Sec. by U. S. Govt. obligations 566,854.0 30,891.0
435,680,0 36.847,0
Other bills discounted
932.095.0 161,040.0 276,973,0 64,744.0 103,020,0 455,050,0 74,872,0 69,123,0 104,824.0 45,993,0 258,854,0
18,535,0 1,983,0 3,616,0 3,027,0 5,045,0 8,519,0 3,603,0 1,296.0 2,465,0 2,339,0 3,158,0
1,002,534,0 67,738,0
199,902,0 18,839,0
274,075,0 98,079,0 79,244,0 53,442,0 77,241,0 152.579.0 54,493,0 18,363,0 21,813,0 29,638,0 75,329,0
11,0 9,932,0 8,878.0 12,486,0 20,724,0
50,393,0 15,192,0 20,085,0 7,793,0 13,000,0 12,569,0
42,0
548,0 1,153,0
24,0 19,927,0 7,125,0 4,519,0 10,890,0 7,919,0
585,0
1,384,0
594,0 3,055,0 4,972.0 9,500,0 3.925,0 2,912,0 3,393,0 11,524,0
7,993,0 9,002,0 27,009,0
2,214,0 4,327.0 3,964,0 4,926,0
16,314,0 11,340,0 5,550,0 1,529,0 2,094,0 9,287,0
1
•
on nal n on 09711 22 107 0 3 270 8 a 177 0 'I, 101 n le rtne n in rtro n lo 190 0 1C 97111) 18 1220
Total bills discounted
3111s bought in open market
J. 8. Government securities:
Bonds
Treasury notes
Dertificates of Indebtedness
r, 0
54,819,0
85,622,0
65,972,0
703,0
1,713,0
4,427,0
C AI., A
Oil
0 0,, A
154,961,0 72,464,0 48,143,0 21,277,0 19,668.0 112,593,0 10,285,0 10,238,0 10,853,0 14.497,0 51,094,0
119,614,0 25,615,0 31.101,0 32,165,0 57.573,0 39,996,0 35,208,0 8,125,0 10,960,0 15,141,0 23,345,0
AUG. 18 1928.]
FINANCIAL CHRONICLE
II:SOURCES (Concluded)Two Ciphers (00) omitted.
Total.
Boston.
$
090,0
Other securities
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other resources
New York.
8
8
500,0
Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap Kan.City. Dallas.
San Fulfil
Phila.
$
8
S
3
8
$
$
490,0
3
$
$
1,399,839,0 93,420,0
575,0
37,0
735,573.0 71,655,0
60,125,0 3,824,0
8,993,0
79,0
351,159,0 134,198,0 132,436,0 64,511,0 05,414,0 199,334,0 71,129,0 39,443,0 48,820,0 57,400.0
112,575,0
219,0
47,0
52,0
25,0
21,0
69,0
21,0
14,0
18.0
17,0
35,0
201,013,0 59.875,0 65,651,0 57,218,0 24,515.0 96,383,0 33,887,0 14,637,0 44,949,1 27,312,0
16.568,0 1,752,0 6,806,0 3,483,0 2,833,0 8,720,0 3,901,0 2,202.0 4,308,0 1,894,0 38.478,0
3,834,0
1,440,0
256.0 1,297.0 ' 393,0 1,278,0 1,000,0
682,0 1,043,0
420,0
506,0
599,0
5,028,750,0 391,788,0 1,521,029,0 359,051,0 486,831,0 104,301,0 232.126,0 769,075,0 188,095,0 127.758,0
205,804,0 135,361,0 417,531,0
Total resources
LIABILITIES.
F. it. notes in actual circulation_ 1,638,622,0 142,892,0
Deposits:
Member bank-reserve acc't 2,285,180,0 149,458,0
Government
9,307,0
349,0
Foreign bank
8,953,0
660,0
20,053,0
Other deposits
482,0
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
923
2,323,493,0
665,639,0
144,695,0
233,319,0
22,982,0
344.739,0 131,219,0 196,607,0 53,543.0 128,240,0 276,194,0 57,394,0 53,342.0 58,802,0 30,320,0 165.330,0
877,781,0 134,340,0 185,277.0 67,689,0 63,615,0 346,540,0 78,844.0 49,668,0 92,123.0 62,427.0 177,418,0
628,0
8,0 1,715,0
154,0
1,156,0 1.701.0
490,0
566.0
678,0 1,030.0
832,0
2,641,0
835,0
914,0
448,0
369,0 1,222,0
378,0
237,0
317.0
308,0
624,0
9,574,0
315,0 1,374,0
195,0
127,0
977,0
529,0
328.0
472,0
76,0 5.604,0
150,049,0
68,561,0
10,039,0
17,893.0
1.454,0
890,624.0 135,644,0
167,086,0 54.693,0
48,792,0 14,368,0
63,007,0 21,662,0
6,781,0 1.465.0
187,573,0 70,047,0 65,267,0 350,440,0 80,241,0 50,799,0 93,590,0 63,841,0 184.478,0
61.941,0 51,095,0 22,086.0 87,626,0 33.269,0 12.457,0 39.464.0 27,820,0 39.541,0
14,301,0 6.075,0 5,213,0 18,222,0 5,388.0 3,017,0 4,202,0 4,318.0 10,760.0
24,021,0 12.324,0 9,996,0 32,778,0 10,397,0 7,039,0 9.046,0 8,527,0 16,629.0
2,388,0 1,217,0
1,324,0 3.815,0 1,406,0 1,104.0
700,0
535,0
793.0
Total liabilities
5,028,750,0 391,788,0 1,521,029.0 359.051.0 486,831,0 194,301.0 232,126,0 769075,0 188,095,0 127,758,0
205,804,0 135,361,0 417,531,0
Memoranda.
Reserve ratio (per cent)
69.7
73.8
75.5
60.3
72.1
52.4
53.2
54.4
72.7
66.4
68.8
43.7
74.0
Contingent liability on bills purchased for foreign correspond'ts 290,180,0 22,116,0
78,455,0 28,014,0 30,668,0 15,039,0 12,385,0 40.988.0 12,680,0 7.062,0 10,616.0 10,321,0 20,996,0
F. It. notes on hand (notes reed
from F. It. Agent less notes il]
'574 nor. n OS Ono n
11n nn, n oo ,,n n ortnpn n Ir. go, n or. AAQ n AS 050 A 11 ARA
A
0 915 n
5 975 n
A 587 n as a43 n
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE
AGENTS AT CLOSE OF BUSINESS AUGUST 15 1928.
Federal Reserve Agent at-
Total.
Boston,
New York.
Phila.
Cleveland. Richmond Atlanta, Chicago. St. Louis. Munn:T. Kan.City. Dallas. Sea Pros.
Two ciphers (00) Omitted.
S
$
F.R. notes rec'd from Comptroller 2,816,638,0 238,351,0
F.R.notes held by F.R. Agent__ 799,980,0 71.450,0
$
$
3
$
$
S
$
$
3
3
$
732,806,0 179,049,0 251,297.0 94,419,0 223,312,0 449,543,0 87,224,0 79,095,0 99,060,0 54,609,0 326,973,0
269,000.0 24,400,0 29,630.0 25,649.0 68,630,0 128,500,0 18,800,0 16,539,0 31,980,0 18,402.0 96,000,0
F. R.notes Issued to F. R. Bank_ 2,016,658,0
Collateral held as security for
F. R. notes issued to F. It. Bk.
Gold and gold certificates.___ 352,827,0
Gold redemption fund
88,153,0
Gold fund-F.It. Board
676,470.0
Eligible paper_
1,155,853,0
166,901,0
463,806,0 154,549.0 221,667,0 68,770.0 154,682,0 321,043,0 68,424,0 62,556,0 67,080,0 36,207,0 230,973,0
35,300,0
13,964.0
58.000,0
86,557,0
153,161,0
50,000,0 20,396,0 24,600,0
7,900,0
12,303,0
17,123,0 8,972,0 12,204,0 3,031,0 6,822,0 1,613,0 1,199,0 14,167,0 3,803,0 2,504,0 35,000,0
1,342,0
15,576,0
5,000,0 72,577,0 70,000,0
36.000,0 213.000,0 13,000,0 28,000,0 43,860,0 1,000.0 136,033,0
312,442,0 95,134,0 98,808,0 58,674,0 90,158,0 165,004,0
54.477.0 25,903.0 30,570,0 42,094,0 96,032,0
407.726.0 176.603.0 231.012.0 821010 107080 A 27 1 017 n 70 0700 00 519 n 75 922
,
n 07 Ofil 0 252.641.0
Total collateral
._ 2.273.303.0 193.021.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the
and liabilities of the 636 member banks from which weekly returns are obtained. These principal items of the resoureeg
figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the
statement were given in the statem ent
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of
the
for the latest week appears in our department of "Current Events and Discussions," on page 895,Reserve Board upon the figures
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. 8 1928 (In thousands of dollars).
Federal Reserve District-
Total.
Loans and investments--total
Loans and discounts-total
Roston. New York' Phila.
Cleveland. Richmond Atlanta. Chicago. Si. Louis. 311nneap. Kan.City. Dallas. SanFran.
$
S
$
$
$
22,262,204 1,541,522 8,423,329 1,256,453 2.205,732
_ 15,802,502 1.093,608 6,115,753
$
675,304
$
$
643,464 3.306,115
$
717,699
S
367,993
S
686,033
$
f
460,561 1,974,992
850,082 1,465,026
513,730
503,151 2.414,651
507,967
232,407
445,073
336,530 1,324.524
10,436
55,138
417,717 2,855,933
665,455 3,204,677
9,598
467,227
373,257
12,928
659,161
792,937
3.248
184,213
326,269
4,235
19,861
132,220 1,054,705
366,696 1,340,085
7,642
216,824
283,501
2,301
74,701
155,405
3.011
126,142
315,920
3,681
88,502
244,347
4,566
355,279
064,679
6,459,702
450,914 2.307.576
406,371
740,706
161,574
140,313
891,464
209,732
135,591
240,962
124.031
650.468
U. B. Government securities__ _ _ 2,910,158
Other bonds, stocks and securities 3,519,544
170,595 1,094,364
280.319 1,213,212
122,537
233,834
325,561
415,145
72,950
83,624
69,229
71,084
382,973
508,491
73,317
136,415
73,483
62,10S
115,281
125,631
86.184
37,347
353,634
296.784
77,295
13,627
125,176
28,175
41,230
11,664
39,946
10.501
258,199
40.183
45.453
7,426
22,107
6,020
53,314
11,475
32,277
9,187
115,113
21,814
354.049
247,585
4,645
316.296 1,821,418
237,858 1,256,407
11.550
24,895
376.525
241,572
4,535
208,263
128,771
2,658
502,685
174,487
4,463
214,639
488,004
44,270
116.387
48,245
82,571
116,872
238,192
53,634
85,986
139,076
200.570
Secured by U. S. Gov't obliga'ns
136,645
Secured by stocks and bonds ____ 6,632,629
All other leans and ulscounts____ 9,033,228
Investments-total
Reserve with F.It. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
1,657,270
244,587
100,000
18,285
747.110
66,230
12,879,104
6,898,065
192,333
896,551 5,576,167
489,998 1,697,854
35.731
39,742
715,583 1,022,960
306,260 975,844
22,092
20,723
1.025,510
3,049,618
41,753 118,709
131,815 1,148.607
50,707
159,826
85,656
208,441
45,009
93,613
66,940
95,606
Due from banks
Due to banks
283,489 805,118
129,660 1,011,769
13.810
7.489
Borrowings from F. R. Bank-total
827,297
41,178
288,243
60,425
69,962
28,066
48,783
136,819
36.768
10,266
17,538
22,978
66,271
Secured by U.S. Gov't obliga'ns.
All other
497.808
329,489
17,650
23,528
159,775
128,468
47,477
12,048
41,545
23,417
11,292
16.774
12,280
36,503
110.869
25,950
11,373
25,395
4.790
5,476
9.909
7,629
15,253
7,725
55,595
10,676
nan
Sr.
75
AO
70
Rd
n,
on
05
As
AS
AA
Number of renortina banks
71
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. 15 1928, In
comparison with the previous week and the correspondi
ng date last year:
Resources
Gold with Federal Reserve Agent
Gold redemp.fund with U.S. Treasury_
Aug. 151928. Aug.81928. Aug. 171927.
5
175,284.000 175,367,000 346,368,000
17,984,000
19,661,000
12,174,000
Gold held exclusively agst. F. R. notes
Gold settlement fund with F. It. Board_
Gold and gold certificates held by bank_
193.268,000
211,969,000
498,560,000
195,028.000
175,915,000
494,806,000
Total gold reserves
Reserves other than gold
903,797,000
28,298,000
805,749,000 1,003,565,000
28,505,000
28,608,000
932,095,000
18.535,000
894,254,000 1,032,173,000
18,539,000
13,039,000
154,961,000
110,614,000
181,205,000
145,188,000
79,050,000
28,966,000
274,575,000
50,393,000
329,393,000
32,170,000
108.016,000
70,017,000
1,384,000
7,993,000
16,314,000
1,384,000
11,523,000
15,594,000
23,698,000
24,298,000
36,885,000
25,691,000
500,000
28,501,000
84,881,000
351,159,000
390.064,000
262,914,000
Total reserves
Non-reserve cash
Bills discountedSecured by U. 8, Govt. obligations___
Other bills discounted
Total bills discounted
Bills bought In open market
U.S. Government securities
Bonds
Treasury notes _.
Certificates of indebtedness
Total U.S. Government securities
All other earning assets
Total bills and securities (See Note)
358,542,000
179,034,000
465,989,000
Aug. 1 1928. Aug.81928. Aug. 101927.
$
S
$
Resources (Concluded)Cold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
219,000
201.013,000
16.568,000
1,440,000
Total resources
219,000
154.481,000
16,568,000
1,277,000
10,952,000
184,199,000
16,276,000
6,227,000
1 521,029,000 1,475,402,000 1,525,780,000
ita5f/Ufes344,739,000
Fed'i Reserve notes in actual circulation
Deposits-Member bank, reserve sect
- 877,781,000
Government
628,000
Foreign bank (See Note)
2,641,000
Other deposits
9,574,000
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
890,609,000 904,499,000
127,780,000 149,783.000
47,564,000
39,098.000
63,007,000
61,614,000
6,491,000
2,774.000
Total liabilities
890.624,000
167,036,000
48,792.000
63,007,000
6,781,000
368,012,000
882,511,000
1,851,000
1,948,000
18,189,000
.
Ratio of total reserves to deposit and
Fed'I heave note liabilities combined_
Contingent liability on bills purchased
for foreign correspondence
1,521,029,000 1,475,402,000 1.525,780,000
75.5%
78,455,000
72.7%
85,502,000
81.1%
45,934,000
NOTE.-Boginning with the statement of Oct. 7 1925, two
to foreign correspondents. In addition, the caption, "All other new items were added in order to show separately the amount of balances held abroad and amcunts due
earing
"Other securities," and the caption, "Total earning assets" to "Total assets." previously made up of Federal Intermediate Credit Bank debentures, was changed to
the discounts, acceptances and securities acquired under the provision bills and securities." The latter term was adopted as a more accurate description of the total of
of Sections 13 and 14 of the Federal Reserve Act, which. it
{herein.
was stated. are the only items included
[VoL. 127.
FINANCIAL CHRONICLE
924
New York City Banks and Trust Companies.
Vaulters' Gazette,
(AU prices dollars per share.)
Wall Street, Friday Night, Aug. 17 1928.
-The reiveto of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 913.
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. 17.
Sales
for
Week.
Range for Week.
Lowest.
Par. Shares $ per share.
Railroads-Boston & Maine
100 1,800 73
Buff Roth & Pitts__ _100
.50 70
300 35
Buff St Susquehanna 100
100
10 89
Cuba RR pref
Green Bay & West_100
20 80
Minneap & St Lopis_100 1,800 274
50
100 8331
Morris & Essex
Nash Chatt & St L100
30 17134
370 138
New On Tex & Mex_100
N Y Central rights
48,200 574
Northern Central_ _ _ _50
10 8134
Pat Coast 2d pref_ _ _100
20 25
20 46
1st preferred
100
14012334
So Ry M &0ctfs_ _ 100
30 99
Vicksburg Shrev & P_ 100
100 67
Wheeling & L Erie_ _100
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Range Since Jan. 1.
Lowest.
Highest.
$ per share.
14 75%
13 79%
16 38
15 89
15 80
11 3
14 83%
13 17174
15 14034
15 6%
14 8134
14 25
16 46
18 125
14 102
14 87
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
17
16
16
15
15
14
14
13
17
16
14
14
16
15
13
14
Highest.
per share.3 per share.
58
60
32%
84
80
1%
83
17134
125
534
81%
22
45;4
100
99
67
Feb 83
Feb 86
July 43
Mar 94
June 85
May 834
July 89
Aug 204%
Apr 148%
July 631
Aug 90%
Apr 39
July 70
Jan 15934
Aug 111
Mari 90
May
Apr
Jan
June
June
May
June
May
May
June
June
May
Jan
Jan
Jan
Apr
Indus. & MIscell.
Abitibi Pr&Pap pref_100 4,000 8734 Aug 11 8974 Aug 14 87% Aug 10234 Apr
200 99% Aug 16 100 Aug 16 99% Aug 100 June
Am For & Pr pf (8)____•
July 10774 May
Am Power & Light pf __* 1,20 10234 Aug 1110234 Aug 16 102
200 334 Aug 17 334 Aug 17 334 Aug 334 Aug
Archer Dan Mid rights__
• 800 28 Aug 14 29% Aug 13 26% Aug 32% June
Barker Bros
Brockway Motor Trks_•71,200 55% Aug 11 62 Aug 15 4534 June 62
Aug
• 1,600 11434 Aug 11 125 Aug 15 110 June 125
Preferred
Aug
40024234 Aug 1124431 Aug 11 235
Brooklyn Edison etre _
Aug 252
May
10 11034 Aug 1411034 Aug 14 107
Cent Alloy Steel pf_ _100
Jan 111% May
Chickasha Cotton 011_10 2,400 50% Aug 11 5334 Aug 17 4574 June 5634 July
400 1 Aug 14 114 Aug 13
Conley Tin }oil stpd
31 Jan an May
Cons Film Industry pt• 13,1001 23% Aug 14 2534 Aug 17 23
July 2574 Aug
Container Corp cl A_ _20 5,600 23% Aug 11 253-3 Aug 13 217-3 Mar 36
Apr
Class B
• 6,600 1134 Aug 15 13 Aug 11 1034 Mar 1931 Apr
Cushman s Sons pre__ _ *
10 113 Aug 13 113 Aug 13 112 June 116% Mar
Cutler-Hammer Mfg_ _10 2,300 5334 Aug 13 5634 Aug 17 52 June 60
Apr
Davison Chemical right 24,100 1-16 Aug 14
34 Aug 11 1-16 Aug
31 Aug
De Beers Cons Mines _
10 2434 Aug 15 2434 Aug 15 2334 July 2731 Mar
Debenham Securities_5a
100 4034 Aug 15 4034 Aug 15 4034 Aug 4931 May
Drug Inc
• 6.000 9534 Aug 15 97 Aug 17 80
Mar 9934 May
ELsenlohr Bros pref._ _100
30 8834 Aug 11 8874 Aug 11 8834 Jan 10074 Feb
Eltingon-Schild
• 1,200 34 Aug 15 3474 Aug 15 34
Aug 4031 June
Preferred
100 300101% Aug 1510234 Aug 13 10134 Aug 11434 June
Elec Auto Lite pref 100 300110 Aug 17 110 Aug 1710934 July 110
July
Elec Pr & Lt etre 10% Pd
200.12234 Aug 15 122% Aug 15 noq Jan 129% Apr
Pref ctfs full paid
10 123 Aug 15 123 Aug 15 12034 Jan 124
July
Elk Horn Coal pref__ _50
50 14 Aug 11 14 Aug 11 1334 May 19
Feb
Emerson-Brant cl B__ _• 200 43.4 Aug 14 434 Aug 14 27-3 Apr 934 May
Franklin Simon pref_100
70 11034 Aug 17 112 Aug 14 11034 Aug 113
Feb
General Gas & El cl B__*
100 69 Aug 11 69 Aug 11 37
Jan 75
July
Gen Ice Cream
7634 Aug 17 7774 Aug 16 7434 July 8234 July
•
Gold & Stock Tel Co0
80_1100 12334 Aug 1512374 Aug 15 12374 July 128
Jan
Graham-Paige Mot ctfs• 2,800 31 Aug 14 3774 Aug 17 2674 June 3734 Aug
Grand Stores
10010,500 79 Aug 15 8134 Aug 16 6531 June 8134 Aug
Grand Union
• 7,000 2774 Aug 14 297-4 Aug 17 2831 July aosi June
Preferred
• 7,900 4634 Aug 14 5274 Aug 17 463.4 Aug 5234 Aug
Hackensack Water pf_25
50 3074 Aug 16 30% Aug 16 2534 July 3831 June
Internet Nickel pref..100 300 11834 Aug 11 123 Aug 16 11074 Jan 123
Aug
Inter Paper ctfs
• 1,000 68 Aug 16 70 Aug 14 6634 Aug 7234 July
Preferred Ws(7)__100 1,300 9931 Aug 16 10034 Aug 11 9734 Aug 103
July
Keith-Albee-Orpheum _•22,200 19% Aug 14 22 Aug 14 1534 May 27
Aug
Preferred
1001 500 7874 Aug 17 8074 Aug 14 7534 May 99
May
Kelvinator Corp
• 8,800 974 Aug 16 10 Aug 11 774 July 2274 Apr
Roister Radio Corp_ •21,200 5134 Aug 15 5734 Aug 16 5134 Aug 5834 July
Lehigh Port Cem pf_100
100 110 Aug 17 110 Aug 17 0834 May 11074 May
Loew's preferred
• 20010074 Aug 15 101 Aug 11 997-4 Mar 110% May
McKeesport Tin Plate • 5,900 66 Aug 14 67% Aug 17 6234 June 7234 Apr
Maytag pref
• 1,800 4034 Aug 14 42 Aug 17 4034 Aug 52
May
Prior preferred
*I 1,400 9034 Aug 17 9134 Aug 17 9031 Aug 101
May
4, 5,200 2734 Aug 16 2934 Aug 13 2534 July 3274 Aug
Mengel Co
5111w El Ry & Lt pf_100
10 109 Aug 17 109 Aug 17 053-4 Apr 111
June
Mohawk Carpet Mills..' 3,300 3974 Aug 14 4034 Aug 13 393-4 Aug 4034 Aug
• 5,400118 Aug 14 132 Aug 16 94
Motor Products
July 134
Aug
National Supply Pr- -100
10 115 Aug 15 115 Aug 15 15
Apr 119
Jan
• 2,300 7534 Aug 15 834 Aug 11 75% Aug 8534 June
Pacific Lighting
40 120 Aug 1412194 Aug 13 115
Pat Telep & Teleg pf 100
Jan 12534 May
Aug 17 10334 Jan 115
Penilk & Ford pref_ _100
60 104% Aug 16 105
Mar
Phillips Jones Corp_ _ _ _• 1,500 50 Aug 11 5334 Aug 17 38
Apr 5331 May
100
10 96% Aug 15 9634 Aug 15 85
Preferred
Apr 99
May
Postal Teleg & Cable pf• 500101 Aug 1510134 Aug 13 101
July
Aug 103
Reynolds Tobacco cl A25
40 183 Aug 13 183 Aug 13 16534 Mar 195
May
100 105 Aug 17 105 Aug 17 105
Sloss-Shef St & Ir pt 100
Mar
Aug 123
July 32
Aug
Spang Chalfant & Co__• 5,700 2934 Aug 13 32 Aug 16 26
June 42% May
Stand Sanitary Mfg __• 2,300 3674 Aug 16 3834 Aug 11 34
Aug 4174 July
• 1,500 37 Aug 11 4031 Aug 17 37
Stanley Co
Aug 11111 Aug 14 10474 Jan 111% July
50 111
10
The Fair pref
100 9,700 3731 Aug 14 4034 Aug 17 3234 June 4334 Aug
Trico Products
Feb 1374 Aug
20 1234 Aug 14 1334 Aug 14 5
United Dyewood _ ..A00
200 2034 Aug 13 21 Aug 17 1734 Aug 2734 Apr
United Paperboard _ _100
Bank, Trust & Insurance Co. Stocks.
Bank of Manhattan_100
Bank WHY& Tr Co 10
Corn Exchange Bank 100
Equit Tr Co of N Y...100
20 725
10 715
30660
65 483
Aug
Aug
Aug
Aug
14 726
17 715
17 664
14 496
Aug
Aug
Aug
Aug
14 560
178.55
17 660
17 410
Feb 940
Feb810
May 753
Jan599
May
May
May
May
•No par value & shill ngs.
New York City Realty and Surety Companies.
(AU prices dollars per share.)
Bid
72
285
420
345
Alliance ll'ItY
Amer Surety_
Bond & M G.
Lawyers Mtge
Lawyers Title
It Guarantee 330
Ask
85 1Mtge Bond__
295 N Y Title tc
Mortgage_
440
352 U S Casualty_
336
Bid
165
590
380
Ask
Bid
175 Realty Assoc',
(I3klyn)com 280
1st pref-- 96
800
28 pref__ __ 93
395
Westchester
Title & Tr_ 650
Ask
290
99
95
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
,
Maturity.
Dec. 15
Dec. 15
Mar. 15
Mar.15
lat.
Rate.
1928_ 354%
1928._ 4%
1929_ 356%
1929._ 316%
did.
99uss
99."st
utue„
992232
. '.il
Maturity.
/rd.
Rate.
90",, 9t.15 1930-32 316%
pt
09",,,lar. 15 1930-32 34%
Nu., (let. 15 1930-32 33.4%
992.3s
Asked.
9722ss
972233
972233
98.n
98.n
98'n
Banks-N.Y. Bid
Ask
Ask Banks-N.Y Bid
177
America
181 Port Morris__ 875 725
Amer Union•_ 237 247 Public
730 740
Bronx Banks_ 650 700 Seaboard.... 795 815
Bryant Park* 230
250 260
-- Seventh
Central
185 195 Seward
180
175
235 255 ,State'
Century
695 710
545 550 'Trade*
Chase
299 315
Chat!, Phenix
Yorkville__- 250 290
Nat Bk &Tr 570 575 Yorktown'... 210 240
Chelsea Exeh• 265 274
Chemical_ __ 900 915
Brooklyn.
__ First
Colonial•____ 1275
475 525
Commerce_ __ 636 642 Globe Each'. 325 375
Continental'.. 575 625 Meehanics•
360 365
Corn Exch... 655 685 Municipal._ _ 417 425
Cosinopolit'n• 500
_ Nassau
430 450
Fifth Avenue_ 2200 2300 People's
050First
3950 3425 Prospect
170 190
Garfield
600
Grace
400
Trust Co..
.
Hanover
1290 1305
New York.
Harriman
940 970 Am Ex Iry Tr 424 430
Liberty
280 290 Bence Comle
Manhattan'.. 720 730
Italiana Tr _ 425 475
National City 803 808 Bank of N 1
Park
675 685
& Trust Co 695 715
Penn Exch... 175 185 Bankers Trim 940 950
Tr. Cos.-N.Y. Bid
Bronx Co Tr.. 400
3
0
65
Central Union 162
County
428
Empire
Equitable Tr_ 490
Farm I. & Tr_ 775
Fidelity Trust 375
565
Fulton
Guaranty...... 644
26
2
Intl Germanic 2 5
Interstate__
Lawyers Trust .._
Manufacturers
New $25 par 222
Murray 11111.. 255
Mutual(West385
N Y Trust__ 725
Times Square 173
Title Gu & 'Tr 795
U S Mtge & Tr 495
United States3100
Westthest'r Tr 1000
Brooklyn.
Brooklyn...... 1100
,Kings Co._ __ 2600
iMidwood____ 260
Ask
450
1860
675
438
495
785
400
600
648
235
272
225
265
395
735
180
805
510
3250
1100
1200
2800
270
v Ex-rights.
'State banks. I New stock. z Ex-divl lend. r Ex-stock div.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Aug.11 Aug. 13 Aug. 14 Aug. 15 Aug.16 Aug.17
First Liberty Loan
HIgh
334% bends of 1923-47_ Low.
,
(First 310
Close
Total sales in $1,000 units__
4% bonds of(High
High
1932-47 (First 46)_ _ _ Low_
1932-47
.
Close
Total sales in $1,000 units__
Converted 434% bonds High
{
of 1932-47 (First 4%s) Low_
Close
TONt sales in $1,000 WSW- - Second converted 4%% Hlith
bonds of 1932-47 (First Low_
Second 431s)
Total sates In $LOB() units__.
Third Liberty Loan
High
4454% bonds of 1928....j Low_
(Third 4.48)
Close
Total sales in $1,000 unitsFourth Liberty Loan
High
434% bonds of 1933-38... Low_
(Fourth 434,)
Close
Total sales in $1,000 units__
Treasury
(High
44e, 1947-52
Low_
Close
Total sales in $1,000 units__
rive;
99"3,
991.12
981.22
6
____
____
99,433
991.22
991.22
15
-------
99,43;
09"2,
991.21
62
---
991°22
991.22
991.2
ii
99.3s
99uss
90"af
57
------------10
1,33 1001,31 1004,33 100,431 100.22 1014;
101
100.433 100.433 100.33 1004,31 101
100,, 1001.22 1001122 100.°6 101.22 101
,,
71
17
6
19
43
11
---------------------100
-100
100
13
1002233
100,,33
1002233
14
1102233
11020,,
1102032
1
10591,2
Low, 105",2
Close 1052233
Total sales in $1,000 units._
100
____
1111011
3548, 1946-1956
____
Low_
__
Close
Total sales in $1,000 units__
-_-_-_-_
{11116
3348, 1943-1947
____
Low_
Close
____
Total sales in $1,000 units_ _
___ _
I )llgh 98.22
•334s, 1940-1943
{Low_
98.22
[Close 98.32
Total sale: in $1.000 units
2
48. 1944-1954
99"13
99112
091.22
60
-------
--
--100
100
100
45
2
1002233 1002233
100,431 100,431
1002231 1002433
126
44
1101°,2 110.22
1102233 109un
110223, 110233
62
2
__
105.12
____
1041.22
____
1042233
......10
1022131
103
102 31
,
103
102.43
103
77
1
08',,0812,,
980,2
98.12
98 33
,
98 33
,
3
25
98
98122
98
981,2
98
981,2
25
25
-100
100
100
10U -".-99,13,
992231
124
101 233
100,4n
100.1,1
223
1101.21
109223i
1102231
7
105"2,
1011.2i
105"31
7
-__--08",,
98,4:1
98,431
5
98.22
9812:
98122
278
9- ;i3;
9
9921,,
3
101 1.22
100122
101.22
36
111 1.12
111 1°,1
1111°22
34
1091.22
1061022
1081°22
36
1031.22
1031°,2
1031,22
34
98..32
98 .s2
,
98.12,
3
981022
981.12
981.21
120
99nff
99.'sf
99.42
25
101"31
101'ff
1011Iff
305
111
111
111
10
106
106
106
50
1032st
103231
140
9 3."22
- 8
983.22
981,22
210
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
3 1st 334s
1 3d 431s
99.433 to 99.43312 4th 4.5,45
99u. to 99,43311 Treasury 4345
1002.1, to 101
to 110
110
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.8564.8534
for chocks and 4.8534634.859-16 for cables. Commercial on banks, sight,
4.84 13 16634.85; sixty days, 4.8104.81 3-16: ninety days, 4.795-1663
4.7935, and documents for payment, 4.803404.8131; cotton for payment,
4.8435, and grain for payment. 4.8434.
To-day's (Friday's) actual rates for Paris bankers francs wore 3.90 7-16
03.9034 for short. Amsterdam bankers guilders were 40.0774040.0935
for short.
Exchange at Paris on London, 124.21 francs; week's range, 124.24
francs high and 124.21 francs low.
The range for foreign exchange for the week follows:
Sterling, ActualCables.
Checks.
High for the week
4.859-58
4.8525
Low for the week
4.8534
4.8434
Paris Bankers Francs
High for the week
3.90 13-16
3.9034
Low for the week
3.90 7-16
3.90 3-16
Amsterdam Bankers Guilderslgh for the week
40.11
40.10
Low for the week
40.08
40.05
Germany Bankers Marksifigh for the week
23.8434
23.8334
Low for the week
23.8035
23.7933
The Curb Market.
-The review of the Curb Market is
given this week on page 914.
A complete record of Curb Market transactions for the
week will be found on page 941.
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 precedin
g page
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
PER SHARE
PER SHARE
Sales
STOCKS
Range Since Jan. 1.
for
Range for Pfeffer's.
NEW YORK STOCK
Monday,
Tuesday,
Os basis of 100-ehare lots
Wednesday, Thursday,
Friday,
Year 1927
EXCHANGE
the
Aug. 13.
Aug. 14.
Aug. 15.
Aug. 16.
Aug. 17.
1Veek.
Lowest
Highest
Lowest
Highest
$ per share $ per share $ per share $ per share $ per
share $ per share Shares
Railroads.
Par $ per share
18818 18812 188 18818 188 18914 188 189
per
18818
19018 191% 8,000 Atch Topeka & Santa Fe..100 18238 Mar 2 19718 share $ per share $ per shar•
10414 10414 10414 1044 103% 11318 11)4 104 .104 190
Apr 27 1614 Jan 200 Aug
105 *104 1045
8
800 Preferred
100 10312 Jan 5 10812 Apr 9
.165 167
164 16514 163 164
99%
163 163
4
165
4
1,500 Atlantic Coast Line RR__ _100 163 Aug 14 19112May 7 1747 Jan 1063 Dee
105 10518 105 10514 105 10514 105 10514 10512 1653 165 165
Apr 20512
107
10614 107
10,000 Baltimore & Ohio
100 1034June 19 1107 Apr 12 1061, Jan 125 Aug
7818 7818 78
8
78
•777 80
8
*777 80 .777 80
8
Oct
8
*77% 80
200 Preferred
100 78 Aug 6 85 Apr 4
.71
72
7134 72
72
72
7314 Jan
72
83 June
72
727 743
8
4 73
7412 3,300 Bangor & Aroostook
•111 115 .111 115 *111 112
50 61 June 12 844 Jan 11
64
Jan 1034 Mal
112 112 *111 115 *111 115
10 Preferred
100 110 July 7 1153
1163
63% 6312 65
4May 31 10111 Jan
6412 64% 64%
6778
sn 8934 8934 894 .89 9014 *8912 6534 6514 6578 66 90 18,300 Bklyn-Manh Tran v t c_No pa 5332 Jan 17 7734May 3 53 Aug 122 JUDE
70% Jan
9014 9018 904 90
500 Preferred v t c
4114 42
No pa
4058 42% 46% 41
82 Jan 4 953
2May 3
781 Oct 88
4138 4212 4214 44
,
Jan
42% 44% 17,100 Brunswick Term & Ry Sec_10
*32
48
*32
14% Jan 5 45$ July 6
48
71 Oct 19 2 Dee
.32
48
*32
48
3
.32
48
*32
48
Buffalo & Susq pref
20214 20212 20254 204
10
4812May 2 503 Apr 26
2023 2023 20234 20558 20514 207
4
4
40
Apr 58 June
, 20612 208
8
8,000 Canadian Pacific
•310 350 .312 330
100 1951:June 19 2233
320 320
41May 8
309 309 *312 340
3114 31312
400 Central RR of New Jersey_10 2973 Feb 17 375 May 7 18 _
18112 18112 18112 18112 180% 181
4
180 182
5
Jan 348 June
182
8
.912 1014
4 4,200 Chesapeake & Ohio
1018 107 *1014 104 1014 1012 10% 1835 18214 1823
100 17512June 19 20514 Jan 6 151% Jan 2181 On
8
,
1012 1012 11
6.700 Chicago & Alton
•1478 15
10
15 2 165
,
53, Jan 30 1834May 2
8 1512 1512 1518 1512 151 1614
4.3 Jan
4
1058 June
1512 16% 5,600 Preferred
*4012 42
77 Feb 20 263
*4012 4112 .40
10
8May 2
42
712 Jan
.40
1852 July
42
*40
42 .40
42
Chic & East Illinois Hit_.A00 37 Feb 28 4814May 10
5812 5812 am% 89
*5812 59
58
3012 Jan
5812 •58
51 July
60 .58
60
500 Preferred
123 123
4
10
4
58 Aug 15 765
4 123 134
12% 13
,3May 4
1212 1318
43
Jan 84% Ool
123 1312 133 135
4
8
8 6.300 Chicago Great Western.. _10
25 4 26
3
26
2714 26
9% Feb 8 163
26 8 2618 264 255 271
,
8May 2
81 Jan 2212 May
,
2612 271
8,600 Preferred
35
35
34% 3512 34% 35% 343
2012 Feb 20 3218May 2
10
4
4472 June
4
4512 4618 45 4 46% 457 4612 457 3512 3558 3658 35% 363 22,000 Chicago Milw St Paul & Pat.. 2214 Mar 5 4012 Apr 26
3
8
9
Jan IA Dec
4612 463 473
8
8 474 483 33,700 Preferred new
8
81
81
81
37 Mar 2 5158 Apr 28
8112 8014 814 80
3712 Der
81
8012 8212 813 82% 4,8 0 Chicago & North Wee...m.
4
100 78 June 19 9414May 1
•137l2 141 .13712 141 .13712 141 •138 141
-Jan
71s Serb
*13712 141 *13712 141
Preferred
11518 11518 11512 1163 11514 11618 116
ADD 138 July 19 150
4
049
•10634 108 *10712 108 •10734 108 .10734 11678 11712 12012 11812 12012 15,700 Chicago Rock isi & Pat4f18_100 106 Feb 18 1225 May 2 12414 Jan 150
851ay 10
108 .1073 10812 .1074 10814
6812 Jan 118 July
4
•101 102 •10114 10118 *10112 102 *10112
7% preferred
100 10814 Feb 9 11112May 31 10244 Jan 11111 Der
102
.
100 6% preferred
•10618 1093 .10618 1093 *10512 1093 105 10512 10112 101 12 •101 102
4
100 100 Feb 24 103 51ay 31
4
4
954 Jan 104 Nov
1093 110 *107 1167
4
8
400 Colorado & Southern... _100 105 Aug 15 126
77
May 3
77 *__ 77
Jan 1373 July
84
,
First preferred.... ___100 67 July 3
•____ 75
•____ 75 •____ 75
85 Apr 10
Jan 78 Dee
70
Second preferred__
.74
75
7412 7412 *7312 75
„100/
72 Jan 3 85 May 9
18
744 75
Oct
68
733 74
Jan 75
4
74
743
8 1,100 Consol RR of Cuba)
18812 18812 18714 18812 136 187
'1
100 69 Apr12 8758June 1
18612 192
85 Aug 77 Ma,
19012 1913
130 130
130 130
13012 13012 13012 13012 132 132 4 19012 19012 2.900 Delaware & Hudson .., ....100 16314 Feb 10 226 Apr 26 17118 Jan 230 June
132 13214
54% $412 .5218 56
700 Delaware Lack h'
a. 40 129 Feb 20 150 Apr 9
*5218 56
*52
56
*55
56
.23
56
312
400 Deny & Rio Gr 5
5612
332 37
....aspi e.,...../e0 5018 Feb 20 65 Apr 28 13018 Oct 173 Mar
8 *312 33
34 3%
34
4
41% Jan 671 June
33
4 4
.
*33
1,300 Duluth So Shore & Atl_. 100
4 4
•5
6
3 Aug 3
6
7
3
6% Jan 5
*7
73
4 *7
712 *714 8
25 Apr
8
772 Dec
7
7
700 Preferred_
1 503 51
4
.100
438June 19
51
517
912may 2
8 5012 513
8 5012 51
4 Mar
5012 53
1114 Dec
518 527 29,100 Erie
.8
8
5518 557
100 48%June 19 6612 Jan 4
8 557 563
8
4 56
57
5618 563
3912 Jan 694 Sept
4 567 574 56% 5714 7,7001 First prefen...d
•5214 57 .51
100 50 June 18 537 Jan 7
54
.52
8
5212 521:. 54
54
523* Jan 664 Aug
5412 *5412 56
400 Second preferred
*9534 95
100 4914June 20 62 Jan 8
9512 964 9518 0514 955g 955
49
Jan 644 Aug
953 9714 974 973
4
8 3,900 Great Northern preferred._ _100 9312 Feb 6 109 May 14
*94
9412 *94
9412 *9312 04
795 Jan 10372 Sept
9414 9414 9412 9412 95
95
5001 Pref certificates
205 21
8
208 21
9
203 2112 21
8
8518 Mar 101 Sept
215
8 21
2112 2114 218 10,100 Iron Ore Properties_.No 100 9118 Feb 7 1054May 15
8
*4314 44
Par 1914June 12 25 Jan 24
44
44
*4412 444 *443 45
18 July
283 Sept
.
4
45
478 4712 4814 4 900,Gulf Mobile & Northern__ _100 43 Aug 6 617
*9912 100
9912 9912 .98 100
8May 10
3518 Jan
765,. July
.98 100
99
99
*99 100
'
4001 Preferred
100 99 Aug 16 109 May 1 105
56% 57
5614 5514 5512 5612 5614 587
Jan 1121 Apy
.
8 5718 58
57
5714 5,000 Hudson & Manhattan
1384
100 51 Jan 3 7312 Apr 24
92
•84
92 .84
401 Jan 65% May
,
.84
92
92 .84
92
*84
92
, Preferred
100 83 Jan 16 93% Apr 28
78
Jan 9012 Mar
•14114 14112 14114 14112 14012 140121 14114 14138 14112
1431 14112 1423
4 2.700 Illinois Central
•139 142 •138 143 15138 143
100 1314 Jan 11 1483
4May 91 121% Jan 1393 Oct
,
13138 142 *138 144 .138 145
1 Preferred
•47
100 13018 Jan 13 147 May 15 12078 Jan 140
4712 47
48 .46
475 *46
0c,
48
4712 4812 47
487
8 1,800 lot Rys of Cent America.
.783 80 .79
.100 3612 Mar 16 51 June 16
80 .78% 80
478% 80
,
23 Apr
421 008
,
*7834 80
*783 80
4
1 Preferred
4212 43
100 697 Jan 3 82 May 2
4134 444 44
2
82 Apr 7414 Oe
443
44
4553 4418 458
8 444 463 16,800 Interboro Rapid Tran v t c 100 29 Jan 5 62
4712 4712 477 48
8
8
May 3
4712 481
3012 Aug 521 Feb
47% 48
,
50
514 51
5318 6,700 Kansas City Southern....100 43 June 13 83% Jan
*65
68
*65
68
6612 661 *8514 87
7
4114 Jan 70% July
67
67
•67
*9512 100
69
500: Preferred
100 6612 Aug 10 77 Apr 20
06
99
*99
84% Jan 7312 Pee
993
9934 1013 10112 1027 *100 102
8
•141 14312 •142 143
3,600 Lehigh valley
50 844 Feb 20 116 Apr 26
88% Oct 13712 June
142 142
141 1411 142 142 .140 143
.85
400 Louisville & Nashville
86
100 13912July 21
86
86
88
88
2
90
90
87
8812 .874 8812
140.Manhattan Elevated guar_100 75 Jan 9 15912/slay 10 1283 Jan 159.. Oct
*4512 48
457 484 4814 481
8
96 May 4
4812 491
7814 Dec 90 Feb
4812 4914 4812 4914 4,600 Modified guaranty
•414 5
*414 5
100 40 Jan 10 64 May 3
*414
41
411 Dec 547 Feb
*414 5
/
4
s
*414
5
•15
*414 5
Market Street Rallway
30
eia Apr 3
*15
100
30 .10
25 .20
712May 15
25
2
43 Nov
*20
6% June
25 .20
45
Preferred
25
45
.45
4512 *4314 451 *4312 45
100 21 Apr 17 2912May 3
18 Feb 251 June
*4312 4718 *4312 45
,
•11
100 Prior preferred
16
*11
16
10
*11
45 Mar 27 543
16
.11
4May 4
16
8
615 Feb 59% Aug
*11
16
•11
*50
Second preferred
5012 *4912 50
16
4914 491 .49
10
814May 24
1618May 4
51
1112 Oct 171 June
497 507
,
8
8 494 50
.81
1,000 Minn St Paul 4.8 5 Marie_10
84
•81
84
*79
84 .79
40 June 21 523 Jan 6
84
,
27
Jan 5612 Dec
*80
84
*78
Preferred
83
6312 6312 *6312 67
•633 66 .64
4
10
75 Feb 7 87341May 16
66
50
64
Apr 881, Dec
64
.64
66
367 363
8
30 Leased lines
8 36
3313 July 17 7111 Jan
37
354 3638 35% 39
10
373 3914 38
9
4
5814 Mar 71 Nov
394 100,600 Mo-Kan-Tex RR
13103 1035 10312 10312 10312 1031 103
8
No pa
3012June 13 41% Jan 11
103
10314 1033 •10314 10334
3112 Jan 561 June
,
4
1,500 Preferred
6014 61
8
605 6239 6012 61
100 10112June 12 109 Feb 3
608 621
8
6212 634 625 64
954 Jan 1091 Dec
,
8
41.700,kflasouri Pacific
11312 114
1135,3 115
114 114
10
11412 115
417 Feb 7 695
8
1147 11612 11514 11612 8,8001 Preferre
8
8June 4
37% Jan 62 API
27
8 27
3 •23
d
4 3
23
4 23
10 105 Feb 20 1233
23
4 23
*24 27
8May 11
8
8
9018 Jan 1185 Nov
27
2% 1,200 Nat Rys of Mexico 20 pref _10
2 Feb 17
16114 16112 16114 1625 16118 1617 16118 1623 16212
8
612 Apr 26.
14 Aug
34 Oct
8
1653* 16414 1657 25,900New York Central
125 125 1.125 129
1244 12514 *123 125
10 158 Feb 16 19112May 10 1374 Jan 1714 Oct
126 1263 1254 125
,
10612 10612 10612 10612 *10612 108 *105 1061
1,300 N Y Chic & St Louis Co__ _10
3
4
1238
8July 23 146 May 11 5110 June 2401 May
1053* 1053 105 1053
8
,
8
253 253
500 Preferred
255 255
274 274 *260 270
10
105 Aug 17 110 Jan 4 102 Mar 110 Dec
272 272 *260 270
557 657
8
40 N Y & Harlem
8 558 564 555 554 554 561
8
8
50 188 Jan 3 505 Apr 281 167 Dec 186
5618 5814
571 377, 13,600,N Y N H &
Apr
114 114
11378 114
1137 1137 *11312 114
Hartford
8
8
100 543
114 114
8June 19 683
8May 2
114 114
41% Jan 6314 Dee
263 264 2612 27
.
1,000. Preferred
*2612 2684 2614 261
113
263 28
8
265 273
2
4 3,900 N Y Ontario & Western_ _ _100 24 July 21 117 May 3 110% Oct 1143 Nov
*73
4 83
4 •74 84 .73
4 84 *784 88
Feb 20 39 May 2
*73
4 83
•36
4 *73
2314 Jan 41% Sept
4 83
3812 .36
4
3812 *36
NY Railways pref ctfs_No par
38 2 36
36
,
.36
54 Jan 24 13 May 3
39 .36
4% Dec 15% Jan
38
17812 17812 16812 17812 17812 17812 •17812 182
100 Norfolk Southern
.179 182 .17812 182
100 32 June 1
37% Jan 641, June
4918 Jan 1
*85
86
.85
86 .8518 86
300'Norfolk & Western
.8418 86 .85
100 175 June 19 197 May 9 156
86
•85
Jan 202 Nov
86
9518 9518 9514 95 4 05
Preferred
8
954 9438 943
4 948 9534 9912 953
100 79% Apr 26 90 June 12
4 2,800 Northern
83 June 90 July
*9412 95
941t 948
8 9412 9412 9338 9334 9412 9412
Pacific
100 9232 Feb 7 10512May 18
95
Jan 10218 Dee
78
95
.20
27 .20
27
*20
1.600 Certificates
27
25
25
100 90% Feb 20 1013
25 .20
4May 16
8
25
84 July 997 Dee
6314 6314 6318 63 4 6314 6312 6314 6312 *20
100 Pacific Coast
3
100 1912May 14 347
6338 64
1314 Feb 314 Dec
637 64
8
8May 25
•27
30
274 2714 *27
8,800 Pennsylvania
30
2714 2714
50 6178.1une 1
314 3114 317
5844 Jan 61
7212 Apr 27
, Oct
•127 128 *127 129 *127 129 *12712 12812 28
2,700 Peoria & Eastern
128 128
100 25 Mar 12 37 May 1
129 130
Jan 46% July
20
*97
98 .97
98
900 Pere Marquette
*97
98
*97
98 .97
100 1247 Feb
98 .97
2
146 Apr 11 1141s Jan 14011 May
98
*94
9412 *94
9412 94
I Prior preferred
9418 94
94
*94
100 97 June
9412 .9412 96
1011 Mar 28
4
Nit Dee
Jan
93
•126 /45 *136 139 •138 14312 •132 143
400 Preferred
140 140
100
143
10034 Mar 30
4
893 Jan 9712 Dec
99
99 4 9912 9958 99
400 Pittsburgh & West Va_ _ _ _100 94 Aug
,
9912 9912 10012 10018 1023 10112 143
12114 Feb 20 161 Apr 9 12212 Jan 174 May
4
101 12 8,000 Reading
•42
4312 •42
4312 *42
4312 .42
4312 .42
4312 *42
50 944 Feb
43 2
1193
,
8May 10
Jan 1234 June
94
*46
48
I First preferred
.46
43 .46
48
4614 464 47
50 42 July 1
47
473 474
4
46 Apr 9
4312 Dee
40% Jan
300 Second preferred
70 .60
50 44 Jan 26 597
•60
70
*60
70
•60
11May 1
70 .60
43 Jan
/
1
4
50 Feb
70 •60
70
112 112
1113 112% 112% 113
1Rutland RR pref
4
112 113
114 115
100 60 Feb 21 7214a1ay 18
1133 115
4
4.800,18t Louis-San Francisco_
43
Jan
963 963 .9612 9714 9653 96% 9612 9612 96%
4
4
100 109 Feb 7 122 Mar 23 1004 Jan 89 May
9612 *9612 97
9112 9214 893 9312 8912 9134 91% 9234
1,7001 1st pref
1174 June
4
9212 94
100 957 July 17
91
94% 25,200 St Louis paid
90
1389
90 .89
*89
90
Southwestern___ _100 871 Feb 8 101 May 21
•89
90 .89
,
90 .89
90
9514 Aug 10
81
Jan 93 June
13
13
Preferre
13
1314
1314 1314 13
13
100 89 July 14 95 Jan 3
13
1314 1312 13% 2,100 Seaboard d
8
767 Jan 944 Dee
•1712 18
1712 173
Air Line
4 1712 1712 1712 1712 1712 1712 1714
100
1152 Mar 3 304 Jan 3
173
4 1,500 Preferred
2818 Mar .1114 Feb
1183 11914 11834 119
119 119
4
119 11912 11918 12118 12012
100
17 Aug 4 38 Jan 3
3212 Apr 45 8 July
3
8
148, 1493 147 147
2
14612 1464 14618 14612 147 14978 150 1214 7,900 Southern Pacific Co
100 1175 Feb 7 13114May
8
1503
8 7,100 Southern Railway
*99% 99 2 9912 9912 993 99 2 *9938 100
,
8
,
100 13911 Feb 8 165 May 9 10814 Jan 126% DSO
•993 100
8
100 100
600 Preferred
Jan 149
Dec
168 1694 *165 170 •167 170
•168 170
100 9814June 19 10214 Jan 7 119
168 1723 174 178
4
5.600 Texas & Pacific
94 Mar 10118 Dee
34
3312 34
1332
333 3438 3312 3418 3312 3312 333
4
100 9912 Jan 3 178 Aug 17
4 33% 2,500 Thlrd Avenue
,
537s Jan 1037 Nov
44
43 43
042
.42
44
•41
44
100 2818 Jan 10 4618May 17
*42
43 .42
43
200 Twin City Rapid Transit 100
283 Aug 41
Feb
4
3
•102 1044 •102 1043 .102 103 .102 10212 102 102
4
43 Aug 8 56
•102 103
45 Nov 8514 Feb
30
19212 19212 •193 193% 19212 19212 19214 193
100 102 July 14 107 May 8
19312 19412 1934 194% 3,600 Preferred
Feb 10
Apr 106 May
99
Union Pacific
84
*83
8314 83 4 83
83
,
823 823
4
4 30
100 18811 Feb 6 2043
8418 8412 8412
4May 9 15918 Jan 1974 Dee
/
1
850 Preferred
704 7112 7212 7412 7212 74% 73
743
100 823 Aug 15 8714 Jan 20
8 74
4
764 743 7614 30,400 Wabash
4
77 Mar 85% 1340
94
94 .92
•92
*92
94
*92
100 51 Feb 18 9614May 11
94
*92
95
•92
95
4018 Jan 81 Jute
Preferred A
*90
93 .90
93
*90
93
*90
100 8812 Feb 7 102
93
*90
93 .90
Jan 101 Jute
93
76
May 18
Preferred B
40
4138 41
427
8 41% 43% 4218 434 4212 4534 45
100 87 Feb 4 9912May 18
Jan 98 Jul.
65
47
82.500 Western Maryland
40
40
41
43 43
43
.40
44
100 3134 Feb 8 513
4412 46
46
113 Jan 877 Jose
4
4May 10
s
454 2,100 Second preferred
100 3312 Feb 8 547
Jan 874 Jur e
23
8May 10
Saturday,
Aug. 11.
1
•ma and asked prices: no salee on this day. r
Ex-dividend.
a Ex-dividend and ex-rights. •
Es-Rights
Ex-cliv. of 1 14 the ahares of Chesapeake Corp. stock
,
New York Stock Record-Continued-Page Z
926
preceding
For sales during the week of stocks not recorded here, see second page
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Aug. 11.
Monday,
Aug. 13.
Tuesday,
Aug. 14.
Wednesday, Thursday,
Aug. 16.
Aug. 15.
per share
$ per share $ per share $ per share S per share
8 2913 2914 *2914 30
8
2914 2914 293 293
*2918 30
8
5312 524 5312 523 53
53
54
*53
*53
55
Friday.
Aug. 17.
5 per share
*2914 30
5312 54
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Railroads (Concluded).
Shares
100
800 Western Pacific new
100
2,100 Preferred new
PER SHARE
Range Since Jan. 1.
On basis of 100-s5are lots
Highest
Lowest
per share
2814 Feb 7
5212 Aug 15
for share
3713 Jan 13
6218 Jan 6
PER SHARE
Range for Previous
Year 1927
Lowest
HiramII
Per share
2512 Apr
Apr
56
Per _____
4713 June
764 Feb
Industrial & Miscellaneous
47 July 30 85 Apr 62
pa
5212 5112 5214 6,200 Abitibi Pow & Pap new_No pa
8 5114 5112 52
517
4
49
6214 Mar 1181- Nov
5112 51
523
4 51
90 June 19 11112 Apr 13
1,300 Abraham & Straus___ _No
98 10112 *98 101
96
•94
96
•94
*94 100
•94
99
100 11012Mar 8 11412June 18 109 Aug 11312 Feb
Preferred
4 11212
4
Jan 210 Nov
3
*110 4 1124 *11038 11213 *11038 112.2 •I1134 11212 *1103 11212 *1103 295
100 195 Jan 4 378 Apr V 124
200 Adams Express
295
291 291
9434 Nov 9618 Dec
290 295 *290 294
*290 305 *290 295 *
100 93 Jan 16 9912 Mar 28
Preferred
4 9612
4
4
4
3
4
73 Oot 153 Feb
4
4
*943 9612 *943 9612 *943 9611 *943 9612 *943 9612 *943 427
100 1113 Feb 8 5014June 6
8 4,000 Advance Rumely
4214 4112
42
42
8 41
2'24 Oct 44114 NOV
4012 407
404 4012 403 41
8
17 6712June 6
100 3414 Jan
800 Preferred
54
*51
53
54
5212 534 53
4
21 June
64 Sept
*51
52
*51
52
5$4 M ar 20
52
1
24 Jan 17
4,900 Ahumada Lead
3
8
27
8 3
27
8 3
27
8 3
27
8May 7
278 3
2% 3
new,Vo par 69 June 19 747
8 69i2 711 1 15,300 Air Reduction, Inc,
7012 717
71
11 4 18 -z- 4 70
8
4 6812 693
703
69
7014 72
712June 12 143 Jan 24 -/12 JUI e - 3- -4a1
No par
818 812 5,000 Ajax Rubber,Inc
818
8
214 Feb
813 84
734 77
1 June
814 814
4% Apr 27
3
7 4 81s
1 Jan 5
2
700 Alaska Juneau Gold Min_ 10
8 334
,
312 312 *34 3 4 *33
18 Apr 32 Sept
4
4 4
33
3
3 4 33
par 23 Mar 15 3114 Jan 26
4
4 33
33
2612 2612 1,200 Albany Pert Wrap Pap_No
264 27
26 2612
96 June 102 Sept
27 27
4
27
*2612 2714 27
100 984 Jan 17 1113 Mar 14
Preferred
Jan 16914 Bert
4
18 1853 Aug 17 131
18214 18534 25,500 Allied Chemical & Dye_No par 146 Feb 28 1273
120 Mar 124 Aug
4
8May
176 1773 177 1783 17512 17714 177 18012 180 18212 12212 12312
4
HA 12012June
200 Preferred
12214 12214 12239 12239
83 Jan 118 4 Dee
4
1
•12212 124 •12212 124 *12212 124
100 1154 Feb 18 1293 Apr 27
4 3,900 Allis-Chalmers Mfg
4
7 12712 1287 1273 1283
8
4
2418 Feb
1138 Nov
1018June 12 1634 Apr 19
*12512 126 *125 126 *12412 1253 126 127
900 Amalgamated Leather_No pa
4
4
1118 114 *103 113
1114 1114 1134
11
68 Dec 108 Feb
•1112 12
*1114 12
89 Mar 2 90 Apr 19
Preferred
77
77 .73
*73
77
*73
77
8
273 Apr 374 Feb
4
*73
77
77
*73
*73
No par 2718 Feb 20 383 Mar 31
3112 31% 3118 3112 3112 3,100 Amerada Corp
4
818 Apr 2112 Dee
8 303 3114 31
*3012 307
3
*3012 31
3,400 Amer Agricultural Chem__100 153 Feb 20 2314 May 24
19
1938 1933 1912 1912 19
197
4
2814 Apr 723 Dee
19
1839 19
183 19
3
4
100 55 3 Feb 20 75 May 25
8
727 10,000 Preferred
7318 738 72
7353
61
Jan 98 Nov
4 7112 7312 72
4
10 743 Jan 17 159 May 9
6912 6912 6939 703
1,100 Amer Bank Note
11812 11912 121
8
2
5613 Jan 65 Sept
4
8
4
1163 1163 116 11812 1157 1157 117
50 61 Feb 10 657 Jan 3
*118 117
60 Preferred
65
*61
65
*61
61
61
62
*61
1518 Oct 234 Mar
62
6118 .61
4
61
5,300 American Beet Sugar .No Par 143 July13 23 Aug 11
22
22
•21321 2214 2112 22
85 Dee 604 Jan
4 2112 22
22% 223
28
22
100 36 Feb 17 61 June 16
300 Preferred
8
4
593 597
60
*58
60
.57
58
13 Jan 26 4 Oct
58
1
59
3
5712 *58
*57
8 9,900 Amer Bosch Magneto._ o par 153 Feb 18 41 June 4
3212 3312 3278 3314 3212 337
351j May 46 July
3112 3239 3139 3318
8
8
313 32
4,500 Am Brake Shoe & F newNo par 397 July 17 4918 Jan 27
40
2 40
4012 40
4012 4012 403
4012 4012 40
40
100 12418 Jan 4 128 June 12 11714 Feb 128 Mar
40
I Preferred
*12415 128 *12418 128
514 Aug 394 Jan
10% Apr 27 2614May 21
*12418 12618 *12418 126 •124121 128 *12412 128
4,700 Amer Brown Boyer! El_No par
8
123 13
12
12
1239 12
40 Aug 98 Feb
8hIay 21
*1314 1312 1314 1312 1214 1314 50
100 4014 Apr 27 657
2801 Preferred
50
50
51
5014 *50
433 Ma
504 5014
3
77% Dee
514 52
18 10214 Aug 17
52
25 70% Jan
*51
Can
4
8
8
4
913 934 917 9913 993 1013 10014 10214 476.500,American
Jan 1413 Dee
4
3
923 93% 923 94
3
100 13614 Jan 10 147 AV 30 126
3001 Preferred
14012 *14013 14112 *2404141I2
8
8
95 July 111 Dec
*14014 14112 1403 1403 14013 14012 14012 9014 92
Fdy__No par 8814July 31 11112 Jan 3
9014 9112 1,400 American Car &
92
90
90
9212 90
9212 *92
8
*90
100 1103 Aug 1 13712 Mar 31 12414 Oct 1344 June
I Preferred
*115 119 *115 119 *115 119
984 Dec 103 Bent
*11412 119 •11412 11612 *1141 119 *101 103 .10112 103 *101 103
100 9914 Mar 7 105 June 4
200 American Chain pref
10112 10112
Jan 743 Nov
4
36
4May 11
•101 103 *101 103
No par 69 Jan 12 893
12,400 American Chicle
85
*83
85
84
2 7412 8512 8412 85
2 843 863
8112 857
Jan 110 Dec
90
114 May 21
No par 107 Jan 5
20 Prior preferred
4
4
4
1103 1103 *11034 113 •1103 113
4 111
111 111
94 Apr
151s Nov
1512 Apr 10
0110% 111 .1103
1112 1112 1112 115s 15.000 Amer Druggists Syndicate__10 11 Feb 18 75 Apr 25
4 1112 1134 1112 1139
1138 113
38% Aug 5712 Nov
11% 113
4
Amer Encaustic Tiling_No par 53 Jan 4
64
63
64 .
*62
*6114 64
64
*63
68
*64
Jan 183 Nov
65
4June 6 127
*63
100 169 Jan 10 2073
100 American Express
19412 19412 *190 191
189
1873 Feb 31 Dee
1
185 1904 •185 18912 •185 189 *185
•
354 24,400 Amer & Forn Power___No par 22% Feb 28 38783.1ay 24
34
3314 33 3314 3314 34
3314 33
8
333 *33
4
864 Feb 1091 Dee
33
4June 25 110 May
No par 1043
200 Preferred
107/2 10712 *10718 10833 *10718 1081
10718 1071s •10718 109 •107/8 108
No Par 81 Feb 24 9634 Apr 27
800 2d preferred
9212 9212 9212
*92
92
92
92
15- ei
923
is:,
-- -AP
*92
4 9214 924 92
8
Aug 10 153 Feb I
4
93
200 American Hide Sc Leather_100
1012 104
4
103 103
11
*10
4
11
*10
11
48 Ma
8
667 July
3
*934 1112 •10
100 40 June 13 673 Feb 1
200 Preferred
4312
4312 •41
4312 *41
1
4114 4114 41, 4114 *41
42
3038 Jan 71 Nov
*41
Amer Home Products_No par 59 Feb18 8134May 31
4 1,800
743
74
74
74
*7212 75
27234 73
74
73
*73
4
253 Oct 32 Aug
3
73
No par 28 Jan 10 463 Aug 6
8
443 12,600 American Ice new
43
4314 44
8 434 43 4 4212 4312 4212 43
Jan 0612 Ma1
84
3
4312 433
100 90 Jan 7 9912May 9
100 Preferred
18
98
98
*97
98
*97
98
98 .97
8
723 Dee
*96
98
37 Ma
*97
71 Jan 5 125 May 17
24,800 Amer Internet Corp.. __No par
9812 9632 99
96
957
93
94
8 93
Jan
955
4 June
10
94
4
778May 7
923 94
514 Jan 12
4 3.100 Amer La France & Foamite_10
612 63
612
614 612
612
612 612
612 612
6018 De
9018 Jan
612 612
100 56 Jan 10 74 Mar 27
Preferred
*7014 74
*7014 74
*7014 74
7014 74
7212 Nov
2018 AD
*7018 74 •
74
8June 211
•70
13 1187
100 564 Jan
11012 1115 111 11114 3,500 American Linseed
8
1093 110
9212 Nov
46% Ma
2
11012 11012 10914 111, 10938 110
100 8612 Jan 13 13018June 25
Preferred
9014 Oct 116 May
31
115 120 *115 116 *115 120 *115 120 *115 120 *115 120
•
3,900 American Locomotive_No par 87 June 21 115 Jan 21 11912 Fe
9014 92
4
8938 9018 9014 9212 913 92
127 July
95
Mar
*8912
*89% 91
100 114 June 26 134
Preferred
7314 Jan 1884 Dec
*115 116 *115 116 •115 116 .115 116 *115 116 •115 116
300 Amer Machine & Fdy__No par 12912June 19 180 Mar 26
148 148 *144 149 0144 149 *147 150
147 149 *147 152
11112 Mar 1 116 Jan 13
40 Preferred ex-warrants
115 115 •115 116
115 *115 116
115
Nov WI;Dee
51 June 4
*115 116 •115 116
4818 1,600 Amer Metal Co Ltd__No Par 39 Mar 13 11712May 14
48
4
473 48
4
4
,
4
473 47 4 473 473 *473 48
4
473 48
100 109 Aug 8
100 Preferred (6%)
109 109 *108 111 *108 111 *108 111 •108 111
*108 111
2012 Dec 4314 Juns
25 Feb 7
July 1
No par l24
8 1,600 American Piano
4
174 173 173 *1612 177
4
17
84 Nov 11014 Mar
4 1612 17
173
17
17 •17
5018 July 12 90 Jan 3
150 Preferred
s 5314 5314
4 5812 587
4
583 583
5312 6312 *5312 59
3
*5312 59
Jan 731 Oct
54
par 6214 Jan 11 95 May 14
8
4
795 8018 2793 8112 814 823 10.100 Am Power & Light___No 25 13018 Jan 1
81
8
80
8
803 82
80
4 Mar 30 11012 Jan 1477 Sept
80
1523
4 7,400 American Radiator
8
14512 1467 14612 14812 147 1483
14512 146
146 147
8718 Apr 11614 Nov
14634 147
1384 Feb 21
Amer Railway Express_ __ _100 11012 Jan
200
120 120 *12012 123
120 120 *120 121
3518 Jan 824 Dee
•120 121 •120 121
Feb 7 85 Apr 12
6739 9,700 American Republics_ __No par 5114
s 64, 684 65
2
4
1
65% 6212 6412 633 657
64
65
6878June 1
62 July 647 Nov
*63
56 Jan 1
8 6412 6512 5,800 American Safety Razor_No par
4
*613 6212 *6112 6212 6212 65% 6512 657
384 Oct 51 July
*6112 62
45 May 14
No par 20',July 1
3218 3218 3,500 Amer Seating v t e
3112 32
8 3114 32
317
31
32
212 Oct
614 Jan
30
31
31
28
612May
312 Allg 9
400 Amer Ship & Comm__.No par
8 44
8 418 *33
*33
8 41
3 418 *33
4 *37
4
53 33
3
Jan 1233 Nov
3
80
*3 4 4
119 Jan 6
20 American Shipbuilding_...100 8412 Aug
90
9012 9012 90
*9012 100
*9012 100
*9012 95
95
8
*90
Feb 27 21512 Aug 17 1323 Jan 18834 Dec
s
1977 20033 19938 20215 204 20912 21118 21513 59,900 Ame,Smelting & Reining_100 169 Jan
4
3
1963 1981 1963 200
142 Apr 20 11914 Mar 133 Dee
8
100 1311
13412 *13412 13512
200 Preferred
13412
135 135 •13412 136 *13412 136 *13412 136
17412 Apr 13 1194 Jan 146% Nov
100 141 Jan
2,700 American Snuff
4
4
1593 160 *15913 160
161 1631 16014 16014 1593 16014 160 160
•
944 Jan 10612 Oct
120 June 5
100 102 Jan
Preferred
11034 1103 *107 114 *107 114 *107 114 *107 114
*107 114
4112 Apr 7214 Dot
70% Jan 11
7
5 543
Steel Foundries_No par 504June I
4 53
4 9,300 Amer
517 5212 5212 548
5114 51
53
3 •52
Jan
53
52
120 Feb 29 11014 July 115
100 109 June 19
200 Preferred
11012 11078
11034 1103 1193 1103 111 111
4
4
4
3
*11013 1103 •110 4 111
3
654 Nov 95 4 May
100 55 Feb 18 7814 Jan 12
8 693 703
713
8 703
4.300 Amer Sugar Refining
4
8
681* 6912 69,
*6812 69
s 70
*6812 69
10i2May 31 104 Nov 1161* May
100 Feb 1
100
200 Preferred
8
4
*10712 1087 •10712 10834 10732 1073 *10712 10818 *1073 10818 *10734 10814
4
6112 Jan 681 001
68 Aug 7
No par 47% Feb 2
3,900 Am Sum Tob v IC
65
3
65
65 4 63
8 65
8 65 65
65,
663
66.3 65
66
4
26 6.1)r 361 Aug
32 Jan 17
4
200 Amer Telegraph & Cable_ _100 233 Aug 1
4
4
4
4
*233 2412 *233 2412 *233 2412 233 233
4
4
2418 2418 *233 25
211 May 17 1494 Jan 18512 Oct
100 172 July 2
20,900 Amer Telep & Teleg
8
174 17413 17412 17514 1734 17433 1737 17512 175 17512 1753 176
Jan 189 Net'
Jan 3 120
160 160 1'15712 15814 15814 15814 159 16012 161 16112 1,100 American Tobacco com____60 152 June lii 176 Jan 3 11914 Jan 186 Ncv
160 160
50 152 June 19 177
8 2,200 Common claw B
15814 15914 *159 161 ' 15814 15914 15814 160 *159% 16012 160 1613
Jan 120 De 0
100 117 July 24 126 Apr 20 11018 Nov 146 Feb
117 117; *117 11718 *117 119
300 Preferred
117 119 I 117 117
*117 118 •
8
3 1197
8
4
110 110
100 American Type Founders...100 1097 Aug 10 1264 Jan 31 10714 Feb 116 Sept
*108 1097 *106 10978 *1064 111 *1063 111 *109 111
8
1075 Jan 7 115 Mar
100
110 110 *109 112
10 Preferred
*109 110 *109 110 *10912 110 *109 110
46 Aug 724 Sept
4
67
5612 6612 66
571
6,100 Am Wat Wks & El new_No par 52 June 11 7034May 13
5714 58
57
5553 57
554 551
994 Oct 10312 Dee
100 July 3 106 Ayr
2
100 lst preferred
,
4,100 101 •100 101 *100 10012 1003 10039 *100 100 2 *100 10012
1612 June 334 Jan
4
241 Feb 14
100 14 July 27
8
8 163 163
8
900 American Woolen
8
1678 l6s 163 1612 1612 167
17
161 •16
•16
8
687 June 864 Jae
4 43
433
43
100 4018July 27 6214 Feb 14
4312 4313 4312
43
300 Preferred
4312 *41
*41
44
*41
974 May 2414 Oat
pa; 1012June 20 1912 Feb 9
13
13
*1134 13
4
100 Am Writing Paper etfs.No
*113 13
4
*1134 1314 .113 13
13
*12
5714 AUg
2514 AD
4
34 June 12 483 Mar I
Preferred certificate_ _100
40
*37
*37
40
40
•37
40
*37
40
•37
41
*37
104 Feb
4
53 Sep
4MaY 16
.25
3
63 Jan 10 323
2739 2818 2714 2731 2713 2814 13,200 Amer Zinc, Lead & Smelt..
2814 2714 284 23
4
263 271
Oct 5114 Feb
35
A pr 11
25 40 Jan 16 98
8
1,500 Preferred
857 8618 86
86
85
85
8418 86% *8512 86
*8512 861
4114 June 604 Dee
/Pune 4
4
663 673 36,100 Anaconda Copper 2.Iining_50 54 Jan 18 747
8
673
84% 6514 645 6618 66
8514 6614
65% 66
63 Den
38 Ma
4 80
82
833 .
2,300 Archer. Dan'Is, islitird_No par 5514 Feb 20 97 May 9
5 8112 8112 82
821 *8112 8212 8112 815
82
Jan 1134 Deo
100 1123 Feb 20 11514:slat 16 106
4
10 Preferred
11312 11312 *11312 114
011313 114 *11312 114 *11312 114 *11314 114
Oct 9614 Feb
79
3
8
1,300 Armour & Co (Del) prof...100 863 Jan 3 9712June 7
94 12 9412 943 943
8
94
9412 94
4 94%
943
9414 9414 *94
154 Jan
814 May
8
187 1933 44,000 Armour of Illinois class A .25 1114 Jan 16 2114June 6
4
183 1933 1914 20
4
4 183 19
8
183 1873 185s 193
94 Jan
5 Dec
25
8
8
63 Jan 10 13%May 11
1014 1018 103
3 1014 103 18,800 Class 83
1014 10
104 103
8 1018 1014 10
60 Apr 8614 Jan
8614 8814
100 6718 Jan 12 9112,1une 6
3
800 Preferred
8614 86 4
864 8639 8613 87
87
8614 863
*
4 87
Apr 5512 NOV
21
3514 July 23 51% Apr 2
8 3,300 Arnold Connate Corp_No par
8 3712 377
8
8 363 377
8
363 373
3713 *36c, 37
37
4
*363 38
Jan 32 June
22
4
500 Art Metal Construction__ - _10 2512 Jan 10 343 Apr 19
8
*283 30
*2839 30
29
8 2812 2812 29
2833 28% 2812 283
4
404 Dec 543 Jan
200 Artloom C or1
4 313
No par 29 July 20 44% Mar 30
4
34 I 3212 3212 323 323 . 4 34
*32
34
*32
34
*32
Nov 1144 Nov
100 107 July 25 114 Mar 19 1094
Preferred
•109 110 *109 110 •109 111 *109 111 *109 111 •109 111
53% Nov
294 Feb
8
8 6,900 Assoc Dry Goods
8
No par 4014June 13 487 Aug
4513 464 457 467
8
463
46
47
46
4614 4612 4618 47
9713 Ma 112 Dec
8
1st preferred
100 103 June 4 1137 Apr 3
*100 10312 *100 10312 *100 103 •100 10312 *100 10312 *100 1031
Dec
2d preferred
100 110 June 5 11913 Jan 27 105 Ma 114 Feb
*112 113 .112 113 *112 113 *112 113 *112 113 *112 113
6014
Oe
35
210 Associated Oil
25 3712 Feb 18 50 Juno 13
48
481
4712 *4712 48
4712
474 48
48
48
48
48
4312 NOV
3038 Ma
8May 21
5.900 Atl G & W I 8 S Line_..Vo par 37% Feb 18 597
4 4814 507
4
8 473 493
4713 483
4712 49
*4612 4814 .4612 48
8
413 Nov
1
29 4 Ma
100 38 Feb 27 5714 July 3
8 543 55% 1,800 Preferred
4
2
547 547
55
4
543 •54
5112 5112 5212 5318 53
Dee 1314 Atle
3
100 95 4 Feb 9 16912 Aug 3 1(14
164 1671 122,500 Atlantic Refining
4
1623 166
5
153 1547 15312 15512 153 1613 16012 164
s
1154 Feb 119 AuC
Preferred
100 115 July 21 11514 Jan 3
0116 11812 *116 11812 *116 113 *116 11812 *116 1184 *116 1181
70 June
M112 Ma
No par 63 Jan 3 101 Mar 23
900 Atlas Powder
*75
80
80 80
SO
79
80
• go
8112 80
8012 81
Jan 107 July
98
10 Preferred
1110 102 July 24 11012May 31
108 108 *10313 108 *10312 108 •l0312 108
•10312 108 •10312 108
1218 APr
74 Jun
No par
84 Jan 5 1733June 6
1,600 Atlas Tack
4
4
4 123 137
4
4
123 123 *1212 123 *1212 123
*123 13
4
4
•123 13
104 Jan
414 Ma
914May 14
8
43 Jan 3
500 Austin,Nichols&Co vie No par
412 41
8 438 '4'2 439 *412 45
43
3
412 4 :2
Jan
8
*412 43
234 Dec 61
21
Preferred
100 25 July 13 3. Jan
*2412 25
*2412 25
*2412 25
*2412 25
*2413 25
*244 27
14
80 Nov
7214 De
60 July 16 78 May 9
900 Austrian Credit Anstalt
63
6018 60, *60
61
60
60
*59
8
61
11 Dee
60
*61 I, 63
438 Ma
3May 25
173
612 yen 18
No par
500 Autosales Corp
8
*7
8
8
8 838
83
83a 8%
3 84
83
3 9
*83
28 May 4214 Dee
50 26 June 11 3734hlay 25
Preferred
4
*203 313
*2034 34
4
*203 34
4
*203 34
4
*203 34
4
23 Nov 464 No?
*203 34
200 Autostr Sat Razor "A"_,Vo par 4318 Jan 10 5212hlay 1
451
4414 441 *44
544
45
46
3
*14
45
*44
46
*44
Mar 31 14318 Jan 265 4 Sept
Baldwin Locomotive Wk3.100 235 Ju,,ell 285
*239 260 •235 260 *235 260 *235 236 *238 260
Jan 12514 July
*235 260
100 11612 Aug 8 12434 Apr 11 116 Mar 1107 Dee
Preferred
117 •116 117
8
*115 118 *115 118 *115 118 •116 118 *116
8
10813 Apr 25 1117 Jan 6 106% Jan 597 Feb
Bamberger (L) & Co pref__100
4
1091 •107 10912./107 1091 •10612 1063
8
60
•10618 10913 *10618 10912 *10618
200 Barnett Leather
No par 2412 Aug 6 5212 Feb 1
25
25
*2312 25
*23% 25
25
204 Oct 354 Feb
*23
25
25
*2214 25
25 20 June 12 26% Apr 30
2414 247s 19,300 Barnsdall Corp class A
204 Oct 3211 Fog
4 24% 247
2414 2418 243
8 24
243
2714 Apr 30
8 24
2414 )243
25 20 June 14
100 Class B
25
241 *24
*24
24
*2312 2412 •2312 2412', *2312 2412 24
fon .01
this day, s Ex-dividend. a.Ex-righte,
• Bid and asked prices; no sales on
New York Stock Record-Continued-Page 3
For sales during the week of stocks not recorded here, see
third page preceding
HIGH AND LOTS' SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Aug. 11.
Monday, 1 Tuesday,
Aug. 13.
Aug. 14.
Wednesoay, Thursday, I Friday,
Aug. 15.
Aug. 16.
Aug. 17.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1,
On basis of 100-350re lots
927
PER SHARE
Rouge for Precious
Year 1927
Lowest
Highest
Lowast
Highssi
$ per share 3 per share S per
share 3 per share $ per share
•10512 109
10514 10514'•1043 110 .1043 109 *105 109 3 per share Shares Indus.& Miscell.(Con.) Par $ per Mars
4
$ Per share $ Per /harm
4
*105 109
*10612 107
100 Bayuk Cigars, Inc
No par 08 June 20 1407
10512 166 *1...512 106 *10512 106
$ 1)1 Mar 1
4912 Jan 109 Dee
106 106 *10512 106
60 First preferred
1612 1612 1612 165
100 104 June 19 1103 Mar 28 101
8
8 1633 1612
Jan 110 Aug
1618 1618
1613 17
167 1714 8,000 Beacon Oil
8
*73
No par
7412 7312 7412 *74
1214 Mar 18 2014 Apr 25
14
Oct 1814 June
75
*74
75
•73
74
*74
75
700 Beech Nut Packing
1314 1314 *1338 1312 1314
20 7038July 13 8312 Feb 9
604 Apr 7414 Nov
1338 133 133
3
8 133 1334 1313 145
4
8 3,000 Belding Hem'way Co__No par 13 July 26 22
*8412 8612 *85
87
1512 July 274 Jan
843 843 *85
4
4
87
*855 87
8
8614 8673
400 Belgian Nat Rys part pref___
*6914 71
843 Aug 14 9212Slan 14
4
7014 713
ay 2
4
4
8 7053 714 6,200 Best & Co
5613 5814 574 53 8 6912 6953 7013 7014 703 717
No par
6334 Jan 19 72112 AJ uga n 30
4941 22July 5
3
Aug 59l Nov
8
4 594 6218 88,100 Bethlehem Steel Corp
*11712 11812 *11714 11812 5614 5714 5612 5814 575 593
100 514June 19 693 Apr 14
435 Jan
3
11714 1173 1173 1173 *11712 120 *11712 120
8
8
8
600 Beth Steel Corp, Pf (7%)-100 11618June 29 125 Apr 13 10434 Jan 6612 Sept
*34
353 *3514 361
4
; 36
120 Dee
36
36
35
*36
3512 3612 3612
10912 10912 *10912 110
800 Bloomingdale Bros____No par 334July 23
34 June 527 Nov
*10912 110
2
110 110 *110 111
110 110
230 Preferred
*9612 98
100 10912 Jan 11 1113
*97
4July 3 10912 Jan 114 Nov
98
98
98
97 10012 100 101
993 100
4
1.240 Blumenthal & Co pref
69
69
100 87 June 27 101 Aug 16
6912 73
7014 7178 714 717 *71
44
Jan 95 Dee
13
4 704 71
s
813 83
4,800 Bon Arni class A
4
No par 6514 Jan 3 7854 Jan 27
81g 812
773 818
5312 Jan 6958 Dee
818 814
84 - 3
83
83
*5413 58
s 83
4 5,800 Booth Fisheries
No par
514 Jan 4
57
, 3 5913 *55
577
*55
0
412 Sep
57
83 AL/
8
*55
57
5678 573
1584 16014 159 159
700 1st preferred
4
100 414 Mar 14 61 Aug 9
158 159 z157 1583 159 160
38 Sep
57 MAY
14
4
159 16012 2,900 Borden Co
•13
14
4413
50 152 June 19 187 Jan 11 16713 Dec 169 Dee
14
.13
14
13
13
13
13
1214 1214
300 Botany Cons Mills class A.50 1214 Aug 17 23 Jan 4
335s 343
3 337 3512 3412 36
3
18 May 301, Sept
3553 3612 353 363
4
4 3614 374 129,900 Briggs Manufacturing_NO Par 2118 Feb 4 427
34 34
3
3
4
414
8June 4
438 43
1912 Sep
3
412 412 *312 4
363 Feb
8
*418 43
8
800 British Empire Steel
100
118 Jan 10
914May 25
12 Apr
2 Dec
64 613 *613 7
*6
7
6
6
*6
714 *
24212 244
200 2d preferred
614
74
243 243
100
214 Jan 5 12 Feb 1
241 241
712 Dee
1
245 245 *245 248
AD
142 14212 *140 143
246 246
700 Brooklyn Edison Inc
100 2063 Jan 10 26514 A pr 15 14813 Feb 225
4
5,
82
r 3
Dee
*4713 4812 4712 4713 *140 143 4,140 143 *140 143 •140 143
400 Bklyn Union Gas
No pa 139 June 13 1594 Apr 14
47
8958 Apr 1974 Dec
47,2 •417
4812 *47
4812
4358 4413 4312 44
4812
300 Brown Shoe Inc
No pa
4518June 11
434 4312 431s 4438 4438 4514 *47
3012 Feb 5014 Dee
44
•
35
45
6,500 Brunsw-Balke-Collan'r_/Vo pa
36
3418 357
2712 Feb 20 5138May 16
8 3412 343
4 3418 3514 3413 3512 3412
257 July 387 Jan
2
2
437 447
8
35 4 4,900 Bucyrus-Erie Co
3 443 453
,
8
8 4414 4473 4413 453
10 2412 Feb 18 5078June 2
8 4514 453
8 44
*117 11934 119 119 *112 120
45
5,500 Preferred
10 333 Feb 17 545
8
8May 14
4,114 11914 119 1193 119
*33
4
34
1193
4
700 Burns Bros new clAcomNo pa
33
33
*2718 3213 3212 3212 *27
9313 Feb 17 12512June 2
851 Stine 12538 Jan
32
*30
•10512 106 *10512 106
33
.500 New class B coin---- o par
106
157 Mar 8 433
8
8June 4
1057 106
161 Ma
,
8
34
‘ Jan
2
10513 100
106 106
•170 174 *17113 1731 •17113 106
150 Preferred
974 Feb 21 1103
10
174 *17112 174
4June 11
90 June 100
Jan
1714 1715 17212 17212
8
*5014 55
300 Burroughs Add Mach.
5014 5014 50
.No pa 139 Jan 14 175 July 18 390 Ma 145 Dee
50
•50
5012 5012
*10712 108
800 Bush Terminal new. .No pa
108 108
10613 10814 *1063 10712 1047 5012 504 5012
50 June 20 6714 Apr 13
4
4
293 Jan 69 Nov
3 107
•113 118 .113 117
107 107
230 Debenture
113 113 *113 117
10 10.138 Aug 16 115 May 21
9114 Jan 1117 Dec
2
11313 1154 114 114
718 713
70 Bush Term Bldgs pref
713 714
7
718
7
8
718 *7
10 111 Aug 1 11912June 15 1035 Feb 120 Aug
71s
45
7
45
714 2.000 Butte Copper & Zinc
45
45
45
45
413 Jan 19
45
45
33 Ma
4
/
1
4
5 May
45
4512 *43
9
4512 2.500 Butterick Co
9 18
93
3 93
8
914 912
17 M
100 40 July 13 6912May 25
44
Oct 611 Feb
014 914
18
/
4
914
0
71
914
73
914 94 1,800 Butte & Superior Mining _10
*71
73
.71
73
ill
84 Aug 6 163
73
4May 21
738 Nov
111 Jan
/
4
7118 7118 *71
93
9314 *551s 97
73
100 By-Products Coke
9412 9514
No par 65 Mar 1
66
Jan 924 June
4 0673 977
/
1
11412 1141 11218 1121s *112 11412 9514 9133
8 904 973
4 2,300 Byers & Co (A M)
•112 11412 112 112 *112
No par 904 Jan 16
42 Jan 102 Dec
/
1
4
*7013 705
11412
8 1'014 7012 70 4 704 7112
30 Preferred
,
100 10853 Apr 13 1841'14 iA Ya 22
2
1 ' g 11 105 4 May 11212 Dee
3 2l
71.3 7212 73
1
293 293
7378 7512
4
4 3012 3012 304 307
8 313 315
No par 5812June 18
8
8 3112 3112 3112 3112 3.300 California Packing
Apr
6014 AD
79 Dee
213 213
218 253
800 California Petroleum
25
8 312
25 2514 Mar 10 3' y 22
3
31
7
214 Ia 13
3
314
3
3 4 27,700 Callahan Zinc-Lead
,
10
94
13 Mar 8
4
11., Sept - ; Js
9414 9414 9412 9312 95
5 s AIM 30
3
1
1
96
9812 9714 99
23
97
233
973
3 233 233
4 7,500 Calumet Arizona Mining
8
8 2313 231
10 89 Feb18 12014 Jan 3
2313 233
3 233 2358 2313 233
6112 June 12311 Dec
8
7213 74
4 5.500 Calumet & Hecht
73
74
7314 7314 7233 733 734 7712
2013 Jan 1
2514Slay 28
1414 July 241 Dee
/
4
7513 777 11,400 Canada Dry Ginger Ale-No 1)
11315 325
8
317 317
315 315
4 547 Jan
2
31912 32334 325 33012 328
8612May 8
2
38
Jan 601s Aug
*121 1241 4
333
'121 125 *121 125 •121 125
5,100 Case Thresh Machine
160 247 Jan 21 35612July 5
*121 125 *121 125
Jan 28314 Oct
3243 331
324 335
Case Thresh Mach pref_100 12438June 28 13512111er 30 132
8 325 323
8
4 323 343
4
8 3318 343
111 Feb 129 Dee
8 3413 354 21,700 Central Alloy Steel._
*1113 12
*1112 12
11
.No par 284 Mar 27 4034May 24
111 *11
1112 1112 1112 *11
24 Apr 33 Ayr
*7812 80 ..*7312 80
113
4
800 Century Ribbon Mills..
*7812 80
.No par
11 Aug 14
7812 7812 8013 8012 *78
1758 Apr 4
1012 Jan
164 Aug
/
1
76
12 80
7612 7614 764 7513 761
201 Preferred
100 7812 Aug 3 92 May 15
754 7712 77
70
Jan 88 Dee
/
1
4
783
3 77
4212 4213 42 I 4312 433 441
7812 16,4001 Cerro de Pasco Copper_No par 5812 Jan
8
7914 July6
437 447
8
8 4412 444 44
58 June 724 Dee
/
1
*9412 07
4412 6,000 Certain-Teed Products_No par 403
*9412 95
9412 941 *9412 95
43,1ay 24 645 Apr 28 .
8
9413 9412 *91
42
Jan 55 May
/
1
4
72
72
9612
3001 7% preferred
71
71
71
71
100 9412 Aug 14 100 May 21
*7112 74
*7112 74
*7113 74
1012 1012 101g 1012
300 Certo Corp
95 10
No par 71 May 3 7712June 2 1E- )3.
8
93 10
4
93 10
4
3;
10
2218 224 2153 227
10
3,400 Chandler Cleveland MotNopar
3 2134 223
22
512 Feb 29 1312May 15
224 225 2253 22
8
413 Nov
14 Mar
*6413 65
224 11,900 Preferred
(3414 6478 6414 641
No par
14 Mar 13 2533May 15
64
653
8 65
13 June 2814 May
664 654 657
*11312 114
8 5,100 Chesapeake Corp
112 112
No par 623
11118 1111 111 111 *111 113 *Ill
4July 13 817 Jan 6
8
4
643
2
112
*30
31 .
4001Chicago Pneumatic Tool..100 111 Aug 15 14114 Jan 30 12012 June 887 Oet
30
31
*30
31
*30
31
30
Jan 13714 Mar
30
*30
47
31
47
20 Chicago Yellow Cab-.-No Par 2978 Aug 1
*46
47
4618 4612 4614 473
43 Jan 14
2 47
38 July
47
Oct
475
8 4712 48
4313 434 423 4314 424
4,7001 Chlids Co
4
No par 37 Apr 19 5212 Jan 7
4314 4314 4414 434 4438 44
485 Mar 65 Aug
8
52
447 19,500 Chile Copper
80
8
827 *33
8
86
25 373 Mar 6 4633 July 5
*83
8
85
4,81
86
8
3318 June 443 Dec
*81
8312 4 81
'
85
300'ChrLstie-13rown tern etfsNo par 79 June 20 131 Jan 23
913 94
4
933 964 933 974 9618 983
4
4
345 Jan 904 Dee
2
4 94
963
4 9212 9618 1388500'Chrysler Corp
No par 544 Jan 16 933 Aug 15
4
3818 Jan 6312 Dee
537
3
*53
Preferred
No par 1134 Jan 9 117 Mar 12 1023 Apr 116 Dec
;Li- - . "035178 4
8
.
- 8
547
138
7
City Stores class A
No par 5114 Jan 19 5414June 11
481 Mar 54 Dec
,
8012 solz 81 81 8113 82 *8212 85 •8312 85 •8213
85
7512 7512 69 75 6958 7014 70 73
1.100 Class B
No par 82 Jan 5 102 June 8
4112 Apr 6412 Dee
•120 12012 *120 12011 12013 12012 •120 12012 *12
.5,500 Cluett Peabody & Co_.No par 59 Aug 13 1093 Apr 5
4
7012 175 *12013 175
4
51 June 8412 Oct
21
73
21
15813 1605 1607 1615 158 16014 159 159
8
30 Preferred
8
100 11818 afar 21 12434 Mar 19 1114 Jan 12514 Nov
8
16014
5712 58
6..500 Coca Cola Co
5613 5712 5413 564 5412 5612 56 16112 162
No par 127 Feb
4Slay 15 39812 Apr 199
/ Apr
1
4
58
5512 1533 20,700 Collins & Alkman new _No par 50 June 20 1773
6713
•
92
97
3
*9318 9434 •9318 9612 *933 96
25 11134 Jan 3
4
88 Aug 113 Deo
*933 9612 *933 95
4
/
1
4
4
59
607
8 59
Preferred
6014 58
100 9014 July 6 109 Jan 3 10212 Sept 109 Dee
5918 59
6038 50
/
1
4
6173 6012 625 14,400 Colorado Fuel
433
8
85
*
82 • 8434 *
& Iron
83
100 5212June 25 8412 Jan 31
85
8514 8712
425 Jan
8
/
4
1161 July
114 1153 11434 1155 11213 1145 11313 11512
8
2.000
8
8
10
14
667 Jan 10114 Nov
15 10771as 54,000 Columbian Carbon v t cNo par 79 June 12 9814 Jan 24
6
2
'18
*107 10714 10614 10612 •10612 10813 *10713 10814 18713 18186:44 *18718 187
Colurn Gas & Elec new _No par 8912 Mar 15 1183
8May 16
*107 1077
827 Feb 984 May
2
8
/
1
7513 763
8 763 7653 7614 763
3
200 Preferred new
100 106 June 19 11013 Jan 3
4 763 763
3
2 77
9912 Jan 11018 Dee
787
8 79
81
*31
32
*31
12,100 Commonwealth Power_No par 6214 Jan 11 8712May 8
32
31
31
3034 3034 *303 32
4
485 May 783 Oct
s
*31
4
32
*
24
241 *24
2412 4
300 Commercial Credit_ ___No par 21 Feb 20 35383,lay 4
'24
2413 23 2 24
,
*24
14 Jun
2412 .24
2412 Dee
2412
•
2512 26
*2513 26
*2513 26
190 Preferred
25 23 Feb 3 27 May 8
2514 2513 *2512 26
17 Jun
2412 Sept
O8814 881 8833 8812 8812 8812 881. 8812 •8812 90 2578 26
Preferred B
70
25 23 Feb 7 2711 M ay 11
4
,
187 Jun
25 Dee
*8813
3
723 77
734 764 7213 747
80 1st preferred (6)4 %)
-100 85 June 12 96 Mar 16
8 73
745
8 7414 7478 723 90
69 Jul
89 8 Dee
5
4 743 13,100 Comm Invest'trust ____No pa
8
1057 106 *1054 109 *106 109 *10512 109 *105
8
5534Mar 1 77 Aug 11
12 109 *10513 109
4118 May 62 Dee
97
971
97.2 9814 9712 9712 .96
7% preferred
100 99 Jan 27 109 Slay 14
9712 *96
9413 Sep 102 Dee
9712 *96
9714
1463 14612 144 145
8
1,300 Preferred (6)5)
144 145
14614 1533 1513 156
100 923
3June 16 9814 Aug 13
4
4
3
863 Jul
9814 Dee
15412 162
59
59
13,800 Commercial Solvents.
58
*58
58
60
.No pa 1377
*53
5912 *58
8June 19 18912 Mar 28 145 No 203 Sept
5912
5913
2253 227
8 2258 23
200 Conde Nast Publica__.No pa
2212 2253 22.2 2334 2314 233 *58
48 Jan 14 65 June 2
4 2338 2312 17,600 Congoleum-Nairn
39 Au
53 Dec
•70
7113 *70
701 *70
Inc__No pa
7012 7012 71
22 June 12 3112 Apr 17
713 713
4
4 72
174 Jan 295 Dec
4
7212 1,000 Congress Chzar
•
90
9112 91
9114 90 90
Vo pa
894 9114 9133 95
67 Feb 18 817 Jan 3
,
9413 9712 18,500 Consolida
47 Mar 8812 Dee
ted Cigar_ __.No pa
794 Jan 20 95 June 4
97 97
9714 9714 *97
7414 Oct 863 Jul,
97
*9714 98
4
*96
0712 *96
9614
300 Preferred (6)
100 9614June 26 1023 Apr 18
4
14413 14678 11514
Consolidated Distrib'ersNo par
---1411; 1445s 14678 14613 147 1461 148
4 Jan 21
- -7g
3 May 18
Oct
Fell
wo 100 9534 9934 9934 997g 9834 994 0934 9934 100
50,000 Consolidated Gas(NY) No par 119 Jan
/
1
4
10 17014Slay 7
94 Mar 125 4 Dec
1
100
3
3
3
3,100 Preferred
3
27
8 3
23
3 3
No par
214 23
4
4
93 Mar 103 Dee
214
212 16,700 Consolidated Textile_ _No par 983 Aug 15 105 Mar 28
277 28
28
s
28
275 23
8
2712 28
28
214 Aug 16
2814 28
538 Mar 28
34 Mar
712 June
283
414 43
4 4,400 Continental Baking clANo par 2612
8
414 43g
43
8 43
8
414 412
4,
4 43
Apr 10 531: Jan 13
8
414
3312 Apr 744 Jan
43
8 5,800 Class B
/
1
*7713 7813 7713 7712 7714 7712 .7714 78
No par
334 Apr 10
7712 783
4 791 80
6 Jan 13
4 May 1014 Jan
/
4
1114 11334 11213 115
111 113
11113 115
114 11578 11312 1154 2,200 Preferred
100 73 Apr 10 964 Jan 20
72 Apr 97 Nov
/
1
4
1244 1247 •12434 127 •1243 127 4
8
87,200 Continental Can Inc__ _No par 8014 Jan
4
'1243 127 *1243 12612
4
4
10 11578 Aug 16
583 Apr 864 Dee
4
/
1
4
771g 774 .
77
78
20 Preferred
7718 7713 774 7818 7713 7814 •1243 12612
100 123 Jan
128 Mar 26 120
784 79
Jan 126 June
114 1112 1138 1112 1114 1138 1114 117
1,900 Continent
3 1112 113
8May 15
4 1112 114 9,500 Continental Ins temp etts_10 75 Feb 15 947
7412 Dec 93 Dee
/
1
4
781g 784 774 787
s 774 7812 774 787
al Motors....No par
8 7814 8212 8012
10 Mar 13 147
84 Nov
13
8May 8
/ Jan
1
4
4114014 145 4,14014 145 *14014 145 *14014 145
823 63,800 Corn Products Refinin
8
*14014 145 *14014
g__25 643 Jan
8
824 Apr 13
467 Jan 68 Nov
8
145
*18512 189
18614 191
189 189 *18512 1883 18012
Preferred
4
100 13812 Jan 16 1463 Apr 10 128
18914 18878 19013
Jan 14214 Dec
4
7212 73
724 73 4 72
,
4,000 Coty Inc
7218 724 7313 7313 7613
No par 123 Jan
Jan 123 Dec
753 78
50
4
*114 116
115 115 *11412 116
6,700 Crucible Steel of America__100 6014 July 3 195 Aug 6
115 115 *11412 116
7612 Oct 96114 Mar
3 93 Feb 7
•11412 116
25
4,244 253
25
3 25
25
200 Preferred
25
255
3 243 25
4
100 11212 Mar 16 121 May 11 103
245 2478 1.400 Cuba
Jan 115 Sept
8
44 5
44 5
434 43
4
Co
43
4 5
No par 22 Apr 4 287
*43
4 5
1812 Aug 344 Jan
8May 8
*43
4 473 1,500 Cuba Cane
/
1
•18
4
1812 173 181s 174 173
4 1753 1758 18
Sugar
No par
1814 *18
4.38 July 3
74May 12
Vs Oct 104 Jan
/
1
1812 2,400 Preferred
1712 1712 1613 174
1612 17
17
18
1818 187
100 15 July 31
8
1818 1858 6,900 Cuban
323 Jan 12
,
285 Nov 50
8
/ Jan
1
4
•100 10112 *100 10112 •100 10112 *100 10112 *100
-American Sugar....10 1618 Aug 13 2414May 25
10112 •100 10112
187 Nov 284 Jan
8
4 814 *73
/
1
*73
4 814 •73
4 814 *74 83
Preferred
4 •73
4 9
100 100 Aug 10 108 Feb 1
•73
974 Nov 107 Aug
4 83
4
Cuban Dom'can SugnewNopar
7178 704 711.4 7114 7212 723
703 71% 71
4
73 Aug 1
4
12 Jan 4
1012 Nov
18
Jan
4 75
7212 7414 17,400 Cudahy
9914 1003
8 994 10012 983 100
8
993 1023 104 1073 105
8
Packing
8
50 54 Jan
4
7538 Aug 3
4312 Apr 5814 Sept
1097 35,700 Curtis Aer & Slotnew
8
Co__No pa
534 Feb 27 1923
4May 16
4518 Nov 6934 Dec,
'ISO 18133 46- fi 'ISO 18733 •
18f1- +iio- 185 '180
Preferred
- 4
100 1173 Jan
4
14313 Apr 18 111 Nov 118 Dee
li5•
*125 1203 *125 1293 *125 1293 •12314 1293 •1234
4
4
4
Cushman's Sons
4
1293 *12314 12934
1443 Jan
,
4
502 504 5012 5012 50
8
Os)
50
Cushman's Sons pref (7)__10( 114 Jan 1 198 June 6 103 Apr 152
50
50
*4912 50
\7° 12a
*4913 50
1
130 Aug 3 107 AD 12.5 Dec
504 5012 504 51,
500 Cuyamel Fruit
3 4914 505g 50
5314 5112 537
par 49
8 5214 54
4
30 AP
5512 Oet
123 123
•123 125
124 124 •1224 125
29.300 Davison Chemical v t c_No par 343 July 27 553 Jan 20
20.300
1243 1243 *12412 125
N
4
r
8 Feb 1
4
57 July 9
2814 AD
4812 Dee
•195 200 •I95 198 *194 196 •194 197 *195 197
70 Deere & Co pref
100 11512 Feb 1 121334May 15 10512 Jan 1254 Nov
•195 197
49
*48
4814 4814 *48
49
Detroit Edison
*48
49
•48
100 16612 Jan
49
4June 4 13312 Jan 17012 Dee
4953
*11312 115 *11312 115 •11313 115 •11313 115 *11313 49
800 Devoe & Reynolds A__No par 40 Jan 11 2093
115 * 11313 115
3 61 Apr 16
3618 Aug 4272 Dee
1533 164 •1534 1533 15318 15318
*154 155 *154 155
4
1st preferred
4
100 108 Jan 9 120 May 15 101
1533 154
4
Jan 11412 Deo
1812 1834
1353 1914 187 1914
80 Diamond Match
8
185 195
8
8 187 193
8
100 1343 Jan 18 161 Feb 2 115 Feb 1473 Sept
8 184 19
3
4
15,400 Dodge Bros Class A____.Vo par
94
974 9713 99
924 957
8 9412 97
97
12 June 11 2413 Jan 4
983
4 9614 98
1314 Oct 2711 Jan
15,200 Preferred certlf
8
8
8
8
8
584
84 81s
No pa
8
6312June 19 99 Aug 15
8
5612 Oct 85 Feb
8
8
4,100 Dome Mines, Ltd
58
5814 *575 58
• 4 581
*5713 68
581
s
No par
*5712 58
8 June 13
*57
1312 Jan 6
4
7 June 141 Dee
800 Dunhill International No Pa
*DA 102 •101 102 •I01 102
10112 102 •10112 10212 10112 58
5512 Jan 9 76 Mar 29
10112
49 Aug 6212 Oct
8.7934 1813 178 17012 180 184
400 Duquesne
180 180
4
183 185
3
181 18314 8,000 Eastman Light 1st pref...l00 100 4 July 18 11612 Mar 3 1144 Ma 11758 Nov
/
1
*125 132 *125 132 *125 132 •127 132 •127 130 *127
Kodak Co._ .No pa 163 Feb 20 19414
July30 12614
.:751 Sept
4
Preferred
4318 445
-- -- _
8 417 437
8
8 4212 454 433 4512 454 4612 4514 132
4
100 125 Mar 7 134 Apr 3 11914 Jan 13111 Oct
4653 84.300 Eaton Axle & Spring..
Jan
O366 368
35118 354
364 368
35112 368
.No pa
3703 373
4
28 Jan
8
2114 Oct 21) 4 June
1
3.200 El du Pont de Nem new No pa 310 Jan 11 465 Aug 17
*114 116 4,114 115 *114 11412 •114 11412 11412 11412 374 376
10 40512June 4 168
*114 11412
Jan 34374 Oct
100 6% non-vol deb
100 114 July 18 12112May 8 10518 Feb 118 Del
•Bld Will asked prim; no sales On tads day. z Ex-dividend, I Ex-ri
ghts. t, El-varrftrita.
7114
-
r
New York Stock Record-Continued-Page 4
928
preceding
For sales during the week of stocks not recorded here, see fourth page
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday.
Aug. 11.
Monday.
Aug. 13.
Tuesday,
Aug. 14.
Wednesday, Thursday,
Aug. 16.
Aug. 15.
Friday,
Aug. 17.
STOCKS
NEW YORK STOCK
EXCHANGE
Sales
for
the
Week.
PER SHARE
Range Bence Jan. 1.
-.hare logs
Os basis of 100
HOLM
&Mini
PER SHARI
Range for Protein.
Year 1927
Lowell
Highest
$
i Per share $
Indus.& Mace!.(Con.) Par 8 per share
e 364
1_45t1,
16 D g
6,2 F1e: va
906 .."
11110918:22: ke101:i
per share $ per share $ per share $ per share $ per share Shares Eisenlohr & Bros
6612
9 32sNov : sNos 0;61,ii
74 t
$ per share
25 1218 Jan 3 23 Apr 12 : e
300
*1414 15
*1414 15
*1434 15
*1414 15
*1412 1512 1472 15
4
June 25 843 Aug 7
No par 60
8 8018 8112 8012 8112 142,700 Electric Autolite
is iee
III; Kiai ike -Dnit
8358 795 82 4 7912 817
8
7914 793
3
4 7912
4
83 Aug 15 1738June 6
No par
4
4 93 13,000 Electric Boat
93
32i
4
8 94
83 1032
93
1018 11
11
11
1118
*11
No par 281 Jan 10 4512May 14
4
4 3514 3614 20,900 Electric Pow & Lt
4
4
Jan
8
343
3412 337 3418 333 3412 343 353
34
8 34
8
No par 10612 Jan 10 110, Mar 8
500 Preferred
8
10714 10714 108 108 *10712 1087
2
1174 Nov 874 Jae
8
10714 1075 10712 10712
•10718 108
1718 Mal 19
Electric Refrigeration No par 1112 Feb 6
,
1912 Jas
6314 May 7 44 may
16
Feb
Storage Battery__.No
17Qi8
7714 7714
WI; 7 81 - 4:410 EleeHorn Coal Corp...No par 69 June 20 8472May 1
4
7 Dec
713T8 771- -76s
9 Jan
19
6
par
400 Elk
Apt
612 612 *614 714 64 614
612 612 *612 7
Oot
8
*612 714
1512June 4
514 Feb 21
800 Emerson-Brant Class A.No par
4 9
83
9
9
912
9
*9
*8
9
9
30 July
10
9
•
No par 30 July 3 33 Mar 1
Emporium Corp
31
*25
31
*25
tl
31
*25
31
*25
31
•25
1
a4 4 Jan 1283,711141 SeprpO
*3012 31
14
900 Endicott-Johnson Corp.__ _50 75 June 12 85 Apr 17
4
773 78
8
777
77
77
7714 7732 77
8
*7712 79
*7714 79
Preferred
100 12114 Jan 27 127 May 18 1163 Jan 391 001
4
4
8
4
4
211 Jan
*12334 130 *12334 130 *1233 1274 •12334 12714 *1233 1274 *1243 12718 3,500 Engineers Public Serv.,_No par 33 Feb 18 4614klay 7
3712
4
3714 363 3714 3612 3714 37
3714 *37
4
363 36 4 37
3
700 Preferred
- No pa: 97 Aug 14 99 Aug 9
98
97
4
*973 98
98
97
4
973 98
8
977 98
17
J20)23 ii4 -iiii W.iii3O
8
5 8318 Feb 20 383
Erie Steam Shovel
333 July 3
4
314 -3134 313 -2,000 Equitable Office Bldg. No par 3114 July 20
-5
7 21O;
3114 I1 2 31I 311
-131'2 3112 -31E8 I1; 3112 - 3 id Aug W i 6714 6518 6718 18,800 Eureka Vacuum Clean_No par 5912 Aug 11 79 Jan 7
65
65
151,
8 603 63 4 63
3
4
5912 6112 6112 615
8May
1934 July 17 227
100 Exchange Buffet Corp_.No par
8
8
23
304 Nov 4312 May
2114 2114 •2012 2112 .2012 2138 *2012 213 *2412 213
•2012 22
No par 3212 Jan 6 54 Apr 19
900 Fairbanks Morse
8
433
4312 43
4312 *43
*43
43 43
43 43
*4212 44
4May 14 107 Dco 112 Mar
100 104 Jan 9 1143
10 Preferred
11112 11112 *11112 112 *11112 112
July 1100153e
•10814 112 *11112 114 *11112 112
Players-Lasky _No par 11114 Jan 16 13912 Aug 15
8
1357 13912 13712 13914 13712 13912 115,700 Famous
8
1333 13512
4
Jeb 47 May
Fan
1323 134
132 133
4May 2
15 42 Jan 10 563
1,000 Federal Light ac Trac
8
*515 52
8
4
4
513 513 *515 5212
Aug
31
8
8 517 52
971 :
8
4
513 513
4 515 515
Preferred
par 98 Jan 8 109 Apr 19
No
10
10314 10314 *10,314 105
Feb 187 JUne
60
8 105 *10314 105 *10314 105 •10314 105
•1025
Federal Mining & SmelVg-100 120 Apr 17 145 May 15
,
90 jzi
*110 126 *110 126 *110 126 •116 126 *116 126 *116 126
7518 Jan 9774 Mar
Preferred
100 9114 Jan 3 994May 21
991
Dec
*9712 9912 *9712 9912 .9712 994 *974 9912 *9718 9912 *9718 181
8May 8
1658 Aug 1 257
1,900 Federal Motor Truck_ _No par
18
174 1738 1714 1712 1712 174 *1712 18
1714 1714
1,900 Fidel Plzen Fire Ins NY new 10 7514June 12 9412MaY 16 -7-4 8014 801
4
793 803
80
80
8014 80 80
80
80
80
10 Nov
1514May 10
Fifth Ave Bus
No par 114 Jag g
*1212 14 *1212 14
•1212 14
*1212 14
•1212 14
•1212 14
1914 May 30 Feb
8
No par 28 A e. 4 413 Aug 17
8
8
374 3812 3812 3958 395 413 34,60,0 First Nat'l Stores
20 l;
3812 3714 374
37
374 371
4
142 Oos 1,0 Be
4
3 10
No par
s
87 Aug 13 173 Jan 4
23,200 Fisk Rubber
04
4
03 10
7
912 9 2
914 91
Jan
7
8 8 94
81
914 91
Jan 10
9112
3,400 1st preferred stamped_ __100 5812 Aug 11
6213 62 621
66
8
4
5812 585
593 6018 613 63
861,
60
59
9412 July 102 Sept
4
100 5634 Aug 11 973 Jan 5
5,910 1st preferred cony
70
4
583 591 *50
69
4
Del
8
597 597 *583
57
57
4618 Feb
4
563 563
8
,
7012 7228 7112 721 45,800 Fleischman Co new..__N par 65 June 19 763 Apr 14
701
69
878151
8
697 7012 6918 701
697
69
35 Nov
4May 16
No par 37 Aug 17 553
3,100 Foundation Co
42
37
8 4114 417
8 4212 425
8 4214 423
4258 425
*4212 44
50 June
Fox Film Class A
No par 72 June 12 9214June 2
,
8314 85
831
8312 84'z
8212 831
8212 8418 8214
8114 823
3414 Jan 10612 Dee
8
No par 55 July 23 10914 Jan 11
625 631 19,200 Freeport Texas Co
8 6114 63i
6014 613
6114 6014 61
61
6018 603
8
200, Fuller Co prior pref___.No par 1031s Mar 17 1097 Apr 23
1041
nee lir Aug
•104 1041 *104 10414 104 1041 *103 10412 *____ 10414 942
2812 Jan 5 if No par
3,1011 Gabriel Snubber A
15 Mar 2
1712 1858 1812 191
184
181s 18
1818 1818 18
4
183 183
jJan
1634 Feb 2
No par
2,200 Gardner Motor
4 10
714June 1
94 93
934 10
10
4
93 10
1012 1012
101
10
Jan
46
1,800 Gen Amer Tank Car__.No par 6074 Feb 20 7712May 15
7012 701
7012 71
70
7058
70
4
703 7114 70
Mar
3
*70 4 71
4May 15
1113
Preferred
100 10914June 23
110
964 Mas
•109 110 *109 110 *109 110 *109 110 *109 110 *109
8
947 Apr 30 16°53%
100 68 June 1'
8 7314 747
2
8 725 737
* 7418 757 10,300 General Asphalt
737
72
7212 7312
73
73
2 May
400 Preferred
100 1104June 12 14112 Apr30 10714 Aug 1447
116 116
4
11334 11334 *1133 117
115 115
*115 11714 115 115
General Baking pref___No pa 134 Jan 26 150 June 8 11812 Apr
•14112 146 *14112 146 *14112 146 •14112 146 *14112 146 *14112 146
No pa
804 General Cable
21 Feb 4 3512 Apr 28
25
*24
2412 26
*2412 25 4 *244 25
,
*2412 27
25
25
591
8
No pa
3,609 Class A
56 Feb 9 807 Mar 20 lifs Dec i
73
734 73
73
72
7112 72
71
72
72', 7214 72
Jan
52
8
5912June 12 753 Feb 2
4 4,200 General Cigar. Inc new _No pa
60 603
6012 593 60
4
6012 6014 6014 60
Sept
6014 6014 60
Jan
Preferred (7)
100 11534June 18 130 Apr 27 116
120 *116 120 *116 120 *116 120
*116 120 *116 120 *116
8
545 Apr 138 4 2ov
a
1,100 Gsn Outdoor Adv A_ __No pa
49 Aug 15 587 Jan 3
50
50
49
49
4914 49
*4914 50
*4912 50
*4934 50
82
4 7 F6 3
Jan 5711 N01:
37
8
2912 Aug 1 523 Jan 7
3412 1,400 Trust certificates_ ___No pa
8 3312 3312 34
3312 347
33 33
33
33
33
33
Jan
81
General
No pa 124 Feb 27 17412 Apr 16
8
8
4
147 14914 1473 14914 14718 1494 14738 1517 15034 1537 153 15612 76,600 General Electric
1158 Jan
3141 June
12 June 7
Electric special._ _.10 1118July 11
8 2,800
1118 1118 1118 1118 *1118 1114 1118 1118 *1118 1114 1114 113
3,000 General Gas & Elee A.
..No pa
3514 Jan 18 6014 Aug 2
54
5412 534 51
5412 5412 55 • 55
Jan 11018 Oell
's 55
55 .12N12 1 14 2
Gen Gas & Elec pf A (7) No pa 10812 Jan 4 118 May 10 100
4 65
12338 Nov
•10912 115 *10912 115 •10912 115 *10912 115 *10912 115
Preferred A (8)
No pa 12214 Mar 22 144 Apr 18 11314 Mar 10518 Dec
120 127 *120 127 •120 127 •120 127 *120 127 *120 127
•
Jan
96
Preferred D (7)
No pa 10512 Jan 17 11478May 16
011
*10412 107 *10412 107 •10412 107 •10412 107 *10412 107 *10412 107 1046100 General Motors Corp new._2
210 May 7 11314 Aug 141
130 Jan 10
4
8
182 18312 18112 1843 17612 18118 17714 18412 18412 18712 x18412 1873
1 Dee
6001 7% preferred
10 12312 Jan 26 12712 Apr 12 11812 Mar 125 4 Sept
12478 12478 12418 12412
12412 125 *12412 125
•125 12512 12412 125
11.300, Gen Ry Signal new___ _No par 8414June 2l) 123512 Jan 3
9612 9712
8 961s 98
975
9512 9612 96
3
n 33 4 E
4 964 98
9612 973
38
874 Jan 1111'4 ,74
9,700 General Refractories_ __No par 4512Juue 13 82 Jan 3
544 57
55
5014 50
5012 50
3
3
50 4 50 e 50
3
49 4 50
4
951 Nov 091
Apr 13
8
8
8 997 1013 10014 1013 13,100 Gillette Safety Razor __No par 9718June 19 11212
4
9918 993
4 9918 993
8
985 9912 9912 100
3512 Deo
8June 14
Gimbel Bros
Mar 6 597
No par 3418
4 4.100
8
8
69126
4 523 5418 5418 5412 533 553
5214 523
5212 53
8
*525 53
91 Nov 108 ;J;
300 Preferred
100 87 Mar 6 101 June 15
9812
4 9858 9812 *98
983
4
*9812 983 *98
99
*98
8
987 99
1412 May 22 Mat
8May 23
3
No par 20 2 Jan 27 263
8 4,000 Glidden Co
8
8 223 227
3 2212 227s 2212 227
71%
8 2212 225/
8
2212 2212 225 225
86 Aug 108 June
8June 1
10 Prior preferred
100 95 Jan 4 1047
102
*101 10214 101 101 *10012 102 *101 102 *101 102 1•101
42 Ms:
15
8
8712 8712 904 5,400 Gold Gust Corp v t c__ _No par 71 Jan 16 1053 Feb 4
87
87
8812
88
4 ,
87
8612 89
4214 Jan 964 Er
87
86
p ficbed (
par
No 1oo 6812,Iune 18 99118 Jan
4
753 771 12,400 Googr en Co B
74
7312 7478 7514 76
Jan 1111
73
3
73 4 75
96
7412 75
1
10912 Feb 17 115 8May 1
*111 113
Aug
•111 113 *111 113 *101 11212 *111 113 *111 113 8 543 553 12,400 Goodyear T & Rub__..No par 4518June 2.5 7212 Jan 4
4
545
544
54
.53
559688! DeeDDee
8
118% )
924 Nov
4
53 5414 523 5412 515 53
53
1,600 1st preferred
9212 Mar 16 9912 Jan 13
97513 98
8
7
5
9714 9714 97 8 977 98
*97
5738 Jan 85 8 Dee
97
4 97
3
96 4 963
7
5,200 Gotham Silk Hosiery__.No im ; 75 June 13 93 8 Apr 14
pa
764 7612 7714 783
7618 77
Jan
8
7714 7712 767 77
58
7712 771
1,500 New
No par 75 June 19 93 Apr 14
781
78
77
11.4 lkeui
7612 7612 763 76 2 77
,
8
... Jan
.4
*7714 78
*7612 78
Apr 12 1n4 _60s 12; ii gll
ferred
Preferred New
112 Aug 6 130
116 *114 116
•113 116 *114 116 *11414 116 *11314 116 •113
Preferred ex-warrants_ _ _100 109 Jan 3 112 May 7
*1084 112
*10814 112 *10814 112 *10814 112 •1084 112 •1084 112
300 Gould Coupler A
7 June 23 125s Feb 2
NO par
74 71
8714 758
72
714
714 714 *vs 74 *718 714
4
1634 Feb 18 443 Aug 17
4
393 443 244,600 Grabam-Palge Motors_No Par
c j
44 se
4
333 39
12
1-1- .igii i 4 Wi4
8 3212 3314 3212 34
323 333
4
4
323 33
8May 15 -16 8 .
6.600,Granby Cons M Sm & Pr_100 mos Feb 18 567
5312 .54
5312
5212 5318 5212 5318 53
354 Dec
534 5212 53
53
2,500 Great Western Sugar newNopar 31 Jan 26 38 Jan 7
334 3318 334 3318 331
33
1 1 Feb 123 Sept
321
3218 33
32 2 3318 3214
201 Preferred_
100 11212 Feb 20 120 Jan 3
8
1167 117 *116 117
2914 Jan 15112 Dec
*11534 116 *11534 116 *116 117 •116 117
25,300 Greene Cananea Copper..100 893
8June 19 16412 Jan 4
8
1114 May
8 99 1027 10018 1027
8 99
8 9718 9914 974 1007
994 1013
995
8
93 Jan 4
900 Guantanamo Sugar__..No par
6 July 13
614 614 .
618 61
4
614 63
1
1
11,
,
5
26:8282
2 ,,8 A0 7
97722 1: 1011 Dee
614 614
4
4 *614 63
*614 63
1 Preferred
100 90 July 11 107 Jan 7
*100 101
*100 101 *100 101 *100 101 *100 101 •100 101
69 June 1
2,000 Gulf States Steel
100 51 Jan 9
s
617 631
4
7
2
644
0 July
,
6318 63 8 613 62
641
3 *60
63
60 ! 62
60
60 Hackensack Water
25 23 Jan 5 30 Jan 31
*2412 247
3
72 2 Dee
8 2412 25
8
*2412 247 *2412 247 *244 247 .2412 247
8
4
1,500 Hanna 1st pref class A....100 59 May 25 793 Jan 19
May
70 '6912 71
70
701
70
74
70
Feb 3
6412 6614 75
6212
8
300 Hartman Corp class A_No par 2312 Aug 2 275
25
4
329711
4 2412 243 *24
243
*24
25
243 *24
2514 *24
24
•
8
1,000 Class 13
8
165 Aug 6 257 Jan 27
No par
18
18
4
4
Oct
173 173
764 Jan 126
*1718 1712 1712 1758 1714 1758 •1718 18
11812 Feb 20
100 elrhe
4June 13
25 1033
10812 1081 •10812 11114 *109 114
11,108 114 *108 112 *108 114
July
0
2 AaY 18 11814 Jan 130
3
184 M pr2
Preferred(GW)
100 121 Jan
•12112
51
.12242
Dec
•12112 - 6
1
24
•12118
*12112 ____I•12112
10564
73
5312 1,800 Hershey Choeolate____No par
7
53
o
ec 7512 Dee
73047143
54
*50
4912 49121 493 493
4 4912 -id
4
3
2,100 Preferred
No par 3034 Feb 3
704
7312
72
7112 72
9958 Dec 103 Dec
Apr
8
5
73 8 717 73
8
734 733 *73
100 10014 Aug 17
100 Prior preferred
8
*10012 10112 10014 10014
22 J80 417 July
8
100 10212 *100 1013 *100 102 •10012 10112 *2012 2112 2012 2112
•
8
307 Jan 20
300 Hoe(R)& Co
par
19 July 1
1
31 4 au
43: June 40 4 001
8
4
367 Apr 13
3
20 4 203 *2012 2112 *2012 2112 *2012 2112 6
600 Hollander &Son (A)..
.No par 27 July 3
4
*263 28
•2612
Jan
*26% 27
60
2712 28
8
2712 28
•
275 28
75 Atoll
200 Homestake Mining
100 67 Jan
Nov
Jan
73 •734 75 '73
*73
73
75
73 73
;
77 2 79
:63 5 654 1,100 Ilouseb Prod.Inc.tem etfNopa
75
*73
6418 Feb 21 7312June 1
69
6912 *67
*68
6918 70
6714 69
8 39,500 Houston Oil of Tex tern etfs100 119 June 19 161 Apr 9
4
8
::
t ree
.
11111
:
(4:
4 13812 1407 1383 1433
14947776:865! :
13814 1393
0
48
3 114 Janan
644 July
4May 28
4
623
138 140
13812 1413 13612 139
4048 Feb 1
No pa
8 0,000 Howe Sound
5718 583
8
4 565 57
5514 5512 55b) 563
8
5814 5512 56
56
..No Pa
75 Jan 16 997 Mar 16
8 68,800 Hudson Motor
8
7914 763st 783
4 787 8112 7912 815 168,700 Hupp Motor Car.
May0e1 3614 Dee
116154
65 June 2
8
785 7912 7818 794 7614
Car Corp...
.10 29 Jan 1
6212 6014 63
60
5
32 4 Feb
8
4 5814 5914 5834 61
8 5838 593
8
585 595
4
211 Feb 20 317 Apr 30
8 2618 2612 10,100 Independent On & Gas_No pa
2618 263
13 Mar 10244 Del
2612 2614 2612 2618 264 *2912 3012 31
8 26
263
26
No pa
27 Aug 3 70 Apr 27
8 3,000 Indian Motocycle
327
3012
*30
30
30
20 Preferred
3112 *3012 31
*31
100 10014 Jan 3 116 Apr 12
109 *10312 109
1218 SeP5
7 j y
9212 Man
110 110 •10314 11212 •10314 325
8July 9
4
4
1093 1093 *100 110
8
9 Feb 18 395
10
8 3112 327 33,100 Indian Refining
32
5
8
ct
7
994 Jupe 12 Sept
8 3114 3218 313 32 8 2914 31
3134 325
33
32
10
812 Jan 16 37l July9
2018 3118 14,800 Certificates
8
A
1214 M
196 :
2814 2914 2812 303
29
294 28
200 Preferred
29
240
100 101 Jan 4 241 Aug 6
230 230 *220 240 *215
L:v
17 F
8
220 220
400 Ingersoll Rand
98 Apr 16 1411 18 N b.
*220 240 *200 240
Feb
93
93
so 9118 9118 *91 6612 *91 6612 39,600 Inland Steel new....No pa 90 Mar 18 6612 Aug 8
90
91
*90
90
46
3
90
No pa
64
6314
001
62
118
5912 z58
59
, Preferred
4 5814 60
4
563 573
100 11512 Jan 6 118 Feb 18
,
;
,
211, 2118 2112 5,500 Inspiration Cons Copper _2 18 Feb 25 2578May 28 1212 June 251s 4141
25
-3;
"1:5" I1
11 Nov
s
1.900 Intercont'l Rubber____No pa
"20r2 164 "Zoi 1658
818July 2 2144 Jan 4
10
9
934 934
3
4 9 4 *cos 04
93
914 94
3
*914 9 4
161s Dee
618 Apr
13 Feb 24 2078May 17
Agricul
NO pa
1518 15141
1614 1512 151z 151 78 78 1,900 Internatpreferred
6612 May
*1512 15 4 1514 151
3
1512 16
•
4001 Prior
5
100 48 8 Mar 26 804June 18 83 Mar 11914 Dee
7812 .7812 78
7912 *77
*78
78
4
7812 78
*78
4
123 1233 11,30(1 Int Business Machines.No pa 114 Jan 16 1471 Feb 3
123
8
119 1203 *121
2
4
33 3 an 863 Mai
•121 12212 12012 1201 121 121
56 Jan 3 7412May 16 45: Jan 113 Dec
8
647 65 1 2.200 International Coment No pa
6318 6318 635s 641
OH
8
6312 63's 6318 634 6318 631
Preferred
100 10812 Jan 4 1107 Apr 26 100
185,600 Inter Comb Eng Corp__No pa
4514 Feb 20 7238June 6 40
8
4 5918 607
603
11
1 4
6
5
-.t 1( : Dee
2
4
5814 593 -W7i
200 Preferred
100 103 Mar 21 109 May 16 1014 Got
8
Del
10912 106 106 *1057 107
4
6,400 International Harvester__ _100 2243 Feb 18 290 June 4 135 8 Jan 255 Del
•104 108 •10518 105 1•10514 108 •106 27112 271 2733 271 280
4
4
267
, ot
8
147 May 1 12p Jan 131k
8
2667 2667 267 267
200 Preferred
26614 26614
141
100 13614 Mar 1
8
1413 140 140 *140 14014 *140
5
I"
•14014 14134 14014 14014 *140
4Mar 26
4,000 Int Mercantile Marine738MaY
33
100
5
5
3
43
4 5
412 43
8212 Oct 66 2 May
Jan 1
4314 5
35(4 357
8 3,700 Preferred
414 414
100 3418June 12
8
3412 3412 347 354
4
3412 341
8May 14 62 Mar 9512
345 36
Jan 3 1217
4
343 35
4 29,400
4
4
101, 10212 1023 10412 10312 1053 285,700 International Match pref..35 9312 Feb 24 10
4
8
10012 1017 10114 1033 101 1021
964, Aa9 1
4m uy
52
37
4
International Nickel (The)_25 73
9914 1033
Nov
4
9712 1004 10014 1023
Dt4
03399681:: Mjjaaaynu
,
8 95 4 98
9618 977
19
13,200 International Paper ___No par 86 June
8
9614 973
70
69
69
. 3
6958 6752 681s 68
5 m r 1
7 July 10 11
3
69 4 68
68
6818 70
10012
100 9612July 27 107 Apr 12 1:
Preferred (67)
1
112 8 Dee
*9612 1037 *9612 1004 *9612 10012 *9612 9912 2,500 Preferred
*9612 104
*0612 104
9912
9852 Aug 2 108 Jan 1
100
(7)
9918 9914 9914
99
63 Sept 75 Dee
993
8 99
8
8 995 997
8
997 997
100 International Salt
100 4912 Mar 28 6844 Jan l'
58
5712 58
198 Nov
5712 *54
57 .54
55
57
8
557 55% 56
100 124 June 20 196 Jan 24 109 Mar IL% 84
3001International Silver
,4
001
141 141 *143 148
14014 14014 *137 1401 *13512 14014 •12214 127 *122( 127
20 181 Jan 27
136 136
100 12314June
Preferred
*12214 1264 •12214 12614
2 12214 Jae
8June
*12214 127 •12214 127
100 13912 Feb 20 1973
8 8,900 Internet Telep & Teleg
8
1725 1747
4
4
1683 1693 16814 17112 17014 17212
170 17012 1694 170
•
Tii iii;
44%
i
g Ex-dividend. a Ex-rights.
• Bid and asked prince; no males OD this day.
I
E....
New York Stock Record- Continued -Page 5
929
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. 13.
Monday,
Aug. 13.
Tuesday,
Aug. 14.
Wednesday, Thursday,
Aug. 15.
Aug. 16.
Friday,
Aug. 17.
Sales
for
the
Week.
STOCKS
NEW YORK SVOCK
EXCHANYE
PER SHARE
Range Sines Jas. 1.
On basis of 100-share lots
PER SHARE
Basesfor Preview
•
Year 1921
,
Lowest
Highest
Lowest
Highest
$ per share S per share 3 per share $ Per share $ per share $ per share Shares Indus. & Miscel. (Con.) Par $ per shore
5 per share $ per share pa elan
.26 2712 *26 2712 *26 28 *26 28 *26 27
26
100 Intertype Corp
26
No par 26 Aug 17 8812 Jan 20
191/ Jan 894 June
*47I2 481
4712 4712 *4712 4812 *48
4812 4812 4812 4818 4912
500 Island Creek Coal
1 4712 Aug 7 61 May 14
6811 Mar 67 Sept
•11334 114
116 11614 11634 120
11912 12412 1237 1244 1234 124% 9.200 Jewel Tea, Inc
2
0
No 10r 723 Mar 1 12412 Aug 15
pa
4
634 Jan 86 Dec
*124 125
124 124 *124 125
124 125 '124
6 *124 126
200, Preferred
120 Jan 18 125 Ma 28 1114 July 1254 Mar
1214 12314 121 12312 118 123
1183 12414 124 12612 12314 12712 54,000
4
'Johns-Manville
No par 9614June 19 134 May 10
*121 122 *121 122 *12114 122
121 121 *121 12114 .121 12112
100 Jones & Laugh Steel pref_ _100 11912July 2 12414May 7
Feb17
123
OCt
2714 2714 *2712 2912 *274 29
*2714 29
*28
29
*2712 29
100 Jones Bros Tea. Inc_ _No par 25 Mar 31 NA Jan 10
.
/
1
4
105/ Jan 34 Dee
/
1
4
97
1
4
314 gas
812 912 /
9
9
a
82 9
7
84 8% 1,500 Jordan Motor Car
No par
812 Aug 10 151/May 31
12 1 July 22
5
/ Jan
1
4
•109 110 *109 110
1104 11012 112 112 *10912 111
110 110
120 Kan City P&L lit pf B No par 108 Aug 2 114 Apr 26
*7014 71
7012 71
6912 70
695$ 7112 7012 7112 7014 707
2 4 800 Kayser (5) Co v t o_. _No par 624 Jan 5 7612 Mar 30
49
Apr WA;- - ;
15e
184 1812 •1812 19
1812 1812 19
19 4 19
3
19
1914 1932 1,300 Kelly-Springfield Tire
25 15 Feb 17 273 Jan 8
9
12 Jan 3214 Nov
*65
*65
69
69
*65
70
*65
70
6512 6512 .66 68100 554 Feb 17 84 Jan 6
100; 8% preferred
35 Feb 102 Sept
68
*63
*63
*63
68
69 •63
69
*65
69 •64
69
I 6% preferred
100 58 Feb 17 80 Jan 26
44
Jan 974 Sept
31
31
3118 317
31
317
8
2 307 327
3218 325$ 3212 335$ 14,700 Kelsey Hayes Wheel-No par 2212 Jan 10 3812May 18
19
Oct 27 July
*10212 108 *10212 108
108 108
108 108 *10212 108 *10212
108100 106 Mar 8 11012 Jan 5 103 July 110 Dee
401 Preferred
5 943
937 94% 94
943
4 93
943 964 95
2
5 9614 61,300 Kennecott Copper
/
1
4
/ 96
1
4
95
No par 80 Feb 20 9652 Aug 6
12
60 Feb 90 2 Dee
3
7 447 •37
7 403 *38
*37
2
377 37 s *3812 447 *40
40
3
7
2
41
200 Kinney Co
par
No 100 377 Aug 15 62 Jan 19
g
.934 June 45
Jan
93
92
92 92
92 92
92
933
2 9312 9312 8952 9012
270 Preferred
874 Mar 22 100 Apr 11
68 June 93 Dee
*64
644 64
/ 642 644 64 2 6412 65
1
4
,
653 667
2
2 657 664 7,300 Kraft Cheese
2
25 5312Mar 31 78 May 17
49 June 62 / Feb
7
71% 7214 713 7238 7114 71h 71
2
71% 7112 7214 7212 75
10 6052 Feb 24 76 June 1
457/ Jan 774 3 r"..:
11412 11412 *112 11412 •112 11412 *112 11412 *112 1144 •112 11412 18.200 Kresge (SS) Co new
101 Preferred
100 11014June 14 118 Apr 27 1104 Feb 118 July
22
*21
2234 2112 2112 *2112 2214 22
21
2212 221 2252 3,000 Kresge Dept Stores_ _ _.No par 134 Jan 18 2714 Feb 29
10 June 18 Dec
*664 71
*6612 71
*664 71
*66% 71
*6612 71
71
734
3001 Preferred
45 Nov
100 513 Feb 1 7312 Aug 17
4
80
Jan
*1014 1041s 1041s 105
10412 10412 *lb314 105
10314 104 *10212
700J1Cress Co new
No par 87 Feb 20 11412Mar 29
59
Jan 1054 Sept
10714 2083 107 1085 106 1073 1057 1095$ 10952 11314 11052 106
2
2
4
1144 96.800 Kroger Grocery & Bkg_No par 7314 mar 27 11412 Aug 17
249 260 *251 265 *250 265 *250 270
25912 260 *250 265
1,100 Laclede Gas L (St Louls)..100 200 Jan 10 260 Feb 2 1W . Jan 2671* June
/
1
4
•10012 112 *19012 112 *10012 112 *10012 112 *10012 112
*1004 112
Preferred
100 100 Jan 5 12412 Jan26
96
Jan 130 May
*3112 32
31
31
31
31
32
32
3112 31
.314 32
600 Lago 011 & Transport_ _No par 275$ Feb 20 394 Apr 17
2012 Jan 37 Nov
/
1
4
105 10514 10513 10512 10514 1051 105 10814 107 10812 108
10934 10,500 Lambert Co
No par 7912 Jan 10 1217
2May 9
66
Jan 884 Oat
1912 1912 19
*183 19
19
4
19
19
*1812 19
19
19
1,100 Lee Rubber & Tire_ __ _No par
1714 Jan 3 2412May 1
7 Jan
184 Des
3012 51
5012 5012 50% 51
250
51
507 514 51
2
517
5,300 Lelin & Flnk
No par 38 Jan 17 544 July 24
3252 Apr 63 Nov
*28 4 294 *283 293
3
4
4
4 283 283
2812 2812 2812 2812 28% 285$
700 Life Savers
No par 2812 Aug 15 3612 Feb 7
2014 Sept I1414 Dee
93
*90
883 883 *89
4
4
93
28812 89
*8812 89
89 89
500 Liggett & Myers Tobacco, 25 8318June 22 12212 Jan 3 /
1
4
3712 Feb 128 Sent
8814 8814 8712 8812 874 884 28614 88
874 88
8714 884 5,3001 Series B
25 8014June 19 1234 Jan 3 118658 Feb 128
Oat
*135 139
138 138
13914 1391 *136 147 *136 147 •136 147
11 Pr
40eferred
100 134 Aug 2 147 Apr 11 12414 Jan 140 Dee
42
42
42
42
42
42
415$ 4152 *41
42
40
41
2,500 Lima Loc Works
No par 38 July 27 6572May 14
49
Oct 763a Apr
6912 6912 694 69% 6914 691
697 70
2
3
71
73
727 734 10.500'Llquld Carbonic certifs_No par 831/ Feb 20 777 Jan 18
2
45 4 Sept 785 Dee
3
/
4
53% 54
53% 543
2 53% 55
541 554 544 5514 54
5514 19.800;Loew's Incorporated_ _No par 4912June 19 77 May 9
484 Jan 63 8 Mat
7
91s 10
9% 1012
9 s 107
7
3112 32
1012 1012 1012 1114 213.400 Loft Incorporated
No par
4
53 Feb 9 1114 Aug 17
5 Oct
7
/ Jan
1
4
*3212 3314 *324 334 32
321
3112 32
3112 3112 *313 32
1,200'Long Bell Lumber A__ _No par 28 Jan 3 85 4 Feb 3
254 Dec 63 Mat
3
5212 6612 54% 5812 5312 557
53 8 5514 5412 557
7
535$ 553 90.2001Loose-Wiles Biscuit new. _25 4414June 19 59 Ap 26 s354 July 5714 Dec
2
'U.. 11812
_ 11812 11812 11812 11812 118
11812
12 11712 11712
60 1st preferred
100 1174 Aug 17 125 May 9 118
Jan 123 Nov
283 29
4
28
287
2 284 287
8 2814 29
284 294 2812 2912 5.800 Lorillard
25 23 4June 12 413 / Apr 19
3
231/ May 1171 July
7
*9514 97
1
9514 9514 *95% 98
*95
96
*9512 97
*96
98
100 Preferred
100 93 July 13 114 Mar 13 107 June 1184 Jan
1414 1412 14
1414 144 145* 1414 1412 1414
1414 14
9 Feb 21 193 Apr 30
/
1
4
10
4
Oct 12 Aug
*853 893 *853 893 *853 894 / 2 893 *853 893 *853 145* 7,900 Louisiana 011 temp ctfs_No pa
4
2
2
1
4
2
153
4
2
4
8 893
4
Preferred
100 78 July 24 98 Apr 30
3 347
343 35
343g 3412 34
85 4 Dee 97 Feb
1
3452 35
35
35
357
35
4,000 Louisville G & El A...No pa
28 Feb 7 41 May Hi , 235/ Jan 304 Dee
5714 584 573 587
2
2 57
573
,
4 57 2 591
5812 5912 5812 5912 9,700 Ludlum Steel
No pa
25 / Jan 11 6812May 24' 20 Oct33 Mar
5
48
48
*48
14
49
*48
4772 48
49
*477 49
*48
49
200 MacAndrews & Forbes-No pa
48 Jan 8 57 4 Apr 14
3
•122 127 *122 127 *122 127 •122 126 *122 126 *122
63 Nov5814 Dee
126
Mackay Companies
100 1081/ Mar 2 134 Mar 20 105 June 184 An,
*785$ 80
*783 84
2
84
*79
*587 84
a
*79
84
*79
84
Preferred
100 13814 Jan 13 84 Mar 19
67 Aug74 Aug
8812 89
8814 891/ 883 89
2
8814 901
89
9112 89
903, 17,100 Mack Trucks, Inc
No
83 Apr 17 107 / Jan 3
7
8814 Jan 118 Ma,
*380 365 *360 367
/
1
4
365 365 367 3681 371 375
3753 37534 10,100 Macy Co
4
No par 235 Jan 10 375 Aug 16 124
Jan 22312 Nov
24
24
24
24
24
2412 24
243
25
26
24
25
5,200 Madison Sq Garden-.NO par 2214 Jan 9 34 May 7
2012 Aug 2852 Oet
50
50
4852 4912 487 50
493,50
8
494 5012 5012 5114 4.200 Magma Copper
No par 433 Feb 27 563
4May 28
4
294 Feb58 4 Dee
217 217
5
8
2114 22
21% 214 22
/
1
20
•2112 33
2114 227
2 7,500 Maillnson (H R)& Co-No par 113 Jan 20 28s Apr 12
1112 Apr 2034 Dec
•101 1043 *100 1043 *100 1045 •100 1043 *100 1043 •100
4
4
4
4
1043
4
Preferred
100 87 Jan 30 106 Aug 1
11
66 4 July 95 Dee
3
*27 2 30
,
*274 30
*2712 30
*274 30
*2712 30
•2712 30
Manatl Sugar
100 291/ Aug 1 41 Jan 14
27 Nov46 Feb
*43
70
*43
*44
70
*44
70
70
*44
52
•44
51
Preferred
100 4934 Aug 9 88 Jan 17
28
Oct 80 4 Dee
3
*325s 331 *325$ 34
:
*32% 34
*3253 35
325* 325$ •32
321/
100 Mandel Bros
No par 32 June 25 4012 Jan 24
3912 Dec 4954 Aug
574 59
5712 59
57
5812 524 574 424 54
42
48
42,700 Manb Elea Supply--No par 42 Aug 17 6632June 6
43
Oc 132 Aug
*33
34
•33
3312 334 3312 34
34
x331 337
3312 333
4 1,000 Manhattan Shirt
25 313 Feb 18 43 May 14
4
24% Jan 35 4 Dec
3
•1612 17
1612 163 *16
*16
4
17
17 .16
1712 *16
1612 2,300 Maracaibo Oil Expl_ _No par 124 Feb 20 2512 Apr 28
12
Oct 223 Jan
4
36
3612 367 3712 3718 38
3714 38
3712 384 374 373 15,000 Marland Oil
4
No par 33 Feb 17 444 Apr 17
31 Jun
584 Jan
*57
58
57 57
58
59
58
604 585 585
2
2 584 5912 2,200 Marlin-Rockwell
NO par 4514 Mar 6 65I2May 24
Jan 557 Nov
27
2
17
17
1714 1714 174 1714 1732 174 18
18
1772 1812 1,200 Martin-Parry Corp.. No par
124 Mar 12 25%June 4
154 Dec 24 4 Feb
3
1294 130 4 13114 13212 131 131
3
132 13312 13314 13532 134 1363
2 6.100 Matbleson Alkali Workallo par 1173,June 19 137 2 Apr 12
82 Jan 1323 Du
7
4
*122 125 •122 125 •122 125 *122 125
122 122 •122 125
10 Preferred
100 116 Jan 12 130 Apr 27 103
Jan 120 Dee
*77
52 77 4 763 783
3
4
4 77
783 x77
2
78
7814 7812 7712 78% 6,500 May Dept Stores new
25 75 July 17 85 2 Jan 3
1383 June 90 Nov
3
4
/
1
4
18
18
18
18
1712 18
17 4 18
3
1712 18
17% 175$ 1.900 Maytag Co
No par 1712 Aug 14 22 May 24
07012 72
71
71
71
71
704 7012 *70
72
70
705
8
800 McCall Corp
No par 56 Feb 3 743 Aug 1
4
100 100
*9912 100
9912 9912 9912 1014 *984 101
100 100
450 McCrory Stores class A No par 77 Feb 18 10472July 20
55 Mar 90 De;
•105 108 *10514 108
1064 1064 *10514 108
107 107
300, Class B
No par 8012 Mar 14 112 July 20
beli Mar 963 Dee
•112 115 *11012 11212 *1114 115 *11012 115 *1104 115 *105 107
4
*1103 115
4
I Preferred
100 109 Feb 8 117 July 19
07 Mar 11612 Sept
*21
221 *21
217 •20
8
21 •____ 21
2112 2112 *2012 207
200 McIntyre Porcupine Mines...5 2112 Aug 1
2411 Mar 283 Oct
2812 Mar 16
2512 251 *253 257 *25% 26
4
4
25 4 253, 26
3
26
*2512 26
300 Metro-Goldwyn Pictures pf_27 25 July 1
2712May 29
24
/ Jan 2614 Feb
1
4
203
29
4 294 301 28% 29% 2912 30
/
4
295 3012 2912 31
1
74.900 Mexican Seaboard 011_ _No par
4 / Jan 1
5
39 May 14
2012 20'2 203 20% 2012 207
3 Aug
94 Feb
2
2 2612 21
2114 214 213 224 28.800 Miami Copper
/
1
4
5 17 Jan
/
1
4
221g Aug 17
30
184 June 20 4 Dec
30
30
30
3
294 29% 30
30
2912 3012 295$ 297
5,000 Mid-Continent Petro_ _No par 254 Feb 20 33% Apr 28
•1114 114
2512 Oct 895/ Jan
114 114
114 114 *1094 114 *10914 1124 •109
14 112's
200 Mid-Cont Petrol pref
100 1034 Feb 20 11512May 11
44 45$
97 AP 105 Feb
412 48
412 4 g
5
412 452
412 412
s 6,700 Middle States 011 COrp
412 45
_10
23/ Jan 3
*34 33
7 2May 10
14 Jan
/
1
3
312 34
£4 4 June
,
34 34
312 314
312 312 *3
34 1.300I Certificates
14 Jan 3
10
212 212
De Jan
2May 10
57
21214 21214 205 211
23 June
4
2054 212
214 215
214 216
2,700 Midland Steel Prod pref_ _100 193 June 19 290 Jan 4 106
*1812 19
AP 315 Dee
1812 19
1812 1812 *184 19
19
19
185 19
8
700,Miller Rubber etre
No pa
1812 Aug 13 27 Jan 3
•147 167 *147 167 •147 167 '147 167
174 Nov 36h AM
167 167 •142l2 168
300 Montana Power
100 10214 Jan 10 175 May 3
19512 1971 1924 1961 187 19314 1871/ 1933 1923 1954 19214
814 Jan 1094 Oct
4
4
/
1
196 149,000 Monts Ward & Co 111 Corp_10 117 Jan 19 1993
712 71
712 714
7
130 Feb 12312 Dee
714
/
1
4
2 Aug 10
75
74 75
714 77
2
83
2 7.400 Moon Motors
No pa
5 Feb 6 1112May 11
/
1
4
2
/ 2t2
1
4
1212 Jan
6 Jun
23
8 2h
2
/ 212
1
4
2
/ 25*
1
4
23
2 24
/
1
212 213 3,900 Mother Lode Coalltion_No pa
2% Aug 10
412May 14
Lie Jan
14 Oc
471
: 8
2102 g
0712 8
*712 g
*812 9
4
*712 73
Motion Picture
No pa
5 Mar 29 11 May 9
.16
64 Sep
1611 Mir
/
4
161
1614 1614 16
16
16
16
*1512 16
16
16
600 Motor Meter A
No pa
13 Mar 22 2314 Jan 12
17 Nov
3834 A:
I
404 401
404 41
41h 43
434 44% 42
437
2 4212 4314 38,100 Motor Wheel
No pa
2512 Jan 12 4414 Aug 15
*7012 71
20 4 Jan 27 2 Mar
11
7
704 707
7014 714 70
71
713 74
4
74
753
9,300 Mullins Mfg Co
No pa
•110 1107 *110 1101 110 110 *10632 1107 •1063 1107
6914June 19 94% Apr 13
10
Jan 7914 Dee
2
2
*1063 1107
2
2
10 Preferred
100 104114 Jan 17 1103 Jan 9
Jan 1104 Dee
80
4
5012 501 *6012 51
504 501 *494 50
x50
50
400
473 48
NO pa
MA Mar 6 6212May 18
4
35 4 May 53 Nov
3
4584 5158 49% 511 517 543 544 581 *50 51 86,700 Munsingwear Inc
2
/ 54% 564
4
Murray Body new ____No pa
8314 843
4June 1
164 Oct 63 Feb
2112 Feb 1 583
4 8424 5638 8412 86% 85
/ 87
1
4
/ 864 873
1
4
8
2 855 878 40,800 Nash Motors Co
133 133
8014 Apr 1017 Des
4
No par 8014 Feb 20 101h Jan 3
/
13% 14
14
14
14
14
144 141
1414 184 4,900 National Acme stamped_ _10
/
1
85
5 Fe
74 Oct
85
74 Jan 4 1914May 2
*85
87
85
85
*8412 85
843 85
4
853/ 8512 1.200 Nat Bellas Hess
410612 108 •106 107 •106 107 *106
,
No par 41 Jan 3 95 May 4 3114 Sept 4431 Dee
108 *106 108 *106 108
Preferred
97 Apt
166 1701 16814 170
8514 Sep
100 9014 Jan 3 111 May 7
3 16514 1661 16534 16714 1883 167
4
16512 1673, 6,400 National Biscuit
4144 145 *14314 145 *14314
94 4 Jan 187 Dec
3
35 159'2 July 12 182 Jan 27
145 *14314 145 *14314 145 •1431 145
Preferred
Jan 142 Dee
65
100 1374 Feb 29 150 Apr 11 130
671
67
681
6614 681
5$ 7112 735
624 71
s 697 7312 227.400 Nat Cash Register Awl No par 4714 Jan 16 73 Aug 16
8134 823g 8112 821
/
4
/ Jan 511 Dee
1
4
39
/
1
4
807 82
2
803 82
4
/ 821/ 8412 84
1
4
3 56,100 Nat Dairy Products_ _No par 8412 Jan 5 8812May 15
85
*26
2
594 May 687 Aug
27
26
26
*26
261 *25 4 28
3
253 25
4
/ *253 26
1
4
4
400 Nat Department Stores No par 217 Jan 5 29 June 4
27
*9312 95
/
1
4
2014 Jun
/
*9312 95
*9312 95
*934 94
*934 94
394 Jul
*934 94
94 4 Jan
4014 413
1
lit preferred
4012 41
100 91 Jan 10 102 May 2
40% 41h 4012 41l± 42
434 41
443
8 7,900 Nat Distill Prod ctfs__ _No par 2914June 12 5812 Jan 9
17 Fe
60
*62
Oct
66
*6112 65
66 /
*62
1
4
12
66
64
65
*62
634
43 Mar 69 June
300 Preferred temp ctfa_.No par 5114June 13 711 Jan 9
/
1
4
293 31
2
/
4
3012 301 *30
303
304 305$ 301 307
/
4
304 31
3,200 Nat Enam & Stamping _ _100 2314 Mar 26 3712 Apr 12
35 June
/
1
4
19% AP
891/ Apt 91h July
*118- 1 Preferred
-195; 1295$ 1195$
100 9012 Mar 28 994May 15
120 '120 122 •120 122 •120 122
100 National Lead
*14414 145 *14414 145 '14424 145
100 115 July 1 186 Jan 31 595 May 202h may
•14414 145 •1444 145 *1444 145
Preferred A
/
1
4
127 4Mal 12 1131/ June 139 Dec
1
100 139 Jan
*119
*119
•111)
•119
*119
*119
_
Preferred B
2
324 3214 32% 3214 32% 3212 32
100 11215 Mar 20 122 July 17 1047 June 1154 Dee
32 2 3214 3354 334 33
3
-34 26,200 National Pr & Lt etfs__No par 215 Jan 16 867
•18
1914 June 28 4 Sept
3
8May 15
183 •18
4
/
19
•18
183 •18
4
183 •18
19
18h 20
1,100 National Radiator_ _ __No par
3
*62
36 4 Nov 394 Nov
.
70
14 July 25 40 Jan 9
3
*62
70
70
*62
*60
70 /
1
4
32
70
*62
70
Preferred
96 Nov 98 Dee
No par 60 July 24 984 Jan 17
90
*904 913
91
90 90
90
9112 914 9312 93% 95
3,400 National Supply
29514 300
78 May 977/ Dec
50 8414June 12 110 Apr 19
299 300 29614 299
295 297
298 301
29814 300
550 National Surety
*278 282 275 275 286 270
100 287 :June 13 370 May 15 4218 July 373 Dee
1
269 272
27012 27012 272 272
1.400 National Tea Co
2212 22 2 22h 23 2 234 233, 23
No par 160 Jan 17 28612 Aug 6 108 Apr 180 Dee
3
3
/ 24
1
4
23% 24
235 2414 54.900 Nevada Consol Copper_No par 17 4 Jan 18 25%May
2
414 4112 42
/
1
4
12 June 20 Dee
/
1
4
3
42
16
4112 42
4112 42
*414 42
*41
42
600 N Y Air Brake
•47
No par 40 June 1
3914 Oct 50 June
49
504 Feb 10
*47
49
47
47
1047
48
*46
47
48
47
400 New York Dock
*85
3
34 Jan 65 / Nov
100 47 Aug 14 541.8 Jan
89
*85
89
89
*85
854 854 *85
89
*85
89
100 Preferred
••100 101 *10012 101 *1004 101 *100 101
724 Feb 931/ Nov
100 8512 Aug 15 95 Jan 4
•100
101 101
30 NY Steam pre!(6)____No par 9914 Jan
11134 1113 112% 1127 *1113 113 *11134 113 •1113 101
934 Feb 1021/ Oat
10512May 16
4
4
g
4 113 •111h 113
In preferred (7)___ _No par 102 Jan 30 115 Apr 19 105
20
Jan 11411 Oct
Niagara Falls Power pf new_25 274 Apr 17 2912May 17
/
1
4
4
k 70l 7114 705$ 7Q7
273 Jan 29 May
70
'sl 707
701k 71
12 728- 72 - - 5; 11:466 North American Co
4
71
10 58% Jan 5 7812May 14
*53
54
45% Jan 844 001
5312 5312 52 523 *52 54
4
53
5332 5358 5318
800 Preferred
'
41014 1025$ 102 10212 lulh 1023 *10012 10114
/
1
50 52 Aug I
Jan 55 Aug
50
55 2MaY 16
5
2
101 101
10111 1011s
800 No Amer Edison pref. No par 1004June 29 105% Feb 7
*304 514 *5012 514 *504 51,
Oct
52 Jan 108
96
2 5012 504 *5012 5112 *5012 5112
40 Northwestern Telegraph.._50 50 Jan
4
473 Jan 56 Sept
55 May 15
312 3
34 34
/
1
4
378 412
312 314
4
Mg
4
412 3.900 Norwalk Tire & Rubber--..10
MI Feb
*9
211 Mar 1
10
14 June
5 May 21
11
10912 11
912 912 *9
*912 11
•94 11
100 Mutually Co (The)
8 Dec 13 Jam
/
1
4
._..NoPar
8 Mar 8 13 May 14
• Old and asked prIcee; no sales en this day. x Ex-dividend.
a Ex-tights.
930
New York Stock Record-Continued-Page 6
For sales during the week of stocks not recorded here, see sixth page preceding
Sales
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
for
•On
the
Friday,
Wednesday, Thursday,
Tuesday,
Saturday, I Monday,
Week.
Aug. 17.
Aug. 16.
Aug. 15.
Aug. 11.
Aug. 13.
Aug. 14.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Zane since Jas. 1.
basis of 100-share lots
Lowest
HigAes1
PER SHARE
Ranee for Previous
Year 1927
Lowest
Highest
$ per share $ per share I per shire
Indus. & MIscel. (Con.) Par $ per share
$ Per Share 3 Per share $ Per share $ Per share $ per share $ per share Shares Oil Well Supply
3114 Jan 3871 Dee
25 2014June 13 41 Jan 11
2,800
24
24
24
24
22
22
234 23
2312 2212 24
22
100 97 June 14 11013 Jan 11 10234 Mar 110 June
3101 Preferred
100 100
100 10018
100 100
100 100
8
998 997 *9312 100
11 Mar 1718 June
No par
6,700,0mnibus Corp
1012 Aug 14 1514Slay 10
1012 11
11%
11%
1012 1012 10% 1113 11
*11
11
11
Jan 9918 May
81
100 90 Jan 11 9938June 12
1 Preferred A
9512 *96
9712
9618 *95
9618 *95
*93
9612 *95
9718 *94
584 Feb 8238 Dee
4
500 Oppenheim Collins & CoNo par 673 Aug 17 8812 Jan 7
4
673 68
68
68
70
*68
69
*68
69
6812 6812 *68
1
237 Dee 35 Apr
1 18 May 9 244 Jan 9
Orpheum Circuit, Inc
4
100 75 May 9 102 Jan 5 1023 Nov 1084 June
1061 Preferred
86
861'80'2 Si- ;i6i2 Si - ;8612 If- '801x ii- -ioix - - 2 *7818 - - 50 14718 Feb 20 20912May 25 2103 Feb 155% 001
4
203 2043 20312 20312 1,500 Otis Elevator
195 200
195 195
195 195 .197 203
4
100 1194 Jan 24 12634July 19 108 Feb 1243 Aug
I Preferred
*12612
_ *12612 -_ •126l2 ----'1261'.
012612
012612
1212 June
8June 1
714 Feb
No par
1012 Jan 18 253
2212 2312 29,000,0tis Steel
8 23
2273
8 2218 ---- 225 -- Zig 22% - - -33 2218 225
22 '23
6112 Feb 91 Nov
100 8212 Jan 10 9778May 16
200 Otis Steel prior pref
9414 944 9412 *9414 947
9412 *94
*94
*9414 95
95
*94
4
523 Jan 99 Dea
No par 81 June 19 91 Jai 5
Outlet Co
89
*85
89
*85
89
*83
89
*83
39
*83
89
*83
73 Dee 851i Dee
25 702 Jan 3 957 Apr 18
7911 18,800 Owens Bottle
79
4
763 78
7638 77
77
771 7713 77
78
*77
Jan 120 Nov
4
100 1148 Jan 3 117 Mar 16 107
--__ ---- -- Preferred
____ ____ ____ ____ ____ ____ ____
-_31 Feb 50 Dee
4May 4
25 4313 Feb 28 533
Pacific Gas-Elec new
2200,
4
473 4M
8
4 475 48
4714 473 4712 4713 4712 4712 473
047
17 Jan
1 May
214 Apr 27
114 Jan 3
No par
Pacific 011
1,400
13
114
114
114
114
114
114
114
138
114
138
13
100 145 June 12 160 May 17 124 Mar 162 Dee
130,Pacific Telep & Teleg
149 151 *14712 150
148 148 01474 149
4
•1473 148 014734 148
3314 Apr 62 Dee
10 5614 Feb 18 8412June 7
8
823 357,500 Packard Motor Car
7983
8 81
4
4 753 7712 7612 7913 27814 813
763
75
dOls Dec 657 Jan
2
4
50 3814 Feb 20 533 Apr 3
3,200IPan-Amer Petr & Trans
42
8 41
414 417
41
4
*403 4114 41
41
41
42
041
4014 Dee 68% Jan
3
4
50 373 Feb 20 543 Apr 30
4 4213 428 4212 4314 11,600 Class B
423
4218 4212 42
4238 427
4238 427
1634 Oct 377 Jan
8
s
1718 4,100 Pan-Am West Petrol B.No par 1513July 23 283 Apr 28
17% 17
17% 17
17
17
17
17
17
167 17
8
Apr
1872 Jan
1112 Feb 11 2134May 14
1414 2,300 Panhandle Prod & ret__No par
8
1414 135 1418 14
•144 1512 1413 1413 1414 1413 14
54 Sept 83 Nov
100 70 Feb 21 10614May 15
100 Preferred
85
*81
86
8412 *81
*81
8412
*81
85
0
868 85 85
Jan 461 Oei
20
31
4 7612 784 2,700 Park 8,Tilford tern etfs_No par 34 Mar 10 85 May 5
7612 763
77
4 77
7612 773
78
7812 7813 78
1012 Dee
Jan
6
9 Aug 15 144 Jan
97 103 31,200 Park Utah C M
1
8
912 1038
8
93
9
97 10
98 10
98 10
334 Dec
12 June
918May 10
2 Feb 8
No par
614 64 62,400 Pathe Exchange
8 7
65
7
653
614 714
614 6%
612
6
184 Dec 4314 June
818 Feb 9 34 Aug 8
par
8 2612 2712 2512 2714 49,200 Pathe Exchange A new_No
2412 2614 257 2738 2518 2812 2612 275
184 Aug 277 Feb
s
10,800 Patino Mines & Enterpr____20 237 Jan 3 42 Apr 30
3312 34
35
4 33
8
3212 315 333
3258 3238 3212 3314 32
20 Apr 32
Jan
50 147 July 31 2578 Mar 18
1512 1512 1,300 Peeless Motor Car
15
8 15
163
8 15
8 167 167
*1614 1638 16% 163
1912 Sept 277 May
2
No par 228 Jan 7 37 Apr 17
4 9,000 Penick & Ford
3014 2912 293
29
2812 29
4
2838 29
8
285 2838 283 29
2112 Dee 39% Jan
2,000 Penn-Dlxie Cement__ _No par 141* July 18 31 May 2
15
1514 15
15
3
1514 147 15
8 15
153
15
1518 1518
91 Sept 100 May
100 78 Aug 1 9653 Apr 25
Preferred
8018 *79
8018 .79
80%
8018 *79
4
8018 0783 8018 078
078
Jan 1685 Nov
i
600 People's G L & C (Chic)_100 151% Jan 6 18912 Feb 2 126
181 18212
181 181 0178 181 *178 181 *178 181
,
4 179 182
854 Jan 1534 Des
Philadelphia Co (Pittsb)_.50 145 Mar 24 17434May 4
158 *150 159 *140 150
*145 155 *150 160 *144 155 *150
Jan 51 Dee
CI
15 4812May 7
20 5% preferred
50 4513 Mar
9
9
48
48
*47
48
*47
48
'47
Jan 5313 Sept
50
50 52 Jan 3 57 Mar 29
200 6% preferred
*5214 5212 5214 5214
*5214 5212 *5214 524 5212 5212 *5214 5212
3
373 June 675 Mal
8
8June 13 39% Jan 3
2913 5,500 Phila 4, Read C ,Sz I___No par 273
8 29
2914 295
3
2814 283 2812 2814 2812 2813 293
28
3714 June 47 Mat
Certificates of int__ _No par 27 Mar 13 38 Jan 12
_
__ ____
18 Sept 4114 Jan
10 15 Mar 1 2512.May 28
8,200 Philip Morris & Co., Ltd
4 1614 1718 1512 16
163
4
3 16% 1713 163
173
1714 17
17
3614 Oct 6014 Feb
,
No par 3514 Feb 20 44 8 Apr 30
3914 3914 4014 401 4013 4014 4038 4014 408 11,500 Phillips Petroleum
39
8
387 39
s
100 Phoenix Hosiery
5 27 Aug 10 38 May 81 3518 Dee 527 Aug
*2712 28
28
2712 27
*27
28
027
28
027
28
27
0
Jan 107% July
12
30 Preferred
100 98 Jan 9 10314 Feb 141 103
*9814 9912 984 993 *9814 9912 09814 9912 .9814 9912 *9814 99
91 Oct 2338 Mal
104 Feb 18 1838May 31
314 4,000 Pierce-Arrow Mot Car_No par
4
1314 1314 123 1318 13
13
1
13
1314 1314
13
13
37t4 Oct 1024 Jan
100 397 Feb 16 624lune 23
59
60
5914 5914 2,300 Preferred
59
60
59
58
58
53
59
*58
Da June
14 Mar
514 Apr 27
12Mar 3
25
214 23
214 212 4,600 Pierce Oil Corporation
214 214
8
214 214
214 214
8
214 23
1313 Mar 24 June
Apr 26
1,300 Preferred
100 1614 Feb 20 3012
21
2012 2014 2014 *19
20
21
21
21
•20
23
•20
211 Mar
512 JUDO
4 414
41
4l
638 Apt 27
313 Feb 16
4% 414 4,900 Pierce Petram tern ctfs No par
4
438
414
4
4
414
*4
8
307 Nov 3712 Aug
4
24112 4214 414 4214 4114 42% 7,900 Pillsbury Flour Mills-No par 323 Feb 18 45 Aug 1
4253 4238 4212 4314 4238 43
100 108 Jan 5 12018May 14 104 Aug 109 001
200 Preferred
118 118 *115 117 *115 118 *115 118
117 117 *116 118
325 Mar 7411 June
100 3612June 12 55 July 6
49 49
4
473 484 6,600 Pittsburgh Coal of Pa
4812 49
497
4812 5013 4813
46% 47
7058 Mar 98 Sept
100 81 May 1 8812J1,ly 9
300 Preferred
*8512 8618 *8513 8618 08512 8618 *8512 864
85
85
86
•85
Jan
94 Dec 101
Pittsburgh Steel pref
100 83 July 13 96 Feb 9
*8014 88
*8014 88
*8014 88
8014 88
0
*8014 88
*8014 88
3012 Apr 55 JUDO
8
100 26 Feb 10 367 Mar 20
300 Pitts Terminal Coal
*2814 32
*2814 32
*2814 32
27% 32
3018 0
29
*2718 30
74 Apr 844 Dee
100 69 Aug 11 82 Mar 13
10 Preferred
76
*69
76
*69
76
*69
69 69
*6618 76
*6614 76
65 Aug 9112 Jan
2
600 Porto Rican-Am Tob cl A_100 5334 July 5 797 Jan 6
55
55
551 5518
55
56
58
5512 5512 *55
*5512 58
1
15 Aug 527 Dee
No par 2314 Aug 15 3512May 18
2312 24
2312 2313 3,500 Class B
234 24
0233 24
234 234 .2312 24
8
925 Mar 12611 Dee
No par 6138July 17 13612May 31
8
4 65% 66% 663 6812 138,700 Postum Co. Inc
6412 653
66% 6418 66
8 65
663
64%
364 Feb 78% Dee
18 June 13 267 Jan 3
2212 2212 2234 *2112 2212 4,400 Pressed Steel Car new_No par
4
22% 213
2238 *21
22% .21
021
764 Feb 9218 May
100 72 Aug 6 88 Jan 4
900 Preferred
79
*75
79
075
*76.2 7812 7612 7612 7612 78
07612 78
1614 Jan 3371 May
3,600 Producers di Refiners Corp.50 16 Feb 17 2811oJune 6
24
24 18 24
231s 2312 237 2414 24
23% 24
24
24
2
367 Jan 50 Feb
Feb 20 49%June 6
50 41
10 Preferred
*4214 45
04214 45
4214 4214 *4212 45
.4214 45 .4214 45
55 Feb 71 Sept
20 Pro-phy-lac-tic Brush __No par 694 Jan 4 91 Feb 17
*6912 7"
*6912 75
694 6912 *6913 75
*6912 75
75
*6912
1
Jan 467 Sept
32
8May 7
15,500 Pub Ser Corp of NJ newNo par 4112 Jan 9 663
4
5412 5338 5438 543 5538 5512 5612
54
5414 55
5438 55
0812 Feb 105 Nov
300 6% preferred
100 103113 Jan 6 115 May 4
10512 10512 *105 106
10512 10512 0105 106
10412 10412 *10512 106
300 7% preferred
100 118 Jan 21 12912May 311 10812 Jan 12014 NOV
125 125 *125 126 *125 126
125
*125 12612 *125 12614 125
Jan 13514 Nov
100 134 Jan 7 150 May 4 125
100 8% preferred
0138 14318 *138 14118 *138 14118 *138 14118 138 138 *136 14118
Jan 1104 Dec
100 Pub Serv Elec & Gas pf1L_100 107 Aug 7 11012 Apr 25 102
s
s
o
s
*107 108% *10712 1087 •10712 1087 *1071z 1087 10712 10712 *107 1087
4
738 Aug 804 Dec
No par 7818 Aug 15 94 Slay 15
8 7912 797 17,300 Pullman Co new
787 797
8 7818 79
79% 797
80
3
8012 793
80
s
Oct 467 Jan
27
500 Punta Alegre Sugar
4
50 2314 Aug 2 347 Jan 3
24
4 24
4
*243 253
3
25 .2412 2512 02413 26
0244 2512 *25
25 Oct 334 Mat
25 19 Feb 1 2712 Jan 5
4 8,800 Pure Oil (The)
8 2314 2312 2313 233
4
8 223 243
4
223 227
23
8 23
8
227 227
100 108 Mar 15 119 June 6 ill's Jan 11512 Dee
1001 8% preferred
11314 11212 11314
113
11212 113 *11212
011212 11314 1131 11318 •11212
8May 7
75 June 15 897
17,600 Purity Bakeries new
828 28012 8113 8212 864 863 00
3 82
833
817 83% 82
158ft
613
Class B
-----No par 9614 Jan 3 171 Apt 12 - 4 Jail - - Nov
__ ---- --__ ___- ---_ ____ ___ ____ ____ ____
105 July 12 11512May 11
Preferred new
500
112
69
*iiii" 1- .109 10912 108 108 2108 108 108 109 17834 112 204,100 Radlo Corp of Amer___No par 854 Feb 20 224 June 2 41% Apr fof Nov
,
187
17218 17412 17312 1763 171 1744 17212 18314 183 18678
49 May 57 ADP
50 5412 Jan 4 60 Slay 16
200 Preferred
5612
5612 5612 563 *56
4
5612 *56
4
563 *56
*554 5612 *56
oiti Mal
204 Nov
10 24% Jan 17 403 Aug 17
8
403 29,300 Real Silk Hosiery
3612 3933 38
35 35
4 3412 355
4
333 343
*3312 34
80 June 99 Dec
100 8012July 12 95 Aug 3
50 Preferred
9112 *89
9112 *91
9112 *89
9112 9112 9112
9112 *89
*90
9 June
3
5 8 July
512 Feb 23 13 May 15
No par
77
600 Reis (Robt) & Co
*712 8
4 8
718
*712 812 *73
8
8
84
8
2012 Nov 4714 Dee
No par 2313 Jan 20 36125lay 31
2414 2512 248 2514 67,200 Remington-Rand
4 2518 26
5
4 25 8 263
27 273
2712 28
874 Nov 1024 API
100 9114 Aug 16 98 June 2
93
93
9114 93
93
93
*917 944 1,000 First preferred
937 947
8
*947 95
Oct 110 ADO
90
100 9212 Aug 13 100 Jan 24
200 Second preferred
4
*913 94
*9114 94
*9114 94
*9114 04
:
921 93
94
*93
2
254 Dec 267 Dec
10 2212 Jan 21 338*June 4
2812 40,300 Reo Motor Car
4
253 26
2712 27
26
3
4
253 2614 25 4 26
3
25 4 26
Oct 7572 Mai
3
631s 6112 627
8 57,400 Republic Iron ,k Steel- _100 491sJune 19 693 Feb ii
8 62 623
62
64
4 6214 657
4
593 6314 62
9638 Jan 106 May
100 102 June 25 112 Feb 6
1.200 Preferred
107 107
*
1064 10612 *10612 108
105 107 •1057 108
*107 108
13 Deo
4 Feb
84 Feb 18 1478June 4
No par
1114 11
1114
1118 11
1114 1238 11,400 Reynolds Spring
1118 1114 1114 118 11
98% Feb 162 Dee
4
132 132
132 132
8
4
1313 1323 1313 13212 132 13312 4,200 Reynolds (It!) Tob class B_25 128 Apr 24 15118.15a 3
4
1313 132
8
253 Dec 2853 Dec
4512 468 457 463
8 4512 46
8 463 46% 22,700 Richfield 011 of California_ _25 2313 Feb 17 53 May 15
8
4
453 463
8
455 46
Oct
74 Jan 194
25 145 June 13 233 May 4
16014 16012 16312 16312 18312 16312
6001 Rossia Insurance Co
16014 162
0162 164 •162 164
144 July 541j Feb
448 Jan 20 577 Aug 17
3 5714 573
4 57
5718 573
5614 567
8
577 11,900,Royal Dutch Co(N Y 'therein_
3
3 55 4 56
k
554 553
36 May 637 Mar
49 May 18
10 37 Mar 16
4014 41
41% 4314 8,100,81 Joseph Lead
4
393 3934 3952 391
3912 4012 397 401
3712 38
40
238
40
4112 4014 4218 14,500 Savage Arms Corp____No par 37 Aug 10 4218 Aug 17
3712 3712 38
*37
i June -33- Jan
414May 23
4
2 Jan 18
No par
212 213
23
212 212
212 1,800:Seneca Copper
212 234
212 212
212
023
55 Aug 747 Nov
4
2,700,Shubert Theatre Corp._Ne par 5434June 19 693 Jan 9
531
5814 5812 5818 5912 5878 59
5812 5812 5812 5812 *58
47
Jan 57 Sept
8
Schulte Retail Stores_ No par 497 Feb 18 674 Apr 14
6112 598 607 25812 60
5818 5918 58
5912 63.100
4 60
603
60
3June 28 129 AM 11 1164 Jan 123 Aug
12112
100 1187
Preferred
012012 12112 *12012 12112 *12012 1211 012012 12112 *12012 12112 *12012
4
83 Sept 153 Dee
8
10 Feb 18 1712June 18
No par
1414 5,300 Seagrave Corp
14
14% 1412 1418 1418
1413 1418
1418 1414
1414
*14
Jan 9118 Dee
51
Roebuck & ConewNopar 8218 Jan 16 13118 Aug 17
12753 12778 13012 12918 13113 104,400 Sears,
4
8
1257 1263 12553 12714 12518 127 212434
565* Jan 10118 Oct
No par 8012 Feb 17 131 Aug 3
11,700Shattuck (F G)
4
11914 1224 11812 1233 12318 12458 12414 127
123
121
122 122
4138 Oct 477, Feb
3
400,Shell Transport & Trading...C*2 393 Jan 24 51 June 27
5212 *513 5212 *5131 5212
4
*5038 521 *51
50
50
3
*493 50
4
2438 Oct 313 Feb
No par 2314 Feb 8 31 Apr 30
15,700 Shell Union 011
3
4
263 27
3
g
3 257 268 25 4 2612 265 27
2618 265
26
1414 July 263 Del
26
3
10 18% Feb 20 26 Star 30
2118 21 18 2,800 Simms Petroleum
21
8
8 2(5 2114 21
213
8 21
3312 Jan 6434 Dee
3
203 2038 2053 205
4J0ne 19 73 Apr 4
No par 553
Co
5812 58% 63
6112 6238 14,200 Simmons
5814 58
58
)
15
Oct 2218 Jan
1
584 584 581 59
8
173 Feb 20 304 Apr 30
4
264 2738 263 2712 2638 2714 89,900'SInclalr Cons Oil Corp_No par 10212 Jan 4 10912 Apr 26
263
26
97
Jan 1044 Dee
4
263 3733 2614 27
100
Preferred
0107 108 *107 108 *107 108
2418 June 373 Feb
8
0106 108 0107 108 *107 108
25 25 Fch 15 34 Apr 30
8 31
313
3114 9,500 Skelly 011 Co
31
3118 23012 31
3112 30
31% 3112 31
-Sheffield Steel & Iron 100 102 June23 134 Feb 6 11014 Nov 13414 Apr
107 111
600 Sloss
109 109 *101 110
113
1152 June 1638 July
0100 111 .100 113 *100
8
125 Jan 6 20 Apr 30
No par
3
Snider Packing
s 5,300
1714
16
8
167 161
155 15
4
44 Nov
5214 July
1618 1618 *1614 164 153 1614 4418 4418 45
No par 44 Jan 5 60 Jan 11
8001 Preferred
4518 46
46
44
41
45
*44
2
337 Aug 4238 May
8May 24
493
46
•44
4414 19,500 So Porto Rico Sug new _No par 3212 Feb 18
8 43
437
4 43
417
41
s 4112 423
403 42
3
413 413
133 Feb 1 14112 Aug 9 1184 Mar 137 Nov
100
101 Preferred
145 *13612 145 *13638 145
4
4
1433 1433 *13638 145 *13612 145 *13612
3152 Jan 45 Dee
25 4312 Jan 5 5414May 4
5
467 47% 2,900 Southern Calif Edison
4 4653 471
464 463
15 May 451,, Jan
85lay 21
4612 4613 4612 4612 4612 46%
Southern Dairies Cl A_ _No par 244 Jan 25 605
8 4.100
347
33
35
3512 343 3412 34
61 Oct 20
3512 35
30 Apr 2
Jan
9 Jan 23
No par
354 3512 3512
1414 1614 1412 1512 36,700 Class B
16
Jan 11211 Nov
103
1712 1712 153 1714 1418 1613 1438
20 Spalding Bros 1st prof__ _100 109 Jan 7 120 Apr
116 116
116 116 *11512 11612 *11513 11612
4
83 May
16 Dec
011512 116 *11512 116
12 Jan 16 20 Feb 2
par
No
250 Spear & Co
8
127 127 *1212 13
12
12
13
*12
12
12
73 Feb 88 Dee
3
•124 13
100 79 Feb 25 923 Feb 2
170 Preferred
89
86
8
88 2857 85% *8312 86
86
88
2018 Jan 287 May
86
88
8
*86
No par 2312 Jan 12 4214May 1
3518 36% 30,600 Spicer Slfg Co
4 3314 36
104 Feb 11112 Noe
3312 3312 3318 3312 3212 333
4
*333 34
100 110 Ahr 11 11318June
Preferred
__
___.
13,600 Stand Comm Tobacco_No par 26 June 22 3712Mar
3 33
8
-7- 325 - 8 3iT4 32
4
-1- 5i
-37
4May
Jan 665 JUDO
7 1
54
-51-8 11 8 -ii.- 12 4 -51F8 12 8 6312 117- 64 4
8
6614 855 6612 11,900 Standard Gas & El Co_No par 57 Jan 12 743
6418
5718 Jan 6612 NOV
*6314 6312 6314 6312 6313 633
50 65 Jan 3 7112May 1
500 Preferred
6714 6713 6718
4
4 6718 67% *663
7014 Jan 1043 Dec
4
*663 6718 6638 66% 6612 663
8
100 100 Jan 5 127 Apr 2
4 4,900 Standard Stilling
8
116% 1187 11712 1173
116 117
116 117
84
Jan 103 Dee
116 11712 116 118
100 100% Jan 3 112 Apr 2
60 Preferred
10412 10412
10318 10312 010413 106 0103 106 *10412 106
010312 106
8
6038 Apr 60 4 Jag
,
16,600 Standard 011 of Cal new No par 53 Feb 20 637 Apr 3
4
4
4 5712 573 25612 573
5714 573
4
3518 Apr Cis Feb
8 5712 4712 563 57
5714 575
375 Feb 18 49 Apr 3
8
4 4512 4618 453 4614 51,100 Standard 011 of New Jersey_25 28% Feb 17 4112 Apr3
453
4438 4518 445 4538 45
29% June 3414 Jan
4412 447
57 363 2353 3638 47,500 Standard 011 of New York...25
2
4
3
3512 3518 35 4 3
3
2 Mar
3518 3512 3518 35 3 35
43 Jung
Mg Feb 2
8
214 Jan 3
300 Stand Plate Glass Co_ No par
4%
373 37g *37
4
4
4
4 418 *33
4
*33
4
10 Mar 157 June
100 10 Jan 18 40 Feb 2
20 Preferred
*1712 19
*1713 19
1753 1738 •1712 19
*1712 19
•1713 19
9012 Jan 14312 Noe
No par 13414 Feb 28 150 Jan 2
Sterling Products
---- ---- ---- ---- -___ -_ .-__ ---- ---- ---- ---- ---- -- Stewart-Warn Sp Corp_No par 774 Feb 18 101125fay
5414 Mar 8712 Not
13,900
9312 9212 94
8
893 9012 89% 9153 92
9012 9114 901a 91
2612 June 60 Seal
4June
500 Stromberg Carburetor_NO par 44 Jan 3 743
50
5018 5018 *48
50
49
40
*4812 5012 50
50
*49
• Bid and asked prices; no Bales on this day. z Ex-dividend. a Ex-rights, I Ex-dividend and ex-thillta.
New York Stock Record-Continued-Page 7
For sales during the week of stocks not recorded here,see seventh page precedin
g
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Aug. 11.
Monday,
Aug. 13.
Tuesday,
Aug. 14.
IVednesday, Thursday,
Aug. 15.
Aug. 16.
Friday,
Aug. 17.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER BEARE
Range Since Jas. 1.
Os baste of 100-sltare1ots
931
PER SHARI
Lasgo for Prestos.
Year 1927
Lowest
Highest
Lowest
Highest
$ per share $ per share $ per share $ per share $ per share $ Per share Shares Indus.& MIscel.(Con.)
Par 5 per share
$ per share
Par share 5 pfir hen
7012 7112 70 2 717
,
4
8 693 713
8 7014 7312 7218 735
8 7112 73 102,900 Studeb'rCorp(Tbe) new No par 57 Jan 10 823
8May 25
49 June 6313
*124
_ _ *1243
4
4
_
*1243
4
4
10 Preferred
- - 1243 1243 •12434 _
- *12434
100 12112 Feb 25 127 June 19 118 Feb 12512 Sept
*314 37
8 *33
Nov
313 33
8 37
8
318
314 314
318 *34 312 1,500 Submarine Boat
No par
3 Feb 14
614 Mar 21
213 Feb
*4712 48
818 MAY
4714 4714 4714 4814 49
47
46
47
47
4912 4,400 Sun Oil
No par 8113 Jan 9 503 Aug 3
8
30 Mar 3478 Jan
•101 102 *102 107
108 *105 108 *105 108 *105 108
Preferred
100 100 Jan 6 10912 Apr 26
99 Aug 10133 Dee
612 63
8
618 612
64 612
64 612 5,500 Superior Oil
6 2 65
,
8
No par
213 Feb 17
912May 16
34 Dec
*1812 20 .18
612 Feb
•1812 20
20 •184 20
*1812 20
*1812 20
Superior Steel
100 18 Jan 18 237 Feb 6
2
18
14
14
Oct 28 May
*1312 14
1318 1318 1318 13 4 *1334 15
,
*1334 15
600 Sweets Co of America
50 1152 Feb 8 1812 Apr 26
7 Apr 16 Dec
*4
*4
5
*
4
5
*4
5
414 *4
412 *4
Symington temp elfs__ ,.No par
412
418 Jan 6
7 May 8
218 Sept
*1112 1212 1112 1112 11
11
8
1012 1012 11
Jan
1112 •12
500 Class A temp etfs___No par
1212
1012 Aug 15 193 Apr 27
8
6
•18
Oct 153 Nov
1812 18
18 2 *18
4
1812 •18
,
18
*18
18 2 18
,
700 Telautograph Corp____No par
18
1514 Jan 28 223
8Alay 17
114 Mar 1714 Nov
1438 147
8 143 1478
8
1418 147
8 143 1514 15
4
1514
1412 1514 17,900 Tenn Corp AG C
No par
104 Jan 16 163
8May 28
812 June 1314 Jan
6014 6118 605 61
8
6018 611: 6112 63
6218 63
62
63 4 54,800 Texas Corporation
,
45 Apr 58
673 68
2
6714 684 6718 677
8 6718 6814 6814 694 6812 6912 38,900 Texas Gulf Sulphur new No 25 50 Feb 17 6638May 21
Jan
pa7 6218June 12 803 Jan 4
8
19
1378 137
Jan 813g Sept
8 137 137
8
8 137 137
8
8 133 137
8
8 137 14
8
14
1418 4,300 Texas Pacific Coal & Oil__..10 1218 Mar 1
1712
12 Apr 184 June
233 237
4
4
8 233 2418 2314 2418 233 24
3
237 243
8
4 237 2412 16,400 Texas Pac Land Trust new__1 20 June 13 3034 Apr 30
8
Apr 27
1511 Jan 40 June
25
25 .
2518 26
*2518 253 *2518 25 2 *2518 2512 25
4
,
2514
500 Thatcher Mfg
No par 22 Jan 5 3912May 8
.48
164 Aug 234 BePt
483 *4818 484 *48
4
49 .4318 48 2 .4818 4853 4814 4814
,
100 Preferred
No par 47 Apr 13 6358.1une 1
.3612 37
365 365
43 Aug 504 Nov
8
8 3612 3612 3614 363
4 3714 38
38
3,200 The Fair
38
No par 34 Jan 3 4338May 16
244 Jan 36 Aug
611
*81
61
61
*61
6212 *61
63
*61
6212 *61
6212
300 Thompson (J R) Co
25
4.1une 4
184 1858 18
47
185
Jan 65 4 Dec
8 18
1338 18
1
183
2 183 1914 1014 213 29,300 Tidewater Assoc Oil__.No par 5614June 13 713
8
8
1434 Feb 20 2138 Aug 17
89
*88
*88
1538 Oct 194 June
89
*88
89
88
89
88
89
8914 89 4
800 Preferred
,
100 817 Mar 15 90 May 2
s
.26
27
*251 26
85
.
Oct 903 June
*2512 2614 26
4
2612 2512 2513 2534 26
1.100 Tide Water Oil
100 1958 Mal' 7 2738 Aug 9
*853 87
4
*853 87
19 July 2918 Jan
4
*853 87
4
867 87
8
*853
87% 875
700 Preferred
,
100 8834 July 26 9412May
12312 1241 124 12514 12314 12412 124 12634 126 4 87
,
85 Nov
904 Sept
1273 12612 12814 10,400 Timken Roller Bearing.No par 112% Mar 3 134 Jan 4
8
*9413 953
4
8
4 943 95
78
Jan 14212 Aug
9418 95
94
98
9712 981
96
98
11,400 Tobacco Products Corp
100 93 Aug 6 11818 Apr 16
•110 11012 *110 1101 110 110
924 Oct 1175 Dec
110 11114 11112 1121 113 113
8
1.800 Class A
100 1094 Aug 7 128 Feb 14 108
7 8 77
7
8
7 4 77
3
8
758 7 4
AD 1234 Deo
3
74 7 4
3
75
8 77
75
8 74 11,700 TranscT1 Oil temetfnewNo par
*47
4June 13 1018 Jan 12
48
47
8
477 *47
63
3 Apr
/
1
4
48
1018 Nov
43
4838 48
48
*47
48
700 Transue & Williams St'l No par 453 Jan 3 594 Feb 7
6818 6812 63
4
10 May 50 Dee
683
8 6712 673
4 67
68
6812 711
69
69
6,100 Under,Elliott Fisher Co.No par 63 June 13 7538klay 16
*12414 _ _
*12212 124 *122 ____ *122
45
Jan 70 Dee
____ •122
•122
Preferred
37
37
*27
100 119 Mar 1 126 Apr 13 123
40
37
Jan 125 Dec
37
*3612 3712
38
38
500 Union Bag dr. Paper Corp_ _100 3612 Feb 20 4914 Feb 1
15812 16012 1583 1613 15612 15812 157 16014 3612 361
4
8
3812 Jan 7314 June
16014 1623 16012 163
32,700 Union Carbide & Carb_No par 13618 Feb18 16712 Aug 6
*5014 51
50
503
8 4912 50
99Ig Jan 1544 Nov
5012 51
51
51
505 5118 4,900 Union Oil California
8
*114 117 •114 117 •114 117 *114 117
25 423 Feb 11 57 Apr 16
4
395 Jun
8
5811 Jan
*114 117 *114
Union Tank Car new.___I00 115 July 2 12818May 8
45
473
8 4612 4714 44
4414 4313 4514 453 461 x4512 117
Jan 1274 Dec
94
4
46
4,400 United Biscuit
•115 123 •11614 123 •1164 123 .11614 123
No par 3412 Apr 30 4738 Aug 11
3918 Dec 404 Deo
•11614 123 .
11614 123
Preferred
234 2378 2312 24
100 1124 Mar 22 118 Jan 23
233 2312 233 233
8
8
4 233 24
4
2312 235
8 7,800 United Cigar Stores new..._10 227 Aug 4 344 Feb 10 -•105 106 •10d 107
10612 10812 106 106 *105 107
8
3 -3 Dec - 1- 2;
118 Jill;
•1054 10812
200 Preferred
_
100 10518 Aug 1 11413 Apr 5 104 July 109 June
United Drug
100 190 Jan 5 210 Mar 17 159
Jan 2004 Nov
1st Preferred
;ai" 1E" .65 95 .65 95 '67l 72 *6812 72
50 59 Feb 28 604 Jan 4
5812 Jan 61 Dec
*6812 72
United Dyewood peel
100 453 Jan 20 744 Aug 8
4
364 JUI
69
Jan
135 135
135 135
135 135
1347 13512 13512 139
8
13612 13612 4,7001 United Fruit
7012 7012 70
No par 1311:June 12 14614May 7 1134 Jan 150 Bent
70
693 693
4
4 6913 693
4 70
70
"88
*9813 97
8912 1,000 Universal Leaf Tobacco No par 603
97 97
.9612 97
8512 Apr 5
8June 1
97
Nov 744 Dec
97
6018
9812 9714 *9612
80 Universal
•19
193
4 194 1914 *19
1914 19
964 Dec 1033 Apr
1914 193 1978 •1918 9712 1,100 Universal Pictures 1st pfd_100 9318May 7 100 Feb24
8
8
1913
Pipe & Rad_ _No par 1558June 12 28 Apr 13
94 .
.86
88
94
*86
92
*86
93
244 Sept 3714 Mai
*86
90
*86
94
Preferred
O230 250 *230 250 *230 250 .230 250 *235
100 88 Jan
102 Jan 12
814
U S Cast Iron Pipe dr Fdy _100 19018 Feb 27 300 Apr 9 1904 Jan 98 Dec
*124 130 *124 130 .122 130 *123 130 *123 250 .230 250
Aug 246 May
130 *123 130
Preferred
16
16 .
1534 16
100 115 Mar I
1512 1512 1513 164
137 Mar 19 112 Mar 125 Nov
153 1618 16
4
1714 8,300 US Distrib Corp new_ _No par
*81
83
*81
84
*81
1312June 2
84
2014 Jan 4
*81
84
144 May 2214 July
*81
84
*81
84
Preferred
*4912 5114 4912 4912 504 507
100 79 Apr
8 501s 5018 503 503
903 Jan 16
8
81 May 96 4 Sens
8
,
8 5013 51
113 1137 113 11313 112 11338 11112 113
700 U S Hoff Mach Corp vtcNo par 4818June 1
8
583 Jan 23
8
44
Oct 63 8 MaY
113 114
3
11318 1147 12,300 U S Industrial Alcohol...
1203 1203 •1203 121 *12033 121 .1203 121
2
8
8
.100 1024June 1
12214 Mar 19
8
69 Ma 11112 Dee
1204 1203 •12038 121
8
150 Preferred
4318 43 4 433 443
8
3
100 119 Jan 13 12214May 28 10714 Apr 121 Dec
8 434 434 4318 457
8 457 4714 46
8
474 20.100 U S Leather
6012 6012 *
No par 22 Jan 1
61
62
6018 61
51 May 7
5978 617
14 July 254 Nov
8 6114 627
8 6112 627
4,000 Class A
*107 108 •107 10712 107 107
No par 52 Jan
72 Apr 25
10714 10714 .106 10712 *106
27 4 June 5612 Dec
1
10712
200 Prior preferred
7913 7912 7912 7912 7912 804 80
100 10414June 2 10912May 14
89 July 10612 Nov
817
8 80
81
80
80
6,000 US Realty dr bunt new.No pa
313 32
4
315 32
8
6114 Feb
935
:3114 313
8May 4
54 AD
4 313 3178 32
3
697 Dee
8
3238 315 3214 8.000 United States Rubber
8
6033 61
100 27 June 27 6314 Jan 4
6014 6014 61
61
3714 June 674 Feb
6018 61
61 18 613
4 61
6112 2,900 1st preferred
46
46
100 55 July
4612 4612 46
10918 Jan 13
46
853 June 1111 Apr
4
464 4612 4612 4713 4718
8
4812 5,300 US Smelting, Ref & Min _50 394 Feb 20 52 June 4
*54
55
*53
54
*53
333 Jan 484 Dee
8
5412 *537 5412 *54
8
55
*54
55
Preferred
1393 143
8
1434 145
50 51 Jan 26 5,514 May 2
142 144
Ws Jan 54 Dee
14212 145
14538 1474 147 14913 641,500 United States Steel
1393 1397 140 140
Corp new. 1323
4
8
8-Tune 25 154 Apr 12 111% Jan 16013 Sept
140 140 .1393 1404 140 14012 *14014
4
141
1,200 Preferred
*86
89
100 1385 Jan 5 14714 Apr 26 /29
8
8712 874 *87
Jan 14114 Dec
89
87
87
88
89
8918 8918
800 II 8 Tobacco
No pa
86 June 18 105 Apr 16
67
Jan 974 Dec
•
129 134 •129 134 *129 134 •129 134
*129 134 *129 134
Preferred
•
150 165 *150 165 *145 165
10 12712 Jan 14 139 June 7 123
Jan 127 Nov
165 165 *145 175 .
145 175
39
30 Utah Copper
39
1
39
139 Jan 17 165 Aug 6 111 Feb 162 Dec
3912 38
337
8 3812 337
8 387 4012 39
8
4012 12,200 Utilities Pow & Lt A__No pa
7013 73 4 72
,
7312 70
284 Feb 20 4534May 31
711
27
Jan 34 May
704 7314 714 73 2 7214 7514 28,500 Vanadium
,
•15
Corp
177 *15
No pa
177 *1512 177 *1512 174 •1512
60 Jan 18 96 Mar 15
8
37
Jan 874 Dec
177 *1513 177
8
•
53
543 *53
8
8
Van Raalte
5438 *53
No pa
75 Jan 7 193
8
4June 23
543 *53
61,Sept 1433 Feb
3
5478 *5314 .54
545 5458
8
684 681 *684 6812 68
40 lot preferred
10
434 Jan 6 60 June 25
68
4214 Dec 64 Feb
6718 68
673 68
4
677 68
8
9312 941
3,000 Vick Chemical
935 9414 9213 9358 9212
8
No pa
58 Jan 17 74 May 14
48
Jan 635 June
8
96
953 9612 963 9314 58,800 Victor Talk Machine .No pa
8
•186 200 *182 200 •I32 200
8
525 Jan 3 1043
8
4May 8
32 July 54% Dec
*106 1071 107 107 •105 107 *188 19913 •190 19712 *193 19912
100 6% preferred
No par 1084 Jan 3 20212kiay 7
87
•10512 107
Oct11138 Dec
107 107
107
•13
131
125 13
8
200 7% prior preferred
1258 13
100 10112 Jan 6 11112 Mar 28
1:312 1312 133 133 •I3 107
9614 Oct 1024 Deo
4
4
523 523
4
133
5212 523
4 1,000 Virg-Caro Chess
4 5212 53
No par 12 June 12 163 Feb In
712 May
4
*53
1512 Sept
5312 5318 531g X51
*9512 961
5112 1,500 6% preferred
9512 9512 *9514 96
100 445 Jan 18 5512Ju1y 25
8
*96
2618 Apr 4834 Dec
9612 9512 9512 *9412 95
•
27
35 .
27
35
200 7% preferred
*27
100 884 Jan 1
35 .27
97 Apr 27
73 June 91 Nov
35
27
27
•50
.27
52
*50
33
Virginia Iron Coal & Coke.100 27 Aug 16 50 May 22
52
100
*
50
52
"50
36 Dec 51
52
50
Jan
50
14
•50
143
8 14
52
1418 14
50 Preferred
141, 14
100 50 Aug 2 625 Jan 13
8
14 '1414 1412 14
6212 Dec 7813 Ault
•80
831 *80
14
8312 *80
1,800 Vivaudou (V)
No par 113
8312 *80
4June 26 253 Jan 4
8
204 Dec 3914 June
8312 *79
82 .
32
321
81
82
323 3413 313 313
2
Preferred
4
100 78 June 22 100 Jan 28
4 32
33 8 3312 3313 315 3158
5
95 Dec 11812 June
•
7818 89
8
*784 89 .7818 89
230 Vulcan Detinning
100 2212June 13 433 Jan 11
*734 89
4
1612 Jan 80 Aug
•7818 39
24
*7818 89
24
*24
25
24
Preferred
24
100 74 June 21 97 Jan 12
25
25
*223 25
90
4
Jan 125 Aug
*223
21
213 .21
8
2132 *21
2112 21
120 Class A
100 1912June 2
2114 214 2114 . 4 25
38 Jan 11
16
Jan 591 Aug
4
2114 211
•15
151 *15
1512 1.5
1,100 Waldorf System
15
15
No par 1913 Jan
15
27 Apr 9
1514 153 *15
1814 Dec 25 Feb
8
*91
151
92
*
91
92
*91
500 Walworth Co cite
92
*91
No par 1412 Aug
92
19 May
91
17 Dec 244 Apr
91
9178 917
8
60 Ward Baking Class A No par , 91 July 2 123 Feb 16
1738 18
174 18
1713 1758 1714 1738 1712
2
894 Apr 1183 Oct
4
19
1814 187
*88
90
*89
90
90
6,300 Class B
90
*90
No pa
9014 .90
1512July 27 295 Jan 13
8
9014 9018 901
174 June 33% Feb
7518 784 7612 84
793 863
200 Preferred (100)
4
4 8318 87
88 Aug 2 974 Jan 19
843 867
84 Apr 1004 Nov
8
8 813 853 300,500 Warner Bros Pictures No pa
363 37
8
4
37
37
363 363
4
4 365 37
8
A __ _ _1
22 Jan 5 87 Aug 1r
1814 Dec 454 Jan
36
% 377
8 3713 373
160 160 *160 16212 160 160 *155
4,400 Warner Quinlan
No pa
159
28 Feb 17 4138June 7
160 160
24 June 3412 Dec
158 161
•52
55
*52
55
*52
800 Warren Bros
55
*52
55 .52
No pa 140 June 20 1924 Apr 11
.55
85
Jan 180 Nov
52
16
16
*16
52
17
•I618 17
30 1st preferred
*1614 17
5
•1618 17
50 Jan 6 61 Apr 16
43 Aug 71 Dee
•1618 17
624 6218 .62
64
*6212 63
100 Warren Fdry & Pipe_ __No par
624 625
13 June 12 254 Apr 14
18
Oct 27 June
•
100 101 *100 101 *100 h.1 .100 101 8 *6213 63
6212 621
300 Weber ac Hellbr, new c_No pa
*100 101 •100 101
5918June 12 7012May 8
6514 Dec 754 Aug
144 144
145 146
14214 14318 142 142
Preferred
10
14412 1441 14313 1441
9912June 19 103 Jan 3 1013 Nov 1033 Aug
4
,
4312 4312 44
44
43
43 4 43 8 44
3
1,600 Western Union Telegram._10 1393 July11 17712 Jan 3 1444
3
44
45
Jan 176 Dec
45
94
9514 94
451
947
2 9314 94
9314 977
5,300 Wetnghse Air Brake newNo pa
8 9714 983
4218June 4 574 Jan 27
40
Oct 5012 Sept
8 963 1013 89,900 Westingho
9812 9812 963 963 .98
4
4
4
99
*98
99
use Elee & Mfg_ _5
8818 Jan 5 112 Mar 31
675 Jan 944 Dee
8
*2112 2212 207 22
8
4
99, 1043
2114 2112 2112 217 "9914 104
8 22
60 lot preferred
5
954 Jan 5 110 Mar 31
22
82 Mar 1037 Dee
2
*3212 33 .3212 33
22
*3213 33
23
*3212 :33
2,200 Weston Elec Instrum't_No par
*3212 33
1211 Jan 6 234June 7
11 Sept 181 Feb
8
*105 107
.3212 33
107 107 •105 107 *105 107
Class A
•105 107
No pa
30 July 34 4 Apr
*11012 112 .1103 112
30/4 Jan 3 401255ay 22
3
4
1103 111
8
11038 1113 *11014 1101 •105 107
20 West Penn Elec Cl A vtf No pa 103 June 22 112 Apr 9
4
974 Jan 111 Aug
101 10112 101 101
110 11014
101 10134 10134 10134
190 Preferred
10 10$ June 13 11514 Apr 9 102
8
Jan 112 Sept
•11512 11612 116 116
4
11512 11512 *11512 1 161 1003 1013 1013 102
680 Preferred (6)
3 1154 1161
:
9812July 21 1041 Apr 10 101 Dec 1013 Deg
10
4
*10614 110 *1064 110 •10614 110
108 108 .108 110 2 *11512 11638
70 West Penn Power pref.
...100 114 Apr 9 118 June 27 111
Jan 118 May
•108 110
*57
61
*5614 60
5614 563
8 55
55
100 6% preferred
10 103 June 28 113 Jan 6 1004 Jan 111 Dee
2618 2314 26
263
8 2614 2614 261 2 2712 5512 5512 *5518 57
500 West Dairy Prod Cl A_ _No par 5312 Jan 6 78 Apr 11
267
8
5318 Dec 57 Nov
2512 2512 247 25
8
2412 2458 243 2412 243 2814 2714 2714 7.100 Class B
8
No par 203 Jan 5 49 Apr 12
2
4 2434 2413 2478
244 Dec 283 Nov
8
2,400 White Eagle Oil& Refg_No par 2018 Feb 21 265g Aug 1
364 363
4 3614 3613 361g 367
20 Dec 2712 Feb
, 36 2 3712 3
,
714 355
8 3 4 383
3814 384 •30i2 3814 *3612 38
63
8 7,700 White Motor
3612 3712 373 373 .3712
No par 3014 Feb21 433
4June 1
3014 Nov
4
5335 Fen
4
3754
*3412 347
8 3412 35
3418 35
3434 3814 353
600 White Rock Min Sp ctf
50 3418 Jan 19 445
8May It
4 374 3614 37
28
Jan 4112 Sept
*5214 54 .5214 53
*5214 53
*5214
4,700 White Sewing Machlne_No par 3314June 13 45 Mar 7
4
214 Mar 584 Aug
2112 2214 2114 2134 203 523 *5214 5312 *5214 533
2138 217
4
8 213
White Sewing Mach pf_No par 52 June 13 5514June 6
21
48 Feb 59
2112 2114 217
Jan
98
•97
*97
98
97
8 31,600 Willys-Overland (The)
97
97
97
5 174 Jan 16 28% Apr 9
134 Oct 248 Ma/
98
4
*97
8
8
123 123 •1212 13
*1212 13 •1214 123 *97
98
300 Preferred
4
100 923 Jan 3 10112May 25
127 127
8
87 June 96 Aug
8 127 124
8
2714 273
*2718 271
27
2714 27
800 Wilson & Co Inc. new _No par
2714 264 281a 28
1112 Jan 3 18 Feb 14
10 May 17% Feb
6714 671 *6714 69
*6712 68
28
,
*67 2 691
,
No par 22 Jan 3 35 May 15
69
1614 May 327 Feb
s 69 3 6912 2.300 Class A
8
18212 184
182 182
,
18114 1831 18214 1861 1843 693
700 Preferred
100 66 Jan 3 773 Feb 11
4
4 1857 184
58
Apr 84 Feb
8
393 407
8
39
8 3812 39
405
18534 10,200 Woolworth (F W) Co
39
407
25 17512 Feb 20 1963
40
4May 9 1173 Jan 19812 Dee
4
4012 3912 4012 9.200 Worthing
69
*57
59
*5413 59
*57
*56
ton P & M
59 .58
100 28 Jan 5 44 Aug 3
204 Jan
5912 59
46 Jung
*48
50
50
*48
59
48
48
48
100 Preferred A
48
100 4614 Jan 19 61 Aug 3
•48
44 Dec 614 June
50
49
150 1511 14812 1511 147 149 x1464 1541 153
49
300 Preferred B
100 41 Jan 4 52 Aug 3
15714 155 160
37
Oct 544 June
697
693 *68
*68
683 693 *68
4
29,100 Wright Aeronautical _No par 69 Feb 27 245 May 16
697
69
69
2412 Apr 944 Deg
694 693
4
*65
65
65
66
653 653
8
2 654 6538 . 2 70
400 Wrigley(Wm Jr)
No par 68 July 2f 7912 Mar 22
1353
60, Jan 721 Dec
4
313 32
313 311
8
8
3118 311
314 317
600 Yale & Towne
25 65 Aug 3 8412 Apr 25
313 3213 68
4
7014 Jan 844 Aug
3271 633 25.800 Yellow Truck
:3:
81
•85
.35
86
*
85
95
95
*
85
& Coach Cl B_10 2753 Feb 28 40 May 8
96
*85
95
26
*85
Jan
95
40 Aug
88
864 88
88
874 83
Preferred
8812 881
100 875 Jan 9 98 Apr 20
8
89
8914 89
8312 Aug 995 July
91
8
5,600 Youngstown Sheet teT_No par 83122 one 19 1084 Jan 26
804 Oct 1004 Dee
•Bld and asked prices; no sales on thls day. a Ex
-dividend.
Rx-rigets, •No paa value,
932
York Stock Exchange—Bond ore now "and interest"--excem for income and Yearly
New Exchange method ofquoting bonds was changed and pricesRecord, Friday, Weekly and defaulted bonds
the
Jan.1 1909
BONDS
.
N. It STOCK EXCHANGE
Week Ended Aug. 17.
8.
U. S. G00000menL
First Liberty Loan
3D
333% of 1932-1947
3D
Cony 4% of 1932-47
3D
Cony 434% of 1932-47
3D
,
1
2d cony 43 % of 1932-47
Third Liberty Loan
MS
434% of 1928
Fourth Liberty Loan
AD
434% of 1933-1938
1947-1952 AD
Treasury 4348
1944-1954 3D
Treasury 48
1946-1956
B
Treasury 3gs
1943-1947 J o
Treasury 334s
Treasury 3328 June 15 1940_1943 3D
MO
Range
Since
Jas. 1.
Week',
Range or
Last Sale.
Price
Friday.
Aug. 17.
Ask Low
Htok No. Low
High
9913ss 9915at 211 99132110133n
1003221010n
1005:1J'ne'28
,
Sale 1001312 101 a, 167 Ilk 1031*st
01322 102142
- 102322 Apr'28
422
214 9931n100
99342 Sale 99111ss 100
99142 Sale
01
0142 Sale
11 Sale
06 Sale
03332 Sale
982022 Sale
98242 Sale
100318210111st
1093421111122
100.331061in
1021st 1031112
981ss 98uss
9815,2
98
753
116
203
222
36
660
1013322 104
109**32116%
114**4311113st
10211,1 10810st
98*u 10311ss
991111
98
State and City Securities.
NY City-434s Corp Stock_1960 M
431s Corporate Stock_ _ _ -1964 M
1966 AD
4gs Corporate stock
1972 * 0
434e Corporate stock
1971• D
43213 Corporate stock
434e Corporate stock_July 1967 J J
1965 J D
432e Corporate stock
1963 M
4318 Corporate stock
1956 MN
45 registered
1959 MN
mock
4% Corporate
1958 MN
A% Corporate stock
1957 MN
4% Corporate 'stock
1936 MN
412 registered
435% Corporate inock_1957 MN
Corporate stock_1957 MN
4.4%
334% Corporate at—May 1954 MN
333% Corporate st__Nov 1954 MN
New York State Canal 4s1960
Mar 1962 MS
la Highway
9934 102%
10214 10512
s
103 1053
105 105
3
10812 109 4
107 11018
4
107 1093
4
1053 1093
4
0812 1003
4
4
98 1013
4
9812 1013
9918 10134
9934 5003,
7
10418 108 8
10614 1083
4
90 934
Ms 9313
9813 100 9934 July'28
99 10214 10234 June'28
99 10214 103 June'28
99 10314 105 Mar'28
102 109 10812 June'28
4
102 1063 107 July'28
102 10612 107 June'28
102 1083s 10534 July'28
9812 June'28
98
977s 991s 98
94
984 9812 July'28
993 9918 July'28
94
4
4
993 May'28
_
10415 gale 10418 1044
101 10534 10614 June'28
,
91 4 9012 July'28
86
4
893 9012 July'28
86
10514 Apr'28
10312 June'28
Foreign Govt. A Municipals.
47
13
5
6
3
2
3
1947 P A
Agri° Mtge Bank s f 68
Antioquia (Dept) Col 7sA 1945 33
1945 ii
External a fin ser B
External at 75 series C....-1945 33
1945 33
External st 7s ser D
1957 AD
External a f 78 1st ser
1957 AD
sec s f 78 2d ser
Ertl
1957 AD
Ertl sec at is 3d ser
Argentine Govt Pub Wks 65_1960 * 0
of)—
Argentine Nation (Govt
Sink fund 65 of June 1925_1959 J D
Exti s 1 6s of Oct 1925.-1959 * 0
1957 MS
Sink fund 65 series A
External 68 series B—Deo 1958 ID
May 1926 __.1960 ▪ N
Extl f 69 of
External s f 68 (State Ry)_1960 MS
A
'
Extles Sanitary Works-1961
Ext tia pub wks(May '27)_1961 ▪ N
Public Works extl 530-1962 P A
Argentine Treasury 5a Z.— _1945 MS
Australia 30-yr 68 --July 15 1955 33
External 55 of 1927—SePt 1957 MS
1958 ▪ N
Ertl g 4348 of 1928
1943 3D
Austrian (Govt) a f 7s
8812 8912
9814 974
97 Sale
96 Sale
96 Sale
944 9512
9414 96
9412 Sale
994 Sale
59
97
964
96
9512
9512
9414
9414
994
9912 Sale
9914 Sale
9938 Sale
9938 Sale
994 Sale
9913 Sale
9912 Sale
9938 Sale
95 Sale
9134 92%
8
967 Sale
97 Sale
4
873 Sale
1034 Sale
9938
994
9938
994
9914
9938
9914
9914
9412
,
91 4
9612
9612
87
0212
4 36
993
4 32
993
58
100
4 43
993
3
99 4 39
8 91
993
9912 95
9938 48
52
95
8
92
9714 91
9714 109
8
877 395
10314 36
Bavaria (Free State) 6341L-1945
•A
Belgium 25-yr ext If 734s 2_1945 3D
1941 P A
20-yr a f 88
25
-year external 6320-1949 MS
1955 33
External 8 f 68
1955 ii)
-year f 7s
External 30
1956 MN
Stabilization loan in
1945 MN
Bergen (Norway) s f 85
-year sinking fund 6.1_ _1949 * 0
15
Berlin (Germany) a 1 634s__1950 *0
Bogota (City) ext'l 5 1_88_1945 AD
Bolivia (Republic of) extl 85_1947 MN
1958 3 J
3xt'l sec in
Bordeaux (City of) 15-yr 69_1934
N
97 Sale 9612
11434 Sale 11414
11018 Sale 110
1051, Sale 1E1434
10038 Sale 100
8
107% Sale 1073
106 Sale 105
9612 9634 113
100 10012 10012
4
9938 Sale 983
105 106 10518
105 Sale 10478
9612 Sale 96
4
8
997 Sale 993
35
97
1143
4 79
8
11012
10512 83
8 79
1003
56
108
1064 133
1
113
1003
4 12
99% 39
3
10514
10514 48
9612 82
26
100
Brazil(U El of) external 89_ —1941 3D
External a f 634s of 1926 1957 * 0
1957 AD
Extl at 6348 of 1927
1952 3D
713 (Central Railway)
7.349 (coffee secur) £ (flat)-1952 AD
Bremen (State of) eztl 7s-1935 MS
1957 MB
Brisbane (City).t 58
Budapest(City)*WI at65-1962 1 D
Buenos Aires (City) 6355-1955 j j
Ertl a f 68 ser C-2
1960* 0
1960 A 42
Ertl 3 I 68 ser C-3
Buenos Aires (Prov) extl 68_1961 m s
Bulgaria (Kingdom) s f 7s 1967 j j
10812 Sale
96 Sale
954 Sale
10012 Sale
10412 107
10114 Sale
9234 Sale
3
53 4 Sale
10078 Sale
99 Sale
Caidas Dept of(Colombia)734a'463 j
Canada (Dominion of) 53-1931 A 43
1929p A
10
-year 5%8
1952 m N
be
4.3411
1936 F A
1954j j
Carlsbad (City) s 1 8s
Cauca Val (Dept) Colom 7355'46 A 0
Central Agri° Bank (Germany)
Farm Loans f in Sept 15 1950 M 5
Farm Loan f 6a_July 15 1960 J
Farm Loan s f 65_0ct 15 1960 A 0
Farm Loan 68 sec A _Apr 15'38 A0
P A
Chile (Republic oll20-year external s I 72-1942 MN
External sinking fund 65-1960 AO
1961 P A
External s f Os
1961 .1
Ry ref ext1s11342
Chile Mtge Bk 13349 June 30 1957 3D
St 634 of 1926—June 30 1961 ID
,
Apr 30 1961 A0
Guar
62
Chinese (Hukuang Ry) 56-1951 3D
Chriatiailla (Oslo) 30-yr a 1131 '54 MS
9934 Sale 9912
10018 Sale 100
10018 10014 10012
10412 105 10412
98
984 981s
10712 108 1074
101 Sale 101
90
9773
97
9612
9512
9512
95
95
4
993
29
10812 10914 40
964 146
2
95'
96% ho
8
953
4 54
10014 1003
10712 Aug'28
9
10114 10112
9234 17
91
8412 108
8212
11
4 101
1003
99 Aug'28
6
4
993
99
4
943 129
9414,Bale 94
1
9114
9114 Sale 9114
100
101
1004
10512
9918
1077
s
101
35
31
15
64
8
1
2
9938
4
863
8612
89
35
101
8812 112
88 317
904 132
4
102 Sale 1010
3
9418 Sale 93 4
4
94 Sale 933
4
9378 Sale 938
9738 Sale 964
Sale 9912
100
92% Sale 92
8
34 Sale 327
4
100 1003 102
10234 29
9412 170
944 79
944 165
97% 24
54
100
49
93
13
34
2
102
3
99 4 Sale
8814 Sale
8
873 Sale
3
90 4 Sale
9914 15
Cologne (City)Germany 63451950 MB 9814 Sale 9814
9114 32
Colombia (Republic) 65.----1961 33 9118 Sale 91
9134 112
External at Gaol 1928-1961 * 0 904 Sale 904
4 11
883
Colombia Mtg Bank of 6%5_1947 £0 8812 Sale 8812
1
94
Sinking fund 7a of 1926___1
MN 92 9212 94
3
94
is of 1927___194 P A 93 Sale 9234
Sinking fund
18
96
195 3D 96 Sale 96
Copenhagen (City) 58
88% 196
4
1953 MN 88% Sale 873
25-yr g 4348
9
97
2957 P A 97 Sale 9612
ge
Cordoba (City) aril
9612
External a f 78 Nov 15 1937 MN 96
9614 96
8
Cordoba (Prov) Argentina 781942 ii 9934 Sate 9834 10012
9612 35
Costa Rica (Repub) ext1 78_1951 MN 9613 Sale 96
6
1944 ▪ B 10014 10012 10034 1003
4
Cuba 58 of 1904
_ 0214 July'28
External 58 of 1914 ser A.1949 P A 10212
External loan 4345 ser 0_1940
• A 99
9934 98 July'28 _
Sinking fund 15348_Jan 15 1953 J
10512 Sale 0112 10518 88
c On the baals of 55 to the t sterling:
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 17.
Cundinamarca (Dept-Col) 78 '46 J
Czechoslovakia(Rep of) 88_ _1951 A0
1952 * 0
Sinking fund 8s ser B
Danish Cons Municip 85 A__1946 P A
1946 P A
Series B 5 1 8s
1942 ./
-year extl 6s
Denmark 20
Deutsche Bk Am part elf 6s_1932 MS
Dominican Rep Cost Ad 5345'42 MS
1940 AD
1st ser 53is of 1926
28 series sink fund 534s 1940 *0
Dresden (City) external 78-1945 MN
Dutch East Indies extl 6s_ 1947 J
1962 M
-year external 68
40
1953 M
-year external 5305
30
1953 MN
-year external 5308
30
1948 33
El Salvador (Repub) 8a
Finland (Republic) WI 65_1945 MS
1950 M
External sink fund 7s
51956 MS
External s 1 6318
1958 P A
Ertl sink fund 530
Finnish Mun Loan 6349 A 1954 AD
External 6348 serlea B_ _1954 AD
French Republic ext 7%5_1941 3D
1949 ID
External 78 of 1924
German Republic ext'l 7,3_1949 * 0
Gras (Municipality) 831
1954 MN
Gt Brit & Irel(UK of) 5%8_1937 P A
1929 P A
-year cony 534s
10
4% fund loan Lop 1960_31990
N
5% War Loan L opt. 1929_1947 3D
Greater Prague(City)730s 1952 MN
Greek Governmental sec 78_1964
1968 P A
Sinking fund sec 65
Price
Friday.
Aug. 17.
Week's
Range or
Last Sale,
Ask Low
13t4
9978 100 100
110 Sale 084
109 Sale 0812
11012 11114 1012
1104 Sale 10%
10414 105 037s
97% Bale 9714
100 Sale 00
---- 954 9514
9412
100 Sale oo
3
10312 10414 03 4
103% 104 03%
4
4
1023 Sale 023
4
10278 1033 024
Rang.
Since
Jan 1,
MO
Mgt No. Low
5
934 100
100
28 108 112
110
14 108 112
109
4 11018 1121s
11112
11114 31 110 11178
40 103 10638
105
9712 25
97 99
1
,
10012
4
97 100'
8s
1
05 100
9514
9412 9912
6
96
8 100 1024
10012
1034 56 103 105%
4 79 103 10511
1033
4 Rpm 1041
4
4
1023
2 10114 104 2
1
1024
4 107 114
13
1087s Bale 0872 109
951a 10013
974 25
9734 Sale 9634
9914 10212
0014 10012 12
10014 Sale
1
/
9734 1014
4 23
983
9812 983 984
4
31
96
91
92
9112 Sale 91
prj 101
4 12
983
984 987 98
8
1
95 101
9814
9814 984 9814
115 Sale 11414 11518 93 113 11975
10634 Sale 10612 10714 89 10512 10911
3
8
10612 86 1047 107 4
s
1063 Sale 106
10118 Sale 10118 10112 14 101 10414
3
10413 185 103 4 1064
104 Sale 104
58 1163 119
4
11814 Sale 11814 119
3 r8514 90114
8512
86 c8518
c85
298% 99%
8
e977 9878 29914 July'28
5 10434 10914
4
1053 Sale 10534 106%
2
963 1003
4
99
983 98 4 99
3
3
8414 92
8712 90
8412
4
853 Sale
100% 22
1952 AD 100 10014 100
Haiti(Republic) s f 138
4 48
973
1946 A0 97 Sale 96
10514 10514 Hamburg (State)68
Heidelberg(Germany)ext 7%250.13 10414 10412 10412 Aug'28
10313 10311
8
2
993
2
Hungarian Munic Loan 7345 1945Ii 9928 Sale 973
20
95
95 94
External a f is__ __Sept 11946 II 94
7
97%
9734 983 97%
3
M Inst 730s '61
Hungarian Land
8
Hungary (Kingd of)sf734s1944 PA 100% Sale 10012 10112
30
98
95 Irish Free State extls. at.88_1960 MN 96 Sale 9514
89
974 133
9738 Sale 9714
941s 10038 Italy (Kingdom of) ext'l 7s 1951
27
96
941.1 99 Italian Cred Consortium in A1937 MS 96 Sale 954
951g 46
4
943 Sale 9412
Ertl sec s f 7s ser B
1947 M
94 9824
965g 24
3 9634 Sale 96
9512 96 Italian Public Utility ext 78_1952
934 31
9278 Sale 9234
1931
9324 99 8 Japanese Govt £ loan 4s
7
99
-year a f 1334s
30
1954 P A 10112 Sale 10138 102
9318 9812
1
100
1947 P A 100 10012 100
9414 9612 Leipzig (Germany)81 7s
14
98
Lower Austria (Prov) 7308_ _1950 ID 9612 98 98
99 10012
994
993
4 26
4
Lyons (City of) 15
-year 63._1934 MN 993 Sale
99 10034
8
99 1003s Marseilles (City of) 15 yr 6s.1934 MN 9934 Sale 9912 100
_
3512 3312 Aug'28
33
99 10114 Mexican Irrigat Asstng 4545_1943
_
4
3
10118 Mexico(U 5) extl 5s of 1899 .E '45 QJ 3812 40 4 493 Jan'28
s
987
2
4
373
3734 Sale 3734
Assenting 55 of 1899
1945
99 1004
_
3878 July'28
Assenting 55 large
8
983 101
3
25
2414
2414 25
Assenting 4s of 1904
99 10118
27 Aug'28
Assenting 4s of 1910 large
99 101
2412 21
2414 Sale 244
Assenting 48 of 1910 small_ _
9412 974
2612 28 394 Aug'28 Tress(is of'13 assent(large)'33
9118 931
s
373s Aug'28 _
Small
8
953 99
9214 82
9134 Sale 9112
Milan (City. Italy) ext'l 6348 '52
9534 99
8 Aug'28
4
863 92% Montevideo (City of) 7s___ _1952 3D 1024 10212 1023
s
102 1043
107
Netherlands 68(flat prices)_ _1972 MS 107 Sale 107
4 41
a
30
-year external 138
1954 * 0 10114 1017 10114 1013
9911
96
947/ 53
9413 Sale 9414
New So Wales (State) ext 58 1957 P A
114 116
9478 47
External s 1 5s
Apr 1958 A0 9438 Sale 9438
109 1114
19
103
1943 P A 102 Sale 102
10314 10914 Norway 213-year extl 63
4 19
-year external Os
20
1944 P A 10212 Sale 102% 1023
9878 10112
33
-year external 68
30
1952 AD 10212 Sale 10112 10212 41
10614 109
413-year a f 5308
1965 D 9912 Sale 9818 100
10414 10814
97 201
2
External a f 5s___ _Mar 15 1963 MS 983 Sale 96
11234 1134
1
9212
93 9212
Municipal Bank extl 13155_1967 3D 91
98% 102
4 15
913
9012
Nuremberg (City) esti 68_1952 P A 9138 Sale
97 100
41
101
Oslo (City) 30
-year 8 1 Or..-1955 MN 101 Sale 10012 10114
7
1037s 108 s
7
Slaking fund 55412
1946
A
' 10014 101 101
10312 108
93s, 984
1
Panama (Rep) eat! 530____1953 J D 10178 10218 10212 10212
99 10113
1
2
4
19613 13 10218 1023 1024 1027 107
Dal sees 1 6348
4
943
4
Ertl sll5s set A __May 15 1963 MN 933 95 9414
11334
107
95
95 9412
92 994 Pernambuco (State of) ext. 711'47 M B 9412
9512 9912 Peru(Republic of)
10412 44
8
Ertl s f sec 73213 (of 1926)-1956 M 5 1033 1044 104
91 103
18
4
1959 MS 1003 Sale 10012 101
Ertl S f sec 7s
103 10838
184
91
19603 D 9038 Sale 90
Nat Loan extl s f (38
10014 10312
46
83
8278 Sale 814
1940 A 0
9078 9578 Poland (Rep of) gold 6s
3
88 279
Stabilization loan a f 7s-1947 A 0 887s Sale 8814 100 8 71
8212 894
1950 J 3 100 Sale 9912
Ext sink fund g 85
100 10214
3
4
1073
1073
4
3
96 4 9914 Porto Alegre (City of) 8s. _1961 J D 1073 Sale 102 4 10212 22
4
Ertl guar sink Id 73413-1966 £ 3 1023 Sale
96
9934
93
97
2
11278 113
894 9338 Queensland (State)extl n f 781941 A 0 113 11312 105
9
1064
1947 F A 10612 Sale
-year external 138
25
10612 20
106
98 102 Rio Grande do Sul call s f 8s-1946 A 0 10612 107 0712
32
98
Ertl a 17s ot 1920
1966 M N 98 Sale
100 10212
4
1074
8
994 1024 Rio de Janeiro 25-yr f 8s1946 A 0 1077 Sale 1074
964 28
1953 F A 9534 Sale 9412
Esti a f (Sgs
10418 109
924 156
1952 A 0 9238 Sale 92
Rome (City) ext11330
981g 1017
g
2
105 10954 Rotterdam (City) extl 66_1964 M N 103 104 10412 10412
5
9212
9212 91
1953 J J 91
9814 103 Saarbruecken (City) 65
2
Paulo(City) 1 88__Mar 1952 MN 11514 Sale 11514 116
Sao
9714
4
9714 97Ig
Ertl 5 f 6348 of 1927
1957 M N 98
99 10114
10612 15
863 93 4 San Paulo (State) eat' et 83_1936 J 3 106 Bale 106
4
3
4 1074 14
4
1950 3 J 1063 Sale 1063
External sees 1 8s
8612 933
4
8
Externals 17, Water L'n_1956 84 5 10012 Sale 10012 10212
96
89
9712 15
Santa Fe(Prov. Arg.Rep.)751942 M S 97% Sale 9612
10514 20
105 Sale 105
10031 104 Seine, Dept of (France)ern 78'42 J
49
98
913, 9732 Serbs. Croats & Slovenes On '62 M N 97 Sale 97
34
99
91% 97 Bensons (City of) art' 65_1936 M N 99 Sale 98
9212 10
1946 F A 9212 Sale 92
934 97 Styria (Prov) extl 79
1939 3 D 10318 Sale 102% 1034
Sweden 20
-year 13s
4
9534 993
4 18
External loan 534s
1954 MN 1034 10312 10314 1033
9634 101
23
112
95 Swiss Conted'n 20-yr at 83_1940 J J 111 11212 111
91
6
104
1024 10312 103
251s 34 Switzerland Govt ext 5308_1946 A 0
8114 35
4
994 102 Tokyo City 58 loan of 19l2_1952 M 5 81 Sale 793
91
91
Ertl s 53is gutr
1961 A 0 9012 Sale 90
9614 Ws
13
95
8834 95 4 Tolima (Dept of) ext1 78-1947 M N 95 Sale 9314
1
90 8 054 Trondniem (City) 1st 5349_1957 M N 9834 98 9635 Aug'28
3
3
9712
1945 J D 97 Sale 97
8834 9384 Upper Austria (Prov) 7s
4
87
External 316328....June 15 1957 J D 87 Sale 86
8
923 98
10914 15
108
Uruguay (Republlo) ext1 85_1948 F A 10812 Sale
98
92
9712 77
External 5 f Os
1960 M N 9714 Sale 9614
3
95 4 101
9612 59
1961 3 D 96 Sale 954
4
873 891s Yokohama(City)ext168
95 101
100
95
98 1014
9412 994
9978 10234
10013 10314
96 10014
10112 10518
9934 102
9412 9918
10314 10512
9758 101
9738
94
9738 101
10012 1034
14
97
95
9614 10011
1
9514 997
94 100
051, 10114
4
9114 943
1
10014 105 4
99 1014
98 102
99 10112
99 1014
4
871
31
4954 4924
4334
35
15
43
30
4
223 3415
327s
25
2213 31
8
374 467
364 4614
91% 95%
102 105
1057 109
s
4
4
1003 1031
96
93
96
93
11
1014 103
101 10414
14
101% 103
984 102%
98
94
9112 9313
2
8913 93 4
4
993 103
99 103
101% 10414
102 10414
97
93
9812
94
9
4
10312 1073
s
100 1047
90 94
8015 87
3
917
88
3
9812 1017
10415 109
3
1011 10413
7
11214 115 3
104 10813
4
10514 1081
9712 10012
10334 11014
9313 9714
9114 9611
10234 106
2
9013 94 3
11214 12
0
4
9404 1001
4
105 1067
4
106 1092
4
100 1041
2
94 4 10013
3
4
1031 106 4
97 10112
98 102
97
92
10218 105
10212 105%
10914 nye
1
lova 105 8
764 84
87115 95
4
9314 973
1a
4
943 99
1
9614 994
13
90
26
1
.
1
107 4 110
9614 100
96 100
4
933
New York Bond Record-Continued-Pane 2
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Aug. 17.
F3
P.rt
Price
Friday. .
Aug. 17.
Week's
Range or
Last Sale.
i,..7.,
- t.3
Range
Since
Jan. 1.
iv_
BONDS
t4
N. Y. STOCK EXCHANGE. C'' ti
Week Ended Aug. 17.
FPrridal"v
Aug. 17.
Week's
Range or
Lau Sale.
Range
I3
n.1-.
.
a
Els 1.
Ja'
11(0) No. Low
Big1
All Low
Bid
cl
High Chic Milw & St P (Conuded)7314 Mar'28 ---725t 747
1
Gen & ref ser A 410__Jan 2014 A 0
7018 75
75 Mar'28 ____
1932 .1 D
As
Debentures4
0
7110 73
7 %4
71% Feb'28 ____
3
1925 1 D
Debentures 4s
2
A 5s_ __ _1943 I D 08 105 10512 June'28 _--- 105, 108%
4:
1
/
Ala Gt Sou let eons
786!: 78:96;5
___0_ _ __
1
25-year debentures 4s_ _ _1934 .1 J --------7214 Feb'28 2__8i_ 64
9212
9212 96
9412 9212
1943 J D 91
1st cons 45 ser B
9214 981s
9414 426
9312 Sale 925
Chic MOW St P & Par 5s---1975 F A
Ala Mid 1st guar gold 5s_ __ _1928 M N 100 - ___ 100 July'28 ---- 100 100%
Jan 1 2000 & 0 74% Sale
Cony ad) 5s
1114
87
90 July'28 __ - 1946 A 0 8214 87
7512 86
.Mb & Susq 1st guar 31s
2
79
79
80
77
89
3
89
95 s Chic & N'west gen g 3As_ _1987 M N
3
39
87
Alleg & West 1st g gu 4s____1993 A 0 80
8
5 8
7214 Juil53
; 7T8
Q F
Registered
923 July'28
92% 99
4
1942 M 8 92% 97
Alleg Val gen guar g 4s
1987 M N 8914 92
4
General 4s
7514 844
79
J 79 Sale 7514
Ann Arbor 1st g 4s_ _ _ _July 1995 Q
94
94
94 Apr'28 --__
Q F
Registered
4 59
933
9112 99
4
Atch Top & S Fe Gen 11 40_1995 A 0 933 Sale 92
2.
Stpd 4s non-p Fed In tax '87 M N -Ao- -1- 89 Aug'28
90
964
A 0 ____ ____ 90 Aug'28 ___Registered
4130 Awl Fed Inc tax_1987 MN 10218 10312 104 July'28 ____ 102
__ 8814
Gen
8812
8812
,
88 4 945,
6
AdJustment gold 4s- _July 1995 No
11110111i73h
Gen 55 stpd Fed Inc tax_ _ _1987 MN 10012 110 108 July'28 i __
4
913
Nov --------9134 June'28 _-_91
Registered
8
113 Mar'28 __-__-__ 11E4
MN
Registered
4
873 94
3
8814
July 1995 M N 8818 Sale 8818
Stamped
1879-1929 A 0 i0ii4 -_-_-_-_ 101% July'28
Sinking fund 65
94
1955 J D
9112 89 Aug'28 88
Cony gold 45 of 1909
10114 May' ____ 10114 10114
28
A 0
Registered
99 July'28 _
92
8912 94
1955 J D
Cony 4s of 1905
9978
8
31a
9
1879-1929 A 0 998 0018 100 Aug'28 ____ , 1015
Sinking fund 5s
4
93 933 Jan'27 ---Cony g 45 issue of 1910_ _ _1900 J D 88
100 May'28 ____ 100 1004
0
A
Registered
9114 July'28
961- 944
- . 4 -- Rocky Mtn Div 1st 4s.._ -1965 J J
1
8
997
1933 M N la- 111i - 99%
Sinking fund deb 5s
90 -10
8614 96
8812
,
Short L 1st 40_1958 J J 88 2 __
Trans-Con
4 10012 1021e
_ _ 10012 10012
NI N ____
Registered
9614 1045.
- 4
Cal-Ariz lst & ref 410 A__1962 FA El 9612 1023- 9614 Aug'28 ____
4 103 108 2
12
,
1930 J 13 10314 103 10312 103%
10-year secured g 75
____ 107 Mar'28 ___- 107 107%
All Knoxv & Nor 1st g 5s._1946 3 D 103
1936 NI 8 109 Sale 10812 10918 10 10312 11414
-year secured g 61is
__ 9812 July'28 -- -_
I5
A__1944 1 J 951
54
9812 100
Atl & Charl A List 4118
8
92 1043 114
3 D 104 10514 10412 105
May 2037
1st ref g 5s
4
102
8
5 102 1071
1057
-year 5s series 13_ _1944 J .1 1028-- 102
lot 30
7
23
95% 19412
96
May 2037 3 13 9614 Sale 9585
941st& ref 4343
91
Atlantic City 1st cons 48-1951 J J 87 ____ 9312 June'28 -- _ _
4
4
913
91
4
983
Atl Coast Line let cons 45 July '52 M 8 9134 Sale 9112
8612 96
Aug'28
M S
973 97% Chic R I & P Railway gen 4.3 1988 J J 88% 8914 89 May'28 ---s
9778 Feb'28 ---Registered
____
91
924
91
J J
RegLstered
1964 1 13 9 8 9812 9812 Aug'28 96 104
General unified 4158
81
94
9314 964
1934 A 0 9312 Sale 9314
Refunding gold 45
8814 95%
8814
2
8814
L & N coil gold 4s_ ___Oct 1952 MN 8814 91
A 0 --------9514
Registered
1948 1 J 74
76
7414 85
7414
1
7411
Atl & Day 1st g 4s
974
1952 M 5 9254 Sale 01 MaY 38 -ii
1948.1 .1 67
Secured 4140 seriesA
4
693 673
6754
4
6514 7614
2
2d 4s
92
9285
9234 May'28 ____
1949 A 0 81
8
877 85% July'28 ____
8.512 9258 Ch St L & NO Mem Div 4s1051 J D 88
At!& Yad 1st g guar 4s
1951 .1 13 10518 ---- 107 July'28 ____ 105% 10813
Gold Is
99 10214
1st gu g 5s__ _1941 J J 97 103 10012 July'28 --__
Austin & N W
1 D --------107 Apr'28 ____ 10518 107_
Registered
__ _
1951 J D 83% ____ 8412 Jan'27 ____
4
66
Gold 310
93
4
914 98
Bait & Ohio 1st g 4s___ _July 1948 A 0 923 Sale 913
June'28 ____
-993 103%
4
July 1948 Q J ____ ____ 92 July'28 ---4
365 Ch St L dr P 1st cons g 5s_ __ _1932 A 0 10114 ___- 9954
92
Registered
34
0012
_
_ 101% June'28 _ _ _2 10158 10138
A 0 __ -1933 al 8 9612 Sale 9612
Registered
191
97
,
9612 101
-year cony 4155
20
101
- 14
al El
June'28 ---Registered
98 1004 Chic St P M &0 cons 6s___ _1930 J D 10012 101 101 '
--- 98
_
06,2 190
9 7 1 08i8
_1930 .1 D 9612 ____ 9612 June'28 __ _4
79 100 105
101
Cons 63 reduced to 3Si s__
Refund & gen 5.3 series A.1951 .1 D 1.01 gale 10014
98
1930 M 8 98 Sale 98
4
Debenture 55
July 1948 A 0 1033 Sale 10312 104
39 103 110
1st gold Is
Jan'28 ____ 100 100
IYI 8 974 --_- 100
1995 .1 D 1087 Sale 107% 109
8
Stamped
26 10611 112
Ref & gen 60 series C
9712 10378
11
98
9112 11
774 Chic T H & So East lot 5s__1960 .1 D 9712 Sale 9712
91
P L E & W Va Sys ref 4s__1941 MN 9112 Sale 91
9
9114
914 98%
Dec 1 1960 M El 9112 9212 914
1950 3 J 102 Sale 10112 102
27 10118 1074
Inc gu 58
Southw Div 1st 5s
9778 10312
4
12
98
9812
A.1963 J J 9812 99
A_1959 3 J 8212 Sale 8212
ln
l c 5n Stae8 B
Chis8U8 8er' lst gu 4148
83
Tol & CM Div let ref 40
5 103 107
1963 J J 105% ___ 10514 105%
2000 M 8 1003 Sale 10014
4
101
8
47 1821' 1095111:
00
Ref & gen 5s series 13
2 102 105
8
4 - 8
1944 3 D 1013 1023 10238 1025
Guaranteed g 5s
4
8
& Aroostook 1st 55_ _1943 J .1 1023 ___- 103% July'28 ____ 1024 1045
Bangor
1963 3 J 11618 11712 11518 July'28 -__ 114 11914
1951 .1 J 843 Sale 84
1st guar 6Sis series C
4
844
6
Con ref 40
8385 9334
s
____ 102 June'28 ____ 1017 105%
Chic & West Ind gen g 6s_ _p1932 Q M 102
6812 Feb'28 _ _ _
6812 72
Battle Crk & Slur 1st gu 30...1989J D 62
8454 8312
71
87
1952 J J 8612 Sale 86
45
let gu g 4s____1936 J J
Conso1.50-year
Beech creek
96 Aug'28-- -98
96
4 35 102% 105%
J j
1962 M S 10518 10514 10434 1053
1st ref 5340 ser A
95 Aug'28 ____
Registered
94
97
4
4
1036 .1 J 10018
97
Choc Okla & Gulf cons 5s...1952 M N 104% - 1053 May'28 ____ 1053 107%
97
Jan'28 ____
97
2d guar g 50
9512 100
9512 Aug'28 ____
19373 .1 9512 100
,
1(J51 A 0 7978 gi- 82
82
824 Cin II 4: D 2d gold 435s
Beech Crk Ext let g 3140
82
1
9758 9885
9885 July'28 ____
C 1St L & C 1st g 4s_Aug 2 1936 Q F 9512 98
.
Belvidere Del cons gu 3345-1943 J J 86
14 974
97
9714 Feb'28 ____
Aug 2 1936 Q F ____
1944 .1 1) 92
9412 93 Aug'
Registered
28
Big Sandy 1st 9s guar
93
- - - 95
93%
87
13
87
9 11927 J J 37,2
CM Leb & Nor gu 43 1st corn 1942 M N 874 - 1i 2 87
Bolivia Ry 1st 5s
4
813 81.3- Aug'28
4
797 88
Boston & N Y Air Line lot 4s 1955 F A 80
0
9
00
19118 107,8
4
2
9412
9412 977 Clearfield & Mah lot gu 5s__1943 J J 100 1041 100 July'28
2
Bruns & \Vest 1st gu g 45_1938 .1 J 91% 9685 94,
:::::
lg
lU
Buff Roch & Pitts gen g 5s 1937 M 5 10018 10112 100 July'28 ____ 100 1065 Cleve CM Ch d,St L gen 4s_ _1993 J D 8812 71_ ..2
9778 1004
1031 .1 .1 9813 98% 9814 Aug'28 ____
1957 MN 9312 Sale 9214
20 year deb 4Si s
9312 22
9012 9814
ConsoI414s
1
_ 10834 116
Aug'28 _
1093 J D 112
General 50 Series B
3 102 10312
Burl C R Se Nor lot & coll 5s 1934 A 0 ____ 10212 10212 10212
10014 51 100 103
Ref & lmpt 6s series A_ _ _ _1929 J J 1004 10078 100
1941 3 1 10414 _- 107 Aug'28 ____ 10314 1084
6s ser 1.,
Ref &Impt
10712
8 106 1107
8
Canada Sou con0 gu 55 A.......1962 A 0 10612 109 107
1
01
2
9 19514 19 :
- 2
1
3
1963 3 .1 ____ I021- 101% 101%
Ref & impt 5s ser 13
4
Canadian Nat 4 Xs_Sept 15 1954 M 5 9712 973 9714 Aug'28 ____
95
95
193 J .1
95
Cairo Div 1st gold 45
0914 24
02
7
98% 1011'
-year gold 411e__Feb 15 1930 F A 9914 Sale 9854
5
8518 9312
-6.24 8514 July'28 ___
Cin W & M Div lot g 4s._1991 3 3
8
8 34
975
1957j .1 973 Sale 97
967810218
30-year gold 4 A s
8612 1 864 9458
St L Div 1st coll tr g g 4s....1990 M N -8iT8 9212 8812
Canadian North deb 6 1 7s_ _1940 3 D 11014 Sale 11014 11112 12 11014 117
96
_-_ 9634 hiar'28 ____
9712
,
Spr & Col Div 1st g 4s_ _ _1940 51 5 00
1946 .1 J 11518 116 115% 116
6 11514 123
25
-years f deb 631e
94
96'1
4
8W W Val Div 1st g 45_ _ _ _1940 3 J 883 93% 94 July'28 --__
98
18
98 Sale 97
97 10314
10-yr gold 41is_ __ _Feb 15 1935 F A
9612 10085
76
98
873
44
Ref & itnpt 410 ser E____1977 J .1 97 Sale 97
8
deb stock__ 3 3 973 Sale 8585
92
Canadian Pac Ry 4%
8585
107 1084
1034 J J 10512 1064 107 July'28 ____
8
9714 54
96 10114 C C C& I gen cons g 60
1946 M 5 0714 Sale 965
Col tr 415s
984 Apr'28 ._ _ _
984 984 ciev Lor & V., con 1st g 5s_ 193 A 0 10018 __-- 10018 Aug'28 ____ 10018 1042
Curb & Shaw let gold 40____1932 55 s ____ ___
3 3 8382 July'28 ____
& Mahon Val g 5s_ __ _193 J J ____ 1021 10118 May'28 ---- 1014 1011s
12
1949
9038 Cleve
80
Caro Cent 1st cons g48
Nov'27 _ __ _
4
- 12
Caro Clinch & 01st 30-yr 58_1938 J D _ _ 16i- 104 Aug'28 ____ 100 1054 Cl & Mar 1st gu g 43'4s,.,.._1931M N 963 ___ 100 Mar'28 ____ 10114 1-0134
4
194 A 0 97
___- 1013
-Is
109
4
2 107 10912 Cleve & P gen gu 43 s ser
let & con g 6s ser A_Dec 15'52 j D 10912 1093 109
97 10112 100 July'28 ____ 100 100
1942 1
1981 3 D
91
Series A 41is
9312 Mar'28 _
Cart & Ad let gu g 45
934 95
004 9014
9012 __ 9014 Apr'28 ____
1948 M N
Series C 3\is
8212
4
Cent Branch U I' 18t g 4s---1948 1 D 7812 8213 8212
8014 90
8958 8958
1950 F A 894 ___- 8985 May'28 ____
_ 10612 July'28 _-_ - 105 8 10818
Series D 3113
Central of Ga 1st g 5s_Nov 1945 F A 106
5
99 10612
r1
,
1945 M N 9918 10614
1
. 20 10714 Cleve Shor Line 1st gu 4365_1981 A - ____ 10012 99 Aug'28 ____
Consol gold 5s
034
1 10314 11012
4 1074
4
_ 12 4 Aug'28 ___
_
3
NI N
Registered
10414 Cleve Union Term lst 51,0_ _1972 A 0 1033 10512 1073
10512 43 10058 10734
1973 A 0 10512 Sale 104
10
-year secured 6s_June 1929 3 13 i0Ois nicii, 100 Aug'28 _-__ 100 10214
1st s f 5s ser B
99
99
1977 A 0 994 003 99 July'28 ____
4
Ref & gen 534s series B_ _ _1959 A 0 103 10512 105 July'28 ___ 10053 10 %
1st s f guar 4145 ser C
8
4,
01
1059 A 0 ____ 104 104 JulY'28 -- __
Ref & gen 5s series C
91
1945 J D 91
_--- 91 Aug'28 ____
9312
Chatt Div pur money g 40.1951 J D ____ 04
9312 June'28 ____
9312 9512 Coal River Ry 1st gu 45
2
9914
9812 1004
9914 10018 9918
Colorado & South 1st g 4s....1029 F A
Mac & Nor Div 1st g 50-1946 3 2 101 106 105 June'28 ____ 105 109
11
97
Refunding & eaten 4Siti. 1935 M N 9412 9878 9612
Mid Ga & Ati div pur 188 Is 1947 J J 101 105 10318 Apr'28 ___ 10318 10318
1948 A 0 9014 ____ 93 June'28 _ _ __
1
0
9 71' 9 :
18 1953
67
1946 1 3 105 108 103 July'28 --- _ 103 106% Col &II V 1st ext g 4s
Mobile Div 1st g Is
91
86
195" F A 91
87
95
91
Cent New Eng let gu 4s_ _ _1961 1 J 85
8
8322 885 Col & Tol 1st ext 45
30
87
930 A A
90
90
Central Ohio reorg 1st 414e-1930 M 5 96 100
98 July'28
98 1004 Conn & Passum Riv 1st 43.1943 F O 88 ____ 90 May'28 ____
28
1,54 j 1 9258 _2 _1_ 9518 Jun4:28 ______
5 4 _ 2 22, A
2 3
5
721 82
954 96%4
Consol Ry deb 4,s
Cent RR & likg of Ga coil 53 1937 471 N 10114 ___ 101 June'28 ____ 1004 102
Non-cony 4s
Central of NJ gen gold 52__ _1987 I .1 10818 109 109
10 109 11912
109
864
72
Non-cony deb 45____J&J 1955 J .1 7285 7513 72 Aug'28 ____
1987 Q J _ _ _ _
.10914 Aug'28 ____ 10914 11818
Registered
814
80
Non-conv deb 45_ __A&O 1955 A 0 737 ........ 8112 June'28 ____
8
19873 .1
9418 11i14 94 Aug'28......
General Is
99
94
5
9 2 41
73158 15
4
35 721188 75 ,5
74
1
7 : 9512
941 88 8
Non-cony debenture 4s.....=; .1 9
1949 If A 9012 Sale 894
Cent Pee 1st ref gu g 40
901* 25
894 964
Sale
Cuba Nor Ry 1st 534s
Ir A
Registered
92 June'28 ____
94
92
9
1952 3 1 9718 9712 9718
9914 Cuba RR 1st 50-year 5s g
99
Mtge guar gold 31is__Aug 1929 3 D 99
99
3
9914 99
%
1)(
1936 .1 D 1064 1073 10628 10612
9 10P2 1 10
4
1st ref 714s eer A
Through Short List gu 46_1954 A 0 9212 94% 9212 Aug'28 ____
9118 9514
98 1014
1936 .1 D 98 100
3
98
08
1st lien d, ref 6s ser B
1960 F A 10112 Sale 1004 10112 77 10012 10512
Guaranteed g 50
Bid
AO Low
Mob No. Low
Railroad
2 21
4
,
Charleston & Sayn'h lot 70._1936 J 3 1134
_ Day & Mich 1st cons 4360_1931 1 J
11985 Aug'27 ____
___
Ches d, Ohio fund & Impt 5s_1929 1
--3 -9978 10138 Del & Hudson lot & ref Is.... _1943 M N
98 164 loo
100
3let consol gold 50
1935 A 0
30-year cony 50
8
,1
21
8
: 1033 104 1033 Aug'28...... 10212 1074
ILI
1937 M N
Registered
15
-year 51is
_ 103 July'28 ____ 103 106
General gold 41p s
19303 13
1992 5.1 s 98
-year secured 7s
10
1
9712
984 9712
9723 105
Registered
1024 13 RR & Bidge 1st go 4s g__ _1936 F A
____ 963 July'28 ____
4
4
963
20
-year cony 410
1930 M A -687 Sale 087
8
4
/
40
. F 8
8
9812 1011 Den & R G 1st cons g 4s__ _ _1936 J .1
994 82
Craig Valley 1st 5s_ _May 1
1936 J 3
Consol geld 4Si s
8
J J - --- 101 10218 July'28 ____ 101 1023
Potts Creek Branch let 48.19463 j ____ 9278 9 48 J une:2 ________ , 953 Den & R G West gen 5s_Aug 1955 SON
389
312
u
4
0
0 j B 2
9418 9 ,
8
0
R & A Div let con g 4s_..1989 j
2.d consol gold 45
1989 J J
J 3
914 924 Des NI d, Ft 13 1st go 4s
8
923 9285 July'28 ____
Warm Springs V let g se_ _1941 14 8 100
4
Temporary etfs of deposit _19_3_5_
____ 100% July'28 __ __ 1007 1024
8
Ctiesap Corp cony 5e May15 1947 FA N 973 Sale 97
9814 101318 Des Plaines Val 1st gen 4159_1947 ii -E3
4
9814 204
Chic dc Alton RR ref g 3s_ _ _1949 A (3 70% 72
1995 J D
Det & Mac 1st lien g 4s
6934 74
705s
1
8
705
CU dep stpd Apr 1928 let
1995 J D
Gold 43
4
703 74
734
70%
69
5
70%
.
Railway first lien 31is_ _ _1950 .1--1 60
621 60 Aug'28 ____
581s 7234 Detroit River Tunnel 4iis....1961 M N
Certificates of deposit
____
60
60
7112 Dul Missabe & Nor gen 5s__1941 1 J
69
10
B .4,18ron Range 1st 5s___ _1937 A 0
9118 Dule9 I4ered
,
Chic Burl & Q-111 Div 3158_1949 J J 8514 861 8514 Aug'28 ____
A 0
854
Registered
3 1
9014 Dul Sou Shore & Atig 5s_ __ _1937 J J
8
9% 8978 Feb'28 _ __
1049, 8 9218 lit- 59
Illinois Division 40
92%
41 j 9178 931 9238
2
9238 9854 East Ry Minn Nor Div 1st 43'48 A 0
1958
General 48
9214 13
9834 East T Va & Ga Div g 5s___ .1030.1 J
88
RegLstered
1956 MN
Cons 1st gold Is
8
93% 035
64
33
9 % June'28 ____
1977 P. A -6ii2 Sale
;
1st & ref 4Sisser B
S
236
964 1027 Elgin Joliet & East 1st g 5s__1941 M N
1971 F A 105% 107 105%
lot & ref Is series A
1965 A 0
109572%4
4 s 71: El Paso & S W 1st 5s
03, 10
10 li 10
105 105
.
Chicago dr East III 1st 6s. _ _1934 A 43 ____
June'28 __ _5_
C & Emil Ry (new co) con 5s_1951 M N 84 s
consol gold 7s ext 1930 1%1 5
p8
4
ig, 35 8314 93 Erie 1st
1996 J 3
1082 M N 1035 101 e3 121,44
8 4
Chic & Erie 1st gold Is
lot cons g 4s prior
2
12,
6
63
10 14 17214
1997 J 3
Chicago Great West 1st 45_ _1959 m 5 89 sale 68
Registered_ .
6914 259
14
& LOUISV-Ref 6o__1947 3 1 116 1171 11514 June'28 ____ 11514 11814
1st consol gen lien g 4s_ _1996 J J
Chic Ind
1947 J J 9954 1051 10512 July'28 __
1996 3 3
Refunding gold 50
geisotuertedrus
10518 106
Refunding 4s Series C._ 1947 3 3 8812 ___
t gold 4s____1951 F A
e
Penn
8878 July'28 __
8
8878 883
1966 MN 100 Sale 100
-year cony 43 series A_ _ _1953 A 0
50
1st & gen 58 ser A
100 _ _ _1_ 100 1074
1953 A 0
8
10912 110 11.114 July'28
Series B
1st & gen 64 ser B---91aY 10 6 1
109 11112
1953 A 0
6
8812 ____ 91 June'28 ____
Gen cony 4s series D
9612
91
Chic Ind & Sou 50-Year 48-195 1
1967 FA N
Ref & impt 53
Chic L S & East 1st 4140-1969 1 D 9412 ____ 993 June'28 ____
904 10212
1955 J J
8618
8618 Sale 8512
Erie &Jersey 181 s f 6s
NI & St P gen g 4s A_May1989 J
8512 9312
3
Ch
Q
8
925 July'28 ___
Genes-see River 1st s f 5s 1957 3 J
Registered
8
825 9178
511. ig 90
-03 8 - - 85 Aug'28 ____
90
Gen g 3Sis iser 13_ _ _May 1989 J
4
76% 815 Erie & PIUS go g 3 s ser 13_1940,3 J
1940.1 J
Series C 3/0
95
95 1044
4
Gen 410 series C___May 1989 3
1954,N1 N
------ --1008..3,8 May'28 --- - 100 1004 Est RR esti s f 7s
Registered
4
943 Sale
5 142
92% 9714
Gen 414a series E_ _ __May 1989 J .1
1 Due Feb. e Due May. 17 Due Des.
9712
9285
102
10214
103
5
9712
9712
100
2 27
92,
92
93
____ 102 June'28 ____
3
103% 10334 103%
1
10312 10312 10312
ug
9614 A'28 ____
51
89
89 Sale 8714
3
96%
96%
58
884 Sale 87
15712 10011
1
/
9014 964
MO 10312
103'8 107
103 107
9614 96 4
,
87
14
4
:
957'8
97
87
3212 July'28 ____
34
29
3212 July'28 _ _ _
31
29
___-____
---- _ --130
____ ____ 18214 Aug'28
7912 7514 July'28 ___
75
99 Aug'28 ____
99
95
103 ____ 10312 Aog'28 _ _ _ _
100 ___ 10012 July'28 ____
------ 10018 May'28 ____
8112
8112
1
82
80
____ ____ 95% July'28 __ _ _
997 July'28 ____
9914 100
10518 10612 106 Aug'28 ___ i
100
100 Sale 100
____ 110 106 Aug'28 ____
2714 35
4
1
/
32
26
1
10214 102 4
82
75
80
70
974 108
10312 10312
9914 1034
10018 102 8
7
6
90
5
9
8118 9
10212 10314 10314
8314 sale 8314
:86 e
78
076 2 0c34
86
2
1834 14i1-
1
10314
7
834
. 8 ..9
7 3
Jan 2 __:.
a
^81
-9 4
-7-3- Sale- 8
_ _ 7912 May'28 ___ _
___
- 10014 101 1004 Aug'28-._
2
81
81% 84
8112 Sale 8018
8112 16
____ 81
86 May'28
944 Sale 93
94% -297
111 112% 11214 July'28
11312 114 11313 113 2
,
102 Feb'28 11:2
_
91 June'20 ---_
3
3524 Sale 10212 103
10
81
1
/
8
997 1044
14
4
1212 14.(4,6
106
7612
246
10014
80%
8018
10944
4
1
/
87
8812
1A4
8912
8912
191 19924
13
167
112% 115
102 102
1
90 4 94
100 HA 5
4
1
/
931
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Aug. 17.
New York Bond Record—Continued—Page 3
Price
Friday.
Aug. 17.
E
Fla Cent & Penn lot ext g 55_1930 J J
1st consol gold 55
1943 J J
Florida East Coat 1st 4353_1959 J D
1st dr ref 5s series A
1974 M S
Fonda Johns /s Glov let 4358 1952 M N
Fort St U D Co let g 435s
1941 J .1
Ft W & Den C 1st g 535a
1961 J D
Ft Worth & Rio Gr lst g 4s 1928 J J
Frem Elk dr Mo Vol 1st 68_1933 A 0
GH&S AM &P 1st 58_1931 ID N
2d extens 50 guar
1931 J J
-bus & Hend let Is. ..1933 A 0
Galv 1
Ga & Ala Ry 1st cons 58 Oct 1945 J J
Ga Caro & Nor 1st gu g 52_19211 J J
Georgia Midland lot 3e
1946 A 0
Gr R & I ext 1st rug 4358_1941 .1 J
Grand Trunk of Can deb 68.1940 A 0
15
-years a f 68
1936 M S
Grays Point Term lot 5s
1947 J 0
Week's
19
Range or
Leul Sale. '
44
Higo Va.
Low
99
9.3
ii
100
100
2
967 July'28 -- -8
8312
8414 71
3
4612
46
993 Apr'28 ____
4
105
105
1
--------997 May'28 ---8
2
10414 10614 10414 10414
100 1003 9914 Aug'28 ---4
9718 993 100 Aug'28 ---4
96
987 10014 June'28 ---8
89 Sale 86
3
89
9312 97
9714 Aug'28 ---7413 78 4 7418 Aug'28 --,
96 ____ 96
5
06
111 Sale 111
1
111
10513 10612 105% 106
5
9618 ____ 99 June'28 --- -
4.1
Bid
_ _ _ _ 9934
98 101
0613 967
8
833 Sale
4
4518 46
r5 .. 114_
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 17,
Low
High
99 1021
:
9818 103 4
3
967 10111
8
83 4 9158
,
45
52
9812 9984
10412 1083
,
74
9914 99
104 1071
:
1
9914 102,
,
9914 101
98 100%
,
86 1018
117 1994
7418 79
9612 101
111 117
105 109,
3
9884 997i
Ind Bloom & West let ext 45_1941) A 0 8614
9218 July'28 -IndIC&Iowalstgls
90
91
93 July'28 ____
97
7
921 021'
112
1950 3 J
Ind & Louisville let gu 4s
88
92
88 July'28 ____
1956 3 1 8414 88
Ind Union Ry gen loser A 1966• J 10014 ____ 100 June'28 ___ 100 105
Gen dr ref Ss swim B
10014 1023 10412 Feb'28
4
10412 104%
1965 J
Int de Grt Nor lot 13s ser A
8
1952 J ./ 1053 10614 1033
19 104 10811
106
s
Adjustment 65 Der A July 1952
86 Sale 853s
85
86
60
99%
Stamped
7712 Feb'28 ___
7712 7712
1st 59 series B
9512 Sale 943
1956
s
9412 1017
4
953
4 54
1st g 58 series C
0512 9614 96
1956
0578 102
6
963
4
Bit Rys Cent Amer 1st 5s_1972
N 85
8513 8412
8514 22
817 9213
8
lot coil tr 6% notes
8
1941 MN 953 9534 958
8
953
4
3
9484 997
let lien & ref 6355
4
1947 FA 063 Sale 065
8
97
32
91 100
Iowa Central lot gold Is,_1938 3D 41 Sale 41
2
41
52
38
Certificates of deposit
41
47
4118
4118
377 49
8
7
Refunding gold 48
1951 Al S 1213 16
13
13
1018 19
1
James Frank & Clear 1st 45..1959 J D 873 94
8812 July'28 -__
4
8812 967
s
Ka A & G R 1st gu g
993 ____ 103 May'27-_
8
19383
Kan &
lst gu g 421
1990 A 0 8414 ____ 85% July'28 _ _
8518 961s
- -KC Ft S & M Ry ref g 46_1936 AO
KC&M R&D
gu 5s___1929 AO
Kansas City Sou 1st gold 38_1950 *0
Ref & Impt 5s
Apr 1950 J
Kansas City Term let 4s____1960 ".3
Kentucky Central gold 45_1987 .1
Kentucky & Ind Term 435s_1961 ▪ J
Stamped
1961 .1
Plain
1961 J
Lake Erie & West let g 5s
1937.3,
2c1 gold 55
1941 .1
Lake Shr & Mich 81 33511-1997 3D
Registered
1997 3D
1928 MS
Debenture gold 48
1931 MN
-year gold 4s
25
MN
Registered
Leh Val Harbor Term gu 58_1954 FA
Leh Val N Y 1st gu g 4355-1940 J 1
Lehigh Val (Pa) cons g 4s__2003 MN
Registered
2003 MN
General cons 435e
MN
Registered
Lehigh Val RR gen 5s m(1,38_2003 MN
Leh V Term Ity let gu g 52_1941 AO
AO
Registered
Leb & NY 1st guar gold 4s__1945 SI S
Lex & East 1st 50-yr 58 gu__1965 *0
Little Miami gen 4s Ser A__1962 MN
Long Dock consol g 0s
1935 AO
Long laid lot con gold 5sJuly 1931 Q J
1st consol gold 4s____July 1931 Q J
General gold 4s
1938 3D
Gold 48
1932 3D
Unified gold 4s
1949 M
Debenture gold 5e
1934 3D
30
-year p m deb 58
1937 MN
Guar Si,13 lot con gu Is Oct'32 M
Nor SO B lot eon gu 5s_Oct '32 Q J
Lou.k Jeff lidge Co gd g 4s__1945 MS
S Due Feb. 1.
Price
Friday
Aug. 17.
Week's43
Range or
01
Last Sale.
ii<53
Range
81nce
Jan. 1.
Louisville & Nashville 5s____1937 M N
Unified gold 4s
.1
1940
Collateral trust gold 5s
1931 54 N
10-year sec 7s.
.May 15 1930 M N
1st refund 5359 seriesA2003 A 0
lot dr ref Is series B
2003 A 0
1st de ref 454s series C
2003 A 0
NO/sIt lst gold 6s
1930 J J
2d gold 6s
.•1
1930
Paducah & Mom Div 4s 1946 F A
St Louis Div 2.1 gold 3s 1980 M 8
Mob & Montg let g 4358_1945 M S
South Ry joint Monou 421 _1952 J J
Atl Knoxv & CM Div 48_1955 PA N
Loutsv Cin & Lex Div g 4355'31 M N
Mahon Coal RR 1st Is
1934 J 3
Manila RR (South Lines)4s_1939 MN
1st ext 4s
1959 M N
Manitoba S W Coloolza'n 5s 1934
D
AO Law
Bel
High No.
10212 ___ 10214 Aug'28
9412
6
933 9412 0414
4
10014 Sale 10014 10014
6
103 Sale 103
104
15
10318 105 106
106
5
4
10412 107 1043 Aug'28
987 Sale 98
987
8
8 11
10058 10112 10012 July'28 ____
10012 10112 10012 July'28 ____
91
9518 May'28 ____
03
70 Aug'28 ____
97 100 1003 June'28 ____
4
8612 89
8
87
867
20
9014 ____ 92 July'28 ____
98 100 100 May'28
9914 103 10312 Jan'28
711z 7313 70 Aug'28
76
81
88 July'28
99 10014 997 Aug'28
8
Law
High
102 106
9334 9914
100 10238
102% 19513
10578 110%
102 109
9784 10434
1(1012 10338
10012 10214
05
9613
13854 71
10012 10275
8812 9414
92
9812
100 10034
10313 10313
697 7954
7518 823
4
995 10112
8
Man GB&NW Ist 3358
1941 1 J
Mich Cent Det & Bay City 55_'31 PA 8
Registered
Q kl
Mich Air Line 4s
1940 • J
Registered.
3
1st gold 335s
A o
1952 M N
20-year debenture 4s
1920
Mid of N J lot ext 5s
1940 A 0
Milw LS & West imp g 5s_ _1929 F A
Mil dr Nor 1st ext 4350(1880)1934 • D
Cons ext 435s (1884)...J934
D
Mil Spar & N W 1st Cu 4s
1947 111 8
Mllw & State Line lot 3358_1941 3 .1
Minn & St Louis lot cons 58_1943 M N
Temp cite of deposit
MN
1st dr refunding gold 48___1949 111 8
Ref dr ext 50-yr 513 ser A..19412 Q F
M St P&SSM con g 4s int gu'38 J 3
1st cons Is
1938 J 3
1st cons 58 gu as to lot..,,_1938 3 3
10-year coil trust 635s
1931 M
lot dr ref 6s series A
1946 3 3
25
-year 5158
1949 M S
1st Chicago Term of 45.__1941 54 N
84
90
88 July'28
100 101 100 June'28
98 101 10034 Apr'28
9118 ___ 975 Jan'28
8
9218 July'28
09,8 s lo 78 July'28
811 8 r
9918
0914
3
9118 9212 9212
9212
3
100 10014 100 Aug'28
94
98 98 May'28
____ 9612 97 July'28
89
9384 9514 May'28
00 Apr'28 ____
4913 527 50
8
527
8
3
4712 5034 4712
4712
1
1512 Sale 1512
1614 19
1612 17
1612 Aug'28
8712 Sale 87
87 12 12
95
96
9838
985
8
9
983 9812 0884
8
987
8
6
1007 Sale 1005
8
8 1007
8
7
10112 10212 10314 10314
1
923 Sale 923
8
8
93
8
9313 ____ 9518 June'28
88
88
9918 10211,
100% 1017
8
975 97%
8
9218 92%
7712 893
4
9813 100
00 8 199%
9213 06
5
98
9914
9513 9912
9514 9718
90
90
61
42
40
57
g
14
233
11 12 21
87
9212
9312 10012
98 101
100 10318
100 10314
9238 96
95% 96 4
,
MississiDn Central hot Se
1949 3 .3099912 July'28
_
Mo Kan dr Tex 1st gold 4s_ 1990 • D 8612 6ale 8518
8812 11
Mo-K-T RR pr lien Is ser A.1992 1 3 100 Sale 993
4 10114 29
40
-year 4s series B
.1 3 86
1962
867 87
8
87
1
Prior lien 435s ser D
J 92 Sale 9012
1978
9213 52
Cum adjust 5s ser A Jan 1967 A 0 10314 Sale 103
104
50
Mo Pac 1st & ref 58 ser A
F A 99
I965
9934 9912 10012 32
General 4s
1975 M 8 7718 Sale 7612
773 100
4
1st dr ref 5s ser F
1977 II 8 9812 Sale 9818
99
264
Mo Pac 3(17s ext at 4% July 1938 MN 9134 95
93 July'28
Mob & Bir prior lien g 5s
1945 J J .___ 103 103 Aug'28
Small
J J_ 100 Apr'28
lst m gold 4s
87 /i1; 8818 Aug'28
1945 J
_
Small
843 May'28 ____
1945 ,J .1 84
4
Mobile de Ohio gen gold 48_ _1938 M S 92 .
"1".1412 9412 June'28
Montgomery Div 1st g 5E1_1947 F A 983 101 101 July'28
4
Ref & impt 435s
4
8
1977 ai S 923 937 9212
9212
5
Moh & Mar let KU gold 4s_1991 M S 8514 89
90 July'28
Mont C 1st gu Cs
1937 J J 106 111 111 June'28 __
lot guar gold 58
4
1937 3 3 100 10512 1043 Jan'28 ____
.j
Morris dr Essex lot gu 3388 2000
D 793 803 793
4
8
4
792
0
Great Nor gen 78 series A
4 71 111 116
1936 I J 11212 Sale 11214 1133
J J --------11412 Apr'28 ____ 11412 114%
Registered
1st dr ref 4312 series A____1961 1 1 953 98
4
955 July'28 -_-:
955 1021
8
8
3 10518 11814
General 535s series B
107
1952 1 J 10612 107 10078
General 58 series C
0 16312 109
105
1973 J J 10112 107 105
General 435s series D
28
98
1976 J J 9734 Sale 9612
9612 41
General 435e series E
9572 1°1%
8°18 0 14
8
1977 J .1 9612 Sale 957
863,
Green Bay & West deb etfs A____ Feb 8518 ____ 86 Mar'28 ---86
Feb 24 Sale 24
Debentures ctfs B
2214 2144
24 12 15
3 957k
8
Greenbder Ry 1st gu 48
8
1940 M N 9312 9912 957 Mar'28
10411
5 10414 1071Gulf Mob & Nor lot 535s
1950 A 0 10414 Sale 10414
lot M 5s series C
9912 104
9912 100 July'28 --1950 A 0
3 10713 10812
Gulf & S fist ref & ter g 5e_91952 J J 11-A38,8 __ 1083
8 10838
2
Hocking Val lot cons g 4355_1992 3 3 97 - 4 98
98398
"71
1121 1° %
Registered
04
1999 J J ____ ____ 10212 May'28 ____ 10
9814 July'28 ---9814 101%
Housatonic Ry cons g 5s
I937 MN
10212 10212 1 loii2 10418
H & T C lst g 5s Int guar
1937 J J iE&2 iiii
i i_
Waco /s N W div lst 6s
1930 M N____ 102 May'28 -___ 102 10311
____ to212 10212 1 93 1028
Houston Belt & Term 1st 58_1937 J J
___ 10012 Aug'28 .--- 10014 1004
Houston E & W Tex 1st g 56_1933 PA N
99 102 100 July'28 ---- 100 10218
lst guar 5s red
1933 M N 1008
Hud & Manhat 1st 50ser A 1957 F A 975 Sale 972g
983
4 14
975 10313
8
Adjustment income Is Feb 1957 A 0 88 Sale 8614
71
88
8614 911%
8
Illinois Central 1st gold 4s
9112 9914
1951 J .1 915 9412 9113 Aug'28 --__
J 3
Registered
95 May'28 --- _
95
95
lot gold 3358
i88612 June'28 --__
8412 9012
1951 .1 J -8:1T4 .3 J85 July'28 ____
3
4
Registered
853 853
4
4
Extended 1st gold 3358-1951 A 0 -i3:4- - - .- 8612
t38
86
88 2
1st gold 3s sterling
76 June'28--.July'28
7612 76i
1951 M 5 731a 76
92
Collateral trust gold 4s.__1952 A 0 90
9212 July'28 --883 9614
4
1st refunding 4s
0
92
9018 9812
1955 M N 92 Sale 9018
Purchased lines 3355
8418 90%
1952 .1 J 8018 8814 8418 June'28
Registered
J 3
85 Apr'28 ____
85
85
Collateral trust gold 4s___1053 M N 8812 8912 8812
8812
1
8812 94
M N joi_ lis 9014 May'28 ____
Registered
9014 9014
Refunding 5s
103 July'28
1955 M At
103 1107
8
I5
-year secured 635e g
8
8 1093
11 10812 1141
1936 J J 1093 Sale 1093
.
40
-year 43.0
Aug 1 1966 F A 99 Sale 98
99
176
8
98 102 $
Cairo Bridge gold 4s
86% 9.7i,
___ 8618 July'28 ._ __
1950 J D 851
Litchfield Div 1st gold 38_1951 1 3 74% 79
27818 June'28 ____
7814 8212
Louis,/ Div & Term g 335s 1953 J J 8014
80 Aug'28 --- _
80
91
Omaha Div let gold 3s
8 76
7538 801,
8
753 July'28 _-__
1951 F A 743 - St Louis Div & Term g 38_1951 1 J 745 78
8
7614 July'28 --__
90
72
Gold 3358
8
8
8
845 89%
1951 3 J 803 87 857 June'28 ---Springfield Div 1st g 3358_1951 J .3 7818
88
Oct'27 ---- __. _ ___.
Western Lines 1st g 43
9112 94%
93
9112 June'28 ____
1951 F A 89 F A -------- 92 Apr'28 — _
Registered
90
92
III Central & Chic St L dr N 0—
Joint lot ref 5s series A___1963 1 0 103 Sale 102
24 102 10814
103
j p 98 sale 962
4
1st & ref 4,358 ser C
98% 29
96 101
1963
8.4
98 100
85
923
4
99 10414
87
9212
9012 995
8
10118 10912
P912 10378
7614 8314
98 1025
8
93
9712
103 103
9938 100
843 981*
4
84
925(,
9412 983
4
101 1053
8
9212 993
4
88
97 8
,
111 11273
1045 104%
793 88
4
Nash Mutt & St L 4e Set A.1978 F A
N Fla dr 3 1st gu g 5s
1937 F A
Nat Ry of Met pr lien 4358_1957 3 .1
July 1914 coupon on
J J
Assent cash war rct No 4 on
Guar 70-year s f 4s
A 0
1977 ---Assent cash war rct No 5 on
Nat RR Mex pr 1 435s Oct 1926
Assent cash war rct No 4 on
1st consol 4s
- 0
1951 4c Assent cash war rct No 4 on
Naugatuck RR let g 48
1954
New England RR Cons 55..1945• 3
Consol guar 48
1945 3 3
NJ June RR guar 1st 45...A986 F A
NO&NE
Riot ref & imp 435aA'52 • J
New Orleans Term 1st 4s_ _,1953 3 J
N 0 Texas dr Met n-c Inc 58.1935 A 0
1st 5s series B
1914 A
let 5e series C
1956 F
1st 435s series D
1956 F A
1st 5355 series A
1954 A 0
N & C Bdge gen guar 4 356_1945 J J
N YB&M B 1st con g 5s
1935 A 0
N Y Cent RR cony deb 68...1935 M N
Registered
M N
Consol 4e series A
1998 F A
Ref & impt 4359 series A._2013 A 0
Ref & impt 58 series C
2013 A 0
Registered
A0
2
895 913 9014
8
4
9014
1
993 102 101, Aug'2/ ________
8
8
,
9014 98 4
,
170 8 10418
11
10
1 712
1:04
183 185
4
_ 12
_17
._
101f
9,
183 j ; 8
8 4 J°1 "28
ul 2
1314
133
4
8
1712 A
0 A01:2025
3
17
1414 22
3812 July'27 ____
1914 2012 21 July'28
1312
_ 22 Apr'27
_
1034 - 5 103
11 8
8
10%
5 1 -16i- --25:
412 1.-3I714
8
8
78
8412 8638 Nov'27 _
_
98 102
98 July'28 ____
- 3102 4
8478 92 88 July'28
88
98
_ _ 8912 July'28
88 100
93
88- 8 9538 July'28 ___
955
953 102
8
885 90
8
885 Aug'28 ____
8
88, 9513
2
____ 9978 99
09
2
983 102
8
9778 99 99 Aug'28
9814 1013*
_ 100 101 Aug'28
100 105
95 Sale 9478
95
18
93
99%
1043 Sale 1033
4
4 24 102 10813
4 1043
9684 _
003
063 100
4
4
2
0634
99 Sale 99
09 101
3
99
10312 10612 1063 Aug'28 _
4
106 10953
_00i4 _ _ __ 107 Apr'28 ____
0
107 107
058 0018
903
8
2
90
9713
9978 Sale 9818
1197
8 13
9818 10412
8 10618 168 104,2 11004
106 Sale 1053
--------10614 June'28 ____
10614 106,
4
9218 9338 9218
93
9218 97
26
9912
9912
9912
1
9612 10312
7412 75
7414
7414
2
72% 795
4
98 Sale 97
98
106
97 I 103 4
,
8913 Sale 883
4
893
4 24
8812 93%
91
9214 July'28 ___
9214 962
863 90 903 July'28 ___
4
4
9014 9612 NY Cent & Mid RJv M330
8112 17
797 5758
' 3, 8118 Sale 8118
8
97
9014 9212 91 Aug'28 _
1)013 963
8
Registered
1997 13 77 4 7914 775 July'28 ____
7758 8513
8
3
9014 98 983 Apr'28
8
983 98%
8
Debenture gold 4e
N
1034
9512 07
1)312 99%
947
8
2
96
9918 1013 102 June'28 ____ 100 105 4
8
,
Registered
MN
_ -_ 97% Apr'28 ____
7
8
9718 9838
9712 10118 100 June'28
*
30
100 1041
-year debenture 9s
1942 J
93
98
013 July'28 ____
4
913 99
4
83
86
83 Aug'28 ____
81
Lake Shore coil gold
8712
7712 7812 78
77% 8618
4
78
3348.1998 FA
81
8112 86
85
8112 June'28
Registered
1098 FA
77 Sale 77
77
6
7618 8274
/
9934 Sale 993
4
7
993
4
98 100
Mich Cent coll gold
7718 83
33 .- 1998 FA
58
80 July'28 ____
78
87
9712 98 _ 973
8
973
8 14
07 100
Registered
1998 P A
765
8
77 July'28 ____
77
8384
_
093 Apr'28 ____
4
4
993 9934 N Y Chic & St L 1st g 4s
9512 9814
1937 AC 9513 9634 9534 Aug'28
i0. T4 105 103 Aug'28 —_ 103 107%
5
Registered
1937 A0
_
9612 Feb'28
_
9618 9613
993
8
25
1011,June'28 -- 101 10212
-year debenture 45
N
1931
8
07)31 83 983
8
9512 100
1
9838
8712 Sale 8712
8818 43
9313
8712
2(168 series A B C
1931 MN 1013 1017 102 Aug'28
4
8
101 10312
89 July'28 __
89
91
Refunding 5Sie series A
1974 A0 10518 Sale 105
10512 31 105 107 3
7
9512 9714 973
973
0
4
9714 1021
4
4
Refunding 535e series B 1075 J J 1053 106 10534
4 10434 1073
10534
4
10012 Apr'28
1001x 10012 NY Connect 1st gu 435s A_1053 F A 96 4
Sale 96
9513 10211
60
913
1st guar 55 geries B
1953 F A 102 105 10312 June'28 __
111012 111514
1047 10614 1047
11 10418 11114 N Y & Erie 1st est gold 4s
105
8
8
N 913
1947
0212 9213
___ 9212 Apr'28
10012 102 10214 10214
3d ext gold 43.5s
1 1()0, 10714
4
1933 M
9712 100
4995 June'28
8
9984 10014
8
1037 Feb'28 ____ 1037 1037
8
8
4th ext gold 5s
1930 AO 99 100 1003 May'28
4
10004 1003
4
5
89
9212 NY & Greenw L gull 5s
87
89 Sale 89
1946 MN
94
00
987 100 Mar'28 _ _ _
8
105 11584 N Y & Harlem gold 335s
10518 110 105 Aug'28
0000 MN
181118 187%
°°
8618 Mar'28
95 Apr'28
9212 9612
95
Rt.vistered
MN 785 ___. 8518 Apr'28
8
,
8
85, 85 8
10212 10612 10612 July'28 ____ 10612 10912 NY Lack & W lot & ref gu 501973 MN 10012
_ 80 July'27
100 July'28 ___- 100 102
First & ref gui 435s con....1973 MN
10018
109
-0
---9918 July'28
9412 99
04 NYLE&W 1st 78 est
4
9613 993 9412 June'28
1930 1,4 S
... 106 Feb'27
0
3
__
92
96 2 N Y &Jersey 1st 58
923 July'28
,
4
98
92
1932 FA
1 012
- _
:
)
00 101:10 2
10114 Aug'28
92 10012 N Y &N E BOA Term 4s
9614 ____ 92 June'28 ____
1939 * 0
_
90 Mar'28
93% N Y N II dr II n-c deb 4s....„1047 M
90
8
8712 935 91 July'28 _-__
81
8312 July'28 ____
84
Non-cony debenture 3358_1947 ▪ S 767 813
08 10014
1
93 100
99
99
: 01%
76J 8314
7
(
8
4 867 July'28 ...._ i
8
Non-cony debenture 3355_1954 A0 71
97 10112
987
8 12
987 Sale 98
8
75
71
71
Non-cony debenture 45._1955
948
4
00
9112 90
26
90
90
783 881*
8
'
3 8014 8312 793 Aug'28
4
Non-cony debenture 4s
1003 102
4
993 ____ 1003 May'28
4
4
79
884
1
1956 MN 773 8712 8012
8
8012
Cony debenture 338s
1
8714 9412
873 89
87 4
8
,
8714
1956 3
8
73
72
707 Aug'28
Cony debenture 6s
46
1948 33 11 14 Sale 11214 114
2
Registered
J
Aug'28
Collateral trust 6s
1: 31058
:12
:
110
10414 47 1°74 22 185
1940 AO 104 Sale 104
Debenture 4s
7218 82
/
1
2
-7 -11957 MN —
.
721-2 '4 2 1702818
8s
Ist & ref 4358 ser of 1927..1067 J 13 8914 Sale 87
8f
943
4
893 126
4
Harlem R & Pt Cites let 40 1034 MN
1
89
5
8
90
9012 90
933*
1
935
New York Bond Record-Continued-Page 4
r.
BONDS
N. Y.STOCK EXCHANGE
Week Ended Aug. 17.
4}:
Pries
Friday:
Aug. 17.
Week's
Range Of
Larsl Sale.
Range
Bence
Jan. 1,
BONDS,
N. Y. STOCK EXCHANGE.
Week Ended Aug. 17,
o
0,
Week's
Range or
Last Sale.
Price
Fridar
Aug. 17.
g
gams
Blase
Jas.
HOD
Mob No. Low
Ask Low
BO
High
HOS No Low
Ask Low
BO
367
:
87
851 93
1950 3, 8612 Sale 8512
7214 90.. St L-San Fran pr 14s A
7414 40
4
74 Sale 733
NYO&W ref 1st gts_June 1992 M
8738 97%
9014 1127
1978 MS 89 Sale 8712
A
Con NI 4Sis series
7811 78
7612 Apr'28
58
8
987 1044
Reg $5.000 only June 1992 M S
8 101
1950 J
:
1001 Sale 997
Prior lien Is series 11
11
3
80 4
70
74
4
1955.7 D 723 Sale 71%
General 43
8
997 30112
8
997 June'28
1928 J J
Prior lien 6s series C
92 95
N1Y Providence & Boston 4s 1942 A 0 87% 92 934 Apr'28
10114 30312
10214 June'28
_1942 J J
_
Prior lien 5358 series D __
.
894 893
4
893 Jan'28
A 0
Registered
100 101 8
7
10112 July'28
Cum adjust ser A 68_ _July 1955 AO
4
963
:
921
9213 June'28
N Y & Putnam 1st con gu 4s 1933 A 0
991s 10218
Income series A Gs_July 1960 Oct 10114 Sale 10114 10114 14
8812 921:
8
863 8812 June'28
J 82
2 100 105
N Y Susq & West let ref 58_1937
10212
831: St Louis& San Fr fly gen 68_1931.7, 10114 1024 10212 100
SO
8
79% 827 May'28
74
1937 F A
10
2d gold 4345
4
993 1031
:
1931 J
8
98% 997 9934
General gold 5s
,
801
68
1
68
1940 F A 6814 707 68
105 111
General gold 55
8
10514 105 June'28
_1948 I .1
8
997 1021 St L Peor & N W 1st gu 5s
101 Aug'28
Terminal let gold 55
1943 NI N 101
97% 9738
1931 M S 8
9714 973 Apr'28
St Louis Sou 1st gu g 4s
in
834
45
85
9214
4
dc 13 1st ser 1 43:6 46 J J 843 Sale 84
NY
6
79
85 14
St L S W 1st g 45 bond etts _1989 M N 8514 871 85
1004 51 100 103
1950 A 0 1004 -- -- 100
2
Nord Ry ext'l 616348
82
:
871
82
82
86
2d g 4s Inc bond ctts_Nov 1989 J J 82
9012 97
6
90
92
Norfolk South 1st & ref A 58_1961 F A
8
917 9012
10
944 99
95
1932 3D 943 Sale 944
4
Consol gold 45
984 103
Norfolk & South 1st gold 58_1941 N N 974 ____ 10212 June'28
8
967 10318
9714 20
8
9714 Sale 967
unifying 5.6_1952
1st terminal &
914 08
11
92
FA
Sale 9118
:
1021 1051: St Paul & K C Sh L let 43:8_1941 FA 92
8
Norflk & West gee gold 68_1931 N N 1023 10318 10212 June'28
99
99
1931
99 1003 99 July'28
St Paul& Duluth 1st 58
8
1047 107
8
904 oft4
Improvement & ext 68_ _ _ _1934 F A 1041 1047 10478 Aug'28
:
Aug'28
JD 903
1968
_ 9312
1st consol gold 46
103 1003
4
New River 1st gold 6s _ _1932 A 0 103 105 103 July'28
9718 97%
9718 June'28
11
St Paul E Gr Trunk 1st 4348_1947'.7 95 88978 DWI
9114 20
8
N & W Ry 1st cous g 4s _ _1096 A 0 905 9414 897
8
954 961$
Registered
1996 A 0 8738 _ _ _ _ 8618 Apr'28
9518 983
8
4s .19333 J 954 963 954 July'28 4
3
96. St Paul Minn & Man con
93
9318 11
Diri let lien & gee g 4s_ _ _1941.7 J 93
9312 93
:
1933.7 J 1031: 1061: 1031 July'28 - -- 10312 11112
1st consol g Os
175 1901;
175 July'28
10- r cony 6s
1929 M S
4
3
- 1063 100 4
4
J 103 106 1063 Mar'28
3
Registered
24
6114 5711
92
1941.7 D 9114 Sale 9114
Pocah C & C joint 4s
9611 101 4
,
4
6s reduced to gold 435s __.1933 J J 971: 983 99 July'28108 Aug'28
4
1073 108
4
1073
North Cent gen & ref 58 A_ _ _1974
9912 9912
:
J J 9612 991. 991 Jan'28
Registered
984 July'28
9818 10138
98 102
Gen & ref 4358 ser A st pd 1974 M
0452 9812
;
953 9112 July'28
1937 J 13 92
Mont ext 1st gold 48
961 95 Aug'28
95 103
1945 A 0 95
North Ohio 1st guar g Is
8
8818 947
_
- 8818 Aug'28
Pacific ext guar 4s (sterling)'40 3 J 891
9018 14
North Pacific prior lien 45._ _1997 Q J 0018 Sale 89
7
07,
89
3
3 1041: 1098
4
4 1043
4
4St Paul Un Dep 1st & ref 5s_1972 J J 1043 10614 1043
961 88
2
Registered
88
1997 Q J 88
88
97
3
87% 94, 4
8
89
S A & Ar Pass 1st gu g 4s. _ z_1943 J 3 89 Sale 8878
6512 23
Gen lien ry & Id gt 3s_Jan 2047 Q F 654 66
64%
624 721,
8 100 104
100
4
A942 1.1 S 100 Sale 100
Jan 2047 Q F 6314 _
Registered
:
681 Apr'28
Riz 69; Santa Fe Pros & Phen 1st 55 1934 A 0 104 -- 10014 Aug'28
_ 19014 1.09
Say Fla & West 1st g 643
Ref & Impt 438 series A_2047.7 .1 974 977 07
9
8
973
97 106
1
: :
10712 May'28 - -- 1071 107
1934 A 0 993 _
4
gold 5.8
lst
11214 Sale 11214
Ref & impt 6s series 13_ __ _2047 .7
180 111 11714
113
6
:
921 98
93
93
1989 MN 9212-Ref & itnpt Is series C_ _ _ _2047J J 10414 1061 1053 July'28
4
:
1051 1094 Scioto V & N E 1st gug 4s
851:
79
82 Aug'28 _ _ _
:
1950 A 0 771 82
Seaboard Air Line let g 4s
Ref & impt 58 series D_ _ _2047 J J 10414 Sale 10414
22 1031: 1094;
1041
72
7478 12
s
837
1950 A 0 747 Sale 73
8
Gold 48stamped
_ 1093 June'28
4
1093
Nor Pac Term Co let g es_ _ _1933 J
4
4
1093 1104
821:
40
4114 81
Oct 1949 F A 40 Sale 40
Afiustment5s
Nor Ry of Calif guar g .5s_ ___1938 A 0 102 10514 107 June'28
105 107
7218
57
30
58
1959 A 0 5712 Sale 57
Refunding 4s
DA
321
73
76
8
lst & cons 66 series A_ _ _ _1945 MS 747 Sale 73 Mar'28
1930 J J 99 10214 101
North Wisconsin 1st 6s
2 NO 102 4
101
3
5
78 6 85
M S
_- 85
Ite,gistered
Og & L Chum lst gu g 4s_ __ _1948 J J 81 Sale 81
1
81
7818 8814
4
8834 95
89
89
91
89
Atl & Hires 30-yr let g 4s-d1933 M S
Ohio Connecting lty 1st 4s_ _1943 M
9538 Nov'27
4
693 947
4
704 63
4
Seaboard All Fla let Cu 6s A _1935 F A 7018 Sale 693
1936 J D
Ohio River RR 151 g Is
104 Apr'28
10334 104
8
943
4
70
711
1935 F A 70 Sale 70
Series 13
1037 A 0 99 100 10112 June 28
General gold Is
.
_ 1011: 1044
oS's 8 98 100%
98
Seaboard & Roan let Is extd1931 J J __ 98
Oregon lilt & Nay eon g 43_1946 .1 D 9114 9413 9114
91 14
9114 PO
3
9912 1014
4
8 -So Car & Ga 1st eat 5348_ _ _ _1929 MN i936 10014 993 July'2
4
Ore.Short Line 1st cons g 53_1946 J J 1043 Sale 102
4
1043
.
1
5 102 110
1 100 105
1936 F A 10018 1023 10018 10018
8
1946 J J 10614
Guar stpd cons 53
10614 July'28 -- 10614 1118. S&NAlaconsgug .58
11412 115
1081 11434 May'28
:
Gen cons guar 50-yr 53._ /963 A 01
1929.7 D 9818 Sale 98
Guar refunding 46
8
983 180
98 100
8
8778 14
Oregon-Wash let & ref 48_1961 J I 877 Sale 8618
8618 941:
95
FS
3 II
587
88
90
13 774 80
Pacific Coast Co 181 g 5s_ __ _1946
: 774
771
2
:
771 684 So Pac coil 48(Cent Pac colDr49 J D 89
1:8
88
8
J D 85 8 893 88 Mar'28 ---3
Registered
4
Pac RR of Mo 1st ext g 443_ _ _1938 F A 92 923 92 July'28 _
4
913 954
:
981 100
8 49
987
June 1929 M El 98% 983 9834
4
cony 4s
-year
20
1938 J
2d extended gold 56
9734 9914 102 May'28
102 1024
994 104
4
100
1st 4 As(Oregon Lines) A.1977 MI 8 9812 100 100
Paducah & Ills 1st f 438_ _ _1955 J J
100% July'2 ___
10038 1013
4
1934.7 D 100 1013 101% Aug' -- 10018 10314
8
28
-year cony 5s
20
Paris-LyonsMed RR extl 68.1958 F A 991s Sale 9918
9914 98
96 1007
8
,
95 4 100 2
,
9714 32
1968 14 13 9614 Sale 9534
Gold 43413
102% Sale 1023
Sinking fund external 71i. _1058 M
8 1031
13 1011 1054
:
5
88 8 96
10
90
8
1950 A 0 8912 93
897
San Fran Tenni let 46
4
1023 Sale 1023
1954 M
Paris-Orleans RR 6 f 78
4 1033
8 21 101 10412
3
89 4 90
A 0 88
90 July'28 Registered
8
Extema I sinking fund 534s 1968 M 8 943 Sale 94
941: 31
3
96 4
03
10.5 108
_
4
MN
4 - 8
Paulkta Ity Int & ref 6 f 7s_ 1942 N B 10113 __
10214 10214
1 10114 1041: So Pac of Cal 1st con gu g 58_1%37 3 j 1023 1043 1063 June'28
9718 973
8
_
8
973 May'28
08
96
So Par Coast let gu g 4s_ _1937
9813
91
1905.5 J 921 Sale_ 91
:
Pennsylvania RR COW g 4s._1943 PA N
973 July'28
4
9738 994 So Pac Rli let ref 45
96
98
02'' 3_
3 J
96 Apr'28 -_ 4
Registered
1948 1.1 N 931 95
93%
Consol gold 43
1
93% ---93 100
:
8 19 108 1191
1065
1
.
Southern Ity tat cons g 5s_ _ _1994 ,1 1 .88E8 gale 108
45 sterl stud dollar_ May 1 1948 1111 N
92% July'28
9218 99
_ 110 1154
J 3 102
____ 11518 Apr'28
Registered
8
1960 F A 1015 Sale 1001
: 10178
Consolidated s f 43is
100 107
854 93
79
87
Devel & gee 4s series A_ _ _1956 A 0 87 Sale 8534
13 9912 Sale 98%
1965
: 58
991
General 4 kis series A
,
7
97 8 1047
8 1131: 121
1951 A 0 11312 Sale 11313 114
Develop & gen 133
8
1063 Sale 10618 1063
1968.7
8 13 1043 116
General 58 series 13
8
1956 A 0 119 4 Sale 11134 12018 14 11734 127
3
Develop & gen 6343
-year secured 78
10
1930 A 0 10318 Sale 10318 1033
4 49 163 1054
106 11318
1996 3 J
_ _ 108 July'28
Meru Div 1st g Is
8 110
15 year secured 6348
1936 F A 110 Sale 1087
26 1084 113:
3
8918 94
_
19.51.7 J
8918 July'28
St Louis Div let g 48
_ 112 Apr'28_..
F A
Registered
112 112
8 10414 10414
:
% 89
84
107
East Tenn reorg lien g 5s_ _1938 M S 104- _ 14 10414 104'4
40
4 10314 41 1013 105
3
-year secured gold 5s.. _ _1964 M N 102 4 Sale 1023
14
4
1
.
911 9634
92
1938 M 5 _ 933- 4 92
coil tr 43
Mob & Ohio
4
Pa Co gu 3356 coil tr A reg_1937 M S 873 - _ 91 June'28
_
8
871 113
Guar 3348 coil Ulna ser 13_1941 F A 8714 89 89 July'28 _ _ _ _
8718 92
90
83
824 83 Aug'28
Spokane Internal lst g 5s__ _1955 J .1
90 Apr'28
_
Guar 3As trust et ts C_ _ _ _1942 3 D 89
.
891 9014
85 Nov'27
43:s_ -1943 J 13
Guar 3358 trust ctfs D_ _ _1944 J D 8718
- 8812 July'28
_
:
881 90i Staten Island Ry 1st let 4s.. _1936 J .1
-95"
95 Apr'28
Sunbury & Lewiston
8
-25
Guar 15 -year gold 43__1031 A 0 967 97% 9714
9714
4
0634 100
99% 99%
8
58_31930 M 8
997 Apr'28
921: 9114 Aug'28
1952 119 N 89
Guar 4s ser li trust ars
9118 9514 Superior Short Line 1st 434s-1939 A 0
9913 102%
101 102 10114 10114
Term Assn of St L 1st g
Pa Ohio & Del 1st & ref 43:8A'77 A 0 96
964 96
96
7
9514 102
1 102 107
102
1944 F A 102 Sale 102
1st eons gold Is
Peoria & Eastern 1st eons 48_19-10 A 0 83 4 88
3
8
837
834
1
83% 92
94
87
7
1953 j j 87
88
:
881 87
Gen refund s f g 4s
Income 48
April 1990 Apr. 30
3934 3712 July'28
3712 501s
,
8
F A
10312 12 1017 107 2
Peoria& Pekin Un 1st 5ls.1974 F A 103 1063 103
4
103
1 10214 1081 Texarkana & Ft S 1st 5355A 1950 3 .3 10314 Sale 103 July'28
:
10012 10312
1943
:
100 102 1001
0com gold 5s
Pere Marquette let tier A 513_1956 J
10012 Sale 1004 10012 10 1001 1064 Tex & N
:
108 116
2000 J 13 10712 1114 108 July'28
1st 48series 13
Texas & Pac let gold 58
1956.7 J 894 9013 591
: 9012
8s18
6
100 Aug'27
2d inc55(klar.28c1)on)Dee 2000 Mar
4 65 100'e 1041,
1977 A 0 101734 Sale 1003
4 1013
Gen & ref 513 series 11
Phlla Balt & Wash 1st g 4s_1043 MN 9218 95
9714 July'28
97 100
2
100 1017
111313 3
8
997 100 Aug'28
La Div 1.3 L 1st g 59
1974 F A 10514 __-_ 10514 Aug'28
General 53 series 13
114
105
105 10914
107
TexPee-MO1'&C'1'er5)'s._.lOO4 Si S 10612 los 107
J 42
Phillippine Ity int 30-yr a f 4819137 .1
421: 42
42
:
4321
1
40
:
1001 10314
101
101
Tol & Ohio Cent 1st gu 56_193 3 3 101
Pine Creek registered 1st fls_1932 1 D 10212 10514 104 June'28
104 106
,
1935 A 0 98% 103 100
981 103
5
100
Western Div 1st g 5s
1940 A 0 100 102 100 July'28
PGC&StLgu 4356A
3
997 102
100 1011e
1035 I D
100 June'28
General gold 58
1942 A ( 100
Series 13 43:13 guar
_ 100 July'28
100 1024
15 Nov'27
19
1942 M N
Toledo Peoria & West 1st 48_1917 3 J
Series C 4 Sis guar
10134 June'28
4
1013 1021s
903
9014
96 2
8 -90- - -11950 A 0
1945 M N 97
Series 1)40 guar
Tol St L & W50 yrg 4s
9912 97
97
5
99
97
4
9852 1003
1931 3 J 073 001: 985 July'28
8
1949 F A
4
Series E 3358 guar gold
974 June'28
97% Tol W V &Ogu 43:6A
97
,
19333 3 973
99 2 103'2
:
991 June'28
4
let guar 435,3 series 13
1953 3 D 9718
Series F 4s guar gold
9714 Apr'28
_
1942 M S 941
8
1957 M N 97
957 June'28
:
1st guar 4.s series C
Series G 4s guar
96 July'28 _ _ _ _
-9414
8
1960 F A 971: _ _ 9718 July'28
95 943 June'28
Series 11 eon guar 45
974 Tor Ham & Buff 1st g 4s_ _ _ _1946 3 D 94% 97
1963 F A 97 1013 101 July'28 _ _ _
4
Series 1 eons guar 4.358
101 10514
561: 76
691: 633 Aug'28
8
Ulster & Del 1st eons g 5s.,,1928 1 D 65
Series J cons guar 43s__ _ _1964 MN 97 100
98
98
10
98 105
63
62
Certificates of deposit
1970 1 D 10518 Sale 10518 10534
5712 65 63 July'28
General M Is series A
7 10414 1144
66
32
1952 I13 381: 42
let refunding g 4s
.1 13
8
38% Aug'
1133 Jan'28
28
_ 1134 1134
Registered
9314 99
4
943
4 24
4
Gen nit ge guar Is series 13_1975 A 0 105 106 1063
8 10612
7 1043 11518 Union Pacific 15t lilt & 1,181 44'47 j 3 943 Sale 933
8
914 974
6
J 911 9212 0112
Registered
,
3
91 2
:
A 0
1131: Jan'28
Registered
11318 1134
2
894 983
17
90
June 2008 M El 8918 Sale 8918
1st lien & ref 4s
3
95 4 10114
5
96 8 58
1067 3 J 961 Sale 06
Gold435s
Pitts McK & Y 1st gu Os._ _ _1932 3.5 105
:
106 May'27
_
108 11644
1014 1116 - 10318 June'28
June 2008 M 13 _
1934 .1
110 1094 July'28
let lien & ref 5s
241 guar 65
161; 107
851$ 89
3U
864 243
1968 .1 D } 4 Sale 8518
1940 AO 10018
Pitts Sh & L E 1st g 5s
-year g 4s
40
10018 1004
3 10018 106
9318 9913
84 June'28
1)7
1944 111 8 89
let consolgold Is
1943 3 .1 1004
10014 June'28
_ 10014 10014 U N J liR & Can gen 4s
971 983 Nov'27
4
1933 3 1 92
Utah SC Nor 1st ext 4s
1943 MN 9018
Pitte Va & Char 1st 46
Oct'27
95
--WI- 18
Vandalia eons g 4s series A_ _1955 F A 9514 983 98 Nov'27
Pitts Y & Ash 1st 48 ser A _ _1948
95 June'28
99
13 90
_
-9411 971
96
9912
1957 MN
-- 96 June'28
1st gee 58 series 11
1962 FA 103
Cons s f 46 series 13
108 June'28
108 10812
171 2314
4
8
1714 15 s
0514- - 5 187 July'28
1st gen 56 aeries C
Vera Cruz & P assent 4 tis ,1934
1074 .71)
10014 1014
1931 M 8 97 4
- 1004 June'28
7
Providence Scour deb 45 __ _1957 MN 701g 747 76 June'28
8
.
_
3164 Virginia NIfd 53 series F
1 10014 1034
1936 MN 10012 1011: 1001: 1004
General 58
1956 M
9118 June'28
8
Providence Term 1st 48
833 92
9114
91
102 1074
'3 97 100 102 Aug'28
: 5
951
VA & Southw'n 1st gu Fis_ _ _ _2003
Reading Co Jersey Gen coil 413'51 AO
9512
8
927
9218 97
95 1031
4
8 15
953
4
1958 AO 954 963 95%
-year Is
943 June'28
let cons 50
4
A0
Registered
4
943 9514
1051: 123 104 109 2
7
104
8
99
Gen & ref 4356 series A _1997.53 981 Sale 98
:
20
4 Virginian Ry let 56 series A_1962 MN 1047 Sale 103
98 1043
4 16218 10512
104
1939 MN 104 Sale
1948 MN
Rich & Meek 1st g 43
7918 May'28
83
_
7918 8214 Wabash 1st gold 5s
9812
9812 1041s
6
1939 FA 984 100 0814
Riches Term fly 1st gu 53_ _ _1952 J J 100 102 1041 June'28
2d gold 5s
:
_ 10414 1044
4
10314 Sale 10214 10314 10 10214 1073
1975 M
Ref 8 f 535s series A
Rio Grande June 1st gu 58__A939 JO
:
104 1011 June'28
10014 10112
4
973 105
984 72
1976 FA 98% Sale 974
414 ---- 5 May'28
Illo Grande Sou 1st gold 45..1940 J J
Ref & gen 566eries B
44 5
8
Debenture 13 tis registered_1939 .1 J 9812 __- 887 May'27
Guar 4s (Jan 1922 coupon) '40 Ji ---712 Apr'28
74
5
8218 - 8 89 June'28
887_1954
1st lien 00-yr g term 4s
Rio Grande West 1st gold 48_1939
92
90
1)1
4
90
9512
00
,
104 2 1063
4
4
10112
- 1053 July'28
Det & Chi ext 1st g 5s_ _ _ _1941
1st con & coil trust 48 A._1949 AO 8318 84 8314 Aug'28
_
8314 90%
9112 8311
92% Apr'28
'3 _
Des Moines Div lst g 48-1939
RI Ark & Louis 1st 4355_ _1934 MS 95 Sale 95
96
19
9418 994
8332 883
3
4
3.358... _ _1941 AO Siis 87 83 8 Aug'28
Omaha Div lat g
Rut
-Canada 1st gu g 4s
19493, 7918 84
7918 Aug'28
s
794 847
89
891: 21
9512
1941 MS 8918 Sale 8918
Tol & Chic Div g 45
Rutland liit con g 43:3
1941 j
94 July'28 _
04
96%
83
885 9414
9014 60
s
1978 AO 8912 Sale 88%
gen 4.346 Ser C
Ref &
&Jos& Grand 181 lot g 48._1947 j
92
88 June'28
87
8614 89
83 Mar'28
83
"000 FA
83
Bt Lawr & Adir 1st g 58
1996 1
3
100 Aug'28
100
100 l00 4 Warren 1st ref gu g 31.115
3
90 008 Mar'28
10311 9042
1
_
1948 Q
Wash Cent 1st gold 45
2d goldes
1996 A0 10312 1051: 105 June'28
105 108
8318
834
2
1945 FA 831s 1(0
,
83 2 91
St L & Cairo guar g 4s
1931
984 Wash Term let gu 33513
'3 064 Sale 96%
116
7
s
963
1945 FA 897
06 July'28
_
8
884 16
1st40-year guar 43
St L Ir Mt & 8 gen eon g5,_1031 A0 993 Sale 0814 100
4
9814 1021
62
4
8
987 Aug'28 - 983 101
8
W Min W & N W 1st gu 58 _1930 FA _ 797
Stamped guar Os
1931 AO
10134 Dec'27
1952 AO
Sale 79
8014 194
7818 8714
Unified & ref gold 48
1614 West Maryland 1st g 4s
1929 3 .1 98¼ 984 983
"
8
9812 37 "ii
1977.7.7 97 Sale 964
971: 41
961: 1034
1st & ref 53:s aeries A
Itly &0 Div la g 4s
974
1933 MN 94 Sale 94
9414 96
94
1937 ii 100 101 101
10134
6 100 104
St_L NI Bridge Ter gu g Is _ _193 A 0 9918 100 994 100
984 1014 West N Y & Pa 1st g 5s
901: 90
1943 AO 90
10
90
g
8
883 4143
Gen gold 4s
_1946 MS 9814 Sale 97 2
:
981 152
Western Pac 1st ser A 5s
,
974 101
2361 J
86 Sale 844
86
841: 9312
29
West Shore 1st 45 guar
2361
'3 8413 861: 837
Registered
8
8
8 10
837
837 93
--
d Duo May. • Due June. 8 Due August.
936
BONDS
Ni Y. 21TOCK EXCHANGE
Week Ended Aug. 17.
New York Bond Record-Continued-Page 5
J1Z'
Price
Friday.
Aug. 17.
Weeps
Range or
Last Sale.
szA
Range
Since
Jan. 1,
BONDS
N. Y.STOCK EXCHANGE
Week Ended Aug. 17.
Pries
Week's
I
Fridati.
Bones or
Aug. 17.
Last Bale
.;•
Range
31rica
Jon. I.
Bid
Ask Low
High No. Low
High
Bid
Hick No. Low
Ask Low
High
Wheeling & Lake ErieCrown Cork & Seals I 6s_ ___1947• D 99 100 993
/
1
4
4
99
14 19 984 10018
Ext'n & inapt gold 58
1930 P A
00 Apr'28
100 1004 Crown-Willamette Pap(58_1951 is 102 1023 10128 10232 12 101% 1034
2
Refunding 41.1s series A___I966 MS -91518 14 92 July'28
92 10214 Cuba Cane Sugar cony 78 _1930 55 71 Sale 7514
.
4
12 6914 98
77
Refunding 58series B
1966 MS 98 Sale 98
Cony deben stamped 8% _1930 ii 80 Sale 78
98
98 102
61
80
6518 97
RR let consol4a
1949 MS 9014 -- -- 91 Aug'28
Cuban Am Sugar 1st coil 88_1931 MB 105 Bale 105
91
94
1053
4 13 105 108
Wilk & East lat KU g 58
1942 SD 65 6912 7014 Aug'28
68
7912 Cuban Dom Sug let 750_1944 MN 977 Sale 9712
9878 21
9712 10113
Will & S F Ist gold 5s
SD 10014 104 03 May'28
103 104
/ / Cumb T & T 1st & gen 5s___1937 is 10134 Sale 101% 10134 42 9972 10412
1
4
1938
/
1
4
1
4
Winston-Salem S B let 48-1960 Si -- -- 9112 92 June'28
92
93 Cuyamel Fruit 1st f 6s A...1940 A0 9912 100 9912 10
gni 101
0
Wls Cent 50-yr let gen 4s_ _ _1949 Si
814 9211t Denver Cons Tramw 1st 58_ _1933 A0 4
2 823 8212
84
8
4
76 Dec'27
Sup & Dul div & term let 4s'36 MN 8812 91 8812 Aug'28
88
98 Den Gas & E L 1st & ref afg 5851 MN 51 212ile 99
12
24
loo 14 "iii" fir
Woe & Con East 1st 43121........1943 iJ
,
Stamped as to Pa tax
9238 Mar'28
92%
92
1
1951 MN
99
8 ___ 99
99 193
Dery Corp(DO)1st a f 7s_ _1942 M
6
3012 75
6512 72 69
9958
707
Detroit Edison let coil tr 58_1933 iS 10212 ___ 102
2 101% 108 2
102
7
INDUSTRIALS
1st & ref 55 series A_July 1940 MS 10312
4 102 10524
_ 10312 104
Gen & ref 55 series A
1 1024 108
1949 £ 0 10212 Sale 10212 10212
_/
1
4
Adams Express colltr g 4s_ _1948 M
8912 Sale 894
1
1st & ref 68 series B__July 1940 MB 10812 Sale 10734 10812 10 10614 109
87
8912
cm
.
1
Ajax Rubber 1st 15-yr a f 88_1936 SD 10134 10278 03 Aug'28
Gen & ref 58 ser B
103 1093
4
10214 104 10178 10212
7 101% 107
1955
Alaska Gold M deb 68 A.__1025 MS
612 10
74 July'28
318 10
Series C
4 103 1074
1962 FA 102 1037 103
103
s
Conv deb 6s series B
612 812 6 July'28
1926 M
818 10 Dot United 18f C01111 g 431s._1932 iS 9322 9712 9634
4
95
963
97
14
4
Allis-Chalmers Mfg deb 58_ _1937 MN 383 Bale 9834
4
9912 18
98 1023 Dodge Bros deb(38
.
1940 MN 9734 Bale 9612
98 1555
863 99
4
Alpine-Montan Steel let 75_1955 MB 94 Sale 94
22
95
98
967 Dold (Jacob)Pack 1st8s
2
1942 MN 8412 Sale 8412
3
8412
2
807 8818
Am Agric Chem let ref a f 750'41 P A 10512 106 0512 106
27 104 10612 Dominion Iron & Steel 5s_ _ _1939 Ms 97 100 10012 July'28
85 101
Amer Beet Sug cony deb 68_1935 P A 90 Sale 90
2 79 93 Donner Steel 1st ref 78
90
1942 Si 9714 98 9614
11
97
90
9912
American Chain deb si 6s_ _ _1933 AO 10112 Sale 0112 101%
4 101 1044 Duke-Price Pow 1st 15+3 ser A '66
10414 Sale
43
/ 106
1
4
%
Am Cot Oil debenture 5e
9621 102% Duquesne Light 181 4Hs A 1967 * 0 99 Sale 1044 104% 151 103 104
13
1931 MN 98 101
97%
97%
98
98
9912
Am Cynamid deb 58
11
94
1942 AO 93 Bale 93
92
97
Am Mach & Fdy f 6s
1939 * 0 104 10414 06 Aug'28
104 106 East Cuba Sug 15-yrs f g 730'37 MS 9534 Sale 93
9612 72
93 105%
American Natural Gas Corp
Ed El III Bkn lat con g 423_ _ _1939 J J 9234 95 933
4
4
7
9414.
933 99
Deb 630(with purch warr)'42 AO 984 Sale 97%
98% 41
9714 9914 Ed Elec III 1st cons g 55
1995 S i 10838 11634 11434 July'28
11418 1174
Am Sm & R 1st 30-yr 53 see A '47 *0 10212 Sale 0178 1021
89 100 102% Elec Pow Corp(Germany)650'50 ▪ B 94
9534 9412
9412 9913
4
9412
lst M 68series/3
6 106 109% Elk Horn Coal 1st & ref 65S8.1931 5
4
1947 AO 108 109 0812 1083
/
1
4
9234 9612 93
93
92
/ 99
1
4
Amer Sugar Ref 15-yr 68....._1937 is 10414 Bale 033
Deb 7% notes (with warr'ts'31 5
4 10414 114 1024 106
7712 777 78 Aug'28
7634 91
Equit Gas Light 1st con 58 _ _1932 MS 9738 100 101 July'28
334 1024
Am Telep & Teleg colitr 4s.1929 Si 9878 Sale 987
9918 105
9812 100 Federal Light & Tr 1st
_ _1942 MS 9534 96
9612 Aug'28
96 10312
Convertible 422
3 9234 10012
93,
8
1936 MB 93 Sale 93
let lien at 5s stamped.... _1942 MS 9518 96 96
334 101%
96
20
100 1003 100
-year cony 45is
4
1
100
1933 M
1st lien Osstamped
9914 10212
1942 MB 10312 10412 10312 10312
100 1054
.
30
-year coil tr 58
32 10314 108 30-year deb6saer B
1946 SD 105 Bale 10312 10
5
9 34 0
9
1954 SD 97 19 12 10612 A66 28
0 9
8
0
100
99 105
SD
Registered
0438 Feb'28
104% 104% Federated Metalss f 78
1939 S D
_
99
95
35-yr a f deb 58
1960 is 10312 iife- 10314 10312 100 10314 109 Flat deb 78(with ware)
1946 S i 105 Sale 10412 106
17 10014 119
20
1943 MN 106 Sale 106
10612 109 1043 110
-years f 550
Without stock purch warrants_
4
9312 Sale 9214
93
5
91
98
Am Type Found deb (is
1940 AO 1044 105 108 Aug'28
10312 106 Fisk Rubber 1st f 8s
7
5ii 110 Sale 110
1941 1
110
1 110 120
Am Wat Wks & El col tr 58_ _1934 * 0 9878 Sale 98%
994 31
9738 10118 Ft Smith Lt & Tr lst g 5s- _ _1936 MB 10428 1047 10412 Aug'28 -8
8912 104%
Deb g 68 ser A
1975 M N 104 Sale 1031s 104
15 103 1093 Frameric Ind & Deb 20-yr 7)46'42
e
' 10634 Sale 106
S
1063
4 25 105 11012
Am Writ Pap 1st g 613
3 83
1947J J 83 86 85
85
9314 Francisco Sugar 1st s f714s 1942 MN 10512 108 10534 10534
4
2 1038 110 8
7
Anaconda Cop Min let 621- -1953 P A 10514 Bale 11343
4 1054 247 103 10612 French Nat Mall SS Lines 75 1949 S D 102 Sale 101
102
37 101 10318
Registered
1054 Mar'28 10514 1054 Gas& El of Berg Co cons g 531949 J D
--- 105 July'28 _ -- 105 10712
A
15
-year cony deb 78
1938 - - 119 Sale 11714 12014 59 11014 137
Gen Asphalt cony(is
4
1939 £ 0 1075 fos 10828 Aug'28
106 117
Andes Cop Min cony deb 7s _1943• 5 12714 Sale 125
132 120 140
128
Gen Electric deb g 3Xs
1942 P A 9412
944 July'28 _
9412 96
Anglo-Chilean a f deb 7s_ -1945 MN 103 Sale 10212 103
26
9618 10514 Gen Elec(Germany)75 Jan 15'45• J 1034 Sale 10238 1037a 16 102 10612
Antilla(Comp Azuc)714$_.1939 is 8814 Sale 87
8
85
S I deb 0)4s with warr _ --1940 3D
8814
96%
119 11838 Aug'28
- 118 12612
Ark & Mem Bridge & Ter 522_1964 MS 1014 10212 10212 Aug'28
Without waretsattach'd '40 S D 07
10112 104
99 99
99
8
98 101%
Armour & Co lst 450
1939 J D 915 Sale 9138
917
8 52
MN 9414
20
-year s deb 68
1948 MN 9312 Bale 93
9312 62 93
95%
Armour & Co of Del 55is __ _1943 is 9214 Sale 9112
9214 107
8712 94
Associated 0116% gold notes 1935 MS 10212 Bale 10214 10212 15 102 10812 Gen Mot Accept
deb Os
/
4
1937 P A 102 Sale 1011 10212 258 10114 104 4
3
Atlanta Gas L 1st 5s
1947 J D 10312 ____ 107 June'28
101114 107 Genl Petrol let a f 58
1940 P A 10012 Sale 10012 1003
4 16
9614 1024
Atlantic Fruit 72; ctfs dep._ _1934 S D 125 ____ 16 July'28
Gen Refr 151st 6sser A
1218 16
1952 FA 10212 10412 10212 Aug'28
102 10812
• D 12 ___ 15 Mar'28
Stamped °As of deposit
/
1
4
Good Hope Steel & I sec 78 1945 £ 0 10012 Sale 100
15
18
1003
4
9 993 103
4
Goodrich(B F) Co 1st 614s__1947 S i 1073 Sale 10711 1073
4
4 20 1063 10812
8
2131 Gulf& WISS L colt:58_1959 is 7312 Sale 7612
7812 40
72% 8212 Goodyear Tire & Rub let 5a
91
MN 91 Sale 90
72
89% 96
Atlantic Refg deb 58
1937 Si 9934 100 100
10034 57 190 108114 Gotham Silk Hosiery deb Os _1957 S D 10012 Sale 10012 1003
8 32 10018 108
_1936
Baldw Loco Works 151 58_ -1940 MN 107 10712 107
107
5 107 1084 Gould Coupler 181 a f Os
3912 821
2
70
4 76
2
1940 P
Baragua (Comp Az) 7358-1937 Si 104 - 10312 10412
4 1034 1083 Gt Cons El Power(Japan)78_1944 P A 695 Sale 697a
4
9834
4
9912 24
A 983
97 10112
Barnsdall Corp 65 with warr-1940 S D 101% Sale 10012 10112 62
9912 106
Ist&gensf 61is
95
16
984 98
1950 S i 9412 Sale 94
4
Deb 622(without warrant)_1940
D 0013 Sale 90
90
/ 20
1
4
90
93% Great Falls Power ist f 58._1940 MN 1041a 10614 1053 July'28 ____ 10522 10872
4
Batavlan Pete gen deb 430_1942 is 9314 Sale 92
/
1
4
9338 178
Gulf States Steel deb 5148..._1942 S D 9734 Sale 9712
13
98
964 101
Belding-Hemingway (is
' 92 Sale 91%
S
1936
92
13
Hackensack Water 1st 4s_..1952 ii 8812 92%
88 8812 July'28 _ _
Bell Telep of Pa fa series B-1948 is 10434 105 1043
4 105
12 1041, 013 Hartford St Ry let 48
07 1 9
%
954 May'28
9513 95%
_
1930 MS oii
lst &ref 5s series C
1960 £ 0 1074 Sale 10718 1074 17
Havana Elec consol g 5s _ _1952 P A 8418 87 87 Aug'28
81
98
Berlin City Elec Co deb 63a 1951 S D 9434 Sale 344
Deb 55-1s series of 1926_
94% 42
715s 7134
711
/
4
4
MS
71
78 4
4
Berlln Elec El & Undg 611s _1956 AO 94 Bale 934
,
Hoe(R)& Co lst 6303ag _1951 £ 0 944 Sale 94
/
1
94% 63
944
9912
90
2
A.1934
Beth Steel let & ref 55 guar A '42 MN 10034 Sale 1003
1014
9493 8 1049781 Holland-Amer Line 6s(flat) _1947 MN 1024 103 103
5
997 9 1
4
103
1 10072 11:141
30-yr p m & Imp a f 58.._1936 S i 100 Bale 9912 10012 24
99 103 Hudson Coal 1st f 58 ser A.1962 J D 8614 Sale 86
8612 35
95
86
eons 30
-year Os series A-1948 FA 104 Sale 104
1044 108 10212 1067 Hudson Co Gas 1st g 5s
/
1
a
8
1940 MN 101 1037 10012 Aug'28 _ -- 10018 109
Cons30
-year 55Ss ser B
1953 P A 102 Sale 10138 102
9912 105 Humble Oil& Refining 5348_1932 Si 101 Sale
38
1
lOO7s 101% 175 100% 103 s
Bing & Bing deb6s
1950 MS 973 9812 97
Deb gold 5s
4
/
1
4
6
9812
9614 99
98 10112
993
4 47
1937 *0 994 Sale 99
Botany Cons Mills 6148
1934 *0 73 Sale 73
77%
8
73
834 Illinois Bell Telephone Sc....l956 S D 104 Sale 10314 10414 33 10314 105%
262
Bowman-Bilt Hotels 78
1934
10212 105 10132 103
2
99 1054 Illinois Steel deb 434
,
1940 *0 97 98 97
9714 20 96 10111
B'way & 7th Av 1st con 58_1943 S D 734 76 7338
Under Steel Corp s f 78
1
73%
81
68
4
101
9872 10102
1946 *0 10012 1013 101
1
Brooklyn City RR let 58_ _1941 S i 91
1
93
91
3
9018 9512 Indiana Limestone lat a I 66 1941 MN 9134 Sale 9134
92
90 10114
6
Bklyn Edison Inc gen 58 A___1949 J
103% 105 101
101
3 101 1087 Ind Nat Gas & 0115s
5
9812 100%
1936 MN 98',.__ 9812 Aug'28
Registered
is
10532 Mar'28
Indiana Steel 1st 58
105% 1 53
0 0
104 103
1952 MN
1031
4 1024 105 4
4
General as series B
1930 is 101 Sale 101
10114 24 101 104; Ingersoll-Rand 1st 5s Dec 31 1935 55 103 10312 102 Aug'28
____
101 104
_
Inland Steel let 4)4e
34
8
914 927
1978 AO 9112 Sale 9118
915
Bklyn-Man It T sec 68
1968 S i 97% Sale 974
98% 215
9614 10011 Inspiration Con Copper 63481931 MB 10028 102
4
2 100 1034
Bklyn Qu Co & Sub con gtd 58'41 MN ____ 69 70 June'28
10011 10114
6412 72
1st Eis stamped
1941 S i 68
92 90 May'28
Interboro Rap Tran 1st 5s_ _1966 J
80 90
7412 8814
7914 Sale 7338
8012 60
Brooklyn R Tr 1st cony g 48_2002 Si
8814 Nov'27
Stamped
744 8612
is 79% Bale 7838
42_8_
804.
3-yr 7% secured notes_ _ _1921 S i 105
13612 Nov'27
Registered
7634 83
Apr'28
Bklyn Un El 1st g 4-58
1950 P A 93 9312 9312
9312
10
1 -oaf, 1100
-year68
1932 A
70 90
Stamped guar 4-58
1950 P A 93 94
90
9312
94
10-year cony 7% notes_ __1932 M 0 80 Sale 978314
7
9312 991
4
39
964 10314
997s 67
S 9914
Bklyn Un Gas let cons g 5a.1945 MN 10412 105 10412 105
11 104 111
Int Agric Corp lat 20-yr 58 _ _1932 M N 90 Sale 9312 July'28 -90 100
9312
let lien & ref 6s series A _ _ _1947 MN 112
11634 July'28
_ 118 119%
Stamped extended to 1942.....MN
86
79
999 282 16:098
.
77 80 887:2 Aug97 8 _
Cony deb 5Sis
9994
0
1936 ii 263 Sale 260
263
34 250 288 Int Cement cony deb 5s
85% 100%
1948 M N 95 Bale
Buff & Susq Iron 1st a 58-1932 ill 9412 -- 9412 June'28
Internal Match deb 58
9314 102
966 1004
1947 /A N inis Sale
8
Bush Terminal 1st 4s
1952 * 0 903 --- 88 Jan'28
8
88
9412 Inter Mercan Marine s f(is. _1941
1031
:4 33 10212 10612
Consol 58
1955 is 9912 Sale 9918
9912 37
9514 10$ International Paper baser A.1947 A 0 103 Sale 03
9558 102 2
J
3
98% Bale
Bush Term Bldgs 58 gu tax-ex '60 A0 10114 Sale 100
102
39 9914 102
Ref a f Meer A
1955 Al
8
20 1017 10514
10178 10212 01% 102
By
-Prod Coke 1st 532s A--1945 MN 100
- 10058 100 4 15 100 10312 Int Telep & Teleg deb g
3
454s 19.523
924 984
944
Cal0& E Corp unit & ref 58_1937 MN 10314 10312 10312 10312
5 10314 106
Jurgens Works6s(flat priee)_1947 5 J 9412 Sale 922 June'28 182 104 10714
_
J
Cal Petroleum cony deb a f 581939 P A 984 Sale 97
983
4 31
954 102
Kansas City Pow & Lt 512_ _1952 M S jai Sale 07
1 10212 1054
104
104
Cony deb f 514s
1938 MN 101 10112 10114 1013
8
3
lat gold 451s series 11
95 10414
,
1957i J 10014 1034 10014 10014
6 10014 105%
Camaguey Bug 1st sX g 78-.1942 £ 0 99 Sale 9812
11
9912
9812 10114 Kansas Gas & Electric
_1952
4 10618 14 105 10612
Canada 88 List& gen 622_1941 £ 0 10114 102 1014 July'28
10018 10314 Kayser (Julius) ac Co deb 530 47 M B 10514 - -- 1053
68_M B 11212 Sale 112
27 10514 122
114
Cent Dist Tel 1st 30-yr 58_ _ _1943 S D 105
.- 105 July'28
1043 10512 Keith(B F)Corp 1st Os
4
1946 M 8 90 Bale 90
90 101
9012 13
Cent Foundry 1st s f 68 May 1931 F A 9614 IS 97'2 July'28
9712 99 Kelly-Spring!Tire8% notes_1931 MN 1074
12
3 10614 10912
Key-ston Telep Co let 5w.... _1935 5 J 9312 Bale 10712 1074
95 95 Aug'28
944 99
Central Steel 1st g s f 88
1941 MN 124 128 124
12418 13 120 125
Kings County El & P g 58_ _1937 A
0 103 --- 104 July'28
103 107
.
4
Certain-teed Prod 5s A._ _1948 MB 9134 Bale 90
913
4 42
89% 97
Purchase money 6s
1997 A
125 185
Ceapedes Sugar Co 1st 51 7346'39 MS 100 10012 100
5 100 106 Kings County Elev lat g 4s _ _1949 F 0 12514 -- 12518 Aug'28
10014
A 7934 8278 9112
84
388072531444
£ 0 6312 Sale 634
Chic City & Conn Rya 521Jan 1927
6312
3
6134 69
Stamped guar 48
1949
82% 90%
4
14
Ch G L & Coke 1st gu g 58-1937I" 101 Sale 101
101
4 100 104% Kings County Lightingl5s __.1954 F A 793 8212
1 J
100 107 2
1
-Chicago RI's let 56
1927 P A 82 Sale 78
/
1
4
7834 88
8112 88
First & ref650
19543 J
_ 11612 11634 July'28
114% 120
.1 933 Sale 9312
Chile Copper Co deb 5s
4
1947
(1414 107
9314 975, Kinney(GR)& Co 714 %notes'36 J D
105 1084
4
_ 88 90 Apr'28
Clearfield 13it Coal let 4s
1940 11
87 90
14
Kresge Found'n coil tr 6s._ _1936 J D 105 1083 10514 Aug'28
10212 1057
10314 10312
A1
s
Colo F &I Co gen s f 58
101
994 10214 Lackawanna Steel lat fis A _.1950
1943 P A ini 10112 101
1
M 13 10112 104 1013
4
1 10018 1051
8
101's 101%
3412 9814
Col Indus 1st & coil 58 99.--1934 P A 3412 Sale 9412
9
944
9914 101
Columbia G & E deb 522
1952 MN 9914 Sale 9914
114
Lac Gas L of St L ref&ext 53_1934 A 0
/
1
4
99%
101 Sale 101
9 99 104%
10114
Columbus Gas let gold 58.. _ _1932 Si 9518 98 94%
2
Coll & ref 534s series
94% 10014
95
F
4
5 102% 106
Columbus RI'P & List450 1957
93
9112 100
Lehigh C & Nay sf 434s A..1954 i A 10312 1043 10312 103%
10
93 Sale 0112
J 994 10012 10012 10114
4
3 100 1014
Commercial Cable 1st g 48_2397 Q
88 88 Aug'28
87
77% 88 4 Lehigh Valley Coal 1st g 5s_ _1933 J
3
10112 101
8
97 1021
101
1
Commercial Credit s f 6s._ -1934 MN OS Sale 98
99
98 1014
10
Registered
1
10012 Feb'28
10011 101
Col tr s I 5)4% notes
hit 40-yr gu int red to 4%.1933 J
ii 92 Sale 92
4
92
1935
9212
97
9212 97 9512 Aug'27
Computing-Tab-Rec a I 6s-1941 Si 105 Sale 05
1st 62 ref f 58
2 104 10612
105
1934 F A 101 Sale 101
101
10 101 icir
Conn Ry & L lstScrefg450_ _1951 is 994 100 9914 June'28
1st &refsf58
98% 103
1944 F A
99% 10412
10012 Aug'28
Stamped guar 410
1st &refs!58
1951 is 99 Sale 9932
98 102
9912 18
93 10114
/
1
4
1954 F A 97 99 994 Aug'28
Consolidated Hydro-Elea Works
Ist&refaf 58
19154 F A 94
8
94 1001
95 94 Aug'28
9012 10012
Of Upper Wuertemberg 78_1956 is 96
lst &ref af 5,5
9638
98
9
971z
1974 F A 9512 Sale 95t2
94
was
/
1
4
1
9512
CODS Coal of Md 1st & ref 58_1950 SD 79 80 783
76 833 Lex Ave & P F lat gU g 58-19
4
4
794 19
33 871
4
93
Consol Gas(NY)deb 5)4s _ _1945 P A 10514 Sale 04% 10514 45
S ___
Liggett & Myers Tobacco 78_1944 A 0 1201z 97 3714 May'28
107
0 4
1 43
120 127
120% 12012 Aug'28
Consumers Gas of Chic gu 58 1936 SD 10012 10312 10314
55
337 105%
2
-- 01 July'28
1951F A 10114
10114 10114
Consumers Power In 58_ _1952 MN 102% Sale 02
102% 19 102 1054 Liquid Carbonic Corp 6s __ _1941 F at 12418 Side 118
37 118 138
Bale
126
Container Corp 1st 68
3834 1027 Loew's Inc deb 6s with warr _1941 A 0
1946 J13 1011 Sale 0134 10212 34
/
4
8
/
1
4
3
25 103 113 4
108 Sale 10718 108
15-yr deb gold 6a
1943 SD 9134 Sale 9013
9012 9812
Without stock pur warrants_ A 0 1003 Sale 10018 1003
9314 115
99 10212
4
4 30
Cont Pap & Bag Mills6Sig_ _1944 P A
9718 July'28
79
971s Lorillard(P)Co 713
1944 A 0
55 112 11812
113
113 113
Copenhagen Teton ext 68-_ _ _1950 A0 003 100
4
55
100 Aug'28
100 10214
88% 981
5
19513' A 903 Bale 9012
5
4
Corn Prod Refg 1st 25-yr a f 5s'34 M
90
3
100 10214 10118 Aug'28
Deb 550
100 1027
5
90
97%
20
92
19375 J 314 Bale 9018
on 93%
ova go%
.
7
937
New York Bond Record-Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 17.
z13..
Price
Arida,
Aug. 17.
Wears
Range or
Last Battu
Rasps
Bina
Jas. 1.
Pries
FrldaS.
Aug. 17.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 17.
Weers
Range Of
Last Bale.
M220111
Since
Jas. 1.
High
HUB No. Ler
Ask Low
Rid
Nigh
HUM No. Low
Au Low
BLS
9214 95
9312
J 9312 Sale 9234
1 Purity Bakeries s f deb 55__ _1948 J A 9812 Sale 9858
10212
9712 1014
9858 37
Louisville Gas ,k El(Ky) 58_1952 M N 10212 Sale 10112 Aug'28 17 100% 106 3 Pure oil ef 5
not133---1937 F
9814
95
97 101
994 16
1937 M N 9914 Sale 9712
Louisville Ry let cons 6s.___1930 J J 9578 98 9612
Remington Arms 65
92
130
97%
94
9212 Sale 92
Lower Austrian Hydro El Pow
1
8714 91% Rem Rand deb 51413 with war '47 MN 103 Bale 103
8
8858
885
8812 89
99% 1054
5
103
Istsf13348
I &13 10-30-yr 5s s f 1940 A0
991
30
9858 102% Repub
'41 3
1 103 105
J 3 10412 1045 10412 10411
Corp deb 548944 F D 9912 Sale 9834 104
McCrory Stores
1953
Ref dr gun 53-44 series A
24 1017g 1091
4
105% 1134
J J 105 106 1051 Aug'28
42
Manatl Sugar let of 7548-19 A 0 104 Sale 103
8818
6718 7718 Reinelbe Union 70 with war 1946 J 3 99 Sale 984
98 102
98% 14
Manhat Ry(N Y)cone g 48_1990 A 0 68 Sale 63 June'28 26
Without etk purch war-1948
4
711
60
6512 7114
20133 D 64
3
I950 MS 100 Sale 10018 100 4 42 100% 104
2d 4s
96 103, Rhine-Main-Danube 78 A
1
9614 10
98 98 9814
10214 12 10018 102%
Manila Eleo Ry Lt f 58.-1953 M
Rhine-Westphalia Elec Pow 78'50 M N 10214 Sale 102
2 100 102
100
100
14
91) 94
91
1952 MN 91 Sale 9014
Marion Steam Shovel et es3_ _1047 A 0 9912 10012
Direct mtge 68
9434 98
Mfrs Tr Co ctfs of partic In
1955 F A 9412 9512 95 Aug'28
106 Rims Steel 1st s 78
88
85
65 June'28
A I Namm St Son 1st 6o..19433 D 104 10412 105 July'28 10 104 4 1001: Robbins & Myers let of 78_1942 in
98
973
108 9734
1 10714 114
112 11078 11078
Market St Ry 7s ser A April 1940 Q J 107% Sale 97%
9614 1003 Rochester Gas & El 78 ser B_1948 M s 110
:
97% 31
104 1084
1957 A 0 9712
1054 July'28
Meridional El let 78
Gen mtge 5Y45 series C.-1948 MS 105
:
901
90
10014 105
Metr Ed 1st & ref 58 ser C-1953 J J 10134 102 02 Aug'28
--- 90 June'28
841. Roch & Pitts C&IPm 58..l946 MN 90
78
78 Aug'28
7818
9512 98%
3
9512
M N 9512 Metr West Side El(Chic) 48_1938 F A 98 8112 9812 July'28 - 9814 9512
9611 103 St Joe Ry Lt & Pr 181 58-1937
9912
Miag Mill Mach 78 with war_1956 J D
2
894 9812
93
J D 92% 93 93
99
99
8
Without warrants
985 --- 99 July'28
J
9 10412 1081. St Joseph Stk Yds let 43-(e_ A930 J J 77 Bale 76
10514 Sale 105
10514
7978
9
76
77
J
Mid-Cont Petrol 1st 6348_.1940 M
983 1024 St L Rock Mt dr P 5s stmpd_1955
991
4
98% Sale 9834
54
93
9812
Midvale Steel &0cony s 1581936 M
5s-1937 J9612 93 Aug'28
983
9712 1001 St Paul City Cable cons
.
13
98% Sale 9812
3 10612 109%
& Lt ref & ext 4Ns'31 J
108
Mllw El Ry
.•1 ilitirs los 108
1 10212 10531 San Antonio Pub Serv lot 68_1952 F A 100 Sale 100
103
9912 10318
10012 33
General & ref 58 series A__1951 J D 103 Sale 103
10
9914 1031, Saxon Pub Wks(Germany) 78'45 MN 943* Bale 94
98
94
6
19613 D 100 Sale 9934 100
95
1st & ref 5s series B
1951
Gen ref guar 634e
26 10112 1064
1034 104 10318 1031
1943 J
A
6 10012 10511
10312
Montana Power let 58
1948 J J 10312 Sale 103
Schulco Co guar 6.%11
993
25
99 105
100 105
1962 J D 99 Sale 99
Deb fa series A
1948 A 0 1014 10214 10234 103
Guar f 614s series B
4
963 98
Montecatini Min &AgrioMN
9612 97 Aug'28
4
15 10041 120 Sharon Steel Hoop s f 00_1948 MN 93% Sale 9338
9338 9612
45
1937 J J 1053 107 10512 106
95
Deb 78 with warrants
1952
0914 101% Shell Pipe Lines I deb 6s
3 .1 9412 9538 9512 Aug'28
9478 10012
Without warrants
4 66
963
MN 9534 Sale 9512
9858
98% 1024 Shell Union Oil s f deb 58_1947 J D 92 Sale 92
9134 9612
Montreal Tram 1st & ref 58_1941 3 J 9852/ 9918 98%
9214 16
98 1017, Shinyetau El Pow let 634s..1952 3D 88
7
94 8
88
6
Gen & ref s f 58 series A_ __1955 A 0 98 99 98 June'28
4
893
8812 8918
9934 May'28
99 100% Shubert Theatre 6s_June 15 1942• J 100 102 102
1955 A 0 98
99 104
Series B
3
10214
1935
8812 15
8612 88
8518 8852 Siemens dr HaLske e f 78
Morris & Co 1st 13 4348_ _1939 J J 864 4 10612 25 10413 112
1951 M S 106 1061 1053
1 63Is
Deb s
824 821
4
2
-Bond Co 4s ser 2_ _1988 A 0 82 92 8212 Jan'28
Mortgage
10612 43 104 6 1077
971 100 9734
S f 6;0 allot Mrs 50% pd '51 M S 10812 Sale 10512 Aug'28
9678 9914
4
973
1932 J
981g 105
-25-year 58 series 3
10
F A 9934 1001 9912
4
9712
19343 P 963 9712 9712
92% 96
4
90% 983 Sierra & San Fran Power 58.1949 P A ____
1
Murray Body 1st 6344
94
94
1948
1 103 107 Silesia Elec Corps 1634s
97 102
28
Mutual Fuel Gas 1st gu g 58_1947 MN 100 10412 10412 10412
98
P A 98 Sale 97
_ 10434 July'28
4
1021 1044 Silesian-Am Exp coil tr 713_1941 MN 100 101 101
9814 1084
Mut Un Tel gtd Gs ext at 5% 1941 MN 10
101
1929
Simms Petrol 8% notes
14
66 100 104
Namm (A I) & Son-See Mfrs Tr
102
M S 10112 Sale 101
-year 76_1937
59
56 65 Sinclair Cons 011 15
26
2
Nassau Elec guar gold 48._ _1951 .1 J 59 Sale 58%
9714 99 4
26
99
1930 M.S 99 Sale 98%
let lien coil 88 series D
97 Sale 9618
9718 138
9578 9934
4
957 10212
Nat Dairy Prod deb 5318 1948 F A
35
99
J D 9834 Sale 98%
1938
1st Hen 6)40 series D
101 10412
054 9914
Nat Enam & Stampg let 5s.1929J D 10112 10212 10114 May'28
: 974 88
961
.• 1 97 Sale
Sinclair Crude Oil 5340ser A_1938
8112 101
1947 F A 864 8634 85 Aug'28
2
93 97 4
Nat Radiator deb 8345
12
94
1942 £ 0 94 Sale 93
__ 10014 100 Aug'28
100 10034 Sinclair Pipe Line s f 513
-year deb 6,3_1930 J
92 95
14
Nat Starch 20
1
92
B
917 92
1939
10212 10518 Skelly Oil deb 53(0
1952 M N 10014 10314 103 Aug'28
National Tube let o f 58
8 101 1031s
10112 102%
MN
106 1101
10712 10734 Mar'28
1074g 108 Smith (A 0) Corp 1st 6348_1933 J D 102 103 10778 Aug'28
4
Newark Consol Gas cons 58 19483 D
10778 109
75_ _1941
1 10518 11112 South Porto Rico Sugar
New England Tel dr Tel 58 A 19523 D i158i8 1051 10518 10518
3
2 1025 1064
10314
51531941 J J 103 104 103
5512 106 South Bell Tel & Tel isle
1961 M N 1004 Sale 10014 101
59
18t g &Ns series B
102 10714
10212 103 102 Aug'28
Southern Colo Power 65 A 1947
9712 10
95 1015,
1
New Orl Pub Serv lst 5s A 1952 A 0 9712 Sale 9612
21 10214 107 8
103
9778 19
9534 10112 S'west Bell Tel lot & ref 55._1954 F A 103 Bale 10278
19553 D 97 Sale 9534
First & ref 513 series B
8912
5
84 90
9912 102 1
-year 1st g 4s__1951 F A 84% 88 8518
N Y Dock 50
1
100 Aug'28
lot g Ea_ _1943 MN
8878 94 Spring Val Water
1938 A 0 8912 901 89 Aug'28
Serial 5% notes
9912 1014
19
1001
1930 M s
1945 mi N 100 10014 100
N Y Edison lst & ref 6Na A-1941 A 0 11453 Sale 11414 11458 16 113 119 Standard Milling let 58
10214 104%
10214 104 102% Aug'28
let & ref 5%11
let lien & ref 58 series 13...._1944 A 0 10414 Sale 10312 10414 28 10314 106
'48 F A 103 Bale 102% 103 253 1024 106
106 111 10818 10638
1 10558 11152 Stand 011 of N J deb 5s Dec 15
NYGasElLt &Pr g 58_1948 J
9414 9014
94% 165
8
110 Apr'28
110 110 Stand 011 of NY deb 450..1951 J D 947 Sale 944 10012 18
Registered
4
1
/
98 1024
9934
93
4
9218 983 Stevens Hotel 1st(is series A..1945 J J 100 Sale 9714
Purchase money gold 48-1949 F A 9212 931 9214
97% 1014
9914 11
988 Sale
Sugar Estates (Oriente) 7s_1942 M
NYLE&WCSt RR 5.50-1942 M N 98 102 10258 Oct'27
100 110
103 100 June'28
29
19 F A
54..1951 3 D
1018 July'28
1031, Superior 011 1st 5 f 7s
1018*
NYLE&WDock&Imp 581943 3 J 10018
1 105 110
105
105 108 105
9911 Aug'28
987e 1017e Syracuse Lighting let g
N Y & Q El L & P lst g 5s._1930 F A 991z
101% 105%
J J 10014 104 1012 Aug'28
6234 Apr'28
62a4 6214 Tenn Coal Iron & RR gen 53_1951 A 0 10712 109 10712 108
4
N Y Rye 1st R E & ref 48...1942 .1
8 101% 1157
Cop & Chem deb 88...1941
58 June'28
56 53 60 Tenn
Certificates of deposit
10614 18 105 108%
3 D 10612 Sale 108
3
4 Mar'28
21e 4 Tennessee Elec Pow lot 6,3_1947
-year ad) Inc 58_ __Jan 1942 A 0
30
73
66
4 70
683
19603 J 8834 Sale 8814
Third Ave 181 ref 4e
4 Mar'28
3
4
212 4
1
55% 727
Certificates of deposit..........
6514 138
Ad1 Inc 58 tax-ex N Y Jan 1980 A 0 6412 Sale 83
9714 10172
2
4
973
19373 J 9512 97% 97%
23
42
1358 32 Third Ave Ry let g 5e
N Y Rye Corp Inc (is_ _ _Jan 1965 Apr 23 Sale 22
93 10074
21
99
98% Sale 98%
1955 M
Elm Pow let 78
88
7
3 8814 88 87
753 9412 Toho
8
1965
Prior lien So series A
98 100
9914 44
4
8% gold notes--July 15 19293 .1 9918 Sale 983
N Y & Richm Gas 1st 68 A_ _1951 MN 10414 106 10414 10414 10 104 109
4734 13
Tokyo Elec Light Co, Ltd
4
4
473 60
NY State Rye 1st cons 4118_1962 MN 473 Sale 4734
90 924
1
9114 336
9014 Sale 9812
1st 138 dollar series
62'm 60
60
2
1
74 1
60
1982 MN 80
let cone 61(s series B
99 101%
18
5
D
4 100 99 8 100
5
9 3 JJ
106
27 105 10914 Toledo Tr L & P 554% notes 1930 j El 993 10712 10434 June'28
N 10518 10658 105
NY Steam let 25-yr 88 ser A 1947
4
_ 1043 1074
Trenton & El Ist g 5s____1949 M
9934 86
9914 10312
N Y Telep let & gene f 4 Ne_1939 MN 9912 100 9914
MN 10212 Sale 10238 10234 17 101 1034
1103
4 65 10934 1111, Trumbull Steel let ef 88-.1940
fiala 61112
30
-year deben s f 8s__Feb 1949 F A 110 Bale 110
_
65 60 July'28
J 58
20
987 101%
-year refunding gold 68_1941 AO 10888 Sale 10853 10711 40 106 109 Twenty-third St Ry ref 55.19623 N 100 1003 10018 1003
8
4
4
4
750.1955 M
1004
N Y Trap Rock let 68
9 100 103, Tyrol Hydro-Elec Pow
1946 J O 10018 Sale 101)
1
3
' 1014 101% 10018 10153
1 10018 1044
Niagara Falls Power let 58_1932
98 103
9938 17
1945 M B 984 Sale 9834
El Pow sf75
Ref & gen 88
Jan 1932 AO 10414 105 104 Aug'28
104 1081. 1711gawa
964 958
1
4
3 .1 94
99 953 Mar'28
8 103
Iglag Lock &0 Pr 1st 58 A
955 AO 10214 Sale 1017
32 101 1044 Underged of London 4348_1933 M S 101% 10212 10138 10112
4
3 1003 103
Union Elm Lt & Pr(Mo)53_1932
Norddeutsche Lloyd (Bremen)
9 100 103
10014
10014 101 100
Ref dr ext 55
93
24
92
9312
1947 MN 93 Sale 9213
2 10118 10414
10312 10312
_
J
1'54
. rN
78
14
Nor Amer Gem deb 6348 A--1940 MS 76 Sale 7512
8912 947e
7512 93 Un E L&P(IU)lst g 5Ne ser A 933 i 0 10312 90 5511
4
8912
A
89
10078 Sale 10018 10078 84
No Am Edison deb 68 ser A_1957 M
99 1034 Union Elev Ry (Chic) 55__ _1945 .1
9958 102
10134 July'28 -- - 10112 103
1931
8
1005 Sale 100
102
Nor Ohio Trac & Light 68...1947 M
26 100 1071, Union Oil let lien of 5s
108 112%
109 Aug'28 30-yr 68 series A_ _ _ _May 1942 F A 1094
4 40
Nor States Pow 25-yr 5e A.1941 AO 10112 Sale 10034 1013
99% 104
9712 102
8
9812 15
C.Feb 1935 A 0 97% Sale 975
1st lIens f 5s series
10514
let dr ref 5-yr 68 series B_ _1941 AO 105 Sale 105
6 104 107
10014 1001 10012 Aug'28 -- 10014 1094
United Biscuit of Am deb 613_1942 M
9712 ____ 9712 July'28 _ _ _ _
North WY let fd g413 gtd_1934
9712 100
95 1004
9534 88
Sale 9038
United Drug rcta 25-yr 58-1953 M S 95% Sale 95
3
91
57
Norweg Hydro-El Nit 538-1957 MN 90 4
90% 9414
13518
81
10
84
8414 84
11414 115 July'28
Ohio Public Service 730 A-_1946 AO
11413 11634 United Rye St L lst g 48_ __ -1934 J J 84
95 101
8 15
9137
1937 MN 9612 Sale 955
United SS Co 15-yr 68
1947 P A 11518 11534 11518 11518 11 116 118
let & ref 7s series B
5
90 8 964
A.1951 J D 92
921 9278 Aug'28
Un Steel Works Corp 63-48
1053
Ohio River Edison let 6s
4 16 1044 108
1948 I' 10514 Sale 105
4
694 974
16
923
J D 90
921 92
5 87
5212
With stack pur warrants
1944 P A 9212 9312 9214
Old Ben Coal let (le
96
"I:
90
1
90
Series C without warrants_ 3 D 9212 927 90
Ontario Power N F let 58_ __I943 P A 10058 102 103 Aug'28
10112 1061,
90% 97%
7
93
8
5 100 8 10474
With stock per warrants J D 927 Sale 9234
Ontario Transmission let 5,3_1945 MN 100 10134 10112 10184
5
United Steel Wks of Burbach
99
14,53 MS 9912 Sale 9812
13
guar 68
Oriental Devel
9618 105
16 10214 106
1051
Esch-Dudelange s f 7s_ ___1951 A 0 10412 Sale 104
9112
Oslo Gas & El Wks esti 58_ _1983 MS 9111 Sale 9088
9
9058 9378
83% 9813
861 108
4
9914 35
118 Rubber 1st & ref 5sser A 1947i J 8514 Bale 8514
Otis Steel let M 6s set A
1941 MS 993 Bale 9914
97% 101
45 1(10 105%
Sale 101
,
734% secured notes.1930 F A 10034 Sale 10012 101
10-yr
'3 10114
102
Pacific Gas & El gen & ref 581942
38 1004 10514
87 106 109%
107
101
Pao Pow & Lt let dr ref 20-yr 50'30 P A 10013 Sale 100
80
9912 10111, 175 Steel Corp(Coupon Apr 1983 MN 107 Sale 10814 10512
10512 1084
10512
of 10-60-yr581Regis_ -APr 1963 MN
103
Pacific Tel & Tel let 5a
1937 33 103 Sale 103
5 10258 105
4
891 98
90
9014 90
Ref mtge 5s series A
1952 MN 10214 Sale 1024 10214
2 102 108 Universal Pipe & Bad deb 68 1936 3 D 90
9614 58 95 10011
Pan-Amer P & T cony of 68_1934 MN 1024 10234 10212 1023
4 13 10212 10514 Utah Lt & Trac 18t & ref 58..1944 A 0 96 Sale 95
9844 103%
4
1944 F A 993 Sale 9912 10038 44 10612 1087
4
1 10315 1067 'Utah Power dr Lt lst 5s
A 1043 Sale 10434 1043
1st lien cony 10-yr 78
4
1930 P
2
9
10758
105 107 10758
Pan-Am Pet Co(of Cal)cony 68'40
93 94 9312
95
3
914e 9514 Utica Elec L & P 1st s f g 58_1950
1 10512 112
4
8
1057 10612 10534 1053
Utica Gas & Elec ref & ext 58 1957 J
Paramount-B'way lot 5Ns_ _1951 33 101 Sale 10012 10278 19 10013 104
97 101
10
99
J D 9812 Sale 97
993 100
4
Paramount-Fam's-Lasky 68_1947• D 9913 Sale 99
98 102% Vertlentes Sugar lot ref 78..1942
55
98
53 48 July'28
51
Park-Lox let leasehold 6445_1953 ii 9812 Sale 9812
99
6612 10214 Victor Fuel 1st s f 5,3
6
9178
82
2
82
1953 M S
Pat & Passaic G & El cons 581949 ▪ B 102l 105 102
102
5 102 1071: Va Iron Coal & Coke 1st g 58 1949 3 3 82 Sale 82 8 100
9912 102
10
995
995g 100
1934 J
Pathe Exch deb 75 with warr 1937 MN 7012 Sale 7013
7313 100
314 Va Ry & Pow let & ref 5.1
60
Penn-Dixie Cement 8s A._1941 MS 933 Sale 9312
4
9473 30
934 102
82 96%
90 8612 Aug'28
Peop Gas & C let coos g 68.._1943 AO __ 115 115 July'28
2
11334 1153 Walworth deb 6345(with war)'35 A 0 86 Sale 82
9 80 98%
8
825
Refunding gold 543
1023
4
1st sink fund 6s serial A_ 1945 A 0 8258
1947 MS 101 103 102
6 102 108
4
1
/
10512 1077
4
7
4 1063
Rena let 713_1941 J D 106 10612 1063 Aug'28
MS _
104 Apr'28 _
Registered
Warner Sugar
104 104
3413 95
8614 8912 91
J
98 154
Philadelphia Co sec 588er A_1967 3D 98 Sale 97
97 1014 Warner Sugar Corp 1st 78_1939 J J
104 105
04 July'28
Phila Elec Co let 414s
983
Wash Water Power 5155-1939
MN 9812 Sale 97%
4 29
1987
9711 1061
107 10918
1
19503 D 105 -- 07 July'28
Piffle & Reading C & I ref 58_1973 J J 9412 Sale 9412
9812 10
94 10217 Westelles Lig g 5s stmpd gtd_1946 M 13 1027 Sale 102
•7
14 101 105
8
Phillips Petrol deb 53(e
ois Priw u
Penneeoes Fser A 589112 130
1939 3D 9112 Sale 9114
9119 94%
5 102 108
10212 10312 0212 1021:
Pierce-Arrow Mot Car deb 831943 ▪ B 105 Sale 103
1st 5s series E
105
66
1 10114 1061s
04 106
105
8
105 10514 05
Pierce 011 deb of 88_ _Dee 161931
lst
4
D 10012 1063 1063 July'28
4
10418 10814 Weet
9 10114 106
i
r5
1950 11 10114 102 0114 102
let sec 5s series G
105
___ 105
Pillsbury Fl Mills 20-yr 68_ _1943 AO
10354106',
2 60 60
50
50 5612 50
West Va C dr C 1st 6a
Pirelli Co(Italy) cony 78.__ _1952
N 1041410212 I0312 10112 10111
9974 113
1944 A 0 10214 Sale 0134 10278 81 10134 106
Western Electric deb 58
Pleasant Val Coal 1st g s f 63_1928
J 9388 95 99 June'28
99 1011
10 100 10513
10112 10278 0178 102
58.1938 J
Pocah Con Collierie8 let of 581957 33 937 Sale 9312
8
937
9312 9814 Western Union coil tr cur _1950 M N 965 Sale 9812
9612 103 1
1
8 24
985
8
14
15-ne & 5 4
Pu ydar r1, est g 048.Port Arthur Can & Dk 66 A.1953 P A 10334 106 108 July'28 10412 10834
7
11018 49 108% 112 2
1938 F A 110 Sale 0912
1st M 8s series B
10412 106
_ 106 106 July'28
32 101% 1051
1953 FA
4
102 Sale 0114 102
-year gold 54i
25
Portland Elec Pow let 80B 1947 MN 10018 101 100
6 101 10544
101
60 101% 1011
9
58_948 3 D 10218 Sale 0144 103
1 51 M S
_
Portland Gen Elm, lot 58......1935 J
99 10314 West'h'se E & M 20-yr g5445 1948 J J 100 Sale 00
9934 Aug'28
9934 101
99% 10624
100/8 21
XI/heeling Steel corn 1st
5
Portland Ry 1st & ref 58_ _ _1930 MN 9814 Sale 9814
4
9814
93 992
deb 53-4s'37
Portland Ry L & P lst ref 66.1942 P A 9811 100 9812
4
98 1012 White Eagle 011 & Ref
9 93% 9372
9914 23
97
M S 963 97% 9612
4
With stock perch warrants_
1st lien dr ref ea series B
7
4 10114 104 1
123 131%
1947 MN 100 101 10118 10118
_ 124% 24 July'28
.
Mach 8.,(with war) 38 J
let lien & ref 73(s seriee A.1946 MN 107 108 10712 10712 10 105% 103 White Sew
5
9914
98% 104
9812 9912 9812
Without warrants
977
Porto Rican Am Tob cony 881942
9714 106
17
3
8
' 977 Sale 9714
3712
28
35 4018 35 Aug'28
.19353
Wickwire Span St'l let 7e..
Postal Teleg & Cable coil 58.1953 33 9412 Sale 93
93 95%
9411 135
3518 82
25
35%
St'l Co 75_Jan 1935 MN 3518 Bale 3312
99% Wickwire Sp
Pressed Steel Car cony g 58..1933
924
2 90
9218 93 9218
102
8 10112 103%
102 Sale 102
ef 048____1933 M
Prod & Ref 8 f 85 (with war)-1931• D
111 115 Willys-Overland25-yr [65_1941 A 0 102% Sale 102
_ Ill July'28 -102% 11 100 105%
Without warrants attached_ in 11014 111 11014
1 1104 11218 Wilson & Co 15t
11014
111%--32 106 108%
107
Arms73-48 '41 A 0 107 10714 107
4
Pub)Serv Corp NJ deb 4545_1948 P A 122 Sale 106 544„29 666 116 1253 Winchester Repeat Tube 519783
1944 12814.
997 101%
4
9912 Bale 9912 100 122
Youngstown Sheet &
Pub Sent Elea & Gas 1st 55(61959 £ 0
104% 106
let & ref 58
1 102 105%
102
1965
- jails 1644 102
Punta Alegre Sober deb 78...1937 a',
104 107
103 104 Aug'28
3
7
938
FINANCIAL CHRONICLE
[VOL. 127.
Outside Stock Exchanges.
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, Aug.11 to Aug.17, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares
Railroad
Boston & Albany
100
Boston Elevated
100 86
Preferred
100
let preferred
100
2d preferred
100
Bost & Maine corn unst 100
Prior pre: stamped-100
Ser A Ist pfd stpd _ _100 78%
.
Ser B 1st pf stpd---100
Ser C 1st pf stpd-- _100
Ser D 1st pt stpd ---100
Negot receipts55% paid
Boston &Providence _.100
Chic Jet Ry dr U S Y p1.100
East Mass St Ry Co...100
Preferred B
100
Adjustment
100 52
Maine Central
100
N Y N H & Hartford__ _100
Old Colony
100
Pennsylvania RR
50 64
Providence & Worcester--- -----Vermont & Mass
100
182 183%
85
86
101 101
111 113
103 104
72% 74
1084 110
7735 80
115 125
103% 105
148% 148%
107% 107%
175 175
108% 108%
32
32
63
63
504 52
60
60
5551 58
131% 132
6335 64%
180 180
117 117
Miscellaneous
Amer Brick Co(T C) - -• 1855
Amer Pneumatic Service 25
Preferred
50
100 176
Amer Tel & Tel
Amoskeag Mfg Co
• 19
Bigelow-Hartf Carpet-- * 88
Brown & Co
Continental Securities Corp
Preferred
Crown Cork & Scorn stk.. 14%
Dominion Stores Ltd.. •
Eastern Manufacturing_5
Eastern SS Lines Inc__ _.26 99
Preferred
Edison Elec Mum
100 277
17% 18%
355
354
154 15%
1734 176%
18
19
91
88
94
94%
110 110%
83
82
144 1535
124 124
235 2%
94
99
474 47%
277 279%
Galveston Hone Elec_100 35
Gen Pub Ser Corp corn.... 23%
Georgian Inc class A pl. _20
German Credit Inv 1st pref
Gilchrist Co
• 30
Gillette Safety Razor Co.* 102
.
Greenfield Tap & Die__ _25 10%
Greif BroeCoop'ge CorpcIA
Hathaways Bakeries Cl A. 44%
Hathaway's Bakeries Inc p! 102%
Hood Rubber
25%
Insurance Sec
10
Intl Button Hole
10
835
International Corn.
Libby McNeill & LIbby_10 10
Loew's Theatres
8
25
Massachusetts Gas Co_100
Preferred
100
Mergenthaler Linotype 100
National Leather
4
10
Nat Mfrs & Stores Corp- -• 39
Nelson Corp(Herm)tr etf5 27
New Engl 011 Co
Preferred
100
New Eng Pub Serv
*
Prior preferred
100
New Eng Tel & Tel_
100 145
Olympia Theatre cert__ _
Pacific Mills
_-- 54
100 i Plant(Thos G) 1st pref.
_100
Reece Button Hole
10
35
38
234 2355
16% 16%
184 18%
29
30
99 102
104 11
41% 42%
44
45%
101% 102%
25
25%
26% 2635
8% 8%
56% 60%
10
10%
8
9
137 140%
78
80
100 101
3% 4
3735 39
25
27
.35
.35
34 3%
101 101%
1064 106%
142 145
14;5 15
25
28%
15
15
16
16
106
160
20
108
82
265
47
61
131
55
31
39
257
10
15
116
207
50
683
57
823
50
14
Range Since Jan. 1.
Low.
High.
Aug
182
85
July
100
Feb
110
July
103
Aug
55
Jan
108
July
694 Jan
10635 Jan
98
Jan
135
Jan
1044 Jan
173
July
108
Jan
29
Jan
63
Aug
50
July
59
Feb
54% June
13155 July
62 June
180
Aug
114
Jan
194% May
99
Mar
107;5 Apr
120% Jan
1104 Jan
83
Air
115
May
Mar
87
145
Apr
131
Apr
180
may
109% Apr
182
Jan
11335 June
43
Apr
8035 Apr
6554 Apr
65
Jan
6814 May
141
Apr
72% Apr
191
Apr
121
Apr
325 15% July 20
Mar
300
2% May
454 June
260 15 June 244 Feb
2.044 171% July 210
May
813 18
Apr 2535 Apr
310 88
Aug 9954 May
90 9354 July 98% May
219 81
Jan 13435 Apr
27 82
Aug 8535 June
300 1434 Aug 1654 July
30 10533 Jan 141
June
135 Jan
90
2% Jan
1,865 86
Feb 118
May
85 47
July 51
Apr
135 252
Feb 305
May
123 31
Feb
15 16% Jan
10 15% July
50 1835 June
240 29
July
907 98 June
115
9% Mar
35 39
July
250 44
Aug
210 10115 Aug
210 25
Aug
5 25% July
Mar
5
8
1,205 45% Feb
143
755 Jan
255
7% Jan
745 109
Feb
122 77 June
115 99
Apr
3;5 Jan
626
Apr
880 30
Aug
210 25
100
.07 Jan
July
2
50
July
35 100
25 103
Aug
Mar
315 z137
80 14% Aug
1,201 25
Aug
July
5 12
Mar
50 15
43
May
30
May
204 Jan
2235 Apr
3555 Jan
Apr
112
Jan
13
45
May
4534 Aug
103
Aug
4354 Jan
May
32
f) May
65% June
1034 May
1034 may
May
155
May
88
112
Jan
6
May
40% May
3435 May
.50 July
355 Aug
10934 Feb
11135 May
May
152
17
Mar
40% Jan
23
Jan
17 June
Seer Sec Corp Df allot etre__
3154
31
31
Swedish Am Inv pf tr etf100 13455 134% 137
Swift & Co
132 134
100
Torrington Co
11155 112%
25 112
Tower Mfg
3% 4%
4%
Traveler Shoe Co
17
18
17
Union Twist Drill
14
144
5 14%
United Elec Coal
5435 58
• 58
United Shoe Mach Corp_25 7335 73
74
Preferred
31% 3135
25
US Brit Inv 83 pf allot Ott.
76
72
VenezuelaHolding Corp.. 13
1255 1335
WaldorfSystem Inc
2155
• 21% 21
Waltham Watch cl B
65
65
• 65
Preferred
100 844 84% 85
Prior preferred
104 104
100
Walworth Co
15
15
20 15
Warren Bros
158 163
50 158
455 31
Jan
50 123% June
147 124% Jan
160 90
Feb
Mar
3,425 .90
Aug
215 17
420 11
Apr
4,650 404 Apr
1,207 6355 Jan
5 2955 Mar
100 7135 July
Jan
8
1,715
420 194 Jan
Jan
25 60
108 84 June
July
10 102
40 144 Aug
June
105 z141
37
May
142% July
1354 June
125 June
435 Aug
2614 Apr
16
May
58 May
77
May
32 June
9655 May
36
May
2755 Apr
90
Mar
98
Apr
106% Mar
18% May
19235 Apr
Mining
Arcadian Cons Min Co25
Arizona Commercial
5
Bingham Mines
10
Calumet & Hecla
25
Copper Range Co
25
East Butte Copper Mb1.10
Franklin Mining Co_ _25
Hancock Consolidated _25
Island Creek Coal
1
Isle Royal Copper
25
Rennenan Copper
25
La Salle Copper Co
25
Mason Valley Mines
5
Mayflower & Old Colony 25
Mohawk
25
Me June
1,760
355 Mar
395
2,115 41% June
1,039 20% Jan
1,917 1455 Mar
14 Feb
75
.40 Aug
45
.30 Mar
610
Aug
267 47
Feb
635 ell
155 Mar
20
Feb
50 .75
14 June
25
.50 Jan
100
375 4634 Jan
24 June
Jan
6
56
Jan
25% May
23
May
3% May
May
1
455 July
60
May
244 May
May
V
235 June
2
Jan
14 May
65
Apr
New Cornelia Copper ....5
Nil:Using Mines
5
North Butte
15
Gahm:7 Mining
25
Old Dominion Co
25
P.C.Pocahontas Co
•
Quincy
25
St Mary's Mineral Land _25
Shannon
10
Superior-Boston Copper_10
Utah Apex Mining
5
Utah Metal & Tunnel.. _I
BondsAmoskeag Mfg es__ -1948
AUGaWISSL 5s_1959
East Mass Street Eli
4%s series A
1948
55 series B
1948
Hood Rubber 7s
1936
135
49
18%
3
27
3
3%
14
384
28
355
75
114
4
4335
23
17
24
.45
254
47%
184
3
.95
15%
.55
54
135
44
47
23%
18
251
.45
3
49
1931
3
.95
15%
.55
564
27
3
335
1
14
1135
32%
27
.32
.21
335
134
2735
34
4
1
12
3955
28
.32
.21
3%
155
88
77
46
2335
18
235
88
77
87
74
100
14%
6755
75
101
50
325
9,129
13
970
185
6,146
207
90
100
340
550
82.000
7,000
254
3
.00
.60
9
11%
124
21%
.25
.15
834
1
Feb
Aug
Jan
Feb
Mar
Aug
Apr
Mar
Mar
Mar
Aug
Feb
30
514
44
3
17
1755
46
344
.70
88
72
July
Jan
954 Jan
81% May
2,000 66
2.000 74
3.000 100
May
Jan
July
May
July
May
July
May
May
,75 May
IN Jan
14 Feb
Apr
July 79
July 88
Apr
July 103% Jan
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
Bonds (Concluded)
-
Maine Cent 455s Ser B 1935
Miss River Power Co 5s'51
New Eng Tel & Tel 531932
Swift & Co 5v
1944
Western Tel & Tel 5s.1932 100341
•No par value. z Ex-dividend.
9435
102
100%
10255
1004
1,000
9431
102
10035
10235 1,000
10035 13,000
I:566
Range Since Jan. 1.
Low.
944
102
100%
101
100
High.
Aug
Aug
Aug
June
July
944
104
1034
103
103
Aug
Feb
Feb
Jan
Jan
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange, Aug.11 to Aug.17, both inclusive
compiled from offic'al sales lists:
Stocks-
Friday
Sates
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High Shares.
Acme Steel Co
25
Adams Royalty Co corn_ •
All-Amer Mohawk "A"..5
American Colortype. corn •
Amer Comw Pow 1st prof
$7A
•
Am Fur Mart Bldg Prof 100
Amer Pub Serv prof... 100
American Shipbuilding_100
Amer States Sec Corp A__•
Class B
*
Warrants
Armour & Co pref
100
Armour & Co(Del) pf_ _100
Art Metal Wks Inc pref__•
Assoc Investment Co__ •
Atlas Stores Corp coro-__•
Auburn Auto Co corn....'
Balaban & iCatx v t c _ _ _25
.
Bastian-Blessing Co corn.'
Baxter Laundries Inc A _ _•
Beatrice Creamery com_50
Bench: Corp
Class B
10
Borg-Warner Corp com_10
Preferred 7%
Brach & Sons(E J) com__•
Butler Brothers
20
Cern pb Wyant& Can Fdy•
Castle & Co(AM)conv _ _10
Celotex Co corn
•
Central Ill Pub Sell pref.'
,
Central Pub Serv Corp A_•
Central Pub Serv Del__ •
Central SW Util tom_ _ _•
Prior iten pref
•
Preferred
*
Chain Belt Co corn
•
Chic City & Con Ry pt sh_*
Chic Rap Tr pr pf A..100
Chic No Sh & Mil
Prior lien preferred...100
Preferred
100
Chic Title .5: Trust Co_ 100
Chickasha Cotton 011_10
Club Alum Uten Co
•
Coleman Lamp & St corn _•
Commonwealth Edison_100
Consol Aut Mdse com
•
Cum cony pref
•
Consol Film Ind Inc pref.*
Consumers Co common...5
Preferred
100
Warrants
Crane Co common
25
Preferred
10
Cutler-Ham Mfg com_100
9255
20
93
88
10
86
3034
44
10035
6855
3255
2334
6815
9254
2055
2134
29
45
46
46
4735
60
62
9755 974 9735
30
30
3035
1855 1834
80
80
81
10335 103 103%
9955 100
4134 41
4235
14 14
101 10134
52
28%
57
184
755
474
254
17
1035
27
43
144
14755
1193-4
98
10014
Low.
83
Jan
19 June
1355 Aug
2333 Feb
High.
96
28%
2135
3334
Apr
Ayr
Aug
May
Mar
101
101
Feb
104
June
11735 Jan
/335 May
1734 May
634 May
914 June
974 June
35
July
43
Aug
44
Aug
1414 Mar
82
Mar
4034 June
32
Apr
72 June
16134 11,775 106
May 16155 Ang
95
26,250 70 June 96
Aug
103
150 1024 Aug 103
Aug
2135
200 1634 Jan 2234 mail
2335
1,705 20
Apr 2834 Mal
4555
46
98
5134
510
100
8,800
175
93
93
20 93
Aug
98
10 97 June
98
994 100
80 9755 Mar
38
90
395 88
Aug
10
1055
565
4
Jan
1355 14
310
455 Jan
4
a%
750
55 Jan
86
8634
203 6634 Jan
94
94
15 87
Jan
3034 31
650 28 June
40
43
298 36
Jan
3834 44
12,200 27
June
93 102
11,000 86
Aug
67
6855
200 5934 Jan
32
Feb
900 24
3334
23% 2434
June
610 21
68
150 64 June
6834
156
155
9334 9155
102% 102%
21
20%
23
23
Davis Indus Inc **A"..__• 124
Warrants
%
Dayton Rub Mfg Acorn.' 3734
Prior common
•
Preferred
100
Decker (Alf) & Cohn Inc.* 304
Eddy Paper Corp (The)..' 3255
El Household UtiI Corp_10
Flee Research Lab Inc • 2655
Emplre G&F Co 7% p1_100 9955
6% preferred
100 97
8% preferred
100
Fltz Simmons & ConneilDk
& Dredge Co com_ -20
Foote Bros G dr M Co- _ _ , 25
Galesburg Coulter-Disc,' 71
Godchaux Sugar, Inc, el B• 144
Gossard Co (H W)corn...* 56
Great Lakes D & D_ _100
Greif Bros Coop "A"com_• 40
Grigsby-Grunow Co corn.' 176
Rights
1834
[tart
-Carter Co cony pf__• 36
Hartford Times part pref.'
Henney Motor Co
• 2454
Preferred
• 4854
Illinois Brick Co
25
Illinois Nor Uttl pref-__100 9934
Inland Wi & Cable com_10 48
Kalamazoo Stove com___• 118
Kellogg Switchbd corn_ _10
8
Preferred
100
Kentucky Utiljr cum pf_50 Keystone St & WI coin_ _• 494
Kimber y Clark Corp,com•
La Salle Ext Unly corn_ 10
Leath & Co com
•
Cumulative preferred_ •
Libby McNeill & Libby _10
Lion 011 Ref Co corn
•
Loudon Packing Co
•
McQuay-Norrls Mfg
•
Meadow Mfg Co corn _ _ ..•
Mer dc Mfrs Sec pr pfd__25
Middle West Utilities__
Preferred
100
$6 cum Preferred
•
$6 cum prior lien
•
Prior lien preferred-_100
Midland Steel Prod cum •
Midland UtilPreferred 7% "A"......100
Miller & Hart Inc cony pf..•
Minnearc Honeywell Reg.'
miss Vali UM pr lien pref.*
Modlne Mfg cm
•
Monighan Mfg Corp A_ •
Monsanto Chem Works..'
914
2055
17
28
Range Since Jan. 1.
365 35
1,200 4234
350 49
96 9735
200 2054
30 1534
505 76
250 100
175 9954
2.300 41
60
1
105 100%
June
Feb
Feb
July
Jan
Apr
Jan
Aug
Jan
Aug
June
Jan
97
9835
50
53
585 586
504 53
2834 29
56
57
18335 184
755 8
4755 48
2455 2555
1134 12
89
92
611 635
45% 46
1204 120%
54
54%
205 9334
70 50
10 575
4,200 45
900 28
1,335 6654
310 105
800
734
650 4734
250 22
900
755
5 87
200
3%
303 45
50 119
200 4855
July 100
Aug 65
July 610
June 56
June 39
July 66
Jan 189
Aug
8
Aug 48
Feb 2634
Jan
1634
Jan 9831
1055
Feb
mar 4714
Jan 1214
Mar 5955
Apr
Jar
Jan
July
Jan
May
Feb
Aug
Aug
June
Apr
Apr
Apr
Jan
July
Apr
1234 12%
g
fi
374 41
67
67
76
78
30
31
3234 3234
2534 2634
7
7
9934100%
964 97
111 111
300 1234
550
%
48 35
14 67
20 70
565 25
100 30
1,675 134
255
400
310 99
141 9654
25 1084
Aug 174
Aug
135
June 59
Aug 90
July 95
Feb 34
Feb 4255
Jan 27
1435
Jan
Feb 105
Aug 99
Feb 113%
June
July
May
May
May
may
May
June
Apr
May
July
May
58
58
2334 25
69
7134
14
15
51% 5735
295 310
40
40
154 188
1655 25
3354 38
43
4335
2355 2535
4755 49
3954 40
9955 9934
47
4855
117 120
734 83/4
77
77
52% 5251
45
4935
52
52
334 355
17
18
51% 52
1035 1034
2634 2734
334 3435
43
43
1414 15
1834 19
145 149
118 120
97
98
10034 101
123 124
87
90
101
10035 10155
504 504 62
36
3534 38
101
101 101
3635 3534 37
2654 27%
64
64
6534
53
5335
69
10055
31
20
98
112
10514
4315
2
10235
May
May
May
Apr
Aug
May
May
May
Jan
Aug
Feb
Jan
Jan 744 Mar
90 46
035 1814 Jan 30
May
3,685 4734 Jan 75
mar
Jan
18
3,400
3
July
Jan 62
10,935 43
Apr
Jan 345
105 245
May
Apr 45
Apr
60 39
28,675 54
Mar 188
Aug
12,050 1655 Aug 25
Atte
31,825 294 June 381 June
4
250 3934 Feb41134 Apr
1,350 12
Feb 2614 June
700 4234 Feb
50
May
600 39
Feb 44
Aar
June
50 984 Jan 101
1,200 26
Jan 5135 May
1,600 0554 Jan 155
May
734 Aug 13% Jan
1,150
Mar 96
Jan
26 75
49 5055 Feb 5455 June
2,020 4335 Juno 61
May
150 52
July 5235 A=
325
3
Mar
44
1,000 14
June 184
150 5155 June 53
2.005
835 Apr 13
1,850 2455 June 32
1,050 3034 June 3534
100 2335 Jan 60
1,050 1034 Jan 224
324 1555 Jan 25
2,660 12355 Jan 169
1,076 11655 Jan 12534
337 9355 Jn 10054
Mar 108
25 99
173 1223-4 June 13051
June flex
50 84
35
1,750
1,400
10
1,100
1,010
300
9835
5034
30
93
3134
2415
5854
July
Ai*
June
May
May
Aug
May
Apr
May
May
May
May
May
Mar
Jan
July 10555 Apr
Aug 523.4 July
Feb 45
may
July 101
Aug
June 3834 June
Apr 36
May
Jan 87
sus
Sales
Friday
Last Week's Range for
Week.
Of PT1CCS
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Morgan Lithograph corn..'
Nachman S pring fl lied corn.
Nat Mee Power A part__ _•
National Leather com___10
•
Nat Standard com
Neve Drug Stores
•
Convertible "A"
*
Common
Nobblitt-Sparks Ind corn.*
North American Car com_•
Northwest Eng Co com_ _•
North West Util pr In pf100
Novadel Process Co coin..•
*
Preferred
Oak & Prod class A
Class 13
•
Ontario Mfg Co corn
Penn Gas & Elec A corn.. •
Perfect Circle (The) Co_ _•
Pines Winterfront A com.5
,
Pub Seri of Nor III
•
Common
Rights
100
Common
100
6% preferred
Q-R-S Music Co com_ _ _.•
•
Quaker Oats Co corn
100
Preferred
Raytheon Mfg Co
Ross Gear & Tool com___*
Ryan Car Co (The) com.25
Sangamo Electric Co_
•
Sears, Roebuck common.•
&patron Tube Co corn__ ..•
So Colo Pow El A corn....25
South Ice UM Co B corn ..5
Sow 0 dr El 7% pref..100
Southwest Lt & Pr pret _ _.•
Spiegel May Stern com___•
100
634% preferred
Sprague Sells Corp ci A _30
.
Standard Dredge cony pf_•
Steel & Tubes Inc
25
Stewart-Warner Speedom •
Studebaker Mall Or com _5
Super Maid Corp com____•
Sutherland Paper Co com10
Swift h Co
100
Swift International
15
Tenn l'rod Corp cum
•
Thompson (J It) com _25
12th St Store pre( A
•
Stock par warrants
939
FINANCIAL CHRONICLE
Ago. 181928.]
70
2935
33
4
4034
7035
334
4
42
3214
47
364
103
1635
3134
3235
28
3335
124
38
29
3135
44
36
101
1655
38
3135
3114
28
23
3235
11535
85
3474
934
1235
7335
134
29
II:eh.
Law.
644
284
2734
3A
3734
June
July
Jan
Jan
Jan
873.4
32
42
6
574
Apr
Aug
May
May
May
100
39
250
3034
1,550
3234
1,460
474
38
600
30
103
100
1635
125
3835
4,350
33
334 9,800
900
2835
100
23
4,830
34
126
12.700
33
244
28
324
29
9934
104
28
314
3134
26
20
3134
5435
June 43
July 3334
June 4434
Jan 54
Jan 5034
Jan 115
Mar 19
Mar 3835
Aug 33
Aug 334
July 30
Jan 274
July 34
Jan 126
May
Apr
May
June
May
Feb
May
Aug
Aug
Aug
June
May
Aug
Aug
42
2,121
58
100
3,850
105
30
5,090
410
400
1594
15
13914
103
384
262
111
4334
30
14
191
1535
191
125
120
327
128
48
3734
2035
Jan
Aug
Jan
Aug
Jan
Apr
Jan
Aug
June
May
250 294 June
2934 30
1254 13014 13,750 8214 Jan
5034 11,540 244 July
3734
32 234 Aug
2435
24
2134 2135
100 2134 Aug
10 99
Aug
100 100
904
110 894 Jan
90
250 50
Aug
50
5014
220 83
Aug
85
83
200 14
14
July
14
1.400 304 Apr
3435 35
Feb
148 154
500 49
300 7735 Feb
9335
90
1,640
84 May
124 134
24,150 45
June
8334 75
500 22
July
2234 23
470 12434 Jan
1324 134
Jan
2835 294 4,400 26
200 13
Feb
1634 1835
150 5835 June
814
61
150 25 June
26
25
234 Aug
100
234
234
2934 3335 8,825
Unit Corp of Am prof_ _ _• 3135
.
112
9835 99
tin Lt & Pow el A pref___•
65
57
57
Class B preferred
•
1,405
U 8 Gypsum20 5534 5535 56
2,435
1434 144 143
Rights
55,100
Utah Radio Products corn* 35
224 37
50
Vesta Battery Corp corn _10 ------1534 155
Vorclone Corp part pref__* 41 A
ln
6 2 Mg?)
Vulcan Corp com
•
400
1455 15
Wahl Co com
* 15
Walgreen Co1,200
2135 2235
Com stock purch wart.... 22
110
106 1063-4
.55% Preferred
6
100
50
18955 18935
Ward (11) & Co common_•
50
•
124 125
Class A
20
140 140
Waukesha Motor com _ _ _. 140
Wayne Pump Co
200
04
34
4844 19
Convertible preferred.. •
25
*
Common
50
694 6935
Wrigley(Wm Jr) Co com_•
4,150
Yates
-Amer Mach part pf• 2134 2034 22
1,000
Yellow Cab Co Inc (Chic)• 3055 3034 31
32.500
97 105
Zenith Radio Corp earn....' 101
Bonds
Amer Serv Co 68
1930 9934
Chic Art Ice Co 06
1938 974
Chic City ik Con Itys 5s'27
Chic City Rye 5s
1927
Certificates of deposit__
.-1927 81%
Chicago Rys 58
70
Certificates of deposit_ __
Chic Un Art Thee 634s '48
Commonw Edison 58_ _1943
1st 53 series A
1953
Cornmonw Sub Corp 535s
1948
A
Gen Vending 10
-Yr 83-1937
Guard Title Mtge 548 38 100
Met IV Side El 1st 4s...1938
Northwestern Elev 58.1941 90
Pub Serv 1st dr ref 548'62 10535
Straus Safe Dep 5 A s_.1943
Swift & Co let,f fr 58.1944
_50
544 5434
Phila Rapid Transit
50 5034 503-4 5034
7% preferred
594
59
Philadelphia Traction _ _ _50 59
3335 3334
Phila & Western Ry pfd_50
10
25
2534
Reliance Insurance
3034
Shreve El Dorado Pipe L 25 304 30
4935 494
•
Scott Paper Co
112 112
100 112
Preferred
Stanley Co of America.._' 3935 3735 40
1
_I
.4
Tono-Belmont Devel
44 435
435
1
Tonopah Stirling
384 3835
50
Union Traction
United Gas Improvemt_50 13535 132 13535
234 24
United Lt & Pr"A" corn _•
514
51
U S Dairy Prod class A_ •
25
25
_10 25
Victory Insurance Co_ _
9214 96
Victor Talk Stachine corn _•
1
1
1
Iron & Steel_ _ _10
Warwick
West Jersey & Seash RR 50 3535 3534 36
42
41
50 42
Westmoreland Coal
Aug
Aug
Aug
Aug
Aug
Apr
Apr
Aug
May
Jan
175 191
15
1531
191 191
103 125
103
9435 120
114
300 300
300
12034 1204 1204
4335 48
4334
3215 3235 33
14
1934
9035
Range Since Jan. 1.
5,100
1,600
515
793
5,100
75
304
3354
4
424
15
130
41
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par. Price. Low, High. Shares.
41
May
1304 Aug
5035 Aug
2635 Apr
2634 June
1044 Mar
Apr
96
6534 May
107 June
Feb
20
5434 May
154
Aug
10035 May
14
Aug
75
Aug
26 June
136
May
344 Feb
2135 June
70 June
3135 May
may
7
23
95
53
55
June 5934
Jan 1024
Jan 58
Aug 100
11 5.6
14s, Aug 274
21
Aug3
Jai
14
12
4' A ug
A
874 Mar
May
Apr
May
June
i
j ly
J lupgr
21A July
'
194 May
5
Jan 354 May
1004 Feb 110
Feb
1174 Jan 1894 Aug
Mar 130
121
June
66
Mar 150
Apr
46
32
6834
12
3035
354
June 52
June 37
July 79
Apr 24
June 43
Feb 105
June
June
Mar
May
Jan
Aug
9935
974
814
8435
83
7935
79
99
10435
10235
9934 53,000 994 May
5.000 973-4 May
98
614 11,000 60
June
844 10.000 8334 July
4,000 83 June
83
81145,000 7935 Aug
804 8.000 70
Aug
11,000 99
00
Aug
10535 10,000 10335 June
1,000 10235 Aug
1024
10035
9834
70
8834
8735
88
874
100
109
1064
Apr
July
Feb
Jan
Jan
Jan
Jan
Apr
Feb
May
97
90
100
784
90
1054
100
10134
5,000 97
97
5,000 90
00
100
5.000 100
784 4,000 784
16.000 8035
90
1054 3,000 104
2,000 100
100
10131 2.000 Rust
97
984
100
8435
9535
1094
102
103
Aug
Jan
July
Feb
Mar
Jan
July
Jan
Aug
Aug
July
Aug
July
June
Mar
Aug
Rights
Insurance Co of No Amer__
8
735
Range Since Jan. 1.
83.4
734 July
6,890
Stocks-
JateS
C rzatly
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low. High. Shares.
•
Almar Stores
• 75
American Stores
Bell Tel Co of Pa pref _ _ 100 116
131auners all coalfs
Bornot Inc
Budd (E 0) Mfg Co
Preferred
284
Camden Fire Insurance._
Consol Tree of N J_ _100
Continental Pass fly
334
Cramp Ship & Eng.__ _100
Curtis Publishing CO com_•
Elec Storage Battery _ _ 100
50
Elmira & IVill pref
10 4035
Fire Association
Glans Portl Cement pf _ _50
Y)corn.*
Horn & Ilard't(N
Insurance Co. of N A __ _10 704
634
Lake Superior Corp. _ _ _100
50 1414
Lehigh Coal & Nay
10 25
Lit Brothers
Manufacturers Cas InsPenn Cent I. & P cum pf _ •
50
Pennsylvania RR
Pennsylvania Salt 13.1fg__50
Co(Pitts)6% pref_50
Phila
P11115 Dairy Prod pref
25
Piffle Electric of Pa
o• 9(136
-- '''-
1234 124
7335 76
11535 1164
58
58
935 935
17
1735
41
4434
2835 2835
51
51
664 8834
314 4
175 175
764 784
82
62
4814 494
36
31
54
53
7035
68
514 635
137 142
25
25
5934 5935
80
79
6335 64
9235 9335
53
52
9134 9134
66
86
2034 20 SI
Range Since Jan. 1.
Low.
High,
200 1135 June 20
Feb
6,162 64
Jan 774 July
158 1144 July 118
Mar
225 58
June 60 Slay
20
84 June 14
May
225 17
Aug 33
Jan
135 41
Aug 73
Mar
450 2735 Jan 4934 Slay
160 504 Aug 624 May
10 6635 Aug 6635 Aug
2,185
14 Feb
14
Jan
25 175
Feb 190
Jan
520 6994 Jan 85
May
13 62
Aug 62
Aug
1,600 464 July 85
Apr
15 31
June 414 Feb
18 52
Feb 64
Mar
1,550 68
Aug 1044 Slay
2,600
3 June
94 May
1,300 10535 Feb 154 June
400 2234 Jan 2934 June
5 274 Jan 844 June
120 78
July 82
May
2,900 6135 June 72
Apr
438 92
Jan 10914 Jan
38 52
Jan 584 Slay
97 90
Mar 9435 Apr
100 5535 Jan 7435 May
Tan IA
1.100 22
June
10
Bonds$7,600 55 June 66
5534 57
Elec &Peoples tr ctfs4s1945 56
4835 484 4,000 4835 July 52
Inter-State Rys coil tr 48'43
1,000 9434 June 96
9434 9435
Keystone Telep 1st 58_1935
100 10035 3,000 96 June 10131
Lehigh C & N cons 43.4$'54
Aug 664
5935 6,000 59
59
Peoples Pass tr etts 4s_1943
9734 9734 8,000 9735 Aug 10155
1967
Phila Co 58
Philadelphia Electric (Pa)
10235 10235 1.000 10235 Aug 106
lot lien & ref 5s__1960
July 10935
5,300 104
104 106
1966
1st 58
Aug 108
28,200 104
Phila Flee Pow Co 534s '72 1043.5 104 105
98%
1,000 9535 Ap
96
96
.
C ... 58 197n
..hila .& .Rdg. .t I_. ; .3 ..o..i, ,
P
on,, 1 nn 7/ 92 non on )i June 10134
aw
May
Jan
Jan
May
Apr
Apr
Mar
Apr
May
Apr
July
_
• No par value.
-Record of transactions
Cincinnati Stock Exchange.
Stock Exchange, Aug. 11 to Aug. 17, both
at Cincinnati
inclusive, compiled from official sales lists:
Stocks--
J..
Yr WWI
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Am Laund Mach com___25 9335 9335 974
274 274
•
Amer Products pref
8735
Amer Rolling Mill corn _ _25 894 85
2235
22
22
Ahrens Fox "A"
1535 17
Am Thermos Bottle "A" • 1535
46
46
•
Lo
Preferred
25
25
100 25
Baldwin common
19
18
• 18
Buckeye Incubator
222 225
Carey (Philip) com -100
120 120
100
Preferred
23
23
23
Central Bra.ss"A"
.20
235 274
Cent Ware & Rettig"A"
2604 28035
100
Central Trust
3935
38
• 38
Churngold Corp
2935
29
50 2935
Cin Car Co
430 430
100
CNO&TP
110 110
100
Preferred
084
Cin Gas & Elec pref _ _ _ _100 9735 97
99 100
C N & C Lt & Tr com_ _100 99
81
81
100
Preferred
130 130
CM Land Shares
53
52
50 53
CM Street Ry
50 1044 104% 105
Cln & Sub Tel
3535 354
Yards-100
CM Union Stock
55
53
•
City Ice & Fuel
35
35
• 35
Coca Cola"A"
4435 4435 491-4
Crossley Radio "A"
973-1 98
Cooper Corp new pref _ _100
100
Dow Drug corn
Eagle-Picher Lead com_ _20 18
•
Early & Daniel corn
335
•
Excelsior Shoe corn
Egry Reg "A"
Fenton United corn_ _ __100 165
• 2235
Formica Insulation
French-Bauer (undep)_ •
• 46
Gibson Art corn
Globe Wernicke corn...100 88
• 41
Internet Print Ink
100 97
Preferred
100
Omen Watch pref
Hatfield-Campbell corn.....'
• 70
Hobart Mfg
Jaeger Machine
• 303-4
Julian Kokenge
100
Kahn 1st pref
• 24
"A"
Kedel Radio
10 11235
Kroger corn
394
39
1735 1835
83
80
335 34
3035 3034
165 180
2235 234
21
21
464
46
90
88
39% 4135
97%
97
115 115
14
14
7135
70
3634 3635
304 3034
102 102
24
2831
11235 1124
• 7235
Mead Pulp
• 32
Meteor Motors
Recording Pumps_ AO 30
Natl
.
Ohio Bell Telep pref _ _100 111'4
Paragon Refining corn_ _25 164
Procter & Gamble com..20 269
100 170
8% Preferred
100 1104
6% preferred
100 9835
Pure Oil6% pref
• 65
•
Rapid Electro
Rollman pref
Sabin Robbins prof _ _ _100
United Milk Crate "A"___ - ___ _
10 112%
U S Playing Card
•
U S Shoe corn
100
Vulcan Last corn
•
Whitaker Paper corn
- -Preferred
7234 74
3235
32
34
28
1114 112
1635
15
26635 27335
170 170
11034 11031
osm
98
85
65
100 100
101 101
27
27
1094 1124
8
8
144 1635
55
55
1,278
40
498
110
465
32
100
563
4
40
35
65
10
180
353
3
2
369
17
10
5
339
240
5
723
145
4,381
39
Range Since Jan. 1.
High.
how.
933-4 Aug
July
25
Aug
85
June
22
Feb
11
Jan
43
A
25
1735 Jan
Aug
222
Aug
120
2235 June
335 June
255 June
38 June
July
29
Jan
429
8035 July
Aug
97
9735 Feb
8034 July
974 Apr
4534 Jan
1004 June
3535 Aug
3634 Apr
307-4 Mar
Feb
25
July
97
Jan
114
2935 Apr
Jan
120
244 June
184 Mar
4934 Feb
Jan
41
Jan
49
Apr
274
Apr
126
2734 Feb
Jan
4
Jan
260
8035 Apr
334 Jan
Apr
480
May
121
10035 May
June
109
Slay
121
170 June
Jan
55
128
May
Apr
56
May
55
May
38
June
55
10535 Apr
May
114 34
1,413 1534 Mar
Mar
92 56
34 Aug
100
Aug
10 30
Jan
32 90
235 2034 Star
Apr
16
50
Jan
137 43
Aug
58 88
235 394 Aug
Aug
451 97
12 11434 Feb
Aug
10 14
515 444 Jan
110 299-4 May
742 3031 Aug
Jan
4 100
Aug
516 24
Jan
70
23
•No par value.
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, Aug. 11 to Aug. 17, both
inclusive, compiled from official sales lists:
High.
Low.
Apr
176 5034 May 61
Apr 5234 Apr
1,067 50
May
219 57 June 64
30 334 Aug 3634 Feb
150 25 June 3734 Jan
Mar 3235 Aug
1,200 18
20 404 May 6034 May
July 1134 May
10 100
1,719 303-5 May 5435 Mar
Jan
2
4 July
3,070
July
5
434 Jan
2,650
May
607 3734 Jan 46
6,950 11435 Jan 1494 Slay
Feb 274 July
1,200 15
175 3735 Jan 6235 May
Jan
July 34
35 25
Jan 1044 May
1.770 53
135 Apr
7-4 Jan
406
336 334 July 394 Jan
Aug 5135 Jan
135 35
106
55
470
83
423
257
6
375
186
35
38
1
30
227
59
6,393
50
ox
Mar
65
26
28
10935
935
249
170
9691
064
3455
09
97
2635
10935
54
143i
52
Jan
Aug
June
Apr
Jan
Aug
Jan
June
Feb
May
June
July
Aug
Feb
Aug
July
11123,f
TRIA
4235 June
243-4 Jar
9335 Ma3
API
4
July
32
July
ISO
Fet
26
224 July
50% May
9535 Jas
4535 Jun.
100 Jute
Fel
116
Fel
18
7135 Auf
May
37
304 Aul
ma:
108
5535 Jan
11235 Aul
82
45
48
115
1635
300
200
113
10035
7535
103
10535
2735
132
935
2334
GO
Ing tz
Jan
Ma:
Ap
AP
AUI
Ma:
Pd
Jul:
Ap
Ant
Ap
Ap
Am
Jan
Ap
Anil
Jul:
Ms
• No par value.
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange, Aug. 11 to Aug. 17, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low, High. Shares.
3715 38
• 38
Arundel Corp
170 170
All Coast Line (Conn)_50
160 165
Trust Co._ _50 160
Baltimore
2735 2734
Benesch (I) & Sons pref _25
•
2835 2835
Black & Decker corn
2635
26
25
Preferred
39
39
Central Fire Insurance_ ..10
212 212
50
Trust
Century
Ches&Po Tel of Bait pf _100 1134 11335 114
1,850
5
134
5
210
55
50
2
23.
Range Since Jan. 1.
Low.
35%
166
15834
264
24
2535
39
212
113
July
July
Mar
Apr
Jan
Apr
Aug
Aug
Apr
High.
51%
212
/25
2734
344
27
49
236
1174
May
Jan
May
Jan
Apr
Apr
Jan
Jan
Jan
940
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Commercial Credit
•
Preferred
25
Preferred B
25
634% 1st preferred...100
Corn Credit of N 0 pref_._
Consol Gas,E L & Power_*
6% preferred ser D...100
554% pref w 1 set E.100
5% preferred set A..100
Consolidation Coal_ _ _ _100
Continental Trust
Helton Tire & Rubber- _ _*
Eastern Rolling Mill
•
Farmers d. Sler Bank...40
Fidelity & Deposit
50
Finance Co of America A _*
First Nat Bank W I
Houston Oil pref v t etfs100
Lorraine Pete Co
it
Mfrs Fin 1st pref
25
2d preferred
25
Maryland Casualty Co_ _25
Merch & Miners Transp_ ..•
Monon W Penn P S pref 25
Mortgage Security corn...*
31
8036
102
26%
456
28
271
61
50c
44%
3056 3134
2454 244
25
26
8855 8856
25
25
80% 8054
110% 110%
107% 107%
101% 10256
26% 27%
280 280
455 5
28% 28%
86
86
270% 271%
10% 11
60% 62
95
95
50c
50c
19% 20
17% 18
150 155
444 45
25% 26
855 855
453
30
35
25
10
511
25
19
333
289
200
100
790
10
182
75
607
25
20
50
25
109
149
75
25
New Amsterdam Cas Co 10 73
70% 73
Northern Central Ry_ _50
84% 84%
Penne Water & power...' 814 80
81%
Roland Pk Homed__ _100
22
22
1st preferred
100 100% 10034100%
Sharpe & Dohme pref..100
110 110
Silica Gel Corp com v t __ -*
24
24
Sun Mtge corn
15%
15
•
Un Porto Rican Sug corn * 52
53
52
Preferred
54
53
* 53
124 13%
United Rys & Electric__50
US Fidelity Guar
415 420
50
Wash Ball & Annapolls_50
10% 10%
16
Preferred
16
50
West Md Dairy Inc pr pf50
5455 5455
West National Bank.
.20
394 3954
Bonds
Baltimore City Bonds
1961 98
43Sewer loan
4s School house _ - _ _1961
4s Dock impr'rn't___1961
43 Water loan
1958
4s Annex I mpt
1951
356s consolidated_ _ _1930
Black & Decker 656s _ _1937 114
Consol G E L & P 45613 1935
ElkhornCoalCorp6558 1931
Houston0l15%%notes 1938
Maryland 4s
1935
Md Elea Ry 1st 513_ _ _ _1931
Un Porto Rican Sugar
64% notes
1937 100
United Ry & E 1st 49 _1949 67
Income 4s
1949 45
Funding 513
1936 71
6% notes
1930 94
1st 69
1949 87
Wash Balt & Annap 5s 1941
Wash Consol Title6% 1951
• No par value.
Range Since Jan. 1.
High.
Low.
2154
23
23
88
25
67%
10956
107%
100
25%
280
4
244
77
260.
1056
60%
95
2c
19%
17%
150
44%
25
8
452 70%
8 844
370 68
7 22
20 100
10 109%
150 17
195 15
95 38%
115 48%
322 12
86 348%
65
9
71 15
56 524
4 3934
Mar
Jan
Feb
July
Aug
June
Jan
Jan
June
June
Jan
June
Mar
Feb
June
July
Aug
Aug
Jan
Aug
Aug
Aug
Aug
Jan
Aug
May
35
263.4 Jan
274 May
953.4 May
July
26
Apr
93
114% May
Apr
111
1054 Mar
3334 Jan
May
325
19% June
2955 May
95 June
May
326
11% May
July
64
103% Mar
50c Aug
June
26
June
26
May
195
May
50
Jan
27
2154 Jan
Aug 83% May
Aug 90% Mar
Jan 81% Aug
July 224 July
Feb 101% Apr
June 113
Jan
Mar 28% Apt
July 20
Mat
Mar 72
May
Mar 72
May
Apr 20
Jan
Jan 475
May
Feb 174 Jan
Apr 18
Feb
Jan 5554 Jar
Aug 43 May
98
984 3,900 98
Aug 103% Feb
98% 984 2,400 98
June 102% Jar
98% 98%
1,000 9856 Aug 103% Feb
700 98 June 103
Jar
983.4 98%
98% 98%
200 9855 June 102
Mai
101 101
11,400 9955 May 101
July
114 114
6,500 106% Jan 127
Apt
98
98
1.000 98
Aug 1014 Mal
93
93
1,000 93
July 98% Jar
100 101
12,000 100
Aug 101% July
98% 08%
1,000 98% Aug 98% Aua
97
97
1,000 97
Aug 99% Jar
9956 100
3,000 99
66% 67% 25,000 66
45
45% 16,000 44
71
71
5,000 71
95
94
2,000 94
4,000 85
87
86
81
81
1,000 81
100 100
1,000 100
Feb 106% May
Jar
Aug 75
Aug 55
Jar
Aug 84% Jar
Aug 994 Jar
Jar
Aug 98
Jar
Aug 90
Jan 100
Jar
Cleveland Stock Exchange.
-Record of transactions at
Cleveland Stock Exchange, Aug. 11 to Aug. 17, both inclusive, compiled from official sales lists:
14
35
48
7955
155
90
2634
36
14
35
30%
25% 2434
96
96
11034 111%
8834 89
83
844
35
3556
164 lag 1655
308
295 319
23
24
3834 3534 40
96
111
89
8434
Low.
010010.1 WWG7tQl&W
,
0...WC74N00..400WOOOtO
000.
w
.1o.
co
oo;o.
-o
c
48
79
143
89
2634
3555
14
35
30%
145
co
Metro Paving Brick corn.
•
Miller Rubber pref _ _ _ _100
Mohawk Rubber cora__ _ _•
Preferred
100
Miller Drug
•
Myers Pump
•
National Acme com
10
National Refining corn.
.25
National Tile corn
•
Nineteen Hundred Washer
Common
•
Nor Ohlo P & L8% pref100
Ohio Bell Telen pref._ _100
Ohio Brass "B"
•
Packard Elec
•
Packer Corp
•
Paragon Refining corn_ _25
Richman Bros corn
•
&herr Hirst
•
Wahl, Shoe
•
to
45% 46
62
62
124 13
1634 1655
33
33
178 178
108 10834
95
95
42
42
5734 57%
167 167
9755 98
101
101
48
51%
41
40
1024 102%
69
69
3554 4034
137 137
37%
37
20
20
29%
29
52
52
31
30
w.
Eaton Axle
•
Elec Control & Mfg corn. •
Falls Rubber corn
•
Preferred
25
Faultless Rubber corn. •
Flrest Tire & Rub corn_ _10
100
7% Preferred
100 95
Foote-Burt pref
•
• 574
Godman Shoe
General Tire & Rub coM.25
100 98
Preferred
100
Glidden prior prof
Grasselll Chemical com_1(50 5134
Greif Bros Cooperage corn • 41
Halle Bros pref
100
Hanna(M A) 1st pref_.100
India Tire & Rub com____* 3956
Interlake Steamship corn.'
Jaeger Machine corn
•
Jordan Motor pref
100 20
Kaynee corn
• 294
Kelley Is! L & T com_ _100
Led ur corn
• 31
Range Since Jan. 1.
17
1034
4
24
109%
3634
27
104
110
102
14
359
25
1834
112%
103%
OQ0 4.40,
,
00.
0000010.4OWN
ONOCA.Cn..4O..4301..00OGnOMOOOONO
Akron Rubber Reels
1734
173.4 1755
Allen Industries
• 1255 11% 1255
Bond Stores "B"
•
55
55
Fred G Clark corn
10
734 856
Central Alloy Steel pref 100
11156 111%
City Ice & Fuel corn
• 54% 534 54%
Cleve Bldrs Sup & Br corn •
2756
27
Cleve-Cliffs Iron corn_
•
109 115
Cleve Elect Illum pref _100 11056 110% 111
Cleveland Ry corn
100
103 103
Cleve Securities P L pfd_10
255
2
Cleveland Trust
100
366 366
Cleve Un Stkyds com__100
25
25
Cleve Worst Mills corn. 100
1855 19
Dow Chemical corn
•
156
156
Preferred
100 103% 103% 103%
OC,,IWOIOMMOO
,
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price, Low, High. Shares.
Apr
July
Jan
Feb
Jan
Feb
Aug
Jan
June
May
July
Jan
Aug
Aug
Jan
Aug
3235 Feb
5434 Jan
455 Feb
15
Apr
30
July
168
June
Aug
108
80
Feb
25
Feb
57
Aug
165
Mar
July
05
96
Jan
47 . July
July
39
102
Jan
High.
29 , Jan
Feb
37
134 May
834 Aug
Mar
112
54% May
Feb
31
120
Mar
May
115
Mar
109
334 Apr
400
Mar
2755 Apr
Mar
30
175
May
107
Feb
46
66
13
1634
3954
232
11134
95
42
59
190
103
102
5134
4554
104%
Aug
May
Aug
Aug
Jan
Jan
Jan
July
July
July
Jan
Mar
June
Aug
May
Feb
18
123
27%
18
29
4956
27
Feb 45
Feb 137
Mar 38
Aug 50
Aug 4356
Apr 6554
Mar 86
Apr
Aug
May
Mar
May
Jan
Mar
3155
70
2954
55
24
33
”i
35
28%
Jan 49
May 98
Jan 165
Jan 90
July 28
Feb 4356
1934
Jan
Apr 39
June 3554
May
Jan
Slay
June
July
Apr
May
Jan
Jan
Aug
Jan
June
Aug
Jan
Feb
Jan
Feb
Aug
Aug
Feb
Feb
Apt
Mat
July
May
July
Aug
May
Apr
2434
93
109
88%
47
3234
934
256
23
31414
3034
100
11454
10034
85
4034
1634
310
29
47
[VoL. 127.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Selberling Rubber com...• 44
Preferred
100
Sherwin-Williams pref..100
Sparks-Withington pref100
Stand Tex Prod A pref.
_100 54
Stearns Motor corn
•
4%
Steel & Tubes
25 150
Telling-Belle Vernon corn • 51%
Thompson Prod corn...100 3556
Trumbull-Cliffs Furn pf100
Union Metal Manfg corn.•
Union Mortgage cora_ _100
Union Trust
100 28734
VanDona Iron Works pf100
Wood Chem
•
4356 4455
105 105
107% 107%
116% 117%
5054 54
455 5
136 156
5155
51
3356 36
104 104
43
43
56
54
28755 290
35
35
254 25%
595
34
24
37
137
320
2,525
205
1,420
10
100
17
45
20
65
Range Since Jan. 1.
Low.
334
102%
106
115
5056
3
53
45
22
10056
42%
34
285
35
25
High.
Feb
Aug
May
July
Aug
Mar
Jan
Feb
Feb
July
June
Aug
Jan
Aug
Mar
50
107%
10956
11756
71
8
156
54%
44
106
48%
7
305
40
27
May
May
Mar
Aug
Apr
Apr
Aug
Apr
May
Mar
May
Jan
May
May
May
• No par value.
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, Aug. 11 to Aug. 17, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Amer Vitrified Prod pf _100
86
86
Arkansas Gas Corp corn_.•
254
24 2.54
Preferred
10
755
754
756
Armstrong Cork Co
54
54
Bank of Pittsburgh
50
210 210
Blaw-Knox Co
25 103
10255 103
Range Since Jan, 1.
Low.
High.
10 84
7,137
256
1,522
6%
160 54
77 180
160 91
Feb 88
May
4
May
7%
Aug 67
Jan 249
Jan 108
Ant
May
June
Mar
Jan
June
3956
302
116
5
28
756
3934
3
162 38
5 250
97 9054
456
100
100 23
7
130
65 3856
3
45
May 3934
Feb 310
Feb 116
Mar
6
June 30
Mar 10
June 41
July
556
,
Aug
May
Aug
May
Jan
Jan
June
June
Lone Star Gas
25 514 5134 524
Nat FirepreofIng com -50
654 654
Preferred
50 17
17
17
Petroleum Exploration. _25
36
36
Pittsburgh Coal, com_ _100
50
50
Pittsburgh Oil& Gas
5
3% 34
Pittsburgh Plate Glass_100 256
250 256
Pitts Screw & Bolt Corp_ _•
51
51
Stand Plate GI, prior pf 100
25
26
Stand Sanitary Mfg corn 25
36
36%
Suburban Electric
1736 174
Union National Bank_ _100
505 505
United Engine dr Fdy com •
43
43
West'house Air Brake new•
44
44
Witherow Steel cm
•
20
20
Zoller (Williaml Cln enrn * an
an
an
• No par value.
1,842 48%
655
25
20 17
25 36
100 45
354
295
125 210
295 4834
40 25
176 33
200 173.4
13 475
70 4234
225 43
40 13
25, 41
Apr 58
10
Feb
Aug 24
APr 3635
Slay 5256
4
Jan
Jan 256
Feb 59%
Aug 34
Star 4234
19
July
Feb 510
Jan 61
June 56%
Jan 27
Apr 52
Apr
Mar
Mar
Mar
July
Jan
Aug
Mar
Feb
Mar
July
Mar
Jan
Jan
Mar
Apr
Citizens Traction Co_ _50
3954
Colonial Trust Co
100 302
302
Columbia Gas& Elec corn •
114
Consolidated Ice, com...50
5
5
Preferred
50
28
Devonian 011
10
755
Horne (Joseph) Co com__. 3955 3956
Independ Brewing corn.
.50
3
San Francisco Stock Exchange.
-Record of transactions at San Francisco Stock Exchange, Aug. 11 to Aug. 17,
both inclusive, compiled from official sales lists:
Stocks-
AWM8
Friday
Last Week's Range for
Week,
Sale
ofPrices.
Par. Price. Low, High. Shares
American Co
14455
Anglo Calif Trust Co
Anglo & London P N'IBk _ 252
Atlas Im Diesel En"A"
80
Bancitaly Corp
121
Bank of California, N A
290
Bank of Italy N T & 15 A_
. .
195%
Calamba Sugar,corn
151
Preferred
California Cc pper
Calif Cotton Mills,corn __
. 110
California Ink
5055
Calif Oregon Power, pfd.... ______
Calif Packing Corp
75
Caterpillar Tractor X D_
71%
Coast Co Gas & El 1st pfd.
139 14534
450% 450%
250 252
82%
76
110 121
275 29054
1734 196
150 151
98%
98
6
6
10534 1123.4
5156
49
109 110
7034 7554
6834 73
1003.4 IGO%
Dairy Dale"A"
2755 26%
Dairy Dale"B"
2456
2554
East Bay Water A,pfd. _ - _
9155 9155
Emporium Corp,The
304
Fageol Motors,com
5
555
Preferred
7
Fireman's Fund Insur
114
Foster & Klelser,corn
1256
124
Gt West Pwr Ser'A'6%pfd 102
10155
Great Western Power, pfd _ 10555 10554
Hawaiian Corn'l&Sug,Ltd. 62
5155
Hale Bros Stores,Inc XD
______
2555
Hawaiian Pineapple
5.434 524
Home Fire & Marine Ins
38
3756
Honolulu Cons 011
39
3756
Stunt Bros Pack "A",corn_
2334 23
Hutchinson Sug Plantat'n _ 514 50
28
26
9255
3054
556
754
115
13
102
10554
52
26
5456
3854
3956
2334
5355
L A GELS & Electric, pfd ---------106
34 107
Magnavox Co
3.10
2.90 3.10
Magnin,I, corn
24
24
2455
N A Investment.corn
108 109
Preferred
100 10036
North American Oil
40
39
Pacific Gas & Elec,corn
4734 4734 47%
1st preferred
2754 27
2756
Pactfie Lighting Corp,corn
7734 7554 8254
6% preferred
10334 10254 10356
Pacific 011
1.30 1.30
Pacific Tel & Tel,com ---- ------ 147 14934
Preferred
11834 11855 120
ParaffIne Co's Inc. corn
8354 8034 84
Piggly Wiggly WSts"A"
25% 24
26
Plg'n Whistle, pfd
154 15
1555
Richfield Oil
464 4534 47
Roos Bros, corn
3255 324 33
Preferred
99
99
13J Lt.& Pwr, pr pfd
nag 116
13 F Schlesinger A,cam_
______
21
214
Preferred
93
94
Shell Union 011,com
2634 2555 2634
Sperry Flour Co,corn
6834'71
Spring Valley Water
91
92
9254
Standard Oil of Calif XD
5756 5654 58
Traung Investment Corp_ _
23
25
25
Union 011Assoclates
5056 4955 5134
Union 011of Calif
5055 4956 5154
Wells Fargo Bk & Un Tr._ 30155 30155 310
West Amer Finance, pfd
655 656
654
X9 IL
R9 ILL
RA
14,642
5
340
13,017
51,078
200
16,736
25
111
500
285
1,235
80
5,130
35,512
5
Range Since Jan. 1.
Low.
130
400
225
31
100
26955
125
97
9155
2
75
30
1084
6954
53
98
850 23
2,835 173.4
170 84%
55 28
2
690
5
150
145 110
1,610 12
81 9855
185 10354
315 46
105 25
1,245 41
225 3735
2,500 35
295 22
2,628 42
75 10514
17,360 30e
25 22
130 105
30 99
2,470 36
2,544 43%
2,309 2655
13,186 7254
130 10034
500 1.00
15 145
90 11355
8,010 79
550 21%
120 1434
High.
220
470
295
82%
22056
452
3114
170
100
834
14334
5756
11255
7934
7834
102
June
Apr
June
Aug
Slay
May
May
June
APr
Apr
mar
June
Mar
Apr
may
Jan
Jan 3254
Jan 3154
July 99
June 3434
754
Jan
8
Jan
Feb 127
June 19
Jan 10334
June 106%
June 5356
June 31
Jan 5436
June 4934
Feb 43
June 2854
June 62
June
May
Apr
Jan
Slay
May
Jan
Jan
Apr
Apr
Jan
Jan
July
Jan
May
Apr
Juns
1124
4
28
11055
103
43
5334
2934
9654
10054
2.25
159
125
10934
3154
1755
Apt
May
Apt
May
May
Apt
May
Apt
MaY
Feb
API
May
MaY
Apr
Fell
May
Jan
Jan
Apr
Jan
June
Feb
June
Jan
Jan
Mar
Jan
Jan
Jan
June
Jan
Jan
Jan
Jan
Jun
Jan
Jan
June
Star
Jai
Feb
Jan
Jan
July
Jan
JunO
JUlIe
Apr
May
17,804 2334 Feb 52
Feb 374 API
370 31
10 9756 July 10354 API
25 113% Jan 11934 may
215 20 June 274 1Mal
July 99 'May
40 90
Fob 2934 May
2,708 24
600 6055 Mar 85 . ApI
Aug120 May
550 91
Feb 62% May
10,721 53
July 2654 Jar
570 22
5,889 4154 Feb5755 Apt
4.993 4254 Feb5754 Atm
Feb37594 May
35 295
Feb
8
534 Star
135
58% TM al
575 4834 Jun
FINANCIAL CHRONICLE
AUG. 18 1928.]
St. Louis Stock Exchange. Record of transactions
at St. Louis Stock Exchange, Aug. 11 to Aug. 17, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Bank
325 325
First National Bank _..100
Nat'l Bank of Corn ....100 1604 16014 169
Trust Co.
Mercantile Trust
545
100
Street Ry.L Pub Serv com
Preferred
87
Miscellaneous
100
Aloe pfd
Baer, Sternberg &
Cohen 1st preferred 100
*
Best Clymer Co
.
Boyd-Welsh Shoe
*
Burkart corn
.
Preferred
Coca Cola Sot Sec _ _ _ 51.00
Ely & Walker D Gds com25
Elder corn
100
"A"
*
Fred Medart Mfg corn
Hamilton-Brown Shoe _ _25
Hydraulic Pr Brick corn 100
100
Preferred
Independent Pkg pfd ..100
545
25
87
25
87
10215 10215
13
21
63
204
93
20
414
10
20
62
2934
29
77
26
2011
415
77
95
93
20
414
1315
22
634
29
29
77
26
2015
4%
80
95
Range Since Jan. 1.
Low.
High.
108 320
156 157
Apr 345
Apr 236
Feb
May
50 533
July 570
Jan
.50
55
20
Jan
7815 Apr
3215 June
89 June
20 102% Aug 104
10
1,371
100
228
330
695
185
26
30
55
20
95
19
15
93
20
384
10
19
21
28%
2315
72
24
18
315
7435
95
July
Aug 10115 Apr
Apr
Aug 27
Jan 45
May
Aug
17% Jan
Mar 244 Apr
Mar 6331 Aug
July 33
Jan
Jan 38
May
Jan 90
May
July 37
Apr
June 30
Jan
Apr
May
6
Apr 87
May
Aug 105
Jan
911
?may
sates
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
International Shoe corn __.
100
Preferred
*
Johnson-S & S Shoe
*
Koplar pref
*
Mo-Ills Stores corn
Mo Portland Cement _ _ _25
Mahoney Aircraft _ _ _55.00
*
Nat Candy corn
*
Pickrel Walnut Co
*
Pedigo-Weber Shoe
Polar Wave Ice & Fuel_ _.
Rice-Stix Dry Gdscom_ __.
100
1st preferred
-V-B D G corn_ _25
Scruggs
*
Scullin Steel pref
.
Sheffield Steel corn
Sou Acid & Sulphur corn _ _.
S'thw't'n Bell Tel pfd __100
100
St L Screw Co
10
St L Car corn
*
Wagner Electric corn
100
Preferred
81
8015 8115
1003% 1103% 1104
59
59
534 53
533.4
243% 25
484
45
44
19
19
19
184 184
223% 214 223%
36
3634
40
40
40
204 20
203%
108 108
204 204
3415 33.15 35
5915 61
61
45
45
118
11715 118
30
30
20
20
9815 9715 99
104 105
105
Mining
Cons Lead & Zinc Co"A"_.
123% 1315
Street Ry.Bond s
E St L & Syb Co,5s _1932
City&SubPubServ.5s _1934
United Rys,4s C-D_ _ _1934
953%
91
84
Miscellaneous Bonds
0.
1051
Low.
High.
656 62
Jan 87
5 10915 July 113
20 48
Apr 70
705 52 June 54
150 17
Jan 25
945 38
Mar 52
1,115 19
Aug 233%
140 18
July 2335
100 214 July 223%
335 35 June 45
5 32
Mar 404
285 20
Aug 234
35 108
Aug 117
Apr 22
300 16
Jan 46
403 31
45 33
Jan 80
35 394 June 4715
202 1173% June 121
20 17
Jan 30
Jan 32
50 16
Feb 120
453 37
28 98
Feb 1064
275
953% 9515 $2,000
2.000
91
91
11.000
84
84
09": 10014
Range Since Jan. 1.
2.500
11
Apr
Mar
May
June
Aug
May
July
Jan
Aug
May
Aug
May
Apr
July
Apr
Apr
Jan
Mar
Aug
May
May
June
Mar
173% May
94
Feb
904 July
84
Aug
9515 Aug
Apr
93
853% Jan
983%
Jan 101
May
* No par value.
New York Curb Market-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Market for the
week beginning on Saturday last (Aug. 11) and ending the present Friday (Aug. 17). 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
Sates
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High Shares.
Week Ended Aug. 17.
Stocks-
Indus. & Miscellaneous.
Acetol Products Inc A_ •
Adams
-Millis Corp
• 27
Aero Supply Mfg Cl A
•
•
Class B
Ala Gt Southern RR ord.50
Preferred
50
Allied Pack corn
•
12%
Allison Drug Store cl A _
Class B
Alpha Portl Cement coin...
Aluminum Co. corn
• 138
Preferred
100
Aluminum,Ltd
• 130
Amer Arch Co
100 5414
Am Brown BoveriElecCorp
•
Foundersshares
8
20
Am Cyan corn ci B
Amer Dept Stores Corp.' 2015
1915
American Hawaiian 85._b
Amer Laundry Mach corn *
Amer Manufac corn_..100
Preferred
100
Amer Rayon Products_ _ _• 1815
Amer Rolling Mill, com_25 86
Am Solvents &Chem,v t e• 2111
Cony pante preferred..' 34%
315
Amer Thread prof
Anchor Post Fence corn_ _. 27
Anglo-Chile Nitrate Corp.' 41%
3015
Apponaug Co corn.
Associated Dy. & Print..'
Atlantic Fruit & Sugar-- •
•
Atlas Plywood
Atlas Portland Cement.
.°
Auburn Automobile.corn.' 9915
Axton-Fisher Tob corn A 10
26
2811
2515 2835
33
33
30% 314
157 159
158% 159
1
115
12
1215
4
44
45
46
136 140
10711 108
118 130
4915 5515
8
3315
1911
019
92
45
62
1515
85
2111
3415
315
24
4115
30
28
81c
81%
40
9115
29
5,200
6,000
300
500
190
90
1,900
900
500
600
300
200
220
2,000
Range since Jan. 1.
Low.
22
24
14
84
155
156
1
12
315
36
120
105%
80
46
Aug
July
Jan
Jan
July
July
Mar
Aug
Aug
Feb
Jan
Jan
June
June
31%
29
75
60
184%
185
315
21%
15%
43%
197%
110%
130
70
Feb
May
May
May
May
Apr
June
Jan
Jan
June
May
May
Aug
Jan
400
815
415 Feb
14
May
35% 2,200 1/3011 July 53% May
20% 3,700 1351 Jan 241 June
4
1915 1,400 1531 Jan 23% Apr
94
325 92
Aug 108
Jan
47
125 45 June 80% Jan
62
25 60
Aug 80
Jan
1815 10,500 13
Mar 24
June
8731
3.600 823% June 114
Jan
22
800 11% Jan 28% May
35
900 2531 Mar 41% May
334
1,800
21re Jan
31 May
.9
27
1,200 12'1 June 27
Aug
41%
1,100 2615 Feb 51
June
900 30
30%
Aug 324 July
284
300 274 July
3234 May
81c
100 70o June
1
Jan
8215
400 z633% Jan 93% May
40
200 38
Feb 47% Apr
10114 6,00
85
Aug 143
Mar
29
100 22
July 5151 Apr
120 120
50 117% Ma
Babcock & Wilcox Co _100
1215
12
Bahia Corp common... ..• 12
1,900
6
Fe
15% 16%
400
Preferred
915 Fe
25
Bancitaly Corporation _ _26 1153% 11015 11715 24,700 19951 Jun
I3aurnann (Lud)& Co pf100
9951 9931
100 9931 Aug
27e
Belding-Hall Eleetrice. cm'
26e
200 15e July
Class A
1
1
800
1
25
June
Bendix Corp
-See Note Below
Corn class B
2,200 120 June
15415 161
10 157
Denson & Hedges corn_
15
15
•
Aug
200 15
Cum cony preference_ :
26
300 26
26
Aug
Bliss(E W)Co corn
2615 2434 27% 8,000 1634 Mar
Blumenthal (El) & Co corn.' 41
1,100 26
39% 41;
Mar
13lyn Shoes Inc corn
3
100
3
3
10
Aug
Bohn Aluminum a Brase..• 7455 72
744 2,100 833% Jan
Bowman-Biltmore Hotels
Common
*
100
1% Aug
114
11
Bridgeport Mach corn _ _ _.
100
211 24
211 Jan
.
24
Brillo Mfg corn
24%
1,100 14
Jan
. 234 23
Bristol-Myers Co Com- •
700 65
7351 7635
May
Brit-Am Tob ord bear_
100 2515 Jan
29% 2915
.1
Ord registered
500 25% Jan
Li 2915 2915 2914
British Celanese,
Amer deposit receipts... 133% 134 1415 2,900 134 Aug
Broadway Dept Stores
1st pref with war
50 101
July
_100
104 10414
Butler Brothers
200 2015 Apr
20
234 234
Camp. Wyant & CannonFoundryz44% 47% 2,000 38
• 46
June
Cannon Mills Co, corn...... 403%
Aug
46
4715 3,100 45
Carnation Milk Prodcom25
200 30
41% 414
Jan
Caterpillar Tractor
800 53
73%
Jan
69
• 72
Cavtur-Dobbs. Inc. corn_ •
300 31% Apr
3515
35
635% pf with corn stk
purch warr
100
107 107
200 106
Apr
Celanese Corp of Am corn • 67
3,300 644 Aug
644 69
First preferred
100
12111 128
400 12111 Aug
New preferred
100
500 1013% Aug
10115 10215
Celluloid Co common. •
sosi 81
300 80
July
Celotex Co corn
• 63
60% 63
900 49
Feb
Central Aguirre Sug____50 148
148 148
200 11614 Feb
Centrifugal Pipe Corp
.•
915
1,400
9
851 June
Charla Corp
• 33
30
33
1,200 2754 July
Checker Cab Mfg com___. 4355 39
434 53,30
2034 Mar
Childs Co pref
100 1063% 10611 109
40 10334 July
Cities Service,eommon__20 653% :6415 65% 17.000 54
Jan
Preferred
100
900 943% Jan
99
99%
Preferred 11
815 Jan
10
915 914
100
City Ice & Fuel (Cleve)_ _• 55
500 3615 Jan
541 55
High.
128
17
194
223
102
3
May
May
June
Apr
June
May
May
161
24
314
28%
41%
47-4
87
Aug
Mar
Jan
Aug
Aug
Jan
June
611
514
3111
774
2915
2915
June
Jan
Mar
Aug
Aug
Aug
3311 May
112
29
5215
48%
66
79
43%
Jan
June
May
July
May
May
June
112% June
103
May
18515 Jan
112
Feb
122
Feb
69% Apr
June
164
12% Jan
Aug
33
4311 Aug
12415 Feb
714 June
103%May
915 Apr
55
Aug
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Clark Lighter cony A. •
Club Aluminum Utensil..'
Cohen-Hall-Marx Co _ _ _ _ • 333-4
111
Colombian Syndicate
Columbia Graphoph Ltd
73
Am dep ma for ord stk
Consol Automatlc715
Isrlerchandising v t c____.
* 4715
33.50 preferred
9
Consolidated Clear warets
Oonsol Dairy Products_ • 4315
Consul Film Indus. oom • 13
•..1G
Consol Laundries
Cons Ret Stores Inc. com_• __ -Copeland Products Inc
• 13
Class A with warr
Courtaulds Ltd Amer den - _
____
rects for ord stk reg_ £1
Crosse & Blackwell
warrants_ _ _ ..• ..52
Fret with
Crow Milner & Co corn..'
Curtis Aeropl Exp Corp _ _.
•
Curtis Pub Co corn
87 cumul preferred _ _ _ *
• 344
Davega, Inc
Davenport Hosery Co.._'
Deere & Co.common...100 400
De Forest Radio, v t a......• 11
• 37
Doehler Die-Casting
.
Dominion Bridge
.
Dominion Stores Ltd _ _ _•
27-4
Dubiller Condenser Corp_•
Dunkin Silk Corp. corn_ • 20
1150
Preferred
•
Dupont Motors
Durant Motors, Ino____• 13
9
•
Duz Co Inc, class A
8
•
ClassAyte
•
Eastern Rolling Mill
.
Eastern SS Lines corn _ _ _5
•
Elect shovel. Coal par pt.
Evans Auto Loading Cl B 5
10
Fageol Motors corn
100
Fajardo Sugar
Fansteel Products Inc_ __.•
Fedders Mfg Inc class A...*
Federal Bus Publications
1st pref without warr _ _ _
.
Federated Metals tr Ws_ •
Film Inspection Machine...
10
Fire Assn of Phila
Firestone T atr. R.com _10
Florshelm Shoe Co corn A •
100
6% preferred
Ford Motor Cool Can_100
•
Forhan Co, cl A
-Foundation Co
Foreign shares class A..'
Fox Thea‘res ClaSfi A com_•
Franklin (H II) Mfg corn...
100
Preferred
Freed-Else man Radio ._•
French Line 600 francs
Amer slis rep corn B stk_
•
Freshman (Chas) Co
"
Fulton Sylphon
General Amer Investors_ _•
•
General Baking corn _
•
Preferred
Gen'l Bronze Corp corn •
General Cable warrants._ _
Gen Elec Co of Gt Britain
American Deposit rcts__
Oen'l Laundry Mach com •
General Mills Inc, corn_ _ _•
•
Gilbert (A C) Co corn_
•
Preference
CC Spring & Bump corn...
•
Glen Alden Coal
Gobel (Adolf) Inc corn....'
Golden State klilk Prod_25
Gold Seal Electrical Co.•
5
Gorham Mfg Co corn_
Preferred
Grant(W T) Co corn _ _ _ _•
Grasselli Chemical new__ _•
Range Since Jan. 1.
High.
Low.
Aug
18
28
June
2334 Jan
115 Mar
37
Apr
384 Jan
353-4 Mar
23% May
683% 733% 42,300
34%
Jan
8154 May
8
48
10
4515
1334
16
28
3,450
1,050
1,800
5,900
2,000
7,200
200
715
4715
54
21
1234
14
274
Aug
Aug
July
Jan
Aug
July
July
1234 1314
1,200
74 Jan
2114 2111
700
213.5' Aug
247-4 May
52 June
3415 Jan
22
Aug
17115 June
115
June
30
Mar
10
Mar
22034 Jan
13% Jan
15% Feb
6811 Feb
10434 Jan
215 Apr
20
Aug
10554 July
Jan
600
911 Mar
434 May
43% Ap
5254 July
55 June
44
May
Jan
189
11911 Fet
Jan
51
19
July
May
416
16
Jun(
4434 JUIN
95
MM
13974 May
534 Mal
28% Jilts
110% JUR,
4
AP
Juli
16
934 Jun,
915 Ma:
19
19
2834 2834
3315 34%
111
Isis
734
4715
7
43
12%
144
273-4
100
100
900
4,000
400
52
52
200
4815 49
200
22
22
300
1734 17615
100
11615 11615
3411 5,900
30
100
1834 1815
1,175
393 400
9
11% 15,20
3615 3735
2,50
75
7511 754
200
123 12514
300
24 234
200
20
20
100
10531 10511
3
100
3
1215 1335 8,700
851 94 1,500
2,900
7
911
8
48
10
5034
195-4
20
36
Aug
Aug
Aug
June
Feb
Apr
May
2015 May
Ma:
Jul:
Mai
Jun
Ma:
Ap
la
Ma.
27
9415
45
8715
4%
14234
2015
41
27
9415
4715
8911
515
144
21%
41
200 224 Feb30
Mar 9734
20 88
July 493%
1,300 43
2,700 5315 Feb 924
415 Aug
64
700
30 14215 Aug 1653.4
Feb 35
1,800 12
100 am Feb 5034
3015
1434
33-4
483.5
175
4415 4434
9915 9915
545
30
31
3034
1431
335
4815
17715
45%
993%
555
3115
100 3034 Aug 3034 An
Jo]
Mar 20
100 14
100
3 June
574 Jai
AP
200 :474 July 84
Ja
Mar 238
100 166
500 4454 Aug 587-4 Ap
June 10334 Ap
300 98
Me
Jan 698
160 510
Jan 33
Jul.
3,600 23
46
88
3015
143%
2711
2215
95
315
46
751
3934
65
1034
77%
1034
26%
6511
635
11535
48
11611
10715
5134
1034
264
2215
90
315
000
lig
2834 31,00
200
22%
350
95
37%
600
9
173%
133-4
85
14
Aug
Mar
Mar
May
Feb
207-4
324
2311
95
7
Ma
Ma
Jun
Au
Ma
4534
734
39
59
834
7334
41
10
800
46
734 7,900
3.000
40
1,300
66
103-4 45,20
7715 6,20
600
4435
300
1034
42
534
2715
5634
6%
73%
3515
8
July
Feb
Mar
Feb
A or
Aug
Jan
July
7115
103%
4474
77
17
88
534
16
Mn
Ja
Fe
Ma
Ma
Ma
Ma
AT
811
94
800
2634 1,900 20
700 65
654
900 13
15
100 43
444
615
100
634
300 14834
15034
10,400 65
118
400 4434
48
6
754
200
400 50
58
100 112
11611
100 1044
10734
5134 5,500 4734
May
Jan
July
Aug
June
Aug
Aug
Jan
Aug
June
Feb
Feb
July
July
1034
aa
68
20%
50
124
169
146%
48
17
62
134
125
513%
Ma
Jun
Jun
Ma
Mt
ME
Ja
Jut
All
Ja
At
Mr
Ja
Au
93.4
26
65
13
4434
614
150
105
4434
734
58
1163-1
10711
4734
942
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par.
Law. High. Shares.
GC Atl & Pan Tea 1st p1100
118 118
Greenfield Tap & Die_
914 10
•
Greif(L)1& Bros pref X.100
9854 9834
Griffith (D) class A
2
•
Hall(CM)Lamp Co---• 18% 17
18%
Hall(W F) Printing_ __10
25
25%
Happiness Candy St el A..'
5% 636
6%
Hart
-Parr Co corn
3311 40
• 40
Hartford Times part.pref_•
43% 4334
Hazeltine Corp
1451 15
15
Hercules Powder pref_ _100 122
122 122
Heyden Chemical
11% 1154
Hires(Chas E)cl A Wm •
25
25
Holland Furnace Co
• 43% 41% 43%
Horn (A C) Co, lot prel_50
4634 47
Huyler's of Del corn
15% 1551
•
7% preferred
99
99
100
Hygrade Food Prod com_• 38
39%
37
Imp Tob of Gt Br & Ire_ _£ 28% 28% 2851
Industrial Rayon new. ___• 83
82% 86
Izmir Cool North Amer_10 7054 67% 71)1
Insurance Secur!ties_ _ __10 2554 2551 26
Int'l Printing Ink com_ •
42
41
Internet Products corn. _ _* 1234
1254 1234
Internet Safety Razor B.
25
27
International Shoe corn_ *
81
81
4514 45%
Interstate Dept Stores com*
7% cum pref with warr__ 111
111. 111
Jackson Motor Shaft
Joske Bros Co corn v t c_-* 39
icaufm Dept SR. corn 12.50
Kaynce Co com
10 30
Kernsley. Millbourn & Co• 15%
Kimberly-Clark Corp.com• 52
Kinnear Stores Co corn_. 33%
Knott Corp,corn
Kobacker Stores corn_
•
Lackawanna Securities_ •
Lake Superior Corp_..100
6%,
Lakey Foundry & Mach_• 29%
Land Cool Fla
•
Landowner Hold el A stpd 1
Lane Bryant Inc coin_
•
Leath & Co corn
•
Lefeourt Realty com
• 30
Preferred
•
Lehigh Coal & Nay
_50
Lehigh Val Coal ctfs new__
30%
Lehigh Valley Coal Sales 50 52
Leonard Fitzpatrick &
Mueller Stores corn_
•
Libby Owens Sheet Glass 25
Lit Bros Corp
10 25
Magnin (I) & Co com
•
Mar Steam Shot, new com•
Marmon Motor Car eom_• 44%
Mavis Bottling Co of Am_• 15
May Drug Stores Corp_ •
May Hosiery Mills $4 sh_•
McCord Rad & Mfg v t
Mead Johnson & Co com_• 60
Melville Shoe new corn _ _ _* 51
Metropol Chain Stores_ __• 55%
Midland Steel Prod
• 8354
Midvale Co
•
Mohawk Carpet Stills_
•
Nat Food Products
Class A with warr
•
Class )3
12
Nat Mfrs & Stores
39%
Nat Rubber Mach'y
32
Nat Sugar Refg
100 126
Nat Theatre Supply com..•
Nat Tile
•
Nat Trade Journal, Inc *
Nautielm Pharmacies Inc.
Cum cony pref
•
Nebel (Oscar) Co com_ •
Nelsner Bros pref
100
Nelson (Herman) Corp_ _ _5 27
Neve Drug Stores com___• 27
Convertible A
• 3731
Newberry (J J) corn
*
Preferred
100
New Mex & Ariz Land_ _ _I
1131
New On Gt Nor RR_ _ _ 100 35
Newton Steel corn
•
Nichols & Shepard Co_
•
Stock parch warrants.........
Niles Bement-Pond com,• 65
Noma Electric Corp corn • 2254
North Amer Cement
•
Northwest Englneering-* 37
Novadel Process corn_
*
$2 cum panic pref
•
15
15
39
39
27% 28
30
29
1551 1551
52
52
29
3351
34% 34%
42% 42%
x50
50
5% 6%
29% 30
1251 13
2
2
40
40
17
17
26
30%
373-4 3814
136% 14011
2911 30%
5051 53%
27%
131%
25
2451
44
4411
15
22%
42%
26
60
50
55%
8311
4011
39%
Range SOW Jan. 1.
Apr
10 11051 Mar 120
600
811 June 1234 Jan
Mar
25 9734 Feb 106
Mar
100
1
254 May
2,200
1834 May
034 Jan
Jan
June 30
400 22
9% Apr
5,700
Feb63.4
1,700 3354 Aug 03 June
100 4134 June 4636 Apr
854 Feb 1534 May
1,200
Apr
50 1183-4 Feb 124
200
1334 Apr
434 Feb
July
10
2134 Mar 20
June
June 47
1,10
38
July
4534 July 49
20
Mar 2054 Jan
15
30
Aug 10234 Jan
99
10
1,90
254 Jan 45% June
1,000 2431 Feb 2836 July
2,000 7851 July
933.5 July
1,800 6734 Aug 10451 May
May
600 2551 July 32
800 41
Aug 4434 June
400 1135 June 1436 _June
Aug
1,800 25
July 27
Apr
Feb 87
200 69
Feb 5634 May
200 37
May
100 10831 Feb 120
100 15
15
Au
300 36
May 43
400 2741 Aug 34
500 29
Aug 434
200 14% July 20%
1,400 62
July 52%
700 204 June 38%
July
100 33
443.4
100 40
July 44%
June 5551
100 45
600
354 Jan
9%
2,800 27
38
July
300 10 June 2535
100
1934
134 Apr
110 38% June 42
1754
July
110 14
3,600 2531 Aug 3531
200 313
June 42%
1,200 10534 Mar 154%
3,300 2734 Mar 39
Mar
855 50
tie
May
June
Jan
Jan
27%
July 43
100 27
13131
50 109
Mar 140
25
300 23% Mar 29%
24%
100 23
Feb 27
4514
800 3835 July 40
46
900 38% Feb 5834
16% 10,000 15
Jan 22
200 20
2234
Jan 26%
4234
100 42 June 4851
26
100 18% Apr 26
62
1,100 53% Fob 72
51%
1,100 50
Aug 55
800 54
5714
Jan 66
835.1
200 80% Slay 112
100 39
Jan 4851
4034
40
900 3835 Aug 4014
Jan
July
Juno
May
Aug
Apr
May
May
Jan
Aug
May
Aug
May
Jan
Apr
July
31% 3154
100 2214 July
11
12
800
Jan
36% 39%
1,600 31
AI)
29
32% 12,800 23
July
136 139
225 119
Feb
1054 11
1,000
Jan
6
3034 3054
200 30
Aug
1,100 3054 Aug
3034 3
1%
2151 2414
900 1954 Aug
34
35
700 3054 July
2211 22%
400 18
AP
12644 127
75 110% Jan
25
2751
600 20 Jun
27
30%
1,900 25 Jun
3751 39%
1,000 35% Jun
12451 125
Aug
100 120
108 108
50 10651 Jan
834 11% 13,900
711 Jun
3334 35
Ma
700 25
7031 70%
100 7014 Au
65
200 30% Jac
66
45
46
500 1634 Feb
62% 65
1,500 28
Jar
22% 23% 2,500 20% Jun
6
8
200
Jan
8
36
38
700 29% Feb
16% 16%
300 11% Feb
Mar
3735 373i
100 30
• 83
Obio Brass cl B
88
225 88
88%
Alai
Pacific Coast Biscuit pf
42% 42%
100 40 June
Palmolive Peet Co coin
112% 113%
•
500 (1)8535 Feb
Pack Austin & GipscombPartic pref
25% Aug
26
26
•
10
Parke Davis & Co
July
47
47%
200 44
•
Penney (J C)Coe! A of 100
40 101% Aug
10134 101%
Peoples Drug Store, Inc..
100 44% Mar
56% 56%
Phelps Dodge Corp_ _ _100
Feb
25 117
135 135
July
4
4
200
Phil Morris Con Inc corn."
4%
9 June
100
Class A
25
9%
951 931
Pick (Albert). Barth & Co
Jan
800 10
10
10
Common vot Cr Ws-_1 10
2,500 1911 AP*
20
Pref class A!(partie A PIl• 20
20
1,400 1834 Feb
30% 31
Pierce Governor Co
• 31
30% 6.100 23% Mar
28
Piggly Wiggly Corp com_• 28%
Pines Winterfront Co Cl AS
400 5651 Jan
x120 126
Pitney BowesPostage
•
7 June
800
Meter Co
2841
9
Mar
Pitts & L E RR corn__ _ _50
20 144
145 147%
Feb
25 210
Plttsb Plate Glass
253% 255
100 255
50
Pratt de Lambert Co
July
20
56% 56%
•
Feb
Procter & Gamble corn_ _20
50 247
268 268
33 June
Propper Silk Hosiery Inc.• 3454 3434 35
1,40
Jan
Prudence Co 7% pref. _100
15 102
104 10451
3811 Jan
Q R S Co
20
9934 110
• 110
Rainbow LuminousProdA• 22% 22% 23
2251 July
20
Raybestos Co corn
48
Aug
25
1,30
48
49
Realty Associates
3 27051 Jan
276 280
276
Ross Stores Inc
23g Aug
7
295 305
Richman Bros Co
June
30 265
1751 1714
• 17%
Richmond Radiator. corn."' 32
17% Aug
20
32
3215
Ross Gear & Tool corn__.• 2311 23% 23%
100 3051 June
Royal Bak Powd corn _ _100 205
Aug
5 205
205 205%
Ruberold Co
100
81% Jan
20
93
93
Sale-T-Stat Co common__• 47% 4534 49% 14,50
18% Mar
Safety Car Beat & Ltg_100
Jan
158 15814
10 135
Safeway Stores corn
• 575
Jan
568 575
22 310
Old fifth warr
30 June
3931 39
39%
20
Si Regis Paper Co
• 75
50
72% 76%
4,20
Jan
Sanitary Grocery Ino
• 361
351% 367
Jan
3,53 215
Schlf ;Co 7* pref
,
•
133 133
50 110% Jan
Schulte Real Estate Co_ _• 25% 24
'
Jan
25%
400 17
Schulte-United Sc toil Si.s• 20% 20
1,100 17 June
2034
1105.
Aug
Jan
July
May
May
July
Mar
Mar
Aug
Jan
Feb
June
Feb
Jan
July
Aug
may
8134 Aug
May
15
40% May
32% Aug
152
Apr
1954 May
34 5Mar
35(.4 May
28% May
37% May
25 Slay
13951 May
34% May
34
May
4314 May
Apr
145
11034 May
11% Aug
4834 May
7331 July
June
73
June
53
90
May
2054 May
13
Feb
50% May
19% June
3714 Juno
100% Mar
5134 Jan
[Vol.. 127.
Sales
Friday
Last Week's Range for
;Week.
of Prices.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
Seeman Bros common ____• 5351
Selberling Rub, corn
• 4454
Selfridge Provincial Stores
Ltd ordinary
£1
Serve! toe (new co) v t c__• 1415
Preferred v t c
100
Sheaffer(W A) Pen ___ _• 4
634
Silica Gel Corp.com v t c.• 24%
Silver (Isaac) & Bro
Smith (A 0 Corp
•
South Coast Co corn
• 2054
southern Asbestos
• 30%
Southern Groc Sts cony A •
Southern Ice & Util corn B. 20%
Southern Stores Corp cl A • 25
Southwestern Stores corn_* 22
Pref series A
•
Spalding (A G)& Bra corn •
Span & Gen Corp. Lt.(1_.£1
6%
Sparks-Withington
110
Spencer Kellog & Sons new 3251
Spiegel May Stern Co_ _ _ _• 50
654% preferred
100 8554
Standard Investing Corp.•
Stinnes (IIugo) Corp
•
Stix Baer & Fuller
3434
Stromberg-CarlsTelMfg__• 24%
Stutz Motor Car
•
Swedish-Am invest. pf_100
Swedish Match cl A
108
Swift & Co
100
Swift International
15 29%
Svrac Wash Math B com_• 14%
Tennessee Prod Corp corn *
Thompson Prod Inc cl A •
Timken-Detroit Axle...10
Tishman Realty & Constr •
Tobacco Prod Exports_ •
Todd Shipyards Corp._ _.•
Transcont. Air Transp_ _ _•
Trans
-Lux Pict Screen
Class A common
•
Triplex Safety Glass Lid
Amer der) eels and ells Cl
Truscon Steel corn
10
Preferred
100
Tubize Artificial Silk el 13.•
Tung-Sol Lamp Wks corn •
Clams A
•
United Biscuit cl A
•
Class 13
•
United Carbon v t c
•
United El Coal Cos v t o •
United Milk Prod.corn
•
Unit Piece Dye Wks corn.'
636% preferred
100
United Shoe Mach corn_ _25
U S Asbestos
U 14 Dairy Prod class A..-•
& Foreign Sec com___•
$6 first pref
S Freight
•
US Gypsum Co corn _ __ _20
U S Rubber Reclaiming.*
Universal Pictures
•
Universal Prod
Van Camp Pack, pref_ _50
Wain dr. Bond class A_ _ _-•
Class li
•
Walgreen Co corn
Warrants
Warner Bros Pictures- --•
Watson (Jno Warren) Co.'
Wayne Pump
•
Wesson Oil & SD corn vie'
Preferred
•
Western Auto Supply cl A•
Warrants
Winter (Beni) Inc com___•
Wire Wheel Corp corn now.
Woodworth Inc corn
•
Worth Inc cony cl A
•
Yellow Taxi of N V
•
Young(L A)Sp dr WI corn •
Cony. prof
•
Zenith Radio
Zonite Products Corp corn•
53
54
44% 4454
1,700
100
Range Since Jan. 1.
Low.
3 34 Fen
jab
3
900
4
Orr
4
5,200
4%
13% 1431
600 40 m
41%
41
23
200
4635 46%
4,300 17
23% 24%
50
52
900 39
2.200
171 200
20% 22
300
204
200 10314
305 30%
%
35% 3534
100 31%
2034 2034
900 20
1,600 24
28%
25
2,200 18
2135 22
25
25
100 25
169 169
30 s125
80
6% 7% 20,400
2%
98% 118
8,100
3234 3235
600 5302 34
50
51
300
85% 8534
200 84 vi
33
3534 36
200 35
300
8%
1134 1111
34
200
3434
24% 24%
100 24%
15
1,100 95%
14
1551
135% 136%
10 125
108 108
100
133 133
2
20 125
28% 29%
3,60
2531
1451 1431
1131
1,00
May
Jan
F
Feb
Jan
Feb
Jan
Mar
June
Fel
Jan
May
Apr
May
45
2335
17%
3535
17%
405;
3
45
24
100
1,90
1,30
30
20
30
4,80
334
2%
3%
6,200
2% May
4934 50
300
40
4034
600
105 105
100
47535 485
370
12
12
100
1934 2035
200
1.400
69
6934
22% 25% 4,900
1,900
2034 22%
54
58
2,000
2054 2554
1,400
7911 83
700
106 106
100
74
74
200
34
3834
4,10(
100
51
51
3,500
2635 293-4
,
600
9435 96
81% 2,800
78
5535 55% 1,625
12% 13
200
100
1934 1935
300
25
23
800
1735 19
2534 261
%
600
18% 19
400
4151 4211
800
22%
22
700
81 253,900
70
1,10
6% 7
33
33
10
729-4 74
1,00
10411 106
300
55% 56
400
731
711
100
11% 12
800
25
5,300
2674
33
33
100
1711 18
400
200
1874 1851
1,000
405-4 41
41% 4134
200
97 106
1,800
3614 3711
900
48
Aug
3335 Jan
102
Aug
Feb
450
10% Feb
1934 Feb
54% May
1335 Feb
July
19
26% Feb
17
Aug
5231 Fe
10531 Feb
(1351 Jan
2754 JulY
283.4 July
20% Mar
June
94
7035 Feb
55
Aug
9 June
13% Aug
23
Aug
7;i Mar
24% Jan
Mar
15
3754 June
1614 Apr
13% Jan
534 June
June
32
67
Feb
102
Jan
July
51
Aug
11% June
2034 Mar
26% Jan
1714 July
1214 Mar
31% Mar
36.% Max
Apr
65
323i July
4031
48135
2435
22%
58
20%
82
106
38%
2834
96
78%
5531
19%
24
1834
4234
2235
75%
33
74
11%
2651
3644
Rights
Aluminum Ltd
18
18
1835
Archer-Daniels
-Midland
335 311
British Celanese
le
5c
Fiat
314
354
Insurance Co of N A
741 836
851
Macy (R. II) & Co
243
240 243
U S Elec Sort bond rights_ _
1%
,
134 1%
14% 1435 1451
U S Gypsum
White Sewing Mach deb rts
831 9
14
30
1144
33
254
4151
20%
414
16%
47%
60%
29
60
200
2931
3535
4511
28
40
22
2554
175
11
127
34
63%
103
Slay
yny
Mar
Aug
Jan
June
June
Jan
Feb
Jan
Aug
Aug
i
Aug
July 4934
Apr 19
Aug 34%
Aug
35
ja r
M an
19
July 145%
108
Jan 137
n
Jan 34%
July
2534
17%
3311
17
40
3
44%
22%
35
17%
High.
55
May
5031 May
2334
44%
20%
46%
4%
00%
35
66%
4035
10734
62854
15%
23
7034
26
22%
58
4235
95
110
7794
38%
62%
32
wog
may
May
Aug
Jan
Apr
July
Aug
May
Feb
Mar
June
May
Apr
May
Feb
May
May
Apr
7
84%
100
16%
24%
25
27
29
19%
50
2551
81
20
36
88%
108
66%
1734
16
3634
3935
2354
22
45
44%
100
4835
May
May
May
An
,
Apr
May
Aug
July
May
May
June
Mar
Aug
June
Apr
July
June
Aug
June
May
June
May
Mar
Apr
June
Apr
Aug
Aug
Aug
May
June
May
Apr
May
Aug
May
May
Feb
Jan
June
Jan
Jan
Aug
July
Apr
Aug
May
Slay
Aug
Jan
June
SW
Slay
Apr
Apr
Ave
June
June
Mar
May
May
ADC
Aug
Ape
1,400 14
100
le
2,500
800
234
1,800
735
300 240
135
300
900 1334
834
1,500
July,
19%
Aug
335
Aug
5c
Apr
634
July
934
July 243
July
3
Au
18%
Au
12%
Aug
Aug
Aug
May
July
Aug
May
July
Jan
125
4,700
4,300
350
2,400
500
3,000
500
2,200
900
1,200
700
1,600
5,500
7,700
5,300
900
25
2,000
100
1.50
70
111
844
117%
170
18
75
73i
734
1%
33%
34%
98
84514
5
30%
81
25
109
1994
10435
9534
167
July
Feb
Jo
Jan
Jun
Jul
Ma
Ma
AP
Au
Au
Jun
Feb
Jan
Jan
Jan
Jan
Aug
Jan
Jan
Jan
Jan
11811
19%
184
249
22
87
11
635
66
50%
10534
52%
1)3.4
413%
4534
27
111%
34
121%
102
193
May
June
May
May
May
May
Slay
May
May
Apr
AV
Mar
May
May
May
May
May
Slar
Aug
Slay
May
Ste,
10135 101%
200 100
80
7934 80
400 5734
10514 10534 10535
75 105%
19%
19% 20
400 1151
109% 1093-4 10935
,
500 10731
100
95% 10234 14,000 76
61
3,700 4011
5935 (1134
634
100
8% 851
400 11035
111 11151
102
1334
1,30
18
1851
1851
200 9935
9914 100
400 30
3011 32
2734
90
36
37
1,400 1654
2451 23% 2551
50 115
130
130 130
loo 102
102% 102%
July
Jan
July
Jan
July
Jan
Jan
Jan
Feb
Jam
Jan
Feb
Feb
Jan
Jan
Jar
Aug
104%
92%
108%,
2534
11134
12735
79%
834
113%
106
24%
105
3934
42%
29
110
102%
12334 June
2851
57
10535
68
148
10
14
May
May
May
Mar
June
Mar
Jan
11% Jan
2235 Jan
36% Slay
33% May
120
Aug
1035
185
255
6131
300
35
107%
110
35
52
350
24
305
27%
37
287
125
57
170
580
40
Jan
Apr
Aug
May
May
Aug
Apr
Aug
May
June
May
Aug
Aug
Jan
May
Jan
Slay
June
Mar
Aug
Aug
go May
Aug
382
133
Aug
2914 Mar
Feb
22
Public Utilities
Amer Dist Teleg
Pf 100
Amer & Foreign Pow warr_
After Gas & Elec corn_ _ ..•
Amer Lt & Tree corn.
..100
Amer Nat Gas com vi
Amer Pr & Lt A pref
Amer States Sec coin cl A.
•
Corn class 13
Warrants
Amer Superpower Corp A •
Class 11 common
•
First preferred
•
Assoc Gas & Elea el A
•
Brooklyn City RR
100
Buff Meg & East Pr corn.•
Class A
•
Preferred
25
Carolina Power & Lt pf100
Central Pub •iery el A_ _ _•
Cent States El 7% p1...100
Cities Secs Pr & Lt $43
own'w'Ith Edison Co ..100
Oom'wealth Power Corp
Pre/erred
100
Cons GE L&T Bait corn.'
ConstG&E7% pr pf_ _100
East States Pow B com _ _ _•
Elea Bond & Sh pref....100
Elm Bond & Sh Secur..._•
Else Invest without war..'
Electric Ry Secur
•
Empire Gas & F 8% pf_100
Elec Pow & Lt 2d prof A •
Option warrants
Empire Gas & E 7% p1_100
Empire Pow Corp part stk•
Federal Water Serv el A. •
General Pub fiery com___•
7% preferred
•
Georgia Pow new $6 pref.*
111 11114
17%
1651 1711
170
165% 170
208
205 216
18
18
18
78% 78
78%
10% 10
10%
1334 133,
411
4
435
3451 3334 34%
3511 3434 35%
99
99 102
48
48
48%
734
7
731
44% 4434 45%
43
42
4334
263-1 2634
109 109
30
30
30%
107
107 107
93% 98% 99%
182% 18435
13%
Jae
Mar
Jaa
May
API
API
May
Aug
AK
APII
Mai
May
May
May
May
May
JulY
Sales
Friday
Last Week's Range for
Week.
of Prices.
Public Utilities (Cond.) Sale
Ear Price. Low. High. Shares.
lntermat Utll class A
1451
Class B
Warrants
1334
Italian Super Power
7
Warrants
•
Long Island Ltg corn
100 110
7% preferred
631
Marconi Wirel T of Can _ _1
Marconi Wireless Tel Lond.
Class B
Middle West Util com__-*
*
$6 cumul pref
Mohawk & Hud Pow cora • 3711
* 1074
lot preferred
Warrants
Mohawk Vail Co ctfs dep-_ -----• 20
Municipal Service
Range Since Jan. 1.
Low.
Mining Stocks-
High.
300 42
Aug
43% 4314
1411 3,000
334 Feb
14
1
400
June
2%
200 13
July
133,4 13%
100
6% July
7
7
75 176
Jan
250 250
80 109
110 110
July
3
Feb
6% 611 20,300
9% Jan
lag 15% 1,600 1514 July
100 123
146 146
Jan
100 94
98% 9831
Jan
2,600 29% Jan
34
3714
125 105
10714 10714
Jan
200
13
13%
6
Jan
10 67% Aug
71
71
19% 20% 7,500 1331 Jan
52
19%
3%
1614
8
290
112%
8%
17%
16%
168
101
53
110
19%
71
25
May
May
June
June
July
June
Feb
Mat
Mar
July
May
May
May
July
May
Aug
May
33
33
*
Nat Electric Pow ci A_
Nat Pow & Light pref. _ _ _• 10814 10811 10816
2414 2434
,
Nat Pub Seri corn class A •
10854 109
Nebraska Power pref.. 1O0
50% 55
Nov Calif Elea com__ A00 55
11234 113
NY Talon 64% pref__100
7% 711
North Amer URI See com _*
93
93
lot preferred
,4 24% 2836
Northeast Power corn_ _• 253
98
98
.
Nor Ind Pub Sen 6% pr 100
27% 29
Northern Ohio Pow corn_ •
132% 134
Nor States P Corp com_100 134
100 10834 10811 108%
Preferred
111% 11114
Ohio Pub Serv 1st pref_100
27
27%
Pacific G & E 1st pref __25
• 4034 3911 40%
Penn-Ohio Ed corn
107 107
100
7% prior Diet
96
9734
SO preferred
1911 19% 191(
Option warrants
15
15
15
Penn Ohio Sccur
2334 2334
Penn Gas & Elec class A_.*
10131 10134
Penn Pow & Lt $6 pref_ *
7931 81
Penn Water & Power_ _ _* 81
8234 85
Puget Sound P & L corn 100
98
99
100
6% preferred
200 2731
200 106%
300 22
30 108%
200 3314
125 111%
100
7
200 92
6,800 1931
20 98
600 18
700 •123
50 108
100 109
500 23%
4,100 323/
60 10434
170 92
900 11
10
13
100 20
50 100
80
68
60
3431
9
92
Jan
June
Jan
Aug
Jan
June
Jan
Jan
Jan
Aug
Jan
Jan
July
Jan
June
Jan
June
Feb
Jan
Feb
Jan
July
Jan
Jan
Jan
4031
111
2934
110%
55
115%
10%
954
31
103%
32
152
110%
11254
30
48%
109
100
2551
25
27
10134
90
94%
10511
May
Feb
May
Jan
Aug
Mar
Apr
Slay
May
Apr
May
May
Mar
May
Apr
May
Jan
May
May
May
May
Aug
May
June
Apr
4434 44%
Sierra Pacific El com_ 100
2614 2611
Sou Calif Edison prof 11_25
4934
Southeast Pow dr Lt corn..' 4811 47
43% 44%
•
Common v t c
105 105
* 105
$7 preferred
87,34 87%
•
Partic preferred
1934 18
19%
Warr'ts to our corn stk_
Southwest Bell Tel pref100
11
.731 117%
46
46
Standard Pow & Lt coni_25 46
9731 98
98
Swiss Amer Elec prof
37
37
Union Nat Gas of Can_ *
1%
United Elea Serv warrants
50 13414 1313413534
United Gas Impt
23% 2434
United Lt & Pow com A__• 24
2814 2811
0111 Pow & Lt class 13_
1235 1334
US11 Shares Corp corn__ __• 1334
300 29
800 26%
3,300 41%
400 4031
50 105
200 84
3,500 1234
50 11711
200 2934
300 9614
200 2814
1%
3,500
7,600 11134
5,100 13%
1,500 184
900 11
Jan
Aug
Feb
Feb
Aug
Jan
Feb
Au
Jae
Jun
Jan
Jul
Jan
Jan
Jan
Fe
49%
30
61
57%
11114
92
2431
120
5834
10314
4.5
3
150
27%
32%
18%
July
Apr
Apr
June
May
Mar
May
Mar
May
May
Slay
Slay
May
July
May
Slay
Former Standard 011
Subsidiaries.
Anglo-Amer Oil (vol sh)Ll
Non-voting shares__ _.£1
25
Chesbrough Mfg
Continental 011 v t o_ _ _ _10
Cumberland Pipe Line _100
100
Eureka Pipe Line
Galena-Sig 011 pref new.100
Humble Oil & Refining_ _25
100
Illinois Pipe Line
Imperial 011 (Canada)_ _ _•
50
Indiana Pipe Line
National Transit_ ___12.50
IOU
New York Transit
26
Ohio 011
25
Penn-Max Fuel
25
Prairle Oil& Gas
100
Prairie Pipe Line
100
Solar Refining
Southern Pipe Line new_10
25
South Penn Oil
Standard Oil(Indiana) _ _25
Standard 011 (Kantia8)_25
Standard 011 (Kentucky)25
25
Standard 011 (Nob)
Standard 011(0) COM__ _28
100
Preferred
Swan-Finch Oil Corp._25
Vacuum 011 now
3,200
100
200
5,000
300
50
60
4,600
400
500
200
1,20
250
700
100
4,100
1,850
50
30
50
9,20
50
2,70
1,10
45
1
50
8,200
17
164
117%
16
88
64%
27
59%
17634
6611
7414
1931
3854
5834
28
47
172
169
12
3614
70%
16
12211
39%
71
100
16
72
June
June
Jan
Feb
Mar
Jan
Jan
Feb
Jan
Feb
Feb
June
Jan
Feb
June
July
Aug
Mar
July
Jan
Feb
Jan
Feb
Feb
Mar
Jan
Feb
June
22% Feb
20% Feb
161
Apr
23
Jan
114
May
Apr
88
86
July
84% Apr
245
May
75
Slay
8931 Apr
3234 May
59
May
6811 May
84
May
56
Apr
223
Mar
Apr
186
15% Aug
Apr
53
83% Apr
27% Apr
136% API'
45% Aug
79% May
125
May
2314 Apr
87% May
79e 20,200
70e
4% 4% 3,500
100
2%
214
100
5% 5%
66c
334
216
311
Jul
Fe
May
Feb
134 Jan
631 May
431 Jan
9% Apr
200
534
aq
5,900
15%
13
26,200
11% 13
900
131
200
"4 9%
700
20% 20%
400
134
2,200
1414 1516
3%
13
10%
760
7
8%
1
7%
July
Aug
Jan
Mar
Apr
Jan
Jan
Feb
Other Oil Stocks.
Amer Contr Oil Fields_ _-1
5
Amer Maracaibo Co
Argo 011 Corp
10
Atlantic Lobos 0111/ref -*
Barnsdall Corp ink mach
warrants (deb rights)Carib Syndicate new corn_
•
Creole Syndicate
Crown Cent Petrol Corp_ •
Crystal Oil Ref corn
•
•
Darby Petrol Corp
Derby Oil & Ref corn_ _ _ _*
•
Preferred
18%
17
80
20511
66%
2151
62%
47%
18835
180
1516
4634
7534
2234
12634
4311
7551
80%
740
436
,
234
--ii;i
124
1%
15
17% ny
17% 17%
141 145
16% 17%
97 102
70
70
75
75
7951 81
205% 207
6511 67
8111 82
2034 2134
52% 53
62% 63
38
33
4711 47%
186 191
180 180
14% 1516
45% 47
7434 7631
21% 2216
126% 128
42% 4311
74
73%
118% 118%
20% 20%
7734 8071
6%
2334
1734
3%
1014
3011
24
1534
May
Jan
May
June
Apr
May
May
Aug
2,000 1014 Feb 148% may
-Corp of Penns_ _25 125% 123 126
Gulf 011
700 114 Feb 2234 Apr
155
%
Houston Gulf Gas
15
•
1
1% 21,50
June
1
Intercontinental Petrol __10
211 Mar
4,800 35
Feb 4534 May
International Petroleum_ _• 3811 37% 39
400
•
131
Kirby Petroleum
1%
134 Aug
3
Slay
1,800
534 Mar
634
Leonard 011 Develoom3_25
6
6
911 May
100 20
Feb 321e May
Lion Oil Ref
2734 2714
2,200 48% Apr
Lone Star Gas Corp
5134 52
25 5131
57
May
78c
Magdalena Syndicate...._1
134 20,200 78e Aug
134 Apr
134
300 3616 June
Margay 011
38% 3931
4814 Jan
•
Mexico 011 Corp
22c 35e 67,000 20e July
10 300
C May
200 76e June
Mountain At. Gulf Oil_ A
81e 81c
134 Mar
1,100 22% July
Mountain Prod Corp_ _10 2331 2314 2334
28% Jan
2,800 24% Mar 304 Apr
Nat Fuel Otui new
• 2734
2634 28
Mar
New Bradford Oil
200
5
5
5
5
5% Jan
334 July
100
Now England Fuel Oil_ *
4
4
534 Apr
North Cent Tex 011
• 1134
1,200 10% Jan
13% May
1111 11%
Pandem 011 Corporation_*
Pantepeo Oil of Venezuela.
Paragon Refining corn 25
•
Pennok Oil Corp
Reiter Foster Oil Corp_.•
Royal Canadian Oil Synd •
Ryan Consol Petrol
•
Salt Creek Consol 011_ _ _10
Salt Creek Producers_ _10
Tozon Oil&(and
Tidal Osage 011 v t stock_•
Non-voting stock
•
Venezuela petroleum.. _6
Wilcox (11 F) Oil & Gas_•
Woodley Petroleum Corp._
"Y" Oil& Gas Co
25
943
FINANCIAL CHRONICLE
AUG. 18 1928.]
311
11%
16%
10%
Sc
27%
311,1
5
534
3
11%
16%
5%
9
Sc
534
634
27%
334
1731
1614
5
1811
514
534
334 8,900
12% 10,200
400
1615
50
511
50,00
13
2,000
12c
200
6
20
634
2,50
28
3% 39,90
500
1834
1,40
1611
5% 2,50
20
1811
100
5%
100
234
834
10%
534
434
70
434
534
27
3
13
134
434
1734
334
264
Aug
Feb
Jan
Feb
Feb
Aug
Jan
Jan
June
Mar
Feb
Feb
Feb
July
Apr
Feb
6
15%
1634
7%
13
26c.
9%
7
35
454
22%
2131
6%
25
84
8%
Jan
July
Aug
Apr
Aug
Jan
Apr
Jan
Jan
May
May
Apr
May
Apr
Apr
May
Sales
Friday
Last TVeeldt Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
40
41
4,000
Amer Commander Al & NI 1
60 10,000
Sc
6c
Arizona Globe Copper.....1
100
125 125
10
Bunker Hill & Sull
500
17% 1734
10
Carnegie Metals
4,700
5% 614
6
Central American Mines_
3
1,000
Chief Consol St Ming_ _ _ 1
11% 1011 1114 9,100
Consol. Copper M Ines _ ..5
2,300
95c 95c
Cresson Consul G M & MI
30
40 13,000
4c
1
Divide Extension
134 1% 6,500
14
Dolores Esperanta Corp_ _2
800
4% 4%
Min Ltd_5
Engineer Gold
7
7% 2,500
711
Evans Wallower Lead corn'
2,000
6c
60
1
Falcon Lead Mines
7,100
811 814
8%
E.
Golden Centre Mlnee
9c 27,000
6c
Oc
1
Goldfield Florence
14% 15
700
25c 15
Mining
Hecla
94 107-4
2,600
%
Hollinger Cons Old Mines 6 101
Bud Bay Min & Smelt...._' 17% 17% 173-4 12,900
3% 314
800
311
10
Iron Cap Copper
3c
1,000
3c
Jumbo Extension NIIn_ _ _1
134
1,300
134
Valley Mines _ ...5
Mason
300
336 3%
Mining Corp of Canada. _5
2731
300
27
New Cornelia Copper.. _ _5
80
216 222
100
New Jersey Zinc
7,300
Newmont min. Corti-10 158% 15254 1603-1
-g
3
334 2,500
354
a
Nipissing Mines
• 5414 4734 5711 223,900
Noranda Mines. Ltd
800
70c 74c
1 70c
Ohio Copper
6,000
15c 23c
Parmac Porcupine 31 Ltd 1 22c
900
214
211
Tit
1
Premier Gold Inc
1,400
2554 26%
26
Roan Antelope C Min Ltd_
1731 1834 8,900
Shattuck Dean Mining_ • 17%
900
12% 13
Silver King Coalition.. _5
400
314
316
So Amer Gold & Plat_ _1
2,400
93,4
9
I
Took Hughes
4,000
110 13c
1
Extension
Tonopah
300
4% 4%
4%
1
Tonopah Stifling
SOO
114
1%
United Eastern Mines...A
3,100
United Verde Extension50c 14% 14% 15
1,80
1% 1%
14
1
Unity Gold Mines
500
3% 3%
5
34
Utah Apex
80
111 1%
1
Utah Metal & Tun
10
75e 75c
1
Walker Mining
2,000
82c 90c
32e
Wenden Copper Mining_ _ I
10
660 660
6
Yukon Gold Co
Range Since Jan. 1.
Low.
3c
Apr
30
Jan
121
June
17
Jan
600
Jan
3
Aug
5
Jan
76e Aug
3o Mar
30c Mar
2
Jan
7
July
5
July
2% Jan
Jan
Sc
13% Apr
834 Aug
16% June
Jan
3
20 Aug
1311 Apr
31s• Apr
25% Feb
180% Jan
Jan
122
3
Aug
17% Mar
66e Apr
Jan
150
214 June
25% Aug
6% Jan
July
10
2% Jan
811 Feb
Jan
90
2% Jan
45c
Jan
13 June
350 Feb
3% Aug
June
1
75c Aug
820 Aug
50e Fib
Mph.
70
Jan
10e June
160
Jan
27% Apr
631 Aug
414 Feb
15
May
234 Jan
50
Jan
Apr
2
734 Jan
911 July
16c
Jan
1314 May
25c May
Jan
18
1811 Jan
21% Feb
84 May
4c June
14 Jan
5% Jan
29% Jan
242
Slay
185% June
634 Jan
July
84
llis Jan
330 May
311 Jan
2774 July
24% Mar
May
13
314 Mar
1134 June
Jan
13c
5% July
134 June
25% Jan
1% June
511 Jan
lihr Apr
2 June
Feb
2
990 Mar
Bonds101% 10211 S11,000 10014 Apr 10234 Mar
Abbotts Dairies 6s___ _1942
9434 July
89% 91 447,000 89% Aug
Abitibi P & P 55 A___1953 90
May
97
9711 11,000 94% Jan 101
Adriatic Electric 70.....1952 97
9411 95% 153,000 9334 July 1003.4 Mar
Alabama Power 4345_1967 95
Jun 103% Jan
4,000 100
10311 10134 100% 101%
lot & ref 5s
Aug 4734 Jan
30
1939
3434 11,000 30
Allied Pack Gs
July 10334 Apr
Aluminum Cos 1 deb 5552 100% 100 100% 140,000 100
95% 963-1 154,000 95% Aug 10031 July
Aluminum Ltd 5s.. A948 96
35,000 9734 June 108% May
10154 103
Amer Aggregates 68___1943 102
Amer Com m'l Alcohol 6543
June
July 101
29,000 93
99 100
100
With warrants
2028 9654 9414 n97 274,000 9331 Aug 101% Apr
Amer G & El 5s
10514 10531 37,000 97% Feb 105% Aug
Am Natural Gas Gs_ _ A942
American Power & Light
May
June 110
40,000 105
65, without warenta 2016 106% 105%007
Aug 10031 Apr
5,000 97
97
97
Amer Radiator deb 434s'47
Roll Mill. deb be '48 9634 95% 963' 83,000 86)4 Aug 994 Jan
Amer.
43,000 96% Aug 106% Apr
1936 964 96% 97
Amer Seating 65
May
June 12.5
12,000 99
106% 107
Amer Solv & Chem 80_1936 107
June 10114 Jan
1923 1004 100 100% 6,000 100
Amer Thread es
Aug 101% Jan
Anaconda Cop Min 65_1929 10034 100% 10054 33,000 100
June 1024 Mar
Appalachian El Pr 50_1958 9831 9834 n100 170,000 97
June 10134 Mar
Arkansas Pr & Lt 5e_ _1958 9731 9614 9714 45,000 95
May
July 101
2,000 95
95
95
Arnold Print Works 6s 1941
98% 9,000 9714 Aug 100% May
98
A•so Dye & Press 85_1938
Associated G & E 6140 1977 10034 99% 1004 69,000 9934 July 114% May
Aug 11334 May
Cony deb. 434s.. _ _.1948 9911 97% 100 373,000 97
Apr
86% 8614 3,000 8434 Jan 92
Assoc'd Sim Hard 634s '33
19% 19% 4,000 1534 Apr 20% May
1949 1934
Atlas Fruit 8s
Aug 11534 Slay
53.4s......1943 104% 104% 104% 7,000 104
Atlas Plywood
Bates Valve Bag 6s__ _1942
May
Jan 116
2.000 99
104 105
With stock purch warr_ 104
July 107% Apr
12,000 99
100 101
Beacon 0116s. with warr'36
July 10534 May
102 102% 10,000 102
Bell Tel of Canada 58_1955
Aug 95% June
914 113,000 90
90
Berlin City Elea es_ _ _1958 91
Feb
9,000 9834 Jan 101
1929 9911 9934 100
634% notes
10054 May
Breton & Maine RR 55 1967 9614 9511 97 132,000 9534 Au
Au 104% Jan
4,000 102
102 102
1933
Os
Jun 1144 Jan
Canadian Nat Rye 75_1935 11054 10931 11054 37,000 108
Carolina Pr & Lt 50_ _ _1950 101% 101% 102% 27,000410031 June 10534 Mal
Cent Atl. states Serv Corn
Mar
Aug 99
9011 25,000 90
1st taiga Os with war 1943 90% 00
1,000 9434 Aug 9911 Mar
97
97
614% notes with warr '33 97
8911 9054 39,000 8934 Aug 9734 Apr
Cent States Elec 5e_ _1948
Jan
Cent States P & Lt 545'53 964 9534 9734 12,000 9534 Aug 99
5
June 10234 July
8,000 97
Chic Pneum Tool 54,1942 99% 99*4 100
Jan
Aug 87
2,000 78
78
78
Chic Rys 5s ctf dep_ _ _1927
9611 Apr
Aug
1943 8816 88% 8854 14,000 88
Childs Co deb 5s
8534 87% 57,000 8534 Aug 9234 Apr
One Gas & Flee 45_ _1968 87
1,000 9734 July 10414 131ar
100 100
Cincinnati St Ily 53.45_1952
94% 95% 87,000 9054 Apr 08% Slay
1966 95
Cities Service 55
Jan 10431 May
8,000 103
65
1966
10334 10334
Mal
A ug
03% Alig 98
9
8
28;000
4 0
9
8
08 % 04
93
Cities Service Gas 5%0 1942
103% Ayr
Cities Sere Gas Pipe L 6543 98
Apr
Al
9634 Aug 102
Cities Serv P & L 5461952 9631 96% 9711 183,00
Jan
June 100
97
,00
99
Cleve Term Bldg Os. 1941
July
July 100
7 86,000 100
Oil deb Os
Colon
1938
10
90 10909
9
July 9434 Jan
83
1,00
Commander Larabee 65.'41
8836 8831
941i Aug 10034 May
9411 9514 88,00
Com'i Invest Tr 65_ __1947 95
Comment und Privat
gy%
g 9434 Jan
8711 8811 19,00
1937 88
Bank 534s
96% July 10234 Apr
Commonly Edison 414s '57 98% 97% 98% 17,00
Consol G EL &P BaltJune n1084 Feb
5,00
1949 10611 106 106%
65. series A
107% Jan
0
5,000 11046
106 106
514s series F
1952 106
Slay
3,000 97% Jan 102
9914 99%
Consol Publishers 6140 1936
Jan
9354
94% 9414 16,000 893 Mar 96
1941 94%
Consol Textile Ss
Aug 9734 Mar
1958 9034 89% 9031 81,000
Cont'l0 dr El 55
Jan
99
Continental Oil 534s..1937 9434 944 95% 14,000 944 Aug 9854 Mar
1,000 9534 Aug
9714 9731
Cuba Co 0% notes_ _ _1929
an 11231 Aug
j
0
Cuban Telep 714 s_ _ _1941 11254 1104 1134 36,000 19%4 July 101
May
39,000
99
99
Cudahy Pack deb 63411 '37 99
102% Mar
1946 102
10135 1024 28,000 oost July
Ss
9631 May
Denver & H 0 West 55 '78 9034 89% 9016 68,000 89% June
Jan
A g 9334 May
8
0
Deny & Salt Lake Ry 6s '60 8534 84% 8516 33,000 0
104% Mar
9911 9914 42,000
Detroit City Gas 55 B 1950
June 1084 Feb
series A
1947 10731 107 107% 21,000 106
6s,
974 June 104% Mar
Detroit 1st Ildge 6315_1952 9814
98
98% 19,000
Jan
-year s f deb 70_1952 8931 89% 90
26,000 89% Aug 101
25
Dixie Gulf Gas 6110_1937
Aug 9934 Jan
93
94
8.000 93
with warrants
Aug 9954 May
93
93
1,000 93
Flee Pow (Gerrn•y) 850.53
Aug 9.534 Mar
9234 156,000 92
Empire 011 & Refg 5345'42 9234 92
Aug 0734 Mar
9234 22,000 91
Fur Mtge & Inv 7s C_1967 9214 91
July 9734 Jan
95
95% 4,000 95
Fairb'ks Morse & Co 5s '42
Aug 8934 Feb
1933
80
80
1,000 80
Federal Sugar 6s
96,000 9934 June 108% May
Fed Wet Service 5345_1957 100% 100 101
9734 Mar
Aug
90
90
31111s 55_1948 91
9134 30,000
Firestone Cot
3,000 93 June 9834 Jan
9311 9311
Firestone T&R Cal 56 1942
First Bohemian Glass Wks
Jan
Aug 103
88
8834 2,000 88
1st is with stk pur war'57
9811 Feb
July
9234 9314 21,000 93
Fisk Rubber 5 As- -1931 93
Aug n9914 Apr
94% 85,000 93
Florida Power & Lt 56..1954 9314 93
Feb 10134 Aug
100% 10031 19,000 87
Galena-Sig 01175
1930
944
Bonds (Conffnued)-
FINANCIAL CHRONICLE
Friday
Last Week's Range Sales
of Prices.
Sale
for
Price. Low. High. Week.
Galena Sig Oil Ten 6s_1933
Gatineau Power 59_1956 97%
68
1941
Gelsenkirchen Min 69_1934 91
Gent Amer Invest 59._1952
without warrants
Gen Laundry Mach 6349'37 101
General Rayon 69.___1948 9535
General Vending Gory
Os with wars Aug 15 1937
Georgia & Fla 6s
1946
Georgia Power ref 59__1967 99
Goodyear Tire & Rub Is'28 9934
Goodyr T R Cal 5%8.'31
Grand Trunk By 6349_19311 108
Gulf 011 of Pa 5s____1937
Sinking fund deb 56_1947 10034
Gulf States Ut115(1.___1956 9734
Hamburg Elea Co 79_1935 9931
Hamburg El &Und 536s '38
Hood Rubber is
1936
5358 notes
Oct 15 '36 88
Houston Gulf Gas 6340943 94
Os
1943 96%
Illinois Pow ,!‘"Lt 5143_1957 9531
linden 011 dt Gas deb Os 1939 100%
Ind'polle P & L Sc ser A '57 99
Int Pow Secur 7e ser E 1957
Internist Securities 59_1947 9134
Interstate Nat Gas 68_1935
Without warrants
Interstate Power 5e___1957 06%
Debentures 6s
1952 98
Invest Cool Am 58 A.1947 -----Investors Equity Co 55 '47
with warrants
Iowa-Nebraska L & P58'57 94%
Isarco Hydro-El 7e___1952
Issotta Fraschini 79..1942
Without warrants
Italian Superpower 6s 1963
Without warrants
82%
Kelvinator Co 69
1936 66%
Without warrants
Keyst Tel (Pa) 531s_1955
Koppers0& C deb 55_1947 9931
Laclede G L 534s____1935 100
Lehigh Pow Secur Oe _2026 10431
Leonard Tiets Inc 7348 '46
Without warrants
Libby. Ma.; & Libby 5.'42
Lombard Elea Co 70....195t
With warrants.
10031
Without warrants
9555
Lone Star Gas Corp 5e 1942
Long Island Ltg 6s_ __1945
La Power & Light 5s_ _1957 9436
Manitoba Power 5148_1951 101
Mass Gas Cos 510_ _1946
McCord had & Mfg 6s 1943
Met Edison 490
1968 96%
Midwest Gas 7s
1936 105
Milwaukee 0 L 4140_ _1957 98%
Minnesota P & L 430.1978
Montreal L H Sz P be A1951 100
Morris & Co 7101930
Narragansett Elac 55 A '57
Nat Pow & Lt Se A__2026
Nat Pub Serv 5s
1978
Nat Rub Ma eh'y 63..1943
Nevada Cons 58
1941
New Eng 0& El .asen 5e'47
N YP&L Corp 1st 4140 07
Niagara Falls Pow 65_1950
Nicnols & Shepard Co 68'37
Without warrants
Nippon Elea Pow 6548_1953
North Ind Pub SerV 591966
Nor States Pow d3 % 1933
Ohio Power be ser B__1952
454e series D
196e
Ohio Riv Edison 53
1951
Osgood Co 6s with warr '38
Oswego Falls Co fis ___1941
Pita Oaa & El 1St 4140-1957
Pacific Invest be
1948
Penn-Ohio Edison 68 1950
Without warrants
Penn Pow & Lt 58 serD '53
1st & ref 5s ser B__ _1952
Phlla Elea Co 536s__ _ _1947
Phila Elea Pow 5541_1972
Phila Rap Tran 69._ _ _ 1962
Mita Sub Cos 0 &
let & ref 416e
1957
Pltteburg Steel 68
1948
Potomac) Edison 5&..1956
Power Corp of NY 5148 '47
Pub Bar El & 440-1967
Queensboro G & E 534s'52
Rem Arms 534% notes1930
Richfield 011 of Calif fle '41
3-yr convt534% notes'31
Rochester G & E 4163_1977
Se Louis Coke & Gas 68 '47
ban Ant Pub Ser 50_1958
Sauda Falls Is
1955
Schulte R E 65
1975
With warrants
Without warrants
Serval Intl (new co) 5e_1948
Shawinigan W & P 440 67
Shawsheen Mills 79...1931
Silica Gel 636% notes
With warrants
1932
Sloss-Sheffleld S & I 68.29
Snider Pack 6% notes 1932
Solvay-Am Invest be_ _1942
Southeast P & L 6s___2025
Without warrants
Southern Asbestos 69.1937
Sou Calif F.dison 53_1951
Refunding mtge 50_1952
Gen & ref 58
1944
Sou Calif Gas 6a
1937
South'n Dairies Os_ _ _1930
Southwest G & E 53..1957
fewest Pow & Lt. 65_2022
Staley (A E) Mfg 9e_1942
Stand by Is with war_1937
Stand Pow & Lt Lts.„1957
inland,(Hugo) Corp
7e Oct 1 '36 without wart
78 1946 without warr•te.
Strawbrldge&Ciothier53'43
Sun Maid Raisin 6341_1942
Sun 011 534s
1939
Swift & Co 5e Oct 16 1932
100%
97
10016
9034
Range Since Jan. 1.
Low.
100% 7,000 10034
97% 109,000 97
8,000 100
10034
91% 223,000 90%
Aug 10014 Aug
Jan
Aug 101
June 1044 Apr
Mar
July 97
8791 88% 6,000 8714 July 95
Apr
101 101%
7.000 100
Jan 114
June
94
9536 18,000 94
Aug 10034 June
8634 8934
7431 77%
98% 99%
9914 9935
10091 10031
108 108%
100 10014
9931 10034
97% 97X
99
9991
9136 n9335
10034 101
8734 89
93
94%
9534 96%
16,000 84
7,000 7434
223,000 98%
6,000 99
5,000 100
11,000 10634
13,000 99%
72,000 91134
0,000 97%
44,000 99
132,000 91%
8,000 9831
10,000 85
32.000 93
55,000 9536
July
Aug
July
May
Apr
June
Aug
Aug
Aug
Aug
Aug
Aug
June
Aug
Aug
9831
9634
103
10054
1101
112
10231
102%
102
103
9314
10334
96
9934
9934
Oct
Jan
Mar
Jan
Jan
Jan
Mar
Jan
May
Feb
Aug
Jan
Jan
May
May
July
Jan
June
July
Aug
9534
10035
9814
9634
89%
95%
10135
9911
97
91%
10134
106
102
10131
9914
May
Apr
Mar
May
May
103
96
0734
9635
5,000 10114 Jan 10434
103
9691 66.000 94% Jan 994
9831 24,000 9614 July 1024
9615 6,000 96
Feb 109
July
Apr
Mar
Apr
7,000
51,00
92,000
12,000
42,000
95
9636
9731
9434
89%
105 106
5,000 10434 Jan 112% Apr
94%
5,000 94
94
Aug 101
Mar
9234 93
10,000 91
July 97)4 May
86
88
82%
66%
6534
9055
9831
9931
104
83%
66%
67%
90%
99
100
10534
7,000
8231 Aug
69,000 82
July 8631 June
1,000
14,000 65
Apr
June 85
1,000 90
Jan 95
May
24,000 9834 July n101% May
9,000 99% Aug 10136 Apr
39,000 1034 May 1094 May
2,000 10254 Jan 10516 May
26,000 93% Aug 97
Apr
100% 10131
95% 96
9631 9734
10331 1034
9435
94
101 101%
103 103%
96
9755
9631 9734
105 105
9734 9834
91
91
100 100%
101 10131
40,000
7,000
11,000
3,000
10,000
16,000
17,000
3,000
89,000
22,000
28,000
5,000
42,000
15,000
100 100
93% 9336
99 100
103 10394
100 100%
92
93%
9334
10054 10054
100 100
100
100 100
9634 96 n9734
96% 97
96
93%
9631
10334
94
10091
103
96
9611
9644
9734
91
100
98
Feb
Aug
Aug
Aug
Aug
June
Aug
Aug
July
Mar
Aug
July
Aug
Jan
54,000 9834
25,000 101
26,000 86%
256,00 10.534
2,000 98%
13,000 864
384,000 91)i
10,000 10534
Aug
Aug
July
July
Jan
June
July
Mar
1,000 944
2,000 92
26,000 99
8,000 101
13,000 99
32,000 91%
1,000 99
20.000 100
9.000 99
51,000 95%
9,000 96
Feb
June
Aug
June
June
June
July
June
July
July
Mar
101% 10134 6,000 9916
101
101
3,000 10036
100% 10055
1,000 100
106% 106% 106% 5,000 106
10414 104 105
64,000 104
104 104
1,000 1033;
June
July
Aug
May
July
July
98% 5,000 9735
100% 10,000 100
99% 44,000 97%
95
3.000 94%
62,000 96%
97
102
2,000 101;4
July
June
June
Aug
Aug
July
97% 9731 2,000 95%
37,000 98
130 135
99% 100
5,000 9994
1,000 99%
10034 100%
9391 9234 94% 12,000 9254
9536 94% 95% 23,000 94%
6,000 100
100% 101
Jan
Feb
Aug
Aug
Aug
Aug
Aug
93%
100
98%
100%
98%
94%
96%
102
135
102
89% 89
69%
94% 9334
97
114
9754
9434 May
10334 104
9334 94
99
98% 9934
10436 104 10536
,
86% 8731
126% 119 128%
99
99
94
9316 94
92% 91% 93%
105% 106%
99%
95
9631
High.
101
10034
114
9754
103
90
81
95
9731
34,00
6,00
39,00
80,00
19,00
95%
8814
1334
9351
97
Jan 10851 June
Mar 93% May
Feb 76% May
Aug 984 Mar
June 101% Apr
76,000
41,000
53,000
28,000
6,000
16,000
1,000
9,000
32,000
1,000
10,000
58,000
95
105
100
100
10031
93
9631
95
102%
98
108%
9914
93
92% 93% 14,000 9234
93% 92% 93% 4,000 93
100% 10016 100%
1,000 100
80
7654 80
34,000 76
101
101 101% 8,000 100
99% 9934 99% 58.000 9934
June
Jan
July
July
June
Aug
July
July
Aug
May
Jan
Jan
10914
141
10431
10434
10436
95)4
9916
10034
11214
1014
145
104)4
Aug 984
July 974
July 101
July 98
July 10201
Aug 10114
Friday
Last IFeek's Range Sales
for
Sale
of Prices.
Price. Low. High Week.
Range Since Jan. I.
Low.
Texas Power & Lt 58..1956 98% 93
99% 78,000 9734 July
Trans-Cont 011 75____1930
10534 105% 11,000 103
Feb
Tyrol Hydro-El 7s1952 9236 8934 9255
7,000 894 Aug
Ulen & co 616s
1936 9834 9811 9914 13.000 9734 Feb
United El Sem (lines) 75'56
Without warrants
9214 9315 44,000 924 Jan
With warrants
10934 10931 11036 11,000 10114 Jan
United Indust 63-49_1941
1,000 9231 Aug
92% 92%
United Lt & Rye 5)40_1952
Aug
93% 37,000 92
92
60 series A
1952 101% 10134 101% 4,000 100% June
United Rys of Ray 73-53.'36
July
110% 11034 1,000 110
United Steal Wks 614e 1947
With warrants
June
9034 9134 33,000 89
U S Rubber 614% notes 30 96
July
95% 96% 9,000 93
Serial 63.4% notes_1931
July
5.000 02
95% 9534 95%
Serial 615% notes_1932
July
94
9434 6,000 92
Serial
% notes __1933
94
July
9434 (1,000 91
Serial 634% notes_1934
93% 94
2,000 90% July
Serial 614% notes__1935
6,000 9014 July
9334 94
Serial 634% notes...1936
July
8,000 90
93% 94
Seri:11634% notes __1937
July
93
2,000 90
93
Serial 615% notes ._1938
94
3,000 90% July
94
Serial 656% notes__1939 92% 9234 94
19,000 90% July
U S Smelt & Ref 5349_1935
7,000 100
10235 103
May
Utilities Pow & Lt 514s '47 9454 9334 9435 22,000 1)2
Jan
Valvoline 0117s
1937
Van Camp Pack 8s_ ._1941
Vesten Elec Rys 7s ___1947
Va Elea & POW 58 A__1955
74
89
106
73%
89
98%
Warner Bros Pict 63.45 1928 156
150
Warner-Quinlan Co fle 1942 10734 1074
Webster Mills 655s _ _ _1933
88
Western Power 5148_1957 99% 9931
Westphalia Un El Po 6e '53 89
88
Wheeling Steel 414e.„1953 88
86
High.
103
Mar
116
Jan
95% Apr
100 Slay
100
Apr
125
May
9914 Jan
9934 Jan
103% Jan
113% Feb
96
1024
1024
103
103
1024
103
10214
10211
103
1034
105
101
Feb
Jan
Jan
Feb
Feb
Jan
Feb
Jan
Feb
Jan
Jan
Feb
MaY
1,000 1044 Feb 10654 Apr
106
July
Mar 82
7614, 23,000 67
Jan
Aug 96
6,000 89
89
6.000 9851 Aug 10214 Mar
99
159
108
90
9911
89
SS
37.000
23,000
10,000
16,000
38,000
38,000
954
98
88
99
88
86
Aug
Jan 142
4
Feb 1123 June
Aug 9974 Apr
May
June 105
July 934 Feb
Aug 9331 May
Foreign Government
and Municipalities.
Agrlcul Mtge 136 Rep of Cot
20-yr 75
Jan 15 1946 9914 9934 9914 6,000 97% Jan 1024 Apr
20
-year 75 Jan 15 1947
Jan 1014 tor
99% 9911 3,000 97
Akershus (Dept) Norway
External 59
1963 89% 8934 90
48,000 8936 Aug 07(6 Ma,
Baden (Germany) 7s_ _1951
9734 9734 9,000 9635 June 994 June
Bank of Prussla Landowners' Assn 6% notes_1930 0514 9514 9536 2,000 9431 Jan 9734 Apr
Buenoe Aires(Prov)7345 '47 101
20.000 1004 Feb 105% May
101 102
78
Jan 10231 June
1952
3,000 98
100 101
Cent Bk or German State &
Prov Banks as B___1951
AUg 9234 Mar
11,000 86
8631 87
Sees!6sserA
Jan
1952
2,000 88
Aug 93
88
88
6558
1958 90
90 149,000 8931 Aug 9754 June
89
Cundinlmarca 6168__A958 92% 91 n97 227,000 91
Aug (12)9314June
May
Mar
Jan
Apr
Mar Danish Cons Munk:548'55
Apr
Is new
1953
Jan Danzig P.6 Wat•way Ed
Feb
External s f 54e... _1952
Mit
, Denm•k (Kingd•m)540'55
July
43-4s
1962
Apr
Estonia (Republic) 70_1967
June Frankfort (City) 6549_1953
Feb German Cons Mimic 7s '47
June
Os
19-17
Indus Nttg 13k of Finland
102)4 mar
let mtge coil e f is.. _1944
1094 Mar
944 Apt Medellin (Colombia) 7e '51
12814 Aug
8s
1948
9991 Feb
6%s
1954
Max
101
Mendoza (Prov) Argentina
9714 Mar
714s
1951
10634 June Minas Geraee (State) Brazil
Ext 64e
1958
Apr Montevideo (City) 60_1959
101
9734 Apr Mtge Bk of Bogota 78_1947
Mar
104
New
105% Jan
Mtge Bank of Chile fis 1931
1034 May Mtge Bk of Denmark Se '72
97)4 Apr
Mtge Bk of Jugoslav is '57
102% June Mtge Bank of Venetian
June
102
Provinces 78
1952
Apr
102
10114 Apt Parana(State of)Bran 7s'58
May Prussia (Free State) 6349
105
'51
Ertl Cle (of '27) Oct 15'52
1044 May Rio Grande do Sul (State)
104)6 Mar
Brasil 73 (of '27)__ 1967
Jan
104
6s
1948
10734 Mar Russian Government
Jan
107
6355 etfs
1919
Jan
105
53413
1921
536s certificates _ __ _1921
10211 Mar Saar Basin Con Counties
Apr
103
7s
1935
102% Mar Santa Fe (City) Argentine
Jan
101
Republic e1117s____1945
1034 Apr Santiago (Chile) 76.__1949
Apr Saxon State Mut Ins 7s _'45
107
6%5
1946
9936 Apr Serbs Croats & Slovenes
,
155 June
(King) extl sea 78 ser B'62
June Silesia (Prov) 78
101
1958
104% Apr Switzerland Govt 591e 1929
96% May Vienna (City) ext 60._1952
10034 Mar Warsaw (City) 70._ _ _1958
Apr
104
107
99
100
10536
100
10434
105
101
1024
10514
10334
96
10334
10131
Feb 10634 May
101
1,00 100
9931 July 10234 Jan
1,00
100%
Apr
Jan 135
68,000 103
118
Mar
9.5% June 100
9756 6,00
103 104
104
131%n136%
10051 100 10031
10031 100 100%
102% 102%
93
9351
97
97
96
9631
104
102% 104
98% 9834
128% 12831
100
9934 10051
Bonds (Concluded)
-
[VOL. 127.
98%
9614
19,000
9854 100
96% 9611 10,000
86
100
8854
90
9454
98%
8831
86
9931
88
89%
93%
98
8754
100
9936 100
9754
9351
86
100%
8831
90
94%
98%
89
9,000
24,000
339,000
12.000
24,000
59,000
88,100
May
97
July
9954 .,y
04
102
9954
Ant
Apr
Feb
n90
1024 Jan
9554 May
Apt
95
934 Aug 9934 May
Aug (e)10012MaY
96
g
873.4 Aug 0454 May
86
ag
ue
7%
894 Junn
9934 July
192)4 Feb
9634 9736 31,000 9214 Jan
105 105 107,000 102% Jan
9311 93% 33,000 93% July
Apr
101
105)4 Apr
9331 June
3,000
Jan 10034
Apr
99
9834 99
16,000
96)4
9331
93
9534
9134
92
97%
9634
81
49,000
23.000
17,000
18,000
42,000
31,000
36,000
974 Apr
93 Aug
9331 Jan 984 APT
9134 Feb (6) 9534 Apr
91% June 954 ADO
Mar
June 99
93
954 June 99)4 Apr
May
Aug 90
81
9235
92%
97%
8354
9434
96
92%
9255
0731
96%
83%
8934 00
5,000
89
June
96
Apr
8936
9214 9316 25,000
9554 9534 28,000
8831 89% 114,000
9215 Aug 9831 May
June 9814 Mar
95
8331 Aug n944 May
9631
94%
9631 9831 30,000
94% 9451 72,000
Jan 10014 ACT
96
944 July 944 July
1331
1334
1334
1234 13% 65,000
1214 1351 40,000
12% 13% 10.000
124 June
1216 June
124 July
93
10134 1014
0911
96
99
9834
96
96
99%
99
9631
8435 82
85%
8935 8911 8934
10054 100 n103
8852 85
8816
87% 8634 8715
1,000 100
1,000
7,000
2,000
3,000
Mar
18
174 Mar
1734 Latar •
Feb 10241May
93)4 Jan 994 May
984 July 1014 Apr
97% July 1014 Mar
9434 July 9834 Apr
128,000 82
39,000 8931
84,000 100
69,000 85
31,000 8516
Aug 92
June 894
June n103
334
Aug
July 9014
Feb
June
Aug
Mar
• No par value. !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. t Ex-rights and bonus. to When Issued. z Ex-dividen
d. y Exrights. z Ex-stock dividend.
Option sales made as follows: a Middle West GUI. prior lien stk. Mar. 5 at 13:
IA.G.Spalding & Bro.. corn., Jan. 14 at 120:o Associated Gas & Elec., Jan. 14 at 47:
S Sierra Pacific Electric Co., Jan. 6 at 92; u Mt. State Power, Jan. 13, 10114(
(1) Palmolive Pet., Feb. 28 at 85.
"Under the rule" gales were made as follows:
Mat
July
b Belgian National Railway, preference Jan. 20 at 174; f EltIngon Schild Co.
Am'
Apr 69, Jan. 13 at 9814; 1 Goodyear Tire & Rubber of Calif. 536e, Jan. 4 at 10154•
Apr SD. S. Rubber 634% notes 1910 at 108; r J. J. Newberry, pref. Jan. 25 at 10731:
Jan o Standard Publishing class A Jan. 25
at 4; es $1,000 United 011 Prod. 85 1931.
Jan
Apr Feb. 2 at $81. Potrero Sug. 7s, 1967, Feb. 17 at 98; to American Meter Co. Feb. 29
May at 126. (3) Ohlo River Edison 5s, 1951, Feb. 27 at 103. (4) Nat. Pub. Sur. war..
Mar Apr. 24 at 394314. (6) Mtg. Ilk. of Bogota 7s. 1917. Apr. 20 at 96-Inland Steel
May
434s, May 4, at 35,000 at 983-4. (8) Cities Service prof., May 23 at 10834.
al•r (9) German
Con. Mines is. 1947: May 23. 81.000 at 10134. (10) Trumbull Steel;
May pref., July 19, 100 at 12254. (11) Midwest Gas 7s, 1936. July 23, ;4,000 at 10731
May (12) 56,000 Cundinimarca 6346 1958 Aug. 10 1928 at 97.
Aug
Note.
-All Bend's Corp. sales reported since June 20 on class A stock should
Jan
AP, have read clam B stock with the exception of 600 shares on June 29 at 232.
Jan Class A stock stricken from trading
on July 3.
FINANCIAL CHRONICLE
AUG. 18 1928.]
945
Quotations of Sundry Securities
All bond prices are ••and interest" except where marked “f".
Investment Trust Stocks
Chain Store Stocks
te d B in ve
a nrnato nd sstorsP__at Bid Age
r
•107 111
Par
Bid Ask Allied In
5.25 5.00
67
98
Allied Capital Corp
73
_-_100 *96
4.95 4.70 Am Dep St 1st pf
Amer Bond & Share com_10 2412 27
107 111
units
Berland Stores
27
Amer Brit & Cont cons
32
5.25 5.00 Bird Grocery Stores com__t *28
Baltimore A Ohio 68
65
60% paid
5
t 105
i ho _
k(u C
cum pref ctc war)I0(I .4 108
5.00 4.70
Equipment 41.4s &
90
65
6% Preferred
7%
Buff Roch & Pitts equip 6s.. 5.00 4.60 Bo11ac
2612 2812
Amer Finan Hold corn A.._
100 107 110
7% 1st preferred
110 118
14
Amer Founders Trust com
Canadian Pacific 448 A 65.. 5.00 4.70 Butler (James) corn
44
49
6% pereferred
__ GO
100
Preferred
5.15 4.90
Central RR of N J 66
491. 5412
7% Preferred
pf with
5.15 4.90 Consul Ret Sts,
Chesapeake dr Ohio 6s
46
52
Astor Financial class A
100 108 112
warrants
5.10 4.80
Equipment 614s
12
Class B
16
30
28
4.90 4.60 Diamond Shoe, corn
Equipment be
7914
69
104 10412 All & Par Intl Corp
Preferred
Chicago & North West tie_. 5.15 4.90
87
94
Bankers Financial Trust
35
5.10 4.80 Fan Farmer Candy Sh pref t *32
Equipment 634s
*8
1112 14
Bankers Investm't Am corn_
11
5.00 4.70 Fed Bak Shops.com
Chic R I dr Pac 1134e & be
914 10
Debenture shares
5.15 4.90
Pref 7% with warr_100 97 100
Equipment es
9
Bankstocks Corp of Mel A_ _
5.25 5.00 Feltman A Curme Shoe 05 17055
Colorado A Southern as
12
8
Class B
20
Preferredt *10
corn
Stores A
40
50
80
Preferred
5.15 4.90
7% preferred
Delaware & Hudson 6e
45
Units
vot corn_ t *350 360
Gt All SC Par
4214
British Type Investors A__ _
0
10 115 120
5.00 4.70
Erie 4 tis& 58
110
Continental Securities Corp_ 109 113
5.25 5.00 Grant (NV T) Co corn
Equipment 88
108
5s 1902
5.15 4.90 Grant(W Ti Rity 7% p1100 10312
Great Northern es
Crum A Forster Insuran21
18
5.00 470 Howorth-Snyder Co, A.. _ _ _
Equipment 58
78
85
shares corn
5.00 4.70 Kaufm Deo Sts, corn_ _100
Hocking Valley 58
101 106
Preferred
100
5.25 4.90
7% preferred
Equipment es
Mississippi Ely Pow pref.100 108 110
2712
Eastern Bankers Corp corn_
30
*27
mtge be 1051___J&J 10114 10212 Illinois Central 434e dr 68_.... 4.75 4.45 Kinnear Stores corn
First
149 153
Units
100 117 124
5.15 4.90
8% preferred
MAN 9512 97
Equipment6e
Deb 5s 1947
109 111
Finan & Indust Ser corn
5.00 4.70 Knox Hat.corn*220 240
Equipment 7s & 634e__
National Pow & Light pref_t *109 110
105 108
Preferred
•106
5.20 5.00
com_100 132 134
$7 eum pref
Kanawha & Michigan 6e
North States Pow
115
Warrants
68
*64
5.00 4.70
Kansas City Southern 6%a
100 10812 110
CIA partic pref
7% Preferred
*42 4212 First Fed Foreign DIV Trust 95 166"
5.15 4.90 Kobacker Stores corn
18
Louisville & Nashville 138
Nor Texas Eine Co com_100 14
1814 19
Fixed Trust Shares
100 100 104
5.00 4.70
100 50
Cure pref 7%
53
Equipment64e
Preferred
General American Investors
42
5 *39
5.00 4.60 Lane Bryant Inc corn
Ohio Pub Serv, 7% pref_100 11012 11212 Michigan Central be & 6e
deb Is with warrants._.. 13912
109
102 104
7% cum pref
MinuStPdt SS M 4%e&& 5.00 4.60
6% pref
25
30
General Trustee common
5.10 4.70 Leonard Fitzpatrick &100 106
Equipment 6348 A 7s
Pacific Gas A El lst pref _ _26 *2612 2712
80
Old units
30
t *27
5.25 4.85
Muller Stores corn
Missouri Pacific 68 et 634o..
Power Securities 1949_JAD
71
75
New units
100 105 115
4.90 4.60
_F&A
Preferred 8%
Mobile & Ohio 5e
Incomes June 1949_
120
6% bonds
100 320 350
166 New York Central 4348 & Ss 4.75 4.50 Lord & Taylor
Puget Sound Pow& Lt(1%p t
18
Guardian Investment
5.15 4.90
93
91
Flrstpreterred8%_._ 100 100
EquIpmentes
5% preferred
26
28
Preferred
100 105
5.00 4.70
Second pref.8%
Equipment 78
let A ref 5148 1949__JAD 10114 10212
691 7112
58
t *52
Incorporated Investors
4.75 4.50 McLellan Stores corn
Norfolk et Western 4
South Cal Edition 8% pf__25 *53
Insuranshares ser A 1927.., 241
100 100 105
5.00 4.75
preferred
-100 •109 iff
6%
Northern Pacific 78
Stand G & E 7% Pr Pf
8
247
Series C 1927
52
5.00 4.75 Melville Shoe Corp corn _ _5 150
Tenn Eleo Power let prof 7% 106 10712 Pacific Fruit Express 7s
s
273
Series F 1927
4.70 4.30
10212 10412 Pennsylvania RR eq 5/1
let pref 6% with warr _100 105 106
Toledo Edison 6% Id
8 24
233 - ;
3
Series If 1927
*150
4.75
5.00
100 10812 110
Warrants
Pitteb & Lake Erie 634e
7% pre(
2138 2238
t *110 130
Series B 1928
4.80 4.60 Mercantile Stores
Reading Co 414s Am*
Western Pow Corp pref _100 103 107
65
lot Sec Corp of Am corn A_ x60
100 104
St Louis A San Francisco /Se_ 4.75 4.50
Preferred
39
34
Common B
56
Seaboard Air Line 530 A 60 5.25 4.80 Metropolitan Chain Stores_ t *55
93
99
100 106 109
% preferred
4.75 4.50
New preferred
Southern Pacific Co 4348
Short Term Securities
91
86
8% Preferred
4.75 Metropol 5 to 50 Sts corn A t *5
5.00
Equipment 7e
*3
97s 10 s
Investments Trust of N Y._
3
9912 Southern Sty 434e & 58
4.90 4.60
Common B
Allis Chad Mfg, 58 May '37_ 99
Joint Investors A
58
100 50
5.15 4.90
Amer,5s May'52 1001 10012
Preferred
Equipment 6e_ _
Alum Cool
Cony pref
Toledo et Ohio Central 611___ 5.15 4.90 Miller (I) A Sons com____t *341 36
Amer Bad.deb 430, May'47 961 98
8718 893
s
97
100 93
Massachusetts In vestors
5.00 4.75
Preferred 6%%
Union Pacific 7s
Am Roll Mill deb Is, Jan '48 953 96
Mutual Investment Trust.. 1014 1114
74
*69
Murphy(0 C) Co tom_ _ _ _
Am Thread 6s, Dec 1928_ __ 100 10012
4
93 103
New England Invest Trust_
4
100 104
8% cum pref
Anglo-Am 0114 tss, July '29 9812 9912
25
127
Standard 011 Stocks
Nat Family Stores Inc___t *231 2f 2 Old Colony Invest Tr com
Ana'da Cop Min 65, Jan '29 10014 10012
44% bonds
92
88
Par
Cum pref 52 with warr_25 *281 2912
4
1st cons 6s_ _ _Feb. 1953 1043 10514
49
Second Internet Sec Corp_
54
26
I *22
p eieirre,87o
4
Bataylan Pete 4%s.....1942 923 9314 Anglo-Amer Oil vot stock_ £1 •181 1812 NatrSh rt Sh ops, corn
42
47
95
% Preferred
100 90
El •171 18
Non-voting stock
Bell Tel of Can 58 A _Mar'55 102 10212
New units
100 104 106
Nat Tea 612% pref
100 1651s 166
Beth MI5% notesJune 1529 9914 9912 Atlantic Refining
30
32
27
Shawmut Bk Inv Trust. _ _ _
t *25
100 116 11612 Nedick's Inc coin
Preferred
notes_June 15 '30 9812 9912
Sec 5%
93
4%s_ .
85
1942 00
t *81
Nelener Bros Inc corn
Sec 5% notes_June 15 '31 9812 9912
95
bs 1952
98
,
t.2
53
25 *50
Preferred7%1125 129
Sec 5% notes_June 15 '32 9812 9912 Borne Scrymser Co
6s
128
1952 200
10
63
Newberry(JJ) Co com___ 0
99
9934 Buckeye Pipe Line CO--60 *.x61
Com'l Invest jr' 58_May
60
Stand let Secs Corp units_ _ 50
30
106 109
.
Preferred 7%
May 1930 98 983
4
5% notes
341, 371,
33
Standard Investing Corp___
10.0
Cheeebrough Mfg Cone 26 *137 150
NY Merchandise com___ t
4
Curl Pkg,deb 5348_0ct 1937 983 99
100 104
614% preferred w w
0 ,
100 1 5
1, 204 105
10 *1718 1738
First pref 7%
Cunard SS Line 4348 Dec'29 981 9912 Continental 011 v t a
_
12612
300
5% bonds w w
Penney (J C) Co com
Cumberland Pipe Line-100 100 104
Ed El ill Boat 4s, Nov 2 '28 991 100
134 137
74
_Nov 1930 9814 09
Eureka Pipe Line Co___ -100 69
6% cum cl A pref ___ _100 10014 10412 Swedish Amer Investing pl.
4%% notes__.
U S Shares class A
121., _
58
.55
9 12 Peoples Drug Stores com__t
9
Galena Signal Oil corn _ --100
Empire Gus A Fuel be
1212 1314
Class A 1
) 287 110
t 10
10( .
SO
Preferred old
June 1929-30 961 99
100 75
834% cum pref
4
433 443
4
30
Clam B
80
Piggly-Wlgaly Corp
Preferred new
100 75
Fisk Rub 5%s_Jan 1931 921 94
8
233 ____
2
Class C 1
101
0 Pr
101. . 3 103
eferred 8%
Humble Oil et Refining ___26 •80 8012
_
25
Class C 2
205 206
West States A
Mot Ac Corp bs Max '2' 981 9914 Illinois Pipe Line
Plggly
Gen
100
8
2434- 207 22 Class C 3
67
*66
4
5% serial notes...Mar '30 973 983 Imperial Oil
Rogers Peet Co cora_ _100 140 150
1812
Class D
82
9812 Indiana Pipe Line Co -.50 *80
97
% serial notes__ Mar '3
96
U S & Brit Internet units.. 75
80
w'out war 6% 94
98
5% serial notes...Mar '3
International Petroleum
t •381s 3812 Safeway Sts fit
2914
28
U S & Foreign Sec corn_ _
2134 Sanitary Grocery Co com t *358 365
951 9712 National Transit Co__12.60 *21
5% serial notes__Mar '3
9412 9712
100 117 125
Preferred
Preferred
54
nutes__Mar '3
New York Transit Co100 53
1)7
95
5% serial
614%
*311 33
6
United Investors Sec
812
Schiff Co corn
9412 9612 Northern Pipe Line Co__100 110 115
5% serial nctes_ _Max '3
Water Bonds.
8
96
94
Cum cony pref 7% _ _ _100 132 135
Ohio 011
25 *6212 627
6% serial notes. _Mar '3
A rkan Wallet 5s'be A .Aet0 961 98
51
4
Silver (Isaac) & Bros coin.. *50
0914 993 Penn Me: Fuel Co
26 .361 38
Goodr(BF) Co 55 Jan 15'2
Birm WW let 54sA'54.A&O 100 103
7% cum cony poet.. __100 106 110
Prairie Oil& Gas
Goodyr T A It 53..Dec 15'2
9914 100
25 •471e 4714
38
let M be 1954 ear 13_ _JAB 98 100
t *34
Southern Groc Stores A
100 18714 189
Prairie Pipe Line
Gulf 011 Corp of Pa deb 5
95
93
101 103
City W(Chatt)5 40•54AJdc
Southern Storage units
Dec 193 100 10012 Solar Refining
101) 170 182
let M be 1954
JAC 95
8
157 Speld(AG)dr Bros,corn 100 163 173
Feb 194
Southern Pipe Line Co_ _50 *15
4
993 100
Deb 5s
City of New Castle Water
25 *461 47
South Penn Oil
Koppers Gas & Coke deb 5
7
94
Se Dec 2 1941
,J&0 I
85
U S Stores corn class A_ _ __t *4
June 1947 983 99
4
Southwest Pa Pipe Lines.100 79
3
*1
Clinton WW let 6s'39.FAA 96
Coin class B
Standard 011 (Califorula)__t *.r561 57
Mag l'et 4 tss_Feb 1529-35 97 100
45
Cotn'tv'th Wat let 5 tisA'47 100
100 35
1st preferred 7%
26 *751 75%
Standard 011 (ludtaria)
Mar 011 5s.... _June 15 1929 9914 100
95
Councilor W bsOct2'39Aet0
Serial 5% notes June 1530 083 9712 Standard 011 (Kansas)- -.25 .221 2314
4
*44
45
E St L & 1st Wat '42.J&J 94
96
Walgreen Co corn
Serial 5% notesJune 1531 9312 9412 Standard 011(Kentucky)25 *1261 127
let M as 1942
10 105 108
J&J 100
8% cum pref
Serial 5% notes June 1532 9212 9312 Standard Oil(Neb)
26 *431 44
58
Huntington let Sc '54_M&S 100
s
Muss Gas Coe,5%s Jan 1946 103 10312 Standard 01101 New Jer _ _25 *453 4512 West Auto Supply corn A + *55
5
511
100 102 105
1954 05
634% preferred
Pacific Mills 5345_Feb '31 9412 9612 Standard 011of New York.25 *x3512 355
Mid States WW 88'36 MAN 100
78
Peoples Gas L A Coke 434*
26 *75
Standard 011 (Ohio)
Mourn Con W let5s'56AJAD 921 9512
Rubber Stocks
Dec 11129 Sr 1930 98 100
4
100 1183 120
Preferred_
Mourn Val Wt 5
(Cleveland Quotations)
'50_J&J 98 10011
Proct & Gamb,44* July '47 953 98
22
4
25 *20
Swan A Finch
•18
Muncie WW M Oct2'39 A01 95
Aetna Rubber common
Sloss Shef Sti & lr Gs Aug '29 100 101
Preferred
St Jeeeph Water 681941A&O 9612 98
100
Preferred
Swill d: Co 5% notes
Union Tank Car Co
100 x112 116"
8
*1214 127 Sbenango ValWat SAWA&0 92
Oct 15 1932 095 100
4
26 *sot, 803 Fella Rubber oom
Vacuum Oa (New)
99
So Pitta Wat let 58 196(1 JA..1 98
25 •12
Preferred
Tidew Pow let 5s__Aug '29 0814 91)14
9912
FAA 98
let M be 1955
*3212 34
Faultless Rubber
Un Lt & Pow 5%s_Sept '28 993 10014
Ter H W W as '49 A JAD 100 103
F1113.1t011e Tire .1 Hub com.10 *170 180
Un N J RE dr Can 4s Sept'29 98
99
Sugar Stocks
96
1st M be 1856 ser B _ _FAD 95
preferred
10e 110 11118
& Ref 5148Nov '35 1011 10212
U S Sin
8%
Wichita Wat 1st 6e'49_MAS 100 103
100 10812
Jan '30 94
Wise Cent bs
7% preferred
97
Caracas Sugar
SO
95
97
let M be 1956 ser B _ _ FAA
General Tire & Rub oom--25 *155 170
150
Cent Aguirre Sugar com 20 *148
Indus. le MIscellaneous
100 07
98
Preferred
Fajardo Sugar
100 .141 143
74
26 *x72
American Hardware
Tobacco Stocks Par
Goody'r T & R of Can pf.100
25
Federal Sugar Ref com 100 20
100 119 124
*39 16- Babcock & Wilcox
India Tire A Rubber
40
Preferred
100 35
.26
27
Bliss(E W)Co
American Cigar com___ -100 140 145
Mason Tire & Rubber com-t
*54
15
Godchaux Sugars, Inc
t •12
61
50 *56
Preferred
100 *9
100 112
Preferred
Preferred
Preferred
10(1 50
Childs Company me ___Ioo 107 112
80
British-Amer Tobao ord__El *28
29
Miller Rubber preferreel_100 79
Holly Sugar Corp corn-t *38 - 42'
100 225 240
Hercules Powder
El •28
Bearer
29
100 145 150
Mohawk Rubber
Preferred
100 88
100 121 124
Preferred
90
Imperial Tob of 0 11 et herd *2712 2812 National Sugar RefIning_100 137 140
100 89
Preferred
Internet Silver 7% pref_100 122
44
95
Selberling Tire dr Rubber__ t *43
New Niquero Sugar
Int Cigar Machinery new100 92
45
100 40
100 135 110
70
100 105 10712 Phelps Dodge Corp
Johnson Tin Foil & Met..100 60
Preferred
Savannah Sugar corn
t *118 121
Royal Baking Pow oom_100 200 225
24
20
Union Tobacco Co cons__
Preferred
100 113 115
Preferred
82
100 106 109
Chum A
Sugar Estates Oriente pf _100 45
48
100 110 115
Singer Manufacturing
100 480 510
Vertientes Sugar pi
Young (J S) Co
100 60
65
Inn 104
•8
et
10
7
Preferred
Public Utilities
Par Bid Ask
American Gm A Electric- t *166 167
*108 109
6% preferred
Amer Light & Trac com_100 205 212
100 114 118
Preferred
Amer Pow A Light
MAE, 1063 10714
4
Deb fis 2016
65
100 50
Amer Public Util com
100 98 101
prior preferred
7%
95
100 92
Partic preferred
Associated Gas & Eleo com.t *1612 18
*5212 5312
preferred
Original
*9614 971
$6 preferred
*9914 10014
$634 preferred
*10212 104
17 Preferred
4
A & 0 903 9112
5e(5. 1968
S75 97 100
Deb 59
41
*40
East, Util. Assc. corn
*1312 1412
Cone. stock__
Pr Corp pref_100 101 102
Com'w'ith
8
Elea Bond A Share pref _100 $1093 810918
8
Eleo Bond & Share Secur__ t *10112 1023
General Pub Sere corn__ __t •2414 25
*126 132
S7 preferred
*100 10212
$6 first preferred
Railroad Equipments
Atlantic Coast Line 68_____
Equipment 634*
1
• Per share. t No Par value, 1 Basis
d Purchaser also pays accrued dividend
a Nominal. z Ex-dividend. g Ex-rights. r Canadian (motet ion
i Sale price.
946
butstutent an Sailroad interagnet:
Latest Gross Earnings by Weeks.
-In the table which
follows we complete our summary of the earnings for the
first week of August. The table covers 9 roads and shows
10.06% increase over the same week last year.
First Week of August.
1928.
$
303,727
5,217,318
4,118,000
38,400
275,845
298,740
436,800
3,795,675
360,789
Buffalo Rochester & Pittsburgh-Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis & St Louis
Mobile & Ohio
St Louis Southwestern
Southern Railway
Western Maryland
Total (9 roads)
Net increase (10.00%)
1927.
14,845,294 13,487,863 1.478,683
357.431
$
32,436
Current
Year.
Prettota
Year.
$
19,646,902
14.361,236
14,728,570
18.881.532
15,575,152
9348,917
9,271,593
14,104,088
21.017,426
15,651.418
13,255.732
9,009,058
17.496,497
13,649,210
14,191;781
14.458313
15.007,030
13,673,411
14,229,434
14,138.958
19,250,486
14,126,722
14,386,775
14,611.038
20,709.065
4th week Jan. (13 roads)
1st week Feb. (13 roads)
2d week Feb. (13 roads)
3d week Feb. (13 roads)
4th week Feb. (12 roads)
let week Mar.(11 roads)
2d week Mar.(11 roads)
3d week Mar.(II roads)
4th week Mar.(12 roads)
let week Apr. (12 roads)
2d week Apr. (12 roads)
Sc! week Apr. (11 roads)
4th week Apr. (12 roads)
1st week May (12 roads)
2d week May (12 roads)
3d week May (12 roads)
ith week May (12 roads)
in week June (12 roads)
2d week June (12 roads)
3d week June (11 roads)
tth week June (11 roads)
let week July (12 roads)
2d week July (12 roads)
3c1 week July (12 roads)
1th week July (11 r,,ads)
53.022
121,252
1928.
$
2,607,526 32,136,624 28,995,833
207,118 2,944,705 2,577.495
Net to stocks& res'ves 2,308,886
Dividend pref. stocks_ _
563,793
Net to corn.stk.& res. 1.745,092
2.400,407 29,191,918 26,418,337
567,618 6,792,360 6,682,143
$
1,832,789 22,399.558 19,736,193
The Brooklyn City Railroad Co.
June- -12 Mos. End, June 30-f th of 1927.
19 r
12
1927.
1928.
Passenger revenue
Other revenue
Operating exp.& taxes
Income deductions
Net corporate income_
967,029
23,808
815.218
41,381
134.238
957,132 11,48,812 11,460.585
25,751
268,620
255,031
864,963 9,994,102 10,031,962
44.838
514,369
563,066
73,082
1,188,961
1,120,588
Columbus Electric & Power Co.
%
$
19,129.089
13.890,366
14,221,833
10,882.826
13,665.718
9,306.258
9.523,366
13.836,568
20,134.884
15,283,350
13,508.682
8,996,523
+12,534 0.14
18,058,908
-562,411 3.11
14,118.344
-469.133 3.33
13,6.50,727
+535.054 3.92
13.506,067
+952,046 7.04
14,264.043
+742,987 5.21
13,394,862
+278.542 2.08
13.551,112
+678.341 5.01
13.541,992
+596.966 3.66
18,288.339
+962,147 5.25
13,318,138
+808,584 6.07
13.648,978
+717.797 5.26
14.078,523
+532.435 3.78
19,027.331 +1,681,734.
8.84
Increase or
Decrease.
$
2,681.779
372,893
Commonwealth Power Corporation.
(And Subsidiary Companies)
Month ofJuly--12 Mos.End.July311928.
1927.
1928.
1927.
4.518,406 4,108,406 56.060,477 51,818,617
Gross earnings
Operating expenses, incl.
taxes & maintenance_
2,408,452
2,325,154 29,354,393 27.732,592
Gross income
Fixed charges (see note) 2,109,953
1,783.252 26,706,083 24,086,025
12,195,697 12,361,306
Net income avail, for
diva. & retire't res.
Dividend pref. stock..
Provision for retire. res_
Increase or
Decrease.
14,510.386 11.724,718
2.940.614
3,815,385
2,206,573
3,437.599
Balance
7.754,386 6,080,546
Note.
-Includes interest, amortization of debt discount and
and earnings accruing on stock of subsidiary companies not expenses
owned by
Commonwealth Power Corp.
Eastern Texas Electric Co.
Na Earnings.
Month.
1927.
1927.
1928.
1927.
S
$
$
2,700,204 33,267,230 30,078.734
92.677 1.130,606 1,082,900
(And Subsidiary Companies)
-Month of June- -12 Mos.End.June 301928.
1927.
1927.
1928.
I
3
$
$
Grossearnings
336.906
$
354,608 4,352.056 3,986,321
105,764
+516,793 2.70 Operation
102,941
1,362,893 1,178,198
Maintenance
21.824
+470.870 3.39
17.857
247,260
252,126
36,291
+506,737 3.56 Taxes
35,489
392,558
360,447
-1.294 0.02
Net operating revenue
173,025
+1,909334 13.97 Inc.
198.320 2.349,344 2,195,548
from other sources
-156,341 1.69
3,355
30,881
-251,773 2.65
Balance
-267,552 1.90 Interest
2,352,699 2,226,429
& amortization_
+882,541 4.38
884.915
910,890
+368.068 2.41
Balance
-252.950 1.87
1,467,784 1,315.539
Increase or
Decrease.
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table:
Gross Earnings.
Gross earnings
Expenses
35,794
In the following table we show the weekly earnings for
a number of weeks past:
Week.
Month ofJuly--12 Mos.End.July 31-
1928.
$
2,779,959
98,179
Net earnings
Int. & diset. on debens_
Increase. Decrease.
$
$
336,163
4,512,690
704,628
3,590,000
528,000
36,400
2,000
274,372
1.473
334,534
435.893 "
907
3,554,000
241,675
413.811
Cities Service Co.
Gross earnings
Operation
i
(And Subsidiary Companies)
-Month of June- -12 Mos.End.June 301928.
1927.
1928.
1927.
$
$
$
$
718.541
663,759 7.477.338 6,532,390
310,815
321.755 3.724,332 3.398,189
36.970
35,313
426.424
401,100
48,543
38,834
531.232
398,706
Maintenance
July__ - _ 508.413,874556.710,935
8.297,061 125.438,334 160.874.882 35,436,548 Taxes
August 556,406,662 579,093.397-22,686,735 164,013.942 179.711,41
15,697.472
SePtem• 564.043.987590.102,143 26,058.156 179,434,277 193,233,706 13,799,429
Net operating revenue
322,213
267.855 2,795,349 2,334,392
October 582,542,179 605,982,445 -23,440,266 180.919,048 194.283.53
13.364,491 Inc. from other sources
44,157
147,818
Novem'r 602,994,051561,153.958
8,159,905 125,957,014 158,501,561 32,544,547
Decem • 66.526,003525,820.708 -69.294.705 90,351,147 118.520365 28,169,018
Balance
2,839,506 2,482,211
1928.
1927.
1928.
1927.
Deductions
1,095,225
January 6,520.897 486.722.64
841,303
.161,74 93,990.64 99.549,436 -5,558,796
February 455,681,258468,532,117 12,850.85 108,120.729 107,579.051
+541,678
Balance
1,744.281 1,640.908
March-- . ,0
26,410,65 131,840,276 13.5.874,642 -4,034.267 Interest & amortization_
30,643,
479,202
April-__
488,627
497,865,380 -24,437,149 110.907,
113.818.315-2.910.862
May _- 509,746,3951518,569,71: -8.823,323128,780,39 127,940,076
+840.317
Balance
1,265,079 1,152.281
June
473,428,2311
501,576,771 516,448,211 14,871,440127,284,367 129,111.7
-1,827.387
Note.
Edison Electric Illuminating Co. of Brockton.
-Percentage of increase or decrease In net for above mon ha has been
1927-July. 22.03% dec.: Aug., 8.73% dec.: Sept.. 7.14% dec.: Oct., 3.87% dec.;
-Month of June- -12 Mos.End.June 30Nov.. 20.53% dec.; Dec., 23.76% dec. 1928
-Jan.,5.58% dec.; Feb., 0.50% Inc.;
1928.
1927.
1928.
1927.
March, 2.96% dec.; April, 2.58% dec.: May. 0.66% ins.; June, 1.41% dec.
$
2
$
2
In the month of July the length of road covered was 238,316 miles In 1927, against Gross earnings
144.342
154.866
1,975,130 1,862,255
237,711 miles in 1926;in Aug.,238.672 miles, against 231,824 miles In 192(1; In Sept., Operation
76.734
76,117
958,435
882,348
238.814 miles. against 237,854 miles in 1926;in Oct.. 238,828 miles, against 238,041 Maintenance
7,724
2.027
92,136
41.548
miles In 1926;in Nov..238,711 miles, against 238,142 miles In 1926: in Dec.,238,552 Taxes
25.172
26,020
263,420
290,071
miles, against 237.711 miles In 1926; in Jan., 239,476 miles, against 238.608 milesIn
1927;in Feb. 239,584 miles. against 238,731 miles in 1927; in March, 239,649 miles.
Net operating revenue
45,235
40,176
661,138
648,286
against 238.729 miles in 1927; in April, 239.852 miles, against 238,904 tulles in 1927: Inc. from other sources
9,618
1,479
In May,240.120 miles, against 239.079 milesin 1927; in June,240.302 miles, against
Balance
239,066 miles in 1927.
670,756
649,766
Interest & amortization..
43,010
13,398
-The table
Net Earnings Monthly to Latest Dates.
BalanCe
627,746
following shows the gross and net earnings for STEAM
636,367
railroads reported this week:
Electric Light & Power Co. of Abington & Rockland.
International Railways of Central America.
-Month of June- -12
Mos.End.June 30-1928.
2
52.168
35,535
2,667
3.534
-Month of July- -7Mos.End.July 31-
1928.
Gross
Isret after taxes
Net after fixed charges_
*Surplus
619,608
227,070
144,168
88,622
1927.
519.058
191,833
108,982
60.102
1928.
5,215,099
2,170,134
1,589,970
1,201,146
1927.
4,480,432
1,663,706
1,145,704
803.546
Gross earnings
Operation
Maintenance
10,431
7,904
Net operating revenue
Balance
Electric Railway and Other Public Utility Net
Earnings.
-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
Cape Breton Electric Co.
67.067
84,202
1927.
49,863
433.660
43,485
41.090
42.764
402,009
36,905
42,854
121.626
10,616
110,995
5,792
105,203
Federal Light & Traction Co.
(And Subsidiary Companies)
-Month of June- -12 Mos. End. June
301928.
1927.
1928,
1927.
Gross earnings
612.487
48,316 7,415,269 6,845.123
Oper. expenses (not incl.
Fed'lincome taxes)......
357,916
334.753 4.361,100 3,985,588
-Month of June
-12 Mos.End.June 30-1928.
1927.
1927.
1928.
Total
$
Gross earnings
660.713
47,460
I8,076
647,263 Fed'!inc.&prof.tax(est.)
Operation
28,916
396.935
31.004
367,522
Maintenance
Net income from over.
7,411
98,500
97,236
9.329
Taxes
3,484
29,809
1.878
29,334 Interest and discount_
Pref. stock dividends
Net operating revenue
135,468
Cent. Ark. P. S. Corp
5,864
153,170
7,587
Interest charges
68.400
68,967
Springfield G.& E.Co
Balance
1928.
111,009
Taxes
Interest charges
*After preferred dividends and sinking fund.
1927.
2
45,544
31,262
2,814
3,562
Balance after charges..
254,571
15,000
193,563
15,000
3,054.169
180,000
2,859.535
150.00()
239,571
91,517
178,563
77,434
2,874,169
1,018,493
2,709,535
851,395
104.768
67,105
104,666
64,807
1,683,803
1,688,667
148,054
101,129
947
FINANCIAL CHRONICLE
Alla. 18 1928.]
New York Westchester & Boston.
-Month of June- -6 Mos. End. June 30-
Fall River Gas Works Co.
-12 Mos.End.June 30--Month of June
1927.
1928.
1928.
S
90,011
47,048
6,452
13,071
1927.
S
90.197
43.651
6.401
10,833
23.437
29,311
Net operating revenue
Interest charges
1,046,845
562.121
80,124
163,203
1,033,043
554,460
78,697
130,094
241,395
17.577
Gross
Balance after taxes
*Deficit after charges_
269.790
14.259
223,818
Gross earnings
Operation
Maintenance
Taxes
255.531
Balance
1928.
$
5.244,144
2,446,484
672.234
401,886
1927.
$
4,853,176
2,444,712
609,867
373,385
155.059
110.976
1,723,539
1,004
1,457,853
862,473
851,101
595,379
Net operating revenue
Inc. from other sources_
Balance
Interest St amortization_
Balance
Net operating revenue
Inc. from other sources..
48,217
12.500
49,318
12,500
787,774
150.000
676,400
150.000
Balance
Interest & amortization..
60.717
61.818
937,774
403,435
826,400
357.009
534.338
469,390
Balance
Ponce Electric Co.
-Month of June--12 Mos. End. June 301927.
Hudson & Manhattan RR. Co.
-Month of July- -7 Mos.End. July 311928.
$
7,232,934
3,757,485
1927.
$
7,312,101
3.716.643
Gross earnings
Operation
Maintenance
Taxes
431,032
335,290
453.602
035,868
3,475,449
2,348,535
3,595,461
2,350,908
Net operating revenue
Interest charges
95,742
Bal. applic. to chges
Charges
1927.
$
972.978
519,376
117.734
1,126,914
1,244,553
Balance
Illinois Power & Light Corporation
(And Subsidiaries)
-Month of June- -12 Mos. End, June 30Gross earnings from oper
Oper. exp. St maint___Taxes
1928.
$
2,749,013
1,508,417
115,179
1927.
1928.
1927.
$$
2,389,051 32.5g7,685 31,647,011
1,431,497 17,793.662 17,893,967
99,830
1.334.761
1,255,869
Total expenses & taxes
Earnings from operation
Less rentals
Add other income
1,623,597
1,125.445
54.765
38,064
1,531,328 19,128,423 19,149,837
857,723 13.429,261 12,497.174
508,932
2,538
42,247
446,845
Total net earnings
Less prior charges of
Iowa Pr. & Lt. Co..
Kansas Pr. & Lt. Co.._
1,108.744
860,261
12,539,421
1,139.206
001,139
12,227,968
1927.
Gross earnings
Operation
Maintenance
Retirement accruals..
Taxes
97,551
51,356
11,222
15,703
9,079
109.260
58.187
14.363
22,724
9,407
1928.
$
1,257,265
611,491
165,079
215,249
107,469
Operating revenue__ _
City of South Jacksonville portion of operating revenue
10,189
4,577
127,976
258.165
1928.
1927.
$
1,545.813
731.335
183,928
235,269
137,115
575
7,312
11,199
9,613
120.663
165,504
Jamaica Public Service, Ltd.
(And Subsidiary Company)
-Month of June- -12 Mos.End.June301928.
1927.
1928.
1927.
$
$
$
$
54.705
702,748
55,694
674,192
Gross earnings
31,970
412.489
33.973
397.436
Oper. expenses & taxes_ 22,734
6,157
290,258
68,480
16,577
16,380
Balance*
*For reserves, retirements and dividends.
221,778
202,818
New Orleans Public Service, Inc.
-Month of June- -12 Mos.End.June 30-
1927.
1928.
1927.
$
S
1,436,558 18,594,325 18.0/7,258
908,213 11,462,552 11.336.441
Gross earns.from oper.. _
Oper. exp. and taxes_.._
1928.
S
1,444.877
924,575
Net earns. from oper_
Other income
520,302
5,353
528.345
35,510
7,131,773
130,157
6,690,817
218,408
Total income
Interest on bonds
Other int. & deductions_
525,6.55
226.546
12,868
563,855
227,648
12.802
7,261,930
2.728,162
162,690
2,966,541
283,547
2,445.447 34,425,368 30,579,682
1.014.690
1,491.235
209.473
Total
Income deductions
3,250,088
1,396,599
2,654.920 35,916.604 31.594,373
1,534,742 18,316,188 18,818,662
1,853,489
1,120.178
Bal. for diva. & surp_
Balance
Divs. on Pref. stock-
323.405
4,371,078
554,243
3,816,835
3.668,501
Northern Ohio Power & Light Co.
-Month of June- -12 Mos. End, June 301928.
1927.
1928.
1927.
1,023,417
1,011,372
12,769,226
12,304,176
670.667
728.809
8,536.518
8,888,206
Gross income
Fixed charges
352,749
141,115
282,563
138,557
4,232,707
1,712,358
3.415.969
1.674.747
Net Inc. avail,for divs.
and retirem't reeve
Divs. on pref. stock--
211,634
Gross earnings
Operating expenses,incl.
taxes & maintenance..
Balance
144.006
17,600,416
12,775.710
(And Subsidiary Companies)
-Month of June- -12 Mos.End. June301927.
1928.
1927.
1928.
1,183,185
gross earnings
478.903
Operation
99.994
Maintenance
14.245
of equip'tDepreciation
00.318
Taxes
499,722
Net operating revenue
40.435
Inc. from other sources.
1,141,191 14.973,445 14,253.129
5.850.484
5,980,269
474,549
1,285.149
1,124,194
102.914
89,267
138.277
8,334
1.077.930
1.136,063
100.427
454,965
41,675
6,594,639
492.736
5,950.297
527,866
496,640
7,087.376
3,193,233
6,478,164
3,393,123
3,894.143
510,158
Balance_
Interest & amortization_
3.085.040
Balance
Savannah Electric & Power Co.
-Month of June- -12 Mos.End. June 301928.
$
180.192
75.025
11,908
14.189
Net operating revenue
Interest & amortization_
1927.
$
180.764
82,188
13,788
14,940
1928.
$
2,236,635
928,500
.152,719
188.604
1927.
S
2,251.778
1,079,376
149.207
163.796
79,069
69,846
966,810
454.910
859,397
391,592
511,900
Gross earnings
Operation
Maintenance
Taxes
167.805
Balance
Sierra Pacific Electric Co.
(And Subsidiary Companies)
-Month of June- -12 Mos.End. June 301927.
1928.
1927.
1928.
$
1,257.813
1,308,131
103,013
117,488
Gross earnings
535.511
415.657
35,855
38,525
Operation
77.711
75.988
8,498
7,118
Maintenance
161.531
175.217
14,084
14,948
Taxes
483.058
641,268
44,574
56,896
Net operating revenue
48.430
54,715
Interest Is amortization_
4,222,747
554,243
Balance-
6,645,600 86,028,499 79.847.573
Puget Sound Power & Light Co.
6,909,225
2,488.990
197,488
286,241
102.821
Netincome from oper_
Other net income
276,756
73,938
21.721
5,340
Net earnings
Interest charges
103,791
969
1927.
1928.
1927.
$
$
$
9,091,048 120,453,868 110,427,255
63,420
Balance_
122,322
1.730
1928.
$
10,324,253
Gross earnings
Oper. expenses, raaint.,
7,357,711
taxes & depredation
246,965
183,544
44.841
Net operating revenue
Interest & amortization_
554
4,022
9,031
S
336,796
173,226
27,024
32,754
Public Service Corporation of New Jeresy
(And Subsidiary Companies)
-Month of June- -12 Mos. End. June 30-
4,895,376
Jacksonville Traction Co.
-Month of June- -12 Mos.End. June 30-
29,410
15,114
2,483
2.781
Balance
11,038,282
5,153.511
Total earnings avail.
for bond interest
12 mos. Mt. on Illinois
Pr. & Lt. Corp. M.dt_
13,367,174
14,971
1927.
1928.
$
351.187
173.038
22,789
33.036
120,592
1928.
S
31,184
13,708
1,260
1,244
1928.
$
963,070
532.038
Gross revenues
Oper. expenses dz. taxes..
1,021,243
202,149
919.535
(And Subsidiary Companies)
-Month of June- -12 Mos. Endaune30-1927.
1928.
1927.
1928.
$
S
S
2.574,694
212.236 2,844,723
228,196
1,331,473
1,446.778
115,259
124,680
362,908
392,276
28,860
37,176
203,912
217,893
18,798
18,121
Gross earnings
Operation
Maintenance
Taxes
1,425,209
32,643
1,724,544
873,443
Gross earnings
Operation
Maintenance
Taxes
1927.
$
406,677
211,814
52,280
31.605
1.137.941
269.190
913,950
Northern Texas Electric Co.
(And Subsidiary Companies)
-Month of June- -12 Mos.End.June 30-
187.111
42,691
159,347
*After tax, interest. &c.
Galveston-Houston Electric Co.
1928.
$
460.355
212.838
57,611
34,846
201.405
47,342
149,443
1927.
1928.
1927.
1928
586,552
Balance_
434,627
York Utilities Co.
-month of July--7 Mos. End.July311927.
1928.
Operating revenues
Operating expenses
Net revenue
Non-operating income
Gross income
Deductions
Coupon interest
Taxes
Other deductions
Total
Net income
Surplus fr. prey. year..
2.520,348
539,699
1,741.221
494.223
Total surplus
1,980,649
1.246,997
-Deficit.
1927.
1928.
64
$8, 8
9,860
11,567
14,249
79.176
73.092
115.671
121.520
--1.212
4
-2,681
2
6,083
28
--5,849
40
--1,208
-2,679
6,112
--5,809
3,392
450
3,392
238
23,744
2,638
175
23.744
3,331
3,842
3.630
26,558
27.075
--5.050
--6.310
--20,446
--142,826
--32,885
--78.173
163,271
-111,065
948
FINANCIAL CHRONICLE
Tampa Electric Co.
(And Subsidiary Companies)
-Month of June- -12 Mos. End.June 301928.
1927.
1927.
1928.
Gross earnings
Operating
Maintenance
Retirement accruals.. __ _
Taxes
34,753
167,866
28,111
43,952
27,774
377,088
170.172
30.747
40,141
25,652
4,697,767
1,982,663
337,634
531,893
329,483
4,854,671
2,180.047
403,778
415.555
341,545
Net operating revenue
Inc. from other sources_
97,048
110,373
1,516,091
17.977
1,513,744
1.534,068
57,822
1,513,744
54,866
1,476,245
1.458,877
Balance
Interest & amortization_
Balance
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.
General Motors Corp.
(Semi-Annual Report-Six Months Ended June 30 1928.)
A comparative income account for the first and second
quarters of 1928 and 1927 as well as for the six months ended
June 30 1928, together with the comparative balance sheet
as of June 30 1928 and Dec. 31 1927, will be found under
"Reports and Documents" on a subsequent page.
Our usual comparative income account, together with
the remarks of President Alfred P. Sloan Jr. was published
in V. 127, p. 816.-V. 127, p. 830, 816.
Davison Chemical Co.
(Annual Report
-Year Ended June 30 1928.)
The remarks of President C. Wilbur Miller, together with
the income account and balance sheet as of June 30 1928,
will be found under "Reports and Documents" on a subsequent page.
[VoL. 127.
July and August without loss. While our share of the crude rubber reserve
supply established by American rubber and automobile companies two
years ago as a stabilization measure had not been delivered to us at June 30.
and is therefore not reflected in the current position of that date, full
provision has nevertheless been made in this mid-year statement to write
down to market our entire share as well as all other commitments for
crude rubber.
After applying $2.500.000 to the write-down of crude rubber, the balanoe
of special raw material and contingency reserves set up in previous years
and not required for such purpose was $3,750,000 which the company
has deemed it advisable to carry forward for future contingencies.
The current position of the company at June 30 was strong, the ratio
being 7 to 1, with no current indebtedness to banks.
With the removal of governmental restriction upon crude rubber production and the decline of the market price of rubber more nearly to the
cost of production, the menace of a highly fluctuating rubber market is
largely removed for the time being; and the prospect is one for enjoyment. without undue sacrifice to inventory losses, of a normal operating
profit reasonably to be expected from the company's present flourisihing
business.
CONSOL. INCOME ACCOUNT
-SIX MONTHS ENDED JUNE 30.
1927.
1928.
Net sales (returns, discounts, freights, allowances and inter-company sales deducted)----$125,777,548 $118,244,231
Mfg. cost and charges (incl. deprec.).
admin. & gen. exp., and prov. for Fed. taxes_a120,172.628 108,228.630
Net profits
$5,604,920 $10,015,601
Other income
503.853
577,176
Total profits
$6,182,096 $10,519,454
Int. on miscellaneous and funded debt
2,114.771
Proportion of discount on funded debt and prov. 2,117,661
for premium on bonds and debentures
599,609
171.071
Total profits for period
$3,893,363
Deduct
-Profits on sub. cos. appl. to stocks not
held by co.: Current dive. on pref. stock_ _
679,518
Equity in undistributed earnings
139,645
Balance
$3,074,199
Deduct
-Special raw material reserve
Balance of profits carried to surplus
Surplus Dec 31
$7,805,074
505,219
185,850
$7,114,005
750,000
$3,074.199 $6,364,005
25.589.105
30.705,014
Total surplus
$28,663.305 $37,069.019
Deduct
-Prom., (Met. & red, charges on 1st
mtge. bonds, debs. and prior prof stock incident to refinancing and extraordinary legal and
other expenses
9,834,208
Dividends paid by company
2.826,528
2,796.668
Surplus at June 30
$25,866,636 $24,408,283
Shares common stock outstanding (no par)
830,720
829,611
Earnings per share on common
$4.91
$0.33
a After charging $2,500,000 excess coat of rubber to reserves previously
created therefor.
CONSOLIDATED BALANCE SHEET JUNE 30.
1928.
1927.
1928.
1927.
CONSOLIDATED INCOME ACCOUNT (CO. AND OPERATING SUBS.)
Assets-$
Liabilities$
$
$
Year Ended -Calendar Years
Prop. & plants_g82,576,086 84,305,384 7% pref. stock
June 30'28.
Period1926.
Investments.... 5,847,078 4,558,885 (Par $100)__. c669,700 65,079,600
x$4,223,388
Gross income
$548,665
$575,558
$366413 Inventories
_ 67,458,232 69.893.262 I$7 1st pratstock 64,409,900
Admin. & sell. expenses..
706,817
193,313
213,434
189,712 Accts. & notes
Common stock_ d1,000,000 1,000,000
Income charges (net)
156,293
259,418
rec. (less res.)h32.751,170 27,718,973 Cap.stk.of subs
142,053
156,159
for depreciation
Reserve
327,089
173,661
223,839
189,680 Call loans
1,600,000
not held
800,000
el8,343,639 15,906,699
Depreciation
15,146
21,059
18,621 Cash
8,008.072 8,624,960 Empl. subscr. to
Non-op. exp. (Cuban
Other assets_._210,309,275 10,314,275
common stock
69,925
mines)
21,055
28,013 Deferred charges 64,041,482 3,599,012 1st mtge. es coll
Premium, disc., &c., in
59,283,000 60,000,000
Una 58
connection with retire3-yr.5% g. notes 7,500,000 15,000.000
ment of8% debens284,605
Funded debt of
subs.,Incl.real
Balance,surplus
$2,930,062
$10,252 def$45,883 def$499,847
est. mtges. &
Earns. per sh.on 400,000
per. mon. ob. 11,039,501 9,393,606
$7.32
Nil
shs.cap.stk.(no par)_
Nil
Nil
ACCt8. PaY •• incl.
x Includes gross manufacturing and trading profit of $2,309,318 plus
res. for current
other income of $1,914,070.
Federal taxes_ 13,785,821 11,042,500
COMPARATIVE CONSOLIDATED BALANCE SHEET.
Rubber I n trans_
838,973
760,054
Accr. dive. & Int
940,287
June 30'28. Dec.31 '26.
Res. tor conting. 3,750,000 3,722,009
Assets$
3
June 30'28. Dec.31 26.'
Res. for special
•
LiabilitiesLand, b'dgs., ma$
$
3,500,000
raw mal res.
chinery, eq., &c.15,266,590 13,582,657 Capital stock_ __ _114,607,107 11,457,108
Other reserves__ 5,093.921
Exp. for phos.rock
Day. Ch. Co. 6)48
2,931.000
n5,868,636 24,408,283
Surplus
557,246 Mtge. plants subs_ 426,981
property in Fla_ 561,834
83,200
Notes & accts.pay. 801,560 1,983.457
Inv. In Davison
Total
212,591,395 209,812,750
Total
Sulphur Co..- _b5.085,659 5,033,887 Accts.& accr. pay. 450,603
618,292
a Including special account and securities held therein, good-will ad 12.75
31,585
Fur.in. notes pay.
3520 n pal
98
S.F. for red.of bde.
18,281
215291.9
2.439,948 1,032,087 Res, for deprec___ 2,992,290 2,691,833 ents, less partial liquidation. b Inc uding prepaid insurance, discount on
Cash
funded debt and miscellaneous expense. c On which 25% dividends ac674,083 Iles, for conting_
Accts.receivable- 1,414.430
331,875 crued. d
Represented by 829.611 shares of no par value. e Preferred
175,022 Other reserves__ _
Notes receivable.- 775,303
. 22,745
1,372,378 Min. Int.op. subs_ 672,392
Adv.(311.G. Corp.)
660,134 stocks, $16,918,800; common stocks. $1,424,839. f Including $15,309,274
1,249,460 2,326,282 Capital surplus__ 4,050,967 4.813,977 arising from appreciation of properties prior to 1921 and from the valuation
Inventories
13,949
P.& L. surplus_ -- .5,408,729 3,246,584 placed on good-will and patents at March 1 1921. g After deducting
Mat.In transit...
39.619.320 for depreciation. h After reserves of $6,476.058. i Repre463,049
C.Bay RR.adv.
sented by 805,124 no par shares.
-V. 126. p. 3602.
811.0.Corp.stock 22,511,600 3,323,700
24,831
25,775
Other Investments
Simms Petroleum Co., Inc., New York.
Insur., taxes, int.,
75.519
252,233 Total (each side).29.451.657 28,817.459
discount, &c_ __
(Report for Three and Six Months Ended June 30 1928.)
a Voting trust certificates representing 104,650 shares (no par value).
b Entire ownership represented by Cuban mine property, $4,928,527,
Thomas W. Streeter, Chairman and Edward T. Moore,
Inventories, cash. &c. x Represented by 400,000 shares of no par value.
President, report in substance:
The statement as of June 30 1928 gives effect to the sale of the Curtis
During the second quarter prices for crude oil remained at the low level
-S. C.
Bay RR. This transaction is subject to the approval of the I.
prevailing since March of last year. Prices for gasoline increased during
Commission, which has not rendered a decision as of June 30 1928.
There are contingent liabilities at June 30 1928, amounting to $443,431 the quarter. Due to an increase in profits from your company's refinery
on account of trade notes receivable discounted, and $22,046 on account operations, the final deficit for the second quarter of 1928, after all charges,
decreased to $41,832 compared with $168.010 in the first quarter. Net
of the guarantee of notes of customers.
earnings before income charges for the second quarter were $736,834 and
The Davison Chemical Co. is liable as guarantor, as to principal and for
the half year were $1,413,105.
-year 8M% gold notes of the Silica Gel Corp.$1.700,000 of 5
interest of
During the 6 months period book value of not quick assets increased
V. 127, p. 687.
$380.013 and amounted to $4.553.888 on June 30 1928. against $4,173,875
at the beginning of the year and $3.959,231
the
Goodyear Tire & Rubber Co., Akron, 0.
last quarter all bank loans were liquidated. on June 30 1927. During
On July 1 a new pro-ration plan
Months Ended June 30 1928.)
-6
Yates pool in
(Semi-Annual Report
West Texas which has resulted in awas put into effect in the in the runs of
very substantial increase
the company in that field.
President P. W. Litchfield, Aug. 6, wrote as follows:
On July 26 prices for crude oil were advanced
the
Your management is gratified to report that the volume of business mid-continent area. The price of West Texas generally throughout 5
done exceeded by a substantial margin that of any previous six months cents a barrel, and the price of the company'scrude oil was increased
production was
Period in the history of the company.
Increased by an average of about 10 cents a barrel.light oil for gasoline have
Prices
Consolidated net sales amounted to $125,777,548, compared to $118,- shown a further advance since July 1st,
244,231 for the first six months of 1927. The increase in the quantity
CONDENSED CONSOLIDATED STATEMENT OF INCOME.
of product sold was considerably greater than indicated by the increase
ancluding Simms 011 Co.
In dollar sales, because of lower selling prices prevailing this year. AB
-Trinity Drilling Co.]
Period End, June 30- 1928-3 Mos.-1927.
plants, including the newly established plants in England and Australia.
1928-6 Mos.-1927.
have been required to operate close to capacity to supply the public demand Net production (bbls.)-- 1,040,617
1,983,958
2,307,232
1,091.317
Daily net average (bbls.)
for Goodyear products.
11,435
11,993
12,677
Total net profits credited to surplus during the six months period were Daily refinery throughput (bb
$3,074,200, after providing $4,690,966 for depreciation, after charging
6.274
5,963
3,915
to special reserves $2,500,000 cost of crude rubber in excess of market operatin per. revse
aG
ross eg enen enue__ $1,640.895 $1,628,510 $3,264,298 $3,339; 621
13 00
09 3
92
price as of June 30, after taxes, interest, premium and discount, and after
1,755,560
948.190
1,903.656
840,537
deducting profits of subsidiary companies applicable to stock not held
Gross profit
92 729
$787,973 $1,360,642 $1,583,463
$644:10
5
by your company.
Other income credits_ _ _
71,483
52,463
27,748
This profit showing is in the face of a difficult situation under which
Total income
$816,721 $1,413,105 $1,654,946
$736,834
your company labored by reason of the drastic decline in crude rubber
values incident to the lifting of restriction on rubber exportation from Interest, lease rentals,
general taxes, Ac
223,434
289,843
110,824
148,677
the British producing area in the Far East-a decline offrom 41c.in January
Drilling costs, &c
to 19c. at June 30.
1.103 750
59
3 '69
.3
1 913
5481
81 98
Crude rubber inventories were written down to market as of Juno 30. Dorm,depl. & aband's
81
2 9 45
550:1 2 1.141191
3
Deficit
The rubber content of finished product was carried at cost, it being esti$209,842
$211,608
a After deducting cost of r$alw"ma32terialSr7e5fin,38ed9
mated that finished inventory can be substantially all liquidated during
.
AUG. 18 1928.]
FINANCIAL CHRONICLE
CONSOLIDATED BALANCE SHEET JUNE 30.
1928.
1927.
1927.
1928.
Liabilities
Assetss
$
y6,906,180 6,897.890
Leaseholds. active. 2,381,504 2,517,027 Capital stock
3,313,500 3,373,500
do. Inactive_ 2,214,605 2,491,651 Gold notes
743,661
Physical equipl..a7,659,994 a8.170.781 Acc'ts, &c., pay'le. 721.211
Notes payable_ _
10,000
10,000
Inv.in capital stk.
Accr.int.,taxes,&e 209.327
252,505
of and advances
5,644
551,453 Due affiliated cos_
to other cos__ __ 557,055
20,080 Reserve for aban20,280
Sinking fund
972,580 donm't of leases,
Cash
317,876
1,026,512 1,278.000
&c
Notes, acc'ts, &c.,
160,000
874,727 1,099,310 Rea. for Fecrl tax_ 160,000
receivablex4,301,823 2,893.506 Res. for curr. lease
Inventories
11,082
251.842 abandonment
nerd debit items_ 217,325
Surplus
z6,187,377 z6.246,979
949
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
Surplus Freight Cars-Class I railroads on July 31 had 271,017 surplus
freight cars in good repair and immediately available for service. the Car
Service Division of the American Railway Association announced. This
was a decrease of 23.629 cars compared with July 23 at which time there
were 294.646 cars. Surplus coal cars on July 31 totaled 90,513, a decrease
of 11.792 cars within approximately a week while surplus box cars totaled
137,618, a decrease of 9.464 for the same period. Reports also showed
21,277 surplus stock cars, a decrease of 1,029 cars under the number reported on July 23, while surplus refrigerator cars totaled 12,816. a decrease
of 699 for the same period.
Matters Covered in Chronicle of Aug. 11: (a) Readjustment of freight
18,545,189 18,968.230
18,545,189 18,968,230 Total
Total
on iron and steel recommended in report to Inter-state Commerce
a After deducting $5,479,585 reserve for depreciation. x Crude oil in- rates
by examiners. p. 776.
supplies inventor's', $664.450: refined Commission
ventors'. $3,159,487: materials and
Products inventory, $477,886. y Capital stock authorized, 1,000.000 shares
Algoma Eastern Ry.-New President.
issued, 720,808 shares: in treasury. 30,190 shares: outstandpar value $10:
Robert Dodd of Montreal, President of the Lake Superior Corp has
ing, 690.618 shares. z Surplus includes: Capital surplus, $1.797,386i been elected President of the Algoma Eastern Ry. to succeed the late
surplus from operations, $4,389,997.-V. 126, p. 2805.
George A. Montgomery.
Norman J. Greene and Leonard E. Schlemm have been elected directors.
-V.123.P. 978.
W.H. Cunningham has resigned from the board.
Atlantic Refining Company.
-6 Months Ended June 30 1928.)
(Semi-Annual Report
Chairman J. W. Van Dyke, Aug. 15, wrote in substance:
Atchison Topeka & Santa Fe Ry.-Bonds.-
The L-S. C. Commission on July 21 authorized the company to procure
the authentication and delivery of $14,691,000 of California-Arizona Lines
1st & ref. mtge. bonds, series C: said bonds to be held in its treasury subCommission.
The form and arrangement of the financial statements that are sub- ject to the further order of theto the California Arizona & Santa Fe By.
Authority was also granted
mitted is identical with that used in reporting upon the business for the
1927. The numerous items are essentially comparable, with the two to assume obligation and liability in respect of the payment of the principal
year
-V.126. p. 3925. 3586.
following exceptions: "Investments in affiliated companies" has been re- of and interest on the bonds.
duced by consolidating, for the first time, the accounts of the French
-New President.
Atlantic & North Carolina RR.
the Societe de la Mailleraye, with those of the parent and
subsidiary,
Governor McLean of North Carolina has appointed W. B. Jones as
other subsidiary companies, thus distributing the assets and liabilities of
-V.125.
French company among the numerous items of the consolidated bal- President of the road for one year to succeed Charles S. Wallace.
the
_
ance sheet: also, "Investments in non-affiliated companies" has been re- P. 908.
duced by the sale of the holdings of Superior Oil Corp. stock, a portion of -Construction and
Big Sandy 8c Cumberland RR.
the proceeds of which had been received in cash, as of June 30,and the balance recorded as "Notes receivable" on the balance sheet.
Operation of Lines.
The income statement for the 6 months ended June 30 1928, exhibits a
-S. C. Commission on July 31 issued a certificate authorizing
The I.
"net profit for the period" of $5,689,987. This compares with a loss of
line
$1,477,419 for the first 6 months of 1927. net profits of $3,248,113 and the company (a) to construct and operate a branch in a of railroad extendgeneral southwesting from a point on its main line at or near Hurley
$4,225,810 for the corresponding periods of 1926 and 1925.
direction to a point
The semi-annual statement submitted one year ago dealt at considerable erly and westerlyRiver,a distance of on the east bank of the Levisa Fork
14.08 miles. and (b)to reconstruct and
length with the reasons for the then adverse showing. It explained that of the Big Sandy
conditions of the industry were altogether abnormal: that there had been operate in inter-State commerce a narrow-gauge industrial track extending
great shrinkage in the market value of crude petroleum and its product from Grundy in a general northwesterly direction, a distance of 13.3 miles,
and that the report then submitted fully reflected those happenings. all in Buchanan County, Va. Corporation is a subsidiary of the Norfolk
Because 1927 was so abnormal, we do not now suggest comparisons with & Western Railway. The proposals presented for the consideration of the
it. However. it Is pertinent to point out that, following our custom, Commission are parts of a plan of the N.& W.for development of the coal
merchandise inventories carried over from 1927 into the current period deposits of Buchanan County.
have not been written up as to value and that, therefore, the showing for
Butte Anaconda 8c Pacific Ry.-Final Valuation.
this latter period has not been unduly favored. The experiences of the
-S. C. Commission has placed a final valuation of 87.105,000 on
The I.
corresponding periods of 1925 and 1926 have been cited as more reasonowned and used property of the Company as of Dec 31 1920.-V
able for comparison with the present. Such a comparison, made in some the p. 1833.
detail, reveals that the margin between the cost of crude oil consumed for 125,
manufacturing purposes and the prices realized for products sold was almost
California Western RR. & Navigation Co.
-Final Val.
identical in 1928 with the average for the years 1925 and 1926: therefore
-S. C. Commission has placed a final valuation of $1.780.000 on
The I.
marketing conditions per se were not responsible for the increased earn- the owned and used properties of the company as of June 30 1917.-V
enjoyed.
ings
.
A farther comparison, however, reveals a marked decrease in manu- 109. P. 1179
-Earnings.Chesapeake Corp.
facturing expenses, which, expressed in figures. is equivalent to about
unr. End. Quar. End. 6Mos. End.
improvement. This is very gratifying to your management
56% of the
Period
June 30 '28 Mar.31 '28 June 30'28
as it is a vindication of their previous actions in making large Investments
$1,500.000 31,500,000 $3.000,000
for plant expansion and improvements. The remaining 44% of increased Dividend income
37,161
30,257
67.418
earnings is substantially traceable to the fortunate experience of your Other income
subsidiary company, the Atlantic Oil Producing Co., in the Seminole area
$1,537,161 $1,530,257 $3,067,418
of Oklahoma and In Crane and Winkler Counties, Texas. This showing
Total income
600,000 1,200,000
600,000
is particularly gratifying, since it covers a period when, to the best of our Bond interest
5,003
61,022
56,019
information, the crude oil producing industry generally has been realizing Other expenses
insufficient returns.
$881,142
$925,254 $1,806,396
The most important decision taken by your management this year has
Net income
675,000
675,000 1.350.000
been the construction of a pipe line connecting the West Texas producing Common dividends
areas, above mentioned, with your tidewater oil handling terminal on the
$206,142
3250,254
3456,396
Neches River near Port Arthur. Texas. This lino-approximately 500
Surplus
miles in length-will permit the transportation of about 40,000 barrels per -V.126, p. 2305.
day of your own and other oil, with a very considerable saving and profit.
--Earnings.
Cincinnati Northern RR.
The construction work should be completed almost, if not entirely, during
1928-6 Mos.1927
Period End. June 30-- 1928-3 Mos.-1927
the current year so that returns from the investment may be anticipated
3997.868 $1.122,036 $2,039,386 $2,294,677
Ry.oper.revenues
as accruing early In 1929.
727,085
820,545
1,449,881
1.612,575
.expenses
By.oper
6
CONSOLIDATED EARNINGS STATEMENT, MOS.ENDED JUNE 30.
$301,491
3580,505
3682.102
Net rev.from ry. oper. $270,783
64,621
68,299
133.750
143,478
By.tax accruals
1927.
1926.
1928.
1925.
698
Crl
1,107
91
$68,390.353 $71,427.157 $75.927.193 $65,207,739 Uncoil. ry.revenues_ _ _ _
Gross income
71,040
64,236
joint fedi. rents
185.697
161.489
Raw mat'',op., &c.,exp. 55,170,327 64.286,357 67,255,273 55,239,292 Equip.&
$168,958
$259.950
3377,044
Net ry. oper. income- $134,425
$13,220,026 $7,140,800 88,671,920 $9,968,446
Net,income
5,314
-op. inc
6.499
11.339
17.498
950,387
539.108
684,508
Other income
532,834 Miscell. & non
3139.738
3175.457
3271,289
$394,542
Gross Income
$13,759,134 $8.091.187 39,356.428 $10,501,281
Total income
24.667
gross Inc
52,822
26,133
50.963
430,593
432,243
575,726
Interest
641.089 Deduct,from
418,658
218,113
522.986
Insur. & other reserves_
464,985
$115,072
$149,323
$220,327
$341,720
Net income
5,489,535 4,610,803 4,369,396
Deprec'n and depletion.. 5,268.771
-V. 126, p. 3112.
451,643
398.800
Fed'l taxes (estimated)_ 1,201,380
•
800,000
1,572,261
Inventory adjustment_
Cleveland Cincinnati Chicago & St. Louis Ry.-Earns.
948,637 1,125,474
Intangible devel. costs
1928-3 Mos.-1927
1928-6 Mos.-1927
Period End. June 30
80,441
Gen.int., disc.,chgs•,&c
821,918,510 822,564,362 $43,500,504 345,419.324
By. oper. revenues
17,018.554 17,654,712 33,598.267 35,103.375
$5,689,987loss$1477420 $3,248,113 $4,225,811 By.oper.expenses
Net income
1,700,060 1.200,350
700,350
Dividends
701,050
Net rev,from ry.oper - $4,899,955 84.909,650 39.902.236 310.315,949
accruals
1,170,613
1,224,524 2,446.274 2,483,419
$3,989,927def$2677,770 $2,547.763 $3,524,761 By. taxry.revenues_
Balance, surplus
6.798
8,386
3,565
3.974
Previous surplus (adi.) 32,688,336 33,358,363 27,533,745 21,709,498 Equip.&joint facil.rents
616,961
1,132.999
353,968
612,523
sur. not incident
Adj. of
Cr.425,826 Dr.161,352 Dr.695,665
to current period
Net ry. oper. income_ $3,112,844 $3,327,593 36,314,578 37.208.771
721,771
810,311
376,666
422,130
Miscel.& non-op. Inc__ P.& L.sur. June 30-337,104,089 $30,519,241 $29,385,843 $25,234,259
x The Atlantic Refining Co. Interest. $37.165,293,less deficit of minority
Gross income
83,534,974 $3,704,259 $7,124,889 $7.930,542
$61,204.
interest,
Deduct.from gross inc.- 2.116,898 2,042.316 4,309,229 4,137,461
COMPARATIVE CONSOLIDATED BALANCE SHEET JUNE 30.
1927.
1928.
1928.
1927.
Liabilities
$
$
AssetsPlant account _x74,041,188 69,785,877 Common stock- 50,000,000 50,000,000
Preferred stock_ 20,000,000 20,000,000
Invested in associated cos.... 8,048.338 8,513.575 Cap.stk. of sub.
4,613,802 3,445,488 cos. not held
Cash
by A. R. Co__ 5140.754
103,891
103,891
157,960
U. S. Govt.sec_
290,773 Debentures_ _ _ 14,450,600 14,390,000
631,584
Oth. market secs
Sub, to. bonds
Accrued interest
259,102 & mortgages_
168,100
receivable_
Accts. payable_ 6,567,024 6,065,454
Accounts receiv757,161
y14.477,540 14,149,091 Fed. taxes (est.)
470,260
able
645,167 Notes payable__
500,000 3,003,404
Notes receivable 1,939,378
38,423 Other curr. liab.
25,911
87,145
Due from empl.
336,660
36,463,749 36.458,370 Accr. liabilities_
353,214
Inventories_
Deferred items.
617,943
595,174
Prepaid and deitems- 2,210,624 2,317,357 Other over. res. 11.767.208 0,898.219
ferred
Profit & loss__ 37,165,293 30,637.680
Other current
Appr.surp.. &c_
330,251
41.568
267,648
assets
142,658.807 136.007,112
142,658,807 136,007,112 Total
Total
for depreciation and 85,182.885
x After deducting $50,183,164reserve for bad debts. a After for deplededucting
tion and amortization. y Less to minority interests amounting to $47,172.
applicable
deficit of subsidiaries
127, p. 681.
-V.
Net income
$1.418,076 31,661,943 $2,815,661 33,793,081
470.287
470.287
470,287
Shs.com.out.(par $100)
470.287
$7.53
3.5.45
$3.27
Earns, per share on corn_
$2.74
-V. 127, p. 679.
-To Be Electrified.
Cleveland Union Terminals Co.
AR passenger trains in and out of Cleveland will be handled by electric
locomotives after Jan. 1 1930, the company has announced. The newly
electrified zone is to include about 16 miles of multiple track route, extending from Linndale on the west through the new terminal station to Collin-way
wood on the east. A portion of this electric zone will be on the right of
of the New York Central and Big Four lines, and the remainder on the
Nickel Plate.
The power distribution will be of 3,000 volts direct current, with catenary
overhead construction. The motive power for the initial operation will
include twenty 204-ton geared-type passenger locomotives.
These locomotives are being built jointly by.the American Locomotive
and the General Electric companies. They will have ample capacity for
handling Pullman trains weighing as high as 1276 tons trailing, equivalent
-ton Pullman cars. Each unit will weigh 204 tons. with
to seventeen 75
150 tons on the driving axles. The 6 geared driving motors will have a
total rating of 2,900 h.p. at the one-hour rating, and 2,465 h.p. at the
continuous rating. At each end of the locomotive Is a two-axle guiding
truck designed to insure successful operation at high speeds. The total
length of the locomotive is 80 feet, while the length of the cab is only 62
feet. The running gear includes two 3-axle Commonwealth Steel trucks
-axle guiding trucks, each carry.
coupled by an articulated joint and two 2
-V.127. P. 257.
Inca weight of about 27 tons.
950
FINANCIAL CHRONICLE
Midland Valley RR.-Int. on Adj. Mtge. Bonds.
-
Consolidated Railroads of Cuba.
-To Receive Dividend.
The directors have declared for the year ended June 30 1928,5% interest,
payable Sept. 1 1928, on the adjustment mortgage series A and B bonds.
The coupons are payable at the Fidelity-Philadelphia Trust Co., Phila.,
on Sept. 1 1928, and interest on series A bonds is represented by coupon
No. 12, and on series B bonds by coupon No.8.-V. 127, p. 257.
See Cuba Northern Rys. below.
-V. 126, p. 2958.
Cuba Northern Rys.-Initial Dividend of $4.40.
The directors have declared a dividend of $4.40 a share on the common
stock, payable Sept. 28 to holders of record the same day. Over 99% of
the $14,000,000 outstanding common stock (par $100) is owned by the
Consolidated RRs. of Cuba.
-V. 126. p. 2959.
Muskogee Co.
-Initial Dividend.
-
-New Directors.
Denver & Rio Grande Western RR.
Finley J. Shepard, vice president of the Missouri Pacific RR., and
Arthur W. Loasby, president of the Equitable Trust Co., have been elected
directors to succeed John J. Raskob, resigned, and Alvin W. Krech, deceased.
-V. 126. p. 2785.
Georgia & Florida RR.
-Bonds.
-
The I.-6. C. Commission on Aug. 2 authorized the company to issue
in temporary and definitive form $149,500 of 1st mtge. 6% gold bonds,
series B. to reimburse it for capital expenditures not heretofore capitalized.
and to finacce the additional cost of constructing its Greenwood extension:
said bonds to be pledged and repledged from time to time as collateral
-V. 127, p. 104.
security for short-term notes.
-Earnings.
Indiana Harbor Belt RR. Co.
1928-6 MOS.-1927
1928-3 Mos.-1927
Period End June 30$3,057,675 $2,756.240 $6,077,405 $5,658,046
By. oper. revenues
4,295,710
4,087,092
2.073.993
1,913,128
By. oper. expenses
$682,248 $1,990,313 $1,362,336
Net rev.from ry.oper. $1,144,547
271,999
339.214
148.851
183,745
By. tax acruals
510
7,835
267
7,546
Uncoil. ry. revenues---193,670
299,894
41,060
152,710
Equip.& joint facil.rents
Net ry. oper. incomeMiscell. & non-op. Inc__
$800.546
24.927
$492.070 11,343.370
46,968
24,516
1896,157
46,809
Gross income
Deduct,from gross Inc-
$825,473
138.663
$516,587 $1,390,338
270,276
134.875
$942,966
268.899
Net income
-V.127. p. 543.
$686,810
$381,712 11.120.062
$674,066
-To Change
International Rys. of Central America.
Par.
-
[VOL. 127.
The directors have declared an initial dividend of $1.50 per share on
the no par value stock, payable Aug. 15 to holders of record Aug. 8.
The company owns approximately 93% of all the outstanding stock of
the Kansas, Oklahoma & Gulf By. Co., which on July 31 paid an initial
dividend of3% on its 6% series A cumul. pref.stock.
-V.121, p. 1566.
Nevada County Narrow Gauge RR.
-Final Valuation.
The I.
-S. C. Commission has placed a final valuation of $560,270 on
the owned and used properties of the company,as of June 30 1916.-V. 110,
p. 360.
New York Central RR. Co.
-Earnings.
(Including Boston & Albany RR. and Ohio Central Lines.)
Period End. June 30- 1928-3 Mos.---1927
1928-6 Mos.-1927
By. oper. revenues
By. oper. expenses
94,941,866 98,346,283 183.109,872 191,561,965
70,865.044 72,391,735 140,007.762 145,529,715
Net rev,from ry.oper. 24,076,822 25,954,547 43,102,110 46,032,250
By. tax accruals
6,527,197
6.813.512 12,750,396 12,915,243
Uncoil. ry. revenues_
63.875
44,041
36,059
91,539
Equip.& joint facil. rents
2,093.840
1,023,951
1,714,860
933.195
Net ry. oper. income_ 16,572,389 18,081,025 28,545,315 30,959,292
Miscell. & non-op. inc
7,925.217 17,158,040 17,235,349
8.270,309
Gross income
24,842,698 26,006,242 45,703,355 48,194,641
Deduct from gross inc.. 11,866,701 11,596,017 23,587,260 22,874.209
Netincome
12,975,996 14,410,225 22,116,095 25,320,434
Shares of capital stock
outstanding (par $100) 4,215,832
4,215,832 3,832,582
3,832,582
Earns.per sh.on cap.stk.
$6.60
$5.24
$3.07
$3.76
-V. 127. p. 818.
North Louisiana 8c Gulf RR.
-Acquisition and Opera.
The stockholders will vote Aug. 30 on changing the authorized common tion of Line.
stock from 300,000 shares, par $100, to 500,000 shares of no par value.
The I.
-S. 0. Commission on July 31 issued a certificate authorizing the
V. 126, p. 2957.
acquisition and operation by the company of a line of railroad extending
westerly from Hodge to Danville and thence northwesterly to Bienville, a
-Bonds.
-Kansas City & Grandview Railway.
distance of approximately 25.7 miles, in the parishes of Jackson and BienThe L-S. C. Commission on Aug. 3 authorized the company to issue yule, La.
13.000,000 1st mtge. guaranteed gold bonds, series A; said bonds to be
Authority was also granted to issue $200,000 of capital stock (par $100)
sold in blocks of $100,000, or multiples thereof, from time to time, to and for the purpose ofacquiring the line of railroad of the former North Louisiana
Including Sept. 30 1931, at not less than 96.05 and int.from the last interest- & Gulf RR.,said stock to be delivered to the stockholders of that company
payment date, and the proceeds used to finance the cost of constructing or their successors in interest.
13.24 miles of railroad in Jackson County, Mo.
The line of
and operate
which the company
Authority was also granted the Kansas City Southern By. to assume was formerly railroadand operated by theproposes to acquire Gulf RR.,
owned
North Louisiana &
obligation and liability, as guarantor and otherwise, in respect of the which was organized in 1906 under a charter that expired in 1916. Although
payment of the principal of and interest on $3,000,000 of Kansas City .St its charter was not renewed, the former company continued to operate the
Grandview By. 1st mtge. guaranteed gold bonds, series A.
railroad as though the charter were still in existence. The present comThe acquisition by the Kansas City Southern By. of control of the Ea u ige ,m
a ng
name
oganped ers a
win SeztiiR2
Louisiana,
.0
railway and property of the Kansas City St Grandview Railway Co.,
un
pnl
qaig
forti e eura ose
wi L tnp ; e
Ler
in
lease was also approved and authorized.
under
ing and operating the line of railroad. 'the organization of the present
The previous order of the Commission entered June 20 last was vacated. company is practically a reincorporation of the former company.
-V.
-V. 126. p. 4078.
124. p. 502.
-Stock Issue Approved.
Long Island RR.
-S. C. Commission on Aug. 2 authorized the company to issue
The I.
$5,889,750 capital stock (par $50): said stock to be sold at not less than
par and the proceeds applied in payment of existing indebtedness.
The report of the Commission says in part:
The applicant represents that in order to pay for additions and betterments to its property. to meet maturing ooligations, and to provide for
other corporate necessities, it has incurred indebtedness to the Pennsylvania RR. amounting, as of Mar. 311928. to $18,265,534. Between Jan.
1 1914 and Dec. 31 1926, an excess of capital expenditures over capital
securities issued or assumed, amounting to $21,417.304 is shown. In
respect of this amount of expenditures the applicant proposes to issue
15,889,750 of stock and to use the proceeds to liquidate an equal amount
of its indebtedness to the Pennsylvania.
The applicant has an authorized capital stock of $40,000,000 (par $50)
of which $34,110,250 has been issued and is outstanding. Of the out°,
standing stock. 99.927 is owned by the Pennsylvania RR.
The proposed stock is to be offered for subscription at par to the applicant's stockholders of record on Aug. 31 1928. to the extent of 17.25% of
their holdings. Any stock not subscribed for by stockholders is to be
-V. 127, p. 405.
sold at par to the Pennsylvania RR.
Los Angeles & Salt
of Branch Line.
Lake
-Abandonment of Part
RR.
The I.
-S. Cl. Commission on July 28 issued a certificate authorizing the
company to abandon part of a branch line of railroad in San Bernardino
-V. 124, p. 2117.
County, Calif., 0.4 mile.
Louisiana & Arkansas Ry.-Operation of Lines.
-S. C. Commission on July 31 issued a certificate authorizing the
The I.
company (a) to abandon operation under trackage rights over the railroads of the Missouri Pacific RR. and the Texas & Pacific By. between
Tioga and Alexandria, and (b) to operate that portion of its line between
Tioga and Pineville and, under trackage rights, over the railroad of the
Louisiana By. & Nay. Co. between Pineville and Alexandria, all in Rapides
-V. 126, p. 2959.
Parish, La.
-Earnings.
Mahoning Coal RR. Co.
Period End. June 30- 1928-3 Mos.-1927
$535,361
ncome from lease ofroad $454,736
11,304
44,242
Other income
$546,665
$498,978
income
Total
65,962
48,037
Taxes
18,750
18,750
Int on funded debt.-2,337
1,917
Other deductions
Net income
-V.126, p. 3293.
$430,274
$4459,616
1928-6 Mos.-1927
1893,820
$741,537
91,784
165.577
$907,114
81,678
37,500
3,759
$985,604
107,018
37,500
3,876
1784,178
$837,210
Meridian & Bigbee River Ry.-Notes.-
company to issue
The 1.-S. C. Commission on Aug. 7 authorized the
years from the date
and reissue, from time to time within a period of two not less than par to
order $25,000 of promissory notes, to be sold at
of this
the
provide working capital for the operation of the completed portion of
rallroad.-V. 123, p. 1500.
-Earnings.
Central RR. Co.
Michigan
1928-6 Mos.-1927
Period End. June 30- 1928-3 Mos.-1927 $45,289,157 $44,506,466
$23,361,314 $23,166,756
By. oper. revenues
15,732.064 15,985,862 30,882,436 30,921,859
By. oper. expenses
$13,584,607
Net rev.from ry.oper. $7,629,250 $7,180,894 114,406,721
2,985,586
1,575,489 3,010,917
1,513,589
Ry. tax accruals
13,143
13,593
6,163
4,318
Uncoil. ry. revs
157,568
504,964
29,277
164,517
Equip.& joint facil. rents
Net ry. oper. income- $5,946,826 $5,569,964 110.877,246 $10,428,310
1,022,226
849,489
548,974
406.323
Miscall. & non-op. Inc_
$6,353,148 16,118,938 $11,726,736 111,450,535
Gress income
3,158,236
2,940,791
1,567.966
Deduct.from gross inc.- 1.463.405
$4,889,743 $4,550,973 $8,785,944 $8,292,300
Net income
187,364
187.364
187,364
Shs.cap.stk.out.(par$100) 187.364
$44.26
$46.89
$24.29
$26.09
Earns.per sh.on cap.stk_
-V.126, p.3924.
-Holdings of Securities of
Pennsylvania Company.
Railroads Transferred by Pennsylvania RR.-See Pennsylvania
RR.below.
--V. 125, p.2259; V.126, p. 4077.
Pennsylvania Tunnel & Terminal RR.-Acguisition of
Control by Pennsylvania RR. Authorized.
The 1.-S. C. Commission on Aug. 4 approved the acquisition by the
Pennsylvania RR. of control of the Pennsylvania Tunnel & Terminal RR.
The report of the Commission says in part:
The line of the Tunnel company extends from the township of Kearney,
Hudson County N. J. to Hoboken, N. J., thence by tunnel to the Pennsylvania station in New'
City, and thence by tunnel to Sunnyside Yard
In the Borough and County of Queens, N. Y. approximately 12.68 miles.
It also has a branch extending from a point about 0.25 mile east of the
'
western end of the main line toward the town of Harrison, N. J., approximately 1 mile.
Construction of the Tunnel company's line was completed in 1910,
since which time it has been operated continuously by the Pennsylvania
as agent. At the western end connection is made with the line of the
unified New Jersey RR. & Canal Co. and with the Lehigh Valley RR.,
and at the eastern end with the New York Connecting RR., the Long
Island RR. and the New York New Haven & Hartford RR. The line
also is used to some extent by the two carriers last named and by the
'
Lehigh Valley RR.
The balance sheet of the Tunnel company as of Dec. 31 1927, shows
Investment in road $115,891,213, general expenditures $81,910, miscellaneous physical property 8380,872, mortgages receivable $131,500, current
assets $1.091,798, unadjusted debits $500, capital stock $50,000,000.
non-negotiable debt to affiliated companies $61,429,321, unadjusted credits
(accrued depreciation on road) $4,049.625, and profit and loss credit balance $2,098,848. The Pennsylvania owns all the stock and also made the
advances to the Tunnel company represented by the item "non-negotiable
debt to affiliated companies.
"
The Pennsylvania states that operations have now reached a basis
whore it is deemed that a more permanent arrangement for conducting
the future operations of the property of the Tunnel company is desirable.
Accordingly, under date of June 14 1928, the parties executed an indenture of lease, effective July 1 1928, under which the Pennsylvania will
lease the properties of the Tunnel Company for a term of 999 years, and
will pay as annual rental therefor a sum equal to 5% per annum on the
outstanding capital stock the percentage to be paid on stock which may
be issued subsequent to July 1 1928, to be agreed upon by the parties; a
sum sufficient to enable the Tunnel company to pay all interest on its
bonded or other indebtedness and taxes thereon; the cost of maintaining
the corporate organization of the Tunnel company: all taxes, assessments,
duties, &c., and will make all payments and perform and discharge all
covenants and obligations assumed by or devolved upon the Pennsylvania
under the lease. The lease provides for operation and maintenance of the
properties by the Pennsylvania and the making of additions and betterments thereto, reimbursement for capital expenditures to be made by the
issue of either stock or bonds by the Tunnel company. In the event of
default under the lease by the Pennsylvania, the Tunnel company may
declare the lease forfeited and ended, and its reentry upon the property
will not prejudice its right of action against the Pennsylvania on account
of such default.
The Pennsylvania states that under the terms of the lease, the annual
rental will amount to approximately $5,250,000. It further states that
the acquisition of control proposed herein will strengthen the credit of the
Tunnel company and enable it to secure directly the necessary funds for
the improvement and extension of its property. The line of the Tunnel
company is described as a reservoir for traffic, not only for the Pennsylvania system but for the other using companies, notably the Long Island
RR., which has no other terminal in Manhattan and which transports
about 40,000,000 persons annually. It is further alleged that the proposed acquisition of control will result in the simplification of operating
and accounting, will eliminate the leasing of motive power and other
facilities by the Tunnel company, and will give to that company all the
benefits that accrue from the operation of a large system as compared with
a carrier attempting to keep its own separate equipment, facilities, materials, and supplies.
-V. 126, p. 105.
Pennsylvania RR.
-I.
-S. C. Commission Studies Purchase of Lehigh and Wabash Stock.
The following appeared In the Philadelphia "News Bureau" of July 28:
The L-S. C. Commission is inquiring into the purchase of substantital
blocks of Lehith Valley and Wabash stocks by Pennsylvania Co., a non
operating subsidiary of Pennsylvania RR.
AUG. 18 1928.]
FINANCIAL CHRONICLE
Whether acquisition of these stocks constitutes an alleged violation of
the Clayton Act is a matter still to be determined. Situation is admittedly
different from that of other trunk lines which have directly acquired an
interest in competing roads; but significance is attached to the close relationship of the Pennsylvania Co. and the railroad in that the carrier owns all
the stock of the company and their boards of directors are identical.
Extent of Pennsylvania Co.'s holdings of Lehigh Valley and Wabash
stocks as of July 18 1928 was reported to the commission as follows:
'Lehigh Valley common of $18,251,950 par value ($50 par), actual money
cost of which awe $43,551,208.
Wabash common of $36,290.000 par value, actual money cost of which
was $29,958.195.
Wabash common of $36,290,000 par value, actual money cost of which
was $29,958.195.
Wabash 5% profit-sharing preferred A of $31,290,000 par value, actual
money cost of which was $33.083,353:
These stocks are carried on books of Pennsylvania Co. at actual money
cost.
Total cost of both Lehigh Valley and Wabash stocks is $106,592,757.
Company made direct short term loans from banksto extent of $81,500,000
in connection with the purchases. These funds were used, it is understood,
to purchase the Delaware & Hudson holdings of Lehigh Valley and Wabash
stocks to the extent of about 362,500.000, and $19.000,000 for purchases
In the open market.
Company is receiving 7% upon its Lehigh Valley stock and 5% upon the
Wabash preferred, but nothing on the Wabash common.
Information on file with the Commission indicates that the railroad has
transferred some of the Norfolk & Western common stock to Pennsylvania
Co. during 1928. As of July 18 1928 the Pennsylvania Co. held Norfolk &
Western common stock of $35,700,000 par value acquired at an actual
money cost of $44,625,000 and carried on its books at cost. Reports to
Commission as of Dec. 31 1927 do not list the Pennsylvania Co. as holding
any Norfolk & Western. However, same report shows that Pennsylvania
RR. itself owned $57,352,000 par value of Norfolk & Western common of
$58,091.202 book value and $12,238,000 par value and $9,364,858 book
value of preferred. Of these stocks. $528,000 par value of common and
with a book value of $1,004.720, representing its cost, and $230,000 par
value of preferred of $195,148 book value were acquired last year.
Holdings of Norfolk & Western with a book value of 344,625,000 make
up a substantial portion of the total investments of the subsidiary company
of $151,810,209 in stocks listed as "other investments" and aside from the
$95,620,592 stock investment in affiliated companies.
Assets of the Pennsylvania Co. totaled $266,826,453 as of July 19, 1928.
balance sheet filed with the commission discloses.
Investments of $102.397,071 in affiliated companies also are shown.
Company holds under this account stocks to extent of $95,620,592; bonds,
$5,146.792 and $1,629,685 In advances to affiliated companies. Notes are
carried at only $1.
Other investments aside from those in affiliated companies totaled
3152.235,247, consisting of $151,810,209 in stocks, $421,001 In bonds,
miscellaneous $24 and $4,013 In notes.
Current assets totaled $7,116,806, of which $4,124,004 is cash. $2,706,745
Interest and dividends receivable. 3258,454 special deposits and $27,601
miscellaneous accounts receivable.
Unadjusted debits representing accounts in process of adjustment totaling 3661.345 complete the assets. Securities issued or assumed unpledged
In amount of $3,311,000 also are listed under the assets, but not Included
in the total.
Liabilities balancing the total assets of $226,826,453 are principally made
up of the $124,625,000 common stock of $50 oar value which the railroad
owns, and loans and bills payable of $81,500,000. Latter figure represents
short term loans negotiated directly from banks and used in acquiring
Wabash and Lehigh Valley stocks.
Total long term debt of company is $16,689,000 and is madeup of funded
-25
debt unmatured In the form of 4% collateral trust certificates 15 -year
gold loan of 1906 due April 1 1931, totaling 320,000.000 but less $3,311,000
held by Pennsylvania RR.
Current liabilites total $520,652, principal items of which are $399,220
for unmatured interest accrued, $53.907 in miscellaneous accounts payable
and $52,409 in funded debt matured and unpaid and $9.193 for interest
matured and unpaid. Other deferrde liabilities of $5,602 are shown.
Unadjusted credits total $2.661,612. of which $813,412 is tax liability and
31.848.199 accounts in process of adjustment.
-V. 127. P. 818,
Profits and loss account of $40,824,586 also is shown.
644.
951
Wisconsin & Michigan Ry.-Final Valuation.
-S. C. Commission has placed a final valuation of 32.261.636 on the
The I.
owned and used properties of the company as of June 30 1916..-V. 119
p. 3007.
PUBLIC UTILITIES.
-10% Installment
American & Foreign Power Co., Inc.
Called on 2d Pref. Stock, Series A, Allotment Certificates.
Notice is hereby given that the 2d installment of the purchase price
of the units of securities covered by the 2d pref. stock series A, allotment
certificates, or $10 per unit, has been and hereby is called for payment on
Sept. 14. The initial installment of 40% was payable Jan. 25 1928.
The shares of 2d pref. stock, series A, which this installment now called
would suffice to pay for at the allotment price, are entitled to cumulative
dividends at the rate of $7 per share per annum from Jan. 1 1928. Payment
should therefore include accrued dividends at the rate of 3.01944 per share
per day from Jan. 1 1928. to the date on which payment is received at the
office of the company, 2 Rector St., N. Y. City.
The holders may,if they so desire, at this time or at any time, anticipate
Payment of the balance of the allotment price in whole or in part. Upon
payment of the entire balance due upon the 2d pref. stock, series A, allotment certificate and upon surrender of same duly endorsed and witnessed
the units of securities (both 2d pref. stock, series A and option warrants)
due thereunder will be delivered. (See original offering in V. 125, p.3344.).
-V.126, p. 4080.
-H. B. Thayer
American Telephone & Telegraph Co.
-The resignation of Harry
Retires as Chairman of the Board.
B. Thayer as Chairman of the Board and a director of the
company was accepted on Aug. 15 at a meeting of the board
of directors at Boston, Mass., and an amendment to the bylaws was voted discontinuing the office of Chairman.
Jeremiah Smith, Jr., of Boston was elected a director to
succeed Mr. Thayer who retires after nearly 50 years of
-V.127, P. 404, 105.
continuous service in the Bell system.
-Outputfor July.
Associated Gas & Electric Co.
The ouput of electricity of the Associated Gas & Electric System for
July was 74.376,633, an increase of over 5,000.000 k.w.h. for the same
properties as compared with the same month last year or 7.3%. This is
the largest increase shown so far during the calendar year 1928, the corresponding increase for the entire 12 months to date having been 4.2%.
The Associated System has been showing large increases in use of electricity
for commercial and residential purposes on all of its properties but the
depression in the coal industry in Western Pennsylvania where large
amounts are used for industrial purposes has been holding down the total
until recently. There, however, the effects of this have been partially
overcome, the increase in July having been 2.6%.
On Staten Island the loss because of power sold for discontinued street
railway lines has been largely overcome, the increase having been 4.5%
In New Hampshire the increase was over 31%, on Cape Cod-26% and
Cambridge. Mass. over 23%, Harlem Valley, N. Y.-22% and in Central
and Western New York 15% and 13% respectively.
In Kentucky and Tennessee the increase is slightly below the average
for the year having been only 10.5% as compared with 13.2% for the
-V. 127. p. 820.
12 months.
-Annual Report.
Birmingham (Ala.) Electric Co.
1924.
1925.
• 1926.
1927.
Calendar YearsGross earnings from oper$10,083,864 $9,472,159 $8,603,013 $7,854,00
5,273,202
5,713,034
Oper. exp., incl. taxes__ 6.651,939 6,162.123
Net earns. from oper. $3,431.925 13,310,036 $2,889,979 32,581.458
17,292
30,405
23,541
6,810
Other income
$3,438,735 58,333,577 32,920.384 52,598.750
Total income
848,789
869,334
864,505
861,705
Interest on bonds
82,834
34,075
40,271
91,173
Other int. and deduc.--Earnings.
598,512
691,401
Pittsburgh & Lake Erie RR.
776,731
776,730
Renewal & replace. res.105,000
227.859
1928-6 Mos.-1927
303,248
356,054
Period End. June 30- 1928-3 Mos.-1927
on preferred stock
Divs.
$7,730,882 $8.050,910 $15,024,785 $16,299,236
By.oper. revenues
3963,615
6.495,915 6,553,730 12,579,543 13.610,285
$1,353,073 $1.348,823 51,097.715
By. oper. expenses
Balance, surplus
Shares of common out800.000
800.000
800,000
Net rev,from ry. oper. $1,234,966 $1,497,180 32,445,242 $2,688.951
800,000
standing (no par)--$1.20
507.400
438.700
$1.37
931,500
982,400 Earns, per sh. on corn.
$1.69
Ry. tax accruals
$1.69
61
164
391
223 -V. 126, P. 1163.
Uncoil. ry. revenues
Equip. & it. facil. rents_ Cr926,491 Cr1.019,385 Cr1.836.540 Cr2.184.805
Net ry. open income_ $1,722,594 $2,009.104 $3,349,891 $3,891,133
255,301
231,415
521,611
Miscell. & non-op. Inc-598,312
$1,977,894 $2,240,519 $3.871.502 34.489,445
Gross income
379,859
562,322
826,136
Doduct,from gross Inc
1,277.792
$1.598,035 $1,678,197 $3,045,366 $3,211,654
Net income
719,712
(par $50) 863,654
363,654
719,712
Shs. cap.stk.out.
$1.83
$2.33
$3.79
Earns.per sh.on cap.stk.
$4.46
-V.127, p. 542.
-Earnings.
Rutland RR. Co.
1928-8 Mos.-1927
Period End. June 30- 1928-3 Mos.-1927
$1,723,718 $1,547,723 $33,36.3,03 $3,054,694
By. oper. revenues
1,285,957
1.348,748
2.727,583
2.589,532
By. oper. expenses
Net rev,from ry.oper.
By. tax accruals
Uncoil. ry. revenues_ _
Equip.& joint tacit. rents
$374,970
85,656
2
173
$261,766
80,740
1
Cr20,211
$636,370
.155
163
42
287
$465,161
155,407
Net ry. oper. incomeMiscell. & non-op. Inc_
5289,138
25,450
3201,236
24.383
$472,886
47,612
$358,894
52,303
Gross income
Deduct.from gross inc
$314,588
115,813
$225,620
118,670
$520,498
228,994
$411,197
239,089
Net income
-V. 127, p. 405.
$198,775
$106,949
$291,504
$172.109
Cr49.1Sig
St. Louis-San Francisco Ry.-Definitive Bonds.
Definitive consolidated mortgage 4 % gold bonds, series A, due March
1 1978. are now ready for delivery at the office of Speyer & Co., 24 & 26
Pine St., New York City, in exchange for and upon surrender of interim
receipts. (For offering, see V. 126, p. 1346.)-V. 127, p. 819.
--Earnings.
Toronto Hamilton & Buffalo Ry. Co.
1928-6 Mos.-1927
Period End, June 30- 1928-3 Mos.-1927
$886,540
$848,225 31.677,363 $1,625,447
By. oper. revenues
549,401
533,408
1,059,445
1.071.920
By.°Per. exPenses
$298,824
$617,918
$553,528
Net rev,from ry. oper. $352,131
29,043
34,756
65.496
62,893
Ry. tax accruals
137
460
144
580
Uncoil. ry. revenues
Cr12.983
Cr38.199
rents Cr21,306
Cr44.249
Equip.& joint Cacti.
Net ry. oper. income_
non-op. inc.. _
$338,544
30,675
$282,306
17,501
$590,478
103,111
$534.304
238,858
Gross income
Deduct.from gross Inc
$369,218
55,769
$299.807
55,392
$693,589
112.887
$773,162
112.328
Net income
.V. 126. P. 3113*
2313,450
$244,415
$580,702
3660.834
-Final Valuation.
Virginia 8c Carolina Southern RR.
a final valuation of $671.600 on the
The 1.-S. O. Commission has placed
of June 30 1918.-V. 122.
owned and used properties of the company, as
p. 2796.
-A
-Notes Sold.
Brooklyn-Manhattan Transit Corp.
banking group comprising the Chase Securities Corp.;
J. & W.Seligman & Co., and Hayden, Stone & Co., offered
Aug. 15 $10,000,000 1-year 6% gold notes at 100 and int.
The issue has been oversubscribed.
Dated Aug. 15 1928; due Aug. 15 1929. Authorized 310,000.000. Interest payable (F. & A.) at Chase National Bank, New York. trustee,
without deduction for normal Federal income tax not exceeding 2%.
Pa. and Conn. 4 mills taxes and Massachusetts 6% income tax on interest
refundable. Denom. $1,000. Red. all or part on Feb. 15 1929, on at
least 30 days' notice, at 100 and int.
Data from Letter of Gerhard M. Dahl, Chairman of the Board.
-Corporation operates, through subsidiaries, 219 miles of
Property.
rapid transit (subway and elevated) line track and 294 miles of surface
line track in N. Y. City. Corporation's interest in the rapid transit lines
is through New York Rapid Transit Corp., a subsidiary, which owns toe
original rapid transit lines and their equipment, and the lease (mentioned
below) of the city-owned rapid transit lines and their equipment. The
Williamsburgh Power Plant Corp.. another subsidiary, owns electric
power plants with an aggregate generating capacity of 272,000 a. p.,
which largely provide the present power requirements of the BrooklynManhattan Transit System. The properties of the system are being
maintained in excellent operating condition.
-Since 1918 the number of passengers carried by the
Traffic Increase.
rapid transit lines has increased over 152%. Total traffic of the system
increased over 81% in the same period.
has
-Notes are secured by deposit with the trustee of $12.000,000
Security.
New York Rapid Transit Corp. ref. mtge. 6% sinking fund gold bonds,series IL due 1968.
The City of New York has an investment of over $180,000,000 in the
city-owned lines operated by the Now York Rapid Transit Corp., the
Interest and sinking fund on which, under the contract mentioned below is
subordinated to an amount to be paid to that corporation substantially
in eXeesS of present interest and sinking fund requirements on New York
,
Rapid Trend t ref. mtge. bonds.
-For the year ended June 30 1928, fixed charges of Brooklyn
Earnings.
Manhattan Transit System were earned 1.8 times after depredation.
During the last three fiscal years maintenance and depreciation have
averaged approximately 24.4% of total operating revenues. Consolidated
earnings of Brooklyn-Manhattan Transit System for the past four fiscal
years compare as follows:
1928.
1925.
1926.
1927,
Years Ended June 30-343.312,417 $44.840,967 $46.710,593 $47,466,603
Operating income
Int. applic. to intereat,
12,902,146 13,540,235 14.143,305 14.565.561
rentals, etc
Interest,rentals, etc....,. 7,828,612
7,792.048
7,794,860 7.970.106
35,073.534 55,748,187 56.348,445 56.595.455
Surplus
purpose -Proceeds of these notes will be used to retire indebtedness of
the corporation, including indebtedness incurred in the purchase of the
pledged series B bonds, the proceeds of which have been and are being
used for the construction and equipment of rapid transit lines under said
contract with the city
-The lease of the city-owned lines contained in
Contract with the City.
the contract with the city, subject to earlier termination as therein Provided, runs to 1969. This contract provides in substance that from the
pooled revenues derived from the operation of the city-owned and the
952
[Vor.,. 127.
FINANCIAL CHRONICLE
company
-owned rapid transit lines, New York Rapid Transit Corp. is
entitled to deduct certain annual cumulative preferentials. including (a)
operating expenses, maintenance, rentals and taxes, (b) depreciation as
determined annually, (c) a fixed preferential of $3,500,000, and (d) a further preferential representing interest and sinking fund in the amount
of the cost to the New York Rapid Transit Corp. and predecessors for
construction and equipment under the contract, all before the city is
entitled to receive any return on its investment. After the city has received interest and sinking fund on its costs of construction under the
contract and after provision is made for a small contingent reserve fund,
the balance of the re venues Is to be divided between the city and New
York Rapid Transit Corp. in equal parts.
The current annual earnings of New York Rapid Transit Corp. exceed
by a substantial amount all of its current annual preferentials. Under
the terms of the contract the accumulated arrears of its preferentials must
be paid before the city is entitled to receive any part of the earnings. The
books of said corporation show these arrears,as of June 30 1928, as amounting to $13,021,107, of which 53,433,556 Is held in suspense pending determination of objections filed on behalf of the city.
Equity.
-These one-year 6% secured gold notes are followed by preferred and common stocks of Brooklyn-Manhattan Transit Corp. which,
at current market quotations,represent a junior equity of over $70,000,000.
Dividends are being paid on preferred and common stocks at the rate of
-V.127. p. 407. 258.
56 a share and $4 a share per annum,respectively.
-Earnings.
--California Oregon Power Co.
12 Mos. Ended June 30Gross earnings
Net earnings
Other income
1928.
1927.
$3,058,613 $2,701,241
1,606,019
1,917,988
12,133
7,835
Net earnings including other income
-V. 127. p. 259.
$1,930,121
$1,613,854
-Additional Pref.
Central States Power & Light Corp.
Stock Sold.
-Chase Securities Corp., Pynchon & Co. West
,
& Co., Federal Securities Corp. and W. S. Hammons & Co.
announce the sale of $98.50 and div., to yield 7.10%, 22,000
shares $7 dividend pref. stock. Preferred as to both assets
and cumulative dividends. (See original offering and description in V. 125, p. 3479.)
Data from Letter of H. C. Orton, President of the Corporation.
-Organized in Delaware in 1925. Furnishes electric light and
Company.
power, and(or) gas and(or) other public utility services to 97 cities and
communities located in the States of Iowa. Kentucky, Louisiana, Minnesota, Mississippi, Oklahoma and Texas. Through subsidiaries, controlled
through ownership of more than 99% of all outstanding stocks, it also
serves 92 communities in the States of Alabama, Arkansas, Michigan,
Missouri, North Dakota and in New Brunswick, Canada. The total
population of the territories sewed by the system is approximately 331,000
and the customers total more than 49,000. The combined annual electric
output is about 26,000,000 k.w.h., the electric properties including 9 steam
electric generating stations, 11 hydro-electric generating stations, and 1,397
miles of electric transmission lines.
As a result of present financing the corporation will acquire directly and
through a subsidiary a comprehensive system for the production, transportation and sale of natural gas at wholesale and retail to growing communities in the eastern and northeastern part of Oklahoma. Total sales
of these properties for the 12 months ended March 311928, approximated
10,133,000,000 cubic feet.
CapitalizationAuthorized. Outstanding.
a
1st mtge.& 1st lien gold bonds.5%% series, due'53
$10,500,000
$7 dividend preferred stock (no par)60,000 shs. 60,000 shs.
Common stock (no par)
50,000 shs. 35,100 shs.
a Issuance of additional bonds restricted by provisions of the mortgage.
Earnings.
-The following statement of consolidated earnings of the
corporation and its subsidiaries now or presently to be owned, for the year
ended March 311928. has been prepared by F. W.Lafrentz & Co., certified
public accountants, based upon their audits of the properties presently
to be acquired, and, in respect of the property heretofore owned or controlled, upon audits of Haskins and Sells, certified public accountants,
Thulin & Co., public accountants, and the records of the corporation:
Gross earnings
$3.980,176
Operating expenses, maintenance and taxes (other than Federal)_ 2,220,123
Earnings,
-Consolidated earnings of the company and its subsidiaries for
the year ended May 31 1928 (not including the gas companies operating in
Kansas and Missouri which were sold Oct. 31 1927 to Gas Service Co.. a.
Cities Service Co. subsidiary, but including the Ohio gas properties for the
period owned, which were sold March 1 1928) were as follows:
Gross earnings, including other income
$47,499,409
Operating expenses, maintenance, amounts applicable to minority common stocks, and taxes (except Federal income taxes)- 26,983,73S
Net earns, before replacement reserves, amort. and divs_...-$20,615,674
Interest and divs. paid or accrued on funded and floating debt,
and pref. stocks of subsidiaries, interest on the funded and
floating debt of the company, Federal income taxes, and
amortization
13,213,621
Balance available for dividends and reserves
Annual dividend requirements on the total amount of pref. $7402 1353
'
stock to be presently outstanding including this issue
1.120.000
The balance of 37,402,053 available for dividends and reserves is over 6.6
times the annual dividend requirements of 31,120.00000 the total amount
of preferred stock presently to be outstanding including this issue.
Reserves for renewals and replacements as required by the debenture
Indenture of the company for the year ended May 31 1928 amounted to
52.248.895.
Purpose.
-Proceeds from the sale of this issue of preferred stock will be
for the retirement of $7 and $6 dividend cumulative preferred stock.
aggregating 35,000 shares,for the increase of worldng capital, and for other
corporate purposes.
i
Capital zation.-The outstanding funded debt of the company as of June
00 m .a y % golbadareated ia due 19 anaaAddi
e a0 0 5p may d ebentures amard 2
.00 p
5 . with
toita1 fuonsisted of l
l92 c nded debt oPti?
8
the provisions of the indenture under which said 55.5% gold debentures are
outstanding. This issue of 50.000 shares of $5 dividend cumulative pref.
stock to be presently issued, and 60,000 shares of $7 dividend cumulative
preferred stock and 75,000 shares of 56 dividend cumulative preferred stock
heretofore issued and to be presently outstanding is followed by total
authorized issue of 650.000 shares of common stock of $100 par value, all
of which is outstanding and, except qualifying directors shares, is directly
or indirectly owned by Cities Service Co.
The subsidiaries of Cities Service Power & Light Co. had outstanding
with the public 5104,385.262 funded debt (principal amount), 344,674,537
preferred stocks (par value and-or stated capital) and $1,232,802 common
stocks (par value and-or stated capital) as of June 1 1928.-V. 127, 820.
p.
Cleveland Electric Illuminating Co.
-Acquisition.
The city of
Ashtabula, Ohio, has sold its electric plant to the above
company for $2,356,000, it is stated. The transfer from public to private
ownership was made on July 1.-V. 127. 820.
p.
Commonwealth Power Corp.
-Electric Sales.
Sales of Commonwealth subsidiaries for the month of July amounted to
l46,
iaar0
21,45217 5.11 .as compared with 124,184,313 h.w.h. In July 1927 an
0 k 9.
f .7 7.0
For the 7 months ended July 31 1928, electric sales were 1,028,316,559
k.w.h. as compared with 897.725.673 k.w.h. for the 7 months ended July
311927, an increase of 14.55%. For the year ended July 311928. electric
sales were 1,699,289.779 k.w.h. as compared with 1,507,077,704 k.w.h.
for the year ended July 311927,an increase of 12.75%.-V.127 p.820,407..
Connecticut Power Co.
-Probable Merger.
Permission for the merger of the Manchester Electric Co. with the above
company, a subsidiary of the Hartford Electric Light Co., through an
exchange of common stock was requested in a petition entered with the
Connecticut P. U. Commission on Aug. 11, according to an announcement
made by Samuel Ferguson, president of the Hartford company. The
tentative agreement between Cheney Brothers, owners of the Manchester
company, and the Hartford company calls for an exchange of 11.500 (par
ah1) ofEleatriancaticut Power's for 4,000 shares (Par $25) of the Mang2 ter the Co nec
The Manchester company at the present time is purchasing its entire
uirottZsp rom . Hartford Electric Light Co., so that the
. f 296 he
.
t
change of ownership ruested would make no immediate change in the
3eq
tuat
wer q vi
situation.-V,
-Stock Distribution
Consolidated Gas Co., New York.
Declared.
-
The company earlier this week notified the New York Stock Exchange
of the declaration of a 100% stock dividend, a distribution of one share
Net earnings (before interest. reserves, &c.)
$1,760,052 to be made for every share held as of Aug. 17. Books will be closed for
Annual int. requirements on $10.500,000 1st mtge. & 1st lien
10 days and the additional common stock will be ready for delivery on
gold bonds,53 % series, due 1953
577,500 Aug. 27.
The distribution was authorized by the stockholders at a special meetingBalance
$1,182,552 in July and is part of the merger program for the acquisition of the Brooklyn
Reserves for maint., renewals & replacements at 13% of gross
Edison Co., Inc. Under this distribution stockholders of the Brooklyn
operating revenues (less actual maintenance expenditures above
Edison who have deposited their stock will got two shares of Consolidated
deducted) as required by the mortgage indenture
293,252 Gas common and one share of preferred for each share of Brooklyn Edison
stock. The Consolidated Gas common stockholders will have two shares
Balance
$889,301 of common stock where they formerly had one.
Annual dividend requirements on 60,000 shares $7 dividend pref.
The Committee on Securities of the New York Stock Exchange has
stock (this issue)
420,000 ruled that the
will not be quoted "ex" such
Purpose.
-Proceeds of the present financing will be used to provide part distribution on Consolidated common stock
Aug. 17 and not until further notice. See also V. 127..
of the funds with which to make payments for the properties and leases p. 407. 821.
be
acquired and for other corporate purposes.
Management.
-Corporation has the benefit of the management of Utilities
Consumers Gas Co. of Toronto.
-To Increase Stock.
Power & Light Corp. through that corporation's control of its common stock.
The stockholders will shortly vote
increasing the authorized capita)
Utilities Power & Light Corp. has had an extensive and successful experience stnc 25, p 3 19 from $12,000,000, on outstanding, to $25,000,000.y ik ( ar 5500)
p
0
all
In the management of public utility properties.
-V.126,
p.3114.
Cities Service Co.
-Dividends.
-
The directors have declared the regular monthly dividends of % of 1%
In cash and
of 1% in stock on the common stock and 50c. per snare on
the preferred and preference "BB" stocks and 5c. per share on the preference "B" stock, all payable Oct. 1 to holders of record Sept. 15. like
amounts are payable on Sept. 1 next.
-V. 127, p. 407.
Cities Service Power & Light Co.
-Preferred Stock Offered.
-Henry L. Doherty & Co. are offering 50,000 shares
$5 dividend cumulative preferred stock.
-Initial Dividend.
Engineers Public Service Co.
The directors have declared an initial quarterly dividend of $1.25 per
sppre 5 the $ ffe v. g ia v pre6,stnck,o )
ea t. on
0 dirin cony.. 12f. p 195 payable Oct. 1 to holders of record
5
Power output during July of the company's subsidiaries was 72,416,000
k.w.h., an increase of 10% over July 1927.-V. 127, P. 821.
Florida Telephone Co.
-To Increase Rates.
Authority for a revision upward of telephone rates at 16 exchanges over
the State was granted the corporation by the Florida ER. Commission
recently. The points affected are Kissimmee, Winter Garden, Apopka.
ora, Tavares, Clermont.
Preferred stock authorized 500,000 shares, issuable in one or more series; Groveland, Dade City, Leesburg, Mount D Crystal River, Williston
Umatilla, St. Cloud, Lake Butler, Alachua,
to be presently outstanding 185,000 shares, of which 60,000 shares are $7 and Eustis, Fla.
In each instance, except at Eustis, the changes were
dividend cumulative preferred stock and 75,000 shares of $6 dividend
midnight Aug. 1. At Eustis. the recumulative preferred stock heretofore issued. To be presently issued 50,000 authorized to become effective at
present telephone
vision
shares of $5 dividend cumulative preferred stock, preferred (together with systemis to become effective when a transfer from the
to the common battery apparatus is made.
all other preferred stock) over common stock as to assets and cumulative
The Commission, in granting authority for the revision, found that
dividends: redeemable as a whole or in part, at any time upon 30 days' tpreesentraes
h
rates
exchanges did not yield a fair return on
each of the 16 excha
notice at 3105 per share and divs. It is the company's policy to pay diva.
investment.
on its preferred stock on the fifteenth of each month to stockholders of
Application for the increase was filed by the corporation last year.
record on the first of the month. Dividends free from present Federal Public hearings were held and appraisals made by the telephone engineering
normal income tax.
depart -befor3 ac 0 1AVas taken by the Commission. ("Telephony.
Aug imont v. l2e, pt 5 .
.10n
Registrars. Bank of the Manhattan Co., New York: Union Trust Co.,
Chicago, and Federal National Bank, Boston. Transfer Agents, Henry L.
Doherty & Co., Now York; Illinois Merchants Trust Co., Chicago., and the
Fort Smith Light &
First National Bank of Boston.
1927.
12 Mos, Ended June 301928.
Company.-Incorp. in Delaware. Is a public utility holding company, Gross earnings
$948,029
$985,435
owning principally stocks of electric power and light, gas distributing and Net earnings
251,253
286,384
street railway companies. The following comprise the company's major Other income
95,335
112,585
operating groups:
Ohio Public Service Co.; Toledo Traction, Light & Power Co.: (The
Net earnings including other income
Toledo Edison Co., subsidiary); Public Service Co. of Colorado; Empire
‘
earni58g
399869
Note.
3
-Gas properties sold June 15 1928. Gas department netS3ia.ngs
District Electric Co. (Missouri, Kansas and Oklahoma); and St. Joseph for the full year ended June 30 1927, and for the eleven and one-half months
(Mo.) Railway, Light, Heat & Power Co.
ended Juno 15 1928, are included in other income.
-V. 127, 821, 259.
The operating subsidiaries of the company comprise a diversified group
of public utility operations in 17 States, serving directly or indirectly, a
Gulf Utilities Co.
-Co-Trustee.
population estimated to be in excess of 2,100,000 in over 600 communities.
The Seaboard
has been appointed
Among the larger cities served are Toledo, Sandusky, Warren, Massillon, co-trustee underNational Bank of the City of New York
mortgage and deed of trust dated Aug. 1 1928 securing
Elyria, Lorain, Alliance and Mansfield, Ohio; Denver, Boulder, Pueblo an issue of 7% mortgage
gold notes due Aug. 11930.
and Fort Collins, Cob.: and Joplin, Sedalia and St. Joseph, Mo. These
localities represent a wide diversity of industrial and agricultural activities
-Er..
International Telephone & Telegraph Corp.
which tends to stabilize the earning power of the group as a whole.
The income of the subsidiaries is derived principally from the electric and pansion.has been inaugugas properties,
-income from these sources representing more than 78%
The corporation announces that long distance service
and 15%, respectively; of the combined gross earnings from operations for rated between Madrid and Germany over the lines of the Compania Telefonica Nacional de Espana, an associated company.
the 12 months ended May 31 1928.
-V. 127. p. 100.
-Earnings.
-Traction Co.
p.
Ara. 18 1928.]
FINANCIAL CHRONICLE
953
-Sales Increase.
Peoples Light & Power Corp.
--Earnings.
Louisville Gas & Electric Co.
1928.
During the first 6 months of 1928, operating subsidiaries sold 3,113 domestic appliances for the use of electricity or gas, such as stoves, fans,
refrigerators, water heaters, toasters, percolators, irons, washing machines,
etc. Of this total. 1858 were electric and 1.255 gas appliances. Revenues
derived from such sales amounted to $271,168, as compared with $91,696
Increase of nearly 200%. The fore$5.059,866 $4.557,458 for the corresponding period of 1927, anBurlington (Vt.)Light & Power Co.,
income
Net earnings including other
going figures do not include sales by the
-V.127. p. 260.
records of certain Arizona properties. It
recently acquired, or complete
is conservatively estimated that the increased consumption of electricity
-Stock Approved.
Malden Electric Co.
gas as a result of these appliances will add more than $50,000 annually
The Massachusetts Department of Public Utilities has approved the and
-V. 127.
the gross revenues of the Peoples Light & Power System.
company's petition for authority to issue 35,244 shares of additional capital to 823.
retire obli- p.
stock (par $25) at $55 a share. The proceeds will be used to
-Earnings.
gations outstanding Mar. 31 1928. and the balance for expenditures to
Philadelphia Co.
1927.
1928.
-V.125, p. 1193.
plant and property.
12 Mos. Ended June 30$61.181,221 $61.454,624
26,505,450 25,959,397
-Probable Consolida- Gross earnings
Electric Co.
Manchester (N. H.)
Net earnings
1,088,482
1,484,892
Other income
-V. 124, p. 2748.
See Connecticut Power Co. above.
$27,990.342 $27,047.879
Net earnings including other income
- -V.127, p. 291.
-Interest Due March 1 1922.
Mexico Tramways Co.
dated March 1
On and after Sept. 1 1928 coupon No. 31,gold bonds, will1922, detached
-Electric
Co.
Public Service Electric & Gas connected to the Meters.
paid at the
be
-year 5%
from the gen. consol. 1st mtge. 50
distribution
More than 800.000 electric meters werein the history of the company.
Bank of Montreal,Toronto, Montreal or London,England,or at the agency
-V.127. p.546. lines as of June 30 1928. a new high record
of the Bank of Montreal, New York,at the holder's option.
exact-represents
The number of meters now in service-808.115 to be
in service June
a gain of 70,596 compared with the total of 737,519 meters
Telephone Co.
-Expenditures.
Michigan Bell
1927.
The directors on Aug. 9 approved estimates for extensions to the plant 30The company, which is the principal operating subsidiary of Public
of 11.7% in
in the amount of $2,971,000, divided approximately $1,601,000 for Detroit
Corporation of New Jersey, recently reported a gain
and $1,370,000 for the rest of the state. Including estimates approved at Service current sales for the quarter ended June 30 1928, while the increase
electric
previous meetings, this makes a total so far this year of $17,314,000 for In sales for the 6 months ended June 30 1928, represented a gain of 10.9%
-V.126. p. 1659.
Sales of current
Detroit and $10,175,000 for the rest of Michigan.
compared with the corresponding period a year ago.
months compared with
for power purposes only, increased 11.6°Z. for the 6
-Earnings.
Mountain States Power Co.
the same period in 1927.-V. 127, P• 823.
1928.
1927.
12 Mos. Ended June 30
-Bonds Offered.Gross earnings
$2,816,580 $2,681.375
Public Service of Pennsylvania, Inc.
1,055.294
1,053,290
Net earnings
and McLaughlin, MacAfee
188.287 Boenning & Co. Philadelphia
124.690
Other income
collat.
Net earnings including other income
$1,177,980 $1,243,581 & Co., Pittsburgh, are offering $500,000 1st lien &
Note.-Tacorna and Puget Sound Divisions sold December 31 1927. Net
A 5%% at 98M and int. to yield
earnings of Tacoma and Puget Sound Divisions for the full year ended trust gold bonds series
June 30 1927, and for six months ended December 31 1927, are included over 5.60%.
(S. & D.). Deztom.
-V. 127. p. 260.
in other Income.
Dated June 11928; due June 1 1953. Int. payable on 30 days' notice
date
.
$1,000 and $500c5 Red. all or part on any int. thereafter at Si of 1%
-Acquisition.
National Electric Power Co.
and
to and incl. Dec. 1 1943 at 105 and int.,year. Interest payable at
The Portage Light & Power Co., which has been in operation in Cambria prioryear less for each succeeding calendar
per
County. Pa., since 1905, has been purchased by the above company and Pennsylvania Co. for insurances on lives and granting annuities, Philapresent
will be operated in the future by the Penn Central Light & Power Co.
Interest payable without deduction for 'Maine, normal
Mass..
The new unit, which has been purchasing power from Penn Central delphia, trustee.
not exceeding 2%. Certain taxes in
income
since 1910. serves Portage, Cassandra, Bons Creek, Jamestown, and FederalMd. and tax of Col. refunded. Free from Pa. State tax.
D.
Conn..
Scanlan Hill, all in Pennsylvania.
of the Company.
Sordoni,Pres.
The acquisition of the Portage company will add to the operations of Data from Letter of Senator Andrew J.
Outstanding.
Authorized
the Penn Central company a total of 1,428 customers, 1,188 of whom are
Capitalization.000
residential consumers, 211 commercial, and 29 power.
letlien & coll, trust bonds,series A 5ti%$500
$313,777
82,000,000
An extensive construction program is under way in the Penn Central Cumul.pref.stk.(par $100)
10,000 shs. 10.000 shs.
company's territory. The Riverside substation at Lewistown. Pa., is Common stock (no par value)
restrictions of the
being remodeled and an addition is being built. In the new Logan Level
x Additional bonds may be issued only subject to the
substation, between Lewistown and Reedsville. Pa.. new transformers trust indenture.
supplies
have been installed and 3 new transformers have been installed in the
Company.-Incorp. In Delaware. Through its subsidiaries,
prosperous agricultural,
substation at Naginey.
without competition, electric light and power to a 167 square miles near
- industrial and residential section of approximately
A 13,000-volt circuit line is being built from Everett to Hopewell, Pa.
purChases energy from the
V. 126, p. 3755.
the City of Wilkes-Barre. Pa. Company
favorable conLuzerne County Gas & Electric Corp. under long-term lines and 1.081
New York Telephone Co.
-Tenders.
tracts. There are 50 miles of transmission and distribution
N. Y. connected electric consumers. The population served is estimated at over
The Guaranty Trust Co. of New York, trustee, 140 Broadway,
-year s. f. 6% 15,000.
City, will until Sept. 28 receive bids for the sale to it of 30
Wyoming, Sulligold deb. bonds, due Feb. 1 1949. to an amount sufficient to exhaust
Telephone service is supplied in 22 townships situate inLackawanna and
parts of Luzerne.
van and Susquehanna Counties and in Pennsylvania. The area served is
$3311,868 at a price not exceeding 110 and int.-V. 127, p. 683.
Bradford Counties, all in the State of
These rural districts are connected
-Earnings.
Northern States Power Co.
approximately 1,100 square miles. annual agreement with the Bell Tele1928,
1927.
12 Mos. Ended June 30with Scranton and Wilkes-Barre. by
to give the
$30,601,037 $29,035,013 phone Co. of Pa. in effect since 1912, whereby the latter agreesto pro rate
Gross earnings
territorial rights and
15,389,338 14,923,730 Commonwealth Telephone Co. exclusivefurnish it engineering service and
Net earnings
76,381 toll charges on interline business and to
241,568
Other income
Telephone Co. connects with
advice free of charge. The Commonwealth
lines. Company
Net earnings including other income
$15,630.906 $15,000.120 the American Telephone & Telegraph Co.long distance of wire in aerial
-V. owns about 1,350 miles of pole lines, about 4,000 miles
all properties now in the system for full periods.
Note.
-Includes
miles of aerial wire. Central office equip127, p. 261.
cable and approximately 7.800 Total population of approximately 74,000
ment consists of 23 ecxhanges.
stations.
.-Earnings
Northwestern Public Service Co.
Is served, with over 7,500 subscriber deposit and pledge with the trustee,
Period End. June 30- 1928-3 Mos.-1927
1928-6 Mos.-1927
-Bonds will be secured by
Security.
of the Harvey's Lake
$589,079 $2,546,643 $2,312,144 under a trust indenture of all of the capitalization common capital stock
Gross operating revenue $645,317
Net income after taxes.
Light Co. consisting of first mortgage bonds and
91,808
56,375
Int. & retire. prov.__
387.477
228,320 and at least 81% of common stock and at least 22% of the preferred stock
latter company has out-V. 126, p. 3449.
of the Commonwealth Telephone Co. The
standing $850,000 1st mtge. 534% sinking fund .bonds, series A in the
the public.
Gas & Electric Co. Earnings.
Oklahoma
hands of
additional issues of bonds
l28.
It is further provided in the indenture that any
12 Mos. Ended June 301927.
improvements,acquisitions
Gross earnings
$10,901,220 $8,082.607 of either of the above-mentioned subsidiaries,for as to amount and earnunder careful restrictions, both
Net earnings
3,838,727 and betterments
5,026,651
equal amounts of
against
418,573
Other income
958,181 ings, must be deposited with the trusteeissued. which
Public Service of Pa.. Inc. bonds may be
by Stone & Webster, Inc..
Based upon an appraisal made during 1928
Net earnings including other income
$5,445,224 84,796,908
Co., less accrued
Note -Gag properties sold November 30 1927. Gas department net the value of the property of the Harvey's Lake Light appraisal made
an
earnings for the full year ended June 30 1927, and for five months ended depreciation, is in excess of $216.920 and based upon of the property of
value
-V. 127, p. 546.
during 1928 by Ford. Bacon & Davis, Inc., the depreciation. is in excess
November 30 1927, are included in other income.
the Commonwealth Telephone Co.. less accrued
foregoing
-To Issue Pref. Stock.
Pacific Gas & Electric Co.
of $1.485,507. The combined value of the properties of the
which,
The company has applied to the California RR.Commission for authority subsidiaries, less depreciation, Is therefore in excess of $1,700,000, Telebonds of the Commonwealth
to issue $10,000,000 of 534% 1st pref. stock at par ($25). The proceeds after deducting par value of underlying
will be used to reimburse the treasury for money expended for additions phone Co., leaves a value of $850.000.
-V. 126, P. 3449.
and betterments.
Consolidated Earninos of the Subsidiaries Calendar Yr. 1927.
[Commonwealth Telephone Co. and Harvey's Lake Light Co.]
-To Operate Portage
Penn Central Light & Power Co.
$337,628
Gross earnings
239,846
_
Light & Power Co.
Oper.exp., maint'n'ee,local taxes & int. on underlying bon&
-V.127. p. 823.
See National Electric Power Co. above.
akg. fund &
Net earn_ avail, for hit., dpre., Fed. taxes,
97,782
Pennsylvania State Water Corp.-Pref. Stock Offered.
- minority stock interests
27,500
fund is
Hale, Waters & Co. are offering an additional sisue of 7,000 Interest requirements on this issue (series A)
-Under the terms of the trust indenture a sinking
Sinking Fund.
providing for payments of
shares $7 pref. stock at $100 and div.
established for the benefit of bonds of series A
series A
-Through its subsidiaries,01411Sand operates water properties 155% per annum. beginning June 1 1930, upon the amount of the purCorporation.
outstanding. This fund will be used in not exsupplying water without competition for domestic, industrial and muni- 534% bonds ar the time
trust indenture at
cipal purposes to communities located in Pennsylvania having an estimated chase or redemption of bonds issued under the
or redeemed shall
population of over 193.000. The territory includes important communi- ceeding the redemption price. All bonds so purchased
ties located in the richest mling, agricultural and manufacturing centers be cancelled.
acquisition of subsidiary
-Proceeds will provide in part for the hereunder, and for other
Purpose.
in the Commonwealth. These properties have been in continuous and successful operation for various periods up to 44 years.
company bonds and stocks deposited as security
Authorized
CapitalizationIssued
corporate purposes.
_
gold bonds, series A
•
let lien 534%
Bonds.
$5,450,000
Corp.
30,000 shs.
Public Utilities Consolidated of New -Permanent
$7 cumulative pref. stock
17,503 shs.
York has been appointed
100,000 shs.
Common stock
The Seaboard National Bank of the City
60,000 shs.
-year 5ti% gold bonds, series of
1st mtge. 20
issuance by provisions of Trust indenture.
*Restricted as to further
agent to deliver permanent
of 1938. against the
Consolidated Statement of Earnings (Corp. & Subs.) Year Ended May 31 1928. 1948, and 10-year 6% secured cony, gold bonds, series p. 3118.)-V. 127,
offerings in V. 126,
Gross income
81.048.468 receipt of temporary bonds. (See
iclogiimOnsicat.
Oper. exp., maint., deprec. & taxes, incl. Fed. tax
503.009 p. 683 es; , •.t-Cla~
12 Mos. Ended June 30Gross earnings
Net earnings
Other income
1927.
$9.379.211 $8,637,461
4,834,042 4,415,382
142,076
225,824
Balance
Annual interest requirements on entire outstanding funded debt
$545,459
299.750
-Earnings.
San Diego Cons. Gas 8c Electric Co. 1928.
1927.
12 Mos. Ended June 30Gross earnings
Net earnings
Other income
Net earnings including other income
-v. 127. p. 683.
86.616,037
3.119.806
Balance
8245.709
3,662
Annual dividend requirements on $7 cumulative preferred stock__
122.500
above. are over twice the annual dividend requireEarnings as shown
$3,123,468
ments on the 17,500 shares of $7 cumulative preferred stock to be outstanding.
-Net consolidated assets, at book value, as of May 31 1928, after
Assets.
--Earnings.
Southern Colorado Power Co.
deducting deferred charges, all bonded indebtedness, depredation and other
1928.
12 Mos. Ended June 30liabilities, amount to $5,198.921. or over $290 per share on the $7 cumula$2,266,800
Gross earnings
tive preferred stock to be outstanding.
999.221
-Corporation, through its subsidiaries, sets Net earnings
Maintenance and Reserves.
9,660
aside or expends for maintenance, renewals and depreciation an amount Other income
less then 9% of the operating revenues derived from the operaequal to not
$1.008,881
earnings including other income
adequate upkeep and maintenance of the
Net
ing property. This assures
-V. 127. p. 261.
-V.126, p. 4082. 2476.
property at all times.
$6,369,289
2,929.420
6,471
$2,935,591
1927.
$2,426,732
1,068,582
17.448
$1,086,030
954
FINANCIAL CHRONICLE
Southwest Gas Utilities Corp.
-Bonds Offered.
-Edmund Seymour & Co., Inc., Charles D. Robbins & Co. and
Glidden, Morris & Co. recently offered at 9934 and int. to
yield 6.55%, an additional issue of $750,000 1st lien and
secured sinking fund gold bonds, 6 , % series (with stock
6
purchase privileges). Dated May 1 1928; due May 1 1943
(see original offering in V. 126, p. 2646).
CapitalizationAuthorized.
Outstanding.
1st lien & secured sinking fund gold bonde,
63i%series$2,500,000
Cumulative preferred stock (no par value)_
b1507000 shs. c33,500 shs.
Common stock (no par value)
d1,000.000 shs. x110,000 shs.
x Deposited in voting trust 75.000 shs; non-deposited stock. 25,000 shs.
a Limited by the provisions of the Indenture. b Include shares reserved
for delivery upon conversion of minority interests in subsidiaries. c $6.50
series. d Include shares reserved for delivery upon conversion of minority
interests in subsidiaries, for exercise of stock purcahse privileges by holders
of these bonds and for exercise of existing purchase options.
The proceeds of the above financing was used to retire bonda of
sidiaries. (Compare also V. 126, p. 2646. 3299, 3591,3929. V. 127, p.sub683
Standard Gas & Electric Co.
-Earnings.
-
12 Mos. Ended June 30Gross earnings
Net earnings
Other income
Net earnings including other income
-V. 127, p. 261.
1928.
1927.
$144.086.3450138,301,432
64,072,081 60,520,087
2,685,823
2.643.856
66,757.904 63.163,943
State Line Generating Co.
-Asks Authority to Issue
$14,000,000 2
-Year 5% Notes.
Petitions have been filed with the Indiana P. S. Commission asking
authority to issue S14.000,000 of 2
-year
% notes of this company
and also approval of power contracts between the latter company and
the Northern Indiana Public Service Co.and the Interstate Public Service Co.
Four petitions were filed. The first asks the Commission's approval
of the note issue to provide additional funds to complete the station,
the
cost of which is estimated will be approximately $28,500,000.
The generating company's station which upon completion will have an
initial capacity of 208.000 k.w..or over 275,000 h.p.,Is located in Hammond
on Lake Michigan at the Indiana-Illinois State line. It has been under
construction for two years and it is expected that it will be completed
and
placed in service some time next year. The Commonweal
of Chicago, the Public Service Co. of Northern Illinois,th Edison Co.
the
Indiana Public Service Co. and the Interstate Public ServiceNorthern
Co. are
the joint owners of the station and will buy its entire output of electrical
energy.
The second petition asks the Commission to modify a previous
order
entered in 1926 which gave the State Line company authority
$22,000,000 on open account from the four owning companies to borrow
to provide
funds to build the station. The Commission is now asked
to
amount to $14.000,000 and to extend the date for repayment reduce this
from July 1
1929 to July 1 1930. Issuance of $14.000,000 in notes
will make this
modification possible, the petition points out.
1041111
The other two petitions ask for approval of
the State Line company and the Northern the power contracts between
Indiana Public
and the Interstate Public Service Co. These contracts are Service Co.
for
The station's entire output will be taken by these two operating 50 years.
and the Commonwealth Edison Co.and the Public Service Co. companies
of Northern
Illinois.
The contracts provide that payment will be made for power purchased
on the basis of cost of production, including fixed
the actual
cost of construction of the station. The companies charges on power
pay fixed proportions of all production costs except purchasing fuel, will
the cost of
their
prospective proportions being determined by the proportionat amount
of
electricity they are entitle to purchase, these amounts beingedetermined
by the extent of their ownership. The fuel costs
among them on the basis of the amount of electricity will be apportioned
actually purchased.
-V. 122. p. 1919.
Western Union Telegraph Co.
-New Director.
J. Horace Harding has been elected a director to succeed
the late Howard
Elliett.-V. 127. p. 547.
Wisconsin Public Service Corp.
-Earnings.-
12 Mos. Ended June 30Grose earnings
Net earnings
Other income
Net earnings including other income
-V.127, p. 261.
1928.
1927.
$4,790,215 $4,586,396
1,958,582
1,902.091
9,666
7,969
01,968,248 $1.910.060
Wisconsin Valley Electric Co.
-Earnings.
12 Mos. Ended
Gross earnings
Net earnings
Other income
June 30-
Net earnings including other income
1928.
1927.
$1,654,551 $1,582,740
755,960
784.723
15,594
9,396
$771,554
$794,119
INDUSTRIAL & MISCELLANEOUS.
Refined Sugar Prices: On Aug. 17 the following companies each
quote
refined sugar at 5.65c. per lb., an increase of 10 points. American,
Arbuckle, Federal, McCahan, National, Pennsylvania and Savannah.
N. Y. Coal Prices Advanced: Hudson Coal Co. announces an increase,
effective Sept. 1 of 25c. a ton on the following sizes of coal: Broken, egg,
stove, chestnut and buckwheat. No change Is made in price of pea coal.
Matters Covered in Chronicle of Aug. 11: (a) Alleged boycott of Oklahoma City livestock exchange against two companies upheld by Federal
court order of Secretary Jardine under Packers Act set aside, p. 755. (b)
W. D. Moore & Co. fail-suspended from N. Y. Stock Exchange.
(c) Compromise rates on lake cargo coal shipments approved by p. 770.
Interstate Commerce Commission to go into effect Aug. 15, p. 776. (d) U. S.
shipping board and Isthmian S. S. Line to cooperate in developing trade
between U. S. and India, p 776.
-. -
Abitibi Power & Paper Co., Ltd.
-7'o Pay Bonds.-
'
Subject to immediate acceptance, Peabody, Houghteling & Co., Chicago,
has offered to pay cash for the following securities of the above company:
Approximate
Bid.
Issue-Maturity. Price. Yield Basis.
Consolidated Mortgage as
1931
108.00
4.60
First mortgage serial 6s
1929
101.00
3.95
First mortgage serial 6s
1930
102.75
4.10
First mortgage serial 6s
1931
104.50
4.10
First mortgage serial 6s
1932
105.50
4.30
First mortgage serial 6s
1933
106.75
4.35
First mortgage serial 6s
1934
108.00
4.35%
Note.
-Accrued interest to be added.
-V. 126, p. 4083.
Adams-Millis Corp.
-Earning
s.
Net profits of the corporation for the first
amounted to about $350,000 or $1.73 a sharehalf of 1928, it is reported,
on 156,000 common shares
after preferred dividends.
-V. 126, p. 3300.
Allen-Wales Corp.
-Stock Offered.
-
The company, with offices at 233 Spring
fered 75,000 shares common stock at $15 perSt., N. Y. City, recently:ofshare.
[VOL. 127.
At Present
To be Presently
CapitalizationAuthorized.
Outstanding.
Outstanding.
Preferred stock (no par),790 shares10,790 shares
None
Common stock (no par)
514000 shares 50,000 shares 175,000 shares
Registrar, National City Bank, New York. Transfer agent, Farmers
Loan & Trust Co., New York.
Interests responsible for the development of the business originally subscribed for and paid approximately $1,050,000 for the outstanding pref.
stock of Allen Corp. of Philadelphia. now merged into Allen-Wales Corp.
All outstanding preferred stock is to be retired (see below).
Data furnished by Ralph C. Allen, Pres. of the Corporation.
History.
-Corporation was incorp. in 1927 for the purpose of manufacturing and distributing adding, bookkeeping and calculating machines
and
similar office devices. Company has merged for manufacture and distribution either by outright purchase or through exclusive distribution rights
the business of the Wales Adding Machine Co., formerly at Wilkes-Barre,
Pa.; the adding machine division of Morse Chain Co., Ithaca. N. Y.; the
well known Brunsviga midget multiplying and dividing machine
Braunschweig, Germany; the Rheinmetall calculating and tabulatingfrom
chine patent right fromSoramerda, Germany, and owns the Europeanmadesigned Allen calculator, all of which are recognized products of mechanical
perfection and precision.
Properties & Assets.
-Based on the balance sheet of the combined companies in the certified audit of Main
giving effect to the present financing & Co. as of Mar. 1 1928 and after
and transactions incidental
the balance sheet will show approximately, net assets $1,670,000 thereto,
and net
current assets as $893,225 against total liabilities of
of $95,420, a ratio of
over 9 to 1.
Purpose.
-Of the 175,000
presently to be outstanding,shares of common stock without par value
approximately
changed in effecting the retirement of 10,790 100,000 shares are to be exshares
50.000 shares of common stock without par value of preferred stock and
delphia, now merged into the Allen-Wales Corp.,of Allen Corp. of Philaand of the proceeds of
the sale of the 75.000 shares of common stock without par value, portion
a
of cash will be used to meet obligations Incident
to retiring the 10,790
shares of preferred stock, the balance
for working capital and other corporate purposes.
Earnings.
-Corporation is
been for some
stantial profits, and it is the and has the management time earning subbelief of
, based on unfilled
orders now on hand and past margins of profit of
the
that, when current types of machines now available combined companies,
and on schedule are
In regular production, the net earnings will
be not
Directors.
-Ralph C. Allen (Pres. and Chairman less than $3 per share.
of Board); Albert Zell
folder (V.-Pres. & Treas.); H. R. Martz, E. Clarence Miller.
Frank T.
Clark and Chars. F. Rabenold.
American Commercial Alcohol Corp.
-Earnings.
-
The corporation reports for the second quarter
earnings after depreciation of $231,925 available of the current year net
for interest, amortization
and Federal income taxes.
For May and June, the first two months
of consolidated operations,
such net earnings, after depreciation,
to surplus after all charges, including were $175,032 and the net carried
Income tax and preferred dividends, bond interest, amortization. Federal
was $90,032. equivalent for the two
months to $1.17 per share on 77,000 shares
of common stock outstanding.
Corporation on April 25 1928 acquired the assets of American Distilling
Co. of Pekin, Ill., David Berg
Industrial Alcohol Co. of Philadelphia and
S. M. Mayer Alcohol Co.. Inc.,
of New Orloans.-V. 126, P. 2793.
American Founders Trust.
-Depositary.
-
The Seaboard National Bank of the City of
New York has
depositary for the managers under plan of transformationbeen appointed
dated
1928 covering 1st preferred shares series A, 13 and D,2nd preferredAug. 2
shares
and common shares of American Founders Trust. See also V.
127. p. 825.
American Ice Co. & Subsidiaries.-Earnings.-
6 Mos. End. June 30-- 1928.
,
1925.
1927.
1926.
Sales
594.793 $8,246,269 $6,916,901 $7,552,928
Other income
146,267
223.478
234,700
195,203
$8'
Total income
$8.818,271 $8,480,969 $7,112,104 $7,699,195
Expenses, maint., &c6,994.125
6,976.751
5,499,888
5,866.681
Interest
234,643
240,563
317,064
216,565
Net income
$1,607,581 $1.269,575 $1,371,053 $1,515,450
Preferred dividends_
449,931
449.894
449,886
449,910
Common dividends.
899,685
579,736
262,416
637.703
Sum. before deprec. &
Fed. taxes
$181,962
$803,148
0342,023
Shares corn. out.(no par) 0257.965
x75,000
600,000
x107,620
x99,270
Earns, per sh. on com._
$14.21
$1.93
$7.62
$9.30
x Par value $100.
19C2or
1927.lidated Balance Sheet June 30.
1927.
1928.
Landsetbidgs., maA s. s$
Liabilities
$
$
$
chinery, &c.---33,793.172
33,150,154 P1 m m ” on-ck m 15 04: 00 10.'761001
Co stkonnstoc u_ _ 5 C* 0
M 50 .
.
: :
Good-w111, water &
payable s 11,696.312
and mr .
patent rights__
Notes payable____
Inv.,in securs., Oa 9,927,268 9,905,325 Bo
1,762,118 1,279.814 Accounts payable_ 845,324 26: 59.844
:
1.77 1 779
21°°"
:
184 87
0
138 611
880,910 Accr. bd.Int.. &o_ 155,382
Cash with trustee.n5 001:271
1
us
l& workmen's
Loans secured_ __ 1.375,000
.
545,388
Employ. stk. sects
633,249
5.212
581.'003
119.351
res7 4 315
es
Notes & accts. rec. 1,925,059 1,868,402 Reserve for tax. 13,112,682 12,345.552
Surplus
prep.ins.prem.,&c 300,241
81,996
Inventory of merchandise. &c_ __ 1,436.586
Fund investments_ 130,241 1,7l9867
552,494 Tot.(each side)_56,841,018 49,558,403
a Cash on deposit with the
Penna. Co. for Ina. on
Annuities, Phila., to retire Aug. 1928 the real estate,Lives & Granting
1st & gen. mtge.
1
bonds.
Redeems Bonds.
-
The company has completed the
redemption of approximately $5,000,000
of real estate and general
mortgage
the 5% debentures of approximate6% bonds. Funds were provided from
ly the same amount sold by the coinpany some time ago. (See V.
120. p. 3121.).-V. 127. p. 548.
American Machine & Foundry Co.(& Subs.)
-Report.
6 Mos.End. June 301928.
1927.
Sales
$2,943 8 3 $3,599.099 $3,92 ,9961
9 :407
8 0
0
119
Royalties
79,231
70,9861
19205
N S
.
available.
Total income33,042,210
Mfg. cost and expense
2,577,682 2.87 I,E
Ali)
5
Operating profits_ _ _ _
$537,024
$378,498
$727.043
Interest, deprec'n. &c_ - $464.528
158,008
156,816
196,232
213,916
Federal taxes
20.204
10.624
26,609
Profit
$221,882
8504,203
$312,484
Divs.ree.from Int'l Clg. $286.316
Machine Co
196.126
130,750
Prop. int. in profits of
Int. Cigar Mach.Co
64,483
149.439
87,384
118.633
Diva. rec.from American
Cigar Co
4.000
Min. int. in Standard
Tobacco Stemmer Co.
Dr.142
Total profit
0286,165
$431,117
$722,336
$635,737
Preferred dividends__ _
70,000
70,000
Balance, surplus
$431,117
8286365
$652.336
8565,737
Surplus Account June 30, 1928.
-Earned surplus Dec. 31 1927, $6.117,201. surplus for periof as above $565,737, total surplus $6.682, 938: less
adjustment account prior years
common dividends (*287,858,
less received by Standard Tobacco 02,353. Co. 067,064. minority Interest
Stemmer
in Standard Tobacco Stemmer Co. $120), $220,914, earned surplus June
30 1928. 06.310,233 capital surplus, $2,654,941. total surplus June 30
1928. $8,965,174.
FINANCIAL CHRONICLE
AUG. 18 1928.]
Consolidated Balance Sheet as of June 30.
1928.
1927.
1927.
1928.
LiabilitiesAssets
5,595,470 5.585,600 Pref.stock(7%)-- 2,000.000 2,000,000
Fixed assets
Goodwill,pat'ts,etc 4.632,894 4.543.774 Common stock_ _ _x6,734,050 6,000,000
600,000
Mortgage payable. 560,000
Marketable sec.__ 1,325,794
1,576,000 1,682,500
Funded debt
Stock officers and
211.149
913.396 Accounts payable_ 224,401
913,395
employees
97,620
84,721
Taxes pay.accr_ _Inv. In and adv. to
82,052
84.828
affil.&contr.cos. 6,421,428 6,597,394 Accr.s. f. and int_
565,650 Reserve for deprec. 3,307,354 3.166.861
421,820
Cash
885,294
700,000 Prov. for conting's 476,127
1,400,000
Call loans
Earned surplus-. 6,310,233 5.610,269
Accounts. notes &
650,701 Capital surplus_ _ - 2,654,941 2,654,941
acceptances rec_ 872,042
1,958,879 2,943.721 Minority int. In
Inventories
Standard TobacPrepaid insurance
co Stem Co_ - _
5,891
5,396
13,625
14,064
and royalties_ ._
Misc.adv.,claims,
153,245
226.263
&c
318,853
Deferred charges.._ 246,318
Total
24,028,670 22,985.958
24,028.670 22,985,958
Total
-V. 127, P. 108.
Represented by 194,681 shares, no par value.
-Bonds Offered.
-Wilk, Clarke
American Nokol Corp.
& Co., Chicago, are offering $160,000 1st (closed) mtge.6%
sinking fund gold bonds at 100 and hat.
Dated July 1 1928; due July 1 1935. Prin. and int. (J. & J.) payable
at Chicago Trust Co., Chicago,trustee without.deduction for normalTirederal
income tax not exceeding 2%. Red. all or part on any int. date on 30
days' notice up to and incl. July 1 1929 at 1033•6 and int. and thereafter
at a price decreased ;i of 1% for each expired year of the term to and
incl. July 1 1934, and thereafter at 100 and int. Denom. 31,000, $500
and $100 c*.
Data from Letter of Morgan J. Hammers, Pres. of the Corporation.
Cornpany.-The corporation is one of the largest manufacturers and
distributors of oil burners in the world. Company has recently' acquired
the Aetna Burner, which gives "Nokol" a complete line of oil burners.
With the complete line now available together with the inauguration of
advanced sales plans, the company is in a position to take advantage of a
substantially increased volume of business now available and as a result
it is expected will show materially increased net profits.
The properties of the corporation extend over 300 feet on Schubert
Ave., Chicago, from number 4158 to 4220 Inclusive.
Security -Bonds will be secured by a 1st (closed) mtge. on the land,
owned in fee, together with all buildings, building equipment, machinery
(except production machinery and laboratory equipment) and switch tracks
thvreon and all other real property now owned or which may be hereafter
acquired. The properties have been appraised as having a reproduction
value of 5264,761, a net sound value of $253,804. This mortgage represents approximately 63% of such sound value.
-Mortgage provides for the creation of a sinking fund.
Sinking Fund.
The operation of the sinking fund will reduce this loan to approximately
land value alone by maturity.
the present
Guaranly.-The title guarantee policy of the Chicago Title & Trust Co.
In the amount of 3160.000 will be deposited with the trustee.
955
Comparative Consolidated Balance Sheet.
June 30,'28. Dec. 31.'27.
June 30,'28. Dec. 31,'27.
$
Assets
....x79,144,272 80,024,992 Capital stock__ 57,260,300 57.260,300
Fixed assetsby,in cos. MM. 7,002,142 7,213,188 Funded debt- -- 17,881,000 18,989.000
2,072,862
258,170 Notes payable_
333,210
Other investmls
Advances(sec.). 3,152,275 3,131,339 Accts. payable_ 2,919,919 5,763,097
597,422 1,070,640 Due MM.cos__ 2,294,943 1,940.702
Due fr.atilt.cos.
278,038
Fed'I tax (est.).
73,800
Sinking funds.10,582,477 5,355.389 Other cure.Ilan. 7,273,845 6,833.324
Cash
159.053
784,843
Deferred liab'ty
accnts
Notes &
700.628
5,536,540 7.825.455 Res.for coming. 1,523,204
receivable__
Prem.on cap.stk 3,578,9173,578,917
Materials & sup28,640,101 27,599,829
1,682,545 2,150,012 Surplus
plies
Merchandise_ __ 11,886,884 15,738,647
600,133
768,133
curr assets
0th.
Def.& unadlus. 1,675.407 1,529,746
122,435.110 124,897,713
Total
122,435.110 124,897,713
Total
X After reserves for depreciation and depletion of $47,026,477.-V. 127
-Rights.
Archer-Daniels-Midland Co.
P. 684
The common stockholders of record Aug. 17 have been given the right
to subscribe on or before Sept. 17 at $50 per share for additional common
stock (no par value) on the balsa of one new share for each 8 shares held.
V. 127. P. 825, 684.
-Distribution from Surplus.
Atlantic Gulf Oil Corp.
Out of the surplus arising from the decrease of the capital stock from
stockholders,
$20,000,000 to $200.000, which was recently authorized by the $6 per share.
the directors have declared a distribution to stockholders of to shares of
is payable only on stock certificates referring
The distribution
the par value of $1 each. Checks covering this distribution will be forwarded
on Aug. 24 to holders of such stock certificates of record Aug. 20.
The Atlantic Gulf & West Indies S.S. Lines own 107,500 shares of
Atlantic Gulf Oil Corp. stock out of a total authorized and outstanding
-V. 127, p. 412.
issue of 200,000 shares.
-To Receive
Atlantic Gulf & West Indies S. S. Lines.
Dividend.
-V.126. p. 2795.
See Atlantic Gulf Oil Corp. above.
-Resignation.
Baldwin Locomotive Works.
-President in charge of foreign
Francois de Saint Phalle has resigned as V.
-V. 127, p. 685.
sales.
Bankers Building (Water Wisconsin Co.), Milwaukee.
-S. W. Straus & Co., Inc., are offering
Bonds Offered.
$750,000(being part of an issue of $850,000 of which $100,000
are general mortgage bonds subordinate to the balance of
the issue) 6% 1st mtge. leasehold sinking fund gold bonds
at par and interest.
Dated July 15 1928; due July 15 1944. Interest and principal payable at
Straus National Bank & Trust Co., Chicago and at office of S. W.Straus &
New York. Interest payable J. & J. Denom. 31,000. 8500 and
Co.,
-Initial Div.- $100 Inc.,Callable except for sinking fund at 102 and int, on or before July
American Potash & Chemical Corp.
c*.
Earnings.
at 1013-i and int. after July 15 1932 and on or before July 15 1936:
15 1932,
sinking fund at 101 and int.
The directors have declared an initial dividend of 50 cents per share. at 101 and Int. thereafter. Callable, for
borrower. The following
payable Sept. 29 to holders of record Sept. 21. Of this payment, 25 cents Federal Income tax not in excess of 2% paid by
proper application: Colorado, 5 milts, Iowa 6
per share is for the quarter ended June 30 and 25 cents per share is for the State taxes refunded upon
mills, Kentucky 5 mills, Mich. 5 mills and Minn. 3 mills. Trustee: Melvin
30 next.
quarter ended Sept.
6 Mos.End. -Calendar Years- L. Straus.
-Secured by a direct closed first mortgage on the leasehold estate
Security.
1927.
June 30 1928.
1926.
Periodin the Bankers Building to be erected on the Northeast corner of East
incl.
Net earnings, after all charges,
there$759,202
$854.583 loss$12,145 Wisconsin Ave. and East Water St., Milwaukee, Wis., and land store
taxes and depreciation
building will be a thoroughly modern 14-story office and
This year holders of the $1,200,000 10-year 7% cony. notes exercised under. The steel frame and reinforced concrete fireproof construction.
also been paid, leaving building of
their right to convert. Bank loans of $650 000 have
as follows:
property is independently appraised $1,296,798.Leasehold
These
nothing ahead of the stock, of which 395,000 shares were outstanding prior The mortgaged
estate, $114,616; building, $1,182,182; total,
-V. 123. p. 584.
to note conversion.
a margin of security of $546,798 above the amount of the
valuations show
issue less than 58% of
first mortgage and make this first mortgage bond
--Earnings.
American Seating Co.(& Subs.).
the appraised valuation.
1927.
1928.
1926.
six Months Ended June 3033,305,037 $3,652,894 $3,779,742
Sales
-Initial Common Dividend.
Barker Bros. Corp.
x2,444,563
2,451,065
Cast of sales
2,578350
dividend of 51) cents
The directors have declared an initial quarterly the regular quarterly
783.110
701,779
Administrative and sales expense--701:269
per share on the common stock (no par value) and
$1.62)i per share on the cony. 6% pref. stock,
377.364
$500,050
Gross income
$500,122 dividend (No. 2) ofto holders of record Sept. 14. An initial dividend of
1
80,707
73.846
Other income
67.148 both payable Oct.was paid on the pref, stock on July 2 last.
-V. 127. P.
$1.62)4 per share
$158.071
$573,896
Profit from direct operations
$567.271 685; V. 126. p. 3760.
Extraord. exp. SA result of reorgan. &
Barnsdall Corp. (& Subs.).-Consol. Balance Sheet
-non-recurring_
123,171
consol. of plants
121.121
120,000
Interest on gold notes
June 30.See x
93,856
for depreciation
Allowance
1928.
1927.
41.056
Liabilities1927.
1928.
Assetsx$65,514.672 864,481,895 Class A stock_ _ _S30,942,875 $25,000,000
Property
Net income before provision for
606.500 3,841,4.00
725,699 Class B stock_ __
633.476
Inv.In aril.cos.
$336.950
taxes
$236,869
Federal income
$526,215 Adv.to affil. cos
257,097 Bonded debt ___ 25,392,440 25,540,823
270,381
x Includes allowance for depreciation.
25,655 Stock ofsubs not
25,747
Sink.fdalor bds.
947.249
Consolidated Balance Sheet June 30.
921,559
291,117 owned byBarns
288,141
Deferred ages._
740,144
1927.
2,909,093 1.528,842 Accrint.,taxesee 571,788
1928.
1928.
Cash_ _ _ ______
1927.
274,375 Bills&accts.pay_ 5,746,355 3,861,608
Liabilities$
Barns.stkintreas 274,375
$
Assets49,112
Plant & prop. awl 4,183,980 4,120,702 10-yr. 6% g. notes 4,000,000 4,000.000 BIlls..taccts.rec._ 2,032,450 1.787,031 Div.sur.ot'g___
714,183
Cash on hand-. 1,193,045 1.323,240 First mtge. bonds_
210,000 Inventories ..... 7,001,794 4,882,248 Div.payable _
14,719.502 13,586,551
Surplus
30,950 Minority interest_
29.100
38.812
Investments
43,035
2.865.475 Accounts payable_ 358,981
Bills & accts. rec._ 2,820.275
381,731
$78,950,131 $74.231,959
Total
378,950,131 $74,231,959
2,362,168 2.548,321 flea. Fed. taxes_ _ _
69,338
Total
Merchandise
86,140
78,861 Capital surplus.....x6,213,684 6,266,644
92,247
Prepaid charges._
x After deducting depreciation and depletion of 326,005,422.-V. 127.
p. 685.
Total
10.680.815 10,987,549
Total
10,680,815 10,967,549
-Stricken from List.
Bayuk Cigars, Inc.
-V. 126, p. 3121.
X Represented by 230,000 shares of no par value.
The New York Stock Exchange on Aug. 8 struck from its list the com-V. 127. 1). 685.
--Obituary.
American Steel Foundries.
pany's 7% cony. 2d pref. stock.
F. E. Patterson, Secretary-Treasurer and Director, died on Aug.12.-Sale of Stock Enjoined
Bayuk Tobacco Products, Inc.
V. 127 p. 825.
in New York State-Attorney-General Charges Sales Made
Anglo American Corp. of So. Africa, Ltd.
-Operations. Through Misrepresentation.
following are the results of operations for July 1928:
The
Brakpan Mines, Ltd.._ _
Spring's Mines, Ltd__ _ _
West Springs, Ltd
-V. 127, p. 684. 412.
Tons
Milled.
87.000
68,300
52,000
Total
Revenue.
£137,391
141,724
72,803
Costs.
E84,376
71,726
52,975
Profit,
£53,015
69,998
19,828
-Associated Oil Co.(& Subs.).
-Earnings.
Months Ended June 301928.
1927.
Total value of business done by Associated Oil Co.
& subs, as represented by their combined gross
sales & earns. excl. of inter-en, sales & trans__ 835.716.360 $3
3
7,177,816
Total exp. incident to operat. incl. repairs, main.,
adminis., ins., retire, of physical prop., cancan.
develop. exp. on both prod. & unprod.
leases,
acreage, aband. wells, & all other chgs., except
28.992,061 32,631,168
deprec. & deple. & Fed. Inc. tax
Operating income
Other income
36,724.299 $4,546,647
186,185
154.541
Total income
Interest, discount, & prem. on funded debt
Deprec. & deple. charged off
Estimated Federal income tax
36,910.484 $4.701,189
624,623
705,804
2,518,263
2.691,877
278,527
40953
Net income
Earned surplus at beginning of year
Adjust. applic. to surp. of prior years
Dividends paid in cash
$3,489,071 $1.262,53
27.599,829 28.317,382
Dr158,386
Cr.68922
2,290,412 4,122.742
Total net consol. earned surplus
328,640,102 325.526,116
On the charge brought by Attorney-General Albert Ottinger's Anti-Stock
Fraud Bureau that they have been mulcting the public through the sale
of stock of the Bayuk Tobacco Products, Inc., Edward Bayuk, Charles .1
Broad
Swan & Co., of 25 Broad St., and H.& 13. Wolf & Co., Inc., of 50 of this
St., Aug. 14 were enjoined, pending trial, from further promotion
Court Justice John B. Johnson,
stock in an order signed by Supreme
Kings County.
Charles J. Swan & Co. is a partnership formed by Charles J. Swan and
Frank A.1%lontford. Edward Bayuk is President of Bayuk Tobacco Products, Inc., under the laws of Delaware with an authorized capital of 250.000 shares of no par value common stock, which shares have no intrinsic
or market value such as defendants have claimed for them to purchasers
In violation of the anti-stock fraud law known as the Martin Act, Attorney
General Ottinger's complaint charges.
Adolph Henninger. a commercial artist living at 6831 Orcutt St., Forest
Hills, L. I., testified to Deputy Attorney-General William H. Milholland,
that he paid $975 for 100 shares of the stock of Bayuk Tobacco Products,
Inc., on the strength of a recommendation made in "Wolf's Market Forecast, published by H. & B. Wolf & Co.. Inc., and the rosy representations
of a "high pressure' salesman of that firm. The July 6 issue of "Wolf's
Market Forecast" urged: "Buy Bayuk Tobacco Products, Inc. at present
level, around $10 per share, before higher prices prevail."
But there was not one line in that publication, asserts Attorney-General
Ottinger, to inform the public that this stock was under option of the
Wolf company, which was making a secret profit of $1 on every share sold
to dealers and an additional profit of $3 on each share which H.& B. Wolf
Co. itself sold to the public. The concealment of this fact was a clear
violation of well established principles of equity, maintains the AttorneyGeneral. Moreover, a circular used in promoting sales of this stock is
said by the plaintiffs, on behalf of the people of New York. to contain
numerous misrepresentations. For instance, one reason given the prospective buyer to arouse his confidence was that Bayuk Tobacco Products.
956
FINANCIAL CHRONICLE
Inc., had bought the factory of J. F. Parker & Co., Inc.,"a corporation
which had successfully functioned under the management of James F.
Parker." Whereas the public prosecutor states that the business of the
Parker company had been operating less than six months and that prior
to that Parker operating individually for about two years, bad had
an annual business worth only some 56,000. And the Parker factory
turns out to be only "the third floor of an old four-story building on the
edge of the residential part of Philadelphia" equipped with "no machines
of any nature for making cigars" but only with "rebuilt tables for cigar
makers, old tools for making cigars by hand, some tobacco and supplies
for making cigars," the complaint explains.
Several other striking misrepresentations in literature used to promote
the stock of Bayuk Tobacco Products, Inc. are alleged by the AttorneyGeneral. One lay in the claim that "negotiations are now under way for
extensive expansion through the acquisition of additional factories fully
equipped with modern and efficient machinery" which investigators from
the Anti
-Stock Fraud Bureau of the Attorney-General's office to be found
only a couple of empty factories which the defendant. Edward Bayuk,
testified he proposed to fit up with cigar making machinery but not modern
machinery. The cigar called "Ed. Bayuk Special," for which an output
of 6.000,000 in 1927 was claimed by the stock boosters, was admitted by
Edward Bayuk never to have been manufactured at a rate of more than
2,500,000 a year, and at that rate only two years.
Finally, charges the Attorney-General, there was misrepresentation as
to the qualifications of six directors of Bayuk Tobacco Products, Inc., advertised in promotion literature as responsible for the alleged brilliant
business prospects of the defendant manufacturing corporation. Two of
them,asserts Attorney-General Ottinger, have had no previous experience
in the tobacco business, and one. Herman F. Gampe, whose connection
with the Pennsylvania ER. was featured by the stock promoters, is not
chief of the auditing department of the railroad as they claimed, but is a
clerk in that department. This man resigned his connection with Bayuk
Tobacco Products, Inc., when the Attorney-General's investigation got
under way.
Belding Hemingway Co.
-Earnings.
Six Months Ended June 30Operating profit
Depreciation
Interest and amortization
Federal taxes
1928.
$330,650
113,379
117.911
8.332
1927.
$935,425
127,537
153,239
88,300
1926.
$936,760
123,121
176,522
$91.028
3,825
207.516
$566,349
3,825
415,032
$637,117
3,825
622,548
Net profit
Preferred dividends
Common dividends
Surplus
def$120,313
$147,492
Earns, per share on 415,032 shares.
(no par) common
80.21
51.35
x Before Federal taxes.
Consolidated Balance Sheet,
Balance Sheet June 30.
Assets
1928.
1927.
1928.
Liabilities
$
Real estate, bldgs.,
Preferred stock-- 109,300
& equipment-4. 2,148.123 2,456,539 Common stock_ -x 1,507,200
Good-will
1.053,856 1,053,858 Convertible notes- 3,250,000
Cash
820.096 1.443,288 Dep.sale of prop__
Accts.& notes rec. 1,484,883 1,733,588 Accts. accruals,&o
84,996
Accrued interest
81,651
Federal tax reserve
44,776
Inventories
6.067,909 6,688.018 Capital surplus_._ 5410,000
Investments
706,560
808,260 Surplus
2,270,672
Deferred charges__ 313,866
323.616
1927.
Bendix Corp.
-Earnings.
-
Blue Diamond Co., Los Angeles.
-Bonds Offered.
First Securities Co. and William R. Staats Co. are offering
$950,000 1st mtge. 6% serial gold bonds (closed issue) at
prices to yield from 6% to 6.35% according to maturuty.
Dated June 1 1928: due semi-annually June 1 and Dec. 1 from Dec. 1
1929 to Dec. 11943, incl. Principal and int. (J. & D.) payable at Los
Angeles-First National Trust & Savings Bank,trustee. Denom.51,000 and
$500 c*. Interest payable without deduction for normal Federal Income
tax not exceeding 2%. Red. all or part on any int. date upon 30 days'
notice at 10234 and int. Exempt from the California personal property
tax.
Cornpany.-Organized in California in Jan. 1924.as successor to a business
which had its inception in 1918. Company is engaged in the production,
manufacture and distribution of a wide variety of basic building materials,
and is the largest company of its kind on the Pacific Coast and one of the
largest in the United States. Among the principal products produced,
manufactured and distributed are gypsum,various kinds of plaster and lime,
mortar, putty, stucco, sand, gravel, crushed rock, plastering materials,
cement, reinforcing steel and various other materials used in the building
and construction industry.
Security.
-Bonds will be secured by a direct closed mortgage on the following properties: (a) Approximately 2334 acres of very valuable industrial
real estate located at 16th and Alameda Streets, Los Angeles, which were
appraised, solely as industrial sites, as of June 15 1928 by Roy C. Seeley
Co. at $1.698,423 or more than 1.78 times this bond issue. (b) Buildings
and major items of permanent operating equipment at 16th and Alameda
Sts.appraised as of May 31 1928 by American Appraisal Co. at a sound value
after depreciation of $881.000. (c) Approximately 1,000 acres of the finest
grade of trap rock near Corona and 86 acres ofsand and gravel deposits at
El Monte, which have been appraised at a nominal value of $159,200.
total valuation, $2.738.624.
Earnings.
-For the 4 years ended Dec. 31 1927,the consolidated not
earnings of the company and subsidiaries available for bond interest, bond
discount and expense and Federal income tax, after depreciation, depletion
and amortization, (but eliminating losses on capital assets averaging
$27,274 per annum) have averaged annually $264,849. This is more than
4.64 times the maximum annual interest charges of $57,000 on these bonds
and more than 2.73 times the average annual amount of about 397,000
required for the payment of the principal and interest on this issue.
-Proceeds will be used to pay the remaining $729,000 of an
Purpose.
original issue of $1.000,000 1st mtge. 7% bonds due Feb. 1 1939, called
for redemption on Aug. 1 1928, and for other corporate purposes.
-V.118,
P. 1139.
-Earnings.Bon Ami Co.(& Subs.).
1927.
1928.
6 Months Ended June 30$1,304,071 $1,271,264
Grose profit on sales
Net profit before int.. deprec. & Federal & Cana7 44 4
34 0
758,456
:99
2
dian income taxes
37,249
Depreciation
91,415
84.727
Reserved for Federal & Canadian income taxes.-$636,480
88
$607,993
79
Net profit for the 6 months ended June 30 1927.
applicable to the Bon Ami Co
$636.391
$2.93
Earnings per sh.on 100,000 shs. class A stk.(no par)
Earnings per sh.00 200.000 she.class B stk.(no par)
$1.71
-V.126, p. 2795.
$607,914
$2.78
$1.65
Briggs Manufacturing Co.
-Earnings.
-
1928-6 Mos.-1927.
$2,053,553 $3,033,281
2,003,225
$1.02
Callahan Zinc-Lead Co.
-Earnings.Period End, June 30Total income
Expenses, taxes, &c.....Net earnings
-V. 126, p. 3124.
1928-3 Mos.-1927.
$89,690
887.666
76,001
80,182
$7.484
513,689
1928-6 Mos.-1927.
$182,471
$173.940
148,379
164,465
89,475
$34,092
Calamba Sugar Estate, San Francisco.
-New Ctfs.-
On and after Aug. 20 interim receipts for new $20 par value pref. and
com, shares issued as a result of the recent stock split up may be secured
in exchange for present shares. The new shares will be listed on the San
Francisco Stock Exchange. Both pref. and corn, shares will be exchanged
on the basis of5 now $20 par value shares for each outstanding share of $100
par value. The preferred stock will pay dividends of 7% annually or 35c.
a quarter.
-V. 126. p. 3760.
‘
California Petroleum Corp.
-Resignation.-
D. W. O'Brien. Secretary of the corporation, has resigned to resume the
practice of law.
-V. 126, p. 3454.
Calumet & Arizona Mining Co.
-Earnings.-
Period End. June 30- 1928-3Mos.-1927
1928-6 Mos.-1927
Net income after cha'g's
but before deprec. &
depletion
81,655,869
$960,427 $2,941,755 $1,994,980
Earns. per sh. on cap.stk
$.10
3
$4.57
$1.47
$2.57
Production in the June quarter was.12,843,000 lbs. of copper, 284,000
lbs. of silver and 8.555 ozs. of gold.
-V.127. 1). 8
28The Prudential Trust Co., Ltd., trustee, will until Aug. 21 receive bids
for the sale to it of 5% 1st mtge. deb. stock and for bonds to an amount
sufficient to exhaust $316,800.-V. 126. p. 2652.
(J.I.) Case Plow Works,Inc.-Sells Right to Name"Case."
(J. I.) Case Threshing Machine Co.
-To Have Exclusive
Right to "Case" Name.-
The company hereafter will have exclusive right to the Case name.
109,300
1,507,200 The name of the J. I. Case Plow Works has been changed to the Massey4,300,000 Harris Co., after operating under the Case name for more than 50 years.
10,490 and the title has been sold to the J. I. Case Threshing Machine Co.
159,529
The Massey-Harris Co. will be the American division of the Massey88,300 Harris. Ltd., of Toronto, and will have its general office at Racine, Wis.
5,410,000 -V.127, P. 264.
2,922,346
6 Months Ended June 30
1927.
1928.
Net income after charges & Federal taxes
$550,835
31.393,907
The earnings for 1928 are equivalent to $6.19 a share on 225,000 shares
capital stock outstanding.
-V. 126. p. 3932.
Period.End.June 30- 1928-3 M03.-1927.
Net inc. after deprec.,
Fed.taxes & all chgs-- 51,356,125 $1,518,625
Shares of capital stocks
outstanding (no par)_ 2,003.22.5
2,003.225
Earns.per sh. on cap.stk.
$0.67
$0.75
-V.126. p. 2969
By-Products Coke Corp.
-Regular Dividend.
-
The directors have declared the regular quarterly dividend of 50 cents a
share on the common stock no par value, payable Sept. 20 to holders of
record Sept. 5, On June 20 last, the company paid an extra dividend of
75 cents a share on this issue.
-V.127,P.413.
See J. I. Case Threshing Machine Co. below.
-V. 127,p. 413.
Total
12.676,944 14,507,165
Total
12,676,944 14,507,165
x Represented by 415,032 shares of no par value. y After deducting depreciation.-V. 127, p. 551.
Net profit
Proportion applicable to minority interests
Bristol Mfg. Corp., New Bedford.
-Omits Dividend.
-
The directors have voted to omit the quarterly dividend of $1.50 per share
ordinarily declared at this time, because of unfavorable conditions in the
industry.
-V. 125, p. 3352.
Canada Steamship Lines, Ltd.
-Tenders.
-
410,744
$1.53
[VOL. 127.
2,003.225
$1.51
Certain-teed Products Corp.
-Balance Sheet June 30.1927.
1928.
1928.
1927.
Assets-.
$
Land, bldgs., mathinery,
&c__:26,968,237
Good-will,tr.-mks.
Patents, do_ _ _ _
1
2.113,234
Notes receivable__ 361,257
Cascell. claims &
hiish
accounts
118,371
Sakeemen's adv.&
sundries
35,854
Dep.for red. of old
pref. stock
177,910
Acct.srecelvable__ 5,234.794
Inventories
7,026.480
Inv. in other =L. 606,436
Other Investments 413,650
Esp.Paid in adv.. 378.814
$
18,177,765
1
1,051,712
217.795
3,766.238
5,138,880
284,254
Liabilities$
tioe
7%p um.pres stic9 0,290.3 0
18t eret.7%: k
$
4,120,000
2,675,000
2d pref. 7% stock_
Common stock__y17,370,000 12,720,000
400,000
1,
payable.,.,..
pabe.
779,782
___ 1,380494
Accts.
Old pf. stk. not red 177,010
Debenture bonds_13,500,000
Mtge. bds. of subs. 262,500
Minority stk.int- 118,700
70,859
Miscell. reserves..
251,708
Accr. bond Int__
425.913
Dividends payable 508,502
Accrued local and.
182,104
Federal taxes- 329,885
Reserve for Fed.
176,700
22,488
taxes
3,147,621 8,144,458
Surplus:
Total
8pi 9
man3t;431tO39 2,623.57
1.11c,uring ant89
43,431,039 28,623,957
Total
x Land, buildings machinery and equipment at
4
warehouses and offices at sound value as determined by appraisal, plu
subsequent expenditures at cost,less reserve for depreciation of 511,461.008:
821,819,211; water power rights at Marseilles, Ill., at appraisal value, les_
$17,895 for amortization, $651,784: gypsum deposits at appraisalplussul)
sequent expenditures at cost, less reserve of $428,951 for depletion, $4,495.
242: total, $26,966,237. y Common stock, 400,000 shares of no par value,
at value declared under laws of Maryland or at issue price. z Includes
capital surplus of $1,435,814 and earned surplus of $1,711,807.
George W.Brown, President in his remarks accompanying
the semi-annual report says in substance:
The general balance sheet shows the company to be in excellent financial
condition with a radio of quick assets to quick liabilities of 6.03 to 1. The
units of sales of Certain-teed products, including Beaver products, for the
first half of the current year were very satisfactory, being at high water
mark on most of the important
items for these same properties for any first
half
-year period. Our recent
for depreciation, depletion and repairs
have been at the annual rate charges
of $2,656,000, about one-half of this amount
being for repairs. We have succeeded in making economies at the rate of
$2,000,000 per year by combining the operation of the Certain-teed company
and tesult rromcom paaconomiVe
rhe Beaver these nies liv. believe that no realimpairment ofefficiency
.
will
The varying standards of goods, with the varied policies used by different
manufacturers, had led to some keenly competitive prices during the period
covered by this report, which adversely affected our not earnings. Price
reductions were, in some cases, so great that the goods were sold without
profit, although our ability to manufacture and distribute goods in our lines,
pweetibelieveeely nsurpassed. We have protected our trade by meeting
tion fr is u
.
cold'
During the period covered by this report our roofing division prices
dropped to a very low level. The decline from the prices of last year
for that division, based on last year's volume, amounted to well over one
and a half times our present entire annual dividend requirements on both
the pref. and com. stocks. Roofing
been restored
to the basis of last year, so our second division prices have
half
-year earnings from that source
should benefit in like measure. The present selling prices in some of our
other divisions, which are too low for normal profits, should show good
Increases when sound business methods are adopted. Sufficiently competitive selling, when used long enough, generally leads to the adoption of
stag rdizedth.
of na heai practices,just as a successful operation permits the enjoyment
i
a
During the six months' period we drew on our earned surplus for a large
portion of our dividends because of our belief that such competitive conditions would not continue for a prolonged period and that upon their
termination the surplus would be rapidly restored as our company, at norl earicingf:r its goods and with its large volume, can make substantial
pr nes
not
The consolidated income account of the corporation and Its subsidiaries
for 6 months ended June 30 1928 was published in V. 127, p. 826.
Chain Belt Co.
,
-Otis& Co. Morris F.Fox
-Stock Offered.
& Co., and First Wisconsin Co. are offering 48,119 shares
no par value common stock at $41 per share. Of the
common stock now being offered, 40,871 shares are being
purchased from individuals and do not, therefore, represent
• al
AUG. 18 1928.]
FINANCIAL CHRONICLE
any financing by the company. Proceeds of the additional
shares, together with other funds, will be used to retire
the company's outstanding preferred stock.
957
Cluett, Peabody & Co., Inc.-Earning8.-
6 Mos.End. June 30- 1928.
1927.
1926.
1925.
Netsales
$10,404,592 $10,910,978 812,302.938 $12,832,674
Operating expenses
9,605,616 9.602.582 11.159,625
153.018
134,656
Depredation at plants
145.583
Dividends exempt from normal Federal income tax, and at present 100% Interest received
Cr.12,014 Cr.25,408 Cr.19.640
free from Wisconsin income tax. Transfer agent, Northern Trust Co.
Chicago; Registrar, Harris Trust & Savings Bank, Chicago.
Net profit
$657,972 $1,199.148 $1,017,369 $1.013,339
.
173.359
202,765
Preferred di vidends
289,057
297,488
Data from Letter of C. R. Meissinger, President of the Company:
480.977
477,727
477,727
462.239
Comptany.-Incorporated in Wisconsin in 1892. Company has made a Common dividends
Rate on common
($2)4)
($23)
($2%)
(82)4)
Profit in every year since its inception, with the exception of 1921, and has
an unbroken record of cash dividends on its common stock dating back to
$3,636
$518,656
Balance, surplus
$250.585
$253,612
1902.
forward 6,680,045 5,739,387 8,987,184 8,275,385
Company's products are divided in three major lines-chain and trans- Balance brought
mission machinery, construction machinery and conveying machinery.
$6,683,682 $6,258,042 $9,237,769 $8,528,997
Total surplus
These products include malleable and steel chains, sprocket wheels, malle192,391
able buckets and other transmission equipment,concrete mixers and pavers. Earns, per sh.on(no par)
$2.51
$5.17
$3.78
$3.72
shs. corn. stk.
plaster mixers, road pumps and saw rigs and a wide line of conmortar and
Consolidated Balance Sheet June 30.
veying equipment for handling products in process of manufacture. The
1927.
1928.
1927.
chains, conveyors, mixers and pavers are sold under the trade name of
1928.
Liabilities$
$
$
"Rex" which name, together with other trade names, has been extensively
Assets$
advertised in trade journals.
Plant &prop'ty__ y3,933,134 3,853,034 Common stock.__x9.743,460 9,743.460
Preferred stock.-- 6,000,000 6,000,000
Company operates chain factories and a grey iron foundry in Milwaukee Good-will, patents,
438.009
and mixer and paver assembly plant, malleable foundries and engineering
trade-marks,&c. 6,000,000 6,000,000 Accounts payable_ 487,535
750,000
Plant in West Milwaukee. Belt conveyors are manufactured by The Cash
1,098,385 1,168,961 Notes payable_
344,027
Stearns Conveyor Co.ofCleveland,O.,all ofthe capitalstock of which Isowned Call loans
1,200,000 Reserve for taxes_ 241,630
258,040 Preferred dividend
by Chain Belt Co., and are marketed under the trade name Rex-Stearns. Liberty bonds
98,640
payable
86,556
Accts.rec., less res.
Capitalization Upon Completion of the Present Recapitalization.
z6,683,682 6,258,042
for cash discount 4,000,948 3,658,990 Surplus
77,925
Common stock (without par value)_ .
10,500
120,000 shs. Miscell.invest____
The present outstanding 2,449 shares of preferred stock have been called Merchandise
7,355,407 6,202,891
462,337
for redemption on Oct. 11928.
Pref. stk.in treas. 1,264,320
Eansinys.-Net sales and net earnings of the company after all charges, Deferred expenses_ 330,168
Including depreciation, Wisconsin state income taxes and Federal faxes,
23,992,863 22,882,178
23.992,863 22,882,178 Total
for the 4 Years and 6 months'period ended June 30 1928 have been as follows:
Total
Net Earnings
x Represented by 192,391 shares, no par value. y After deducting deNet Sates as above Common Stock predation. z Includes special surplus for the retirement of pref. stock.
Year Ended
84.424,394
Dec. 31 1924
8444,962
$3.70 -V. 126. p. 1035.
5.160,609
Dec. 31 1925
530,049
4.41
Dec. 31 1926
5,756,916
569.846
4.74
-Earnings.
Columbian Carbon Co. (8c Subs.).
Dec. 31 1927
5,942,745
488,818
4.07
1928-6 Mos.-1927
Period End. June 30-- 1928-3 Mos.-1927
6 Mos. End. June 30 19283.333610
34753i
2.
The average annual net earnings for the period given abosie, were $529,157 Net earns, after exp. &
$872,314 $2,077,796 $1,784.190
Federal taxes
$1,046,458
or equivalent to $4.40 per share of common stock to be outstanning.
738.207
715.228
364,449
354.725
-The no par value common stock now being offered will be Depletion & deprec
Dividends.
placed on a $2.50 annual dividend basis with the payment of an initial
Net income
$507.865 $1,362,568 $1,045.983
$691,733
,
quarterly dividend of 6244 cents per share on Nov. 15 1928.
*822,637
804,262
402,131
402,131
Financial Condition -Company's balance sheet as of June 30 1928 ad- Dividends paid
justed to give effect to the present recapitalization, shows a strong financial
$223,346
Balance, surplus
$558.306
$289,602
$105,734
condition with current assets of over 5 times current liabilities. The same
balance sheet shows net tangible assets equivalent to $27.65 per share of Earns, per sh.on 402.131
shs. (no par) of cap.
Common stock to be outstanding.
$2.60
stock outstanding_ _
$1.72
$1.26
$3.38
-This stock is listed on the Chicago Stock Exchange.
Listed.
-V, 126.
* Includes minority dividends of subsidiaries.
-V. 126, p. 3125.
P. 110.
Chain Store Investment Corp.
-Earnings.
Income Account-Three Months Ended June 30 1928.
Totalincome
Total expenses
Net profit
Profitfrom securities sold
$14.318
723
$13,595
56,083
Commonwealth Subsidiary Corp.
-Debentures Offered.
Halsey, Stuart & Co., Inc., are offering at 97 and interest
4
to yield about 53 %, $20,000,000 5%% gold debentures,
series A. The corporation is a wholly owned subsidiary of
Commonwealth Edison Co., Chicago.
Dated Sept. 1 1928; due Sept. 1 1948. Redeemable all or part at any
of I% of the principal
time upon 30 days' notice at 105 and int., less
869.678 for each year or fraction thereof of expired life. Interest payable M.& S.
8.125 at the office or agency of the company in Chicago and New York without
deduction for Federal income taxes now or hereafter deductible at the
appointed
Balance
$31,553 source, not in excess of 2%. Halsey, Stuart & Co., Inc., will bepayments.
paying agent of the company for the making of such interest
Balance Sheet June 30 1928.
Denom. $1,000 c*. Company will agree to reimburse the holders of these
debentures. if requested within 60 days after payment, for the Penn..
Liabilities
Assets
$14,694 Preferred stock
Cash
$500.000 Calif. and Conn. 4 mills and the Maryland 444 mills tax and for the Disnot exceeding 5 mills per annum
90,000 Common stock
Loans on call
500,000 trict of Columbia personal property taxesMass, income tax on the interest
962.254 Surplus
Investments
73,752 for each $1 of the principal, and for the
exceeding 6% of such interest per annum.
not
6,164
Accounts receivable
Total (each side)
637
Accr. int. receivable
Data from Letter of Pres. Samuel Insult, Chicago, Aug. 14.
$1,073,752
-Was organized as an investment company under the laws
Company.
-V.126.p. 3597.
of Illinois in December 1926, acquiring upon its organization certain secuinvestments theretofore owned by the Commonwealth Edison
rities and
-Earnings.
Charis Corp.
Co., which company owns all of the stock (except directors' qualifying
1928.
6 Months Ended June 30
shares) of the Commonwealth Subsidiary Corp. These assets consist of
1927.
$559,144
Gross profit
$368.886 stock and miscellaneous securities of various corporations affiliated with
300,313
Selling and administrative
215.891 the Commonwealth Edison Co.. including stock of certain public utility
corporations, the stock of certain railroad corporations operated in con$258,831
Net profit
$152,995 nection with the supplying of coal to the Commonwealth Edison Co., and
26.042
Other income
14,259 the stock of the Commercial National Safe Deposit Co., which company
owns the 19
-story building at 72 West Adams St., Chicago, in which are
Total income
S284.873
$167,254 located the general offices of the Commonwealth Edison Co. and other
Federal income taxes
34,184
22,579 Insull organizations. It is the purpose of the Commonwealth Subsidiary
Corp. to continue the acquisition of securities and investments of like
Net income
$250.689
$144.675 character as the growth and expansion of the business of the CommonEarnings per sh. on 100,000 shs. corn. stk.(no par)
$2.51
$1.45 wealth Edison Co. demands.
-V. 127. IL 265.
Capitalization Outstanding (Upon Completion of Present Financing).
Capital stock
$29,402,000
534% gold debentures. series A (this issue)
*20,000.000
Chesebrough Mfg. Co., Consol.-Extra Div. of 25c.
* Issuance
The directors on Aug. 16 declared an extra dividend of 25 cents per share indenture. of additional debentures is limited by the restrictions of the
and the usual quarterly dividend of $1 per share on the $3.000.000 common
Issue.
-Proceeds of
stock, par $25, both payable Sept. 29 to holders of record Sept. 10. Like toPurpose ofcertain indebtedness the sale of these debentures will be used
of the corporation and to supply capital
amounts were paid on June 30 last. On Dec. 28 1927, ad extra dividend forliquidate investments.
additional
per share was paid, making a total of $5.50 per share paid that year
of $1.50
Earnings.
-The following is an estimated statement, based upon the
on the common stock, as compared with a total of $4.50 per share in 1926. actual results for the first 6 months of 1928, of earnings for the full year
The usual quarterly dividend of $1 per share for the first 3 months of this 1928, before deduction of interest charges
and income taxes:
-V.126, p. 3125.
year was paid on this issue in March last.
Income
$2,525,397
Expenses
85,955
-Extra Dividend.
Cleveland Stone Co.
Net income
52,439,442
The directors have declared an extra div. of 25c. per sh. (in addition to
the regular quarterly dlv. of50c. per sh.) payable Sept. 1 to holders ofrecord Annual int.requirem't on present issue of 820.000,000 debs. will be 1,100,000
Aug. 15. An extra dividend of like amount was paid on Mar. 1 and June 1
Balance
last, as compared with an extra of 50c. per sh. paid Dec. 1 1927 and an [After giving effect to the issue Sheet July 311928.
and sale of 820.000.000 544% gold debenextra of 25c. per sh. in each of the three preceding quarters.
-V. 126. P. tures, series A. and to the application of the proceeds therefrom in accord3125.
ance with the plan of financing.]
Liabilities
Assets
Club Aluminum Utensil Co.(& Subs.).
-Ann. Report. Investments
846,461,767 Capital stock (auth. 300,000
Consolidated Operating Statement Year Ended June 30 1928.
Cash (Incl. bal. of proceeds
shares of $100) issued and
Total sales
$7,106,733
$29,402,000
from sale of debentures)_ _ 4,446,342 outstanding
Net operating profit
903,045 Accounts receivable
3,672 534% gold debentures, series
Miscellaneous income
20,000,000
A, due Sept. 1 1948
71,900 Int, and diva. receivable,
59,712
accrued but not due
330,980 Accounts payable
Reserve for contingencies... 1,065,560
Total income
$974.945 Unamortized debt discount
1,915,489
Federal income taxes
121,415
and expense
1,200,000 Surplus
Net income to surplus
Preferred dividends
Net profit after all charges
Dividends
$853,530
586.530
Balance
Earnings per share on 271,240 shares capital stock (no par)
Consolidated Balance Sheet June 30 1928.
Assets.
8368.868 Accounts payable
Cash
:824,418 Accruals
Accounts receivable
1,034,724 Dividends payable
Inventories
865 Other liabilities(current)
Other assets
y266,959 Reserve for Federal taxes
Fixed assets
32,884 Other liabilities
Deferred charges
Common stock
Surplus
$287,000
$3.14
Total
3.52,442,762
Total
852,442,762
Consolidated Automatic Merchandising Corp.-Contr.
The corporation has closed its first Canadian contract this week when
the T. Eaton Co., Ltd.. of Canada, placed an order for talking automatic merchandising machines to equip its department stores These
machines will sell a variety of drug articles, candies, Gillette blades, films,
will be
855,147 etc., and service supplemented by automatic change makers, in order to
self-sufficient.
12,024 make the Eaton Co.. Ltd.,operates 27 department stores and 44
The T.
135,620 in Canada. It has mail order branches in Toronto, Winnipeg,groceterias
Moncton,
6,707
-V.127,p. 827.
121,415 Saskatoon. Regina, and Montreal.
9,050
Consolidated Textile Corporation.
-Earnings.11,898,200
-Quarter Ended--6 months Ended291,550
PeriodJune 30'28. Julg 2 '27. June 30'28. July 2'27.
de$2,528,714 Net profit after int.,res.loss$49,320
$2,528.714 Total
proc., Fed.taxes &
Total
$95,510 loss$212,880
8214.908
y Real estate and oldgs. Earns, per sh. on 1,301x After reserve and carrying charges of $79,896. furniture and fixtures,
356 shs. of no par cap.
machinery and equipment, $147,602;
$98,000;
stock
Nil
for depreciation, $44,272. z Repre$0.07
Nil
$0.16
$65,628; total, $311.231; less reserve
-V.1? p.3125.
-V. 126, p. 2653.
sented by 271,240 shares of no par value.
FINANCIAL CHRONICLE
958
-Bonds Offered.
Cooperative Federee de Quebec.
Royal Securities Corp., Ltd., Montreal, recently offered
$350,00054% 1st mtge.serial bonds,series A at 100 and int.
[VOL. 127.
Consolidated Balance Sheet June 30.
1928.
1927.
1927.
1928.
AssetsLiabilities-$
$
$
$
Land,timberlands,
Capital stock__.._x28,382,300 28,382,300
water rights, &c.
•
6% gold bonds_ _ _19,315,000 19,793,500
(less deprec.)-40,789,257 40,031,666 Accounts payable_ 1,449,346 1,079,315
Cash
1,053,666 1,339,014 Curr. accts. anti.
U.S. Govt. bonds_ 1,040,845 1,014,993 companies
699,601
Accts.receivable__ 2,640,610 1,982,188 Accrued interest. _ 579,450
593,805
83,967
Notes receivable_ _
State & County tax 123,697
13,406
193,055
196,128
Inventories
5,675,036 5,149,740 Federal tax
350.000
Investments
11.360,696 12,163,104 Divs. declared___ 411,500
Adv.to owned cos.
193,159 Notes payable__ 1,020,000 1,224,000
Sinking fund
231,050
2,495
115,410 Due owned cos_ __ 700,000
771,330
Def. charges
805,069
259,278
167,997 Reserves
6,799,665 6,791,151
Initial surplus_ _
Tot.(each side)_62.835,288 62,157,271 Earned surplus_ _ _ 3,056,206 1,961,124
x Represented by 200.000 shs. $7 1st pref. stock, 41.000 shs. $6 2nd pref.
stock and 1.000.000 shares common all of no par value.
-V. 126. P. 3762.
Dated Nov. 1 1927: maturing serially from Nov. 1 1932 to Nov. 1
1947. Principal and int.(M.& N.) payable in current coin of the Dominion
of Canada at any branch of the Banque Canadienne Nationale in the
Providence of Quebec. Denom. 61,000, $500 and $1000. Red. all or
part on any Mt, date on 60 days' notice at a premium of 3% with int.
Trustee, Sun Trust Co., Ltd., Montreal.
Authorized.
Issued.
Capitalization$500,000 *$350,000
535% 1st mtge. bonds
254,810
1,000,000
Common stock
* 54% bonds, due serially 1932-1947 of series "A".
-The "Cooperative Federee de Quebec" was incorp. in 1922
Company.
by Special Act of the Quebec Legislature, and has acquired all the assets
and undertakings of the "Cooperative Centrale des Agricuiteurs de Quebec," incorp. in 1910, the "Comptoir Cooperatif de Montreal," incorp. in
1913, and the "Societe Cooperative Agricole des Producteurs de Semences
de Quebec," incorp. in 1914. The Cooperative, which has with its preDavison Chemical Co.
-To Enlarge Plant.
decessors been hi successful operation for the past 18 years, owns wareA statement, understood by the "Chronicle" to be substantially correst.
houses on freehold property in Montreal, Quebec. Ste. Rosalie, Princeville
and Ilebertville, and warehousessituated on lease hold property at Waterloo says:
"The company will begin work immediately on an addition to its contact
and St. Felicien,for the handling,grading and exporting offarm products.
It sells for the account of members various products such as cheese, sulphuric acid plant, which now has a capacity of 100 tons a day. The
butter, maple sugar, eggs, grain, poultry, etc. and sells to members at low addition will enable the company to double the output of the plant. The
prices, provisions, seed grain, fertilizers and other commodities used on new addition is expected to be in operation by December, if not earlier.
farms. It has more than 11,000 shareholders, the majority of whom are The present output of the company's sulphuric acid facilities is abm4
300,000 tons annually,said to be the largest of any company in the country.'
farmers. During 1927 its total turnover exceeded $8.000,000.
-Proceeds will be used for the purpose of refunding bank lams -V. 127. p. 687, 553.
Purpose.
employed in retiring purchase money mortgages on warehouses constructed
Dewey Portland Cement Co.
-Bonds Called.
by the Association and for other corporate purposes.
The company has called for redemption on Oct. 1 at 1033i% and int.
Earnings.
-Net earnings of the Co-operative, (including Provincial
grants) after deducting operating and maintenance expenses certain outstanding 1st mtge. 6% serial gold bonds. series A. dated April 1
Government
and local taxes, and available for interest and depreciation for the 5 years 1926 (aggregating $500,000). Payment will be made at the Chicago Trust
Co., 81 W. Monroe St., Chicago, 111,-V. 123, p. 1637.
ended Dec. 31 1927, were as follows:
1925.
1926,
1927.
1924.
1923.
Dome Mines, Ltd.
$63,991 . $58,148 $59,448
$54,579
--Gold Output (Value).
$52.495
Net earnings
Jan.
July.
Feb.
June.
March.
May.
April.
6305,455 2329,193
-Transfer of Plant.
- -V. 127, P. 415. $300,687 $275,941 $310.262 $308,202 6350,665
Cramp-Morris Industrials, Inc.
The De La Vergne Machine Co., a subsidiary, is transferring its opera(Otto) Eisenlohr & Bros., Inc.
tions from its plant in New York City to the marine machine shops of the
-New Director.
William Cramp & Sons Ship & Engine Building Co., at Richmond and
Anthony Schneider, president of the Union Cigar Co., has been elected
Norris streets, Phila., Pa. The marine machine shops were taken over a director to fill a vacancy.
-V. 127, p. 688.
some time ago by the Cramp Engine Mfg. Co., another subsidiary of
Electrical Products Corp.-Earnings.Cramp-Morris Industrials, Inc.
.
Period6 Mos.End.12Mos End.
The transfer of Do La Vergne company's equipment, tools and inventory
June 30'28. Dec. 31 '27.
has begun and is expected to be completed by Nov. 1. There will be no
$592,511
$405,515
interruption in manufacturing operation while the change is in progress. Gross earnings
386,667
225,113
Economies effected through grouping operation of the De La Vergne com- Operating and selling expenses
118,968
121.246
pany with those of other Cramp-Morris subsidiaries, it is estimated, will Net earns, after all charges incl. deprec. & Fed. tax
Current assets June 30 totaled $493,835 against current liabilities of
take up the cost of moving within two years.
York plant of the De La Vergne company, covering approxi- 5111,563.-V. 126, p. 4088.
The New
mately 3 city blocks at 138th street and the East River, has been sold to
Electrographic Corp.
-Sales.
R. Hoe & Co. Inc., manufacturers of printing presses.
1928
-July-1927.
Increase.
1 1928-7 Mos.-1927. Increase.
In announcing the transfer of the De La Vergne operations H. Richard
$279,137
$138,027
Taylor, President of Cramp-Morris Industrials. Inc., and President also $235,605
697.578 I $1,848,619 $1,569,482
-V. 127, p. 415.
of the William Cramp & Sons Ship & Engine Building Co.,said:
"The present move is part of a definite plan developed at the time CrampElk Horn Coal Corp., Inc.
-Earnings.
Morris Industrials was incorporated. This plan involved the passing of
1926.
1927.
Six Months Ended June 301928.
ownership of the subsidiaries and non-marine departments of the William Earnings
:i
$2,153,919 62,902,211 $2 ar giu
Cramp & Sons Ship & Engine Building Co. to Cramp-Morris Industrials,
1
2,600,832
1,932,811
Inc..anentirely independent company. Its effect on the entire family of Expenses,taxes, &c
companies will be most beneficial.
$355,385
$301,379
$221,108
Operating profit
"The new companies are now doing remarkably well in view of the
335,348
134,828
43,197
natural disturbance caused by the decision of the Cramp company to dis- Other income
continue the construction of vessels.
$690,733
$436,207
$264.305
Total
& Iron Foundries Co., which was formed from a Interest income
"The Cramp Brass
248,645
226,741
226,185
amortization
department of the old company, is disposing of more than 95% of its brass Deciation
175,697
191,324
190,967
to outside companies, and about 50% of its iron. The volume of these Federal tax and. depletion
17.693
foundries and of the electric foundry is the greatest since war time.
"The Federal Steel Foundry Co. of Chester. Pa., another subsidiary, is
$248,698
$18,142
lons$152,847
Net
disposing of about 90% of its output to outside concerns."
-V. 126, P. -V. income
126, p. 2320.
• 3303.
Credit Alliance Corp.
-Rights.
--The holders of the class A stock of record Aug. 6 have been given the
right to subscribe on or before Sept. 5 to additional shares of class A stock
at the price of 2100 per share, on the basis of one new share for every five
shares held. The new stock will not be issued on or after Oct. 4. Subscriptions are payable at the office of the corporation, 140 Broadway,
N. Y. City. V. 127. p. 687.
-
-Earnings.
Elliott Fisher Co.
6 Mos. End
Quarter Ended
June 30'28. Mar. 31 '28. June 30'28.
$1,547,951 $2,487,918
PeriodNet earnings
Other income
Total income
Depreciation
Reserve for Federal taxes
Curtiss Aeroplane & Motor Co., Inc.
-Earnings.
-
2939,967
95.445
Net income
1928.
1927.
-V.126, p. 1669.
$3,486,301 $1.761,618
Emsco Derrick & Equipment
2,711,599
1,320,458
6 Months End, June 30-$774.702
$441,160 Net sales
33.629
18,616 Earnings
9,216
loss1,069 Depreciation
6 Months Ended June 30
Sales
Cost of sales
Operating income
Other income
Profit of subsidiary companies
Gross prOfit
Administrative & general expenses
Interest, income taxes & special charges
Net profit
Sale of corn. stock & surplus adjustment_x
Surplus and common stock previous years
Total
Dividends paid
$817.547
127,497
98,206
$458.707
109.895
16.560
$
5$1,845
3,196,784
2,021,663
1,404,131
$332,252
25,810.292 $1,736,383
285.647
88,308
97.435
192.880
61.035,412 $1,645,386 $2,680,798
339,299
151,440
187.859
266,830
202,695
64,135
$1,291,251 $2.074,669
$783,418
-Earnings.
Co.
1927.
1928.
$2,873,908 $3,072,856
433,120
436,794
97,207
96,729
$335,913
$340,065
Net profit
Current assets June 30 1928 were approximately $3,650,000 with current
liabilities of $650,000.-V. 126, p. 3934.
-Earnings.
Engels Copper Mining Co.
6 Months Ended June 30-Gross value of production
Freight and smelting charges
Operating expense
1928.
$873,383
279,543
402.203
1927.
5862,546
300,267
492,498
$6rsg
5
51.'n.sg
Earnings, net of operations
Common stock and surplus
$6,524645 $1,648,075 Other income
x Sale of common stock, profit on sale of other securities less surplus
$79,282
adjustment incident to calling of preferred stock.
Oper. profit before deplet'n, devel. & deprec--- $202,836
116,399
Consolidated Balance Sheet June 30.
Development and special exploration
1927.
Liabilities
1928.
Assets$79,282
1928.
1927.
$86,437
Net operating profit
733.099
Prop. accts.(net)_51,264,000 $1.147,232 Preferred stock_ _
$2,523,100 Surplus from operations and depletion
478.239
968,421 Comm on stock and
5,270
Pats. & goodwill__ 908,829
46,093
Non-operating income
661,480 surplus
640,532
Investments
55,524,645 51,648,075 Surplus from appreciation of mineral lands
425,139
261,798
1,125,025 Mortgages payable
1,365,917
Inventories
552,000
292,578 Accounts payable &
Accts.& notes reo_ 428,956
$872,568 $1,242,790
Profit and loss, surplus
497,140
accrued Interest
977,216
91,047
143,125 -V. 126, p. 1818.
Cash
Reserve for income
173,804
Short term scour
taxes
195,867
225,183
81,621
Equitable Financial Corp.
21,443
-Initial Dividend.
Deferred charge.s
The directors have declared an initial dividend of6% per annum payable
Total
$5,840,875 $4,887,743 Sept. 1 to holders of record Aug. 16. See also V. 126, p. 3304.
$5,840,875 $4,887.743
Total
-V.127. p. 828.
Eureka Vacuum Cleaner Co.
-Earnings.
-1925.
6
1926.
1928.
1927.
-Earns. 6 Mos. End, Net Mos. End. June 30-$5.301,217 $5,659,847 $5,691,145 $4,313,591
Crown Willamette Paper Co.
sales
3.034,906
Gross profit
3,942,508 4,196,074 4,024,721
June 30.
2,382,065
Expenses
3,412,692
3,351,482 3.102,688
33,440
[Including wholly owned subsidiaries but not incl. Pacific Mills, Ltd.)
Other deductions
4,635
Cr44,676
0'35,903
1927.
1926.
1928.
77.425
Federal tax reserve
130,598
68,939
118,866
$2,849,315 22,818,725 $2,890,284
Gross earnings
487,025
581,565
661,197
$541,977
Interest
Net income
$786,799
$505553
5761.629
615,838
573,586
660,984
Depreciation
Net profit of
share on 275,618 shares
141,755 of no par stock $505.553 is equivalent to $1.83 a
95,432
200,361
Depletion
as compared with $761,629, or $2.89 a share on 262,500
227,772 shares in first six months of 1927.-V. 126. p. 1046.
Federal taxes
138,261
177,931
Net profit
$1,268.144 $1,268,327 $1,460,146
Earnings per share on 1,000,000 sbs.
of no par common stock__ ______ $0.44
$0.63
$0.44
Income Account of Pacific Mills, Ltd.,6 Months Ended June 30.
1926.
1928.
1927.
Gross earnings
$1,061.222 $1,134,168 $1,124,367
Interest
206.721
165,509
134,372
Depreciation
423,845
415,929
427.471
Depletion
13.373
13,138
2,637
Federal taxes
84,900
78,134
90,260
Net profit
$418,608
$449,332
$395,528
Fairbanks Co.(& Subsidiaries).
-Earnings.
-
Period End, June 30- 1928-3 Mos.-1927. 1928-6 Mos.-1927.
$534,812
Operating profit
$344,060
$163,649
$178,237
338,522
Operating expenses
207,991
112,809
101,968
Depreciation, int., res.
126,168
for Fed. taxes, &c
105.936
49.736
50.503
Net profit
$70,120
530.133
$15,692
511,173
Earns, per sh. on 10,000
shares let prof
$3.01
$7.01
$1.56
$1.11
Note.
-Dividends on 1st pref. 8% stock have been in arrears since
May 1 1921.-V. 127, p. 114.
AUG. 18 1928.]
959
FINANCIAL CHRONICLE
-Earnings.
Financial Investing Co. of N. Y., Ltd.
Earnings for 7 Months Ended July 31 1928.
Net profit
Previous surplus
$91,687
10.946
Total surplus
Dividends paid
$102,634
86.150
-Common Stock Offered.
Gamble-Robinson Co.
-Lane,
Piper & Jaffray, Inc., Minneapolis in July last offered 30,000
per share.
shares common stock at $15
Authorized Outstandin
Capitalization$1.500.000
$3.50 cumul. 1st preferred stock (Par $50)-$2.500,000
30,000 shs.
28.000
$4 cumul.2nd pref.stock (no par)
150.000 shs.
100.000 abs.
Common stock (without par value)
Further details of the company's business and property, &c., are given
in V. 127. p. 554.
$16,484
Comparative Balance Sheet.
July 31'28. Dec.30'27. Liabilities- July 31'28.Dee. 30'27.
Assets-Gelsenkirchen Mining Corp. (Gelsenkirchener Berg$1,300,000 $828,300
$160,113 $263,461 Capita!stock
Cash
680,000
627.500 werksaktien-Gesellschaft), Germany.
-Definitive Notes
Invest.(at cost)._ 4,198,943 2,468,984 Loans payable
41,575 Accrued interest
52,898
33,977
15,764
Accrued interest__
72,099 Bonded debt_ _ _ _ 1,871,000 1,040,000 Ready.
Accts.receivable__ 111,825
Dividends payable
24.849
Dillon, Read & Co. announced that interim receipts for the 115,000.000
Original exp. and
92,621 Res.for Fed. taxes
13,106
7,629 6
-year 6% notes, maturing Mar. 1 1934. are now exchangeable for definibond discount__ 110,236
1,803 Accounts payable
17,621
67,339 tive notes at the office of the Central Union Trust Co. (See offering in
Prepaid expenses
Sur.& undiv. prof. 718,311
329.163 V. 126, p. 1514.).-V. 127, p. 830.
Balance
$4,634,016 $2,940,545
Total
-V. 127, P. 416.
Total
$4,634,016 $2,940.545
-Stock to Agents.
Fire Association of Philadelphia.
In a circular letter to agents of the company, President J. W. Cochran
announces that while a portion of the new capital not subscribed by the
shareholders has been withdrawn by the directors a sufficient number of
shares has been reserved to meet the requirements of agents as offered in
letter of May 29. Stock at $10 par is offered to agents at $50.70 a share,
payable to the Reliance Securities Co., a subsidiary, in 10 instalments,
beginning Aug. 20, the second instalment to be due Oct. 5, and thereafter
on the 5th day of each succeeding month, omitting January, up to and
Including July 5 1929. The first instalment will be $5.70 a share, and
succeeding instalments $5 each. The 70c. included in the first instalment,
it is said, covers interest on the unpaid balance up to the date of delivery
-V. 126, P. 3456.
of the shares.
First Methodist Episcopal Church, Tulsa, Okla.
-The Canal Bank & Trust Co. of New
Bonds Offered.
Orleans are offering $350,000 1st mtge. Serial 5%% gold
bonds at 100 and int.
Dated June 1 1928: due serially June 1 1931-43, incl. Denom. $1,000
and $500 c*. Principal and int. (j. & D.), payable at the Canal Bank &
Trust Co., New Orleans, La., without deduction for any Federal normal
Income tax not exceeding 2%. Red. all or part, on any int. date after
30 days' notice at 102 and int. on or before June 1 1933, at 101% and int.
to and incl. June 1 1938 and thereafter at 101 and int. to maturity. Canal
Bank & Trust Co. and C. F. Niebergall, New Orleans, La., trustees.
The First Methodist Episcopal Church of Tulsa,!mom. under the laws
of Oklahoma, is one of the largest Churches in the City, having a present
membership In excess of 2,400. The average Sunday attendance is about
1,640 persons, not including Sunday School. The annual budget for all
purposes has heretofore averaged about 140.000. With the new building
now completed these collections are expected to increase materially.
These bonds are the direct and only funded obligation of the First Methodist Episcopal Church of Tulsa, and are secured by a closed first mortgage
on the ground at the Southeast corner of Boulder Street and Eleventh St.,
fronting 200 ft. on Boulder with a depth of 130 ft. on Eleventh Street approximately five blocks from the heart of the business section.
A magnificent new Church, built of native stone, trimmed with Indiana
limestone, and fireproof construction has just been completed on this
property and will be formally dedicated on Oct. 14 1928. The main auditorium seats 2,000 persons besides 2 large assembly halls seating 1,600
and 700 respectively and 16 Sunday School rooms, gymnasium with locker
rooms and shower baths, basket-ball court, &c.
The proceeds of this issue will be used for the retirement of present outstanding indebtedness and for reimbursing the Church for money spent in
construction of the new building.
-Officers.
General American Tank Car Corp.
The directors on Aug. 14 announced the appointment of Max Epstein.
founder and president of the corporation to be chairman of the board and
the appointment of Elias Mayer, who for many years, has been general
counsel and vice president to be president. This change was made to
provide increased executive management for the corporation's rapidly expanding business.
1827.
1928.
6 Months Ended June 30Net prof. after charges, but before Federal taxes- $1,712,610 $1,512,710
372,607
363.030
Shs. corn. stk. outstand. (no par)
$3.42
$3.87
Earns, per share
An official announcement states: "Notwithstanding the fact that freight
car equipment purchases by railroads during the last 6 months have been
exceedingly light, freight car manufacturing operations of the General
American Tank Car Corp. were conducted on a profitable basis. General
American Car Co., a subsidiary, enjoyed a considerable share of this
business, and due to efficiency of the East Chicago plant was enabled to
-V.127, p.830.
produce cars at low cost and sell to carriers at a fair profit."
General Cable Corp.-Earnings.PeriodGross profit
Selling and administrative expense
.
Quer. End. Quar.End. 6 Mos.End.
June 30'28. Mar.31 '28. June 30'28.
$2,381,185 $1,582,119 $3,963.304
2.179,157
902,560
1.276,597
Operating profit
Miscellaneous income (net)
$1,104,588
41,293
1679,559 11,784.147
10,458
Total income
Miscellaneous charges (net)
Interest
Federal taxes
$1,145,882
220,000
104.674
$679,559 $1.794,605
30,835
440.000
220.000
162,553
57.879
$821,207
$370,845 $1,192,052
Net income
-V. 127, p. 555.
-President Alfred P.
General Motors Corp.
-July Sales.
Sloan Jr., Aug. 14, says:
During the month of July General Motors dealers delivered to consumers
177.728 cars. This compares with 134,749 for the corresponding month
last year or a gain of 31.9%•
Sales by General Motors divisions to dealers totalled 169,473 cars, an
output of almost 7,400 per day as compared with 136,909 for July 1927.
a gain of 32,564 cars or 23.8%.
The following tabulation shows monthly sales of General Motors cars
by dealers to ultimate consumers and sales by the manufacturing divisions
of General Motors to their dealers:
-Dealers Sales to Users- -Divisions Sales to Dealers
1926
1927
1928
1927
1926
1928
76.332
99,367
81.010
107,278
53,698 125,181
JanuarY.---91.313
64,971 169,232 124,426
-Contracts Signed.
First National Pictures, Inc.
FebruarY.--- 132.029 102,025
183,706 146,275 106,051 197,821 161.910 113.341
After a meeting of the board of directors, President Irving D. Rossheim March
209,367 180,106 136.643 197,597 169.067 122,742
signed a contract which places April
announced that Joseph P. Kennedy had
224,094 171.364 141,651 207,325 173.182 120.979
-V. 127, p. 416.
May.
him in charge of the corporation for 5 years.
206,259 159,701 117,176 186,160 155,525 111,380
June.
177,728 1 4. 4
.576
July
-Earnings.
First National Stores (Inc.).
hese figures include passenger cars and trucks sOld in the tJnited States,
Y
Quarter Ended June 301928.
1927.
Dominion of Canada and overseas by the Chevrolet, Pontiac, Oldsmobile.
Net profit before depreciation and Fed. taxes
$671,967
$553,097 Oakland, Buick, LaSalle and Cadillac manufacturing divisions of General
Depreciation
106.425
81.393 Motors.
Federal taxes
61.434
48,652
Oakland Sales at Record.
Net profit after depreciation & Fed. taxes
$504.111
The Oakland division, according to a Pontiac, Mich. dispatch, sold
$423.052
Earnings per sh. on 595,000 no par corn. shares
Oakland and Pontiac sixes during July, compared ivith16,752 units
$0.70
$0.56 22,704
-V. 126, p. 3600.
In July 1927, a gain of 35%%. Since Jan. 1, there were 184,252 cars
shipped against 112,888 units in the same period of 1927, a gain of 63%•
Foundation Company.
-Earnings.
-V. 127, P.
The combined 12 months output in 1927 was 192,966 units.
1928.
1927.
830, 816.
1926.
6 Mos. End. June 30-1925.
$597,551
$731,874
Gross income
$912,519
$845,496
559.410
628,660
General expenses
General Petroleum Corp.
-Sale of Interest in Republic
55041
483,934
Net profit
Dividends
$38,141
Balance
-V. 126, p. 3127.
$38,141 def$221,786
$103,214
325,000
$362,104
399,948
$361,561
327,832
def$37,844 sur$33,730
-Opens With Capital and Surplus
Franklin Surety Co.
of $2,130,000.
Formal opening of the Franklin Surety Co. took place this week at 123
William St., New York City, the new headquarters of the company. The
company received its charter from the New York Insurance Department
about two months ago and is qualified to write bonds in favor of the City
of New York and the United States.
Arrangements have been completed to increase the original capital from
$250,000 to $700,000 and the surplus from $175,000 to $1,430,000 making
the total capital and surplus $2,130,000. The stock of the company has
been largely subscribed to by men prominent in the real estate, legal and
banking circles. The company will specialize in the writing of fidelity
and surety bonds. The new stockholders are in a position to assist the
company in its operations. With the increase of the capital structure,
the company will broaden its scope and powers.
The officers who are also directors are: Sigmund Glatzer, President;
Manuel II. Stern. Vice-President & General Counsel; Sidney R. Raymond,
Vice-President: Michael G. Appel, Vice-Pres.; Irving H. Glassir, Treas.;
A. N. Geller, Sec.; Jacob A. Mittenthal, Compt.
Among the directors are: Manasseh Miller, President of Prudential
Savings Bank and National Title Guaranty Co.; James J. Brooke. 1st
Vice-Pres. of Bedford National Bank and 1st Vice-Pros, of National Title
Guaranty Co.,. Oscar Friedland, Sec. and director Consolidated Laundries
Corp.; H. S. Denny, C. B. E., consulting engineer, President of Mentor
Exploration & Development Co.: William S. Evans, Justice of City Court
lawyer; Robert
of the City of New York; Williams Glatzer, estate operator C. Fulton,
and builder:
Treas., Ashforth & Co., Isador B. Geller, real
Emanuel Newman, lawyer, Hirsch, Newman & Reass: Alexander L. BerNaumberg, Dixon Sz Co., members New York Stock Exchange;
liner,
Harold S. Diamond, builder; John T. Brook, president of Pelham National
Bank.
-Earnings, etc1923.
.
Galland Mercantile Laundry Co.
1925.
1924
1926.
1927.
Calendar Yrs..
$809,680 $738,286 $692,751 $644.193 1575.034
Sales
$181,670 $141,008 1141.428 $146,468
$198,953
Gross profits
28,699
27.160
23,390
26.795
25.900
Depreciation
5,441
5,462
4,931
5,594
6.537
State & County taxes13,350
13.601
20,800
14,342
22,480
Federal income tax
77,895
34,260
77,895
34,260
119,910
Dividends
$15,629
160,945
$66,140
$53,991
Balance, surplus- __ $24,126
The company was incorporated April 27 1928 in Delaware to acquire
-V. 127,
the Galland Mercantile Laundry Inc (a California corporation).
p.1.830.
Supply Co.
The corporation according to a Los Angeles dispatch, has sold for a
reported price of $2,000,000 its interest in the Republic Supply Co. of
California, oil well supply distributors, to S. P. M.Pikes, Chairman of the
Board of Directors of the latter company. It is understood that Mr. Pike
and his associates will apply for listing of the Republic stock on the Los
Angeles and San Francisco Stock Exchanges, The company is capitalized
at $1,000,060, all outstanding.
-V. 125, p. 1980.
Gilliland Oil Co.
-Reorganization Effective.
The reorganization plan,approved by thestockholders on June 7,provided
for the changing of the company's name to Reserve Petroleum Co. and of
the capital stock from 50.000 shares of pref. stock (par $100) and 600,000
shares of no par value common stock to 45.000 shares of 1st pref. stock
(Par 3100), 15.000 shares of 2nd pref. stock (par $100) and 240,000 shares
of no par value common stock.
The 6% 1st mtge. bondholders were offered in exchange for their bonds
6% cum. 1st pref. stock ofthe co.as reorganized equal in amount to the face
value of their bonds and accrued interest. The 1st pref. stock is to have
voting power and the number of shares issued to the bondholders is to be
sufficient to give the holders thereof the voting control of the corporation.
The 1st pref. stock was also to be issued in payment of existing liens against
the Gilliland Oil Co. other than the outstanding bonds or for cash furnished
by bondholders or others to pay such liens.
The unsecured creditors, consisting almost entirely of the Atlantic Co.
and the holders of interest notes issued when the physical properties of the
Gilliland Oil Co. were returned to it by the receivers in 1923 for interest
previously accrued, (except the current creditors who will be paid in cash)
were offered 2nd pref. stock for the face amount of the indebtedness oi the
company to them with interest.
The 32,366 outstanding shares of pref. stock of the Gilliland Oil Co. was
exchanged for common stock on the basis of one share of pref. stock for
two-thirds of a share of new common stock; and the common stock of
the Gilliland Oil Co. (600,000 shares outstanding) was exchanged for a
reduced number of shares of common stock, in the company as reorganized,
on the basis of 18 shares of outstanding common stock for one share of new
common stock.
The holders of the old pref. stock were given the right to receive at their
Option either one-third of a share ofcommon stock for the accrued dividends
on each share of such pref.stock, or scrip equal in face value to the amount
of the accrued and unpaid dividends on the pref. stock up to July 311928.
such scrip to be payable before any dividends on any of the shares of the
stock of the corporation as reorganized can be paid. The holders of the
pref. stock were urged not to elect to take scrip.
The amount of bonds, accrued interest on bonds,and other lien indebtedness for which 1st pref. stock was to be issued at the par value of $100 Per
share, was figured in May last to be approximately $3,900.000. The company had not been able to pay,and had not paid,the principal and interest
installments of its first mortgage sinking fund since Oct. 1 1926. The
amount of unsecured indebtedness, for which 2nd pref. stock was to be
issued, at the par value of $100 per share, was figured to be approximately
$1,200,000.
960
[voL. 127.
FINANCIAL CHRONICLE
The amendment was filed in the office of the Secretary of State of DelaGreat Atlantic & Pacific Tea Co. of America.ware on July 11. The bondholders have been requested to deposit their
bonds with the Exchange Trust Co. of Tulsa, Okla., for exchange for 1st Dividend Rate Increased.pref. stock and all the bonds have been received. The interest notes, with
The directors have declared a quarterly dividend
share
the exception of a comparatively small amount, have been deposited for common stock, no par value, placing the stock on a $4of $1 a basis. on the
a share
From
exchange for 2nd pref. stock or discount.
Sept. 1 1927 to June 1 1928, inclusive, the company paid quarterly diva.
The outstanding stock certificates should be delivered to Reserve Petro- of'75c. a share on the common stock.
quarterly div. of
%
leum Co. at Tulsa, Okla., for cancellation; but, for convenience, Eastern was declared on the pref. stock. BothThe regular
dive. are payable Sept. 1 to holdstockholders may transmit their certificates to the company through either ers of record Aug. 16.-V. 126. P.
2657.
the Chase National Bank of the City of New York or Hallgarten & Co..
44 Pine St., N. Y. City.
(The) Greenleaf Arms, Chicago.
-Bonds Offered.The properties owned by the Gilliland Oil Co.are substantially as follows:
302 wells producing a total of 1.517 barrels of crude oil net daily production: Leight & Co., Chicago are offering at 100 and int. $260,000
5 casinghead gasoline plants making 29,500 gallons net daily production; 1st mtge. serial 6% gold bonds.
approximately 22,000 acres undeveloped leases; 100 tank cars; casinghead
Dated July
gas contracts; automobiles,furniture, materials and equipment;2,759 shares Chicago Title 1 1928: due serially 1931 to 1938. Interest payable J. & J. 1& Trust Co., trustee. Callable all or in part on any interest
of the stock of the Gilliland Oil Co. of New Mexico which operates 2 small date upon
60
skimming plants at Roswell and Albuquerque, New Mexico, as well as 102 and int., days' notice in reverse of the numerical order of the bonds at
to and incl. July 11930; thereafter to and incl. Jan. 11938.
marketing departments. This stock is pledged as security for a $100,000 at 101 and int. Prin.
and int. payable at the office of Leight & Co.. Chicago.
loan.
-V. 127, p. 830.
Security.
-The bonds are secured by a direct closed first mortgage on
the land owned in fee (120x176 feet) and a 3
-story and basement store
Galesburg-Coulter-Disc Co.
-Receives Order.
and apartment building located at
corner of Greenleaf and
The company has received an order from the Chrysler Corp. for clutch Glenwood Avenues, Chicago. The the southeast
mortgage is also a first lien upon the
discs to equip the entire Chrysler output for the forthcoming year.
income derived from the building.
Earnings.
The company has also received orders from the Packard Motor Co. and
-The gross annual income is 360,000 per year. After dealso the Hupp Motor Car Corp.for clutch discs to fill allot their requirements ducting llberally for operating expenses, taxes and allowances for possible
vacancies,the net annual income is approximately 2.69 times the maximum
far the coming year.
-V. 127, p. 554. 416.
annual interest requirement.
Valuation.
-The Lloyd-Thomas Co., Chicago, has appraised the build-Acquisition.
Globe-Wernicke Co. of Cincinnati.
ing as follows:
Formal announcement of the merger of the Steel Equipment Corp., The sound value of the
building after allowing for depreciation_ __-$328,000
Avenel, N. J., formed in 1909, with the Globe-Wernicke Co. to form the The fair market value of the land
has been appraised by John W.
Business Service Bureau was made by Oscar A. Wilkerson, President of
Arthur of George S. Ballard & Co.. Chicago, at
118,100
Steel Equipment Corp.
Under present arrangements, the Globe-Wernicke Co. will take over
$446,100
all of the assets of the Avenel concern, which for years has manufactured
This represents approximately a 58% loan.
metal business furniture and safes. The latter's present plant takes up
Borrower.
-The bonds will be the direct obligation of Morris Sevin Of
-V. 126. p. 724.
200.000 sq. ft. of floor space.
Chicago. Mr. Sevin is a substantial business man of wide interests and
comes to us highly recommended.
(H. C.) Godman Co., Columbus, 0.
-Stock Offered.
-
Raymond T. Brower, Inc., Columbus, 0., are offering
34,400 shs. common stock at $56.50 per share. This stock
has been purchased from individuals who have been inactive
in the company for a number of years and therefore no new
financing is involved.
The Ohio National Bank of Columbus, Columbus, Central National Ban
of Cleveland. Cleveland, transfer agents and registrars. This stock is now
exempt from personal property taxation in Ohio; and dividends are exempt
from the present normal Federal income tax.
CapitalizationAuthorized
Issued
First pref.6% cumul.stock ($100 par)____ $300,000
$300.000
2nd pref. 7% cumul. stock ($100 par)---- 3.835,950
3,140,900
Common stock (no par value)
300,000 shs.
167,802 shs.
Company.
-Company, beginning as a partnership in 1882, was incorp.
In Ohio in 1889 and from an original capital investment of $5,000 has grown
to its present proportions entirely through the reinvestment of earnings.
Company is one of the outstanding manufacturers and distributors of
medium priced shoes in the United States, producing a complete line of
shoes for the retail merchant catering to the demand for popular priced
footwear for men, women and children. Manufacturing operations are
carried on in 10 modern and well equipped factories located in Columbus,
0.. and Lancaster, 0. which the company owns in fee. These plants
embrace more than 800,000 square feet of floor area, employ about 3,800
operators and have a daily capacity of 35,000 pairs of shoes.
Earnings.
-In the past 38 years the company has never had an unprofitable year nor failed to pay a dividend on its common stock. Net
earnings available for common stock for the 43 year period ended April
30 1928, as reported by Ernst & Ernst, averaged $866.462.53 per year,
equivalent to $5.16 per share on the common stock. For the year 1927
these earnings were $1,200.250 or $7.15 per share. Based on the first 6
months operation the management estimates that such earnings in 1928
will approximate $1,000,000.
According to the company's records, earnings for the 11-year period
1917 to 1927, inclusive, applicable to dividends on the preferred and common shares aggregated $14.512,148. During this period cash dividends
were paid in the sum of $9,213,173, showings reinvestment in the business
of surplus earnings in the amount of $5,298,975.
Diridends.-It is the declared policy of the management to pay dividends
on the present common stock at the rate of $3 per share per annum by
quarterly payments on the 10th days of Feb.. May, Aug. and Nov., and
to pay a stock dividend of 1% each year.
Listing -Application will be made to llst this stock on the Cleveland
Stock Exchange.
-V. 117. P. 1999.
Golden State Milk Products Co.-Acguis.-Rights.-
The company has purchased the Gold Medal Dairy Co. of Los Angeles.
President P'ioda declared that the acquisition of the latter company.
which operates between Los Angeles and Long Beach, Calif., will involve
no public financing.
The California State Corporation Department has authorized the Golden
State company to issue 57,752 shares to its stockholders of record Aug. 20
1928 in the ratio of one new share for each five then held, at $31.25 per
share, and to sell and issue the unsubscribed portion of these shares at
$37.50 per share.
In addition, the company was permitted to issue to stockholders of the
Los Angeles Creamery Co. 90,365 shares of Golden State stock in exchange
for 18,826 shares of Los Angeles Creamery stock, which brings the exchange
rate to 4 4-5 shares of Golden State for one of Los Angeles Creamery.
To provide for fractional shares, the issuance of an additional 100 shares
of Golden State stock is provided. The exchange of stock was made upon
an established value of $37.50 per share for the Golden State stock and
$180 per share for Los Angeles stock.
Statement of the latter as of Feb. 29 1928, after appraisal, shows total
assets of $4,675,435. of which $1,209,814 were current, against current
liabilities of 31,192.212. The book net worth of the company is thus
shown at $3,391.070. after allowance for a few additional liabilities, and
It has a capital of 31,882.600 with surplus of 21,508,470.
The San Francisco Stock Exchange has admitted to its list 148,217
additional shares of Golden State common stock of $25 par value, bringing
the total number listed to 346,610 shares, of which 283,858 will be outstanding.
The directors have declared the regular quarterly dividend of 40c. per
share, payable Sept. 1 to holders of record Aug. 18.-V. 127, p. 115.
-Six Months Earnings.
Gotham Silk Hosiery Co.
6 Mos. End. June 30- 1928. '
1927.
1926.
1925.
Net inc. after operating
charges & interest on
funded debt
31,769,133 32,216,776 31.291,575 $1,037,715
Provision for deprec- _
272,434
292,888
95,509
88,545
Estimated Federal taxes
107.721
260,000
x181,417
x141,776
Net profit for 6 mos.. 31,388,977 $1,663,888 $1,014,650
Preferred dividends_ - -170,248
175,000
$807,394
Balance for corn. stk. $1,218,729 $1,488,888
x Incl. est. Federal taxes and other deductions.
The balance of $1,218,729 is equivalent, to $2.80 a share against 33.42
the year before, based on the same number ofshares at present outstanding.
The Gotham management reports that it has issued 42 licenses for the
manufacture of pointed heels under the Onyx Pointex patent. Only a few
of these licensees it is stated were operating during the first half of the year
but all will be operating the latter half.
As of June 30 1928. Gotham had 31,000,000 more cash than the year
before, $825,000 less inventories, $300,000 less accounts receivable, onehalf as much in accounts payable, had reduced its funded debt by $450,000
and had no bank loans.
An official statement further states: Several thousand inquiries have
been received by the company following its recent announcement of plans
to exploit its new mending machine which repairs silk stockings flawlessly
and rapidly. This business will be conducted through a subsidiary company
-V. 127, p. 691.
yet to be formed.
Grigsby-Grunow Co., Chicago.
-Rights.
-
To provide additional working capital required by the rapid growth of
the business, the directors have ordered the sale of an additional 14.175
shares of common stock, Pres. B. J. Grigsby announce3.
The stockholders of record Aug. 14 will have the right to purchase one
share of the additional stock for each 5 shares of stock owned on that date.
at $80 per share, payment to be made on or before Aug. 24 in cash or
certified check in Chicago funds to the order of John Burnham & Co..
Inc., 120 So. La Salle St., Chicago.,
126. p. 2657, 3765.
Guerin Mills, Inc., Woonsocket,R.I.
-To Pay Bonds.
The bondholders committee for the 1st mtge. 7% bonds announce that
at its request the Central Union Trust Co. as trustee of the mortgage
securing the bonds has declared the principal of the bonds due and payable
and the company has deposited with the trustee under the mortgage an
amount sufficient to pay the principal and accrued interest to Aug. 10
1928 on all bonds now outstanding. Formal notice will be sent to the
depositors under the deposit agreement.
-V. 126, 13• 1515
.
Hathaway Bakeries, Inc.
-Initial Preferred Dividend.-
The directors have declared initial quarterly dividends of 75 cents per
share on the class A stock (no par value) and $1.75 per share on the $7
cumul. cony. pref. stock (no par value), both payable Sept. 1 to holders of
record Aug. in. (For offering, see V. 126. p.3457.)
-V. 127, p. 691
Henney Motor Co.
-To Increase Stock.
The directors report that they have received sufficient proxies to assure
approval of an increase to 125,000 shares of common stock (no par value)
from 100,000 shares and to 50,000 shares of preferred stock (no par value)
from 25,000 shares. Sale of the additional common and proferred stocks
will make possible the acquisition of the Weatherproof Body Corp. in
accordance with the plans of the directors.
-V. 126, p. 1672.
b
Hershey Chocolate Corp.(& Subs.).-Earninys.rna.
.
.
Quar. End. Quar.
June 30 '28. Mar.31 '28. June 30 '28.
$11,032,119 $20,173,319
$9,141,200
6.674,529 8,287,623 14,962,152
1.335.484
678.392
657,092
Period
Sales
xCost of goods
Expenses
Operating profit
Other income
$1,809,579 $2,066,104 $3,875,683
120,253
65.403
54,850
Gross income
Cash discount
Federal taxes
31.864.429 $2,131,507 $3,995,936
355,253
192,278
162,975
436,882
296,464
140,418
$1,561,036 $1.642,765 $3,203,801
1,119,544.
567,808
551,736
Net income
Dividends paid or accrued
Surplus
$1,009,300 $1,074,957 $2,084,257
Earnings per share on 650.000 shares
12 ,
6
common stock (no par)
$2.91
$1.52
$1.39
x Includes reserve of adjustment of inventory fluctuations.
-V.
p. 3765.
-An issue
Hibernia Mortgage Co., Inc.
-Notes Offered.
of $100,000 1st mtge. coll. trust 5% gold notes, series
JC-0., is beingNew
1928,
100 and int. by Hibernia Securities
Inc.,
Orleans.
Dated Aug. 11928; due Aug. 1 1931-1938. Denom. 31.000, $500 and
$100 c*. Int payable (F. & .) at Hibernia Bank & Trust Co., New
Orleans, trustee. Callable on any int, date upon 30 days notice at 101
and int.
These notes are the direct and unconditional obligations of the company
and in addition are secured ratably and without preference by the assignm t t. p ntrustee of first mortgages on improved city real estate.ven126o tbe 2
.
Household Products, Inc.
-Earnings.
-
6 Mos. End. June 30- 1928.
1926.
1927.
Net profits
.
5
191,. 7
2 0 70
2 0 845
72
4
$1, 91:332 $1, 1:981 $1, 6 :495 31, 62 181
2 25 8
77 7
271 019
79
Estimated income tax_ Net income
Dividends paid
PrSeviurPouslussurplus
$1,519,246 $1,519,022 $1,518,350 $1,099,526
750.000
862,500
1,006,260
1.006.260
$349,526
3655.850
3512,986
351.2,762
1,423,387
1,810.680
36 12753
$3:59033 3 7 2,760,661
3 42 ;38
Total surplus
7 5 813
32 0
$3,273,423 $2,466,530 21, 7 : 0
32,4661,:53501
D . 223
47.36 0
Divs.
payable Sept. 1_ _ Cr.7
5
Surplus adjustments_ _
D
Dr5.037
shProfit & loss sarpstoek $3,428.211 $2,774.968 $2,030,049 $1,397.989
ares of eapitul lus-Earas ndsngoo o psr i.
outst ih ( ap s)
500,000
r . ne
575,000
t
575,000
575,000
$2.20
52.64
$2.64
30.
Comparative Balance Sheet June
1927.
1928.
1928.
1927.
Assetss
$
Liabilitiesi
$
Froply ase't,&a_ x508,073 x499,878 Capital stock
17,625,000 17,625,000
:000
09
160 930
18,488
Investments
675,000
275,000 /keels payable__
Accra receivable__ 1,049,832 ,76 : 07 Dills payable
03
9
95 70 1
224.621
Cash
t .. .
Reserve. Fed..esFe, c
1,757,931 1
A cscate tf..r as ddc.t 214.022
Inventory
516,080
652.670
883,042 1,025,915
Good-will, cicc_ _ _ _ 18.100,000 18
.100,
"
503,125
Deterred expenses_
76,003 Divs. payable____ 503,125 2.774,968
65,872
3,428,211
Surplus
22,672,788 22.323.559
Total
22,672,788 22,323,559 Total
x After depreciation. y Capital stock represented by 575,000 shares of
ro par value.
-V. 126, P. 3458,
AUG. 18 1928.]
FINANCIAL CHRONICLE
-Night Line Earnings.
Hudson River Navigation Corp.
Hudson River Night Line earnings for July show passenger department
gross increase of $12,177 or 4% over July 1927; loss in freight $4,857 or
7.23%; reduction in operating expenses $18,419 or 8.69%; increase in
operating income, after taxes $25,059 For the year to July 31 the company shows increase in gross revenue of 344.797 and saving in operating
expenses of $26.600. resulting in total increase in operating income of
371,397, as compared with same period in 1927.-V. 127, p. 831, 556.
-Earnings.
Hygrade Good Products Corp.
The corporation reports net income of $108,491 for the 3 months ending
June 29 1928. Gross sales for this period were $2,072,668. The recently
acquired business of Chris Grozinger & Co., Inc.. is included only from
May 19 to June 29. The Mohawk Sausage & Provision Co. of Boston
was purchased June 11 1928 and the earnings are included from that date
to June 29. The net income is reported after deducting all charges, including depreciation, but before Federal Income tax..
Corporation has recently acquired the assets and business of Chris
Grozinger Co.. Inc. This business was originally started 30 years ago by
Chris Grozinger, who specialized in provisions and pork products. The
present company was incorporated in 1919. The gross sales for 1927
amounted to $1.600,918. V. 126, p. 2800.
-Listing.
Illinois-Pacific Glass Corp.
The board of governors of the Los Angeles Stock Exchange have approved
the application of the corporation to list 76,614 shares of its no par value
class A stock.
The company is engaged in the business of manufacturing bottles and
glass containers. It is also interested in the allied business of producing
paper and paperboard corrugated packing and reshipping cases. Two
plants and three warehouses maintained by the corporation are located in
San Francisco. It maintains branch estabishments in Los Angeles. Oakland,
Portland and Seattle. The firm manufacturered 686.819 gross of containers in 1927, while corrugated products were produced in like proportions. The firm employes 800 workmen.
The corporation was organized in Delaware in 1926. Capital structure
of the concern includes 80,000 shares of class A stock authorized with
76,614 shares outstanding and 250,000 shares of class B authorized and
114,680 outstanding
The class A stock is entitled to preferential cumulative dividends of$1.50
per share per annum, before any dividends are paid on the class B stock.
Subject to this prior right, class B stock is entitled to non-cumul. diva. of
81.50 per share per annum. Both classes of stock participate equally share
for share in any additional dividends. Dividends have been paid at the
rate of $1.50 per share per annum from date of organization until Nov.
1 1927. Since that date dividends have been paid at the rate of $2 per
annum.
The balance sheet as of Nov. 30 1927, discloses total current assets of
$1,887.023, as against total current liabilities of $404.640
Officers and directors of the company are: Charles C. Cole, President;
0. Rosenstein, Vice-President; W. II. French. Vice-President; W. I. Cole.
Vice-President; Walter (3. Thomas, Secretary; Max M. Cohn, Chairman
of the Board; J. M. Lewis, P. D. Burtt, and K. M. Henry.
The Cole-French Co. of San Francisco is transfer agent for the company
and the Wells-Fargo Bank & Union Trust Co. of San Francisco is the
registrar.
-V. 127, P• 115.
961
While the Federal receivership Petition states that the company is solvent
and there is no actual need for any reinsurance deal, the court action
brought in St. Louis contends that reserves of the company are impaired
$2.000,000, it having 841,900,000 of liabilities and only about $39,900.000
of assets available. The company's entire capital stock and surplus was
wiped out by disappearance of $3,500,000 in cash and securities alleged
to have been removed from St. Louis, while other assets are alleged to be
not legal investments for a life insurance company and still others which
are carried on its books at a figure in excess of their actual worth. The
last two items are said to aggregate 91660,000.
Charles G. Revelle and Emil Brill, as counsel for the Life Insurance
company, appeared before Judge Hamilton and admitted the impairment
of the company's capital stock "to such an extent and such manner as to
authorize and warrant the appointment of the State Superintendent of
Insurance as receiver."
The following extracts are taken from the St. Louis "Globe-Democrat"
Aug. 14:
As Federal, State and city prosecutors, aided by insurance examiners,
continued their investigation last night into the chaotic condition of the
International Life Insurance Co., Associated Press dispatches announced
the State licenses of the company had been revoked in Oklahoma and
Nebraska and that in Virginia it was ordered to show cause why its license
should not be revoked there.
Five States have now barred the company from business within their
jurisdictions.
The entire blame for the present condition of the company was placed
on the shoulders of its President, Roy C. Toombs, by T. J. McReynolds,
member of the Finance Committee and a Vice-President, it was learned
from a reliable source at the conclusion of the day session of the investigation
terday.
yesAt the night session Bee Barclay and H.0. Woodward,assistant financial
managers, testified also that Toombs' management was the cause of the
present receivership. They declared they did not know how the insurance
company President obtained the securities, but said the blame rested
solely upon him.
A dispatch from Lincoln, Neb., said that John R. Dumont, State Insurance Commissioner, had notified George Whitlock of Omaha, State
Agent for the International Life Insurance Co.. to cease writing policies
In Nebraska. Dumont was quoted as saying he had been advised that
policyholders will suffer no loss.
The Oklahoma license of the company has been revoked by telegraphic
instructions from Jesse Gread. State Insurance Commissioner, who is in
St. Louis aiding in the investigation of the insurance company's affairs,
according to a dispatch from Oklahoma City. The company is said to
carry about $10,000,000 in policies in that State.
Meanwhile State Insurance Commissioners cancelled the licenses of
all International Life agents in Indiana and Ohio, the dispatches declaring
that in Ohio arrangements were being made to re-insure all risks so that
policyholders will not lose their protection. In Idaho the licenses of the
agents were revoked several days ago.
A dispatch from Richmond, Va., announced that the State Corporation Commission had ordered the company to show cause why its license
to do business in that state should not be revoked.
Under the Virginia law, ten days' notice for such an order is required.
International Mercantile Marine Co.-LinerLaunched.--
With the launching of the S. S. "Virginia," second of the 3 new turbine
electric passenger vessels for the Panama Pacific line of the company,
Imperial Tobacco Co. of Canada, Ltd.
-Stock Inc.
- another step has been taken in a program involving more tonnage of elecThe stockholders on Aug. 10 increased the authorized ordinary stock trically propelled ships than ever before constructed by a single company.
The "California," first of the 3 new vessels, was launched Oct. 1 1927; the
-V. 127. p. 691.
(Par $5) from 7,800,000 shares to 10,800,000 shares.
"Virginia" was launched Aug. 18 1928, less than a year later, and the last
of the 3 ships is now under construction and will probably be launched dur-New Officer of Sub. Co.
Industrial Acceptance Corp.
E. W. Miner, president of the General Contract Purchase Corp., an- ing the summer of next year. At the time of its launching. the "California"
in the world, but its
nounces the election of 11. T. MelhuLsh, as vice-president of the General was the largest electrically driven passenger vessel third vessel will be a
sister ship, the "Virginia., is still larger, and the
charge of its radio division.
Contract Purchase Corp., in
The election of Mr. Melhuish follows closely the recent acquisition by duplicate of the second.
The "Virginia" was launched at Newport News by its builders, the Newthe Industrial Acceptance Corp. of the General Contract Purchase Corp.
& Dry Dock Co., who built the "California" and
and its affiliated companies, heretofore owned and operated as installment port News Shipbuildingthird boat.
-V. 127, p. 102.
the
financing subsidiaries of the General Electric Co. (See also V. 127. p.267.) who will also build
-Larger Dividend
International Nickel Co., Inc.
-Organizes New Co.
Insurance Co. of North America.
- Rights.
-The directors have declared a quarterly dividend
of 75 cents per share on the common stock (par $25), payable
Sept. 29 to holders of record Sept. 10. Previously the company paid quarterly dividends of 50 cents per share on this
t
issue.
Insuranshares Management Co.
-Dividends.
-I was also announced that an issue of 200,000 additional
On Aug. 15 the directors declared semi-annual distributions on the "A" shares of common would be offered to common and pref.
shares in Insuranshares trust funds as follows: Series A-27. 0-27, F-27 and
H-27 of 35 cents, 35 cents, 32 cents and 27 cents respectively, payable stockholders at $60 per share on the basis of one new share
Sept. 1 to certificate holders of record Aug. 15 1928, and on series B-28 of common for each 10 shares of common held and one new
of 19 cents payable Sept. 1 to certificate holders of record June 20.share of common for each 23/i shares of pref. stock held.
V. 126, p. 3604.
-V. 127, p. 832.
Intercontinental Rubber Co.(& Subs.).
-Earnings.International Paper Co.
1928.
-Time for Deposits under Plan
1927.
Six Months Ended June 301926.
$408,935
$521,776
x Profit from operations
$876,393 Extended.
-The holders of the 7% preferred stock, 6%
55.092
Interest earned and other sundry inc_
54,732
28,914
preferred stock, and common stock, are notified that a
$464,027
Total
$576,507
$905,307 majority of the preferred and common stocks have been
77,587
85,983
General sales exp.and miscell. taxes_ _
121.563 deposited under the plan dated June
28 contemplating
69,999
Depreciation
65,500
Depreciation and amortization
73,000 formation of International Paper & Power Co. as new hold38.000
Estimated U.S. and foreign inc. taxes
58,970
92.901 ing company.
Discount and organization expenses
5,777
In order to give stockholders further opportunity to deposit their stock
The company has been granted a charter to organize a new company to
be known as the Alliance Casualty Co. to transact casualty and surety
business. Although the new company is not formally organized yet,
Benjamin Rush will be president, the other officers being practically the
same as Indemnity Co. of North Ameriea. It is expected that the new
-V. 126, p. 3766.
company will begin business in October.
x Net income
Surplus Jan. 1
$278,439
1,047.894
$366,054
996,792
$612,067
826,675
$1,326,333 $1.362,846 $1,438,742
148,815
297.280
592,207
Surplus at June 30
$1,177,518 $1,065,566
$846,536
x Includes estimated profit of Sumatra plantation for month of June
only.
-V. 126, p. 3766.
Total surplus
Less dividends paid
International Cigar Machinery Co.
-Earnings.
-
6 Months Ended June 30Royalties
Sales
Total income
Cost of sales and expense
Depreciation and amortization
Federal taxes
1928.
$931.815
141,263
1927.
$769,673
366,911
$1.073,078 $1,136,584
378,636
604.515
98,322
146,328
67,532
52,075
Net profit
Dividends paid
$528,587
300.000
$333,666
200,000
Balance,surplus
Previous surplus (adjust.)
$228,587
775.088
$133,666
685,201
$1.003675
Profit and loss, surplus
,
Earns, per share on 300,000 shares of no par capital
$1.78
stock outstanding
-tr. 127, p. 115.
$818.868
$1.11
International Life Insurance Co.
-Receivership.
-
State and Federal receivers for the company were appointed Aug. 10
and a conflict for control of the company, thrown into the courts by the
failure of officials to show examiners $3,500,000 In securities and cash
that should be among its assets, is probable.
United States District Judge Reeves at Kansas City named Robert
E. Daly, actuary of the Missouri Insurance Department, acting head
of the company, and Edward P. Wilson. St. Louis attorney, joint receivers
of Alabama,
under a petition filed by James C. 1)alestockholder. a policyholder, and
a minority
C. P. Long of Tupelo. Miss.,named Federal receivers for the
International
Wilson and Daly were also
Co. of St. Louis, a holding company, which controls the International Life.
Circuit Judge I tamilton at St. Louis also appointed State Superintendent
of Insurance Ben C. Hyde as receiver and instructed him to proceed with
liquidation of company according to Missouri law.
the time for making deposits under the plan has been extended to Sept. 30
1928. Stockholders desiring to participate in the plan should deposit their
stock with one of the following depositaries: The Chase National Bank,
New York; the First National Bank of Boston, and Montreal Trust Co.
Consolidated Income Statement (Company and Subsidiaries).
Period End. June 30-- 1928-3 Mos.-1927.
1928-6 Mos.-1927.
Total revenue
$4,385,686 $3,896,971 $8,774,813 $7,071,552
Depreciation
1,523,818
1,523.818
1,142,016
2,891,625
2,095,481.
Int, on
debt_
1,274,102
1,137,341
2,443,254
2,221,721
Arnort. of disc.on fd.debt
77,195
89,585
151,924
169,097
Res. from income taxes_
95,000
115,000
215,000
175,000
Net rev. avail,for divs $1,415,570 $1,413,030 $3,073,009 $2,407,253
Divs. on Can. HydroElec. Corp., Ltd. 1st
preferred stock
375,000
187,500
Divs, on preferred stock 1,661,300
3,239,734
1,457.667
873.987
Divs, on corn. stock_600,000
523,467
1,199.993
773,467
Balance of net revenue
added to surplus__ _df$1033,229
$15,576 df$1,741,718
$176,119
Paid in surplus
25,250
18,300
27,550
29,750
Prem,received on sale of
7% pref. stock
218,754
Previous surplus
22.161,110 22,430,073 22,648,544 22.258,080
Total surplus
$21,153,130 $22,463,950 $21,153,131 $22,463,950
A. R. Graustein, President, says:
The low earnings reflect a somewhat greater curtailment of operations
than was anticipated.
The earnings shown do not include the undistributed portion of the earnings accruing on the common shares of New England Power Association
held by International Paper Co.
The company's construction program on the Gatineau River is now
approaching completion. This program, embarked upon in Oct. 1925,
involves one of the world's largest storage reservoirs,3 hydro-electric power
stations built for a total installation of 562.000 h.p. of which 436,000 h p.
are now installed or about to be installed, and a considerable mileage of
high-tension transmission lines. Variations from cost estimates have
approximately offset one another, se that the aggregate cost of the entire
system will, apparently, vary from the estimates by legs than 1%.
Delivery
of the first block of power to the Hydro-Electric Power Commission of
Ontario
will commence Oct. 1 of this year,and with the deliveries of additional
blocks
in 1929 and 1930 the Company's earnings statements should
reflect the
anticipated return upon this investment.
962
FINANCIAL CHRONICLE
New Director.
Frank D. Comerford, President of New England Power Association,
has been elected a director.
The International Paper Co. owns 45% of the common stock of New
England Power Association, and it is expected that the International
Paper & Power Co., the new company which is to be formed to take over
the properties of the International Paper Co., will hold a very large majority of the common stock of the association.
-V. 127. p. 831, 557.
International Petroleum Co., Ltd.
-Production.
Production in Colombia in June totaled 1,645,680 barrels, compared with
1.699,866 barrels in May and 1,080,000 barrels in June. 1927. Production
in Peru in May totaled 806,579 barrels, against 678.801 barrels in April.
Combined production in May in Colombia and Peru amounted to 2,452,259
barrels, or at the annual rate of 29,429,108 barrels.
The company completed 8 wells in Colombia in June, with an average
initial production of 834 barrels, and 22 drilling rigs were in operation.
Shipments of crude from Cartagena. Colombia, in June were 1,642,901
barrels, compared with 1.673.185 barrels in May and 709,156 in June 1927.
For the first 6 months of 1928, the company produced in Colombia
9,930,060 barrels, compared with 6,137,321 barrels in the same period of
1927. In the first 5 months of 1928, production in Peru was 3,488,281
barrels compared with 3,247,733 in the first 5 months of 1927.-V. 126,
1). 3766.
[VoL. 127.
"The purchase of Phenix Cheese Corp. and A. E. Wright Co. was consummated In Jan. 1928. As would be expected, expenses were higher
during the consolidation period than when the companies were operating
separately. We are pleased to report that sales for the first 6 months of
1928 show an increase of $3,750,000 over the combined sales made by the
three separate companies during the same period last year. Profits have
Increased approximately 40%.
rat
"The trend toward increased profits began in May, and during June an
even greater tendency was apparent. Many economies are yet to be
effected, and as time goes on a further increase in net profits is expected
with a larger volume of sales and lower operating costs."
-V. 127. P. 692.
Knott Corp. (& Subs.).
-Earnings.
Income Account 6 Months Ended June 30 1928.
Gross earnings, $2,710,909; operating expenses, $2,383,808;
net earnings
Other income
Total income
Depreciation, $79.663; reserve for doubtful accounts, $10,000;
total
Federal taxes
Minority interest,
$327,101
30,626
$357,727
89,663
33,299
6,581
Net income
$228,184
- Preferred dividends
International Safety Razor Corp.
-Initial Dividends.
2,700
An initial quarterly dividend of 60c. per share has been declared on the
Balance
class A stock, without par value, payable Sept. 1 to holders of record
$225.484
Earns, per share on 155.980 shs. common stock (no par)
Aug. 20.
$1.45
An initial quarterly dividend of 50c. per share has been declared on the -V. 126. p. 4093.
class II stock, without par value, payable Oct. 1 to holders of record Sept. 19.
Lake Superior Coal Corp.
The corporation reports net profits of $292,122 for the 6 months ended
-New Director.
Leonard E. Schlomm has been elected a director of this company, the
June 30 1928. After reserve for Federal taxes of $44,359, net available for
dividends, &c., amounted to $247,763. Expenses incidental to recapitaliza- Cannelton Coal 8: Coke and the Fiborn Limestone Co.
-V. 123, p. 988.
company have been charged against earnings for the current
tion of the
Lancaster Mills.
year. Based on the present rate of earnings, it is estimated that net earn-Partial Liquidation Approved.
The stockholders on Aug. 13 authorized the directors to sell such machinings for the full year will approximate $600,000, which would compare with
ery as not considered possible of profitable operation in the near future,
$423,187 for the 12 months ending Dec. 31 1927.
Gross sales for the first 6 months of 1928 exceeded sales for corresponding and authorized the sale of real estate, tenements, buildings and supplies
not deemed necessary for operation of the remaining machinery.
period of last year by approximately 33%-V. 126. A• 3937.
In a recent letter to stockholders, the directors stated that operations
for the first 6 months of 1928 showed a loss and that there is little in the
Iron City Sand & Gravel Co.-Ctfs. Called.
The company has called for redemption Sept. 1 at 102 and divs, all of present situation which offers promise of profitable operation for the rest
the outstanding 5-yr. 6% trust certificates, series A. dated Sept. 1 1927. of the year.
The letter states: "The mill is equipped primarily for the manufacture
Payment will be made at the Union National Bank of Pittsburgh, trustee,
-V. 126, p. 3766.
of ginghams. This requires machinery of a highly specialized type, a great
4th Ave. at Wood St., Pittsburgh, Pa.
deal of which is not readily adaptable to production of other fabrics. Cer-Stock Authorized.
Italo Petroleum Corp.
tain changes have been made, such as equipment for handling rayon,
The corporation has been authorized by the California State Corporation equipping certain looms for fancy weaves, and other changes of minor
Department to issue 4,500,000 shares of 7% preferred stock and 7,500,000 importance. No major alteration of building or equipment has been made.
'A substantial portion of the machinery Is old and has been idle for
shares of common stock, both of $1 par value. The authorized capitalizasome years. This machinery is uneconomical to operate on any fabric
tion is 825,000,000.-V. 127, p. 832.
except ginghams, and there is no prospect of securing sufficient orders to
Jorverse Realty Corp.
-Trustee.
require the operation of this machinery. The directors therefore propose
The Chatham I'henix National Bank & Trust Co. has been appointed to dispose of such machinery, not only to
taxes, but to secure a
corporate trustee of an issue of $250,000 6% 1st mtge. serial gold bond more compact and efficient operating unit. reduce also propose to
They
dispose
certificates, dated July 20 1928.
of such real estate and buildings as, in their opinion, may be no longer
necessary for the operation of the remaining part of the machinery.
Julian & Kokenge Co., Cincinnati,0.
-Stock Offered.
- "As long as ginghams
could be sold in sufficient
to operate the
W. E. Hutton & Co., Cincinnati, are offering at $30 per mill at capacity, profits were made. Starting some volume ago, ginghams
4 years
began losing favor as a dress material. Since that time extensive curtailshare 30,000 shares common stock (no par value). This ment has been
necessary. To meet
stock is being bought from individuals and involves no new made to produce other fabrics which this situation groat efforts have been
would maintain the necessary volume
of sales. Some success has been achieved with these fabrics, but due to
financing by the company.
the generally depressed conditions of the market for cotton goods, the
CapitalizationAuthorized.
Outstanding.
mill has been unable to secure the volume of sales necessary for full operaCommon stock (no par value)
182,070 shares 182,070 shares tion. Now fabrics in
production offer great promise of eventual profit,
Transfer agent, Bank of Commerce & Trust Co., Cincinnati. Registrar, but it Is likely that development of these to sufficient volume will require
Central Trust Co., Cincinnati.
some time. In the meantime sale of the normal product of the mill conData from Letter of Herbert Newton Lape, Pres. of the Company. tinues to fall off and becomes more unprofitable. Prices for finished goods
Compang.-Established in 1892, company now ranks as one of the largest. have failed to bring the increase represented by advancing costs of raw
manufacturers of women's high-grade shoes in the 'United States. Com- material, and for the last six months we have been faced with the situation
pany was originally known to the trade as The Alter & Julian Co. (a Ken- that raw material purchased at existing levels would, when made Into
tucky corporation). It changed its name to The Julian & Kokenge Co. finished goods, be sold at a loss.
"During the past 4 years operating losses have caused the assets of the
in 1897 and was incorp in Ohio in 1903.
Company confines its products to women's shoes, of the company's own company to shrink heavily. Net quick assets are at a point where they
McKay process and retailing from may be entirely dissipated by any further serious loss."
original designs, made by the Welt and
On June 30
company had
$8.50 to $20 a pair. Among its products are the well known "Foot Saver" As there was alast, the of $129,211 ata profit and loss deficit of $17,028.
the end of 1927, a loss of $146,239
and "Foot Friend" shoes made under registered trade-marks and patents for the first 6 surplus
months of
which are the sole property of the company. The company also manufac- losses of$129,388 for 1927 this year is indicated. The company reported
and $932,762 for 1926. Working capital dropped
tures a complete line of stylish McKay footwear and women's Welt shoes from $487,723 to
$394.529 In the 6 months to June 30. The company is
marketed under the name of "Airy Welts." The company's trade extends capitalized
from coast to coast, reaching into Canada and numbers among its Cincin- of common at 16,810 shares of pref. stock of $100 par, and 25.000 shares
stock of $100 par. 1 124, p. 2918.
-7.
nati customers The H. & S. Pogue Co., The Smith-Kasson Co. and The
John Shillito Co.
Lawyers Mortgage Co., New York.
-Mortgages.
-The net earnings of the company, after all charges including
Earnings.
The executive committee last week accepted mortgages aggregating
depreciation and Federal tax, during the 5 years ended Oct. 31, 1927 are $4.335,550
distributed as follows: Manhattan, $292.700; Bronx,$1,702,650;
as follows:
Brooklyn, $1.515,800; Queens, $559,400; Westchester. 3265.000.-V. 127.
1924
1927
1923
1925
1926
p. 269, 116,
$161,654
$315,666
$59.979
$438,230
361Lo38
Based on the capitalization of 182.070 shares of no par value comm in stoek
Lehigh Valley Coal Co.
-Comparative Balance Sheet.
the average annual net earnings for the 5 years ended Oct. 31, 1927, are
June 30'28. Dec.3I'27.
$318,133 or $1.75 a share. On the same basis, for the 3 years ended Oct.
June 3028. Dec.31'27
311927,the average of 456,344 is equivalent to $2.50 a share, while earnings
Property & plant_77,901,284 77,697,663 Capital stock_x_.... 9,465.000 9,465.000
for the year ended Oct. 31 1927 amount to $3.37 a share.
The first half of the company's fiscal year is normally less profitable than Sinking funds_ _ 4,819,703 4,698,799 Current liabilities_ 5,663,099 5,992.333
the last half and in the first 6 months ended April 30, 1928, the company Advanced royalties 3,017,981 3.028,784 Deferred liabilities 720.336
666,397
earned $240,163 after all charges including depreciation and Federal tax. Advance stripping 1,222,864 1,284,533 Funded debt
25,760,000 25.760,000
2,067,996 2,330,837 Depr.& 0th. res. _38,291,438 37,504,740
-Company will naugurate dividends on this common stock Cash
Dividends.
at the rate of $1.75 per share, per year, payable quarterly Other curr. assets_ 6.610,543 7,783,422 Sure. through apof no par value
Deferred assets_ _ - 729,369
pileat'n of assets14.996,774 15,277,549
436,665
beginning Nov. 1.1928.
Surplus from overAssess,
-The balance sheet of April 30, 1928 shows current assets includ- Ins.& work.comp.
fund
635,382
628,795
ations
ing inventories 5.82 times current liabilities. According to this balance
2,108,475 3,223,479
sheet net tangible assets are equivalent to $15.10 per share of common stock.
Total
Listing.-Appllcation will be made to list this stock on the Cincinnati
97,005,122 97,889,498
Total
97,005,122 97,889.498
x Represented by 1,212,160 trustees' certificates of int.-V. 127. e. 692,
Stock Exchange.
-Notes Called.
(Minor C.) Keith, Inc.
The corporation has called for redemption as of Aug. 31 next, $1,605,000
-year 5% secured gold notes due in 1931. Payment will be made at par
5
and interest at the United States Mortgage & Trust Co.. trustee, 55 Cedar
St., New York City, and at the office of J. Henry Schroder & Co., 145
-V. 126. p. 588.
Leadenhall St.. London, E. C. 2, England.
-Dividend Rate Increased from
Kennecott Copper Corp.
-The directors on Aug. 15 declared a
$5 to $6 per Annum.
quarterly dividend of $1.50 per share on the outstanding
capital stock (no par value), payable Oct. 1 to holders of
record Aug. 31. Previously quarterly dividends of $1.25
per share had been paid. Record of dividends to date is as
follows:
1916. 1917. 1918. 1919-29. 1921-22. 1923-25. 1926. 1927. x1928.
$5.25
None
$3 p.a.
$4
$5
$2 p.a.
$4
$5.50 $5.50
x Includes dividend payable Oct. 1.-V. 126, P. 2486.
Kraft-Phenix Cheese Co.-Earnings.-
Net2. 192.
19 8
7
6 onths Ended June 30$32
.995.348 $29.223,515
Msales
31,713,249 28,495,873
and expenses
Costs
31,282.099
$727.642
Operating profit
Dr.20,530 Cr.139,777
Other income
Total income
Interest
Sub. preferred dividends
31,261.569
213,625
12,561
3867,419
98,363
31,035,383
$769.056
Profit before Federal taxes
J. L. Kraft, Chairman of the Board, says: "The officers are well satisfied with the results accomplished in the first six months this year.inTho
net
Increase in net earnings over last year was due partly to an increase
sales, but more to realizing a greater percentage of net operating profit
sales.
on
Lehigh Valley Coal Sales Co.-Bal.Sheet June 301928.-
AssetsProp.& plant (less deprec.)__
Cash
Due for coal sold
Stock of coal
Securities of sub. co's. owned
Other asset accounts
Total (each side)
-V.127, P. 693.
Liabilities
Capital stock
$9,801,435
Audited vouchers
2,394,321
Other current liabilities
83,116
Taxes due and accrued
108,288
Dividends payable
201.846
Def.& suspended liabilities.489
Reserve accounts
341,596
$15,559,025 Surplus
2,627.934
$2,078,895
2,421,535
3.823,035
5,772,026
1,367,500
96,035
Leighton Industries, Inc.
-Listing.
-
Application to list 58.000 shares no par class A stock, series one, and
117,000 shares, no par value, voting trust certificates representing 117,000
shares of class B stock, the total outstanding issue, has been approved by
the board of governors of the Los Angeles Stock
Exchange.
Officers of the company are: Charles C. Cole, President; 0. Rosenstein,
Vice-President; W. II, French, Vice-President: W. I. Cole, Vice-President:
Walter G. Thomas, Secretary. Directors, other than the above are:
Max M. Cohn, Chairman: J. 7,1, Lewis, T. J.
D. Bunt and
K. M. Henry. See also V. 127, P. 832. 557. Corwhi, P.
(The) LeMur Co.
-Consolidation Effective.
-
See Nestle-LeMur Co. below.
---V. 127, p. 832.
(R. H.) Macy & Co.
-Rights.
-
The Committee on Securities of New York Stock Exchange rules that
rights to purchase additional common stock may be dealt in on a whenissued basis on and after Aug. 20 and that common stock be not quoted
ex-said rights on Aug. 20 and not until further notice. Rights to subscribe
expire Sept. 20, See V. 127, p. 832, 693.
Marion Steam Shovel Co.
-Stock to Employees.
The company is offering employees the right to subscribe to common
stock up to 2.000 shares at $40 a share on a monthly payment basis. IA
raade
bonus
mployees who hold their stock after final paymentis
3
.-V.
AUG. 18 1928.]
963
FINANCIAL CHRONICLE
-To Receive Dividend from Subs.
Marland Oil Co.
The directors of the Reagan County Purchasing Co. on Aug. 14 declared
a dividend of $1,500,000. payable Aug. 15 to holders of record Aug. 14.
1928. Of the stock of this company 51% is owned by the Marland Oil Co.
and 24;4% each by Texon Oil & Land Co. and Big Lake Oil Co.
The Texon Oil & Land Co. and its subsidiaries will receive approximately
$367,500 out of this dividend while the Big Lake Oil Co. will receive a similar
amount, 25% of which will go to Texon Oil & Land Co. and its subsidiaries
by reason of the holdings in the Big Lake Oil Co.
There still remains in the treasury of the Reagan County Purchasing
Co. approximately 33.000.000 undistributed earned surplus a great part
-V. 127.
of which, it is expected, will be distributed in the near future.
D. 542.
-California Co., Los
-Bonds Offered.
Marshall Corp.
Angeles, recently offered $250,000 1st mtge. coll. trust
6%% serial gold bonds at 100 and int.
Dated July 1 1928; due serially Oct. 1 1928-July. 11933. Denom.$1,000.
-J.) without deduction for the normal Federal income
Interest payable (Q.
tax up to 2%. Principal and interest payable at Security Trust & Savings
Bank, Los Angeles, trustee. Red. all or part, on any int. date on 30 days'
notice at par and int. plus a premium of R(% for each 6 months, or portion
thereof, of unexpired life, said premium not to exceed 2%. Exempt from
California Personal property taxes.
Bonds are the direct obligation of the corporation, the assets of which.
over and above all liabilities, are valued in excess of $5,000,000. Bonds
constitute a first (closed) mortgage and deed of trust on real properties of
the company (all sold under sales contracts) located in the rapidly growing
town of Southgate, which lies in the Los Angeles industrial area, and on
subdivided and unsubdivided properties (unsold) in the town of Chino,
lying in a rich agricultural section of San Bernardino County. In addition,
bonds are collaterally secured by the deposit offirst trust deeds representing
balances owing the company from the sale of some 3,076.47 acres in the
Chino section.
The directors also declared an initial quarterly dividend of 1.%% on
the 6%% cumul. cony. pref. stock, par $100. payable Sept. 1 to holders
of record Aug. 25. See V. 126, p. 3607. 3939.
-Earnings.
Minneapolis Steel & Machinery Co.
Net profit of the company for the 6 months ended June 30 1928 was
approximately $382,000 after depreciation and Federal taxes. Total sales
were $3,693,327. against $3,441,568 in the first 6 months of 1927.-V.
126. p. 3608.
-624c. Dividend.
Mohawk Carpet Mills.
The directors have declared a dividend of 6234c. a share on the common
stock, no par value, payable Oct. 1 to holders of record Sept. 10. See also
V. 127, P. 833 558
.
.
-Earnings.
Mullins Manufacturing Corp.
Month of July-Profit after charges but before Federal taxes
-V. 127. P. 559.
1928.
$104,022
1927.
$51,298
-Bonds Offered.
-First
National Co. of Ann Arbor.
National Co. of Detroit recently offered $250,000 1st mtge.
leasehold 5% sinking fund gold bonds at 100 and int.
Dated July 2 1928; due Jan. 1 1944. Denom. 31,000 and $500 ct.
Red. all or part on any int. date at 101 and int. on 30 days' notice. Principal and int. payable without deduction for normal Federal income tax not
to exceed 2% at Detroit St Security Trust Co., Detroit. trustee.
These bonds are a direct obligation of the company and are secured by
a closed first mortgage on the leasehold interests of the company in the
land at the corner of Main Street and East Washington Street and the
building now being constructed thereon. Company has leased for a period
of 99 years dating from Jan. 1 1927, the land at the southeast corner of
Main Street and Ra,st Washington St. in the City of Ann Arbor, Mich.,
having a frontage of 124 feet on East Washington St. and 44 feet on Main
-story fire-proof bank and office building
St. Upon this land a modern 10
is now being constructed. The property has been appraised by S. F. Baker.
-Earnings.
Maytag Co.(Delaware).
Vice-Pres. of Bassett & Smith, Inc.. Detroit, Mich., as follows: Value of
1928-6 Mos.-1927.
Period End. June 30- 1928-3 Mos.-1927.
$456,833.
building
$6.312.427 $7,191,966 $11,128,292 $13,228,409 the leasehold and that the (upon completion),
Net sales
net income, after payment of the ground rent
It Is estimated
Other income (interest)
liberal operating expenses and allowing 15% for vacancies, will amount
148,744
126,311
234.561
227,839 and
royalties. rents, &c.)_
,
‘
to over 3;4 times the average interest charges and over 2; times the
$6.461.171 $7.318,277 $11,362,853 $13,456,248 maximum interest charges on these bonds.
Total_ _ _ -- _ -Less manufacturing.sell-Earnings.
National Dairy Products Corp.
ing & general expenses 4.813.017 5,312.266 8.438,766 9.726,491
1925.
1926.
1927.
1928.
6 Mos. End. June 30202,750
270,500
375,000
503,500
I'rov. for Fed. inc. taxes
$66.683,814 $12,545.846
386,472,905 370.619.399
Sales
8,804,104 8,024,707 1.960,508
10,408,161
$1,445,404 $1,735,511 $2,549,087 $3,226,257 Combined profits
Net profit
485,476
1,725,247
2,719,083 2,177,279
600.039 1,200,000 1.800,039 2,400,000 Depreciation
Corn. dividends
Int., pref. diva. & minor286,188
647,694
592,536
14,564
ity int. of subs
_ $845,365
$535,511
Balance,surplus_
$749.048
$826.257
-Balance surplus, Dec. 31 1927, $1.053.Surplus Account June 30 1928.
$7,674,513 36.034,289 35.651,766 31,188,844
Balance
months as above, $749.048: realized from execution
887; net profit for 6
stock purchase warrants. $2,079; Federal income tax. etc.. $19.298: re- Int. on coll. tr. notes.
Fed. inc. taxes, diva.
valuation of small tool inventory. $20,000; accrued dividends received
on pref. stk. of Nat.
on sale of first preferred stock $2,667; total. $1,846,979. Deduct: reserve
181.000
1,526.854
1,661,329
2,075,904
Dairy Products
for retirement of first preferred stock, $36,667; balance surplus,$1,810.312.
Comparative Balance Sheet June 30.
Bal. avail. for corn.stk $5.598,609 $4.372,960 $4,124,912 31,007,844
LtabtlUtes-1927.
1928.
1928.
The net profit of $5,598.609 for the first six months of 1928 is equivalent
Assets1927.
Permatetweets-x$3.482,107 33.305,431 $6 pref. stk. (no
to $3.50 a share on the 1,596,566 shares of common stock now outstandpar)
5E9,800,000
Pats., t'de-m'ks,
ing. This compares with 34.372.960 for the first half of 1927, equivalent
175,001 Preference stock
1
goodwill
to $3.13 a share on the 1,393,304 shares of common stock then outstand1,204.561 1.244,157 (no par)
6320,000
-V. 127, p. 421.
ing.
Cash
3,500,000 2,000,000 Coro. stock (no
Call loans
-Earnings.
c160.0211d10.409,205
National Rubber Machinery Co.
Marketable see- 1,482,154 1,711,872 Dar)
Mar.31 '28. June 30 28. Tot. 6 Mos.
Surplus
1,810,3121
Quarter EndedNotes & sects
3108,480
$247,903
3139,423
y1,108,372 2,064,807 Accts. payable_
685.645
742.839 Net earnings
received
120,563
1,782.457 1,785,023 Unpaid wages_ 111,161
It is announced that the average earnings for the first 6 months was
Inventory
-V. 127, p. 421. 117.
57,681 Accruals
42,227
61.057
43.570 equivalent to $5.20 per share per annum.
Cash value Ins_.
335,436 Reserve for bon351,099
Invest.Can.sub.
-Earnings.
National Tea Co.
uses and coma. 458.618
67.726
479,002
Employes houses
1927.
1926.
1928.
35,866 Fed, tax reserve
848.867 1,039,288
6 Months Ended June 30Sundry invest'nt 1,272,592
342.285,666 327,501.927 326,481.081
42,063 Res.for retire.of
47,870
assets_
Sales
Deferred
1,061,168
984,368
1,522.575
stock..
pref.
46,017
Net operating profit
119,946
130,000
183,000
Estimated Federal taxes
Tot.(ea.side).314,292,269 $12,825,064
aRepresented by 08,000 shares of no par value. bRepresented by
$1,339,575
$931.168
3864.421
Net profit after taxes
320.000 shares of no par value. cRepresented by 1.600,210 shares of
105,769
105.614
130,143
-V. Preferred dividends
no par value, dRepresented by 1.600,000 shares of no par value.
300.000
298.575
299,700
Common dividends
127. P. 833.
$458.807
3528.824
$909,732
-Bonds Offered.
-Reserve Security
Balance. surplus
Meline Mortgage Co.
sh. on 150,000 abs. of no
Co., New York, recently offered a block of $200,000 1st Earns, per stock
$5.05
$5.50
$8.06
common
Mtge. 5% bonds series C at 93.19 and int. Total issue -v. 127. P. 834.
$1,000,000.
Dated May 1 1928;due May 11938. Denom.$500 and $1.000. Prindpal
payable at the office or agency of the company in New York. Interest
payable (M. & N.) at office of the company in New York or at prindpal
office of Chatham Phenix National Bank & Trust Co., New York. Callable
all or part at election of the company on first day of Nov. 1930, or on any
earlier interest date at 102% and int, and on any int. payment date thereafter at 101% and int. In event of default, all or part of the issue may be
called by the Surety Company at par, plus accrued interest. Interest
payable without deduction for normal Federal income tax up to 2%. Rota.
County, or Municipal Security tax or taxes not exceeding in the aggregate
44i mills in any one year for each dollar of assessed value, or for State
income taxes (If not contrary to law), not exceeding 6% on the income
dervided from interest hereon received in any one year, will be refunded
upon receipt by the company of proper evidence of payment within two
months after due date in payment of any such tax and otherwise as pirovided
in said indenture. Chatham Phenix National Bank & Trust Co., New
York, trustee.
These bonds are Irrevocably guaranteed as to payment of principal and
Interest by National Surety Co., New York.
Cornpany.-la successfully engaged in the real estate first mortgage loan
business with an office in the City of New York. It is affiliated with the
Moline Bond & Mortgage Co. of Los Angeles, Calif., and all of the loans
made and deposited with the trustee as security for the bonds of this series
are made in Los Angeles, Calif.. and In its immediate vicinity.
Security -Bonds are the direct obligation of company and are specifically
secured by deposit with the trustee, of real estate first mortgages, trust
deeds, and (or) instruments of like legal effect, obligations of the United
States, and (or) cash, equal in the aggregate to not less than 101% of the
principal amount of bonds outstanding. The first mortgages securing this
issue of bonds, and deposited as collateral with the trustee, are all on fee
income producing real estate located in the City of
simple improved or and Its immediate vicinity. The
Los Angeles, Calif.,
mortgaged properties
consist only of residences,small apartments and income producing porpecties
owned in roe simple. Mortgages on special purpose_properties such as
-V. 125. p. 106,
Industrial plants. theatres, &c., are not acceptable.
-New Director.
Metal & Mining Shares, Inc.
-Report Progress Since
Nauheim Pharmacies, Inc.
Formation.
chain
Marked progress by the company since the establishment of the
May 28 1928, by Joining together a group of independent pharmacies in
the Metropolitan area is reported by Pres. A. M. Stoller, Already it is
stated, a complete central office has been opened,centralizing the purchasing. accounting and general management of the stores and a central warehouse has been established in the same building,fully equipped and manned
and already delivering 80% of the total requirements of the stores, thus
permitting inventories of individual pharmacies to be held at a minimum
with consequent increased rapidity of turnover.
Mr. Stoller reports, "The purchasing department has closed contracts
on the basis of which purchases are being made at substantial savings over
and above the prices formerly paid by the individual stores. A complete
accounting system has been functioning smoothly since the first day of
operation. Individual stores are being rearranged and improved to conform to the Nauheim standard of appearance and merchandising. This
standard is maintained by careful and systematic supervision and control.
During the remainder of the summer months, when business is invariably
slow, attention will be directed to the training of personnel and the planning and preparation of sales promotion for the coming of the fall months
-V.126. p. 4096.
and the following period of greatest activity."
-Lease Philadelphia Property.
Nedick's, Inc., N. Y.
The entire first floor, mezzanine and basement of the Colonial Bluilding.
northeast corner of 13th and Market Sts., Philadelphia, has been leased
by the Burnee Corp., owners of Nedick Orange Drink stands. for 10 years
at an aggregate rental of about $800,000. The corporation was represented by Mastbaum Bros. & Fleisher.
Robert T. Neely, President of the Burnee Corp. and of Nedicks, announced that the company would make extensive alterations to the premises and divide it into small stores on Market St. and along 13th St., occupying the corner with one of the Nedick stands. The flume° Corp. is a
-V. 127.
branch of the Nedick chain which transacts real estate business.
p. 118.
-Sales.
Neisner Bros., Inc.
-Jut
1998
Leonard Kennedy has been elected a director. He is V.-Pres. & Director
3505.163
$766.794
of the Curtiss Aeroplane & Motor Co., and a director of the Rye Trust -V. 127, p. 895.
National Aviation Corp., and the
Co., National Air Transport, Inc.,-V.
127. p. 270.
Transcontinental Air Transport, Inc.
Increase.' 1928-7 Mos.-1927.
3261.631154,480.906 53,097,687
Increase.
51,383,219
-Merger
(The) Nestle-LeMur Co., Cleveland, Ohio.
Metropolitan Title Guaranty Co., N. Y.
-Capital Inc. Effective.
-President J. C. Murray, in a letter to the stockib.41
holders, says in substance:
At meetings of the stockholders held on Aug. 8 and of the directors held
Products Corp.
on Aug. 9, the merger of the businesses of the Nestle Co. and of the LeMur
-Expands Organization.
Midland Steel
effected and the organization completed, without a dissenting vote.
the
of its
The company announces the increase sold capitalization from $250.000
all been
privately.
-V.126. P. 2659.
to 31.000.000, the stock having
appointment of Howard F. Hulas as Co. was
President 8..1. Kulas announces
as of
the physical consoliAlthough the merger was
Vice President with supervision of sales. H. F. Kula' has been Secretary dation will take place on effective 1928. June 1 1928,day forward the two
Aug. 15
From that
Cleveland division since
charge of production and manufacturing of the sisi ,
In
as
gle. Ja E. Malery businesses will be operated as one.
companan 1923. Ile will bznera te bym. n.ger
tr .
formation of the
Tile new executive officers are as follows: Charles Nessler. Chairman
ngdon resigned as
.
who will succeed W. G. manager of the Cleveland plant.
-V. 127. p. 116. of the board: J. C. Murray. Pres.: Charles Nessler Jr., let Vice-Pros.: C. S.
Maloney has been sales
Britton, Vice-Pres.; W.S. Lewis, Secretary. and M.II, Forster, Treasurer.
694.
Just prior to the recapitalization, adopted in accordance with notice sent
-Initial Dividends.
on
directors declared a dividend of
(I.) Miller & Sons, Inc. initial quarterly dividend of 50 cents to all stockholders on July 26 1928, the stockholders of record Aug. 11.41c.
Aug. 15 1928. to
per share payable
have declared an
The directors
par value, payable Oct. 1 to holders
The transfer books for the old comrnon stock of the LoMur Co. will be
per share on the common stock, no
closed at the close of business Aug. 14 1928, not to be reopened.
of record Sept. 15.
964
FINANCIAL CHRONICLE
Within a few days. negotiable warrants will be mailed to all stockholders
of record Aug. 14 1928, entitling them to purchase 1-5 share of new class A
stock for each share of old common stock at $26.50 per share held by them,
which right will continue until the close of business Sept. 10 1928.
All holders of old common stock are to receive in exchange for their
shares 1 1-6 shares of new class A stock for each share of old common stock.
To accomplish this exchange, the Guardian Trust Co. of Cleveland. Ohio,
has been appointed depositary and a temporary stock certificate for 87,500
class A shares has been issued, which the depositary holds in trust for the
benefit of those to whom certificates of deposit will be issued in exchange
for their old common stock, until the definitive stock certificates are ready
for issuance.
The directors are advised by counsel that in their opinion the exchange
of old common stock for new class A shares will not be subject to any Federal
income tax.
-V.127, p. 834.
Nevada Consolidated Copper. Co.
-76th Qar. Report.
The report covering the second quarter Of 1928 shows.
Production.
-The net production of copper from all sources for the
second quarter, compared to that for the two preceding quarterly periods,
is shown in the following tabulation:
Net Pounds Copper Average Monthly
Production.
Produced.
-Second quarter
1928
21,235,791
63,707,374
1928
-First quarter
52,576,896
17,525,632
-Second quarter
1927
55,641,299
18,547,099
1927
-First quarter
57.940,796
19,313.598
The total quantity of company ores milled and smelted during the
quarter was 2,814,090 tons. Of this total 2,793,498 tons was concentrating
averaging 1.33% copper, and 20,592 tons was direct smelting ore
shipped to smelters. In addition to company ores, 337.743 tons of custom ore was milled or smelted at the Nevada plants. The average daily
tonnage of company ores milled at all concentrators was 30,698, as compared to 26,378 tons per day for the preceding quarter.
The average recovery in the form of concentrates from all company
material milled during the period was 87.07% of the total copper contained
therein, corresponding to 23.20 pounds of copper per ton treated, as compared to a recovery of 86.94% and 22.33 pounds per ton for the previous
quarter.
The net cost per pound of copper produced, after crediting revenue from
gold and silver and other miscellaneous earnings and income from subsidiaries, was 8.48 cents, as compared with 9.01 cents for the first quarter
of the year. These costs include all operating and general charges of every
kind except depreciation and reserve for Federal taxes.
Financial Results for Period Ending June 30.
1928-3 Mos.-1927.
1928-6 Mos.-1927.
Oper. profit from copper
production
$3,214,654 $1,545,115 $5,395,309 $3.059,452
Value of precious metals
333,233
247,497
599,361
508,381
Misc, revs., incl. income
312,711
from subsidiaries
218,500
564,250
490,986
Total oper. income__ $3,860,598 $2,011,112 $6,558,921 $4,058,819
Depreciation
420,261
416,904
840,522
840,808
Net income
$3,440,337 51,594.209 35,718.399 $3,218,012
[Signed D. C. Jackling, President.1.-V. 126, P. 3134.
(J. J.) Newberry Co.
-Initial Common. Dividend.
-
The directors have declared an initial quarterly cash dividend of 30c.
Per share on the common stock, no par value, payable Oct. 1 to holders of
record Sept. 15. A 300% stock dividend was paid on this issue on Sept.
1 1926.
New York & Foreign Investing Corp.
-Registrar.
-
The Interstate Trust Co. has been appointed registrar for 50,000 shares
of preferred stock and 75,000 shares of common stock.
New Jersey Zinc Co.
-Earnings.
--
Period End. June 30- 1928-3 Mos.-1927, 1928-6 Mos.-1927.
Income_ x
$1,612,431 $1,380,460 $3,161,459 $2,549,940
Div. from Tulsa Fuel &
Mfg. Co. In process of
liquidation
200.000
595.054
300,000
1.195,054
Total income
$1,812,431 $1,975,514 $3,461.459 $3,744,994
Dividends
981,632
981,632 1,963,264
1,963,264
Balance, surplus
$830,799
$993,882 $1,498,195 $1,781,730
Earns,per sh. on 490,816
shs.(par $100) cap.stk
$3.6984.02
$7.63
$7.05
x After deductions for expenses, taxes, maintenance, repairs, depreciation, depletion and contingencies.
-V. 126. p. 3463.
Nunnally Co.
-Omits Common Dividend.
-
The directors have decided to omit the dividend due at this time on the
outstanding 160.000 shares of no par value common stock. The last
previous payment was the 25c. semi-annual dividend on Dec. 31 1927.
-V.126, p. 3770, 1824.
Odin'Cigar Co.(Mich.).
-Initial Dividends.
-Listing.
The directors have declared an initial quarterly dividend of 35c. per
share on the common stock, no par value, payable Sept. 15 to holders of
record Sept. 1. The directors also declared an initial quarterly dividend
of 1;.1% on the pref. stock (par $10), payable Sept. 1 to holders of record
Aug. in.
The Detroit Stock Exchange has approved for listing
30.000 shares
common stock, no par value. See also V. 127. p. 422.
Ohio Seamless Tube Co.
-Earnings.
6 Mos,End. Year End.
June 30'28. Dec. 31 '27.
$267.238
$330,337
PeriodNet income available for dividends
-V. 127, p. 559.
Oilstocks, Ltd.
-Balance Sheet Aug. 6 1928.Assets
$223,554 Capital stock (no
Cash in banks
3,959,215 Loans payable par)..._x$3,880,000
Securities at cost
300,000
9,475 Surplus
Organization expenses__
12,244
$4.192,244
Total
Total
$4,192,244
x Represented by 240,000 shares class A and 100,000 shares class B.
V. 126. p. 3610.
-Earnings.
Oil Well Supply Co.
1927.
1928.
1926.
6 Mos. End. June 301925.
Gross prof. from °peens $1,978,558 $2,838,093 $3,208,717 $2,787,850
Selling, admin. & gen.
2,271,091 12,070,569
exp.& loss on bad sects} 2,214,853
1,810.454
1 217,750
Depreciation
220,964
$567,002
650,339
$920,397
230.314
$756,432
134,243
$124,175 $1,217,341 $1,150,711
375,050
91,354
210,111
129.825
115.431
$890,675
71,310
100,493
Net income
loss$85,936
pr. divs. paid & declared
117.075
Common dividends_ --183,283
$726,860
240,100
345,312
$929,533
366,275
325,000
$718,872
Balance
Shares of com. outstanding (par $25)
Earns, per sh. on com
-V. 126. p. 3610.
$214,422
$141,448
$238,258
$418,872
366,567
Nil
365,625
$1.33
325,000
$1.73
325,000
$2.21
Net prof.from oper'n.loss$236,295
360,470
Other income
Total income
Other deductions
Prov.for Federal taxes
300,000
[VOL. 127.
Pacific Factors, Inc.
-Earnings.
-
Six Months Ended June 301928.
1927.
Net earnings before deduction for reserves and
Federal income taxes
x$50,453
$20,144
x After deducting Federal income taxes and special reserve fund of
$15,500 net income amounted to $30,890. or $2.98 per share on common
stock, after allowing for preferred dividends.
-V. 125, p. 2822.
Panhandle Prod. & Refin. Co.
-Earns.(Incl. Subs.).
-
Period End. June 30- 1928-3 Mos.-1927.
1928-6 Mos.-1927.
Operating revenues
$1,284,261 $1,426,517 $2,460.275 $2,694,923
Operating expenses
1,057,776 1.241,890 1,978,075 2,328,759
Admin., selling & taxes.
277,447
529,525
67,330
132,247
Net earnings
loss$50,962
$117,297 loss$47,324
$233,917
Other income
11,066
11,365
4,407
8.834
Gross income
loss$39,895
$121,704 loss$35,960
$242,751
Deductions
11,727
28,195
29,979
59,063
Deprec. & deplet. added
to reserve
230,996
463,771
Balance, deficit
5280,083
$64,155
$51,623
5139.270
Surplus account June 30 1928: Deficit Jan. 1 1928, $796,806; Lose
for 6 mos. of 1928. $64,156; pref. diva. accrued, 6 mos. 1928, $64,308:
adjustment prior years surplus,$8,342; total $933,613. Less; Transferred
from special surplus. 57.729; bad debts recovered. $3,120; total, $73,849.
Deficit June 30 1928. 8859,764; surplus from appreciation Jan. 1 1928.
32,713,852: balance, 51.854,088. Deduct: Appreciation on leases sold
and retired, $23.891; extinguished through special depletion, $86.429:
total surplus to date, $1.743,768.
Comparative Balance Sheet.
AssetsJune 30'28 Dec.31'27 LiabilitiesJune 30'28 Dec.31'27
x Property acct-35,787,098 $5,991,150 Preferred stock-32.686,600 $2,807,700
Other investments
54,952
242.704 Common stock _ _ _y2,428,175 2,593,953
Cash
126,877
675,308
113,537 Accts.. &e., pay_
756,025
011
435,830
18,662
450,484 Accrued liabilities_
34,610
Materials & suppl_ 205,951
1,010,772
281,497 Res.for pref. diva_
Workin progress__
19.803
65,119
9,645 Res. for tax & Int_
Notes Sr accts. me_ 519,865
4,148
383,137 Other reserves.....
39,028
Due from officers
Deferred credits.3,596
and employees__
6,221
326,211
Special surplus_ _ _ 280,770
Deferred charges__ 172.825
50,291 Cap.& surp. appl.
20,573
25,539
to minority int_
Tot.(each aide)_37,329,424 $7,522,445 Approp. surplus__ 1,075,080
:After depreciation, depletion and amortization of 36,566,830. 3 Rep,
resented by 198.770 shares of no par value.
-V.126. P. 313
5-
Paraffine Companies, Inc.
-Annual Report.
On Nov. 11927, all of the properties of the Paraffin° Companies, Inc.,
which are used in the manufacture of paper and straw board and in the
conversion of such boards, together with the inventories connected therewith, were merged with similar properties owned by the National Paper
Products Co. of Calif. Into a new corporation-Fibreboard Products Inc.
The mills of the Paraffine Companies.Inc.,so merged are located at Antioch
and Vernon, Calif.; Port Angeles and Sumner, Wash. Converting plants
are located at Sumner, Wash., San Francisco and Los Angeles, Calif.
Paper sorting plants are located in Los Angeles, Long Beach and San Diego,
Calif. All company's interest in the Independent Paper Stock Co. was
included in the merger. For the properties so merged shares of preferred
and common stock in the Fiberboard Products Inc., were issued. Fibreboard Products Inc., has within the last 30 days, purchased a converting
plant at Philadelphia and is preparing to actively enter the Eastern markets.
In October last company sold to the California Ink Co. the machinery
used in the process of manufacturing printing inks and the inventories
connected therewith, receiving in payment therefor shares of "B" stock
of the California Ink Co. Company further purchased a block of "A"
stock, which gives the Paraffin° Companies, Inc., a substantial stockholding interest in the California his co.
Company has, also, purchased shares in Vitrefrax Corp. of Los Angeles,
which company, while now in the process of reorganization, is, we believe.
destined to become one of the important industries of California.
The Residential Finance Co. was formed with a paid-up capital of
575.000 entirely owned by the Paraffine Companies, Inc. This company
was created for the purpose of financing installment paper issued to roofing and painting contractors on business secured under the partial payment
Years End. June 30-1925.
1926.
1927.
1928.
Profit from oper. after
deduct, all exp., hit,
& depreciation
$2,699,476 x$2,183,508 x$1,941,716 x$1,337,464
Adj.of Fed. tax prior yrs
Cr.87,417
Dr.11,587
Provision for Fed. tax__
235,000
Total profits
$2,464,476 $2,183,508 $1,930,130 $1,424,881
Divs,declared on pf.stk.
413.280
413.553
6,449
Divs, decl. on corn. stk_ 1,779,144
372,889
559,332
1,039,148
Net add'n to surplus-Previous surplus
$685,332 $1,137,912
4.880,553 5,591,977
$957,245
4,634,732
$638.712
3,996,020
Total
55,565.885 56,729.889 55,591,977 $4,634,732
Premium & expenses on
securities retired
310,050
98,692
Stock div. payable Aug.
1.539.285
1 1927
Profit & loss, surplus_ $5,467,193 $4,880,553 $5,591.977 $4,634,732
Shares corn, stock out93,222
161,950
standing (no par). _ -444.458
444,786
$10.85
$9.36
Earns. per sh. on corn....
/1.91
$5.54
x After Federal taxes.
Comparative Balance Sheet June 30.
1925.
Assets1926.
1927.
1928.
Land.bldgs.,equip.,&c.x$3,640.106 $7,937,289 $7,860,127 $7.490,955
Patents, trade-marks &
142,867
good-will
153,682
166,651
177,180
346,473
Invest, in other cos_ _ _ _ 7,905,038
239,100
392.053
Inventories ____ __ _ 1,822,150 4,047,068 3,778,829 3,903,467
_
Not & acc'tVrecelvable 1,714,890 2,614.717 2,380,338 2,063,071
Notes
Marketable securities..
895,000
204,117
Cash
627,136
214,235
429,785
112,211
Deferred charges
527,480
522,794
360,000
160,440
Total
$15,736,135 $15.947,562 $16,044,105 $15,101,449
Liabilities
7% cum. pref. stockCommon stock
y9,253,609 9,235,712
First mtge. bonds
615,000 3,gpis 3,gaz
Accounts payable
734,680
572.877
Accrued interest
134,176
Notes payable
50,000
Provision for Fed. taxes_
193,000
308,000
304,000
235,000
Res.for roofing guar..&c
76,656
154.829
177,616
157,455
Surplus
5,467,193 4.880,553 5,591,977 4,634,732
tgl:922 $6.952?
Total
$15.736,135 $15,947,562 516.044,105 515,101,449
x Land and buildings. $2.010,885; machinery and equipment. $3,135,337;
construction work in progress, $316.871; less reserve for depreciation.
51.822,988. y Common stock, no par value, issued and outstanding.
444,786 shares.
-V. 127. P. 835
.
Paramount Famous Lasky Corp.
-Stock Split-Up.
The directors have selected Sept. 26 1928, as the date for concluding
arrangements for the proposed split-up of the comon stock on a three-forone basis. Certificates may be surrendered to the transfer agent at any
time tnereafter.-V. 127. p. 825.
-Earnings.
Peerless Motor Car Corp.(& Subs.).
Period End. June 30- 1928-3 Mos.-1927,
1928-6 Mos.-1927.
Not income after deprec.
The directors have declared an initial quarterly dividend of 45c. per
and Federal taxes,&c.los4403,904
$78,508
$247,306 loss$597,928
share on the common stock and $1.75 per share on the preferred stock, Earns, per sh. on 258,589
both payable Oct. 1 to holders of record Sept. 15.
shs. (par 550) of cap.
-See also offering of
stock in V 126, P. 3770.
pref.
Nil
stock outstanding
$0.30
80.96
NU
Ontario Manufacturing Co.
-Initial Dividends.
-
C
-Earnings.
Phillips-Jones Corp. (8c Subs.).
Consolidated Balance Sheet June 30.
1928
1927.
$
$
Assets-
Cash & sight drafts 2,207,793 3,034,290
375,426
288,566
Receivables
3,201,930 3,460,056
Inventories
Plant, equip., &c_ 3,759.471 4,117,647
1
1
Pats., g'd-will,&c.
45,204
40,876
Other assets
36,311
46,675
Deferred charges
Total
1928.
1927.
Liabilities
$
x6,927,560 6,927.560
Capital stock
Accounts payable_ 626,490
976,985
113,528
Accrued taxes_
143,368
395,000
Prop. ad). acct.__
Reserves
208,034
110.000
Customers' de27,710
posits
1,274,700 2.883,310
Surplus
Total
9,545,312 11,068,934
9,545,312 11,068,934
x Represented by 258.589 shares, par 350.-V. 126. p. 2980.
-Proposed Acquisition.
Peabody Coal Co.
-V. 126, p. 2802.
See Saline County Coal Corp. below.
(D.) Ponder Grocery Co.-Sales.-
Increased 1928-7 Mos.-1927.
Increase.
$85,683 158.197,185 56,992.628 $1,204,557
Balance Sheet June 30.
Liabilities- 1928.
1927.
1927.
1928.
1928--July--1927.
$1,045,121
$1,130,804
AssetsClass A & B stockx$1.444,600 $1,394,600
buildings,
298,662
equipment, &e_ $521,464 y$571,633 Accounts payable_ 314,562
Land,
349,337
Cash
91,932
Notes & accts. rec_
7,563
by.In other cos_
1,580,013
Inventories
65,934
Deferred charges_
Good will
965
FINANCIAL CHRONICLE
AUG. 18 1928.]
188,147
z79,264
6,188
1,452,973
77.808
1
Notes payable_ _
Res. for Fed. and
State tax
Res.for dive. A_ __
Cap. stock (mei.)
Surplus
150,000
190.000
61,139
38.525
8,750
6,150
439,327
8.750
9,968
627,225
Total
32,616,244 $2,376,014
$2,616,244 92,376,014
Total
x Represented by 30.000 shares of class A no par pref. stock and 63.000
shares class B no par common stock. y After deducting $514,344 reserve
for depreciation and amortization. z After deducting $6,926 for reserve.
-V. 127. p. 560.
6 Months End, June 30- 1928.
Net profit after int.,
$249,206
Fed.taxes, &c
-V. 126, p. 2661.
1927.
1926.
$309.595
$359.816
1925.
$383.261
-Earnings.
Phillips Petroleum Co.
1928-6 Mos.-1927
Period End. June 30- 1928-3 Mos.-1927
$9.655,609 39,866.488 518.278.990 $22,745,800
Gross earnings
5,042.333 11.759.013 11,116,926
6,240,723
Exp., taxes, &c
$3.414,886 $4,824,155 36.519.977 $11.628,871
x Profit
a Before depreciation, depletion and ajdustment of inventories.
-Capital stock outstanding
Capital Surplus Account -June 30 1928.
(2.388.14034 shs.) $56.778,223; surplus arising from appreciation of
properties, $17,458,261: earned surplus Dec. 31 1927. $28.235.999; profit
for six months as above $6,519,977. total 11108.992,460. less divs. first 6
months of 1928 31,786,952. total 3107.205,508.
Comparative Balance Sheet.
June 30'28 Dec.31 '27
June 30'28 Dec. 31'27
Liabilities$
$
Assets$
$
Plant & prop_ _ A15,564,680 110,721.721 Capital surplusa107.205,508 102.704,602
2,183,327 Funded debt_ _ _ 35,323,000 36,245,000
Accts. receiva'e_ 2,584,765
Divs. payable_ _
895,553
1,795,928
Notes & accept's
248,502 Notes payable
396,097
receivable._ _ _
(current).
391,545
34,244
1,231,429
Marketable sec
6.727 Accts. payable_ 1,320,300
1.641.066
Weer. Int. sec_
24,544
Accruals
923,13/
1.103,503
Capital stock &
50,969
557,901 Ins. reserve _ _ _ _
620.553
adv. to sub. co
284,668
Inventories._ _ _x 12,014,050 11,110,840 Def.credits
Due on stk. pur768,928
536,170
chase warr'ts
1,292.159
Prepaid exp_ _ _ _ 1,173,820
Cash & call l'ns 11,573.378 15,865,849
Deferred charges
342,600 Tot.(each side)146,037,264 143,490,100
317,777
to operation__
x Inventories less than market value. Warehouse material, $2,480.095
crude and refined products, $9,533.955: total, $12.014,050. a Authorized,
-Earnings 6 Mos. Ended June 30.- 2,500,000 shares without nominal or par value. Outstanding 2.388,141 shs.
(J. C.) Penney Co.
x1928.
x1927.
1926.
1925.
-V. 126, p. 4096.
(See surplus account above).
$71,753,868 $60,759,807 $46,074,563 $35,669,009
Sales
Costs, deprec. & Fed. tax 69,092,440 58.517.443 44,012,856 34,161,293
-Earnings.
Pierce-Arrow Motor Car Co.
1928-6 Mos.-1927
Period End. June 30- 1928-3 Mos.-1927
$2,661,428 32,242.364 $2,061.707 31,507,716
Balance
5651,941
$365.756 loss$209,985
loss$52,186
*Net earnings
316,994
471.096
420,179
Other income
361,946 Depreciation
312.442
247.609
183.184
137,941
224,116
184,626
110,964
92.328
32,978,421 32.713,460 $2,481,886 $1,869,662 Int., taxes, &c
Gross profits
Divs. on 8% cum. pref.
533,877
482,934
71.684
Preferred dividends
75.971
(4%)400.000
(2%)200.000
stock
All retired
254,058
Divs. on cl. A pref. stock
222,327
Deficit
$642.220
$282,457
$128.392
$284,617
32.444.544 $2,230,526 $2,156.144 $1,571,364
Surplus
• After all expenses, repairs, taxes, &c.
-V. 127, p. 835.
x Subject to adjustment at end of fiscal (calendar) year.
Pierce Petroleum Corp.
-Earnings.
Out of surplus of 32,444.544 for the first half of this year, $129,611
are applicable to classified common stock still outstanding, and $2.314,933
1928-6 Mos.-1927
Period End. June 30- 1928-3 Mos.-192.7
are applicable to the 665,790 outstanding shares of no-par common stock, Gross profit
52,661,503 32,184,147 54,719.890 54.120,897
equivalent to $3.48 a share.
Gen. admin. exp., &c--- 1,905,261
1,808,503
3.639,191
3.546.371
Commenting on the statement of the company for the first half-year Int. Sz exp. on funded &
-Pros , says, "General sales conperiod of 1928, George H. Bushnell, V.
43,277
56,520
111,329
floating debt
88.485
months of the year show a healthy increase over Prov. for uncoil. acct.__
ditions for the first six
30,000
10,000
60.000
31,000
last year for the same period. In January the 20 stores of the Golden Depreciation
281,241
252,568
564.746
505.137
Rule Mercantile Co., with headquarters in Ogden, Utah, and covering
the inter-mountain States, were taken over by the company. These
$367,467 loss172,939
$401.723
556.556
Net profit
stores and several other chain systems acquired in 1927 are showing phe- Earns.per sh.on 2,500.nomenal gains. Other new stores opened since the first of the year, or
000 shs. cap. stk. (no
Nil
in process of being opened, bring the total number of J. C. Penney Co.
$0.02
$0.16
$0.14
store units up to 1,024.
Fierce Oil Corp. is a holding company and has no income for the 6 months
"The net earning rate of the company for the first half of this year points ended June 30 1928.-V. 127, p. 835.
to earnings for the full-year period that will be highly satisfactory."
Comparative Balance Sheet June 30.
-Bonds Offered.
Plymouth Road Development Corp.
1928.
1927.
$
$
Assets-
1928.
Liabilities-
$
1927.
$
6% pref.stock......17,795,900 16,097,800
Furn., fiat., land,
5,971.377 4,745,277 Classified corn_ __ _ 1,155,667 3.679.167
&o
6,586,697 4.016,539 Common stock.... 14.7l6.235 1,536,596
Cash
41,949,004 34,674,896 Accts. payable_ ._11,336,127 9.571,069
Merchandise
27,111
197,756 Notes payable.... 8,500,000 4,000,000
Empl. notes roc_
Fed. tax reserve- 2,243,330 2,152,031
subscrip. held
Stk.
733,225 Mortgages pay-- - 215,500
172,651
for employees
Res. for fire losses,
Accts. receivable,
&c
363,680 1,037.006
1,147,032
advances, &c_
787,371
50,000 Surplus
50,000
11,286,772 7.693,366
Inv. in sub. cos.__
& leaseImpts.
holds, less amort 3,213,346
62,700
62,700
Tot.(each side)-58,396,563 45,517,399
Treas.stk.(corn.),
Detroit & Security Trust Co., Guardian Detroit Co. and
Nicol, Ford & Co., Detroit, are offering $950,000 6% collateral trust bonds at par and int.
Dated Apr. 1 1928: due Apr. 1 1936. Prin. and int. (A. & 0.) payable
at Detroit & Security Trust Co., Detroit, trustee, without deduction for
normal Fed, income tax not to exceed 2%. Demom. $500 and $LOW.
Red. all or part by lot, on any hit. date at 101 and int.
-These bonds are a direct obligation of corporation and secured
Company.
by first mortgage on all unsold land and land sold on contract. (Certain
contracts provide that when 50% of the purchase price has been
of these
paid, title shall pass to the purcnaser, who will execute a first mortgage
to the corporation, which the corporation will assign to the trustee, to be
deposited as collateral under this indenture). The property is located
between Plymouth Road and Schoolcraft Road in the vicinity of Telegraph
-V. 127, p. 835.
x Represented by 665.790 shares no par).
Road. The property consists of 2307.9 acres sold on contract at a price
of $1,892,187, on which there is an unpaid balance of $1,119,880; of 401
-Earnings.
Pennok Oil Co.
lots in Grayton Park Manor and Grayton Park subdivision No. 1, vrith
1928.
1927.
1926.
6 Mos. End. June 301925.
an original selling price of 5316,970, on which the unpaid principal balance
$216,991
5516,153 51.405 761 is 3210,560: of 157 unsold lots with an appraised value of 395.000 and 250
Gross inc. from oil sales_ $152,062
107,659
128,260
160.704
Direct oper. & gen. exp_
282:924 acres of unsold acreage appraised at $374,328. The entire properties of
corporation under this indenture have been appraised by Detroit &
$44,403
$88,731
3355,449 $1,122,837 the
Netinc.from oil sales_
Security Trust Co. at 31,779.768.
Net income from gas and
The acreage, land contracts covering which constitute the major portion
19,416
26.158
sales.-44,891
miscellaneous
64,019 of the security for this issue of bonds, has been sold to such prominent
Profits on investment,
real estate organizations as Stornafeltz-Lovely Co. and Castle & Ford Inc
1,947
15,376
17,682
interest, discount, &c_
48,806
Pocahontas Fuel Co., Inc.
-Sub. Co. Bonds Called.
5130.265
$65,767
$418,022 $1,235,662
Gross earnings
The Pocahontas Corp., a subsidiary, has called for redemption on Sept.5
13,987
20,190
Interest
67,530 at 102 and int. 183 6% gold bonds, dated Dec. 15 1923. Payment wRI oe
59,675
73.179
217,889
Depl., deprec. & Fed.tax
447.753 made at the Union Trust Co., trustee. Pittsburgh, Pa.
-V. 127, p. 696.
$43,099
$6,092
$179,943
Net income
$720,409
Poplar-Way Apartments, Rochester, N. Y.
-Bond Cer75.000
Dividends paid
150,000
112,500
tificates Offered.
-American Bond & Mortgage Co., Inc.,
$6,092 def$31,901
Balance, surplus
$29,943
$607,909 recently offered at 100 and int. $250,000 6% 1st mtge. serial
Earns, per sh. on 150,000
$0.04
$0.29
shs. cap.stk.(no par).
$1.20
$4.80 bond certificates.
Balance Sheet June 30.
Dated July 20 1928; maturities 134 to 12 years. Principal and int. J. & J.
Liabilities
1927.
1028.
AssetsCallable at 102 and int. up to and incl. Jan. 20 1939; thereafter at par and
1928.
1927.
Property & plant32,377,962 $2,398,624 Accounts payable_
$34,242
$56,891 int. Interest payable without deduction for normal Federal income tax
464,000 Federal taxes
Gash & collat. l'ns. 137,663
18,931 not exceeding 2%. Refund of District of Columbia 5 milLs tax and certain
38,576 Res.for depr.,depl.
20,680
State taxes (other than transfer, succession or inheritance taxes), to resident
Awls & notes rec..
& contingencies_ 1,928,456 1,769,152 holders upon written application will be provided in the mortgage. CorInventories of oil
Co., N Y
.
54,520 3-yr.6% g notes..
72,390
and supplies__ _ _
383,700 porate trustee: Chatham Phenix National Bank & Trust
53,435
46,765 Res. orconting nab
f
Investments
Security and Valuation.-These certificates will be secured by a closed
35,219
23,564
-story, fireproof apart7,898 Res.for insurance_
11.398
Deferred charges
18,115
19,772 first mortgage on the land owned in fee and the 3
Capital stock and
ment building and garage, located at 1011 University Avenue, Rochester,
feet on University Avenue and a
surplus
x 657,493
738,372 N. Y. The land has a frontage of 152.03 approximately
28,985 squre feet.
depth of 190 feet, for a total land area of
$2,673,527 $3,010,385
Total
The property was recently appraised as follows: Land. $47.500; building
Total
82,673,527 83,010,385
(exclusive of furniture & furnishings), $330,500; total, 5378.000. On the
-V. 126. D. 2326.
x Represented by 150,000 shares of no par value.
basis of the above appraisal, this issue is less than 662-3% of the appraised
value of the land and building.
Philadelphia Insulated Wire Co.
-Earnings.
The building, of fireproof construction throughout, is divided into two
1928.
1927.
1926.
6 Mos. Ended June 30-1925.
wings with a court in the center, and contains 44 housekeeping apartments
charges
$50,226
refrigeration,
565.352
Earnings after all
$76 420
$73,269 of 2 and 3 rooms and bath, equipped with electricalrestaurant, inciner$2.01
$2.61
a
which has
Earned per share
$2.93 ators and Rola-way beds. The building containsrear
of the building is a
period of three years. In the
Balance Sheet June 30.
been leased for a
fifteen car garage.
1927.
Liabilities1928.
Assets
1928.
1927.
Earnings.
-At the present time 15 of the apartments are rented and based
25,
Plant & property_ $828,018 $883,977 Capital stock( on the rentals obtained it is estimated that the gross annual income (in99,508
72,861
000shares)
$1,393,641 $1 393 641 cluding revenue from garages) will amount to 353,600. After deducting
Cash
178,155 Accounts payable_
175,218
Liberty bds.& int_
1,421 ' '244 operating expenses taxes, insurance and 10% allowance for
vacancies,
48,875 Accrued wages_
Railroad bonds_ _
4,825
2,769 the net annual income is estimated at $35,800 or over 2.3 times the heaviest
50,000 Bonus
150,000
2,223
Call loans
3,856 annual interest requirements on this issue.
Reserve for taxes_
17,594
Due from United
from the sale of these bond certificates will be
23,610
-The proceeds
Purpose.
1,795
Dividends
50,000
States treasury50,000 used for the payment and discharge of existing indebtedness and for other
143,417 Surplus
281,796
Acc'ts & notes rec. 182,351
290,967 corporate purposes.
354.693
332,015
Inventory
Prepaid ins. & tax
9,241
6.471
$1,751,502 $1,765,099
Total
-V. 126, p. 3771.
Pro-phy-lac-tic Brush Co.-Earning8.-
Total
$1.751,502 91,765,099
6 Months Ended June 30Net profit after charges & Federal taxes
Earns. per sh. on 100.000 shs. corn. stk.(no par)
1928.
8281,340
$2.46
1927.
3343 619
$.57
966
FINANCIAL CHRONICLE
[Vol,. 127.
_Cgmparatige Balance Sheet.
Security and Valuation,These certificates, will be secured by a closed
Assets-June 30'28 Dec. gl 17 Liabilities-June 30'28 Dec. 31 '27 1st mtge. on the land owned in fee and the 24-story and basement,
:Plant&mach'ny- $685,840 $687,978 Preferred stock- _.$1,123,700 $1,156,500 building now being erected. The land has a frontage of 115 feet fireproof
on RiverInvestments.
409,477
462,495 Common stock__y 2,137.508 1,982,501 side Drive (being toe northeast corner) and 120 feet on 103rd St., irregular
Cash
In shape, for a total land area of approximately 13,500 square feet. .
'
677,933
760,600 Accts. pay & acer.
, E. S. Willard & Co., members Real Estate Board of New York, have
Municipal notes
500,592
500,553 taxes
90,875
16,785
Accts. & notes rec. 408,937
ppraised the total value of the property upon completion at $2.900.000.
439,478 Res,for COM.dive.
50,000
150,000
orman De er of Spear & Co., Inc., has appraised the land at $610,000 and
Cash vs.!. Ins. pol.
19,622
91,099 Other reserves_ - - 459,691
402,520
Kenneth FLnzheim, Architect, has appraise the building when comInventories
iz
882,119
716,790
pleted at $2,374,646.
Special loan
250,000
On the basis of the lowest'appraisal for land and building ($2,900.000)
Deferred asset& _ _
47.254
Total(each alde)33,861.774 $3,708,306
49,313
this issue is less than 66 2 3%•
x After depreciation. y Represented by 100,000 no par shares.
-V.126,
Burling.
-The building will contain 294 apartments of one room and
D. 2682.
bath, and 48 apartments of two rooms and bath. The first three floors,
exclusive of all public space and restaurant will be occupied by the Corona
Porto Rican-American Tobacco-00.-narnIngs.Mundt, International Art Center, Inc.. the Master Institute of United
6 Months Ended June 30
Arts and the Roerich Museum,and will be served by a'separate entrance on
Net profit before interest, taxes, &c
$531,512
3508.586 Riverside Drive;
Interest and Federal taxes
270.475
259.787
Earnings.
-E.S. Willard & Co. have estimated the annual income to be
derived from tills property as follows:
Net income
*261.037
$248.799
The gross annual income from apartments is estimated at $342,650.
Earnings per sh. on 101875 shares of class A stock_
$2.44 The first three floors will be occupied
$2.56
• .
by the organizations heretofore
-V. 126. p. 1367.
mentioned at an annual rental of $65,000 for 21 years. Adding income
to
certain concessions
Rand (Cold) Mines, Ltd.
-Dividend on "American" Shs. hasbe derived from at *411.650. After the total gross annual income
been estimated
deducting operating expenses.
C The Bankers Trust Co. as depositary of certain ordinary sterling shares taxes and liberal
allowance for vacancies, the net annual income is estiof Rand Mines, Ltd., has received'dividend No.50of 50% and is paying to mated at $249,620, or
over twice the heaviest annual interest requirements
holders of its certificates for "American" shares (each such certificate on this issue.
representing- 2% deposited ordinary shares) $1.52 per "American" share,
Mr. William B. Hall, Manager of the 20
-story Franklin Towers apartthe equivalent ofsuch dividend at the current exchanz,e rate. The dividend ment hotel, located at 333
W. 86th St.. New York, and whose past conwill be paid en"Aug. 28 to holders of record of "American" shares on Aug. nections have been
with a number of the better class apartment hotels on
21.- A distribution of like amount was made on 'Feb. 28 and on Aug. 29 the West Side of N. Y. City,
has estimated the net annual
1927 and also on Feb. 28 1928.
$268.340,or over 2.33 times the greatest annual interest charge inceme.at
on this issue.
Gold Output (in Ounces) for,Seven Months Ended July 31.
Guarantee,-The prompt payment of principal
Month of1927.
1928.
conditionally guaranteed by Louis L. Horch and and interest is to be un1926..
1925.
Maurice M. Litchmann.
January
843,857
839,060
796.210
823.683 whose latest financial statements evidence substantial worth with which
753.924
816.133
779,339
February
753,925 to adequately cover this guarantee. '
March
877,380
860.511
834.340
825,479
Riverside Forge & Machine Co.-Earnings.April
825,907
824.014
800,303
787.519
May
886.186
859.479
849,214
813.249
Earn(ngs 6 Mos.
June
862,363
855.154
852.145
780,251 Net earnings, after Federal taxes Ended June 30 1928.
$229.584
867,211
Jul
851.861
860,134
818,202 Earn, per sh. on 105.500 shs. of common
$2.17
.127. p. 273.
Condensed Balance Sheet.
AssetsReal Silk Hosiery Mills, Inc.
-Earnings.
June 31 '28. Dec. 31 '27. Liabilities
Land, plant &
Quarter End. June 201928.
1927.
Accounts pay __
333.088
$17,141
eq.(less depr.)
Net income after charges but before Fed. taxes __ $242,459
120,250
128,386 Res.for taxes _
$147.342
62,635
Cash
Earns per sh. on 200.000 shs. com. stk. (par $11111)
$356,526
$175,084 Ac.liabilities .
$1.00
$0.52
1,802
Marketable sec
239,208
249,139 Reserves
Comparative Balance Sheet.
39,916
2,655
Accounts rec
153,173
107,145 Res. 1928 Fed.
June 30'28. Mar. 3128. Liabilities- June 3028. Afar.31 '28. Cash val. of life
Assetstaxes
31.306
Plant,equip.&c. $3,993,403 $4,057,030 Preferred stock _ $2,400,000 52,400,000
insur
4,147
2,688 Capital stock_ .._
793,938
605,620
617,318
386.567 Common stock _ 2,000.000 2,000,000 Inventories
Cash
18,516
22,182
318,260 1,326,343 Nobb fits ty pf
Acets.¬es roc
99,000
103,000 Investments
5,000
5,000
Inventories
2,384,637 2,727,856 Mach.pur.cont _
268.893
321,723 Prepaid Items
1,422
228
Investments __
291,917
179,864 Res.for conting
74,234
18,530
xIntangI ble assets 586,527
'783860 Slik accept.Pay
488.657
779,893
Total
$898,248
$689,853 Total
-Customers exp't
$898,248
$689,853
Notealsaccts.pay
461,547
841,056 -V. 126. p.
2327.
581,944
& subs. stand.
Divs. payable __
43,545
43,545
Adv.to rep'tives
93,337
Accr. liabilities..
(J. T.) Robertson & Co., Inc.-Pref. Stock Offered.
453,335
435,549
Adv.to em pi
4,137
Surplus
2,715,327 2,518,233 Moses
& Co., New York are offering 5,000 shares cumulative
-Other receiv_ _ _
133,057
Total
$6,004,540 $9,461,529 convertible preferred stock at 325 er share, to yield 7%
x Includes organization expenses prepaid expenses and goodwill
-V. 126, (with a stock purchase warrant attached).
p. 4097.
Preferred stock Is preferred as to cumulative dividends at the
of
$1.75 per share per annum from July 1. 1928, payable quarterly, rate to
Reorich Museum.
-Corporate Trustee.
and
The Chatham Phenix National Bank & Trust Co., has been appointed preference In distribution of assets at the rate of $25 per share plus accrued
cerporate trustee of an issue of 31.925,000 6% 1st mtge. guaranteed sinking dividends. Convertible into common stock on a basis of 2 shares ofcommon
fund gold bond certificates, due June 15 1940; and of $150,000 6% for one of preferred at any time prior to the date of redemption, and reguaranteed serial gold bond certificates secured by a junior lien under said demnable at the option of the company at any time upon 60 days' notice
at the price of $27.50 per share plus divs. Entitled to full voting
mortgage, due serially to June 15 1937.
power.
Preferred dividends are exempt from present normal Federal income tax.
Transfer agent, Manufacturers Trust Co.. New York. Registrar, RegisRepublic Iron & Steel Co.
-To Acquire Control of Steel trar & Transfer Co. of New York.
4:t Tubes, Inc.
Stock Purchase Warrants.
-Each preferred share carries a stock purchase
Plans have been announced whereby this company will acquire control warrant, detachable at any time, entitling the hider to purchase one
share of common stock at $7.50 up to July 1 1930; at $10 up to
of the Steel & Tubes, Inc. of Cleveland.
July 1
This announcement was made by E. T. McCleary, President of the 1932, and at $12.50 up to July 11933.
Republic company and Myron A. Wick, President of Steel & Tubes,fallowCapital Stock
ing a meeting of the directors of the former company. The consolidation
Authorized.
Outstanding
Is subject to ratification by the stockholders of Steel & Tubes, Inc.
Cumul. con, preferred stock (no par)
5,000 ehs.
5,000 she.
According to the announcement the Republic company will acquire a Common stock (no par)
*65,000 shs.
large majority of Steel & Tubes common stock at the equivalent of $170
*10.000 shares reserved for conversion of preferred stock, 50.000 shs.
and 5.000
shares reserved for the exercsie of stock purchase warrants.
a share.
Terms of the deal provide that for each share of common stock Steel & Data from Letter
of Herbert F. Robertson, Pres. of the Corporation.
Tube stockholders will receive: $50 face amount of 6% debentures of
Company.-Reeently organized in Delaware to acquire and consolidate
Steel dr Tubes. Inc.; 8-10ths of a share of no par $4.50 div. class A pref. the
assets and business of The J. T. Robertson Co., Inc., of Syracuse,
stock of Steel & Tubes; 5-10ths of a share of no par $4.50 div. class B pref. N.
Y.,
stock of Steel
Tubes, and 7-20ths of a share of common stock of the panies and the Bonded Products Co., Inc.. of Brooklyh, N. Y., which comhave been respectively engaged in the
Republic Iron & Steel Co.
and fancy soaps and soap products, and manufacture and sale of staple
The class A and B pref. stock of Steel & Tubes will be convertible
to acquire other companies eninto Republic common stock within 2 years. The present pref. stock and gaged in similar lines.
The business of The J.
bonds of Steel & Tubes will be retired.
Co.. Inc., was first founded in 1885
in Manchester, Conn., byT. Robertson T. Robertson. inventor of Bon Ami.
Myron Wick will continue to manage Steel & Tubes and will become
the late John
a director and member of the executive committee of the Republic company. In 1922 Mr.John T. Robertson died, and the business has since been owned
by his two sons.
(Cleveland "Plain Dealer.")
-V. 127. p. 424.
In addition to its established business, The J. T. Robertson Co., Inc., has
recently entered into a contract with Jones Brothers Tea Co. now Grand
Reserve Petroleum Co.
-New Name, etc.
Union Co.) for the manufacture,
basis, of large tonnages of
See Gilliland Oil Co. above.
laundry and toilet soaps, and soapon a cost plus
products, representing the entire requirements of The Grand Union Co.. for distribution through its extensive
Richland Coal Co.
-Sale.
chain of retail stores. It is conservatively estimated that The Grand Union
Frank Costanzo. President of the Costanzo Coal Co.,°operating at War- Co.'s requirements,
wood, near Wheeling, W. Va., has purchsaed the mine of the Richland of expansion, will without taking into consideration its present program
amount in volume to more than 81,000.000 per annum.
Coal Co. from the Philadelphia-Delaware Finance Co. 'Thr latter com- as the new company
has brought under one management over 750 stores
pany obtained possession of the mine when it and other properties of the
d G perated b y Jorocery sthers.
y orand union G nes Bro ores Tea Co., Oneida County Creameries
ate J. C. McKinley, long involved in bankruptcy proceedings and in liti- Co.
gation, were sold under the hammer at the direction of the U. S. Court for
Bonded l'roducts Co., whose business has also been acquired by J. T.
the Northern District of West Virginia. See V. 126, P. 731. 117.
Robertson Co., Inc., from Jones Brothers Tea Co. (now Grand Union
Co.), was organized by the latter an a wholly owned subsidiary for the
-Sales Higher.
purpose of distributing to the general trade certain special brands of powRigney & Co., Brooklyn, N. Y.
prod and
d
Sales for July increased more than 100% over these for the same month dere ucta ..fiake soap and hand soaps under the trade name of "Bonded
last year. according to Vice-President Joseph M. Lotsch. Sales for the
Earnings and Prospects.
first six months of this year showed an increase of 75% over the corre-The consolidated earnings statements of The
sponding period of 1927. Application will be made to list the preferred J. T. Robertson Co., Inc., and Bonded Products Co.,show net profits after
interest, depreciation and taxes, for the past
stock on the New York Curb, according to Mr. Lotsch.-V. 127, p. 424.
of 378,012, or an
average of $39,006 per annum. This is equal two years$8 per share on the
to nearly
Riverside Drive & 103rd Street Building.
-Bonds Ofor more than 4 times the preferred stock
stocktobeo"standing,
-American Bond & Mortgage Co. recently offered dividend requirements.
fered.
It is estimated, however, that with the large volume of business now
-year sinking fund bond certifi- shouldunder contract,not
$1,925,000 6% 1st mtge. 12
the futureonoe
1o
the company, after all charges.
fall below $
per
eprmanfnitsumof.
cates, series A, at 100 and int.
(The) Robert Treat Hotel Co., Newark, N. J.
-Bonds
Dated June 15 1928; due June 15 1940. Callable all or part on any int.
date upon 30 days' notice, up to and incl. June 15 1939 at 101 and int. Offered.
-Graham, Parsons & Co. and Redmond & Co. aro
Int. payable without deduction for normal Fed, income tax not exceeding
2%. Refund of District of Columbia 5 mills tax and certain State taxes offering at 99 and int., to yield 6.10%, $1,200,000 1st and
(other than transfer, succession or inheritance taxes), to resident holders closed mtge. 6% 15-year sinking fund gold bonds.
upon written application will be provided in the mortgage. Chatham
Dated July 1 1928; due July 1 1943. Interest payable J. Ile J. at Firs
Phoenix National Bank & Trust Co., N. Y., trustee.
These certificates, in the opinion of Counsel, will be legal for the invest- Mechanics National Bank, Trenton, N. J., trustee., without deduction fo1
ment of trust funds under the laws of the State of Now York, upon com- any taxes other than Federal income taxes in excess of 2% per annum'
Penna., Conn., Maryland, Dist. of Col.. Virginia and Rhode Island perpletion of the building.
These certificates will be secured by a first mortgage of 32,075.000. sonal property or securities taxes not exceeding 6 mills per annum,and Mass.
of which $150.000 will be designated as Series "B" and will be subordinate Income taxes not exceeding 6% per annum, refundable on proper application. Denom. $1,000 and $500 c*. Red, all or part by lot on any int.
to this issue of $1.925.000.
Sinking Fund.
-The trust deed will provide for monthly payments date on 30 days' notice at principal amount and int. plus a premium of
beginning June 15 1931. to the credit of a sinking fund to be made to the 3% if red, on pr before July 1 1929. or if redeemed thereafter such protrustee in amounts sufficient to retire $335.500 of certificates on or before mium decreased 13y
% for each two years or part thereof elapsed after
July 1 1929.
June 15 1940.
Funds deposited in the sinking fund will no applied from time to time
Data from Letter of Frank A. Dudley, President of the Company.
to the purchase of bond certificates in the open market, if obtainable, and
History.
-The Robert Treat Hotel is an important unit in the group of
any unexpended balance, if more than $10.000 will. June and Dec. 15, in hotels owned arcontrolled by United Hotels Co. of America, and has opereach year. beginning with Dec. 15 1931, be used for the redemption of ated at a proflein
in 1916• It enjoys the advaneach year
outstanding band certificates at the then prevailing call price, upon proper tage of a central location in since its opening many years has stood out as
Newark and for
otice.
the most prominent hotel in that district.
Atid:
'United Hotels Co.of America.one of the largest organizations in the world
engaged in the management and ownership of hotel properties, owns a
majority, of the stock of the Robert Treat Hotel Co. Under the general
Co.
management of United Hotels Co. of America, the Robert Treat Hoteluses
regularly
has been notably successful in building up a clientele whichlast 3% years
rate having averaged for the
its facilities, its occupancy
approximately 79%, which is above the average of the United Hotels group
as a whole.
-Proceeds of the issue will be used to pay in part for the acquisiPurpose.
tion of the land and building, which have, up to the present, been occupied
under lease.
and operated by the Robert Treat Hotel Co. and closed
mortgage on the
-Bonds will be secured by a first
Security.
and equipment.
entire property of the company, consisting of land, buildingJ. contains ap48-50 Park Place, Newark, N.
The property, located at
proximately 34,500 square feet. The building is 11 stories in height with
287 guest rooms, dining rooms,lobbies, dm.
-The sinking fund, calculated to be sufficient to reduce
Sinking Fund.
amount, will be applied
this issue by maturity to about $620.000. principal the
existing redemption
to the purchase of bonds if obtainable at or below
price (exclusive of accrued interest) or to the extent not so obtainable, to
the existing
the redemption of bonds by lot on July 1 in each year, atpayment but
redemption price. Company may increase any sinking fund
without =edit on subsequent payments, and in lieu of cash may tender
bonds to be sinking fund at their principal amount.
-On the basis of the lower of the appraisals of land and buildAppraisals.
ing, the value of the properties te be subject to the mortgage is as follows:
$2,035,300
Land and building
225.000
Depreciated value offurniture,fixtures and equipment
$2,260,300
Total
On the basis of the above appraisals, this issue represents less than 5355%
property value and less than 59% of the value of the land and
of the total
building, exclusive of furniture and equipment.
-Net earnings of the company available for fixed charges on
Earnings.
these bonds, depreciation of the building and Federal income taxes, have
been as follows:
Calendar Years
6 Mos, Ended
1925.
June 30 1928.
1927.
1926.
$481.992 $910.033 $928,976 $916,876
Gross revenue
gaps., maint., deprec,
o equip. & taxes Other than
782,426
780,678
392,553
765,464
e
07deral
Bal. avail,for int., deprec. of
136,198
89,439
144,568
146,550
bldg. and Federal taxes_ _
72,000
36,000
72.000
72,000
Interest on this issue
The above statement of earnings is after eliminating non-recurring items
under lease presently to be canceled, amortization of leasehold and
of rent
improvements, and revenues and expenses relating to investments sold.
-The bonds are to be, in the opinion of couns e
Legal for Trust Funds.
egal for investment of trust funds under the laws of the State of New Je rs3
"
-Earnings.-Seeman Brothers, Inc.
1927.
1928.
Year End. June 30$3.391,820 $2.968,070
'
Gross earnings
Selling. adm. & gen, exp. incl. prey, for Fed. inc.
2.802.559
2,559.625
taxes
Net earnings
Miscellaneous income
$589.260
66,868
$408.445
60.919
Net income
Dividends
$656,128
250,000
$469,364
250,000
Net surplus
Adjustm't for Fed.inc. taxes,prior years
Previoussurplus
$406,128
655
1,054,465
$219,364
5,899
829,202
$1,461,248 $1,054,465
Balance surplus
$3.75
$5.24
Earn.per sh.on 125,000shs.ofno capital stock
Balance Sheet June 30.
1927:
- 1928.
1927. .
1928.
Assets$213,813 Corn.stock - -342.000.000 $8,000,000
Fixed assets_ _ :$203,898
365,500
_ ______,
314,577 NotesPayable.407.968
Cash
Accts. pay.&
Accts.& IlOtea rec.
322,181
265,076
1,553,194 1,514,272 tem of erect_ __
less res
1,813,973 1,915,829 Corn., payrolls &
Inventory
88,043
77,592
other accr.'lab.
16,483
11.434
Loans &invest.,
41,037 Unp.& est. Fed.
33,207
Def.& oth.assets
115,823
149,759
& State taxes_
62,500
62,500
Div.payable_ _ _
Res. for merch.
7,500
7,500
adjustment
1,461,248 1,054,465
Total(each side) $44,023,675 $44,016,011 Surplus
$347.763 reserve for depreciation and $55,000 mortgag
a After deducting
-V.126. p. 427.
y Represented by 125,000 shares of no par value.
-Bonds Called.
St. Croix Paper Co.
The company has called for redemption on Sept. 1 all of the outstanding
1st mtge. 5% serial gold bonds. Payment will 'be made at the Old Colony
Trust Co., trustee, 17 Court St., Boston, Mass., at the following prices:
Bonds due Sept. 1 at the principal amount thereof: bonds due Sept.1 1919 at
100.48%: bonds due Sept. 1 1930 at 100.95%: bonds due Sept. 1 1931 at
101.39%; bonds due Sept. 1 1932 at 101.81% of the principal thereof, all
with accrued interest to Sept. 1 1928.-V. 120. p. 1214.
-Proposed Sale.
Saline County (Ill.) Coal Corp.
The stockholders will vote shortly on approving the sale of the company's
properties to the Peabody Coal Co. If the sale is consummated, the 1st
mtge.6% bonds will be assumed by the Peabody company, it is stated.
-V. 118, p. 2448.
-Earnings.
Scher-Hirst, Inc.
The company reports net profits of$59,252 for the 6 months ended June 30.
-V.126. p. 1055.
-Sales.
Schiff Co.
-July-1927.
1928
$248,358
$375,433
-V. 127, p. 274.
967
FINANCIAL CHRONICLE
181928.]
Increase I 1928-7 Mos.-1927.
$127,0751$2,647,647 $1,892,375
Increase.
$755,272
School Sisters of Notre Dame, Milwaukee, Wis.-Second Ward Securities Co. and Paine WebBonds Offered.
ber & Co. Milwaukee recently offered $1,250,000 1st mtge.
5% serial gold bonds at 100 and int.
-The Order of School Sisters of Notre Dame was established in
History.
the United States in 1847. The Sisters of the order teach in primary
and secondary schools, and in colleges connected with the Roman Catholic
Church. The school sisters of Notre Dame established their American
motherhouse in Milwaukee city in 1850. The principal motherhouse of
the order in America has remained in Milwaukee ever since. The growth
of the order, however, has necessitated the division of its activities from
time to time, so that there are now 5 provinces, with a total of 393 schools,
4,931 sisters, and 144,247 pupils.
-School Sisters of Notre Dame has acquired a tract of about
Purpose.
74 acres west of Milwaukee, and is erecting thereon a large and modern
college for 700 young women, to be known as St. Mary's College of Milwaukee.
The sale of these bonds will provide for a major part of the cost of the
buildings of St. Mary's College of Milwaukee. These buildings are now
in course of construction.
Security.-These bonds will be secured by first mortgage on the following
properties, all in Wisconsin, owned by the School Sisters of Notre Dame:
(1). The motherhouse of the order in Milwaukee. This occupies the
entire block bounded by Milwaukee, Knapp, Jefferson and Ogden Streets.
and was founded shortly after the coming of the sisters to this city in 1850.
(2). The convent and some 240 acres of land owned by the order at
Elm Grove. Wis.
3
c
( . The St. Mary's College land and buildings at Prarie du Chien, Wis.
4 . Convent buildings occupied by sisters and owned by the order,
in Marinette, Mt. Calvary, and, Burlington, Wis.
The above mentioned properties have been independently appraised at
over 92,600,000. or more than twice the amount of bonds outstanding.
-Sales Increase, etc.
Schulte Retail Stores Corp.
Sales are running well ahead of any year in the history of the company,
President David A. Schulte announces. Realty holdings also are showing
marked appreciation, one parcel which the company had owned less than
a year having been sold last week at a profit of $1,000,000, it is stated.
Is located at the northwest corner of 52nd St. and 5th Ave.,
This
York
New 'York City.
"Our business," said Mr. Schulte, "is in excellent shape and sales are
running well ahead of the best previous seven-month period in the history
let-up
of the company. We do not look for anyWe are or slow down because of
opening a great
the fact that this is a Presidential year. are corner locations." number
-V. 126.
this year and all of our stores
of stores
p. 3465.-V. 127, p. 836.
Scott Paper Co.-Earning8.-
6 Months Ended June 30
Net sales to customers
Production cost of goods sold
Reserve for depreciation
Repairs to plant & equipment
Expenses- _
Taxable income
Estimated U.8.income tax
1928.
1927.
$3,448.426 92,966,115
1,710,573
1,979,808
111,257
119,936
60,991
87.034
759.465
836.090
425,559
51,329
Dated June 1 1928: due June 11933. Denom.$LOW and $500 c*. Int.
payable J. & D. at Merchants National Trust & Savings Bank Los Angeles.
Red. all or part on any int, date, at 102 and int. Exempt from personal
property tax in California. Int. payable without deduction for normal
Federal income tax up to 2%. Merchants National Trust & Savings Bank
of LOO Angeles, trustee.
-Mack Sennett, Inc., is the owner in fee simple of 302 acres
Property.
of land located in the city of Los Angeles in the North Hollywood district.
The property is covered with a prolific growth of oak trees, sycamore trees,
holly bushes and ferns, and is Ideal for subdivision into home estates. It
has been improved by the construction of numerous roads, ranch buildings,
clubhouse, swimming pool, recreation grounds. &c.
-Bonds will be secured by a first closed mtge. on the above
Security.
described land, with improvements and collateral. The land was appraised
at $755,000 for the Corporation Commissioner of the State of California
by Herman Spitzel. The collateral consists of 925,000 of high grade first
mortgage bonds, which will be deposited with the trustee as additional security for this issue. Total security more than 3.4 times bonded Indebtedness,
making this issue less than a 29% loan.
-The Prompt payment of principal and int. will be uncondiGuaranty.
tionally guaranteed by endorsement on each bond by Mack Sennett, whose
net worth, according to financial statement as of Mar. 1 1928, on file with
the underwriters, i several times the total amount of this issue.
-Indenture will provide that the company shall pay to the
Sinking Fund.
trustee as a sinking fund for the retirement of this issue,on the first day of
each month, commencing June 1 1929 for the remaining life of the issue, the
sum of $2.040, which shall be used by the trustee for the purchase of bonds
In the open market, or for the retirement of bonds at the call price. The
operation of this sinking fund will retire a minimum of $84,000 of this issue
prior to maturity.
-Listing.
Sentry Safety Control Corp.
The Philadelphia Stock Exchange has authorized the listing of 150,000
shares of capital stock (without par value).
The corporation was incorp. in Delaware Jan. 25 1927. Corporation
owns by assignment patents covering a device known as the Sentry safety
control the purpose of which is to prevent film fires in projection rooms of
motion picture theatres. This device eliminates any danger from fire which
could be caused by any failure in the operation of a projection motion picture
machine.
-Earnings.
Shell Pipe Line Corp.
Profit and Loss for Quarter Ended June 30 1928.
Revenue from transportation of crude oil
Cost of transportation & general expenses
$3,294,773
515,152
Operating profit
Miscellaneous income
$2.779,620
8,989
Total income
Interest paid or accrued
Depreciation, retirements, &c
$2,788.610
374,886
555,152
Balance before providing for 1928 income tax
Surplus at Mar. 31 1928
$1,858,571
5.485,178
Total surplus
Common dividends
$7.343,749
1.000.000
Surplus June 30 1928
-V. 126, p.3774.
$6.343,749
---Earnings.
Shell-Union Corp.(& Subs.).
Period End. Jisne 30- 1928-3 Mos.-1927,
1928-6 Mos.-1927.
Gross income_x
$15,623,736 $10.666,061 $27.667.284 823,469.487
deprec'n and
drilling expenses, &c.... 11,131.667
8.359.899 21.624.047 15,880,070
Net inc. bef. Fed.tax._ $4,492,069 $2,306,162 $6,043,236 $7,589.417
385.434
131.053
Preferred dividends_
7.000.000
3,500,000 7.000.000
Common dividends__ __ 3,500,000
Surplus
Previous surplus
$374.230
69.648
75,000
$276,260
71,646
45,000
Balance for surplus
Earns, per share on pref.stock
Earns, per share on com.stock
-V.127, p. 424.
$229.582
$18.95
$2.03
9159,614
$13.63
$1.36
$203.983
$992.069def$1324,891 def$956,764
28,679,525 36,817,446 30.628,357 35.288,572
Total surplus
$29,671.594 $35.492,555 $29,671,593 $35,492,555
-V. 126, p.
Including a half interest in the income of Comar 011 Co.
3314.
Shreveport-El Dorado Pipe Line Co.
-Earnings.
6 Mos. End. June 30Gross revenue
Operating expenses
Other deduct. Incl. int.,
taxes, rentals, Fed.
taxes, adj. of invent.,
&c
Bal. avail, for res. &
capital stock
323,829 Earns.per sh.on cap.stk_
-V. 126. p. 3774.
47,569
Net income
Preferred dividends
Common dividends
-Bayley Bros.,
-Bonds Offered.
(Mack) Sennett, Inc.
os Angeles, are offering $225,000 1st mtge coll. trust
Inc.,;inking fund gold bonds at 100 and int.
7%
1928.
8570.757
227,550
1927.
$625,721
221,776
1926.
8791,830
199,308
1925.
$574,182
146,733
216,631
134,656
313,734
251,654
$126.575
$1.27
$269.288
$2.69
8278,786
$2.78
$175.794
$1.75
Southern Grocery Stores Inc.
-Sales.-1927.
-June
1928
$987,815
$1 326.091
-V. 128. P. 4100
.
Increase.11928-6 Mos.-1927.
Increase.
8338,276(87,134,212 85.868.543 31.265,889
Southern Surety Co.
-Listing.
There have been placed on the Boston Stock Exchange list temporary
certificates for 250,000 shares (total authorized) capital stock (par $10).
968
FINANCIAL CHRONICLE
[VOL. 127.
This company was organized June 27 1928 in New York and takes over application. A quarterly sinking fund will
on
the business of the Southern Surety Co. of Iowa under a reinnirance con- 1930 and is calculated to retire over 50% ofbegin to operate of Jan. 15
the entire issue
bonds at
tract. The latter company was originally organized under the lava of or before maturity. Guardian Trust Co., Cleveland, Ohio. trustee.
Oklahoma on May 10 1907, with a capital of $400,000. On Feb. 16 1918.
it merged with the Bankers Bonding & Casualty Co. of lowaretaining Data from Letter
of C. L. Bradley, President of Cleveland Terminals
its name, but increasing its capital to 81.000.000.
Building Co.
The stock of the company is full-paid and nan-assessable and no personal
Building.
-The Cleveland Terminal Tower Bldg. Is being erected in
liability attaches to ownership. Transfer agents, Kidder, Peabody & Co., j
' two units. The first unit, representing approximately four-fifths of the
Boston, and New York. Registrars, Peabody Trust Co. of Boston, and
total cost, Is now nearly completed and has been tenanted for several
Chase National Bank New York -V. 127. P. 697, 425.
months. Construction of the second unit is now in progress and the entire
building should be completed by Jan. 11929. The structure is a 14-story
Spang, Chalfant ez. Co., Inc.
-Earnings.
office building with a 38-story tower superimposed thereon, making a
The company reports for the 6 months ended June 30 1928, net income of total height of 52 stories rising
708 feet above the street level. It
$1,077,275 after depredation, interest, and Federal taxes, equivalent after the most modern type of steel and concrete firenroof construction, is of
with
dividends on the 6% pref. stock to $1.43 a share on 750,000 no-par shares granite. Bedford stone and terra cotta exterior. The building was designed
of common stock.
-V. 127, p. 697.
by and is being erected under the direction of Graham, Anderson. Probst
St White of Chicago. It
sq. ft. of retail store
Standard Oil Co. (New Jersey).
-Extra Dividend.
- space and about 521.000 will contain nearly 39.000space. In addition to
office
sq. ft.
The directors on Aug. 15 declared an extra dividend of 124c. the necessary ramps and entrancesof rentable Terminal Station.
to the Union
Location.
occupies one of the most
per share in addition to the regular quarterly dividend of Cleveland,-The buildingthe concourse of the station valuable sites In
directly over
of the Cleveland
25o. per share on the common stock, both payable Sept. 15 Union Terminal, which terminal is in course of construction at an estimated
excess of $60,000,000, with a frontaTe of 243 feet on the Public
to holders of record Aug. 25. Like amounts were paid in cost in and 302 feet on
Square
Prospect Ave. In the immediate vicinity are the
each of the preceding 7 quarters.
principal office buildings, department stores and bank n' institutions of
-V. 127, p. 425.
the city, with the Hotel Cleveland adjoining the property on the northwest.
Securily.-These bond/ are secured by a first mortgage on the leasehold
Steel 8c Tubes, Inc.
-Proposed Merger with Republic Iron
estate in -the site above the passenger station comprising 71,527 sq. ft.
& Steel Co.
-See latter company above.
and in the building being erected thereon.
The value of the building, when completed, has been appraised by
Period6 Mos.End. Year End.
June30'28. Dec. 31 '27. Graham, Anderson, Probst & White as being in excess of $12,100,000.
Net sales
$4,154,716 86,151,824 The total issue of $6.500,000 bonds therefore represents less than 54%
Net profit after reserve, deprec. & Fed. taxes_ _
642.945
544.827 of this appraised valuation.
From the proceeds of the 55,300,000 bonds previously sold and other
Earnings per share on capital stock$6.81
$5.61
funds, over $9.000.000 has already been expended in the construction of
-V.126, p. 252.
the first unit, and cash for the balance of its estimated cost, with a surety
bond guaranteeing completion, is on deposit with the Union Trust Co.
-Dividend No. 2.
Sterling Securities Corp.
Trust Co.
On Aug. 14 the directors declared a quarterly dividend at the rate of and the Guardian proceeds of Cleveland. disbursing agents. -thn. fonds.
Purpose.
-The
of these additional hnnds an 1
514% per annum on the cum. pref. stock, payable on Sept. 1 to holders of sufficient to
cover the estimated cost of the second unit, will be deposited
record Aug. 22. An initial dividend at this rate was also paid on June 1 with the
disbursing agents together with a surety bond, acceptable to the
for the months of April and May (see V. 126, p. 3139).-V. 127, p. 425.
bankers, guaranteeing comuletion.
Eirnings.-Willlam H. Babcock & Sons, Chicago.
estimated the
Strawbridge & Clothier.
-Bonded Debt Increased
- normal net income, after operating expenses and taxes, haveafter allowance
and
for vacancies, at $1,205,209. George D. McGwinn, recently V.-Pres.
New Preferred Stock Issue Approved.
The stockholders on Aug. 15 have approved an increase in indebtedness of the Union Trust Co. of Cleveland, now V.-Pres. of the Cleveland Union
to 815.000.000 from 87.000.000, and authorized an issue of 515,000,000 Terminals Co., has estimated net income, similarly stated, at $1,137,615.
After deducting the maximum ground rent of $316,250 there is available
prior preference stock.
An issue of $12.000.000 1st mtge. sinking fund 20-year bonds and $2.- for depreciation and interest an amount equal to more than twice the
000.000 cumul. prior preference 6% series A have already been sold by maximum annual interest charges on the total authorized bond issue.
Although the first unit of the building is not fully completed, about 75%
bankers subject to approval by the stockholders. See V. 126, p. 3944. of
the total office space in this unit is already leased and occupied and the
3612.
gross income closely approximates the original estimates for the space in use.
Control and Management.
-The new Cleveland Union Terminal Station
Sun Oil Co.-Consol. Balance Sheet June 30.is now being erected by the Cleveland Union Terminals Co. The stock
Assetsof this company is owned by the railroads which will be the principal
1927.
1928.
Liabilities1928.
1927.
Fixed assets- -$37,503,518 $33,520,239 Preferred stock _ $5,000,000 35,000,000 users. The Cleveland Terminals Building Co. was organized to develop
Cash
2,424,200 3.197,565 Common stock _240,578,790 39,252,044 certa e of0 sv,o rrigen nberes the Union Terminal Station,and is controlled
by thinNa theterintor yia t ovets.
336,638 Funded debt __ 9,170,500
9,756,500
Accts.receivable 4,374.499 4,198,845 Bills payable _ _ _
10,900
67,779
011stuck
11,021,027 10,153,443 Accts. payable _ 5,295,511 4,341,274
Thompson Products, Inc.
-Extra Dividend.Math & supplies 1,640,783 1,731,881 Accr.int.&taxes 1,159,176
666,166
The directors have declared the usual extra dividend of 10c. per share
Investments
7,296,577 7,409,977 Loans due allied
and the regular quarterly dividend of 30c. per share on the class A and B
Prepaid taxes,lns.
cos
80,231
stock, payable Oct. 1 to holders of record Sept. 20. The directors also
expenses
2,182,367 2,144,240 Accr. pref. dive_
25,000
declared the regular quarterly dividend of $1.75 per share on the pref.stock.
Res.for contl ng
45,281 payable Oct. I
99,280
to holders of record Sept. 20. Like amounts have been paid
Cap,stock equity
quarterly since Oct. 1 1927.-V. 126, p. 3140. 3777.
(outside holders)
8,995
8.044
subsidiary cos
Tide ,
Tot.(each side) 67,079.750 $62,692,828 Surplus
-Earnings.W
5,652,314 3,554,789
Oil Co.
6 Months Ended June
m
1927
1928.
a Represented by 1,205,574 shares of no par value.
-V. 127. p. 697.
Total volume of business done by co. & subs. as
represented by their combined grass sales and
Superior Steel Corp.
-Balance Sheet June 30.earns, exclusive of inter-co. sales & transactions374.959,412 $80,281,071
Assets-1928.
1927.
1927
1928.
LiabilitiesTotal exps, incident to oper., incl. repairs, maint.,
yCapital stock _ _$4,154,223 $4,154,223
Land.bldgs..marh•
pensions. admin., incur., costs & all other chgs.
:$3.835,106 $3,886,401 Accounts payable_
& equip
78,323
138,601
of depr. & depl. & Federal income tax
60,798,424 67,970,554
Cash
801,979
767,080 Accr. tax, wages &
Bills & accts. rec... 474,288
114,957
92,271
461.764 Interest
Operating income
$14,160,988 $12,310,517
Farm loans bonds_
2,166,000 2.313.000 Other income
101.000 18t mtge. bonds_
1.272.652 . 652,921
Inventories
1.142.743 1,458.376 Profit & loss sur- 537.220
675,410
Deferred charges_
37.209
20,864
Total income
$15,433,640 $12,963,438
Special bills rec..
1,200
Int.. disc. & premium on funded debt
674,055
702,454
Due from employes
33,423
31,764
Depreciation and depletion charged off
6,311.737
6,800,074
Superior Steel bds. 587,738
530,661
Estimated Federal income tax
638,779
786.359
Sinking fund
573
499
Minority interest, proportion of earnings
2,253,420
1.496,724
Unam.disc.& exp. 114,978
136.578
Total(each side)$7.028,037 57,396.191
x After depreciation. y Represented by 100.000 shares par $100. Our
Balance
$5,648,029 $3,085,448
usual comparative statement for the 3 and 6 months ended June 30 was Previous surplus
3,595,028
3,164.310
published in V. 127. p. 562.
Adjustments
Dr.855.686 Cr.688,273
Sylvania Insurance Co. of
Sheet June 30 1928.Assets
Cash
Bonds and stocks
Premiums receivable
Accrued interest
Total
-V. 126. p. 2983.
82.237,840
2,246,711
284,058
19,964
54.788,573
Philadelphia,
-Balance
Pa.
Liabilities
Reserve for unearned prone_
Reserve for losses
Reserve for all other liabilities
Voluntary res. for conting____
Capital
Surplus
Total
$557,502
17,540
13,653
1.199,877
1,500,000
1,500,000
54.788,573
Tacony-Palmyra Bridge Co.
-Listing.
-The Philadelphia Stock Exchange has authorized the 1b3ting of 32.000
shares of class A participating stock, of which 30.000 shares have been issued
and are now outstanding in the hands of the public. Company was incorp.
In New Jersey, June 25 1926.
Authorized. Outstanding.
Capitalization81.000.000
$400,000
7;4% cumulative preferred stock (par $100)-32,000 shs. 30,000 shs.
Class A particip. stock (no par)
100,000 shs. 24,000 shs.
Common stock (no par)
All classes ofstock are issued full paid and non-assessable, and no personal
-V. 126. p. 1523. 1057.
liability attaches to ownership.
-Larger Div.
Tennessee Copper & Chemical Corp.
The directors have declared a quarterly dividend of 25 cents per share
on the outstanding capital stock, no par value. payable Sept. 15 to holders
of record. Aug. 31. From June 1927 to June 1928, incl., quarterly
dividends of 1234 cents per share were paid, compared with quarterly
-V. 126. p. 2492.
dividends of 25 cents per share previously.
Terminal Tower Bldg.(Cleveland Terminals Building
-Redmond & Co.,
-Bonds Sold.
Co.), Cleveland, Ohio.
the Tillotson & Wolcott Co. and Pearsons-Taft Co. announce the sale of $1,200,000 additional 1st mtge. leasehold sinking fund 69 gold bonds, authorized and outstanding, 86,500,000.
Total surlus
Preferred dividends
Common dividends
$7,956,653 $7,368.748
2,182,370
2.182.543
2,873,367
Surplus as at June 30 1927
Shares of common
Earned per share outstanding
$5.774,110 $2,313,012
4,796.597
4,793,503
$0.17
$0.72
Consolidated Balance Sheet.
June 30.'28. Dec. 31,'27.
June 30.'28.
AssetsLiabilities$
s
$
Oil producing_ _133,564,477 132,769,108 8% pref.stock__ 72,753,500
Refining
..
48,149,810 48,564,460 Com.stock__ b72,158,033
Transportation 54,419,928 55,334,495 6% gold notes
.
Marketing
21,237,790 20,099.610
due Sept• 1
Miscellaneous _. 4,015,652 4,010,238
1935 (Assoe'd
17.881,000
Oil Co.)
Total deprec.261,387,658 260.777,912 5% gold bonds
Res. for
1937
(Tide
&dent propYs102,094,549 98,118.535
Water Assoc.
Transportat'n
Total
2,765,000
Corp.)
.
& equip_ _ _159,293,108 162,659,377 Notes payable_
Invs.ln cos.aril].
Purchase money
not consol___ 9,673,679 9,974,982
obligations_
781,313
Other investls. 1,536,654 1.461,615 Accounts payie
Cash on hand &
5.494,928
-trade
In banks
15,808,058 9,651,244 Due co. In proMarketable sec's 2,572,167
ceas of Ilquida729.313
Nute8 le trade
5,207,923
tion
accept's rec__ 1,669.231
1,688,774 Wages. int. &
Acc'ts rec.-less
2,186,179
mtscell
res
12.080.312 12.952,970 Aces.Int. prams.
Due from cos.
.labilitles_ ___ 1,329,296
allII. not conDuo to cos. alIll.
solidated _._
.
928,988 1,697.288
not consord__ 2,154,205
Crude oil 4C prod 30.342.185 31.271,338 Est'd Fed.tax_ _
7
Materls & supps 3,845.821 4.345,622 Divs. pay. Tide
Inv. reserve ids_ 5,111,598 4.729.229
Water Assoc.
Adv's to others
oil co.'s 6%
3.152,276 3.131.338
pref. stock_ __ 1,106.961
Sink,fund dee
see
78,813
92,700 Def. purch. mon.
Deferred & unad.
Deotbeliga& un adi: 2,061,316
r tio ns __
Items
4.694,403 4,523.332
Items
Defpera
o. er:tilts to
744,495
Reserve for con-
Dee. 31,'27
$
72,750,900
71,990,164
18.989,000
3,010,000
2,692,879
977.939
5,315,618
3,364,595
525,146
2,221,994
1,107,240
1,933,922
Dated Dec. 1 1926: due Dec. 1 1941. Int. payable J. & D. Denom.
4,888,866
$1,000. $500 and $100 c*. Red., all or part, on any int, date, or through
sinking fund at any time, on 30 days' notice, at 103 and int. on or before
Dec. 1 1931. at 102 and int. thereafter and on or before Dec. 1 1936, and
at 101 and int. thereafter prior to maturity. Int, payable without deduction
6,713,414
for normal Federal income tax not in excess of 2%. Personal property tax
3,164,310
of any State or Commonwealth of the United States under any present
: :
53774 110
9 43 06 2
or future law, not in excess of five mills per annum on the principal in any
Total(ea.side)250,787,2P4 248,909,125 8utn.inst.i ns ub1.4
u
M tilipnlge ncl e e -- "40.616 49,263,136
-mills tax and the Mass, income tax on the int. not exceeding
case. Mich. 5
a Includes $20,705,200 Tide Water Oil Co.5% preferred stock. b Repre6%.of such Int. per annum, refunded to resident holders upon prope • sented by 4.793.503 shares, no par value.
-V. 126. P. 3
315•
969
FINANCIAL CHRONICLE
'Ate. 18 1928.]
buildings showing practically the same records. No. 885 Park Ave.. with
45 aportments, has only one vacancy at this time, and the same situation
In
etists in 888 Park Ave., also containing 45 apartments. outthe building
have declared a 10%
The directors
of 40. The
y of the Texon com- 125 East 84th St., there are only two apartments remaining
holders of record Sept. 15. Group No. 1, a subsidiai
Oct. 15 to building at No. 941 Park Ave., containing 38 large duplex apartments is
pany, has declared a UvHend of $100 a share, also payable
rented, while the building at 410 east 57th St., containing 64
over 75%
holders of re-0rd Sept. 15.
-V. 127. p. 275.
apartments, is over 80% rented.
See also Marland 011 Co.
"In addition to the buildings the Tishman organization is now starting
total investthe erection of six additional apartment buildings involving ain July 1929.
-Earnings.
Tidal Osage Oil Co.
ment of approximately $20,000,000 to be ready for occupancyHospital site,
1925.
1926.
.
192
6 Mos. End. June 30- 1928.
building will occupy part of the former Presbyterian
772.294 One
602,597
2.723.763
1,146,38
Ave. from 70th St. to 71st St. Other
Output, barrels
$1.318.686 51.503,227 the easterly block front on Madisonthe southwest corner of 75th St. and
Gross earn,from oil oper. 31,538.704 $4,418,082
176,093 buildings will occupy locations at of 75th St. and Lexington Ave. • No.175
162,375
242,406
Gross earn,from gas oper. 261.449
southwest corner
8.128 Madison Ave.,the
4,800
13.605
5,536
York City.
Miscellaneous earnings_ _
East 79th St., 317 East 57th St., and 343 East 57th St., New
V. 126, p. 2162.
gross oper. earn. $1,805.689 $4.674,093 $1,485,861 31.687,449
Total
286,674
215,314
631,086
298,397
Oil expense
31.650
30,152
Union National Bank Building Site (Fostoria, 0.)
33.732
55.604
Gas expense
43.119
8.412
27.064
10.495
-The Drolla-Scott Co., Columbus, 0.
s Sold.
us expense
Miscellaneo
104,421 Certificate
58,690
82.938
72.409
Gen.& administrat. exp.
recently sold fee ownership certificates representing 240
$1,368,785 53,899.272 $1,173,292 31.221.585 equal shares of the equitable ownership in the fee simple
Net income
12,222
17,802
13.717
37.413
Other income
Union National Bank Building site, Fostoria,0.
-10% Dividend, etc..
Texon Oil & Land Co.
cash divide; d, payable Oct. 15 to
$1.406,198 $3.912.989 $1.191.094 $1 233.81,7
Total income
8115.432
$125,891
$111,850
414
Int., disc. & premium
41.196
(Ltd.)
Federal taxes
15.566
7.092
8,918
6,324
Other taxes
16.8f8
29.630
179.526
58 860
Miscellaneous
496106
524.977
533.585
596 077
Depletion
171.849
136,147
164.096
318,090
Depreciation
Cancelled leases & aband.
150.095
74,694
182.103
83.131
wells
Net income
Divs. on prof. stock
Divs. on corn. stock
Surplus adjustments_ _ _
5302.105 $2,732.912
4.558
631.319
125.232
110,526
5292.665
18,232
title in The
yield 5M%•
Price $500 plus accrued rentals for each share to Columbus, 0..
of
$267.391
37,473
3267.391
$236,961
def$439;740 32.603.121
•Surplus
Net income for the 6 months ending June 30 1928 is eauivalent after
preferred dividends to $0.48 a share on 631.319 shares (par $10) of common
outstanding, against $4.33 a share on the same share basis hi the corresponding period of 1927.
Comparative Balance Sheet June 30.
1927.
1928.
1927.
1928.
$
$
Liabilities$
AssetsCommon stock_ _ _ 6,313,190 6,313,190
buildings d•
Prop.,
43,782
35,338
Accounts payable_
equip. (less res.
.
for oepr.& depl.)10,339.$08 11,058 505 Accrued wages,int.
47.097
205.003
and taxes
77,380
Capstv.otattll.cos. 85.213
40,050
20,409
289.922 Due to affil. cos. 66.851
Cash and mkt.sec.
284,240 Deficits to operat's 104,175
& notes rec. 152.695
Accts.
47,585
808,959 Res.for coating ate 241,702
21.051
Crude oil & prods_
6,235,864 7.516,341
289.604 Surplus
Materials & sum). 279,039
462,783
Due from affl..cos. 2,008.871
29,668
72.552
Invested reserves_
26,805
40
Deferred charges..
Total
13,025,821 14,137,865
Total
13,025,821 P.137.865
-V.126, P. 3140.
Certificates issued by the Huntington National Bank July 1 1928. and
dated
trustee, holding title to the land. Certificates are
$27.50 are payable
rental is payable from that date. Annual rentals of holders.on Jan. 1.
the trustee, by check to certificate
quarterly, through
April 1, July 1 and Oct. 1.
as a whole, upon the
The equitable interests are subject to call purchase premises, or in part.
the
exercise by the lessee of the option to purchase according to the terms of
at the request of the lessee, from excess rentals
certificate holders, depending
the lease, for an amount which would yield to
Is made-3507.50 and rentals for
on the date at which the call purchaseJune 30 1933: 3505 and rentals for
each equitable int. from July 1 1928 toto June 30 1938:$502.50 and rentals
each equitable interest from July 1 19331938 to June 30 1943: and thereafter
fer each equitable interest from July 1
at $500 plus accrued rentals.
are not subject to the Ohio
In the opinion of counsel these certificates
personal property tax.
in the
represents an undivided 1-240th interest Third
Each equitable interest
1369 all in the
coultable ownership of inlets, 1366, 1367. 1368 and of Slain Street and
side
the City of Fostoria. Ohio on the westhaving a frontage of 43.2
Ward of
the north side of Tiffin Street, Fostoria, Ohio,
Street and the ground
ft. and a depth of 132 ft. The building faces Main rear of said building
floor and also the mezzanine floor both forward and
of Fostoria, Ohio, with the
will be occupied by the Union National Bank
exception of two storerooms on the ground floor. front.
for an additional
The lease to the Union National Building Co. will provide accumulate as
payment of not less than $2,030 per annum which shall the property.
as a reserve against the depreciation ofof the United
provided in the lease
These sums shall be invested by the trustee in obligations acquisition of
States of America or, at the request of the lessee, in the available at or
certificates either through purchase in the open market, if of the Declarabelow the call purchase pr:ce then prevailing under the terms
tion of Trust, or by call by lot at that price.
construct, and has
The Union National Building Co. has agreed to $130,000, a modern
deposited with the trustee for that purpose the sum of
and basement to cost approximately $130,000.
4-story, fire-proof building
exclusive of carrying charges.
-Earnings.
Tide Water Oil Co.(& Subs.).
1927.
1928.
1926.
6 Months Ended June 30Total volume of business done by co.
& subs, as represented by their combined gross sales & earns.. excl. of
inter-co. sales and transactions_ _ _ _$42,551.380 $44,495,154 $40,978,936
Total exps. incident to oper.. Incl. repairs, maint., pensions, admin., insur., costs & all other charges. excl.
of depr. & depl. & Fed. inc. tax_ _ _ 35.402,322 36.967,990 34,597,768
Operating income
Other income
37.149,058 37,527,164 $6,381,168
581,888
1.063,020
471,648
Total income for the 6 months
Deprec. and depletion charged off_
$8,212,078 87,998.812 36.963,056
3.570.472
4.186.391
3,556.106
54,025,688 $4,428,340 33,406,950
Net income for the 6 months
597,826
483,082
444,367
Estimated Federal income tax
152,145
114.365
1,192.057
Minority interests' proportion of earns
Tide Water Oil Co. stockholders' pro$3.390,461 $2,638,457 $2,848,218
portion of net inc. for 6 mos
Earned surplus beginning of year _ _ _ 22,043.017 24,812.646 22,095,640
Dr.897,423 Cr.948,571
Cr.29,964
Surplus adjustments
Total surplus
Preferred dividends
Common dividends
324.533,054 $28.399.674 324.973.822
517.630
517,6301 2,160,798
1,243,0601
867.387
Earned surplus end of period
Paid-in surplus
$23.148.037 $26,638,984 $22,813,024
1,321,786
1,504,875
1.321.786
$24,469,823 827,960,771 324.317,899
Total surplus
2,168,257
2,168,471
2,138,373
Shares of corn, outstanding (no par)
$0.97
$1.07
$1.32
Earnings per share on common
Balance Sheet.
Consolidated
June 30.28. Dec. 31,27.
June 30,'28. Dec.31,'27.
$
Liabilitiess
$
$
Oil producing__ 59,500.719 59,401,142 5% cony. p1. stk 20.705.200 20.705,200
Common stock _x54,211,775 :54,210,325
Refining
34,257.455 35,064,758
24,469,823 23,361,803
Transportation - 26,076,971 25,982,999 Surplus
Marketing
10,859,472 9,781,092 Minority int. in
subsidiaries__ 6,316,232 6.537,556
Miscellaneous- - 2,165,727 2,042,219
477.939
Notes payable.
132,660,374 132,272,211 Purch. mon.obl.
620,017
206,313
Total
Total ree'ves for
Accts.pay.,trade 2,594,566 2,133,029
deprec.& depl 55,718,385 52,936,624 Wages, int. and
809.627
876,442
miscellaneous.
Net properties 76,941,989 79,335,586 Accrued taxes_ _
498.962
506,563
2,476,206
1,906,105 14ue to ann.cos_
Cash
895,781 2,458,797
729,313 Defer. purchase
Market. secur_ _ 2.072.835
money °bag__ 1,303,516 1.433.922
Notes & trade
acceptances_ _ 1,255.899 1,155,996 Empl. payrn. on
94,234
79,656
cap.stk. subs.
Accts. reedy... 6,891,978 5,565.861
Crude oil& prod 18,455,301 18,815.946 Res.[(scenting. 6.726.412 6.008,210
Def. credits to
Materials & supoper
542,452
plies, at cost_ 2.163,276 2,194,828
812,271
1,488,758 Estd. Fed. Inc.
Due fr. affil.cos.
tax
483,082
Inv.res've funds 4,343.465 4.129,096
.in
Inv. attn.cos. 1,002,400 1,096,119
Other invest_ .._ 1.203,444 1,203,444
Deferred & unTot.(ea. side)119,917,814 119.379,621
adJus.Items__ 2,298,750 1,758.570
-V. 126. p. 3140•
x Represented by 2,168,413 no par shares.
United States Distributing Corp.-Earnings.1928-6 Mos.-1927
Per.a End. June 30-- 1928-3 Mos.-1927,
Not prat.: f.er Leprec.&
$202,687
$149.961
deple-. & Fed. taxes_ _
377,436
377,436
Sh.s. coin. outs:,(no par)
30.05
Nil
E ms. est sh on cern__
-V. 126. p. 3468.
$286,769
377,436
Nil
3446,845
377,436
30.21
-Earnings.
Corp.
United States & Foreign SecuritiesJune 20.
Income Account-Six Months Ended
Interest and cash dividends received less int. paid_
Profits
Total income
Expenses
Expenses applicable to prior years
Provision for Federal income taxes
1928.
$952.922
3.922,932
1927.
$898.471
536,701
$4,875,853 $1,435.172
a86,749
67,142
49.869
105,324
484,066
$4,324,645 $1.193,230
Net income
and sale of securities.
a Includes brokerage commissions on purchase
capital increased
Between June 30 1927 and June 30 1928 invested
of part-paid allotment
$3,044,300 through payments made by holders
certificates.
Condensed Balance Sheet June 30.
1927.
1928.
1927.
1928.
$
$
Liabilities$
$
Assets000,000 21.940,125
343,505 lst pref. stock___a25,
169,020
Cash
50,000
2d pref. stuck. __ _ 650.000
d 1,900,000
Call 1,8ns-secure
100.000
Common stock_ _ _ c100,000
Advances, loans,
900,318 General reserve_ _ _x4.950.000 4,950,000
accrued int.,&c.. 1.389,346
4,500,000
36.139,392 1,ans pay.-sec'd
37,233,579
Securities
148,729
3,742
Accounts payable_
Due on final instal.
107,769
Federal Inc. taxes_ 608,190
15,575
of pref. stock...
200,000
200,000
Res, for conting__
9,795,589 5,386,591
(each side) _40,707,521 37,383,215 Surplus
Tot.
b Represented by
a Represented by 250,000 shares of no par value.1.000,000 shares of
by
50,000 shares of no par value. c Representedin cash by subscribers to
no par value. x Set up out of 35,000,000 paid
-V. 126. p. 1058.
2d pref. stock.
-Freight Handled.
Co.
United States Freight
the first seven
Freight handled by the company and its subsidiaries for
pounds):
months of 1928 and 1927 compares as follows (In 1928.
1927.
148,944,103
195,256,112
January
157.897.338
224.736.343
February
190,048,564
258,538,258
March
185.579.629
239.217.081
April
176.784.077
261.356,814
May
184.931,743
261,961,639
June
173.438.107
240,309,524
July
Total
-V. 127. p. 426.
1,681,375,771 31.217,623,561
-Earnings.
U. S. Gypsum Co.(& Subs.).
1928.
Six Moruhs Ended June 30Toll earnings
Federal taxes
Depletion and depreciation
Net profit
Cash dividends
1927.
54,389,577 55,023.556
590.311
437.004
540,943
618.086
$3.334,487 $3,892,302
828,106
824.346
32.510.141 33,064,196
Surplus
688.273
691.502
Shares common outstanding (pur $120)
£5.24
$4.42
per share
Earnings
1926.
1927.
1928.
1925.
ir.6 Ms.End.Jode 30
Sheet June 30.
E
Consolidated Balance
taxes,
Net incen•e after
1927.
1928.
1927.
1928.
deprec'n & other chess_ 36,395.572 $5,406,834 34.903.490 $3,983,243
$
$
Liabilities$
$
AssetsEarns, per sh. on 1,200.643 974 33 102 540 Common stock._ _13,830,040 13 765,460
Plant & property_35
882 shs. cap. stk. (no
Preferred stock__ 7,841,700 8,141,600
$4.50
$5.32
$4.08
$3.32
Gypsum & aypsite. 5,727.500 5,727 500 Reserves
par)
8592,877 7,683,300
169,706
Treasury holdings. 176,984
P.8 .
37
26,773,031 21.901.522
714.990 Surplus
Deferred charges__ 730.769
587.077 Accounts payable. 702,453 1,051,057
767,671
& Construction Co., Inc.-Oper.- Cash
1,808,226
Tishman Realty
U.S. Govt.secure. 7.298.260 3,924,781 Accr. taxes, &c_ __ 1,527,730
part:
5,581,224 5,602,665
An authoritative statement says in by this organization for occupancy , Receivables
753.484
404,557
"Of the four buildings completed
1 Advances
Tot.(each side) 59,267.831 54,351,164
2,936.892 3,768,421
Oct 11927, having a total of 188 apartments of six to 12 rooms and a total Inventories
rent revenue of approximately $1,400,000 per annum. number 983 -V. 127. p. 426.
Ave., containing 58 apartments, is 100% rented, with the other three
-Earnings.
Timken Roller Bearing Co.
KA':
970
FINANCIAL CHRONICLE
Utah Copper Co.
-81st Quarterly Report.
The report
covering the second quarter of 1928 shows:
Production.
-The total net production of copper from
quarter is shown below,in comparison with the output for all sources for the
the first quarterly
period of 1928'
Net Pounds
Avge. Mthly.
Copper Produced.
Production.
1928
-Second quarter
60,591,239
20,197,080
First quarter
55,604,174
18,534,725
During the quarter the Arthur plant treated 1,757,200 dry tons of ore
and the Magna plant 1,770.700 dry tons,a total for both plants of 3,527,900.
The average grade of ore treated at the mills was 97% copper and the
average mill recovery of copper in the form of concentrates was 89.50% of
that contained in the ore, as compared with .96% copper and 86.58%
recovery, respectively, for the previous quarter.
The average cost per pound of net copper produced, including depreciation of plant and equipment and all fixed and general expenses, and after
crediting gold, silver and miscellaneous earnings, was 7 cents as compared
with 7.6 cents for the preceding quarter computed on the same basis.
Period End. June 30- 1928-3 Mos.-1927.
1928-6 Mos.-1927.
Operating profit
$4.284,506 $2,896,224 27,686.227 $5,645,741
Other income
1,462.977
1,448,835 2.886,702 2.703.374
Total income
$5,747.482 $4,345,059 $10,572.929 $8,349,115
Depreciation
312,161
313,392
621.387
625,093
3( Profit
$5.435.321 $4,031.667 $9,951,542 $7,724,022
x Before depletion.
-V. 126, p. 3468.
.
you 127.
service stations with annual gallonage of 1,250,000 gallons. This brings
the
total of White Eagle stations to 638, exclusive of the 264 operated
under
lease, it is stated.
-11.0.27. p. 427.
Whitman Mills (New Bedford).
-Earnings.
it., rip
6 Mos. End. Year End,
PeriodNet loss
June 30 28 Dec. 31 27
$153,001 Prof$85,906
Comparative Balance Sheet.
Assets
June 30'28 Dec. 31 '27
Liabilities-June 30'28 Dec.31'27
Property
$2,385,847 $4.265.076 Capitalstock
$3,000,000 $3,000.000
Inventories
1,134,048 1,135,989 Accounts payable_
18,336
11,163
Prepaid accts
112.275
70,
Notes payable_ _
1,100,000 1,100,000
Cash & debts rec
348,739
567,529 Acceptances
66,051
160,195
Deficit
308,280
Misc. current liab. 104,803
Surp..4 res.for dep.
1,767,590
Total
$4,289,190 $6,038,948
$44,289,190 $6,038,948
Total
-V. 126. p. 1827.
Winton Engine Co., Cleveland.-Pref. Stock Sold.
John Burnham & Co., Inc. and H. W. Noble & Co. have
sold 30,000 shares convertible preference stock (without
par value) at $38 per share.
Preferred as to cumulative dividends of $3 per share per annum, payable
quarterly, beginning Dec. 1 1928, and as to assets in the event of involuntary liquidation up to $40 per share and div. and in the event of voluntary
Vorclone Corp.
-Stock Offered.
-Financing for the cor- liquidation up to $45 per share and div. Red. at any time at the option of
or part upon 30
poration in the form of a new issue of 40,000 shares of partie. the corporation allshare for share days' prior notice at $45 per share and
div. Convertible
into common stock at any time on or
preference stock (non-callable) priced at $40 per share, was before redemption date. Dec. 1 1928, dividend will accrue from Aug. 15.
offered Aug. 15 by a banking group composed of Lage & Co., Dividends exemtp from present normal Federal income tax. Transfer
Agents. Continental National Bank & Trust Co. of Chicago and Guardian
Paul H.Davis & Co., and John Burnham & Co., Inc.
Trust Co. of Detroit. Registrars, Illinois Merchants Trust Co., Chicago,
Transfer Agent. Continental National Bank dr Trust Co., Chicago; and Union Trust Co., Detroit.
CapitalizationOutstanding.
Registrar, National Bank of the Republic of Chicago.
Authorized.
63% dentures due Aug. 15 1938--- Preferred as to cumulative dividends up to $2.80 per share per
$1,000,000
----$1,000,000
payable 70 cents quarterly beginning Nov. 15 1928, and further annum. Convertible preference stock (no par value)30,000 shs.
30,000 shs.
entitled Common stock (no par
to receive as a class additional dividends amounting to 33 1-3% of any
value)
40,000 shs•
*75,000 shs.
* 30,000 shares of common stock to be reserved for the conversion of the
sum of money which may be declared or paid ass dividend upon the comconvertible preference stock. 5,000 shares of common stock to be remon stock as a class until a total of $5 per share shall have been paid in
any one year upon the preference stock. Preferred as to $45 per share served for exercise of purchase warrants.
and div. in liquidation. Entitled to vote when four quarterly dividends Data from Letter of George W. Codrington, Pres. of the Company.
are in default, and in certain ether events. Charter provision is
Company.
-Recently organized in Ohio. Owns all of the outstanding
that in any matter of di solut'on or voluntary liquidation consentmade capital stock and
,
of a
plans to acquire all the assets and business of the premajority In interest of this class of stcck shall be obtained.
decessor corporation of the same name. Business was organized in 1912
Capitalizationas a department of the Winton Co.. but was separately incorporated about
Authorized.
Participating preference stock (no par value)-- -40.000 RFD. Cufstanding. the beginning
40,00 sts.
of 1925 and since then has operated as an entirely separate
Common stock (no par value)
.50,000 shs.
50,000 shs.
Listing.
-Application will be made to list this stock on the Chicago corporation. is
Corporation
engaged in the design and manufacture of gasoline and
Stock Exchange.
Diesel internal combustion engines. An important part of the corporation's
Data from Letter of Monte J. Power, Dated July 30 1928.
business
Company.
-Organized in Delaware. Will acquire all the assets of Vor- electric is the manufacture of engines for use in the recently developed gas
railroad motor cars. Plant located in Cleveland, is of redeem,
clene Co., Power Bros. Co., Detroit Laundry Machinery Co., and certain fireproof,
steel and glass construction.
patent and patent rights of Power-Stevens Fan Devices Co.
Assets.
These com-The consolidated balance sheet as of June 30 1928, after giving
panies have been operated by the same manaegment
for several years. effect to the recapitalization recently effected shows: Total assets of
The Vorclone Co. is one of the leading manufacturers
$2,543,002; current assets of $1,082,44S; as compared with current liabilities
tractors. washers and other machinery for the laundry of tumblers, ex- of
$256,797; a ratio of over 4 to 1: net tangible assets of $1,005,124; equivaindustry and is the largest manufacturer of tumblers for and dry-cleaning lent to
the dry-cleaning
$33.50 per share of preference stock. Corporation has no bank
business in the United States.
loans or current accounts unpaid except bills rendered since July 1 1928.
The business of Vorclone Co. was begun in 1922 with a capital
Sales and Earnings.
of $25,000,
-The net sales and net profits after deducting all
in Milwaukee. Wis., where It is still situated. Its
growth,
expenses, except debenture interest. but before deducting Federal income
of its affiliated companies, has been almost entirely from as well as that tax
surplus earnings
and certain no
charges (amounting to $4,084, $3,999.
re-invested in the business. The sales of Vorclone products
0a1 9 ans $7,820 in 1925. 1926, 1927 and 1928 respectively) fo the
,.
fined to the laundry and dry-cleaning trades but the productare not con- $1C 93 yeard _
of the com- Winton Engine Co. and subsidiary, were as follows:
pany, especially the tumbler. is used by a large number
of industrial conNet Profits
cerns and by Government and other public institutions such as
hospitals,
as Above.
Net Sales.
hotels. &c.
1925
$344,656
$1.954.123
Earnings.
-Net profits for the past 334 years after depreciation,
363,246
3,467.669
and Federal income taxes, at the present rate, and after adjusting State 1926
man305,578
1.730,969
agerial compensation to the basis provided in new contract and eliminating 19 7 for
92
8
6 months ended June 30
188
031.8
l,
yea
interest charges, totaling $75796 in 1925. $92,461 in
The annual average of such profits for the
1926. $103,463 in
after deducting
9
3
1927 and $62,244 In the first six months of 1928 were as follows:
interest on the debentures to be outstanding and3M
allowing for Federal taxes
Per Sh.Div. Per Sh. Corn. at the rate of 12% were equivalent to $8.34 per share of preference stock
of the corporation outstanding. For the six months ended June 30 1928.
Earn. Per
Rewire.
Stk. Bel.
CalendarSh. This. Is. This Issue. This Issue. Particip.
such profits were at the annual rate of $10.41 per share of preference stock
1925
$343,738
$8.59
$2.80
$4.62 and after allowing for preference dividends were at the annual rate of $5.56
1926
• 338.035
8.45
2.80
4.52 per share on the 40,000 shares of common stock of the corporation out
1927
340,925
8.50
2.80
4.58 standing.
1928 (6 mos.)
193.492
4,83
Unfilled orders on hand are sufficient to insure the plant running at
1.75
Three and one-half year average earnings as computed 1.40
above applicable capacity for six months.
to dividends on this stock are therefore $347,883
or over three times the
Purpose.
-The sale of this issue does not represent any new financing
dividend requirements and leave a
by the
on the common stock, not allowingbalance amounting to $4.71 per share present corporation, but is simply a part purchase of the interest of the
for
stockholders in the company.
preference issue. Earnings for the first the participation privilege of this
six months of 1928 as computed
Listing -It is expected that application will be made to list this stock
above are 3.4 times dividend requirements for th e period
and leave a bal- on the Chicago and Detroit Stock Exchanges.
ance of $2.75 per common share, or at the rate of
$.5.50
allowing for the participation privilege of this preference annually without
Woodworth, Inc.
-Earnings.
stock.
-Financial Candition.-Balance sheet as of
The corporation shows net profits, after all charges. of $166,707 for the
effect to this financing shows total net tangible June 30 1928 after giving first 6 months
assets
of this year, compared with $122,845 for the same period last
rent assets amount to $1,635.459, of which 8484,549 of $1,773,121. Cur- year, an
equal to $1.04
is cash, against current
increase of $43,862, or
These profits
liabilities of $199,352.
per share of common stock this 35.7%. compared with are per share for
60c.
year as
Purpose.
-Proceeds will be used for the purchase
last year.
properties of the constituent companies and also forof the business and
The balance sheet shows ctrrent assets amounting to $1,148,855 and
additional working
capital.
current liabilities amounting to $192,092 a ratio of current assets to current
liabilities of 5.9 to 1.-V. 126. p.2663.
Vulcan Corp.
-Earnings.
The net sales, as reported by the company,
Worth, Inc.
-Sales.1928 compare as follows with previous quarters: for the first 6 months of
Sales for Month and Six Months Ended July 31.
1928
-July
Increase.
1928.
-1927. Decrease,
1927.
1925-6 Mos.-1927.
First quarter
$660,489
$1,791,887 $281,580
S263,200
$369,898 8239,062
52433810,073.467
Second quarter
868,059
383,274 -V. 127. p. 277.
Third quarter
482.75
Fourth quarter
Worthington Pump & Machinery Co.
509,135
-Contract.
The net earnings before Federal taxes (as reported by the company)
The
the first and second quarters of 1928 compare with the 1927 quartersfor to the company has contracted to equip the compressor stations incident
as
Consolidated
construction of the 165
-mile natural
follows:
Gas Utilities Co. extending from Amarillo.gas line of the Okla. Th
to Enid,
*1928.
contract involves approximately $300.000.-V.Tex. p. 2165.
1927.
126,
First quarter
$144,978
$81,158
Second quarter
Yale & Towne Manufacturing Co.
-Earnings.171,989
123,505
Third quarter
Period End. June 30- 1928-3 Mos.-1927.
143,226
1928-6 Mos.-1927.
Fourth quarter
151,718 Net earnings
$707,720 $1,123,143 $1,421,396
$597,181
*Before Federal taxes.
Depredation
-V. 127, p. 838.
or) '
183.522
188,886
92,383
94,881
4
".PilroP"aPINI Income tax reserve
177,586
109.378
50,510
Wamsutta Mills, New Bedford.
87.924
-Omits Dividend.
Dividends
438,115
400,000
838,115
.
800 000
The directors on Aug. 14 voted to omit the regular quarterly dividend
on the $6,000,000 common stock, par $100, ordinarily declared at this
Surplus
$260,288
813,675
$127,413 def$13,236
time, because of the unsatisfactory conditions in the textile industry Shares of capital
stock
at present. The company had been paying annual dividends at the rate
outstanding (par $25)_
400.000
400,066
400.000
400.000
of $4 a share since Sept. 15 1926, when the rate was reduced from $6 Earns. per sh.on cap.stk
$2.65
22.06
$1.13
annually.
-V. 126, p. 119.
Surplus account June 30 1928 follows: $1.32
Supplies. Dec. 31 1927, $9.
766,611;
(The) Waveland, Chicago.
-Bonds Offered.-Greene- from the net deficit as above for six months, $13,236: capital surplus arising
recent sale of additional capital stock
baum Sons Securities Corp. recently announced the offering total surplus, $11,030.417; less cash dividends above par value. $1,343.042;
payable Oct.
of $475,000 1st mtge.6% serial bond issue secured by a 365; surplus June 30 1928. 810,592,053.-Y. 126, p. 2813. 1 1928, $438.
completed apartment building at 626 to 640 Waveland Ave,
Chicago. The bonds were nriced to yield 4.96 to 6% and
mature from 1929 to 1938 incl.
Wayne Pump Co.-Iitial Preferred Dividend.
The directors
have declared the regular
cents per share on the preference stock, no quarterly dividend of 873i
par value, payable Sept. 1 to
holders of record Aug. 24. (See
offering in V • 126 1. 36130
.3
Western Electric Co. Inc.
-Sales.
Six Months Ended June 30
2
1928.
Increase.
1927.
Sales
$130,508,000 $122,416,000
$8,092,000
-V.126, p.3778.
White Eagle Oil & Refining
Co.
-Acquisition.
The company is reported to have acquired all the
distributing stations In
Minnesota of the Community 011 Co.,
comprising 9 tank stations and 2
Yellow & Checker
-Consolidated Earnings.
6 Months End. June 30-- Cab Co.
Net income after deprec., &c
Earns, per share on
-V. 126.p. 1681. 30,000 shs., class A stock_ -- -
(L. A.) Young Spring &
Corp.
1928.
$156.360
$5.21
107.
$112,456
$3.74
Redemption.
Wire
-Stock
The corporation has called for redemption
$35 per Bh.and
on Oct.
dive.all of the outstanding cony. pref. stock. Payment 1 at be made at the
will
New York Trust Co.. 100 Broadway, N.
Y. CItY•
The rights of the holders of this stock
their shares into common
to
stock will cease at the close of business convert26, the fifth day prior to
the day fixed for redemption. Holders on Sept.
may convert their stock into common stock, share for share, by
certificate or certificates
for pref. stock for this purposesurrendering their business on Sept. 26 at
before the close of
the principal office of any of the transfer agents, viz.: New York Trust Co..
100 Broadway, N. Y. City; Union Trust Co., Detroit, Mich., or Illinois
Merchants Trust Co., 231 So. La Salle St., Chicago, 111.-V. 127. P• 839.
FINANCIAL CHRONICLE
AIX. 181928.]
971
g.eprirts and Aocuntents.
PUBWIlillte
osssinrwsumwe
THE DAVISON CHEMICAL COMPANY
ANNUAL REPORT FOR YEAR ENDED JUNE 301928.
Baltimore, Md., August 14th, 1928.
The benzol-refining plant at the Rochester Works has
been most successful in producing a product superior to that
made by the old method and at a lower cost. The benzol
refined is more stable than that refined by acid and retains
the fractions which are most valuable. This is also true
of cracked gasoline.
The dehydrating plant drying air for blast furnace use at
the Glasgow Iron & Steel Works has been in successful
operation for nearly two years, and The Silica Gel Corporation is receiving orders for air-conditioning equipment for
many different uses.
As indicated before, the contact acid plant at Curtis Bay,
using silica gel as a mass, is producing perfect results, as are
the ones recently built abroad.
There has not been a single setback to change the original
confidence in this enterprise.
Respectfully submitted,
C. WILBUR MILLER,
President.
THE DAVISON CHEMICAL COMPANY
AND
ITS OPERATING SUBSIDIARIES.
To the Stockholders of
The Davison Chemical Company:
We send you herewith the Consolidated General Balance
Sheet of your Company at the close of business June 30 1928,
together with the Statement of Profit and Loss for the fiscal
year ended on that date.
Conditions in the fertilizer industry during the calendar
year 1927 were at their worst since the war, and practically
all profits have accrued from operations during the first six
months of 1928. The total results of our business, however,
have been more satisfactory than those of any period since
1920, due largely to the increased scope of our business
and the many economies effected.
In the past your Company confined itself to supplying
fertilizer companies with acids and superphosphate for the
mixing of finished fertilizer. There has always been keen
competition in selling acids and superphosphate, and we
were limited in our output by the development of the companies supplied by us. To remedy this, we purchased
several of the strongest and best managed of the fertilizer
companies, and the results have justified this change of
policy. It has allowed us to get a larger share of the profits, CONDENSED CONSOLIDATED STATEMENT OF NET INCOME
to stabilize the market for our products and to devote our
AND PROFIT AND LOSS FOR THE YEAR ENDED
attention to cutting down the selling and distribution costs.
JUNE 30 1928.
$2,309,318.42
Your Company is on a sound financial basis. It has been Gross Manufacturing and Trading Profit
1.914,069.50
cleared of all bonded indebtedness and the entire property, Other Income
$4,223,387.92
with all of the additional investments, is represented by
Gross Income
706,817.81
Less Administrative and Selling Expenses
common stock.
$3.516.570.11
During the past year two new plants have been added to
Income
Net Operating
259.418.78
the Curtis Bay Works. A copper extraction plant was Less Income Charges Net
$3,257,151.33
built to leach the copper from the cinders after burning the Not Income Before Provision for Depreciation
327.089.36
sulphur from the pyrites ore, and our sintering plant has Provision for Depreciation
$2.930,061.97
been put into operation at full load to convert the cinders
Net Income
into sintered ore for the blast furnace. We built and put
into operation the first contact acid plant using silica gel as
THE DAVISON CHEMICAL COMPANY
a contact mass, which not only resulted in greater efficiency
AND
than that given by the conventional plants now in use, but
OPERATING SUBSIDIARIES.
a large saving in initial cost.
effected
BALANCE SHEET AS OF JUNE 30
All of these plants are in operation and are running most CONDENSED CONSOLIDATED
80,000 SHARES OF
1928. GIVING EFFECT TO THE SALE OF
. They, of course, were finished so recently
GEL CORsuccessfully
COMMON CAPITAL STOCK OF THE SILICA
UNDERWRITreflect any earnings for the past year, but
that they do not
PORATION IN ACCORDANCE WITH
will add materially to the returns in the future.
ING AGREEMENT OF JUNE 29 1928.
Baltimore has been growing steadily as a manufacturing
ASSETS.
Current Assets—
city in recent years. Practically all property on deep water
$2,439,948.65
up, down to the tract owned by your Com- Cash Receivable
775,303.41
has been taken
Notes
1,414,430.51
city has recently appropriated the money for Accounts Receivable
pany. The
1,249,460.46
the main street of Curtis Bay over a modern, Inventories, Book Values
the extension of
13,948.79
in Transit
concrete and steel bridge across Curtis Creek into our prop- Materials
$5,893,091.82
construction is about to begin. This will be
Total Current Assets
erty, and the
31,585.60
Fund for the Retirement of Bonds
of great benefit, not only in adding value to our real estate Sinking
Investments—
economy in handling labor.
but in effecting
Voting Trust Certificates representing 104.650
shares of Common Capital Stock of The Silica
We have owned and operated, by necessity, our own railGel Corporation
It originated and delivered tonnage to Investment in Thewithout par value Company$2,511,600.00
road at Curtis Bay.
Davison Sulphur
(entire ownership represented by Cuban mine
the trunk lines by means of a float bridge. Our freight
property. $4,928,526.66. inventories, cash, 5,085,659.86
point where we require an all-rail
movement has grown to a
&c.)
251775.83
connection, and the Baltimore & Ohio Railroad has agreed Other Investments
7,623.035.6i
75,519.49
to build a bridge across Curtis Creek and has purchased from Insurance, Interest and Other Expenses Prepaid
561,834.58
Florida
us the Curtis Bay Railroad, relieving us of the operation of Expenditures for Phosphate Rock Property in&c
15.266,590.07
all-rail facilities. This also Land, Buildings, Machinery and Equipment,
the railroad and providing
$29,451,657.25
means the assurance of railway connections for all industrial
Total Assets
sites on the property. The Pennsylvania and Western
LIABILITIES.
Maryland Railroads will continue to serve us by using the
Current Liabilities—
$801,560.46
float bridge.
Notes and Acceptances Payable
18.281.25
Your Company has held in its treasury 184,650 shares Purchase Money Notes Payable
450.603.20$
Accounts Payable, Accrued Interest, &c
.70,444.91
of The Silica Gel Corporation's stock. An offer was made
by European interests for 80,000 shares, as outlined in the Mortgages on Plants of Subsidiaries (executed prior to acqui- 426,981.25
sition of control by The Davison Chemical Company)
letter sent to you July 24th. Developing the regular
Reserves—
$2,992,290.47
business of The Davison Chemical Company is our primary Depreciation
22,744.82
interest, and your directors felt that it was wise to accept Other
3,015,035.29
672,392.31
this offer, with the provision that each shareholder be given Minority Interest in Operating Subsidiaries
the opportunity to take over his proportionate share of
The Davison Chemical Company Shareholders' Accounts—
without Par
Silica Gel Corporation stock, or one share of Silica Gel for Capital Stock, 400,000 Shares
$14,607,107.72
Value
4.050.966.74
each five shares of Davison.
Capital Surplus
5,408.729.03
The interests purchasing this stock are friendly interests Profit and Loss Surplus
24,066,803.49
and do not intend to offer it to the public. Their partici$29,451,657.25
Total Liabilities and Capital
pation in the foreign company is a large one, and their
power and direction of our interests abroad should greatly
Bay
This statement gives effect to the sale of the Curtis apincrease the value of the 104,650 shares remaining in our
This transaction is subject to the
treasury. Naturally an investment of this amount is made Railroad Company. State Commerce Commission, which
only after careful investigation. It is a vote of confidence proval of the Interhas not rendered a decision as of June 30 1928.
in the future of silica gel.
There were contingent liabilities at June 30 1928 amountreport does not give opportunity for details regarding
This
trade notes receivable
made by The Silica Gel Corporation. That ing to $4'3,431.58 on account of
the progress
guarantee of
completed its new plant for the manufacture discounted and $22,046.89 on account of the
Company has
It is operating splendidly and at the cost notes of customers.
of silica gel.
The Davison Chemical Company is liable as guarantor,
predicted.
-Year 04%
refrigerator cars using silica gel refrigeration as to principal and interest of $1,700,000.00 of 5
A number of
Gold Notes by The Silica Gel Corporation.
performing perfectly.
are in service and
972
FINANCIAL CHRONICLE
[vol.. 127.
GENERAL MOTORS CORPORATION
CONDENSED CONSOLIDATED INCOME ACCOUNT FOR THE SIX MONTHS ENDED JUNE 30 1928
1928
Second
Quarter.
First
Quarter.
Sales of Cars and Trucks-Units:
Retail sales by dealers to users
General Motors sales to dealers
423,013
492,234
Six
Months.
639.720
591.082
1927
Second
Quarter.
First
Quarter.
1.062.733
1,083,316
AND 1927.
329,310
385,703
Six
Months.
511.171
497,774
840,481
883,477
Net Sales
-Value
3358,967.794 3450,281,983 $809,249,777 $291,448,824 $389,170,655 $680,619,479
Profit from operations and investments, after all expenses incident
thereto, but before depreciation of real estate, plants and equipment
$94,036,916 $119,705,644 $213,742,560 $72,760,987 3103.009,489 $175,770,476
Provision for depreciation of real estate, plants and equipment
7,245,420
7,489,987 14,735,407
6,327.708
12,953,079
6.625,371
Net Profitfrom operations and investments
$86,791,496 $112,215,657 $199,007,153 $66,433,279 $96,384.118 $162,817.397
Less: Provision for:
Employes bonus
33.128,500 34,356,500 $7,485,000 32,132.000 33,771,000 $5,903,000
Amount due Managers Securities Company
3,128,500
4,356,500
7,485.000
2.132,000
5,903,000
3,771.000
Employes savings and investment fund
2,579,417
2,610.155
5,189,572
3,177,559
1,431,538
1,746,021
Special payment to employees under stock subscription plan
58,930
46
58,976
40,386
12
40,398
$8,895,347 $11,323,201 $20,218,548
$5,735,924
$9,288,033 $15,023,957
$77,896,149 $100,892,456 $178.788,605 360.697,355 $87,096,085
$147,793,440
10,329,000 10.280,000 20,609,000
8.129,000 11,454.000
19,583.000
Less: Provision for United States and foreign income taxes
Net Income
$67,567,149 $90,612,456 $158,179,605 352,568,355 $75,642,085 $128,210,440
General Motors Corporation Proportion of Net Income
367,207,384 $90.296,249 $157,503,633 $52,257,609 375.336.482 $127,594,091
Seven per cent preferred stock dividends
Six per cent preferred stock dividends
Six per cent debenture stock dividends
$2,290,254
25,467
35,198
$4,581,638
50,217
70.145
$1,990,731
26,828
40,571
$2,284,451
26,374
39,265
$4.275,182
53,202
79,836
32,350,919
Amount Earned on Common Stock
$2,291,384
24,750
34,947
32,351,081
34,702,000
$2,058,130
32,350,090
$4,408,220
$64,856,485 * 87,945,168*3152,801,633 *350.199,479 *$72,986,392*3123,185,871
$
*Note.
-Adding the General Motors Corporation's equity in the undivided profits of General Motors Acceptance Corporation (100%).
Yellow Truck & Coach Manufacturing Co.(57%), Ethyl Gasoline
Corporation (50%), General Exchange Insurance Corporation
(100%), and Vauxhall Motors, Limited, in 1928 (100%), the
Amount earned on the common stock is
$67,117,657 $89.448,317 $156,565.974 350,493,278
$74,348,709 $124,841,987
SURPLUS ACCOUNT.
1928
1927
First
Second
Six
First
Quarter.
Quarter.
SecondSiz
Months.
Quarter.
Quarter.
Months.
Surplus at beginning of period
$187,819,083 $230,925,548 $187,819,083 $89,341,318 $126,249,212
$89,341,318
General Motors Corporation proportion of Net Income, as per Income
Account
67,207,384 90,296.249 157.503,633
52,257,609 75,336.482 127,594,091
Capital surplus arising through sale above par of 250,000 shares of
seven per cent preferred stock
4,104,167
4,104,167
Capital surplus arising through exchange of six per cent debenture and
six per cent preferred stock for seven per cent preferred stock__ _
8,085
10.400
18,485
20,145
36,450
16,305
This amount transferred z reserve for sundry contingencies by order
to
of the Board of Directors
8.085
10.400
18.485
36.450
20.145
18.305
Total
Less cash dividends paid or accrued:
Seven per cent preferred stock
Six per cent preferred stock
Six per cent debenture stock
3255.026,467 $3321,221.797 $3345,322,716
$145,703,094 $201,585,694 $221,039,576
$2,290,254
25.467
35.198
$2,291,384
24,750
34,947
$4,581,638
50,217
70,145
$1,990,731
26.828
40,571
$2,284,451
26,374
39,265
$4,275,182
53.202
79.836
$2.350,919
$2,351,081
$44,702,000
32.058,130
$2,350,090
$4,408,220
$21,750.000 317,395,752
21,750,000
17,396,603
317,395.752
17,396.603
*17,396.603
*17.396,603
Common Stock:
March 12 ($1.25 on 17,400,000 shares in 1928)
321,750.000
June 12 (31.25 on 17.400.000 shares in 1928)
($2.00 extra on 17,400,000 shares payable July 3
1928)
21,750,000
34,800,000
34,800,000
$21,750,000 $56,550.000 $78.300,000 $17,395,752 $34,793,206 $52,188,958
Total cash dividends paid or accrued
Surplus at end of period
•Nole.-July 5 1927 there was paid $2.00 extra per share.
S24.100,919 $58,901,081 $83,002,000 $19,453,882 $37.143,296 $564597,178
$230,925,548 $262,320,716 $262,320,716 $126,249,212 $164,442,398 $104,442,398
AUG. 18 19281
973
FINANCIAL CHRONICLE
JUNE 30 1928 AND DECEMBER 31 1927.
CONDENSED CONSOLIDATED BALANCE SHEET AS OF
ASSETS.
June 30 1928.
Current and Working Assets—
3131,467.323
on hand
Cash in banks and
122,688,807
United States Government securities
10,227,538
Other marketable securities
25,334.365
Sight drafts with bills of lading attached, and C.O.D. Items
1,582,882
Notes receivable
46,210.644
in 1927,$2,293.437)
trade acceptances,less reserve for doubtful accounts(in 1928.$1.651,854;
Accounts receivable and
157,778,443
Inventories
2,352,863
Prepaid expenses
$497,642,865
Assets
Total Current and Working
Fixed Assets—
Investment in affiliated and miscellaneous companies not consolidated
common; 12,002 shares preferred)
General Motors Corporation stocks held in treasury (in 1928, 420,347 shares
Real estate, plants and equipment
Deferred expenses
Good-will, patents, etc
$109,607,896
38,115,887
503,210,572
13,456,204
43.714,555
Dec. 31 1927.
$132,272,218
75,542,698
361.282
14,649.097
1.560.678
31.646.089
172,641.716
3,600,345
$432,280,128
898.262,014
31,338,034
480,473,509
12,436,188
43,687.708
8708.105,114
$666,197,453
$1,205,747,979
81.098,477.576
June 30 1928.
$56,045,173
46.767,638
38,115,976
1,567,425
34.800,000
Dec. 31 1927.
351.828.549
27,236.070
35,224,309
1,567,219
43,500.000
$177,296,212
$159,356,147
3153,300,509
4,548,575
20,192,481
7,774,522
7.197,050
$141.872,940
6,316,320
14,933,834
11.715.710
3,943.566
8193.013.137
8178,782,370
Capital Stock—
$130,959,600
Seven per cent preferred stock* (authorized $500.000,000)
1,630,000
_____________________________________
Six per cent preferred stock (authorized and outstanding)______________
2,326,400
Six per cent debenture stock (authorized and outstanding)
435,000,000
shares)
Common stock $25 par value (authorized 30,000,000 shares. Issued and outstanding 17,400,000
8569,916.000
Stock
Total Capital
3,201.914
Interest of minority stockholders in subsidiary companies with respect to capital and surplus
262,320.716
surplus
$835.438,630
Total Capital Stock and Surplus
81,205,747,979
RESERVES AND CAPITAL
TOTAL LIABILITIES,
$130,835,700
1,713.400
2,366.900
435,000,000
Total Fixed Assets
TOTAL ASSETS
LIABILITIES, RESERVES AND CAPITAL.
Current Liabilities—
Accounts payable
Taxes. payrolls and sundry accrued items not due
_________________
United States and foreign income taxes______________
Accrued dividends on preferred and debenture stock
Extra dividend on common stock, payable July 3 1928 (for 1927, payable Jan. 3 1928)
Total Current Liabilities
R,eserres—
Depreciation of real estate, plants and equipment
Employes investment fund
Employes savings fund a
Bonus to employees
Sundry contingencies
Total Reserves
3569,916,000
2,603,976
187.819,083
8760,339.059
$1,098,477,576
December 31 1933, after providing an amount in "Taxes:
a Reserve for employes savings fund includes classes maturing December 31 1929 to
months. The class maturing December 31 1928
items not duo" to meet probable withdrawals during the ensuing twelve
payrolls and sundry accrued
payrolls and sundry accrued items not due."
is also included in "Taxes,
stocks of the Corporation under charter amendments
• The seven per cent preferred stock is preferred as to assets and dividends over all other
adopted June 16 1924.
CURRENT NOTICES,
—Fifty years ago—on Aug. 16 1878—Prince & Whitely, members o
the New York Stock Exchange. began business. However, the lineage of
the firm goes beyond 1878. Three years after the close of the Civil War
the firm of Gray, Prince & Co., with J. D. Prince as floor member, was
organized. Four years later, in 1872. the firm of Osgood & Co. was organized, consisting of Messrs. Whitely and Neilson, with James Whitely as
floor member. Two years later, on Mar. 30 1874 this firm was succeeded
by J. D. Prince & Co., the members of which were J. D. Prince, George
W. Ring, William R. Travers and Addison Cammack, the latter two
leading figures of their day. Through the intervening fifty years, Prince
& Whitely has had a career which few Stock Exchange firms or other
investment firms in the country can equal. Originally strictly a house
dealing in securities on a commission basis, the present firm has established
an important position in Wall Street in the underwiriting and distribution
of new security issues. The main office of the firm is at 25 Broad Street,
New York City, and the uptown office is at the Hotel St. Regis. Branches
are also operated in Chicago, Akron, Cleveland, Philadelphia, Newark,
Albany, Hartford, New Haven and New Britain. The present partners in
the firm are J. M. Hoyt. William Kempton Johnson, G. Lisle Forman,
Otto Antonsen, Felix T, Hughes, James H. Stark, F. H. Clarkson, L. B.
Critchell and 0. B. Van Sant.
—The 1928 edition of The Insurance Almanac and Encyclopedia, which
is compiled by The Weekly Underwriter, has recently been published by
The Underwriter Printing and Publishing Co.,80 Maiden Lane, New York.
The "Almanac" is one of the most *complete trade books published and
contains, in addition to the condensed statements of virtually all insurance
companies, information of the insurance business, the officers and directors
of all companies, summaries of various state laws, insurance laws enacted
at legislative sessions up to April 19 1928; 1927 business and various other
important and interesting data.
—Charles C. Ferrel, formerly of Charles C. Ferral & Co., Memphis,
Tenn., and for more than twenty years connected with the cotton house
of cieo. H. McFadden & Bros., has become associated with the firm of
Sulzbacher. Granger & Co., members of the New York Cotton and Stock
Exchanges, Ill Broadway, New York, where he will be in charge of their
Commodity Department, according to a recent announcement by Jeffrey
S. Granger, senior partner of the firm.
—The New York Agency of the Bank of Montreal. 64 Wall Street, has
available for free distribution road maps and vacation literature on the
Provinces of Nova Scotia. New Brunswick. Quebec, Ontario,Saskatchewan,
Alberta and British Columbia.
—Denies, Rawls & Donaldson announce that S. Mayo Boyd, formerly
associated with Taylor, Ewart & Co., Inc., has been placed in charge of
their eastern syndicate department with headquarters in the New York
Office. 15 Bond Street.
—Curtis & Sanger, members New York and Boston Stock Exchanges,
and quotation
49 Wall Street, New York, have issued a monthly analysis
pamphlet of bank and insurance company stocks.
—Tooker & Co., members New York Stock Exchange, 120 Broadway,
New York, have prepared a supplementary circular on Warner Brothers
Pictures Inc., owners of Vitaphone Comyany.
--Clokey & Miller have prepared their regular comparative analysis
of Bank & Trust Co. stocks using figures supplied the Comptroller on his
call as of June 30.
—Floyd M.Lapp,formerly manager of the Securities Department of the
Municial Bank,Is now associated with H. A. Nyclick & Co.. 56 Pine Street.
New York.
—Harris. Winthrop & Co., 11 Wall Street, New York, have prepared
for distribution an analysis of the rubber industry and The B. F. Goodrich
Company.
—Luke, Banks & Weeks, members of the New York Stock Exchange,
on Oilstocks
14 Wall Street, New York, have prepared a special circular
Limited.
distribution by
—An August Investment Review has been prepared for
Broadway, New
Lage & Co., members New York Stock Exchange, 160
York.
on the Public
—Hewitt Brand & Grumet have prepared a special circular
giving latest available
National Bank & Trust Co. reviewing its past and
data.
York has been ap—The Seaboard National Bank of the City of New
of the Utilities Service
pointed transfer agent of the $7 cumul. pref. stock
Co.
York has been ap—The Seaboard National Bank of the City of New
& Co., Inc.
pointed dividend disbursing agent for the stock of Carman
York—Zwetsch, Heinzelmann & Co., Inc., 57 William Street, New
gas bonds.
have prepared for distribution a new analysis of natural
New York, have
—K. W. Todd & Company. Inc., 52 William Street,
suggestions.
Prepared for distribution an August list of investment
issued an analyti—S. Weinberg & Co.,2 Rector street, New York, have
stocks.
cal guide to New York bank, trust and insurance
—R. M. Carver has been admitted to general partnership in the firm
of Benjamin & Ferguson, 61 Broadway, New York.
—Dominick & Dominick have prepared an analysts of the International
Nickel Co., Inc.
—.0. M. Keys & Co. announce the removal of their offices to 39 Broadway-, New York.
—Prince lc Whitely, under date of Aug. 15, thus review money market
conditions:
974
FINANCIAL CHRONICLE
[VOL. 127.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME
cember was done by houses with Cuban connections. Europe
bought December and later months. Prompt raw was in
demand at 2% to 4.14e. with rumors of business at above
this level. London was paying us. 83d. c.i.f. for San
Domingo. Refined was 3d. higher with a better demand.
Friday Night Aug. 17, 1928.
Receipts at Cuban ports for the week were 33,129 tons,
COFFEE on the spot was quiet and steady. Santos 4s, against 69,431 last year, exports 74,099
against 107,348
22% to 24e.; Rio 7s 17 to 173c.; Victoria Ms 16% to 163/se. last year; stock (consumption deducted) 940,641 tons,
tons,
The "West Nilus" has landed 24,500 bags of Brazilian coffee against 898,214 last year; centrals grinding none, against
at San Francisco all of which is going immediately into none last year. Of the exports 30,588 went to Atlantic
consumption. At Baltimore 4,700 bags were landed from ports, 10,600 to New Orleans, 3,185 to interior United
the "West Gama" which also has been delivered for consump- States, 4,839 to Galveston 8 to Panama, and 24,879 to
tion. On the 13th inst. cost and freight offers from Santos Europe. Receipts at United States Atlantic ports for the
were unchanged or slightly lower. Arrivals of mild coffee week were 24,507, against 36,295 in previous week, 56,017
in the United States since the first of August were 78,826 last year and 57,643 two years ago; importers' stocks,
bags while deliveries for the same time were 94,254 bags. 304,944, against 323,375 in previous week, 137,884 last
Stock of mild coffees on Aug. 13, 364,111 bags against year and 191,056 two years ago; refiners' stocks, 105,877,
374,8 11 a week :ago and 293,518 at this time last year. against 131,939 in previous week, 63,812 in same week
Cost and freight offers on the 14th inst. unchanged. Be- last year, and 62,929 two years ago; total stocks, 410,821,
cause of the holiday in Brazil the supply of cost and freight against 455,314 in previous week, 201,696 last year and
offers on the 15th inst. was small with prices little changed. 253,985 two years ago. Refined was 5.55e. early in the
For prompt shipment Santos Bourbon 2-3s 243c.; 3s 24 to week, with big withdrawals, showing a large
243O.; 3 s 23.45 to 233ie.; 3-6s 22.85 to 23.30c.; 4-5s, Futures on the 13th inst. ended 3 to 4 pointsconsumption.
A
higher with
223/sc.; 5-6s 22.30 to 22.55c.; 6-7s 21.55c.; 75 20.90c and 7-8s sales of 33,800 tons. The British Board of Trade figures
21.30e. Peaberry 3s at 23.65e.; 3-4s at 23.40c.; 4-5s at 22.80c. for July were called bullish though some questioned the
Rio 7-8s for prompt shipment were here at 16c. and 8s at methods of computing them. They showed imports of
153c.; In response to a bid, August-September, equal 140,000 tons during July against 66,000 for July last
year;
Victoria---7-8s, quoted at 16.10c.
consumption of 215,000 tons, against 151,000
Rio and Victoria later were firm owning to scarcity; year, and a stock of 221,000 tons, against in July last
287,000 tons
Santos not very steady; Santos 4s 233 to 24e; Rio 7s, 173 last year.
4
to 173/sc.; Victoria 7-8s, 169/s to 163c.;fair to good Cucuta
As some view it the recent lack of selling pressure both in
4
24 to 243/sc.; Ocana 223. to 2330.: Bucaramanga, Natural futures and actual markets, the continued interest
/
on
243 to 253c.; washed 273 to 28e.; Honda 273 to 28c.; part of refiners and Europe, the latter in New York the
%
4
Medellin 29 to 293e.; Manizales 28 to 283(e.; Mexican sugars and the growing feeling that the recent decline store
fully
washed 263/s to 283/se.; Surinam 25 to 273/sc.; RoVusta discounted the recent unfavorable situation and that better
washed 20c. Futures on the 13th inst. with higher Brazilian conditions should prevail for the rest of the year, are recables, buying of Santos December by Boston and covering flected by a considerably better tone. Some are inclined to
of shorts advanced 2 to 7 points on Santos and 4 to 8 on Rio. look for a gradual hardening of prices. The present low
Sales 27,500 bags Santos and 18,250 Rio. Europe bought prices are due it is urged to over-production next year. Next
a little.
There was moderate buying of Santos December. year's crops are being discounted now and therefore when
The Boston contingent was believed to be undoing switches the expected big out turn becomes an accomplished fact,
between the two Decembers. Cost and freight offers to-day it is added prices are more apt to advance than to decline.
from Santos indicated steadiness, but Rio was lower. No. On the 15th inst. sales were confirmed of about 250,000 bags
7 sold last night for immediate shipment at 16.35e. and of Cuban and duty free sugars ex-warehouse and for August
were offered firm this morning at 16.40e. The Santos shipment to local refiners at the 23/sc. c.&f. basis,
to
offers for prompt shipment included Bourbon 3s at 24 to 4.27c. delivered. Three refineries advanced their equal 10
price
243/sc.; 3-4s at 233i to 2330.; 3-5s at 22.85c. to 233ie.; points to 5.65e for fine granulated.
/
4-5s at 22.55 to 22.700.;5s at 22.35c.;5-6s at 22.40 to 223./sc.;
Willett & Gray give the following figures
Philippine
6s at 21.55e. to 223(c.;6-7s at 21c.; 7-8s at 18.45e. to 21.30c.; raw sugars: Stocks at shipping points, Nov.on 1927-1928,
1
part Bourbon 3-5s at 22.80c. to 23c.; peaberry 3s at 23.65c.; none against none same day
1926-27; receipts at shipping
3-4s at 23.40c.; 4-5s at 22.80c.
ports, November 1
against
Futures on the 14th inst. closed 13 to 10 points lower for 462,333 in the sameto July 31, 1927-28, 526,000shipping
period 1926-27; exports at
Rio with lower Rio terme prices with sales of 23,750 bags. ports Nov. 1 to July 31
1927-28, 506,000 against 456,333
Santos fell 10 to 21 points with sales of 10,750 bags. Dec. 1926-27; stocks at shipping
ports, July 31, 20,000 against
Rio was pressed for sale as private crop advices were favor- 6,000 in 1926-27.
London cabled on the 14th inst. that
able. One opinion was that with the movement of the new the drought in Europe
continued and appeared
crops in Brazil now going on, the official figures of the in- the main causes of the increased firmness of to be one of
the United
terior stock in Santos on July 31, which should be received Kingdom market.
on
next week, will probably show a substantial increase over 1 to 3d. London London terminal advanced firmthat day
with 96
cabled that the market was
the figures of June 30. In view of the large interior sup- test sellers at us.
plies, it is added, and the arrival of new crop coffees, the was up 3d. Here 9d. and buyers at us. 73/sd. Refined
further lowering of daily receipts in Santos and Rio shows European interests there was covering and some buying by
of the
the intention of Brazil to endeavor to sustain the market. said, to prolonged drought new crop deliveries due, it was
Consuming markets are in the meantime turning their atten- connections were the chiefin Europe. Houses with Cuban
sellers. Prices advanced here.
tion more to muds than formerly. Brazil did not fully share
According to the Sugar Institute the
in the increased deliveries last year. Futures on the 16th United States refineries up to and includingtotal melt of 15
the
Inst. ended 3 to 8 points higher on Rio with sales of 16,250 4th 1928 from Jan. 1 this year was 5,981,747,80 week of Aug.
7 lbs. against
bags; Santos 1 point lower to 10 higher with sales mostly 6,990,864,583 lbs, for the same time last year, or a decrease
of December of 6,750 bags. Rio terminal opened 250 to of 1,009,116,776 lbs. The stock in licensed warehouses
300 reis higher. That braced New York. Europe sold and on the 16th inst. was 2,073,313 bags against 2,247,065 bags
trade houses here bought. Today Rio futures closed 4 on Aug. 1. It is pointed out that refiners' meltings in the
points lower to 3 points higher with sales of 9,000 bags; last two weeks have increased. They are larger than those
Santos ended 10 points lower to 1 point higher with sales of the same period last year; refiners' raw stocks therefore
of 4,000 bags. Final prices are practically unchanged for have fallen off and they have had to buy raws both "ex store"
the week on Rio and 6 to 12 points lower on Santos.
and in the outside market. The buying of store sugars has
Rio coffee prices closed as follows:
necessitated the covering of hedges and the outside buying
Spot (unofficial) _17;.1 I December_ _16.03 ® bid I May
15.71 ®15.72 has greatly reduced the supply available for prompt delivery.
September
15.96 March
15.80 ® bid I July
15.56@ ---- All this time the United Kingdom has been making inquiries
Santos coffee prices closed as follows:
in this marketfor store sugars and gradually raising their bids.
Spt (unofficial)
I December _22.20 ®
I May
It is believed that some sales took place but it is difficult to
2i.75@ --September 22.55 ©22.60 IMarch•_ _ _21.95 ©nom. July
21.50 ®nom. check the
exact quantity and price. There were bids of us
SUGAR.
-Cuban raws were steady at 29/sc. early in the
week; sales for prompt or August shipment of Cuba were 9d 0. i. f. for 30,000 tons of Cubas in warehouse for Aug.Sept. shipment reported. This is equivalent to about 2.39
30,000 bags at 238c. c.&f. and about 4,000 tons Porto
/
Rico f. o. b. New York. Sellers asked 12s or about 2.45c. f. o. b.
due the 20th at 4.14c. delivered. Later 23'c. was
paid for New York. The weather reports from the Continent are
large quantities. Futures on the 14th inst.
were 3
higher with sales of 56,900 tons with the droughtto 5 points poor with the drought continuing, and the estimates from
persistent
beets.
in the beet growing countries of Europe, London tending some sections give a loss of 20% in the weight of is
Advices from Cuba stated that no restriction
contemupward and Europe buying from trade and Cuban sources
true some think the
plated
the output of
here. Before the close large buying of September and De- Island foralmost certain1929 and if this isof 5,000,000
to make a crop
is
tons of
iThe 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."
'Atii. 18 1928.]
FINANCIAL CHRONICLE
975
was quieter but steady. The Argentine market was also
sugar, or a million tons more than the present crop. As to less active. Cocoanut, Manila coast tanks, 73 to 7%c.;
4
first state bids fair it is argued to
Louisiana and Florida the
/
barrels, 1034 to 11c.;
/
producer due to the introduction of spot N. Y. tanks, 83 c. Corn, crude,
become an important
Den., $1.20 to $1.30.
4
varieties. In Florida a vast tract of plant, low-acid, 103 c. Olive,
superior sugar cane
, N. Y. drums, carlots, spot, 153%c.; Pacific
land is being prepared for cultivation, and while that State Chinawood spot, 14c. Soya bean, barrels, 123 c. Edible:
4
year 20,000 tons of sugar, plans Coast tanks,
is expected to produce this
$2.25. Lard,
output of some 100,000 tons Corn, 100-barrel lots, 12c.; olive, $2.05 to
are under way for a prospective
%
prime, 153 c.; extra strained winter, N. Y., 13c. Cod,
within the next three years. Florida lands produce as much Newfoundland, 68c. Turpentine, 53 to 58c. Rosin. $9.50
acre or more than twice as much
as 50 to 60 tons of cane per
switches,
Futures on the 16th to $11.20. Cottonseed oil sales to-day, including
as the yield of Louisiana it is said.
The stock of oil
the sales reaching 121,800 tons 16,100 barrels. Crude S. E. nominal.
inst. were remarkably active
York warehouses on Aug. 15 was 11,758 barrels,
including 50,400 tons of exchanges. The ending was 4 to 8 in New 14,300 barrels on Aug. 1. Prices closed as follows:
hedge sales by Europe. Liquid- against
points netlower. New crop
9.709.74
.551January
9.5309
lOctober
9.500
ation set in as European pressure became apparent. Yet the Spot
9.5009.75 November___9.5809.68 February__--9.70 9.85
August
9.85t9.88
Refined was 10 points higher on September -9.4809.49 December_ __9.6509.68 March
opening was firm enough.
cane and beets with good withdrawals. But London re-United States Motor gasoline prices at
PETROLEUM.
ported heavy rains on Wednesday in Bohemia; some rains four principal refinery centers averaged 10.625c. last week
also fell in Germany. Some 75,000 tons of Cuba for August against 10.38c. in the previous week and 7.91c. in the same
shipment had sold on Wednesday at 23/i to 4.27c. c. & f. and period last year according to the Oil, Paint and Drug Redelivered. But the demand for September fell off later. porter. Service station gasoline in 10 principal cities
Hedge selling did the rest.
20.57c.a gallon against 20.47c.in the previous week
Some think in view of the rapidity of the recent upturn averaged
of domestic crude
as a further advance and 19.050. last year. The production the period from
it might be wise to be rather cautious
bbls. for
In addition, refiners oil was estimated at 529,333,000 545,159,000 in the same
would attract renewed hedge selling.
to Aug. 11, this year against
have bought raws freely on the advance, it is recalled, Jan. 1
wells in 10 principal fields
take hold freely in antici- time last year. Crude oil at the
while buyers of refined sugar may
week.
the advance becomes averaged $1,543 a barrel lastadvanced the tank car gasoline
pation of higher prices and that after
The Atlantic Refining Co.
effective business may again decrease. London terminal price .at Philadelphia Mc. The price in tank cars, f.o.b.
3
to-day opened easy at declines of 4 to 2%d. Private that City is now 12c. for U. S. Motor gasoline. The same
cables from London stated that the market was weak due company also advanced its tank wagon and service station
to the decline here with raws and refined nominal. Futures price lc. throughout Pennsylvania and Delaware to 18c. for
to-day ended 2 points lower to 1 point higher with sales the tank wagon and 20c. for the service stations. Other
of 61,100 tons. Final prices show a rise for the week of
made similar advances. The local market showed
7 to 8 points. Prompt raws were quoted at 2 15-32c. companies although the feeling here was bullish owing to
no changes
to-day, against 2%0. a week ago.
Refining Co. Virtually all re1May
2.490 -- the action by the Atlantic
2.420
Spot (unofficial).2 15-32 January
July
4
2.570 --- finers quote 113 c. in tank cars f.o.b. refinery or terminal
2.420
September ._2.3102.32 March
December _ __2.43 -__
for U. S. motor gasoline and 12c. for California U.S. motor.
In tank cars the price
LARD on the spot was higher at 12.90 to 13c. for prime Chicago late in the week was firmer.Wednesday. Some are
4
Western; refined Continent, 13%c.; South America, 143c.; was 93 to 9 8c. as against 93%c. on Naptha advanced to
future.
Brazil in kegs, 153%c. Later spot was in better demand and looking for 10c. in the near to 6 to 63/sc., for water white
/
prime Western moved up to 13 to 13.1004 refined Con- 93.e. to 93 0. and kerosene for kerosene was firmer at 8c.
tinent was still 133%c. Spot still later was in steady demand at Chicago. The local market at under 73 0., the price
/
little available
at 13.10 to 13.20c. But refined though firm still stood at There was verybig companies. The Standard Oil Co. of
13M to 153jc. the latter for Brazil. Futures on the 13th quoted by the
bulk kerosene Me. a gallon early in
inst. advanced 12 to 17 points with hogs 10 to 20c. higher New Jersey advancedin tank cars f.o.b. refinery is 73 0. at
/
The price
due to much smaller receipts than expected, firmness of cash the week. Baltimore, Parkersburg, Sewells Point (Norfolk)
lard and shorts covering. Chicago received only 25,000. Bayonne,
and 73e. at Charleston, S. C. The same
Total Western receipts were 83,200, against 90,300 a week and Wilmington
advanced the export price Mc. for water white in
ago and 91,800 last year. Chicago on the 14th inst. ex- company 18.65e. for cargo lots. Other grades were not
pected only 20,000. Futures on the 14th inst. rose 8 to cases to California crude prices were advanced 1 to 59e.
13 points with grain markets higher, hogs up 10 to 20c. and changed. by the Standard Co. of California. The General
a barrel,
cash lard and ribs also higher.
(a subsidiary of the Standard Oil Co. of
On the 15th inst. futures dropped 15 to 20 points on Petroleum Corp.Richfield Oil Co. and the Union Oil Co.
selling by Eastern and foreign interests. The weakness New York, the
Fuel oils were rather quiet, especially
of the grain markets and rather easier cash markets also met the advance. remain steady.
had their effect and in a measure offset the firmness of for spot, but prices prices: Gasoline, cases, cargo lots, U. S.
hogs, which advanced 10 to 15c. The top for hogs at • New York export 26.90c. Kerosene, cargo lots, S. W.,
Chicago was $12.70; receipts, 10,000. Futures advanced Motor spec. deod.
cases, 18.65c. bulk, 43-45,
'
15 to 17c. on lard on the 16th and while ribs were unchanged cases, 17.40c.• W. W., 50 deg.,
tank cars, 28 plus deg., 5 to
to 15 points higher an excellent demand prevailed for both. ni to 8c. du oil, Bayonne, U. S. Motor, bulk, 10c.;
The stock statement was called rather bullish even if ont 53%c. New Orleans, Gasoline,
300 e.p., 11 to 113%e.;
11c.;
quite up to expectations in the matter of a decrease. At 60-62, 400 e.p., 10% to 12c. 61-63,
Kerosene, prime white, 63%c.;
Chicago on Aug. 15 the total was 115,182,120 lbs. against 64-68 gravity, 375 e.p.,
grade C, for bunkering,
117,231,404 on Aug. 1, a decrease of 2,049,284 lbs. On water white, 73%c. Bunker oil, Tank wagon prices; U. S.
Aug. 15 1927 the total was 103,052,985 lbs. or about 12,- 950. to $1.10; cargoes, 70 to 80c.
steel barrels, 18c.;
000,000 less than now. A rise in hogs of 10c. helped futures; Motor, delivered to N. Y. City garages in
V. M. &
$13 is said to have been paid in Chicago, the highest in up-State and New England, 18c. Naphtha, city,
4
ref., 73 c.
two years. The receipts were 66,900 against 86,900 a year P.,20. Kerosene, water white, 43-45 gray.,bulk bulk ref.,
ago. To-day futures closed irregular, September ending P., 20. Kerosene, water white, 43-45 gray.,
seven points lower while December was seven points higher @8; delivered to nearby trade in tank cars, 83%@9;
bulk,
with January five points lower. There was some Septem- tank wagon to store, 15c. Fuel gas oil, 28 plus gray.,
ber liquidation in a quiet market. Hogs declined 10 to N. Y. Harbor refinery, 5 to 53%c; furnace oil, bulk, refinery,
oil, barrels, $2.
15 points; top, $12.85. Receipts at the West were 59,000 38-42 gravity, 6c.; tank wagon, 10c. Diesel cars, f.o.b. reagainst 68,000 a year ago. Final prices show a rise for the Service station and jobbers prices: Tank Harbor, Marcus
fineries or terminals, U. S. Motor, N. Y.
week of 35 to 37 points.
4
Hook, Norfolk, Carteret Portsmouth and Baltimore, 113 c.
DAIEY CLOSING PRICES OF LARD FUTURES IN CHICAGO
Boston (delivered), and Providence (delivered), 133'c.
Wed. Thurs.
Tues.
Mon.
Sat.
Fri.
12.45
12.32
12.25
12.42
12.35
September delivery_.--12.20
Tiverton, Chelsea and 123.jc.; Jacksonville, 110.; Tampa 11c.;
12.70
12.52
12.55
12.55
12.62
4
Docentoer delivery____12.45
Houston and New Orleans, 100.; Group 3, 93 ; California,
12.90
12.80
12.75
12.90
12.65
12.85
January delivery
U. S. Motor at New York, 12c.
steady; Mess, $33.50; family, $34.50; fat back,
PORK
$1.55
$3.20 Minds
$3.20 Bradford$27 to $30. Ribs, Chicago, cash, 14.62c., basis of 50 to Pennsylvania
1.60' Wyoming. 37 deg.. 1.41
1.80 Lima
1.28
1.37 Plymouth
60 lbs. average. Beef quiet and steady; Mess, $24; packet, Corning
1.45 Indiana
Cabala
1.67
1.55 Wooster
$25; family, $27 to $28; extra India mess, $40 to $42; No. Wortham. 40 deg_ 1.56 Princeton
Coastal "A". 1.20
2.00 Gulf
33
Rock Creek
1 canned corn beef, $3.10; No. 2, 6 lbs., South America, Smackover. 24 deg 1 00 Canadian heavy LOS;panhandle (Wheeler 1.46
Corsicana
3.001 Co.) 44 deg
2.85 Eureka
$16.75; pickled tongues, $75 to $80 per bbl. Cut meats Buckeye
quiet; pickled hams, 10 to 20 lbs., 21 to 22%c.; pickled Oklahoma. Kansas and Texas
$1.48
bellies, 6 to 12 lbs., 193%c.; bellies, clear, dry salted, boxed,
40
1 56 E ig
-40.9
S1:16 Blk Basin
1.33
-. 2.9
4
1.48
18 to 20 lbs., 173 o. Butter, lower grades to high scoring
44 and above
1.76
1.25
Bellevue
41 to 48%c. Cheese, flats, 23 to 263%. Eggs, medium to Louisiana and Arkansas-1.00
Texas, Markham
32-32.9
11..3176 West
extras, 283'2 to 36c.
1.70
35-359
1.31 Somerset
-Linseed was in fair demand with prices steady. Spindiet:op. 35 deg. and up.....*OILS.
In 5 and 10-barrel lots at least one leading crusher was
RUBBER on the 13th inst. ended unchanged to 10 points
reported to be quoting 101e. Business could be done at
higher at
despite the disappointing July figures.
9.5e. on a carlot basis, although 9.7e. was openly quoted The July New Yorkt on had been estimated at as high as
has
consumpti
by a leading interest. The flaxseed market slow been 39,000 tons. It proved to be 37,407 tons. But stocks
with
stronger. Later on demand was reported to be
decreased in July about 7,600 tons. The sales here on the
the leading interest asking 9.7c. for carlots, although business 13th were only 129 lots in contrast with 32 even on Saturday.
with regular customers said to be possible at 9.6c. The Factory demand fell off. New York closed with Sept.,
price for 5 and 10-barrel lots remained at 10.1c. Flaxseed
976
FINANCIAL CHRONICLE
[VoL. 127.
Oct. and Dec. 19.30. Jan. 19.10 to 1920e. The con- 20:35 loads Montreal to Antwerp or Rotterdam 15c., Oct. 15
sumption of crude in' United States last month was same to Mediterranean 173c., Sept. 1 to 15; Gulf to Spanish to 25;35 loads
the
Mediteranean
37,407 tons against 29,219 tons in July last year, an in- 18 to 25c., Sept. 5 to 20: Montreal to Spain 1734c., first half September.
crease of 28%. The amount was only 0.7% less than the
TOBACCO has been in fair demand notably for imported
record for a month, which was made in June this year, indi- wrappers. Domestic leaf has been rather neglected awaitcating continued heavy manufacturing. The consumption ing further advices on the new crop. The total is put by
of crude,for the first seven months this year was 249,041 the government at 147,000,000 lbs. larger than last year's
tons, an increase of 7.6% over the 231,241 tons used in yield, but the crop might vary in different parts ol the
the corresponding period last year. Imports in July were tobacco belt. In Cuba remedios were reported lower with
33,382 tons, a decline fo 13.6% from the 38,667 ton of offerings less attractive, though the demand is said to show
July last year, but an increase of 29.4% over the 25,792 no great decrease. The demand for Porto Rican was said
tons of last June. For the first seven months of the current to be brisk with most of the new crop sold. Wisconsin
year imports were 245,879 tons, against 265,517 tons in the binders, 25 to 30c.• northern, 40 to 45c.; southern, 35 to
same period last year, a decrease of 7.4%. Stocks on hand 40c.• New York State, seconds, 35 to 40c.; Ohio, Gebhardt
'
'
on July 31 amounted to 83,242 tons, against 98,469 tons binders,22 to 24e.; Little Dutch,21 to 22c.;Zimmer Spanish,
on July 31 1927, a decrease of 15.4%. Stocks afloat on 30c.; Havana, first Remedios, 90 to 95c.; Second Remedios,
July 31 were 42,304 tons, against 40,587 tons on the same 70 to 75c. The crop was damaged in the Carolinas and
day last year.
Georgia by rains and floods.
On the 14th inst. New York was 10 points lower on a
COAL.
-Anthracite has in some cases been advanced 25c.
decline in London. Outside prices fell 3I to Ac., the latter effective Sept. 1.
The rise is expected to be general. Busion crepes and ambers with the demand small. At the ness is rather
better. No marked change is noticed. IndusExchange the trading was in 335 lots. Prices ended on that try is not active
enough to stimulate coal sales much whether
day with September 19.20 to 19.30e.; October, 19.20c.; of soft or
hard. The consumers' stocks of bituminous on
December, 19.10 to 19.20c.; January, 19 to 19.10c. The July 1 were
41,700,000 tons, nearly 22,000,000 tons less
consular invoice figures for the week ended Aug. 11, were than stocks on
substantially higher, showing a total of 8,945 tons shipped less than the the same date last year, and 6,600,000 tons
stocks of April 1 says the Bureau of Mines of
to United States ports against 7,880 tons for the previous the Department
week. Exports from the Dutch East Indies totalled 2,373 in the hands of of Commerce. In addition to the stocks
consumers, there were 6,204,000 tons of
tons against 1,335 tons; from Malaya 4,916 tons against bituminous
4,271 tons; Ceylon, 740 tons against 692, and London and Michigan. coal on the docks of Lake Superior and of Lake
Liverpool 916 tons against 1,582 tons the week previous.
COPPER was in fair demand and steady at 143 0. deThe increase of over 1,000 tons in the amount shipped from
/
the Dutch Indies was a more or less depressing factor. Lon- livered Connecticut Valley and 14.87'2c. in the Central
West. The official export price as 15c. c. i. f. European
don closed Ad.lower on the 14th inst. with spot and August
9 7-16d. to 9Ad.; September, 9Ad. to 9 9-16d.; October- ports. A good foreign demand was reported. Statistics
December, 958d. to 9 11-16d.; January-March, 9Ad. for July issued on the 14th inst. were considered favorable.
/
Singapore dropped Ad.• August, 9d.; October-December, They showed a decrease in stocks of refined metal of about
4,000 tons, the total on July 31 being 54,871 tons. Blister
8 3d.; January-March, gUd.
stocks, however,
On the 16th inst. New York advanced 10 to 20 points with increase of 2,000 increased about 6,000 tons, making an
tons
the cables higher but realizing caused a reaction and the end- no essential change in in copper above ground, virtually
ing was 10 points net lower. The ending here after sales for July were 82,245 the situation. Domestic shipments
tons, or a new high record, while reof 218 lots on the 16th inst. was with Sept. 19.30c.; Dec. ported shipments
London on the
were 56,785
19.20c.; Jan. 19.10e.; Mar. 19.10 to 19.20c. and later months 14th inst. standard advanced tons. In 9d. futures unto £62 8s.
the same. Outside prices: Smoked sheets, spot to Oct.
-Dec. changed at £62 17s. 6d,• American electrolytic was quoted
19% to 193c.; Jan.
-Mar. 193. to 19Ac.; spot First latex at £68 15s. for spot with £69
sales, 50 tons spot
crepe 193j to 19Ac.; clean thin brown crepe 19% to 20e.• and 150 futures. Consumers 5s. asked; have practically
are said to
specky brown crepe 19% to 193.c.; rolled brown crepe
covered 70% of their needs for September. In London
193 c.• No. 2 amber 20A to 204c.; No. 3, 19% to 20c.; on the 15th inst.
4
standard fell Is. 3d. to £62 75. 6d.;
No. 4, 19A to 19Ac.; Paras, up-river fine spot 22 to 223.c.; futures unchangedspot
at £62 17s. 6d.• sales, 50 tons spot and
coarse 144 to 14Ac.; Acre, fine spot 223 to 223c.; Brazil, 150 futures; electrolytic, £68 15s. bid with £69 5s. asked.
'
washed dried, fine 27 to 27Ac.; Caucho Ball, Upper 123 Later trade was slower but prices were reported firm with
%
to 13Ac. London on the 16th inst. advanced 1-16d. Spot Connecticut Valley 143c.; Central West, 1478c.; export,
/
and Aug. 9 7-16d. to 9Ad.; Sept. 9Ad. to 9 9-16d.• Oct.- 15e. July exports
of refined were 56,785 tons of which
Dec. 958d.. to 9 11-16d.; Jan.
/
-Mar. 9 9-16d. to 9Ad..Singa- Germany took 23.68% or about 13,400 tons with Great
'
pore, Aug. 93/d.; Oct.
8
-Dec. 8 15-16d.; Jan.
-Mar. 8 13-16d. Britain second at 21.49%, France third and Italy fourth.
'
London to-day closed quiet at 9 7-16 to 93d.for spot
-Aug., For the seven months exports were 408,800 tons of which
93 to 9 9-16d. for Sept., 95% to 9 11-16d. for Oct.
-Dec. Germany took 25.85% or 105,700 tons with Great Britain
and 9 9-16d. for Jan.
-Mar. The Singapore market closed second, France
the
steady and net unchanged. To-day prices ended unchanged 16th inst. was third and Italy fourth. London on spot
is. 3d. higher for spot and futures;
to 10 points off with sales of 528 lots. Final prices show a Standard, £62
18s. 9d.; futures, £62 18s. 9d.; sales, 100
decline for the week of 30 points.
tons spot and 250 futures; electrolytic, £68 15s. bid and
£69 5s. asked.
HIDES.
-Buenos Aires has been rather active on
mand from Russian and German buyers at firmer a deTIN.
-Sales last week were rather large, being estimated
prices.
Recent sales were 36,000 Argentine steers of July and August at 1200 tons, much of which went direct to consumers. A
salting at up to $50.50 or about 23% to 23Ac. c. & f. Ameri- feature has been the premium for spot over futures. The
can buyers took nothing. Packer hides were quiet with local market was quiet but steady with spot and August 48
good-sized stocks for a reluctant market. Chicago has
re- to 4834c. In London spot standard fell to £212 17s 6d on the
cently, it seems, sold at a decline to 223'c. for butts and 14th inst; futures £210 12s 6d; Spot Straits down to £215 12s
22c. for Colorados. Common dry, Cucutas, 34c.; Orinocos 6d; sales spot 130; futures 570 tons. On the 14th inst. the
and Santa Marta, 33c.; Maracaibo, Central America, La market was very quiet with prices showing little change.
Guayras and Savanillas, 32c.; Skins, Para, 31 to 320.; Sisals, Spot Straits was quoted at 483t1c.; early September sold at
40c.; Oaxacas, 473. to 50e. New York City calfskins 5-7s, 47Ac. Spot standard in London on the 14th inst. advanced
2.50; 7-9s, 3.10; 9-12s, 4.10. Later it was said that all the 13s 6d to £213 10s;futures fell 7s 6d to £210 5s; sales 20 tons
available stocks of cows had been sold to German and Rus- spot and 330 tons futures. On the 16th inst. sales to consian buyers, including 10,000 July and August salting at sumers were large,suddenly rising to 500 tons with London
prices ranging up to $53.30 or 24 13-16c. The stock in the higher; sales of spot were at 48.12A to 48Ac.; August
hands of packers was estimated at about 15,000. Philadel- quoted 48A to 483 c.; September 47% to 47 Ac.; Oct. 46 A
%
phia sold one car of April-May-June heavy average native to 46N. December sold at 46 Ac. London was higher on
the 16th inst.; spot standard £214 10s; futures £209 17s 6d;
bulls at 15e. At the River Plate, 4,000 Sansinena La Negro
frigorifico steers sold at $50.38 or 23Ac.; 5,000 Sansinenas sales 200 tons spot and 650 futures. At Singapore 150 tons
sold at £213 10s.
15-18 kilos at $53.50 or about 24Ae.
LEAD WS in moderate demand at steady prices. East
OCEAN FREIGHTS.
-Grain tonnage demand continued unabated with rates steady. Later grain activity St. Louis 6c.; New York 6.200. Most of the buying was of
prompt and August delivery. There was also some buying
died down. Time charters later were in better demand.
of September. London on the 14th inst. advanced Os. 3d.
CHARTERS included grain, 25 loads Montreal to Rotterdam, 13s. 6d.,
'
Sept. 12 to 30:26 loads Montreal to Hamburg, 14c., Aug. 18 to 31; 33 loads to £21 13s. 9d. for spot; futures up 3s. 9d. to £21 13s. 9d.
same three ports, Mediterranean 163c., 17c. and 1734c., Aug. 15 to 25: On the 14th prices there were unchanged. Later trade,was
33 loads Gulf to Bremen, full cargo barley, 17c.. Aug. 20 to 29; 32 loads
Montreal to Antwerp or Rotterdam, 12c.; Hamburg or Bremerhaven 13c., quiet at 6 to 6.20c. In July stocks declined about 1,500
Aug. 28 to Sept. 5; 40 loads Montreal to Antwerp or Rotterdam 16c.: Ham- tons to about 53,800 tons, on Aug. 1. Compared with
burg or Bremen 17c., half barley Nov. 1 to 20; 34 loads Montreal to AntMay 1 the decrease is 3,300 tons. Spot in London on the
werp or Rotterdam 13c.• option
loads Montreal to three Swedish ports 18c..full barley Sept. 1 to 13; 22 Montreal to 16th inst. advanced 6s. 3d. to £22 and futures rose 3s. 9d.
'
Aug. 24 to
23 loads
Antwerp or Rotterdam 13c., Sept. 5 to 20: Sept. 5:quarters Montreal to
27,000
to £21 17s. 6d.; sales 500 tons spot and 600 futures.
Rotterdam 14%c., first
basis, Oct. 15 to Nov. 15;half October: Montreal to Mediterranean 18%c.
37 loads
ZINC was rather quiet. Prices were firm, however, at
Hamburg or Bremen 17c., Nov. 1Montreal to Antwerp or Rotterdam 16c.,
to 20:
Rotterdam 15c.: Hamburg or Bremen 36 loads Montreal to Antwerp or 6.25c. East St. Louis and 6.60c. New York. Ore at Joplin
Oct. 10 to 25; time charters:
round trip continuation, price reported
$1.80
16c..
round trip West Indies, north of Hatteras. to $1.90; West Indies round Si; was unchanged at $40 per ton. Stocks on Aug. 11 were
four months $1.70; round trip continuation $1.05; trip up from Gulf 90c.: 36,456 tons; output 12,500 tons and shipments 11,250 tons.
$1.25;
livery Maracaibo:first half Sept. trip across $1.40; three months $1.50 de- Spot in London
grain, 32 loads Montreal
on the 14th inst. was up Is. 3d.• futures
to Antwerp or Rotterdam 15c.; Hamburg or
or oats. Oct. 12 to 28: Montreal or Quebec Bremen 16c.; option full barley I rose 3s. On the 15th inst. London was higher with spot up
to Rotterdam 13c., Sept. 7 to
21; 30,000 quarters Montreal to Antwerp or Rotterdam 13c., Sept. 1 to 3s. 9d. to £24 12s. 6d. and futures Is. 3d.
higher at £24
to
19q
FINANCIAL CHRONICLE
AUG. 18 1928.]
977
The following shows the week's total receipts, total since
16s. 3d.; sales, 100 tons spot and 425 tons futures. Only Aug. 1 1926. and stock to-night, compared with last year:
moderate sales were made later at 6.25 to 6.60c., the latter
at New York. Galvanizers are said to have more business
Stock.
1927.
1928.
Receipts to
than a year ago. On the 16th inst. London advanced is.
This Since Aug This Since Aug
Aug. 17.
3d. ,to 3s. 9d.; spot £24 13s. 9d.; futures £24 17s. 6d.; sales,
1928.
1927.
Week. 1 1928. Week. 1 1927.
500 tons futures; no spot sales.
36.650
74,573 161,633
12.598 18,266
5.494
Galveston
steady with little or no increase in new Texas City
577
3,389
363
425
4,029
STEEL has been
356
93.956 127,275 217,599
22,962 51,201
15.543
Houston
business. The production is slowly increasing. Evidently Corpus Christi_
10.773
more frequently for deliveries. This Port Arthur
31,817
consumers are calling
10,439
23,936 121,605 222,984
10,977 8.3,19
3.378
applies to the United States Steel Corp. It is hardly less New Orleans
. Their output has increased about Gulfport
3.228
true of independents
2,732
16,306
463 1,720
336
Mobile
3%. It is said to be about 72%. The average for the en- Pensacola
613
585
by some at 75% a gain of 3% on the Jacksonville
tire industry is put
43,899
13.819
20,517
1,056 13,656
205
Savannah
ingot output. There is no increase in Chicago. The ten- Brunswick
17,756
16.077
7,501
1,496 1,830
448
dency of prices in general is said to be upward. It is not Charleston
522
4.5.14
7.152
530
markedly so. It is stated that a rise of $2 is quoted for Lake Charles_
136
117
25
Wilmington
26.352
21.808
1.588
782
1,404
265
cold finished steel bars and shafting including screw stock. Norfolk
sheets, billets and other semi-finished N'port News, &c_
46,647 210.188
373
For the last quarter,
148
150
New York
6.053
3.119
3,078
430
179
179
steel are steadier. Some look for an advance. They say Boston
844
10,737
1,675
829 1,620
51
has risen to 85% as specifications in- Baltimore
7,517
the Pittsburgh output
4.432
crease and some call for early delivery. The sales of steel Philadelphia
nn Ama Ine 1190 991 020 ARS R7A 020 179
no non
have increased noticeably. In
for pipe for the oil industry
Pittsburgh bars, shapes and plates are quoted at $1.90 for
In order that comparison may be made with other years,
the third quarter. Wire products are reported steadier under
given below the totals at leading ports for six seasons:
the influence of sheets. Sheet bars are quoted at $32 at
1923.
1924.
1925.
1926.
1927.
Youngstown. There is talk of $33 for the next quarter. A Receipts at- 1928.
49,995
22,331
heavy production is reported there of sheets, tin plate and Galveston......
23.050
31,513
18,266
5,494
5,000
3,501
strips. Aside from this structural orders for the past week Houston •____ 15,543 51,201 36,357 21,648
3,415
4,409
18,468
13,861
8,339
3.378
Orleans_
5
are stated at 22,500 tons for telephones, buildings, bridges, New
288
1.295
36
1,720
336
Mobile
2,642
2.802
25.064
2.810
13,656
factories, barges, &c.
205
Savannah _ _
Brunswick_
889
364
PIG IRON has been steady with a moderate business in Charleston _ _ _
3,576
847
1,830
448
109
38
26
244
136
25
small lots here. But it is said that within a week Cleveland Wilmington_ _
658
1,068
512
1,075
782
265
has sold 87,000 tons, mostly to automobile interests. That Norfolk_
N'port N.,&c.
45
203
197
837
13.000
586
was a high record week. It meant 175,000 tons in three All others_ --weeks. Chicago sales this week are also said to be notable. Total this wk_ 26,280 108,930 87.880 93,836 35.004 62.758
Pittsburgh on the other hand has been quiet. Yet there
52.656 224,930 192,851 178.297 100.979 145.656
the specifications against contracts are reported large. Since Aug.1
o
* Beginning with the season of 1926, Houston figures nclude movement
shipments are declared to be the largest thus far this
St. Louis
reported by Houston as an interior town The distinction
There is said to be less yielding in prices; inferentially cotton previously town has been abandoned
year.
between port and
there is some yielding to facilitate business. Canadian
The exports for the week ending this evening reach a total
early shipment have increased, though they are of 64,716 bales, of which 4,656 were to Great Britain, 5,152
orders for
nothing large. Here the sales are mostly in lots of 50 to to France, 10,860 to Germany, 4,299 to Italy, 15,350 to
250 tons. They say small sales have been made at Pitts- Russia, 18,339 to Japan and China and 6,060 to other destiburgh at $17 for Bessemer Valley. Mallealbe sells at $17 nations. In the corresponding week last year total exports
and below; $17 is not always paid. No. 1 foundry at Pitts- were 71,986 bales. For the season to date aggregate exports
burgh was quoted at $17.50, No. 2 at $16.50 and basic at have been 137,741 bales, against 163,157 bales in the same
$16, Valley nominal prices remain at $19.50 to $20 for No.2 period of the previous season. Below are exports for week:
plain. Penn.$16 to $16.50 for Buffalo, $17.50 to $18 for
Exported to
Chicago,$16 to $16.50 for Cleveland. Coke at Pittsburgh is
Week Ended
Japan&
reported 10 to 20c. higher at $2.75 at oven. Soft coal there Aug. 17 1928. Great
Geris dull even at low prices like $1.40 to $1.75 for steam run of Exportsfrom Britain. France. many. Italy. Russia. China. Other. Total.
mine and $1.50 to $1.75 for coking. Boston sales this week Galveston
1,930 1,075 7.699
229 1,865
1,578 1,022
675 11,905
5.909
450 1,884
1,946 1,041
were 6,000 tons. Indian iron is selling at $21.25 to $21.75 Houston
9,525 3,319 18,909
2.589 3,476
Christi_ _
Corpus
in dock duty paid.
341 16,191
500
New Orleans
479
479
WOOL declined slightly and sales increased. Only by Mobile
so 1.400
150
reducing them could business be done with goods at their Savannah
550 2,328
1.125
653
Norfolk
50 5,805
"oiL
"LLO
4,230
present level. Boston prices: Ohio & Penn. delaine 48 to New York
t
49c.; 32 blood 50c.; V8 blood 54c.; Y blood 53 to 54c.; Total
4.656 5,152 10.860 4,299 15 350 18,339 6,060 64,716
Territory clean basis, fine staple 1.2 to 1.15; fine medium,
5,544 6,508 71,966
13,587 11,404 32,693 2,250
blood staple Total 1927
French combing 1 to 1.05; clothing 95 to 1.;
19,508 9.065 34,140 5,736 19 950 11.255 6,448 106,102
L
A
1.08 to 1.10; 3 blood 1 to 1.05; Y blood 92 to 95c.; Texas, Total 1926
Exported to
clean basis, fine 12 months 1.10 to 1.12; fine 8 months 1
From
to 1.02; fall 95 to 1.00; pulled scoured basis, A super 1.05 Aug. 1 1928 to Great
Japan&
GerAug. 17 1928.
.
to 1.10; B, 85 to 90c.; C, 75 to 78c. Foreign clothing wools: Exportsfrom- Britain. France. many. I Italy. 1 Russia. China. Other. Taal.
64-70s, combing super 1.05;
Australian, clean basis.i
18,201
2291 4,452 5,050 1,930 3,940
1,578 1,022
n
New Zealand clean basis, in bond 58-60s, 53 to 54c. Boston Galveston-- 4,634 4,833 3,530, 1,884 12,058 15,455 3,459 45,853
19,627
___ 9,525 3.319
____,
3,476
Government report as follows: "Members of the Houston
718 2,589
Christi
wired a
Corpus
31,269
100 1,391
-1
977 15,350
2 755
trade are showing an interest in the opening next week of New Weans_ 8.932 1 76
529
50
479
Mobile
2.355
401
500
____, ____
1,350
____
104
auctions of the new clip in Australia. Early offerings usually Savannah....
1,605
450 ...J --------1,155
little wool of the style used by American manufac- Charleston.
contain
Wilmington_3,500
4,514
turers. Neverthelwss, the interest in this coming series Norfolk
____' --------550
1,125
____
2,839
10,088
75
---- 1,375
650
6,620
20
keen because it is felt that current conditions and near New York.... 1,348
is quite
200
future prospects in the wool industry in consuming countries Los Angeles_
19,535 11,463 32,458 29,085 14.340 137,741
the United States will be reflected in the opening
20,632 10,228
outside of
Total
163,157
sales to some extent.The receipts of domestic wool at Total 1927
23,281 24,683 50,060 4,378 14,300 30,379 16,076
Boston last week consisted of 5,694,500 lbs. as compared Total 1926._ 33,4371 20.726 62,175 18.752 37.2511 24.893 12.825 210 064
-it has never been our practice to inclUhe in tne
13,193,300 lbs. for the previous week."
with
-Exports to Canada.
Note.
Canada. the reason being that virtually
above table reports of cotton sh pMenta to
overland and It is impossible to get
all the cotton destined to the Dominion comes
while reports from the customs
returns concerning the same from week to week,
slow In coming to hand. In view
districts on the Canadian border are always very regarding the matter, we will say
we are receiving
however, of the numerousinquiries
the Dominion the present season have
that for the month of July the exports to
month of the preceding season the exports
been 16,077 bales. In the corresponding ended July 31 1928 there were 239,562
were 17,591 bales. For the twelve months
corresponding twelve months of
bales exported as against 274.919 bales for the
1926-27.
COTTON
Friday Night, Aug. 17 1928.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
26,280 bales, against 21,074 bales last week and 28,393 bales
In addition to above exports, our telegrams to-night also
the previous week, making the total receipts since Aug. 1
give us the following amounts of cotton on shipboard, not
1928 52,656 bales, against 224,930 bales for the same period
the ports named:
of 1927, showing a decrease since Aug. 1 1928 of 173,274 cleared, at
bales.
On Shipboard Not Cleared for
Receipts at
Galveston
Texas City
Houston
New Orleans_ _ _ _
Mobile
Savannah
Charleston
Wilmington
Norfolk
Boston
Baltimore
Totals this week_
Mon
Sat
Tues
Wed
Thurs
537
821
2,673
422
130
1,723
707
15
4
160
2.619
224
1
11
2,535
415
166
75
13
5
1,870
905
1,365
845
87
101
20
27
109
11
3.541
2.351
25
3.171
3.676
5.882
Fri
Total
911 5.494
358
356
5,431 15,543
282 3,378
154
336
17
205
448
174
25
213
265
70
179
51
51
7.659 26.280
Other CoastGerGreat
- Britain. France. many. Foreign wise.
Aug. 17 at
2,000 2.000 3.000 7,700 2,000
Galveston
392
533 1,091 20,681
1,067
New Orleans_ _
Savannah
__
Charleston..
-700
-556
Mobile
Norfolk
2,000 1,000 2.000 6,000
Other pones
Total 1928
Total 1927
Total 1926...
*Estimated.
5,367
8,292
5.169
3.533
9,034
3.820
6.091 35,081
3.765 43,618
5.016 16,720
Total.
16,700
23.764
Leaving
Stock.
11,000
57.873
97,841
13,819
16.077
2,228
21.808
193.766
2,392 52.464
4,065 68,774
6,010 36.735
403.412
861,398
528.669
1- 666
.
978
FINANCIAL CHRONICLE
[VoL. 127.
Speculation in cotton for future delivery has been more ern and southern portions ,where
shedding and growth is
active and of late at rising prices. The main factors have still rank in some localities; the
warm, dry weather of
been heavy storms in Georgia and the Carolinas, rainfalls the week was favorable. In
Oklahoma favorable weather
of 2 to 6 inches there, accompanied by reports of damage, prevailed and progress was generall
y very good, with
rising rivers, flooded lands, the, carrying away of dams, plants blooming and fruiting well
in most sections; the
destruction of hundreds of homes, isolation of towns, and general condition ranged from fair in
parts of the East to
It was said, the washing away of crops. Also there were good or very good in the West.
In Texas the progress was
many reports of an increase of weevil in Texas, Oklahoma fair to very good, but
the condition of the crop is poor in
and Mississippi, and, not to mention other parts of the belt, the dryer lower coast and southwestern
counties, where
including Georgia and South Carolina. At times with plants and bolls are small, with some prematu
re opening;
cloudbursts and a flooded country the wires have been elsewhere plants are fruiting fairly
well.
working poorly from Georgia and the Carolinas. The conTo-day prices early in the day were some 20 to 25 points
sensus is that there has been an increase in the infestation higher with the cables strong, renewed
rains reported in
of the weevil and also some increase in the actual damage. Atlantic States, many wires stating
that considerable damThere were reports from Texas of boll worm damage and age had been done there by the
rains and floods this week
of root rot, as well as premature opening. Shedding re- and finally considerable coverin
g of shorts. But later on
ports have been numerous and have been stressed in the the forecast was for fair weather
East of the Mississippi
market. On Thursday there was an advance of some 40 River and for rains in Texas
and other
to 45 points with heavy covering of shorts by Wall Street ern belt. This was construed as bearish. parts of the westAlso weevil news
and the West as well as the South. It is said that there was conflicting. Heavy selling
set
is still a very large short interest outstanding partly for were encountered. They naturall in. Large stop orders
y accelerated the decline.
the West, but not excluding Wall Street, and Texas and Wall Street, the West and the
other parts of the South. It appears that some very large terests were understood to haveSouth sold. Japanese insold October on a large
interests who were very successful on the short side of the scale. Recent buyers let go.
grain markets recently took the short side of cotton, and was due. The popular verdict It was felt that a rally
at
some of them saw the market down 2 cents. But lat- was. that it is too early to kill any rate for the moment
/
1
2
the crop. The next three
terly with cloudbursts in the Carolinas and Georgia, fol- or four weeks may decide its
size. Spot markets gave way.
lowing new tropical storms, the market has been rising Worth Street has been rather
better of late, but it assumed
steadily, the advance in three days being $6.50 a bale. Spot that that sudden downward lurch
of raw cotton to-day will
markets have also moved up steadily and the Texas basis is rather chill the cotton goods
said to be stronger. The Liverpool market was strong easy at no great rally from the markets. The closing was
until Thursday when it reacted under the pressure of realiz- show a decline for the week low of the day. Final prices
of 5 to 17 points. Spot cotton
ing, together with sales by the Continent and Bombay. It closed at 19.10c. for
middling, a decline of 45 points for
is understood that several small failures occurred in Bom- the day, or 20 points for
the week.
bay. There was a certain amount of hedge selling of forThe following averages of the differen
ces between grades,
eign growths in Liverpool. For that matter, there was
a as figured from the
little hedge selling here, though the time has not arrived designated by the Aug. 16 quotations of the ten markets
Secretary of Agriculture, are the differfor large business of that sort. Manchester of late
has ences from middling established for deliveries in the New
reported a rather better tone, with some actual
York market on Aug.
increase Middling
23:
in the sales of both yarns and cloths. Worth
fair
84 on *Middling yellow tinged
Street has Strict good middling
1 13 off
also been firmer with quite a good business in broadclo
80 on *Strict low middling yellow tinged1.72 off
Good middling
ths, Strict
39 on *Low middling yellow tinged_.-2.45 off
under the stimulus of higher prices for raw cotton.
middling
26 on Good mid, light yellow stained__ .71 off
Middling
the mills are said to be sold ahead for September Some of Strict low
Basis 'Strict mid. light yellow stained_1.24 off
and part Low
middling
43 off *Middling light yellow stained...1.85 off
of October. A rise in the stock and grain markets
middling
07 off Good middling yellow stained__ .83 off
tended *Strict good ordinary
to help cotton on the 16th inst. Earlier in the
1.84 off *Strict middling yellow stained_ 1.71 off
week the *Good ordinary
2 34 off *Middling yellow stained
2 40 off
Good
consumption in this country during July was stated
23 on Good middling gray
47 off
by the Strict middling spotted
middling spotted
Census Bureau at only 438,743 bales against 510,563
even
Strict middling gray
in June Middling spotted
43 off *Middling gray
this year, 569,765 in July last year, 461,742 in July 1926, Strict low middling spotted.__ 93 off *Good middling blue stained--1:0793
1 51 off
.
'Low middling spotted
*Low
483,926 in 1925 and 347,099 in 1924. But this report
off *Strict middling blue stained___2.12 off
had Strict good middling yellow tinged 1.61 off *Middling blue etalned
.03
2 90 off
been discounted. When it came it was largely ignored. Good middling yellow tinged
.34 off
Strict middling yellow
Mill stocks during July decreased about 150,000 bales,
tinged
.88 off •Not deliverable on future contracts.
and
The official quotati
at the end of the month were nearly 400,000 bales smaller
ons for middling upland cotton in the
o
io
than at the same time last year. The total consumption NIsT r?rkmarke_t each day for the past week has been:
n
Aug.
Sat. Mon. Tues. Wed. Thurs. Fri.
for 12 months ending July 31 in this country was 6,832,68 Mtdffilng upland
18.90 18.55 18.95 19.20 19.55 19.10
bales against 7,189,585 in the previous season. It may 9
FUTURES.
be
-The highest, lowest and closing prices at
added in partial explanation of the decrease in the
July New York for the past week have been as follows:
consumption that many of the mills were closed for one
week in July this year.
Saturday, Monday. Tuesday, Wednesday, Thursday; Friday;
Aug. 11. Aug. 13.
Aug. 14.
Aug. 15.
Aug. 16.
Aug. 171
On the other hand, some of the crop reports have been
Aug.
favorable. It is considered premature to kill the
Range..
crop in
Closing_ 18.43 -- 17.95the middle of August. The short interest has been some18.4118.6118.9718.60 --.
Sept.
what reduced during the week. Prices in three days
.
Range..
ad19.20-19.20
Closing_ 18,51 -- 1800-1800
vanced 125 to 130 points. Some think the reports
18.0018.5119.07 -- 18.70of dam- Oct.18.71age are exaggerated. They doubt whether any serious
Range__ 18.65-19.04 18.15-18.5
0
jury has thus far been done to the crop by the weevil. 'InClosing- 18.65-18.69 18.25-18.30 18.28-18.73 18.5548.98 18.6549.38 18.7549.40
18.71-18.73 18.91-18.95 19.2749.29 18.85-18.90
The Nor.
weekly report was considered in the main favorabl
Range..
e,
18.7048.70-- -if some of its features were not altogether so. Thereeven
Closing_ 18.64 ---- 18.25
---- 18.71 -18.92 ---- 19.27 ---- 18.85 ---has Dec.been no large buying by the trade. Cotton goods
Range_ 18.63-18.98
have
Closing_ 18.63-18.85 18.11-18.50 18.25-18.73 18.54-19.00 18.6749.39 18.8049.47
not been active, either at home or abroad. The Shanghai
18.25-1827 18.71-18.73 18.93-18.97 19.27-19.30 18.85-18.89
auction sales make a poor showing at this time. Some think Jan.
Range.- 18.50-18.87
Closing_ 18,50-18 52 18.18
. 18.05-18.35 18.19-18.70 18.53-18.96 18.65-19.34 18.7249.40
the crop can be anywhere from 12,500,000 to 16,000,000 bales
18.67-18.70 18.88-18.90 19.22-19.24 18.83in this country. It all depends upon the weather in the Feb.Range
Closing_ 18.55 -- 18.22
next month or so. Some look for a favorable Government
---- 18.72 ---- 18.94 ---- 19.25 ---- 18.88 ---report on Sept. 8, whatever others may expect. It is said Mar.Range_ 18.61-18.95
18.12-18.42 18.31-18.79 18.63-19.05 18.7649.42 18.8049.49
Clotting- 18.61-18.66 18.25-18.3
that the mills are not buying spot cotton for forward deliv0 18.76-18.79 19.0149.03 19.28-19.30 18.88-18.98
ery to any great extent. And while the South sends a good Apr.
Range..
Closing_ 18.87 -- 18.28
many damage reports, it is at the same time a persistent
18.7619.0219.3118.96 -seller. This is regarded in some quarters as - distinctly MayRange.- 8.53-18.88 18.10-18.37
Closing- 8.53-18.56 18.26-18.2 18.30-18.78 18.62-19.06 18.77-19.47 18.86-19.54
significant.
9 18.76-18.78 19.0349.04 19.35June
18.90-19.00
Range..
-18.00_18 00
The weekly Government report stated that except for
.
19 07-19.07
Closing- 18.49 --- 18.05 --some damage by high winds and excessive rains in the July18.7019.0019.3218.93Range-. 8.50-18.70 18.02-18.3
more eastern portions of the belt, the weather continued
0 18.25-18.66 18.77-19.00 18.7349.30 18.90-19.40
Closing_ 18.5018.10 -- 18.65-18.98-18.99 19.30generally favorable for the crop in most sections. In the
18.87 -Range of future
Carolinas there was a moderate amount of damage, but
prices at New York for week ending
otherwise progress of cotton was fair to good, with squares, Aug. 17 1928 and since trading began on each option:
blooms and bolls forming rather freely in South Carolina
Option for
Range for Week.
and the first bale ginned at about the average date. In
Range Since Beginning of Option.
Aug. 1928_
Georgia heavy rains were damaging over a large area of
17.85 Feb. 8 1928 22.20 June 28 1928
Sept.1928.. 18.00 Aug. 13
19.20 Aug. 17 17.45 Jan. 28 1928 22.30 June 27 1928
the Southeast, with open cotton whipped out; while plants Oct. 1928_ 18.15
Aug. 13 19.49
17 18.15 Aug, 13 1028 22.87 June 29 1928
there are fruiting heavily, shedding of bolls was again Nov. 1928__ 18.70 Aug. 16 18.70 Aug. 16 17.25 Jan. 28 1928 22.48 June 30 1928
Aug.
Dec. 1928_ 18.11
reported as increasing, and picking made slow progress. Jan. 1929_ 18.05 Aug. 13 19.47 Aug. 17 18.98 June 12 1928 22.70 Juno 29 1928
Aug. 13 19.40 Aug. 17 17.00 Feb. 2 1928 22.45 June 29 1928
In Tennessee, Alabama and Mississippi
Feb.
the weekly advance Mar. 1929_ 18.12 Aug.
1929__
13 19.49 Aug. 17 18.12 Aug. 13 1928 22.36 June 20 1928
was mostly fair to very good, in general,
April 1929_ __
but moisture is May
18.58 Aug. 10 1928 99
July
:
needed in western Tennessee, some
18:10
1928
shedding reported in June 1929__ 18.00 Aug. 13 19.54 Aug. 17 18.10 Aug. 13 1928
June
1929Aug.
Mississippi, and much shedding locally
1 1928
1
July 1929- 18.02 Aug. 13 19.07 Aug. 17 18.00 Aug. 13 1028 ail
in Southern Ala13 19.40 Aug. 17
1928
Aug. 13 1928 19.97
bama. In Louisiana progress was poor
because of shedTHE VISIBLE surpLy
COTTON to-night, as made
ding, but in Arkansas it was very good except
in some west- up by cable and telegrap OF
h, is as follows. Foreign stocks
as
AUG. 18 1928.]
well as afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Aug. 17Stock at Liverpool
Stock at London
Stock at Manchester
979
FINANCIAL CHRONICLE
1926.
839,000
57,000 113,000
79,000
918,000
574,000
325,000 403,000
168,000 182,000
9.000
9,000
85,000 101,000
30,000 22,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
1925.
515,000
7,000
52,000
731,0001.242.000
bales.
87,000
109.000
1.000
55.000
23,000
70,000
79,000
3,000
58,000
8,000
5,000
1,000
1927.
1928.
674,0001.129,000
275,000
617,000 717,000
Total Continental stocks
1,348,0001,959,000 1,193,000
Total European stocks
73,000 77.000
_ _
79,000
India cotton afloat for
for Europe 181,000 252.000 245,000
American cotton afloat EuropeEgypt,Brazild.tc.,afloatforEurope 122,000 127,000 119.000
180,000 288,000 179,000
Stock in Alexandria, Egypt
1,089,000 534,000 431,000
Stock in Bombay,India
a455,876 a930,172 a565,404
Stock in U. S. ports
Stock in U. S. interior towns.__. a266,345 a349,011 a511,748
6,194
550
U. S. exports to day
224,000
798,000
107,000
142,000
151,000
39.000
546,000
206,249
191,601
receipts at all the towns have been 16,334 bales less than the
same week last year.
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:
377
4,066
5,300
961
10,015
12,600
Week
2,622
840
44
473
5.792
5.600
11,440
Total gross overland
Deduct Shipments
Overland to N. Y., Boston. &c.. 230
398
Between interior towns
9,986
Inland,&c.,from South
29,208
15,371
45,069
1,158
975
23.782
2,198
436
10,052
5,126
1,170
22,492
10,614
25,915
12.686
28,788
826
3,293
2,685
16.281
3,715.7714,516,183 3,329,346 2.180.850
Total visible supply
Of the above, totals of American and other descriptions are as follows:
A mericanbales_ 406,000 803,000 435,000 244,000
Liverpoolstock
61,000
45,000
39,000 97,000
Manchester stock
563,000 665,000 203,000 150,000
Continental stock
181,000 252,000 215,000 142,000
American afloat for Europe
a455,876 930,172 a565,404 206,249
U.S. port stocks
266,345 a349,011 a511.748 191,601
U.S. interior stocks
550
6,194
U. S. exports to day
1,911,7713,096,183 2.027,346
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt Brazil, &c.. afloat
Stock in Alexandria. Egypt
Stock in Bombay, India
268.000 326,000
404,000
18,000 16,000
54,000 52,000
73,000 77,000
122,000 127,000
180,000 288,000
1.089,000 534,000
18,000
72,000
79,000
119,000
179,000
431,000
978,850
271,000
7.000
7,000
74,000
107,000
151.000
39,000
546,000
1,804.0001,420,000 1,302,000 1,202,000
1,911,7713,096,183 2,027,346 978,850
Total East India, &c
Total American
3.715,7714,516.183 3,329,346 2,180,850
Total visible supply
9.58d. I3.07d.
Middling uplands, Liverpool_ _ _ 10.71d. 10.60d.
19.10c. 20.45c.
18.20c.
23.65c.
Middling uplands, New York_ _
19.95d. 20.75d. 17.05d. 33.00d.
Egypt, good Sokol,
13.30d. 11.50d. 14.50d. 22.00d.
Liverpool_Peruvian, rough good, LiverpooI_
8.40d.
9.20d. 9.50d.
11.65d.
Broach, fine, Liverpool
8.95d.
10.15d. 9.90d.
12.05d.
Tinnevelly, good, Liverpool
a Houston stocks are now included in the port stocks; in previous years
they formed part of the interior stocks.
Continental imports for past week have been 89,000 bales.
The above figures for 1928 show a decrease from last
week of 229,908 bales, a loss of 800,412 from 1927, an
increase of 386,425 bales over 1926, and a gain of 1,534,921
bales over 1925.
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year,is set out in detail
below:
Movement to Aug. 17 1928.
Movement to Aug. 19 1927.
Receipts.
Ship- Stocks
, Ship- Stocks
Receipts.
meats. , Aug.
' ments. Aug.
Week, Season. IVeek. in,
Week. Season.1Week. 17.
11
887
267
205 1.130
0,
826
Ala.,BirmIng'm
502
560
171
747 3,764
667 5,168
10
Eufaula
1,554
284 5,269 1,153
798 12,474
104'
5
Montgomery.
324
496
684 4,108
8851
38 6,030
3
Selma__
50
157
321 2,822
200 9,735
Ark.,13lytheville
100
45 2,437
221
100 1,472
12'
Forest City..
12
138 3,166
90 6,673
Helena
4
4
121 1,378
449
hope
530
4
231
50 1,595
Jonesboro_
184
305
87 4,967
411
585 9,438
27
Little Rock._
29
643
2
55 1,180
Newport_ .._ _
93
110
525 5,168
209 9,844
131'
49
Pine Bluff_
63
433
314
Walnut Ridge
698
65
421
1,577
565
318 1,750
Ga., Albany....
25
490
87
8
1,224
5
225 2,795
Athens
11,25
414
525
1,222
156
826 10,421
Atlanta
13,02
1,729
3,2711
4,053 3,818 26,600
1,654
Augusta-180
140' 3:89_38_8?
280
100
00
Columbus_ _
466
207 1,41
1,190
73
2,130 1,000 1,710
30
Macon
400 7,86
380
2
100
300, 3,583
Rome
24
68 8,86
1,310
1,610 3,235 17,165
18
La., Shreveport
290 12,52
116
34
204
526 1,3731 13,181
Miss.,Clarksdale
13
32
1
121
Columbus_
836
671' 1,286 23,35
97
531
242 1,338 13,723
Greenwood_
73
12
51
85
104
Meridian
1
115, 2,111
__I 10,88
173
37
126
Natchez
88' 4,103
1.33
48
9
16'
Vicksburg-- Ill
3,
77 4;
32
125
251
Yazoo City.
240
111
5,0531 1,652 1.88
2,330
7,731 2,622 1,440
Mo., St. Louis. 1,655
75 1 218 4,93
680
70
2,151 2,1391 28,344
N.C.,Greensb'ro
2
14
39, 1,331
Raleinhx- 1
Oklahoma
286 1,040 7,75
161
620
2.825 1,0211 9,709
15 towns.-.
8,296 5,361 11,47
4,310
8,822 7,341 36,496
S.C., Greenville 3,817
8,672 23,375 12.199 67,379
Tenn. Memphis 5,580 12,833 0,863 67,18
1
33
48
48
Texas, Abilene_
30
21
444
30
585
198
Austin
835
100 10,37
172,
469
116
714
148 6,048
Brenham
637 15,15
869
30
472
810
273 3,851
Dallas
60
_
4
88
Paris
7,5251 1.736 4,76
4,646, 23,319
2,332
351 18,828
Robstown_ _
3,472 1,823 2.62
4,000,
9,834 3,000 5,445
San Antonio_ 2,101
12
66
21'
3'
321
1
194 2,227
Texarkana...
42 3,87
369
1571
641
95
285 2,467
Waco
Total 56 towns 19,0271 45,4681 33,943266,345 35,361 99.260 45.697 349.011
a Discontinued. • Includes the combined totals of fifteen towns In Oldahoms.
Times:.
1
-I
The above total shows that the interior stocks have
decreased during the week 19,910 bales and are to-night
82,666 bales less than at the same time last year. The
1927
Since
Aug 1'
8,473
4,830
44
1,317
14,105
16,300
-1928Since
Week
Aug 1
5,337
1,652
45
295
Aug. 17ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total to be deducted
Leaving total net overland*
* Including movement by rail to Canada
The foregoing shows the week's net overland movement
this year has been 826 bales, against 2,685 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 12,988 bales.
1927
1928
. Since
Since
In Sight and Spinners'
Aug 1'
Week
Aug 1
Week
Takings
224,930
52,656 108,930
26,280
Receipts at ports to Aug. 17
16.281
2,685
3.293
826
Net overland to Aug. 17
326.000
240,000 115.000
to Aug. 17-100,000
Southern consumption
567,211
295,949 226.615
127,106
Total marketed
*23,941
*48,155 *10,798
*19,910
Interior stocks in excess
Came into sight during week_ -107,196
Total in sight Aug. 17
North.spinn's's takings to Aug. 17 11,438
* Decrease.
215,817
543,270
247,794
Movement into sight in previous years:
Bales.
341,591
459.568
310,163
Since Aug. 1Bales.
150,018 1926
238,352 1925 •
125.589 1924
Week-Aug.21
1926
-Aug.22
1925
-Aug.23
1924
52.470
13,723
27.344
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
Week Ended
Aug. 17
Galveston
New Orleans_ _ _
Mobile
Savannah
Norfolk
Baltimore
Augusta
'Memphis
Houston
Little Rock
Dallas
Fort Worth
Saturday Monday Tuesday Wed'day Thursd'y
18.55
18.72
18.45
18.49
18.69
19.40
18.75
18.25
18.45
18.15
18.00
18.55
18.71
18.25
18.58
18.75
18.85
18.81
18.30
18.55
18.18
18.00
18.00
18.15
18.27
18.00
18.15
18.31
18.75
18.38
17.85
18.10
17.75
17.60
17.60
18.75
18.94
18.40
18.77
18.94
19.25
19.05
18.50
18.70
18.40
18.20
18.20
Friday
18.70
18.89
18.18
18.85
18.88
19.65
19.00
18.50
18.65
18.35
18.15
18.15
19.10
19.28
18.75
19.12
19.25
19.25
19.38
18.90
19.05
18.78
18.55
18.55
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Aug. 11.
Monday,
Aug. 13.
Tuesday, Wednesday, Thursday,
Aug. 14. Aug. 15. Aug. 16.
Friday,
Aug. 17.
October __ 18.10-18.13 17.65-17.68 18.10-18.12 18.32-18.34 18.67-18.69 18.28-18.26
November
December 18.17-18.18 17.75-17.76 18.19-18.21 18.44-18.45 18.80-18.81 18.37-18.4C
18.82-18.84 18.4418.22 Bid 18.4817.80January __ 18.17February.
18.92-18.93 18.49-18.51
18.5617.86-17.88 18.3218.23March ......
April
18.52 -18.9718.17-18.18 17.85-17.86 18.32 131d 18.58May
June
18.12 Bid 17.80 Bid 18.26 Bid 18.56 Bid 18.95 Bid 18.49 bid
July
Tone
Quiet
Steady
Steady
Steady
Quiet
Quiet
Spot
Steady
Steady
Steady
Steady
Steady
Steady
nnefnna
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Futures
Market
Closed
Spot Market
Closed
Saturday __ _
Monday _
Tuesday __Wednesday_
Thursday _ _
Friday
Quiet,40 pts. decl _ _
Quiet,35 pts. decl _ _
Steady,40 pts adv_ _
Quiet,25 pts. adv._ _
Steady. 35 pts. adv _
Quiet,45 pts.
Barely steady
Very steady
Firm
Firm
Steady
Easy
SALES
Spot
Contr'ct Total
200
200
1,100
1.100
325
325
1,625
7.670
Total_
Since Aug. 1
1,625
9.079
1.400
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Aug. 17 for each of the past 32 years have been as follows:
1928
1927
1926
1925
1924
1923
1922
1921
19.10c.
19.95c.
18.20c.
23.60c.
28.70c.
25.65c.
22.00c.
12.80c.
1920
1919
1918
1917
1916
1915
1914
1913
1912
1911
1910
1909
1908
1907
1906
12.00c. 1905
36.00c.
30.55c.
35.70c.
26.15c.
14.45c.
9.25c.
11.80c. 1904
12.40c. 1903
15.90c. 1902
12.80c. 1901
10.50c. 1900
13.25c. 1899
10.20c. 1898
10.60c. 1897
10.55c.
12.75c.
9.00c.
8.00c.
10.00c.
6.19c.
5.88c.
8.00c.
980
FINANCIAL CHRONICLE
[VOL. 127.
FIRST BALE FROM SAN JOAQUIN VALLEY.
-The report, issued by the Department of Commerce at WashLos Angeles "Times" reports the first bale of cotton from ington on Aug. 15, will be found in an earlier part of this
San Joaquin Valley as follows in a dispatch from Delano: publication in our department entitled "Indications of
The first bale of the 1928 San Joaquin Valley cotton crop was ginned Business Activity."
Aug. 8 at Earlimart, according to D. J. Cecil of the San Joaquin Cotton
011 Co. here. The bale was picked at the ranch of R. M. Griffin and
WEATHER REPORTS BY TELEGRAPH.
-Reports to
was reported to be of good quality. It weighed 585 pounds and set a record
for the valley in early cotton production, being the harbinger of Kern us by telegraph this evening indicate that the weather durCounty's estimated crop of more than 40,000 bales this season.
Usually the first cotton in the valley is ginned about the 15th inst. or ing the week has been favorable for cotton in all parts of the
later, according to gin officials. Cotton men report that this year's stand cotton belt except in the eastern section where there have
Is from two to three weeks earlier than last year's crop at this tim3. It is
predicted that this year's harvest will be well under way early in September. been high winds and excessive rains during a good part of
-The Dallas "News" the week. Cotton is opening rapidly and picking is becomMORE TEXAS FIRST BALES:
reports the following first bales from different points in ing general. Weevil are active in many sections, but reports
of damage caused by them are few. There have been some
Texas:
A bonus will be given to J. W. Gho'sten, who brought the first bale of reports of shedding, but
as a rule the reports have been
1928 cotton in to Palestine. Texas, on Aug. 6. The bale was ginned by
the Morris-Shelton Gin Company, who added a 610 cash donation and a mostly favorable.
committee from the chamber of commerce has raised a bonus for this first
bale.
TEXAS.
-Advance of cotton has been fair to very good,
Hillsboro received her first bale of cotton on Aug. 9, six days later than
it was received last year and seven days earlier than in 1926. It was but in some of the dryer sections the condition is poor.
grown by Alex Hooker of Peoria, who has marketed four first bales here in Picking has made good progress in the south and has been
the last five years. The bale weighed 450 pounds and graded strict middling begun in the north.
,or better. A premium was made up by business men.
Gregg County received its first bale of the 1928 cotton crop on Aug.9. It
MOBILE,ALA.
-Cotton is opening freely and a few gins
-was raised by Dave Daniels. negro, The cotton was classed as middling
and weighed 495 pounds. The first bale last year was a day earlier than are operating. New bales are reported from various points.
$168.30, nearly half of which was bonus Shedding and Boll
the one this year. Daniels received
Weevil damage is slight.
raised by business men. The market price was,it
The first bale of cotton was brought to Kilgore by Clinton Wyche. It
was ginned and bought by Laird Brothers at 20c. The chamber of commerce gave a premium of $50. The bale netted $174.
-The conOKLAHOMA COTTON REPORT AUG 1.
dition of the Oklahoma cotton crop on Aug. 1, 1927, was
71% of a normal compared with 75 on Aug. 1 last year, and
a 10-year average of 71 at this date, according to a report
released Aug.9 by the Oklahoma Crop Reporting Service.
Cotton got up to a generally good stand last month, blooming freely and
setting fruit. Boll weevils are getting numerous, being worse in the East
and South. Rainy,cloudy weather last month increased weevil infestation.
Hot, dry weather now would check the ravages of the peat.
4.899.000 acres were planted to cotton in Oklahoma this year, compared
to 4,187,000 acres planted last year and 3,601.000 acres harvested last year.
The planted acreage was increased 17% this season over last season. Last
-lb. gross weight). 1,773,000
Season Oklahoma ginned 1,037.000 bales (500
In 1926, and 1,691.000 in 1925.
NORTH CAROLINA COTTON REPORT.
-The U. S.
Department of Agriculture at Raleigh, N.C.issued on Aug.
B,its cotton report as of Aug. 1. Below is the report:
Farmers in North Carolina report their cotton as 73% of normalon Aug. 1,
this being 6 points below the condition on Aug. 1 last year, but 14 points
above the final 1927 condition. The average condition on Aug. 1 during the
past ten years was 72%. Of interest in this connection is the fact that the
present acreage in cultivation is 1.841,000 acres as compared with 1,728,000
picked last year and a ten-year average of 1,711.800 acres. The crop indicated on Aug. 1 was 973,000 bales. Last year the State ginned 861,000
and the average crop ginned during the past ten years shows 919.800 bales.
The 73% condition indicates a yield of 253 pounds of lint per acre. Last
year 238 pounds was the average picked and the past ten years show an
-average yield of 256 pounds per acre. The present years acreage and yield
per acre point to a crop of 973,000 bales in this State.
QUALITY OF CARRY-OVER COTTON BEING CAN-Under the provisions of the
-VASSED BY U. S. D. A.
Mayfield-Jones Act, the United States Department of
Agriculture is making its first official canvass of the quality
of "carry-over" cotton on hand in the United States at 12:01
a. m., Aug. 1. The results are to be announced upon completion, on a prearranged date, probably in September.
The work of inventorying the grades and staples in the carry-over is in
.response to an intense public interest in the quality of this cotton. In recent years it has been thought that the cotton in the carry-over might be
of such low grades and inferior lengths as to have a depressing effect upon
the price of American cotton when bales in the supply are counted regardless of quality. In years following a large crop of low grade and short
length, says the department, this contention is more commonly heard than
in years following small crops of high grade cotton.
The report will supply for the first time the facts concerning the grade
and staple in the carry-over.
The Division of Cotton Marketing is assembling from owners the facts as
to the number of bales of each grade and staple length of the cotton in the
carry-over. The actual cotton is found in public and private storage
warehouses and compresses, in consuming establishments, on farms. in
transit from merchant to domestic spinner. etc. In form and scope, this
report will be very similar to those issued last year during the ginning season
and shelving the grade and staple length of the cotton crop in the State of
-Oklahoma area. It is said at the department that the
Georgia and a Texas
report will check with the Census Bureau's report of the number of bales of
cotton on hand Aug. 1.
The grade and staple reports are designed to provide growers, merchants,
spinners, and the puolic generally with current information on the quality
of tne supply of American cotton. including both the carry-over and the
crop. It is a well-known fact to those who enter the cotton market, says
the department, that the quality of the cotton sold has an important
bearing upon consumption and, therefore, upon its price. With a given
supply, the lower the quality the lower the price, and, conversely, the
higher the quality, within limits, the higher the price. Buyers and sellers
of cotton, therefore, pay quite as much attention to the quality of our cotton
crop as they do to quantity. It is felt, therefore, that information concerning the grade and staple length of the cotton in the carry-over as well as
that in the crop should be made a matter of information available to all,
and to all alike.
With such information available, economists of the department say, the
different prices paid for the several grades and staple lengths of American
'cotton should more accurately reflect values than has been possible in the
Nut when quality was little known except by those most experienced in
handling American cotton on an extensive scale.
With the demand for American cotton increasing at the rate of prooaoly
300,000 bales a year, and with the development of new uses, the need for
information on the grade and staple quality of the supply of American
cotton is coming to be quite generally appreciated by growers, spinners,
and merchants, and the support of the department's efforts in this direction
In recent months has been very gratifying.
CENSUS REPORT ON COTTONSEED OIL PRODUCTION DURING JULY.-Persons interested in this report
-willfind it in our department headed "Indications ofBusiness
Activity," on earlier pages.
CENSUS REPORT ON COTTON CONSUMED AND
.ON HAND IN JULY,&c.
-This report, issued on Aug. 15
by the Census Bureau, will be found in full in an earlier
part of our paper under the heading "Indications pf Business Activity.'
SUPPLY AND DISTRIBUTION OF COTTON IN
THE UNITED STATES, SEASON OF 1927-28.
-This
Rain. Rainfall.
Thermometer
Galveston,Tex
4 days 0.41 in. high 97 low 78 mean 87
Abilene
dry
high 96 low 68 mean 82
Brenham
dry
high 100 low 70 mean 85
Brownsville
2 days 0.19 in. high 98 low 76 mean 87
Corpus Christi
1 day 0.16 in. high 98 low 78 mean 88
Dallas
high 98 low 74 mean 86
dry
Henrietta
high 98 low 68 mean 83
dry
Kerrville
1 day 0.06 in. high 98 low 64 mean 81
Lampasas
1 day 0.06 in. high 106 low 66 mean 86
Longview
high 94 low 70 mean 82
dry
Luling
1 day 0.72 in. high 104 low 74 mean 89
Nacogdoches
high 96 low 68 mean 82
dry
Palestine
high 98 low 72 mean 85
dry
Paris
high 98 low 72 mean 85
dry
San Antonio
high 102 low 76 mean 89
dry
Taylor
in. high 98 low 72 mean 85
1 day
Weatherford
1 day 0.28 in. high 100 low 66 mean 83
Ardmore. Okla
high 99 low 69 mean 84
dry
Altus
high. 100 low 65 mean 83
dry
Muskogee
high 98 low 67 mean 83
dry
Oklahoma City
high 98 low 69 mean 84
dry
Brinkley, Ark
high 98 low 65 mean 82
dry
Eldoradodr ç
hi h 98 low 69 mean 84
Little Rock
.38 in. high 95 low 71 mean 83
1 day
Fine Bluff
high 104 low 68 mean 86
dry
Alexandria, La
dry
high 99 low 73 mean 86
Amite
3 days 2.37 in. high 94 low 70 mean 82
New Orleans
mean 84
2 days 2.38 in.
Shreveport
1 day 0.07 in. high 97 low 73 mean 85
Columbus, Miss
1 day 0.50 in. high 99 low 69 mean 84
Greenwood
high 100 low 69 mean 85
dry
Vicksburg
1 day 0.13 in. high 97 low 73 mean 85
Mobile, Ala
2 days 0.76 in. high 95 low 71 mean 83
Decatur
high 92 low 68 mean 80
Montgomery
%.44 in. high 94 low 71 mean 83
4 daysdr
Selma
4 days 1.36 in. high 97 low 71 mean 84
Gainesville, Fla
5 days 1.46 in. high 91 low 71 mean 81
Madison
7 days 7.63 in. high 91 low 72 mean 82
Savannah,Ga
6 days 0.97 in. high 88 low 72 mean 80
Athens
3 days 5.60 in. high 94 low 64 mean 79
Augusta
6 days 5.46 in. high 92 low 70 mean 81
Columbus
5 days 3.65 in. high 95 low 72 mean 83
Charleston,8.0
5 days 1.52 In. high 88 low 72 mean 80
Greenwood
5 days 13.43 in. high 92 low 67 mean 80
Columbia
5 days 5.98 in. high 88 low 70 mean 79
Conway
5 days 3.46 in. high 91 low 69 mean SO
Charlotte, N.0
6 days 8.34 in. high 92 low 66 mean 76
Newborn
3 days 1.48 in. high 94 low 62 mean 78
Weldon
4 days 1.97 in. high 87 low 61 mean 74
Memphis, Tenn
high 94 low 72 mean 83
dry
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. in. of the dates given:
Aug. 17 1928. Aug. 19 1927.
Feet
8.2
6.2
18.6
15.0
9.2
8.4
9.8
8.8
26.2
25.2
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge..
Above zero of gauge_
Above zero of gauge_
Above zero of gaugeAbove zero oT gauge_
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Week
Ende
Receipts at Ports.
1928.
1927.
May
18._ 84,323 73,651
25..)59.759 (17.448
June
1..I 54.183 88.264
8
37.809 58.037
15 I 38,902 51,46
22..I 26,447 45.396
29 30.851 38,84
July
6.. 38.994 38.801
13._ 27.419 34.823
20_. 19,932 30,27
27.4 18,771 35.802
Aug.
3._ 28,393 45,278
21.074, 84,022
17..I26,280 108.93
1926.
Stocks at Interior Towns.
1928.
1927.
1920.
ReceiptsfromPlantations
1928.
1927.
1926.
73,22 820 3 -6 710,0441,345,833 55,354 41,02 23,378
65.277 687.7
656.451 1.301.436 27.109 13,893 20,880
89,807
47,642
80,6761
52,4691
53.138
658,8S6
523,06 e
493,693
483.241
437,961
613,917 1.224,902 25,309 25,730 13.273
575.095 1,186,780 2.083 17.215 9,520
534,914 1.074,997 9,535 11,279 68.893
nil 13,482 8,854
503.'''1.031.182
471,889 987,093 5,572 5,512 9,037
952.467 6,759 16,283
1311 2.407.
917,992 6,025
nil 10,043 4.031
884,912
n11 17,823 19.663
819.353
I
53.3
302,3 i 378.345 542,251 2,253 47.129 22,217
73,889 288 255 359.809 522.013 4.999 67,486 53,631
87.8
286.345 349 011 511.248 8.370 98.132 77,815
37.087
38,882
37,161
85,2221
407,728
388,332
356,443
328.474
449.131
412,498
392.271
374.492
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1928 are 4,999 bales:
in 1927 were 200,989 bales, and in 1926 were 136,440
bales. (2) That although the receipts at the outports the
past week were 26,280 bales, the actual movement from
plantations was 6,370 bales, stocks at interior towns
having decreased 19,910 bales during the week. Last year
receipts from the plantations for the week were 98,132
bales and for 1926 they were 77,615 bales.
I
OF ANC AL
FINCOTTON. CHRONICLE
AUG. 18 1928.]
981
.
Sales.
-To Genoa-Aug.6-Savola, 550
550
NEW YORK
-Karlsruhe. 2,243--_Aug. 10
-Columbus,
To Bremen-Aug.8
1,005; Rpublic, 482_ Aug. 15-Muenchen, 500
• 4,230
1928
Takings,
Cotton
-Cabo Torres. 50
50
To Santander-Aug. 13
Week and Season.
-Chattanooga City, 525
525
To Japan-Aug. 16
Season
Week 1927
Season
Week
-Chattanooga City, 450
4511
To China-Aug. 16
-De La Salle, 1,022
-Aug.8
1,022
GALVESTON-To Havre
4,600,075
3,945,679
Visible supply Aug.17
-Ferndale,
-La Plata Maru.500 ..Aug. 14
To Japan-Aug.8
4,961,754
4.175,480
Visible supply Aug.1
1,080
580
543,270
247,794 215,817
American In sight to Aug. 17--- 107,196
700
To Gothenburg-Aug. 14-Mexicano. 700
40,000
9,000
19,000
5,000
Bombay receipts to Aug. 16---229
-Kentucky, 229
To Bremen-Aug. 10
29,500
15,000
15,000
4,000
Aug, 16....
Other India ship'ts to
-Kentucky, 375
375
To Copenhagen-Aug. 10
4,860
400
2,600
Alexandriareceipts to Aug. 15..
850
-Ferndale, 850
To China-Aug. 14
25,000
10,000
33,000
14,000
Othersupply to Aug. 15_*-b--716
-Steadfast, 716
To Liverpool-Aug. 15
862
-Steadfast, 862
To Manchester-Aug. 15
4.075,875 4,490,674 4,852,492 5,604,384
Total supply
1,865
To Genoa-Aug. 14-Joles, 1,865
Deduct
15.350
-To Murmansk-Aug. 10-Passat, 15,350
3,715,771 3,715.771 4,516,183 4,516.183 NEW ORLEANS
Visible supply Aug.17
500
-Aug. 11-Cranford, 500
To Havre
341
-Aug. 11-Cranford,341
To Ghent
774,903 336,309 1,088,201
Aug. 17_a
360.104
Total takings to
450
Bremen-Aug. 11-0akman, 450
836,841 HOUSTON-To
577,503 273.709
245.104
Of which American
1,884
To Genoa-Aug. 13-Jolee, 1,884
251,36
62.600
197,400
115,000
Of which other
985
-Steadfast,879: Scythian. 106
To Liverpool-Aug.16
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
4,159
-Hague Marti, 4,159
To Japan-Aug. 13
a This total embraces since Aug 1 the total estimated consumption by
961
-Steadfast,361: Scythian,600
To Manchester-Aug. 16
Southern mills, 240,000 bales in 1928 and 762,201,000 bales in 1927
1,750
-Hague Meru, 1.750
To China-Aug. 13
takings not being available-and the aggregate amounts taken by Northern
1.041
-Aug 15-Conness Peak, 1.041
To Havre
and foreign spinners, 534,903 bales in 1928 and 326,491 bales in 1927
325
-Aug. 15-Conness Peak. 325
To Ghent
of which 337,503 bales and 510,841 bales American.
350
To Rotterdam-Aug. 15-Conness Peak, 350
b Estimated
179
-Medina,179
-Aug.10
-To Liverpool
MOBILE
' 300
-Medina,300
10
To Manchester-Aug.
INDIA COTTON MOVEMENT FROM ALL PORTS.
653
-Kearney, 653
-To Manchester-Aug. 14
NORFOLK
1,125
The receipts of India cotton at Bombay and the shipments
To Bremen-Aug. 14-Harburg, 1,125
550
To Rotterdam-Aug. 17-Beemsterdlik, 550
from all India ports for the week and for the• season from
50
-Aug.16-Kelkheim,50
SAVANNAH-To Oporto
1.350
Aug. 1, as cabled, for three years, have been as follows:
16--Shickshinny, 1.350
To Bremen-Aug.
2,589
-Aug. 13-Waban, 2,589
-To Havre
CORPUS CHRISTI
1,178
-Aug. 13-Waban, 1,178
To Ghent
150
1926.
1927.
1928.
To Antwerp-Aug. 13-Waban, 150
1.941
August 16.
To Rotterdam-Aug. 13-Waban, 1,941
3,476
Receipts at
1Since
Since
Since
-Kentucky. 3,476
15
To Bremen-Aug.
50
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
-Kentucky, 50
-Aug. 15
To Oslo
6,750
'
-Ferndale, 6,750
To Japan-Aug. 14
Bombay
2,775
5.000
19.000 9,000 40,000 28.000
63,000
-Ferndale, 2,775
To China-Aug. 14
64.716
Since August 1.
For the Week.
-Current rates for cotton from
COTTON FREIGHT.
Exports
Great
from
Conti- Japan &
Great Conti- I./apan&
New York, as furnished by Lambert & Burrowes, Inc., are
Britain. nerd. China. Total. Britain. nent.
Br
China. Total.
as follows, quotations being in cents per pound.
Stand
High
Bombay
Stand
High
High
Standaid.
Density.
2,0001 23,000 63,000 88,000
1,000 11,0001 28,000 40,000
1928
ard.
Density.
aid.
Density.
9,00
4,000
1,000
5.000 68,000 77,000 Liverpool .400. .55o. Oslo
1927
.600. Shanghai .700. .85o.
.50c.
.
....7.-1 8 000
0
4,0 01 30,000 35,0''
1,
.60c. .75e.
i,000l 10,000 98,000 109.000 Manchester.400. .55e. Stockholm .600. .75c. Bombay
1926
.45c. .600.
Other Ind
.50c. .65c. Bremen
Antwerp .30e. .450. Trieste
.
4
4,0001
15,000
1928
15,000 Ghent
.50c. .85c. Hamburg .45c. .60e.
.370. .52e. Flume
15,
15,000'
1,500 28.00
1927
.750. .90o.
29,500 Havre
.450. .600. Piraeus
.31o. .460. Lisbon
12,
12,0001
2,000 38,000
1926
.75c. .90e.
53,000 Rotterdam .350. .500. Oporto
.60c. .750. Salonica
.50o. .650
.50o. .65o. Barcelona .300. .450. Venice
Genoa
Total all
.6.50. .800.
Japan
2,000 38,000 63,000 103,000
1,000 15,000 8,000 44,000
1928
Sales, stocks, &c., for past week:
LIVERPOOL.
5,500 33,000 68,000 106,500
1,000 15,000 8,000 24,000
1927
Aug. 3. Aug. 10. Aug. 17.
27
3,000 48,000 98,000 149.000
1,000 16.000 30,000 47,000
1926
30,000
25,0
3&,000
Sales of the week
16,000
16,000
15,000
19,000
Of which American
Bombay appears to show a
According to the foregoing,
1,000
2,000
1.000
3.000
Actual exports
46,000
47,000
44.000
50,000
decrease compared with last year in the week's receipts of Forwarded
710,000 692.000 690,000 674,000
Total stocks
4,000 bales. Exports from all Indian ports record an increase
449.000 443,000 429,000 406,000
Of which American
31,000
35,000
38,000
38,000
of 20,000 bales during the week, and since Aug. 1 show a Total imports
11,000
11,000
6.000
14,000
Of which American
decrease of 3,500 bales.
120,000 108,000 123,000 119,000
afloat
Amount
28,000
29.000
25,000
22,000
Of which American
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
The tone of the Liverpool market for spots and futures
now receive weekly a cable of the movements of cotton at
each day of the past week and the daily closing prices of
Alexandria, Egypt. The following are the receipts and
soot cotton have been as follows:
shipments for the past week and for the corresponding weeks
WORLD SUPPLY AND TAKINGS
ivr
of the previous two years:
Alexandria, Egypt,
Aug. 15.
Spot.
1928.
Receipts (cantors)
This week
m
Since Al. 1
2.000
1927.
13,000
23.006
1926.
16,000
29 007
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Market.More
demand
Quiet
Quiet
Qu et
i
12:15 I
P. M.
MId.Upl ds
Sales
10.546.
5,000
10.216.
4,000
10.226.
4,000
10.516.
5,000
More
demand
10.466.
6,000
Friday.
A fair
business
doing.
10.716.
5,000
Steady
Steady
Steady sty 1 pt. Very ste'dy
Quiet
This Since
This Since
Futures:(
This Since
Week. Aug. 1. Week. Aug 1. Week. Aug. 1. Market
3 to 7 pts. 19 to 25 pts 6 to 8 Pte. 17 to 20 pts deci. to 2 19 to 23pts.
advance, advance. pts. adv. advance.
advance, decline,
opened
- - 2,000
To Liverpool
3,750 9.723
Steady
Steady Barely sty Sty 2 pts
Steady
3.000
Easy
To Manchester, &c
2,75Q Market. 1
5 toll pts. 27 to 29 pts 1200 14 pts 15 40 22 pts dec.to4pts. 25to 28pts.
4
12,950 2775(5 8.368
To Continent and India 8.000 16.000
deeline, advance, advance, advance. advance.
decline,
3,000 1,500 1,600 1,250 3,430
P. M.
ToAmerica
8,000 24.000 8.750 16,050 7.750 21 521
Prices of futures at Liverpool for each day are given below:
Totalexports
•
Note -A cantor is 99 lbs Egyptian ba es weigh about 750 lbs.
Sat.
Tues.
Thurs.
Mon.
Wed.
Fri.
This statement shows that the receipts for the week ending Aug, 15 were
Aug. 11
n11 canters and the foreign shipments 8.000 bales.
12.151224,12.15 4.0012.15 4.0012.15 4.0012.15 4.0012.15 4.00
to
Aug. 17. P. m.P.In•P. m.P. m•P. m.P. m.P. m It. m.P. m P. m.P. m P.m•
-Our report received by
MANCHESTER MARKET.
a. d.
cable to-night from Manchester states that the market in
8. 8. 8, d. d. 4. 0. d. d. rt.
9.69 9.77 9.8210.0610.0110.0110.0110.2610.29
both cloths and yarns is steady. Demand for both yarns August
September --------9.88 9.67 9.59 9.67 9.72 9.98 9.94 9.921 9.9210.2610.20
and cloth is improving. We give prices to-day below and October
9.82 9.61 9.53 9.61 9.66 9.89 9.84 9.841 9.8410.0910.12
leave those for previous weeks of this and last year for November --------9.77 9.58 9.49 9.55 9.82 9.83 9.78 9.75 9.7910.0210.05
December --------9.77 9.56 9.49 9.55 9.62 9.83 9.78 9.791 9.7910.0210.06
comparison:
January
9.80 9.60 9.52 9.58 9.64 9.85 9.79 9.801 9.8010.03 10.06
9.78 9.58 9.50 9.56 9.63 9.84 9.79 9.801 9.8010.02 10.07
February
9.81 9.61 9.53 9.59 9.66 9.87 9.82 9.841 9.8410.0710.11
March
1928.
1927.
- 9.82 9.61 9.53 9.59 9.67 9.87 9.83 9.85 9.8610.08 10.12
April
__ __ 9.83 9.62 9.54 9.60 9.67 9.88 9.85 9.87 9.8810.1010.14
May
834 Lbs. Shirt- Cotton
834 Lbs. Shirt- Cotton
- 9.81 9.60 9.53 9.59 9.87 9.87 9.84 9.87 9.8810.0910.13
828 Cop legs, Common Middry 328 Cop legs, Common Middrg June
_ 9.81 9.61 9.53 9.59 9.67 9.87 9.84 9.87 9.8810.0910.13
July
Twist.
(10188
to Finest.
to Finest.
9.77 9.58 9.50 9.56 9.64 9.84 9.81 9.84 9.85100610.10
Uprds
d.
s. d.
d. s. d.
d.
d.
d. 5. d.
Mays. d.
a.
11.60 13 015 12 5 013 0
16340173i 14 2 014 4
8.75
14 3 @14 5
11.82 13341015X 12 5 on 0
11.8.72
11.71 13,41015X 13 0 013 3
18.- 1634@178(16 017it 14 3 Q14 5
Friday Night, Aug. 17 1928.
8.91
11.46 14 018 13 0 @l3 8
28-... 16 01734 14 3 @14 5
8.94
Flour was still tending downward with no more than a
June11.47 1454017 13 0 C§13
16 017)i 14 3 014 5
9.23 fair trade at the decline. The trade at the Southwest was
11.45 14y4017 13 0 Q13 3
lb 617St 14 3 4014 5
9.08
11.39 1434(016X 130 @133
said to have been unprecedentedly large last week. The
15- 10 01734 14 2 @144
9.13
11.65 14X 016x 13 0 4313 3
- 163001734 14 3 Q14 5
22
9.08
Northwest, it appears, also did a good business. Lower
12.49 143‘016X 13 0 (d)13 3
1041018X 14 8 015 0
29.-9.11
prices stimulated buying. The decline accompanied higher
July
12.53 15 Q18% 13 0 613 8
17 (1818)i 14 6 015 0
9.17
wheat crop estimates and lower prices for that cereal.
12.14 15 34 017 13 1 013 4
13.-- 17 @1834 14 6 015 0
9.65
11.81 15X017X 13 4 @l3 6
The tone was rather steadier later. The export business
16 018 M 14 2 014 4
9.91
11.73 1534 01734 13 0 1013 6
27- 161.1@18 14 1 (014 3
10.05
was believed to be larger than appears on the surface. A.
Export (bates)
Xdo
i;i85 1-
g
BREADSTUFFS
Aug.
10.80 153401734 13 2 013 4
9.47
10.32 17 019 13 5 013 7
10.40
10.71 1634 @)1735 13 5 013 7
1000
SHIPPING NEWS. As shown on a previous page, the
exports of cotton from the United States the past week have
reached 64,716 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
16 Q1714 13 6 Q14 0
10- 16 @1734 13 6 014 0
.
17 _ 1,5344017 f3 6 @140
Pao.
better business was reported at the Northwest to-day.
Wheat advanced with no great pressure to sell, foreign
markets firm, fear at times of frost in Canada and a fair
export demand. On the 13th inst. prices advanced 1% to
1%c. net after an early decline of 1 to 14c. on a drop
in the cables and fine weather. But the lower prices ran
Into good buying by commission houses. Winnipeg rallied.
982
FINANCIAL CHRONICLE
[You 127.
Export sales were 1,000,000 to 1,250,000 bushels. Stocks was a
bit significant. The total is now 13,432,000 bushels
of Canadian wheat at the head of the Lakes fell off against
26,025,000 a year ago.
rather sharply and are now somewhat smaller than a
On the 14th inst. prices ended %c. higher, owing to
hot
year ago. Large weekly shipments to foreign markets are dry weather
at the West, small receipts of old corn at Chiunder. way. Harvesting has begun in Canada, but not cago, a
brisk cash demand at other points offsetting good
for some time will the crop movement be very large. In receipts
, and not a little covering. Some of the crop rethe interim a better demand is expected for American ports were
not so favorable from Nebraska and Illinois.
hard winters. The winter wheat movement showed a de- Rain was
cided decrease. The United States visible supply increased sold at needed and cooler weather. September was freely
one time and in the early trade was 1%c. lower.
last week 9,739,000 bushels against 7,839,000 in the same On the
15th inst. September closed 2c. lower, but other
week last year. The total is 72,055,000 bushels against 51,- months
were unchanged. There was quite a little liquida386,000 a year ago. On the 14th inst. Chicago closed 2% tion in
to 2%c. higher with Winnipeg up 4c. to 4%c. with a fear of caused September. The strength of other months was
by
frost damage in Canada and heavy covering of shorts. not indicatethe hot dry weather. And the forecast did
any relief. Receipts were very light, and inLiverpool advanced 2% to 3
/ The Northwest and Europe dustries It
1
4c.
bought freely. The carlots of arrivals of winter wheat store stocksis said will probably have to take corn from
to
were smaller. Minneapolis was 4%c. higher. Chicago was the 16th inst. fill their requirements. On the morning of
prices were down % to 1%c. on liquidation
nearly 6c. higher than the low on the 13th inst. Stress was of Septemb
But September rallied 3%c. later. The
laid on the decreased winter wheat movement. Frost oc- receipts of er.
curred in parts of Alberta. Cold weather was forecast was good. old corn were small and the shipping demand
Premiums were relatively high. On the other
for Canada. A heavy frost, it is said, could still do harm. hand,
Liverpool declined. South African shipments
this
Two to three weeks of the right kind of weather there is week are
said to have been 800,000 bushels. Beneficial
required according to some to mature the crop in Canada. rains fell In
the West and Northwest. Cooler weather was
Recent hail and heavy rain storms are said to have done forecast.
damage in parts of Canada. The total wheat crop esti- some from Illinois and Ohio crop reports were good. But
other States reported firing due to the unusual
mated for this year on Aug. 1 has been exceeded only three hot weather
ly
. The forecast did not promise anythin
times in the last 20 years. In 1915 it was 1,026,000,000 than
g more
thunderstorms.
bushels; in 1918 it was 921,000,000, and in 1919 it reached
To-day prices ended lc. lower
to / higher
1
4c.
986,000,000 bushels. In 1914 tbe crop was the same as the erate
trading. The Southwest bought Septemb with modestimate of this year or 891,000,000 bushels. It was said bought
er. Some
that harvesting early wheat would be general in Canada terests September against sales of the new crop. Cash inoffered corn less freely. That caused
this week. The greater part of acreage will be safe by Early prices
covering.
were down lc. or more. A rally came later.
Aug. 25. In Calgary territory some late wheat, it is added, Septemb
er was the most prominent feature
will require 30 days without frost but this very late wheat irregular
. It was quite
Is only small percentage of the acreage. The largest per- and left within moderate limits. Shorts finally covered
it / higher for the day. Benefic
1
4c.
centage of the Canadian crop is 10 days earlier than usual. In South
ial rains fell
Dakota, Nebraska and Iowa as well as in
On the 15th inst. prices declined 1% to 2
Kansas,
/ net. Winni- Missouri and Illinois.
1
4c.
Cash corn was firm with a gooi
peg was 2% to 2%c. lower. The weather in the Northwest demand
. The East wanted it.
was better and higher temperatures prevailed in Canada. small.
Country offerings were
So were the receipts. Final prices
Generally the news was bearish. Export sales were only on
show a decline
September of 4c. for the week, while
300,000 bushels. The Government weekly report was bet- % to
other months are
1%c. higher.
ter. On the 16th inst. early prices were 1% to 1%c. lower
DAILY CLOSING PRICES OF
with good weather in the United States and Canada, LiverCORN IN NEW YORK.
pool off 1% to 2d., Winnipeg weak, a favorable Iowa State No.2 yellow
Sat. Mon. Tues. Wed. Thurs. Fri.
115% 115% 117% 114% 116% .117%
report, hedge selling and liquidation. Kansas City and
DAILY CLOSING PRICES
Minneapolis declined. Kansas City elevators hold 19,000,OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
000 bushels, a high record. An English estimate was of a September delivery
88% 87% 88% 86% 87% 88
December delivery
world supply 320,000,000 bushels above import require724 73
73% 73' 74
March delivery
'
4
77 14
ments. Export sales were 300,000 to 400,000 bushels largely
741.i 75% 76M 7531 7
534 75%
Oats declined owing to general
Manitoba. Late came a rally of about 3c. from the early
ly favorable weather. On
low. Winnipeg rallied 2c. and Minneapolis nearly that. At the 13th inst. prices ended 14 to %c. lower with receipts
the Northwest they are talking of storing wheat rather somewhat larger and other grain at declines. No striking
than accept current prices. Southwestern receipts were features appeared. The cash demand despite the
dip in
rather small. Mill demand there was good for the higher futures continued good. The United States visible supply
grades. Ordinary are going to the Gulf for export. Shorts Increased last week 1,123,04)0 bushels against
a decrease
covered as offerings fell off. To-day prices ended un- last year of 44,000 bushels; total 3,500,000
changed to %c. lower with speculation moderate. Early 11,541,000 last year. On the 14th inst. bushels against
prices ended unprices were down with little export demand. The weather changed to Mc. lower, after being down
In Canada good, Winnipeg weak, crop reports favorable, The rally later was due to the upturn 14 to %c. earlier.
in other grain, the
expectations of a larger spring wheat movement next week moderate receipts and a better cash
demand. On the 15th
and scattered liquidation. Liverpool closed, however, % inst. prices closed unchanged to /
1 lower. The cash de4c.
to ld. higher. Receipts were rather large, but cash prices mand was good but speculation was
slow.
were steady. The prediction for the Northwest was for pressure to sell as the new crop moveme There was no
nt is not very
favorable weather. Minneapolis reported a good demand large. On the 16th inst. after
an early decline of 1/4 to
for flour. Shipments this week are estimated at 12,926,- %c. prices rallied and ended practica
lly unchanged. The
000 bushels from North America against 9,734,000 in the cash demand was good.
To-day prices closed
previous week; total for the world is estimated at 15,about / lower with moderate trad1
4c.
.500,000 bushels. Final prices show a rise for the week of ing. New low levels were reached
on September and
3 to 3%c. Export sales to-day were only 300,000 to 400,- cember due to hedge selling and scattered liquidat Deion.
Shorts were about the
000 bushels, mostly Manitoba.
only buyers. In the Northwest the
weather was good for
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
the harvest. Receipts were rather
large. Final prices
show a decline for the week of 14 to ie.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2red
149%
15334 155% 153% 155 154%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery
10934 111
1131 111% 112% 112%
December delivery
114% 116 118 116% 117% 117%
March delivery
118% 120 122 1205 1221 12231
4
4
May delivery
12034 122 12434 12334 124% 12434
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Frt.
October delivery
111% 1117.4 11534 11334 11334 113
December delivery
110% 111% 11534 113 11334 113
May delivery
11634 11634 120% 118% 118% 118
Indian corn has been Irregular with September under
liquidation but otherwise prices firm, owing to hot, dry
weather. On the 13th inst. corn was signalized early in
the day by a drop in September delivery of nearly 4c. on
heavy liquidation coinciding with good weather and crop
prospects. Yet later very much of this was regained. At
no time did the distant months show any such weakness.
They gave way only %c. and later rallied on a substantial
demand. Shorts covered. The receipts at central markets
were small though at many interior points they
are rather
large. Stocks both at Kansas City
and Omaha, It is true.
decreased for the week. A good shippin
g demand was
reported at all markets. Cash corn sold
at liberal premiums over futures. The 'United States visible
supply increased last week 165,000 bushels against
a decrease in
the same week last year of 2,137,000 bushels. Perhaps that
DAILY CLOSING PRICES
OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
51% 51% 51% 51% 6134 51
DAILY CLOSING PRICES
OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery
37% 37
December delivery
3634 3634 36% 36q
40% 40
March delivery
40% 36% 39}i
42
41% 41% 41% 41% 39
4134
DAILY CLOSING
PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Frt.
October delivery
4434 44% 4534 4531 4434 44%
December delivery
May delivery
4334 43
43% 4334 42% 4234
47
4634 4734 47
46% 46%
Rye advanced to
No.2 white
some
lowing that cereal. On extent with wheat, as usual folto lc. net though at onethe 13th inst. prices advanced 'Y4
time on that day they were 114
to 1%c. higher, the latter
on March. The United States
visible supply decreased
175,000 in the same weeklast week 53,000 bushels, against
last year. The total is 2.042,000
bushels, against 1,152,000 a
year
supposedly against export sales. ago. Cash houses bought
On the 14th inst. prices
advanced 2 to 2%c. At
one time that day rye was 3s.
higher on a better export
demand
200,000 bushels. Cash houses . The export sales were
and exporters bought futures. On the 15th inst. prices
were % to 11 lower in
/
4c.
sympathy with the decline in wheat.
No export business
was reported. On the 16th inst.
prices advanced % to 1
/
1
4c.
on reports of large shipments from Chicago
to Montreal.
983
FINANCIAL CHRONICLE
Am. 181928.]
The visible supply of grain, comprising the stocks in
Also it was said that the stock at Chicago has been sold. granary at principal points of accumulation at lake and
no new export business was
The cash demand was good if
seaboard ports Saturday, Aug. 11, were as follows:
reported. To-day prices ended %c. lower to Ihc. higher.
GRAIN STOCKS.
supposed to be
The weather was good. Exporters were
Barley,
Rye,
Oats,
Corn,
Wheat,
bush.
bush.
bush,
bush.
bush.
buying a little for export. The influence of the wheat
United States55,000
184.000
49,000
for New York
54,000
market was very apparent. Finally prices show a rise
1,000
4,000
Boston
19,000
90,000
/
35,000
20,000
589,000
the week of 1A3 to 114c.
Philadelphia
1,000
8.000
37.000
2,379,000
1,000
69,000
70,000
188,000
5,000
2,252,000
189,000
99,000
4,273,000
190,000 1.058.000
501,000
2,188.000
76,000
503,000
38,000
54,000
768,000
2,000
63,000
19,000
152,000
640,000
7,078,000 11,135,000 1,817.000
3,000
168,000
208,000
908,000
155,000
3.000
7,279,000
7,000
172,000
262,000
7.472.000
1,000
19,000
19,000
476,000
3.000
154,000
111,000
3,246,000
40.000
21,000
92,000
18,193,000
2,000
1,000
5,945.000
14,000
1,887,000
202.000
13,000
13,000
79.000
534,000
217.000
35,000
85,000
118,000
5,094,000
741,000
160,000
Baltimore
New'Orleans
Galveston
95
96 A 95% Fort Worth
92% 93A 96
September delivery
98 A 98
95% 96A 983 973
December delivery
100% 100
100A 100% Buffalo afloat
973i 98
March delivery
"
Toledo
Closing quotations were as follows:
Detroit
Chicago
GRAIN
Milwaukee
Oats. New York
Wheat. New York
Duluth
No. 2 white
51
154
No. 2 red. f o b
MinneaPolle
No.3 white.
50
No.2 hard winter.f.o.b.-1.29%
Sioux City
Rye, New York
Can. New YorkBt. Louis
No. 2 f.o.b
1.11%
1.173
No.2 yellow
Kansas City
1.153 Barley, New York
No.3 yellow
Malting
84% Wichita
St.Joseph. Mo
FLOUR
Peoria
$8.25036.65 Rye flour, patents
$6.00036 25 Indianapolis
Spring patents
Omaha
5.50® 6.00 Semolina No. 2,pound.
3%
Clears, first spring
3 25 ® 3 35 On Lakes
0 6.50 Oats goods
Soft winter straights_ 6.00
2.759) 2 85 On Canal and River
Hard winter straights... 5.90i 6.40 Corn flour
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Mon. Tues. Wed. Thurs. Fri.
Sal.
Hard winter patentsHard winter eears_ _ _ _
Fancy Minn. patents__
City mills-
6.40 6.90 Barley goods
Coarse
5.75
5.25
3.00
Fancy pearl Nos.1.2,
8.40
7.85
3 and 4
8.009) 8.70
6.509) 7.00
All the statements below regarding the movements of grain
-are prepared by
-receipts, exports, visible supply, &c.
us from figures collected by the New York Produce Exchange. First we give the receipts at Western lake and
river ports for the week ending last Saturday and since
Aug. 1 for each of the last three years.
Receipts at-
Flour.
Corn.
Wheal.
1
Oats.
Barley.
Rye.
4,747,000
3.085,000
3,261,001
Since Aug.1946,000 45,052,000 13,022,r 0 1
1928
844,000 33,575,000 5,826,011
1927
1.067.000 42.265.000 5.950.001
1926
3.753,000 2,588,000
3,711,... 1,516,000
6,108,000
930,000
7,779,000 3,703,0001
6,861,000 2,020,000
9.025.000 1.4S2.000
211,000
401,000
333,000
316.000
599,000
a97 rum
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Aug. 11, follow:
Flow.
Receipts atNew York._.
Philadelphia__
Baltimore....
Newport News
Norfolk
New Orleans*
Galveston_ __ _
Montreal_
Boston
Houston
Wheat.
Bushels.
Barrels.
306,000 1,071,000
29,000
193,00
19,000
622,011
1.000
1,000
32,011
39,000
832,111
66,000 3,373,000
35,0$ •
39,000
9,000
Corn. 1
Oats.
Barley,
ROe•
I
Bushels. 1 Bushels.
Bushels. Bushels.
0
362,000
39,00
194,000,
68,111
19,111
15,000
41,000,
15,111
72,000
115,
80,000
18,111
10,000
169,0
4,000
147,
21.00
80,000
84,000
377.000
509,000 6,158,0D
293,011
Total wk. '28
740,000
123,000
Since Jan.1'28 14.305.000124,380,000 62.466.000 19,572,000 18 3
, 60,00011,054,000
426,000 4,909,000
Week 1927._ _
Since Jan 1.27 13m415 onal5iiii54. s I
130,000
156.
14O,O0.15,000
1'
6.152.000 58.242 non 93 nro
• 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. 11 1928, are shown in the annexed
statement:
Exportsfrom-
New York
Boston
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Galveston
Montreal
Houston
Wheat.
Corn.
Bushels. Bushels.
1.192,922
38,000
34,000
41,000
Flour.
Oats.
Rye.
Barley.
13b1s.
Bushels. Bushels. Bushels.
30,323
454,289
4,000
90,000
1,000
30,000
1,000
1,000
10,000
1,206,000
5,317,000
Total week 1928__ 7,794,922
Same week 1927__ 4.630997
387,000
118,000
80,000
71,000
9,000
34,000
4.000
742,000
227,000
127,323
143.348
742,000
01.160
227.000 1,159,289
AA ,129 1 Ion Ila
The destination of these exports for the week and since
July 1 1928 is as below:
Flour.
Exports for Week
arid Shire
Week
Since
July 1 to
Aug. 11 July 1
1928.
1928.
IVhcaf.
Week
Aug. 11.
1928,
Since
July 1
1928.
Corn.
Week
Aug. 11.
1928.
Since
July 1.
1928.
Barrels.
Barrels. Barrels.
Bushels.
Bushels. Bushels.
United Kingdom_ 52,544
433,856 1,895,944 9,251,574
265.500
34,000
Continent
467,713 5,898,978 23,537,792
69,779
So.& Cent. Amer_
44.000
4,000
42,000
10,000
West Indies
47,000
1,000
331,000
11,000
Other countries_ -61,789
454,845
2,250
Total 1928
Total 1927
127,323 1,053,858 7,794,922 33,255,211
817,161 4.530,997 22,250,325
143,345
34.000
4,000
8.000
2.000
206,000
162,000
317.000
78,000
21,000
5,000
20.000
135,000
104,000
Total Aug. 11 1928... _72,055,000 13,432,000 3,500,000 2.042,000 1.764,000
834,000
Total Aug. 4 1928____62,316,000 13,267,000 2,377,000 2,095,000
985,000
Total Aug. 13 1927_ __ _57,386,000 26,025,000 11.541,000 1,152,000
grain not included above: Oats, New York. 8,000 bushels; BaltiNote -Bonded
51,000 bushels. against 25.000
more, 2.000; Buffalo, 5.000; on Lakes, 36,000; total,
bushels in 1927. Barley, New York, 209,000 bushels: Buffalo, 220,000; Buffalo
afloat, 26,000; Canal, 232,000; on Lakes, 98,000: total, 785,000 bushels, against
66,000 bushels In 1927. Wheat, New York, 536.000 bushels; Boston, 100,000;
Philadelphia, 407,000: Baltimore, 329.000: Buffalo, 10,244,000; Buffalo afloat.
918,000; Duluth, 83,000: on Lakes, 206,000: Canal, 2,288,000; total, 15,111,000
bushels. against 5,784,000 bushels in 1927.
Canadian
37,000
143,000
712,000
5,356,000
Montreal
277,000
286.000
1,036,000
Ft. William & Pt. Arthur_ 15,834,000
1.000
20,000
810,000
11,355,000
Other Canadian
.bush.4815,.bush.561bs
.bush.5611$.bush.32 lbs
.
bbls.1961bs. bush.60 lbs
47,000
225,000 2,782,000 1,460,011 1,610,000 824,111
Chicago
,
1 1r
168 1 1 I
118,111
705,111
112,000
Minneapolis
430 i 8 i
1,'''
2,000
388,001
14,000
Duluth
149,111
610,111
215,111
70,'''
493,000
9.000
MIlwatikee
14,11'
81,1 i 1
11,001
742,000
Toledo
32,000
6,000
85,000
2,000
Detroit
378,000
496,000
211,000
4,000
Indianapolis
337,01 1
764,000
120.001 2,676,000
34,000
16,000
St. Louis
241,1 I f
216,000
170,000
55,000
61,000
Peoria
4.000
68,111
687,11 I
5.08,000
Kansas City.,
112,1.1
956,111
3,860, 1
Omaha
215,000
11,000
578,000
St. Joseph_
2,111
26,000
772,000
1,000
Wichita
52,01.
83.111
167,000
72,000 •
2,000
Sioux City...
20,182,000
7
Total wk.'28E 170.
428,000, 19,202,000
Same wk. '27
537,000 18,085,000
Same wk. '26
64.000
30.000
388,000
22,000
128,000
640,750
188,000
315.000
449,000
2,558,000
Total Aug. 11 1928___32,545,000
501,000
993,000
3.257,000
Total Aug. 4 1928___ 39,938.000
2,403,000 1.894.000 1.011,000
Total Aug. 13 1927_ _ _25,560,000
Summary
72,0.55,000 13,432,000 3,500,000 2,042,000 1,764,000
American
315,000
449,000
2,558,000
32,545.000
Canadian
Total Aug. 11 1928_104.600,000 13,432,000 6,058,000 2,491,000 2,079,000
Total Aug. 4 1928_ A01.254,000 13,267.000 5.634,000 3,00,000 1,335,000
Total Aug. 13 1927._ 76,946,000 26,025,000 13,943,000 3,046,000 1,996.000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, Aum. 10, and since July 1 1928 and 1927,
are shown in the following:
Corn.
Wheat.
Exports.
1928.
Week I
Aug.10.
Since
July 1.
1928.
1927.
Since
July 1.
Week
Aug. 10.
Since
July 1.
1927.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
o
Bushels l Bushels.
705,000
1,598 114
437.0(1
57,711,000 36.888,000
North Amer_ 13,210,
4,090,000
1,259
48,000 1,056,000 646.0
1
___6456
Black Sea_ _ _
Argentina__ 2,555, , 13.598,1 II 12,961,000 8,981,0(1 51,241 III 55,688,000
7,280,
8.696,0
Australia ..t 1,480,
976,oto 5,280,IS 1.
32,
India
I
619.000
4,432,
1,928,000 892,000 4,164,000
0th. countr' 1,000,
Total
19.277.000 84.045.
66.9011.000 10.90
68.262.000 61.102.000
WEATHER BULLETIN FOR THE WEEK ENDED
-The general summary of the weather bulletin
AUG. 14
issued by the Department of Agriculture, indicating the influence of the weather for the week ended Aug. 14, follows:
General warmth, with unsettled, showery conditions in parts of the interior, characterized the weather during the early part of the week, while
the latter part was mostly fair, except in the East, but was much cooler
over the Eastern half of the counrry. A tropical disturbance wa.s approaching the southeast Florida coast at the close of last week, and was central
om the morning of Aug. 8 in the vicinity of Jupiter. This storm moved
slowly northwestward to southern Georgia, and thence northeastward over
the Interior of the Atlantic States to a short distance off the south New Jersey
coast by the 12th, bringing Wet winds and heavy to excessive rains in
most parts of the middle and south Atlantic areas.
Chart I shows that the week, as a whole, had about normal temperature
in the Atlantic States and slightly ab3ve normal in most of the interior valleys. It was abnormally warm in central-northern districts and the northwestern Great Plains where the weekly means were as much as 6 degrees
the
to 11 degrees above normal. The period was comparatively cool inwere
Southwest. East of the Rocky Mountains maximum temneratures
Lake region eastward, with 100 degrees
90 degrees or above, except from the
reporte 1 over a considerable area of the Northwest. parts of the Southwest, and at a number of stations west of the Rocky Mountains.
Chart II shows that rainfall was heavy to excessive in the Atlantic
southward, except
coast area from southern New Jersey and Marylandthe interior of this
In
along the North Carolina and Virginia coasts. 4 to more than 9 inehes.
area the total falls for the week range mostly from at Washington D. C.
the heaviest at a first-order station being 9.5 inches the east Gulf States
Elsewhere very little rain occurred, except locally in
and in parts of the South" est.
The dry, warm weather throughout the Northwestern States was Ideal
made rapid progress,
for harvesting and threshing and these activities practically everywhere
well
while seasonal farm work in general advanced in the East and Southeast,
Except
west of the Appalachain Mountains.
generally favorable for
very little rain occurred, and temperatures were now needing moisture,
areas are
good growth. Larger and more numerous season, though no widespread,
however,than at any time during the current The
principal section of the
damaging drought has, as yet. appeared.
central Mississippi Valley, the more northwestern States, the north-central
in the Gulf region.
and southern Great Plains. and more or less local areas extensive areas
from
Considerable damage resulted to crops over rather
New Jersey and eastern Pennsylvania southward over the interior of the
Atlantic States to southeastern Georgia and Florida. High winds and
excessive rainfall in these sections blew down moch corn, washed fields,
flooded lowlands, and whipped fruit from trees in many places, but, at
the same time, some other sections, that had become dry, were abun-
dantly supplied with moisture. Showers in parts of the Southwest, particularly in New Mexico and portions of Arizona, were helpful ,but unirri-
gated crops still need rain in most sections west of the Rocky
-Except in the more eastern States, the warm, dry
SMALL GRAIN S.
Mountains.
weather of the week made unmorally favorable conditions for harvesting
and threshing in the late grain districts, and for threshing in other Portions of the Wheat Belt. Spring wheat harvest is now well along In North
Dakota and is being accomplished in Montana, with threshing advancing In
the southern portions of the belt. In the heretofore wet North-Central
States the fair. warm. sunshiny weather of the week dried out much grain
in shock, but there were still some reports of discolored and moldy grain.
984
FINANCIAL CHRONICLE
[VoL. 127.
Many oats were threshed during the week in the
harvest was started in the more northeastern States. interior valleys, and some of this prosperity will
Buckwheat did well
be transmitted to the textile
In Appalachain Mountain districts, and the weather was
in the lower Mississippi Valley, the west Gulf area, and favorable for rice industry. Buyers who are anticipating larger sales throughin California. Flax out the
needs rain in parts of the northern Plains, but sorghum crops
country are beginning to operate more normally.
made good adadvance in the southern Plains area.
This is particularly noticeable in the cotton
CORN,—Progress and condition of corn were mostly fair to excellent
goods diviin sion, where
the mgin producing sections, with much of the crop in roasting
sales were reported to be the best in weeks.
and condition were satisfactory in the Ohio Valley, with ears. Growth In some
much in the
instances, premiums were paid for prompt shiproasting-ear stage; rain was needed in southern Illinois and western Kentucky where only poor advance was made. Fair to excellent condition ments and although this does not apply to
the
and progress were reported in Iowa where about a third of the crop
fabrics, the fact that better levels are indicated majority of
roasting ears and the stalks are unusually tall and luxuriant; there is in
as possible
was
some firing reported along the Missouri River and in dry places elsewhere. has proved a heartening factor. Stocks are low
in pracCorn made rapid advance in the Great Plains, but moisture is needed in tically all sections
of the cotton goods market, and in
Parts of Nebraska and South Dakota, although in Kansas there was suffiview of the storm damage and increasing
cient soil moisture for the crop to mature, unless unusually hot weather
boll
occurs in the near future. Advance in the South varied from poor
tivity in the cotton crop growing States, there weevil acis a growgood, with rain needed in the west Gulf area. There were reports to
of ing belief that later on
damage to corn from Florida to New Jersey in the Atlantic coast seccurrent cloth prices will appear
tion, with much down. Rapid growth was indicated from the Great Lakes cheap. Another section of
the textile industry which has
to the Rockies.
COTTON.—Except for some damage by high winds and excessive rains in displayed substantial improvement is floor covering. Althe more eastern portions of the belt, the weather continued generally though August is traditionally a
dull month, an increasfavorable for the cotton crop in most sections. In the Carolinas there ing
volume of business has been received, chiefly for
was a moderate amount of damage, but otherwise progress of cotton was
filling
fair to good, with squares, blooms, and bolls forming rather freely in in on lines which have been depleted
by retail purchases.
South Carolina and the first bale ginned at about the average date. In
Georgia heavy rains were damagaing over a large area of the southeast, Business has been well distributed and prospects favor
with open cotton whipped out; while plants are fruiting heavily, shedding steadily increasing activity on the
coming season's goods.
of bolls was again reported as increasing, and picking made slow progress.
In Tennessee, Alabama, and Mississippi the weekly advance was mostly In the silk division, while prices are more or less reacfair to very good, in general, but moisture is needed in western Tennessee. tionary, production and distribution of
finished fabrics
same shedding reported in Mississippi, and much shedding locally in have continued
to register further gains. One of the
southern Alabama.
most
In Louisiana progress was poor because of shedding, but in Arkansas constructive steps taken for some time is
being
It was very good, except in some western and southern portions, where by the Silk
Association in the establishment of instituted
shedding, and growth is still rank in some localities, the warn?, dry weather
a design
of the week was favorable. In Oklahoma favorable weather prevailed, registration bureau. It is hoped that this
will substanand progress of cotton was generally very good, with plants blooming and tially lessen, if not
entirely eliminate, design piracy--one
fruiting well in most sections; the general condition ranges from fair in parts
of the west. In Texas advance was fair to very good, but the condition of the worst evils of the industry.
of the crop is poor in the drier lower coast and southwestern counties where
plants and bolls are small, with some premature opening: elsewhere plants
DOMESTIC COTTON GOODS.—Following
are fruiting fairly well. Picking made good advance in the south, and was
erratic movements, markets for domestic cotton last week's
begun locally in the northeast.
goods
have
The Weather Bureau also furnishes the following resume developed a firmer undertone. Sales in a number of directions were reported to be the largest for some
of the conditions in the different States: pi
though the instability of raw cotton continues time, even
Fin/Min.—Richmond: Heavy rains in interior latter part; some
dama restrainage to crops locally. Corn, cotton, and tobacco mostly good; priming ing influence. Stocks of goods
in both
and curing tobacco under way. Pastures good, except locally in extreme
consumers' hands are undoubtedly light, distributors' and
southeast where rain is needed.
North Carolina—Raleigh: Long spell of warm,
tentially large consuming demand, factors and with a poplentiful mina. moisture generally beneficial to dry weather broken by
are disposed to
most crops,
needed
corn, and also cotton in some portions. being reports look for further improvement in the immediate
for fruit, truck, late
Late
future.
state extent of damage not yet determined, but mostly to corn and some Buyers, it seems, have put
off normal
cotton. Progress of cotton fair to mostly good. Corn fine, where not
long that they are now in actual need purchases for so
damaged by wind and rain.
of merchandise.
South Carolina—Columbia: Frequent shower culminated
-11th Low cloth values in relation to the staple, coupled
in heavy to excessive rains, with some crop damage in central on 10
with
and north, reports of crop
but generally favorable for rapid growth of late crops. Progress of cotton
deterioration, tropical storms and floods,
fairly good, with square bloom and bolls forming rather freely. but have stimulated mare active
buying. Naturally, the storms
conditions favorable for increased insect activity; first bale ginned at Allenand floods have given rise to the belief that
dale on 13th, or one day later than normal.
possibly the
Georota.—Atlanta: Over a wide area, extending from Thomasville to September Government
estimate will approximate that of
Augusta and southeast to Valdosta, gales and extremely heavy rains on August, in
which event cotton cloths would appear even
August 10 caused considerable damage to crops. Much corn beaten to
ground, cotton whipped out, pecan trees damaged, farm lands flooded. cheaper than they do now at the present
levels. Currently,
and roads washed out. Extent of damage can not yet be estimated. Week business is
fairly good, but orders for future delivery are
was favorable in other sections. Cotton fruiting heavily, but shedding
of bolls again increasing; picking progressed slowly. Corn and all minor still relatively small, owing to uncertainties
concerning
crops made normal progress and are mostly good.
Florida.—Jacksonville: Progress and condition of cotton poor; rain the staple. However, on some of the heavier goods, where
caused general damage, except in west. Tropical storm approached stocks are particularly small, as for instance,
duck, precoast of St. Lode County night of 7
-8th and uprooted trees, unroofed miums are being paid
ranging from one-half to one cent a
some substantial buildings, and prostrated frail ones, thence northwestward. Citrus groves damaged considerably and much fruit, especially yard for immediate shipment. This is
one of the concrete
grape, lost along storm track and soggy soil enabled wind to blow over effects of
recent efforts to curtail production. Reduced
a considerable number of citrus trees. Much corn and cane prostrated
strawberries damaged; sweet potatoes under water on operating schedules have been broadened
and seed beds and
and many are adlowlands. No lives lost. Large areas under water in Okeechobee and vocating the
shutting down of mills for two weeks over
Kissimmee River districts. General suspension of work on peninsula; no
the Labor Day holiday, although
damage in Miam section.
others are of the opinion
Alabama—Montgomery: Vegetation needs rain in many sections. that one
week might be sufficient. Sentiment among
Progress of corn mostly poor to fair in south and mostly fair to good in
both
buyers and sellers appears to
north. Progress of cotton mostly fair to good; blossoming and fruiting
be more cheerful, and with
well in most sections, especially in more northern counties; shedding badly substantially
reduced stocks it is expected that sales and
In some places of south; blooming at top locally in northwest; opening
in some sections of south; weather favorable for weevil activity in south profits will register further improveme
nt. Print cloths
and central.
28-inch 64 x 60's constructi
Mississiimi.—Vicksburg: Progress of cotton irregular, but mostly
on are quoted at 63c., and 27good, with some shedding: cultivation generally completed, with fairly inch 64 x 60's at 5%c. Gray
tilth
goods in the 39-inch 68 x 72's
mostly good. Progress of late upland corn poor to fair, depending upon construction are
quoted at 8%c., and 394nch 80 x 80's
occurrence of rain; progress of late lowland largely fair.
Loustana.—New Orleans: Favorable growing conditions for cotton, at 10%c.
but progress rather poor account further shedding and not warm enough•
to check weevil activity; condition regular and averages fairly good: open,
WOOLEN GOODS.—Another quiet week
ing locally. Early corn maturing in good condition, bu late corn, pastures
was noted in
the markets for woolens
and truck need rain.
and worsteds. This applies parTexas.—Houston: Scattered rain at nearly one half of reporting sta- ticularly to
the men's wear division as low prices recently
tions. Progress and condition of pastures, late corn, truck and feed
crops spotted; mostly fair to good, although poor in drier sections. Pro- established on staple lines have failed to stimulate
much
gress and condition of rice very good. Progress of cotton fair to very business. Buyers
are rather reticent to operate, being
good, except in earlier sections of south where crop made: condition poor
drier lower coast and southwestern counties where plants and bolls disposed to await openings of fancy goods.
in
At a meeting
small, with some premature opening; elsewhere condition fair to good sponsored by the Wool
Institute, it was decided that men's
and frultin6 fairly well; picking and ginning made very good progress in wear
medium and fancy worsteds
south and first bale reported from northeast; some root rot; shedding about
would be uniformly
opened after Labor Day, during
normal.
Oklahoma.—Oklahoma City: Hot, dry weather favorable for cotton and
the week of Sept. 2. Much
Interest centers in the price
progress generally very good blooming and fruiting well in most sections;
levels for the new lines. Senticondition fair to good in east and good to very good in west; weather un- ment is about equally
divided concerning the probable
favorable for weevil activity. Early corn maturing fast and condition trend, as
some believe that quotations will
generally very good; progress of late generally poor and needs rain in
be lowered proMOst central and west portions. Progress and condition of grain sor- portionately with the staple, while
others are of the opinion
ghums, broomcorn, peanuts, and other minor crops generally good, but that
advances will be the rule—possibly
needing rain.
enough to comArkansas.—Little Rock: Progress of cotton very good, except in some pensate for the lower staple
prices.
western and southern portions where shedding; still rank in some localwarmth very favorable; bolls forming very
ities, but light or no rain and
FOREIGN DRY GOODS.—
rapidly and color excellent. Progress of corn very good, except in northbuyers operating on a larger The arrival of a number of
central and northeast where too dry.
scale resulted in a steady inTennessee.—Nashville: Light to moderate rain beneficial over wide
areas, but many places dry. Progress of cotton very good and fruiting crease in the volume of sales in the linen markets this
dryness. Progress of corn week. One of the more
satisfactorily, although some shedding account
encouraging features has
generally very good, but poor in dry areas. Tobacco improved consider- disposition
of buyers to anticipate their needs been the
ably and some housed.
for some
Kentucky.—Louisville: Moisture still sufficient for growth of crops in time ahead, particularly
fall and holiday trade requiremost eastern and some central districts, where well cultivated, but badly ments.
Quite a number of good-sized orders
needed in west. Progress and condition of corn fair in central and east;
have been
variable. but generally poor, in west where firing; irregular; early in milk placed, but no fabric has been
especially favored, there bestage. Tobacco fair to good progress in east and central.
ing a demand for both the
poorer and higher grade qualities. Handkerchiefs, luncheon
haps, been the more active. sets and damasks have, perTHE DRY GOODS TRADE
been received for dress linens,Although some business has
little
activity
New York, Friday night, Aug. 17 1928.
Currently, orders are chiefly confinedrealfill-ins. is noted.
Being beto
Broader buying activities have been noted in most divi- tween seasons,
business is not expected to improve in the
sions of the textile markets this week. The outlook for immediate future.
Burlaps are easier with interest limcontinued business expansion is regarded as very bright, ited. Light weights
are quoted at 8.40c., and heavies
and with prospects of bumper crops it is felt certain that at 10.90c.
AUG. 18 1928.]
FINANCIAL CHRONICLE
985
Pror.ded
As Organized
for 1929.
for 1928.
177
167
Open air classes
35
36
Tuberculosis
133
135
Crippled children
1
2
In hospitals
82
76
In homes
42
39
Cardiopathic
7
7
Blind
79
74
49
on County Warrants Ren- Sight conservation
49
Alabama (State of).—Ruling
Deaf
28
27
gave an
431
401
dered.—On Aug. 11 the State's Attorney-General whether Speech improvement
Mentally defective
40
0
opinion,in response to a query,on the question as to could Mentally and physically defective
departments of the school system
An idea of the cost of the varioustable, giving the estimated cost of
school warrants, issued by any county in the State
the may be obtained from the following
On
be disposed of at any rate up to 6%. said: that point
various day schools for 1929
375.953,999.47
Montgomery "Advertiser" on Aug. 12 sale of interest-bearing Day Elementary and Junior High Schools
22.100,989.87
and
Day High Schools
1,445,808.80
Important ruling bearing on the issuance
rendered
818.146.82
by Alabama counties is contained in an opinion Superin- Training Schools for teachers
school warrants
request of the
Vocational and Trade Schools
89,949.97
yesterday by the Attorney-General's office at the
Schools
Parental and Truant
1,955,889.95
tendent of Education of Coffee County.
board of edu53.746.10
for was on the question: "Can a county per annum to Compulsory Continuation Schools
The ruling asked
interest
Day Classes in English and Citizenship
60,000.00
cation issue and sell school warrants bearing 53i%
Vacation Day
121,457.50
r below par?"
a purchase
out that Vacation Elementary and Junior High Schools
174,694.50
Answering this request, the Attorney-General's office pointed
of interest shall Summer High Schools
30,780.00
the law covering such matters provides simply that the rate
Summer Sessions of Institutional Classes
108,690.00
not exceed 6%.
Helpless Cripples
warrants plus the interThe opinion then holds that the sale price of such the warrants are to run Home Classes for Education also awarded yesterday several contracts for
The Board of
est contracted to be paid on them during the years value of the warrants
general construction of the new
new buildings. The contract for the
bifore due and payable must not exceed the par
by Tilden Avenue, East FiftySamuel J. Tilden High School, bounded and Beverly Road. Brooklyn,
plus 6% per annum interest for such period of time.
seventh Street, East Fifty-ninth Street
00. The contract for P.
the Thomas G. Sperling Co.
California, State of—Legislature to be Called in Special went toManhattan, Northern Avenuefor $1,682,0
and West 187th Street, was obtained
of the Legislature will be S. 187. Wilaka Construction Co. for $524,000.
Tax Session.—A special session
by the
of P. S. 119, Glendale, Queens,
The contract for the general construction The Gibbs Rice Co. obtained
called before Sept. 15 to consider the proposed levy on banks
.
Co. for
to
ent made by Governor went bidJohn Kennedy &contract$656,835general construction of P. S. 94.
and corporations,according to a statem
for the
of $636,420 the
on a
Young. The San Francisco "Chronicle" of Aug. 10 com- King's College Place and East 211th Street, the Bronx.
*tate and. Titg
trartnxint
NEWS ITEMS
mented on the report as follows:
to the
Governor Young feels that whatever opposition there may be
it
State Tax Commission's bank and corporations net income tax plan, to
September session of the Legislature
will not hinder calling a special
The Sacramento
consider a constitutional amendment on the matter.
"Bee" quoted the executive to this effect to-day after interviewing him over
e Valley.
long-distance telephone. The Governor is on a vacation in Yosemit
a
The special session will be called before Sept. 15 in order to submit
at the November election. Young
constitutional amendment to the voters
was quoted as saying.
Says Opposition Fades.
the State Tax Com"There apparently is no organized opposition to constitutional amendmission's recommendations relative to the proposed corporations," Irving
ment affecting taxation of California banks and
Martin. Chairman of the Commission, said today.perusal by Gov. Young.
Martin said the commission report is ready for during the last seven
The commission has studied the tax problem the only "fair, feasible
months, Martin said, and the new plan represents
basis of
and logical method" of taxing banks and corporations on the
their net incomes.
Feared.
Higher Taxes
expressed disapproval
Only a few larger corporations in California havethe grounds that they
of the commission's plan, Martin said, chiefly on the present State franto pay higher taxes than under
would be obliged
chise and property tax provisions.
ions in California
The Commissioner declared there were several corporat
millions of
Who boasted of profits totaling thousands, and, in one instance,
a small per cent of these gains.
dollars annually, yet paid to the State but
issioner of AcCut in Street Cleaning Budget Urged.—Comra of $27,000,000
the proposed budget
counts Higgins states that
Department during
for the expenses of the Street Cleaning without the loss of
considerably
1929 can be pared down
recommendation for a
efficiency in the department. This
to go to the Board of Estisubstantial decrease, which is
a fact that
mate for consideration, declares that he knows for laxity and
yearly through
thousands of dollars are wasted
better records
inefficiency. He advocates in his report that
ls supplied
be kept of all transactions in the stocks of materia
wasted. The
yearly; supplies which he claims are grossly the New York
following article on the subject is taken from
"Times" of Aug. 11:
budget of the Street Clean'.
A substantial reduction in the $27,000,000 lois reporOwhich he will
ing Department for 1929 will be recommendedCommissioner of Accounts
submit to the Board of Estimate next ,week.
his investigation of the
Biggins revealed yesterday. He declared 'that that_substantial savings
department's affairs to date has convinced him
can be effected without decreasing efficiency. go into-details, it is known
to
Although Commissioner Higgins declined
of his staff in Manhattan,
that the private investigations of members
given in open hearBronx and Queens, as well as testimony of men and equipBrooklyn. the
andyasteful use
ings, have convinced him that improper
methods of keeping ims of dollars. Lax
supplies, have also
New York, N. Y.—Tentative School Budget.—The 1929 ment has cost many thousand concerning-gasolinedepartment business.
portant records, such as those
budget of the Board of Education, which has been submitted been responsible for unnecessarily high costs of doing
for approval to the Board of Estimate and Apportionment, Commissioner Higgins believes. Men Are Asked.
More
that, despite
calls for a total expenditure of $159,259,995 for the coming
weeks it developed at open hearings and similar
Within
owork
year. Of this amount, $131,700,680.89 is to be expended testimonythe past two use of mechanics to do ,clericalnot designated on
, an increase allocationsshowing thel to tasks for which they were requests calling
for the maintenance of the city school system
of personne
had submitted budget service.
payrolls,
of $7,153,453 over this year's appropriations. $33,000,000 the additionaldepartmental officials ly all branches of the reconsiderComemployees in practical
their
new for
officials to
will be used for acquiring school sites, constructing
Higgins in several instances ordered
missioner
superiors. In other cases he
schools and enlarging existing schools. The largest single budget requests after conference with their for funds for additional emforthright belief that requests
evidence
item contained in the budget is $75,953,999.47 for the main- expressed the entirely unwarranted because, in his opinion, theneeded to
ployees were
were
men
tenance of the day elementary and junior high schools. The showed that more for. were on the payroll already than
garages
the work called
following detailed report is taken from the New York doThe investigation into the handling of the gasoline in department keeping
there was no uniform method of
"Times" of Aug. 9:
were used and
and supply stations disclosed that
nce records; that in almost all cases non-descript notebooks tions for doing
The Board of Education yesterday adopted its budget for the maintena ins with no special qualifica
of the city school system during 1929, totaling $131,700,680.89, an the entries made in pencil by employee at least one instance Commissioner
In
that type of work efficiently. he was informed that an additional storecrease of $7,153.453 over this year's appropriations. In addition,
when
's
board voted $33,000,000 for the acquisition of sites and the enlarging Higgins ire was aroused a department official despite testimony at an
by
and construction of school buildings during the coming year.for the mainte- keeper was being asked
were kept on hand that only
open hearing showing that so few supplies check them.
The largest single item in the budget is $75,953.999.47
to
the day elementary and Junior high schools, an increase of $1,- the spare time of a mechanic was required
nance of
779,710.42. Next in size comes the appropriations for day high schools,
Queens Check Goes Forward.
work in
$22,100,989.87, an increase of $1,306,528.81. The compulsory continua
office are now at methods
and the training schools for teachers
Investigators from Commissioner Higgin's
checking
tion schools will cost 51,955.889.95.of
ed practically every garage and supply stations in Queens that one recom$123,321.50 due to an anticipat
will require $1,445,808, a decrease
It is expected
The of handling and accounting for gasoline.
of the
Walker will
smaller attendance because of the lengtheningcomingcourse of study.
classes for the
year will be $102,914 mendation in Commissioner Higgins final report to Mayor to be kept
records,
cost of all the day schools andwill be operated for a total of
$2,162,091.15. call for the institution of a uniform system of gasoline
152.98. The evening schools
by properly qualified persons.
The board retained in the budget for future distribution the unexpended in permanent formhearing will be held Monday morning, Commissioner
of the "supermaximum" salary rates,
The next open
will report
$1,500,000 left because of the repeal
that time staff investigators
appropriated a like amount for salary purposes during the coming year. Higgins announced yesterday. At how the Queens garages are operated.
and
While the public school budget must lae approved by the Board of'Esti- on the results of their observation of
mate and Apportionment, that body generally accepts the estimates of the
Board of Education with little change. The budget represents the work
of two months by the Finance and Budget Conimittee of the Board of
Education, a representative of the Board of Estimate and representatives
issue
of every department in the school system.
Dak.-MATURITY. The 520.000
Pensions Took $5,674.893.
sinking
ABERDEEN,Brown County,S.
purchased at par by the
The total cost to the city and State of the city's public school system is of 5% refunding bonds that was recently
not represented in the budget of the Board of Education. In addition to fund.—V. 127, p. 851—is due in 1933.
the maintenance of the school system
ery
the $131,700,680.89 required for n
(P. 0. Abington), Montgom
ABINGTON SCHOOL DISTRICT ed bids will be received by Charles
during 1929, the Board of Educatio will contribute $360,808.89 to the trust
m. Aug. 27 for
of the Board of Education retirement system. Expenditures by County,Pa.—BOND OFFERING.—Seal
funds
. until 8 P.
maintenance of the M. Doll, Secretary Board of School Directors
other branches of the City Government toward the be
school bonds. Dated Sept. 1
,
guessed at from the purchase of an issue of $60,000 436% follows: $10,000 1938 and
:
public school system during the coming year must
City Comptroller certified to the Budget Committee 1928. Denom. $1,000. Due Sept. 1 as
A certified check,
past years. The
1953, and $10,000, 1958.
of the board that during the school year Aug. 11927, to July 31 1928, the 1943: 315,000, 1948 and district. for 2% of the bonds offered ,is required.
phia
expenditures for debt service for the schools aggregated $19.695,869.59.
payable to the order of the
Elliott & Munson of Philadel
Annual instalments paid by the city into the trust funds of the Teachers Legality to be approved by Townsend,
Ind.—BOND OFFERING.
Retirement System, and the administration expenses of the system, were
),
ADAMS COUNTY (P. 0. Decatur Ashbaucher, County Treasurer.
certified by the Comptroller to aggregate $5,674,893.45. The expenditure'
will be received by Edward
% Ruben
in the same period by the Department of Health for nurse, doctor and Sealed bidsm. Aug. 21 for the purchase of an issue of $4,480
15 1928.
service for schoolchildren,as certified by the Commissioner of Health. until 10 a.
clinic
road bonds. Dated Aug.
aggregated $667,749.78. The expenditures by the Department of Water J. Meyer Monroe Township macadam incl. Transcript of the proceedings
Gas and Electricity for gas, electricity, power and lamps for the Due on May and Nov. 15 1929 to 1938 bonds is on file at the office of the
Supply.
these
schools, certified by the Commissioner of the department, aggregatd in connection with the issuance of
$1,159.993.09. If those expenditures remain the same for the coming year, County Auditor.
Miss.—BOND OFFERING.—
cost of the school system would approximate $159.259.995, or
the total
ALCORN COUNTY (P. 0. Corinth),
Madden. Chancery
more than $150 for each of the 1,000,000 school children registered in the Sealed bids will be received until Sept. 4, by W. L.
(These are the
schools.
a $200,000 issue of road bonds.
city
for the purchase of
ry schools the Board of Education provided for 100 Clerk, voted on July 10—V. 127, P. 442.)
In the day elementa
bonds
during 1929
teachers for the reduction of oversize classes to the usual and 62 positions
6% special
in addition
provision for inALLEN PARK, Mich.—BOND SALE.—The $327,880
for new buildings to be opened,
10—V .127. P. 851—
assessment paving and sewer bonds offered on Aug.at a premium of $25.
creased register.
$3,525,000 for Repair Projects.
awarded to Spitzer, Rorick & Co. of Toledo
were
The bonds mature serially in from one to five years.
the board allowed
To repair old school buildings this year. This $3,525,000 for foreseen equal to 100.007.
was believed all
Brazorir
repairs, as against $2,475,000 for the board could increaseduring the comALVIN INDEPENDENT SCHOOL DISTRICT (P.O.Alvin),
absorb
until
that the building department of
Tex.—BONDS OFFERED.—Sealed bids were received
The budget for unforeseen repairs was increased from $863,000 County, the District Clerk for the purchase of an $80,000 issue of 43i
ing year.
Aug. 15 by
10 1928.
to $1,075,000. •
high school building bonds. Denom. $1,000. Dated July
or 5%
number of classes for handicapped children
The following table shows the
IONS.
BOND PROPOSALS AND NEGOTIAT
Mr
986
FINANCIAL CHRONICLE
Due as follows: $1.000, 1930
from 1954 to 1968 incl. Prin. to 1912: $2,000, 1943 to 1953, and $3,000.
and semi-ann. int. payable at the Hanover
National Bank in N. Y. City.
ANDERSON COUNTY (P. 0. Anderson), S.
C.
-BOND SALE.
-The
$484,000 issue of4%% coupon highway bonds
offered for sale on Aug.
V. 127, P. 713
-was awarded to a group composed of Harris, Forbes 13& Co.
of New York, A. M. Law & Co. of
Spartanburg and the Carolina National
Bank of Anderson at a price of 100.133
,
Aug. 1, 1928. Due from Feb. 1. 1929 to a basis of about 4.73%. Dated
1943. incl.
BONDS OFFERED.
-The above bonds are
subscription by the purchaser at prices to now being offered for public
yield from 4.55% to 4.65%
according to maturity.
[VOL. 127.
BLOOMING VALLEY, Crawfo
-BOND SALE-The
$1,000 5% coupon bonds offered onrd County, Pa.
-were awarded
to J. E. Bossard at a premium of Aug.6-V. 127. p. 714
518.25,
dated June 5 1928 and mature serially equal to 101.82. The bonds are
on June 5 from 1929 to 1938 incl.
The next bid was for a premium
of $10.10 submitted by another local investor.
BOISE, Ada County, Ida.
-NOTE SALE.
-An issue of 8100,000 tax
anticipation notes has recently
on a 4.69% basis. Due on or been purchased by Childs & Co. of Boise
before July 1 1929.
BOONE COUNTY (P.
-BOND OFFERING.
Sealed bids will be received0. Lebanon), Ind.
by Buren Sullivan, County Treasurer, until
10 a. m. Aug. 27, for the purchas
ANNISTON, Calhoun County, Ala.-BO/VD SALB.e of an issue of 810.0004)4% road impt.
The two issues bonds. Dated
of coupon bonds aggregating $37,000 offered
Aug.7 1928. Denoms.$500. Due $500 on May and
.
for sale on Aug. 7-V. 127, 15 1929 to
Nov.
-were awarded to the Anniston Nationa
13• 714
1938 inclusive.
equal to 100.10, a basis of about 5.48%. Thel Bank for a $37 premium,
issues are described as folBOSTON, Suffolk County,
lows:
-TEMPORARY LOAN.
Mass.
-The
$25,000
% impt. bonds. Denom.$500. Dated Aug. 1 1928. Due $2.500 Shawmut Corp. of Boston, was awarded on August 13 a $1,000.000
temporary loan on a 4.83% discoun
from Aug. 1 1929 to 1938. incl. Int.
t basis, interest rate
12,000 5J.% improvement bonds. Denom. payable on Feb. and Aug. 1. Aug. 14, 1928, due Oct. 4, 1928. Other bidders were: to follow. Dated
$1,000.
Bidder
and due on July 1 as follows. $1,000. 1929 Dated July 1 1928
Discount Basis.
1937 and 1938. Interest payable on Jan. and to 1936 and $2,000, Salomon Bros.& Butler (Plus$ 7.00)
July 1.
4.98%
Old Colony Corporation (Plus
Prin. and int. is payable at the Chase National Bank
$22.00)
in New York City.
5 10%
Storey, Thorndike, Palmer & Dodge of Boston will furnish
legal approval,
BRADENTON, Manatee County, Fla.
The other bidders and their bids were as follows:
-BOND SALE.
-Twoissues of
bonds aggregating $282,000, have
been jointly purchased
BidderPrice Bid. of Toledo; the Brown-Crummer Co. of Orlando and the by Prudden & Co.
Well, Roth & Irving Co. of Toledo
Atlantic Nationa
100.01 Bank of Jacksonville at a price of 99.50. The two issues are divided l
Steiner Bros. of Birmingham
as
97.50 follows: $172,000 refunding bonds and $110,000 5)4% park bonds.
ANTHONY SCHOOL DISTRICT (P. 0. Anthony), Harper County
BRIDGEWATER SCHOOL DISTRICT
Kan.
-BOND DESCRIPTION.
(P.O. Bridgewater), McCook
County,
-The
was purchased by the Citizens Nationa$50,000 issue of school bonds that of school S: Dak.-ADDITIONAL INFORMATION.
-The $15,000 issue
l Bank of Anthony
-V. 127, p. 714
bonds that was recently sold.
-is more fully described as follows: 4% coupon
-V. 127,
-bears interest at
bonds purchased at par. 4H% and was awarded to the Farmers Nationa p. 714
Dated Feb. 11928. Denom. $500. Due in from one
l Bank of Bridgewater at
to 20 years. Int. par. Dated June 1. 1928. Due from June
payable on Feb. & Aug. 1.
1, 1929, to 1943, inclusive.
BRIGHTON (P. 0. Rochest
er), Monroe County, N. Y.
-BOND
APPANOOSE COUNTY (P. 0. Centerv
OFFERING.
- Clerk, until -Sealed bids will be received by F. Porter Surgenor, Town
JIM-Bids will be received until 2 p. m. ille), lowa.-BOND OFFER
5 p. m. Aug. 23. for the purchas
on Aug. 30, by W. E. Elgin, or
e of $678,647.38 5% coupon
County- Treasurer, for the purchase of a $35,000
registered street improvement bonds.
issue of 4X% 1 as
annual primary road bonds. Denom. $1,000.
follows: $30.647.38. 1929: 830,000 Dated Sept. 1 1928. Due Sept.
Dated Sept. 1, 1928. 1934,
. 1930 and 1931; $35,000. 1932 to
Due $5,000 from May 1,
incl.: $45.000, 1935 and
1936; 550,000, 1937 and 1938: 555.000,
Sealed bids will be opened 1934 to 1940, incl. Optional after 5 years. 1939 and 1940; $60,000
when all the open bids are in. Purchaser to
furnish blank bonds. County will furnish legal approva
Int. payable In gold at . 1941 and 1942, and 563,000, 1943. Prin, and
l of Chapman & Genesee
the
Cutler of Chicago. A certified check for 3%
Valley Trust Co., Guaranty Trust Co., New York and at the
the County Treasurer, must accompany the bid. of the bonds, payable to order of the Town for 2% Rochester. A certified check, payable to the
proved by Reed, Hoyt Sz of the bonds offered, is required. Legality apwere scheduled for sale on Washburn of New York City. These bonds
ARDMORE SCHOOL DISTRICT (P. 0. Ardmwe), Carter County
Aug. 15.-V. 127, p. 852.
,
Okla.
-BOND DETAILS.
-The $135,000 school bonds that were awarded
BROOKLINE, Norfolk County
to the First National Bank or Ardmore
-V.
-LOAN OFFERING.
divided
-Sealed
follows: $65,000 as 43.1'% bonds; $42,000 as 127, p. 851-are $28,000 as bids will be received by Albert P. , Mass. Town Treasur
Briggs,
er, until 12
43.% bonds and
as Aug. 20, for the
4.10% bonds.
purchase on a discount basis of a $400,000 temporam.
ry
loan dated Aug. 20 1928 and
maturing on Nov. 22,1928.
ARLINGTON, Middlesex County, Mass.
-BOND SALES.
-Harris.
BUTLER COUNTY (P. 0. Allison)
Forbes & Co. of Boston were
on Aug.
-BOND SALE.-The$00.
bonds aggregating $325.000 atawarded . basis 10, the following issues of 000 issue of coupon primary road bonds , Iowa.
100.058 a
of about 4.13%. as below:
offered for sale on Aug. 15-V. 127.
-was awarded to the
$110.0
00
I Street bonds as 430. Due $11,000, July 1. 1929 to p. 852
bonds, for a $920 premiu Carleton D. Beh Co. of Dee Moines as
%
193 incl.
m, equal to 101.022, a basis of about 4.53%.
Dated Sept. 1 1928. Due
85,000 Junior High School addition bonds, as 44s.
from 1935 to 1943 in, I. Optiona
Due July 1, as The other bidders
follows: $9,000, 1929
and their bids (all for 4)4s) were as follows: l after 1933.
incl.;
Bidder
50,000 water main extensionto 1933 as 4s.and 58.000, 1934 to 1938 incl.
bonds
Due $5,000, July 1 1929 to Wheelock & Co.
Premium.
1938 incl.
of Des Moines
$915
White-Phillips Co. of Davenpo
45.000 engine house bonds as 4s. Due
rt
900
35,000 sewer bonds as 4s. Due July 1. $3.000, July 1 1929 to 1943 incl. Northern Trust Co. of
as
Chicago
830
incl.; and $3,000 1934 to 1938 incl. follows: $4,000. 1929 to 1933 Geo. M. Bechtel & Co. of Davenport
825
C. W. McNear & Co. of Chicago
Dated July 11928. These bonds were offered
as 4s on Aug. 9. No bids
700
were submitted-V.127.
P. 851.
BUTLER, Butler County,
-NO BIDS.
-The 825,000 issue of
4% street improvement bonds Pa.
ATLANTIC CITY, Atlantic County, N. J.-$1.0
offered for sale on August 7-V. 127, n•
00.000 BOAD ISSUE 714
-was not disposed of
AUTHORIZED.
-The City
ance of 81,000.000 bonds to Commissioner on Aug. 16 authorized the issu- ing to a report the City as no bids were submitted for the bonds. Accordprovide funds for the
Council has decided
vention hall building, according to the "Herald-Tr completion of the con- rate would not prove attractive to investor that the fourpercentinterest
s, and has decided to increase
ibune" of Aug. 17.
the rate and re-offer the bonds
as soon as possible. Dated July 1. 1928.
ATTLEBORO, Bristol County, Mass.
Due $5.000, July 1, 1936;
-TEMPORARY LOAN.1938: 1940: 1942 and 1944.
The Old Colony Corp. of Boston was
recently awarded a $100,000 temporary loan on a 4.78% discount basis.
CALCA
The loan matures on Dec. 20 Charles),SIEU PARISH SCHOOL DISTRICT No. 22 (P. 0. Lake
1928. Other bids were as follows:
La.
-ADDITIONAL INFORMATION.
-The $75,000 issue of
school bonds to be offered
Bidderfor sale on Sept.4-V. 127. p. 852
Discount Basis. nations of 3500.
-is in denomiFirst National Bank (Attleboro)
Due
4.80%
1931 to 1934: $3,000. on Mar. 1 as follows: 52,000. 1929 and 1930; $2,500,
Bank of Commerce & Trust Co
1935 and 1936; $3,500. 1937 to 1939: 54,000, 1940
4.825% and 1941; $4,500,
Salomon Bros. & Hutzler (Plus $3.00)
1942 and 1943; $5,000, 1944 and 1945; $5,500, 1946 and
4.837
$6.000 1947 and 1948.
Shawmut Corporation
Thomson. Wood & Hoffman of New York will
4.86%
furnish legal approval.
First National Bank (Boston)
5.12%
AUBURN, Androscoggin County, Me.
CALIFORNIA,STATE OF (P. 0. Sacramento).
-BOND SALE.
-Prank W
-BOND OFFERING.
Winter of Auburn, was awarded during
August an issue of $25,000 street -Sealed bids will be received until 2 p. m.on Sept.6 by Charles G.Johnson,
State Treasur
improvement bonds bearing interest at the
rate of4% and maturing serially buildings and er, for the purchase of an issue of 51.000,000 431% state
in from 1 to 25 y
-ears at par.
state university buildings bonds. Denom.
TEMPORARY LOAN.
-A $10,000 temporary loan maturing in 1 year Jan. 2 1927. Due $250,000 from Jan. 2 1942 to 1944 incl.$1.000. Dated
Prin. and int.
(J. & J. 2) Payable in
was also awarded to the above-mentioned
individual at 4%.
gold
fiscal agency of the State coin at the State Treasurer's office or at the
in New York City. No bid for less than par
BARBERTON,Summit County, Ohio.
will be considered.
-BOND SALE.
The bonds are issued under an act
-The $23,100
5% special assessment improvement
bonds offered on Aug. 6-V. 127. p. approved May 16 1925, Chapter 161 of the Statutes ofof the Legislature,
-were awarded to Breed,Elliott & Harriso
294
1925. A certified
check for 10% par of the
bid, payable to the State, is required.
of $233.31, equal to 101.01. a basis of about n of Cincinnati, at a premium
Due Oct. 1, as follows: $2,000 1929 to 1932 4.79%. Dated Aug. 151928.
CANAL FULTON, Stark
incl.: $3,000 1933 to 1936 incl.: 4005%
County, Ohio.
-The $32,-BOND SALE.
and $3,100 1937.
special assessm
were awarded to the ent paving bonds offered on Aug.7-V. 127, p. 714
BARNARD FIRE DISTRICT (P. 0.
11928, Due Apr. 1Exchange Bank of Canal Fulton at par. Dated Apr.
Rochester), Monroe
1929 to 1938 inclusive.
N. Y.
-BOND SALE.
-The $45.000 coupon fire apparatus and County,
building
CASCADE
bonds offered on Aug. 15-V. 127. p
-were awarded to Farson, Son Falls), Mont. COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Great
& Co. of New York as 58 at 101.046852 basis of
-BOND OFFERING.
.
-A 5250,000 issue of semi-annual high
Sept. 1 1928. Dge Sept. 1 as follows: a81.000. about 4.89%. Dated school, series B bonds will be offered
for sale at public auction by John J.
1929 to 1933 incl.. and Baucus. Chairman
$2,000, 1934 to 1053 incl.
of the School District, at 7.30 P. m. on Sept. 17. Int.
rate is not to exceed 6%.
serial or amortization in Dated June 30 1928. Bonds are to be either
BARTHOLOMEW COUNTY(P.O. Columbus),
form. Amortization bonds are the first choice
-BOND OFFER- and serial bonds
ING.
-Clarence A. Brooks, County Treasurer, will Ind.
are second choice. They are a part of a $10,000
,000
3 p. m.Sept. 4,for the purchase of an issue of $13,500reeive sealed bids until
b51(15'.000 certified check, payable to the Chairman,
4)4% Henry Boeschen authoriz mi u
m ust aegi gnithA
et al "Garland Brook Road" improvement bonds. Dated
e
e
Sept. 4 1028.
Denoms. $675. Due $675 on May and Nov. 15 1929 to
CASS COUNTY (P.
1938 incl.
-The for
lowing issues of bonds 0. Cassopolis) Mich.-BOND SALE.
BATH-UNIONVILLE SCHOOL DISTRICT (P.
aggregating $20,1S25
offered on Aug. 6-V. 127. P.
0. Bath), Steuben 714-were awarded to the
County, N. Y.
-BOND SALE -The Farmers and Mechanics Trust
Sinking FunCommission,as 434s, at a premium
Co. of $461.94. equal to 102.20, a basis
of Bath was awarded on Aug. 2 an issue of $5,000 school
of about 4.09%:
interest at the rate of5% at par. The bonds mature $500 bonds bearing $11,025 road bonds. Due $1,225 May 1 1930 to 1938 inclusiv
9,900 road bonds. Due
yearly on Jan. 1
e
1930 to 1939 incl.
51.100, May 1 1930 to 1938 inclusive.
CHAMPLAIN, Clinton
BEAVER, Beaver County, Pa.
-BOND OFFERING.
-BOND OFFERING.
-Sealed
-Sealed bids will bids will be received by N. County, N. Y.
be received by E. N. Tomlinson, Borough Secretary, until
Ponchel St. Macems, Village Clerk,
Aug. 23,
8 p.
standard time) Aug. 20 for the purchase of an issue of 575.000 m. (eastern bonds. for the purchase of an issue of 811.000 57 coupon until 2 p. nt.
Village Hall
o
4 % series
Dated Sept. 1 1928.
"Q" impt. bonds. Dated July 1 1928. Denoms. 31,000.
Due July 1, 1929 to 1939 incl. Prin. and Denoms. 81,000. Due $1,000. Sept. 1
as follows: $1,000, 1929 to 1934 incl.; $2,000, 1935 to
Int. payable at the
National Bank,
1945
1936 to 1952 incl.; $4,000. 1953 to 1956 incl.; and $5.000. incl.; $3.000, Champlain. A certified check for 3% of the bonds First
offered Is required.
1957 and 1958.
A certified check for $1,000 is required. Bonds
CHESTER COUNT
to be
being approved by the Department of Internal Affairs.sold subject to their -A $50,000 Issue of 4 Y (P.O. Henderson), Tenn.
-BOND OFFERING.
coupon semi-annual road bonds will be offered
for sale at public auction
BENTONVILLE, Benton County, Ark.
by R. B. Wood. County Clerk, at 10 a. m.on Aug.
-BOND SALE.
-A 810,000 31. Denom. $1,000. Dated June
issue of 5% paving bonds has recently been purchas
11928. Due $2,000 from 1929 to 1953
ed at par by the Benton incl. Benjamin II. Charles
County National Bank of Bentonville.
of St. Louis will approve legality of bonds.
A $2,500 certified check
must accompany the bid.
BERKLEY, Oaklan
-BOND OFFERING.
-Sealed • CHEYENNE, Roger Mills County,
bids will be received by d County, Mich.
W. G. Baker, Village Clerk. until 8 p. m. (eastern CELLED.
Okla.
-BOND SALE CAN-The sale of the $51,000
standard time) Aug. 23. for the purchas
issue of water bonds to E. D. Edwards
e of the following issues of bonds of Oklahoma City
-V. 127, p. 714
aggregating $83,000; rate of interest not
-has been cancelled.
to
$79,000 special assessment paving bonds. exceed 6%.
Due serially from 1929 to 1937 BuCHICAGO SANITARY DISTRICT, Cook County, 111.
-PROPOSED
inclusive.
p Oblished aE DEt EItREDa
ND SAL reporF which .ppeared issue t euly 2rk ..E vening 1 7 t.. we
ln ourin th eoNJ w y 8-V. lV. p. 5 5- of
4,000 special assessment sewer
0
,08
A certified check payable to the bonds. Due $1,000. 1929 to 1932 incl. July 27,relative to
order of the Village Treasurer, for $1,000
the propose
Is required.
The sale according to reports d sale on Aug. 16 of$10.000.000 4lf% bonds.
has been indefinitely deferred due to unfavorable market conditions,
BILLINGS, Yellowstone
County, Mont.
-BOND SALE.
386.000 issue of funding bonds offered
-The
CLARK COUNTY (P.
0. Arkadelphia), Ark.
for sale on Aug. 7-V. 127, p. 442
-BOND SALE.
-A
was awarded to the State of
has recently been purchased by the
May 11928. Due from Jan. 1Montana as 434% bonds at par. Dated Woodmen of the iwndoerbldted.
1929 to 1948.
of Omaha,
mbahnad!
BLOOMINGTON SCHOOL
CLARK COUNTY (P. 0. Jefferso
-BOND SALE.
nville), Ind.
-ADDITIONAL DETAILS. DISTRICT (P. 0. Bloomington), Minn. 520.800 5% road
-The
-The $10,000
bonds offered on
-were awarded
that was recently purchased at par by theissue of school building bonds to the Clark County State Bank atAug. 11-V. 127, p. 714
State
a premium of $215.70, equal to 101.03.
-V. 127,P. 714-bears The bonds mature
nterest at 4% and is due $2,000 from 1943 to
serially
1947 Inclusive.
of Indianapolis, offered a in from 1 to 20 years. The City Securities Corp
premium of $212.00 for the bonds.
Aua. 181928.1
FINANCIAL CHRONICLE
987
,
only communication of any kind
EMENT DISTRICT NO. 10 ing bids. No bids were forthcoming the letter from George F. Baldwin,
of the following
CLARK COUNTY DRAINAGEUMPROVSOLD.
-The $5,325.70 issue received being in the formbanking group headed by the Harris Trust and
-BONDS NOT
(P. 0. Vancouver), Wash.
-was "authorized agent" for a
p. 575
on Aug.4-V.127,
of not to exceed 6% drainage bonds offered Aug. 11928. Due in from 2 to Savings Bank of Chicago:
not sold as no bids were received. Dated
"We had hoped to have been able to submit an attractive proposition for
12 years.
the purchase of the $13,924,000 Denver water refunding bonds, but the last
-The few weeks and months have seen a most radical change in the municipal
SALE.
Va.-BOND
CLARKSBURG, Harrison County, W. offered for sale on Aug.7bonds
other bond markets. This change has been so profound that we do not
$60.000 issue of 43% semi-annual bridge Lowndes Saving & Trust Co. of and that the situation will enable us to make a proposition for the purchase
feel
-was awarded at par to the
V. 127, p. 575
you.
incl.
which would be acceptable or attractive to that in our opinion it might be
Clarksburg. Due from Jan. 1 1930 to 1944
"We are writing this letter and stating
-Sealed well to postpone the sale. We do not attempt to state that we can make
-BOND OFFERING.
Brazil), Ind.
CLAY COUNTY (P. 0.
to what conditions will be, say, six months or
County Treasurer, will be received
bids addressed to Cullen C. Cochran, of $36,200 Levi Louderbeck et al any accurate prediction as does seem to us that it is hardly likely that they
until 10 a. m. Aug. 22, for the purchase int, at the rate of 434%. Dated twelve months hence, but it
than they are at the present.'
will be any less favorable
Brazil Township road impt, bonds to bear
which,
Nov. 15 1929 to 1938 incl. Prin.
Associated with the Harris Trust and Savings in this syndicate, issue,
Aug. 7 1928. title $1,810 on May and
bidding for the
Treasurer.
along with four others, appears to have figured on Trust Co. of Denver,
and int, payable at the office of the County
International
acording to Denver advices, the
Co., Guardian
-BONDS OFFERED FOR were,
CLEVELAND, Cuyahoga County, Ohio. bonds awarded on Aug. B. H. Rollins & Sons, Halsey, Stuart & Co., Equitable Trust Bank of ChiR. M. Schmidt & Co., First Trust and Savings
-The $1,879,000 4% and 414%
Detroit
INVESTMENT.
at 100.17, a basis of about cago, Northern Trust Co. of Chicago. Continental National Co. of ChiSz Oatis Inc., of Toledo.
4 to Stranahan, Harris-are being offered for investment as follows: 4%%
Boston
R. II. Moulton & Co., Otis & Co., First National Bank of
4.42%-V. 127. p. 852
priced to yield 4.25%; 43% cago,
Harris & Oatis.
bonds maturing from 1929 to 1938 incl.;
% bonds ma- and Stranahan,
Five Groups Were Figuring.
maturing from 1929 to 1937 incl.; to yield 4.3,0% and 4 X
bonds
had been
to yield 4.25%. According to the
"Five syndicates, repesenting a total of seventy bond houses, here last
turing from 1938 to 1953 incl. also pricedinvestment for savings banks and
received
figuring on the bonds," said dispatches from Denver
offering circular the bonds are a legal and Connecticut.
night.
funds in New York, Massachusetts
trust
0
The issue which Denver offered for sale consisted of $13,924,00 414%
Financial Statement (As Officially Reported).
Its purpose was to refund an
12,092,159,170 refunding bonds, due from 1929 to 1967' bonds sold Aug. 31 1918. This
Assessed valuation. Dec. 1927
municipal water 4 X%
135.864,482 Issue of $13,970,000
1 1928, on. The original
Total bonded debt (including this issue)
26,584,500 issue matures in 1948, but is callable from Nov. The proposed new bonds,
Less water debt (included above)
21.906,552 Issue was brought out at 9414 to yield 4.80%.
Less sinking fund
to have been deliverable Aug. 30. which would
87,373,429 offered yesterday, were
of the earlier issue,
Net bonded debt
have enabled the city to fulfill one of the provisions it should be called
Population, 1920 census. 796,841.
which was that funds for paying the latter off, in case
hand"60 days in advance of the callable
- In advance of maturity, must be "in
CLIFTON FORGE, Allegheny County, Va.-BOND OFFERING.
Nair. Chairman date.
Bids will be received until 2 p. m. on Aug. 24 by C. P. of
sale on July 23. it
an issue
Ever since the advertisement of yesterday's proposed
$175,000 5%
of the Finance Committee, for the purchase of Sept. 1 1928 and due on has been the consensus of bond dealers that unless some sort of"kick-back. •
coupon school bonds. Denom. $1,000. Dated
part of the contract, no bond
permissible. Prin. and int. such as a deposit arrangement, was made demanded on this issue. This
Sept. 1 1958. Either sealed or open bids are
A house would offer the minimum bid of par
(M. & S.) payable at the Chase National Bank in New York City.
and values have declined
feeling became more pronounced as the days passed
certified check for 114% of the bonds is required. a 434% rate
-V. 127, in the municipal market. To give the city officials of Denver their due, it
These are the bonds unsuccessfully offered at
no serious illusions as to their
should be observed as well, that they had
p. 715.
conditions. Said a
chances of receiving a satisfactory kid under present
- wire received here before the sale:
-BOND OFFERING.
CLINTON COUNTY (P. 0. Frankfort), Ind.
Officials Not Surprised.
County Treasurer, will receive sealed bids until 10 a. m.
Earl McDonald,
sold in the near future.
al
"There is little probability that the bonds will be interest. They ma3
Aug. 25,for the purchase of an issue of $17,440 4X% David P. Fisher et of
1918, bear 414%
in denoms.
They present water bonds,issued indate from Nov. 1928, on. In the early
road impt. bonds. The bonds are dated Aug. 15 1928. areto 1938 incl.
each May and Nov. 15 from 1929
be called for redemption at any int, was strong, and high grade securities
$872 and mature $872 on
months of this year the bond market
-Sealed in the class with Denver water bonds could be sold at prices to Yield the
-BOND OFFERING.
COLUMBIANA, Shelby County, Ala.
by D. S. Lightcap, Mayor, until 7 p. m.on Aug.20. for investor about 3.90%.
bids will be received
bonds for sale could
series A sanitary sewer
"This meant that the municipality having such long If the new refunding
the purchase of a $24,000 issue of 6% semi-annualfollows: $2,000, 1929 to
get a handsome premium-say $40 a bond-for 414s. premium on the entire
bonds. Dated July 1. 1928 and due on July 1, as
sold at the peak of the market a
issue could have been
1934 and $3,000. 1935 to 1938. all inclusive.
amounting to approximately 1500.000. In
- issue could have been realized
-BOND OFFERING.
saving in int.
COLUMBIANA, Columbiana County, Ohio.
addition to this premium, of course, these would be an annual
Orr, Village Clerk, will receive sealed bids until 8 p. m. Sept. 4, of $34,810. Plans for the sale of the refunding issue were made on the
S. Richard
for the purchase of an issue of $4.161.505% special assessment paving bonds. expectation that both a large premium and a large saving in interest charges
Dated Sept. 1, 1928. Due Sept. 1. as follows: $832.32, 1930 to 1934 incl. could be realized.
is doubtful
A certified check payable to the order of the Village Treasurer, or 5%
"With the bond market in its present condition, however, it slight prepar, or even a
of the bonds offered is required.
if a bid of par could be expected. And if a bid of be sufficient inducement
it would probably not
mium, were forthcoming,
Ind.
COLUMBUS SCHOOL CITY, Bartholomew County, on -BOND for the city to go through with its program at the present time. The feeling
building
-The $25,000 4 X% school the First bonds offered ofAugust 10 Is that by waiting a much more satisfactory sale can be negotiated."
SALE.
Columbus
National Bank
-were awarded to
127. p. 715
-V.
Dated
basis of about
.
D
at a premium of $200.00. equal to 100.80, a 15 1943; and 4.16%.
DE KALB COUNTY (P. 0. Auburn), Incl.-BON OFFERING m.
$5,000. Feb. and
bids until 10 a.
Aug. 10 1928. Due as follows: $5.000, Aug.
Ward Jackman, County Treasurer, will receive sealed
1945. The Irwin Union Trust Co. offered a premium of Sept. 5, for the purchase of the following issues of 4 X% bonds:
Aug. 15 1944 and
Townships road improvement
$25.00 for the bonds.
$6,925 I. S. Kutzner et at. Union and Grant semi-annually on May and
-Stone &
-BOND SALE.
bonds. Dated Aug. 15 1928. Due
CONCORD, Middlesex County, Mass. awarded on
August 10, an
Nov. 15.
Webster and Blodget Inc., of Boston. were
road improvement
2.408 Benjamin S. Miller et al. Union Township
$120.40 on
issue of $180,000 4% sewer bonds at 100.08. The bonds are dated Aug. 1,
bonds. Dated Aug. 15 1928. Denoms. $120.40. Due
and mature serially on August 1,from 1929 to 1958 inclusive. Report
1928,
May and Nov. 15 192900 1938 incl.
bonds appeared in V. 127, p.852.
of the bids submitted for these
-Ofthe 51,000,000
-BOND SALE.
DELAWARE(State of)P.O. Dover.
Ventura), Ventura County,
CONEJO SCHOOL DISTRICT (P. 0.of 5% school bonds offered for 4% coupon highway bonds offered on Aug. 15-V. 127, P. 715-3100,000
-The $17.000 issue
-BOND SALE.
Calif.
to the Farmers Bank of Dover. at 97.10 and the remaining
-was awarded to the Bank of A. Levy of were awarded option, were taken by the State Sinking Fund at the same
P. 575
sale on Aug. 7-V. 127,
as per
Oxnard for a premium of $507.38. equal to 102.984, a basis of about 4.59%. bonds, Laird. Bissell & Meeds of Wilmington. were the only other bidders
price.
in
Dated Aug. 1, 1928. Due from Aug. 1. 1929 to 1945, incl.
offering 95.788 presumably for $100,000 bonds. The bonds mature 1968.
CORTLANDVILLE UNION FREE SCHOOL DISTRICT No. 13
-Sealed bids
-NOTE OFFERING.
DRACUT,Middlesex County, Mass.
N. Y.
-BOND OFFERING.
(P. 0. Cortland), Cortland County,
Samuel G. Pillsbury, Town Treasurer, until 8 p. m. Aug.
Sealed bids will be received by Mildred Geer, Clerk Board of Education. were received by
the purchase of an issue of $55.000 school notes. Dated Sept. 1
unll 1:30 p. m. Aug. 27. for the purchase of an issue of $125.000 434% 17, for Due 35,000, Sept. 1 1929 to 1939 incl. Int. payable semi-annually
coupon or registered school bonds. Dated July 1 1928. Denoms. $1,000. 1928.
by Director of Accounts. A certified check for $1,000
Due July 1 as follows: $2,000, 1929 to 1931 incl.: 33.000. 1932 to 1935 incl.: Notes to be certified
1943 incl.; 56.000, 1944 to 1947 Is required.
$4.000. 1936 to 1939 incl.; $5.000, 1940 to to
1952 incl.; and $9,000, 1953.
-BONDS NOT SOLD-The
incl.: $7.000, 1948 and 1949; $8,000, 1950
DRUMRIGHT, Creek County, Okla.
-was
Prin. and int, payable at the Second National Bank & Trust Co.. Cortland. $50,000 issue of hospital tem& offered on Aug. 6-V. 127, p. 715
A certified check payable to the order of the Treasurer. Board of Education, not sold as no bids were submitted. The bonds will be re-advertised for
of the bonds offered is required. Legality to be approved by Clay, sale in the near future.
for 2%
Dillon & Vandewater of New York City.
DUDLEY TOWNSHIP SCHOOL DISTRICT (P. 0. Straughn),
Financial Statement.
-The Citizens State Bank of New-BOND SALE.
Henry County, Ind.
Assessed valuation of district (1928 including special franchises $800,540.00. castle was awarded on July 25, an issue of $260,000 school bonds bearing
no bonded or floating debt. Population of the District interest at the rate of 414% at 100.32, a basis of about 4.45%. Due as
The District has
according to last school census is approximately, 1,232.
follows: 52.500. Jan. 1 1928 and 52,500. Jan. and July 1 1930 to 1942 incl.
-The $215,000
-BOND SALE.
COTULLA ROAD DISTRICT (P.O. Cotulla) La Salle County,Tex.
EASTON, Northampton County, Pa.
-BOND SALE-Two issues of bonds aggregating 563.000, have been 434% coupon sewer improvement bonds offered on Aug. 14-V. 127, p.
purchased by the B. F. Dittmar Co. of San Antonio as follows: $43,000 715
-were awarded to the First National Bank of Easton, at 101.62, a
school bonds for a premium of $1,000, equal to 101.58, and $20,000 school basis of about 4.10%. Dated July 1. 1928. Due July 1 as follovrs:$7,000,
bonds at par.
1929 to 1953 incl.; and 58.000. 19o4 to 1958 incl.
-BOND OFFERING.
CRAWFORD COUNTY (P. 0. Prairie du Chien), Wis.-BOND DEEAST PATERSON, Bergen County, N. J.
-The $45,000 issue of road bonds that was purchased on Sealed bids will be received until 8.30 p. m.(daylight saving time) Aug. 31
SCRIPTION.
fully described as follows: 434% coupon by Walter A. Bredder, Borough Clerk, for the purchase of an issue of $303.July 10-V. 127, p. 715
-is more
bonds. Denom. $1,000. Dated May 1 1928 and due on May 1 1933. 000 4(% coupon or registered water bonds. Denoms. $1,000. Due Aug.
-Dickey Co.of Min- 1 as follows:$7.000, 1929 to 1948 incl.;58,000, 1949 to 1965 incl.;and 59.000.
Int. payable on May and Nov. 1. Awarded to the Wells
York or Paterson.
neapolis for a premium of $33, equal to 100.073, a basis of about 4.48%.
1966 to 1968 incl. Prin. and int, payable in gold in New
Sr., Borough
- A certified check payable to the order of Henry Bauman, bonds to be
CUMBERLAND, Allegany County, Md.-NOTE OFFERING.
for is required. No more
Sealed bids will be received by Frank Billmyer, Commissioner of Revenue Collector, for 2% of the bonds bid
over $303,000. Legality
an issue of $75.000 awarded than will produce a premium of $1,000New York. These are the
30
and Finance, until 9. a. m. Aug. 27, for the purchase of
& Hoffman of
f t0
1. 0 e
00 h.
434% flood prevention notes. Dated Aug. 1 1928. Denoms 11.000. to be approved by Thomson,Wood on Aug. 17-V. 127, p. 853.
bonds scheduled to have been sold
Due $15.000, Aug. 1 1929 to 1933 incl. A cerfied check for 235%
-The
-BONDS NOT SOLD.
County, Tex.
on
notes offered is required. These notes were offered unsuccessfully
EL CAMPO, Wharton
street improvement bonds offered on
Aug. 6-V. 127, P. 715. No bids were received.
$75.000 issue of 5% semiannual sold. The bonds will be re-offered at
-was not
-A 540,000 Aug. 6-V. 127. p. 576
-BOND SALE.
DALLAS COUNTY (P. 0. Adel), Iowa.
future date.
issue of 434% county home building bonds was recently purchased by a Mr. some
(P.0.El Dorado),Union
L. S. Craig of Dee Moines.
EL DORADO SPECIAL SCHOOL DISTRICT
-Sealed bids will be received until
-BOND OFFERING.
-NOTES NOT County, Ark.
DARLINGTON COUNTY (P. 0. Darlington) S. C.
McRae, District Secretary, for the purchase
m. or Aug. 25, by W. E.
SOLD-The $50.000 issue of county notes offered for sale on Aug.9-V.127 2 p. issue of 1150.0005% school bonds. Denom.51.000. Dated Sept. 1,
-was not sold as all the bids were rejected. They will be re-offered of an and due on Sept . 1. as follows: 55,000. 1929 to 1945; 325,000, 1946
p. 715
1928
at 11 a. m. on Aug. 31. Dated Aug. 9 1928. Due Feb. 15 1929. and $20,000, 1947 and 1948. Conversion of bonds to lower interest rate
for sale
l
A $500 certified check must accompany the bid.
by the purchaser is permissible. Prin. and semi-annua int. is payable at
- the place designated by the purchaser. Rose, Hemingway Cantrell
DAVIESS COUNTY (P. 0. Owensboro), Ky.-BONDS VOTED.
special election held recently the voters authorized the issuance of & Loughborough of Little Rock will furnish the approving opinion. A
At a
accompany the bid.
$250,000 in bonds for highway construction by a vote of more than two to $1,500 certified check must
-BOND SALE.
-A $10,685 issue
ELDORADO, Butler County, Kan.
bonds was recently awarded to the Eldorado National
-BOND OFFERING. of 434% paving
DECATUR COUNTY (P. 0. Greensburg), Ind.
to 100.47, a basis of about 4.19%.. 1
- Due
11V D In
2.
John Koehne at at road impt. bonds dated Aug. Bank for a $51 premium, equal
-A $12,000 issue of 43'4%
due as follows: $600 on May and Nov. 15 1938.
15 1928 in &nom. of $600 and be addressed to Closs D. Samuels, County
-BOND SALE.
-The two
ELKHART COUNTY (P. 0. Goshen), Ind. on Aug.
Bids should
1929 to 1938 incl.
issues of 434% bonds aggregating $74,000 offered
1).
Treasurer, and will De opened on Aug. 24 at 1 p. m.
-were awarded as follows:
-The 715
-BONDS NOT SOLD.
DENVER (City and County of), Colo. refunding water. series 1927 $60,000 road bonds to the Salem Bank & Trust Co.. at a premium of
$13,924,000 issue of 4 % coupon municipal not sold as no bids were subto 100.16, a basis of about 4.48%. Due $1,500.
$101.00. equal
-was
bonds offered on Aug. 14-V. 127. P.576 Dated June 1 1927. Due fromMay and Nov. 15, 1929 to 1948 incl.
mitted for the issue. Denom. $1,000.
14,000 road bonds to the Fletcher Savings Bank'S: Trust Co.at a premium
1967 incl. Edward II. Collins in the New York "herald-Tr
of $15.60. equal to 100.11, a basis of about 4.49%. Due $350 On
June 1 1929 to
the unsuccessful offering as follows:
on
bune" of Aug. 15 commentedthe city of Denver might have had that it
May and Nov. 15. 1929 to 1948 incl.
Any lingering hope that
Dated Aug. 15, 1928. The bids below were for the large issue, no other
bonds at par in the present municipal
could sell a 513,924.000 Issue of 4 X %
the time come for the open- bid was submitted for the other issue:
when
market was formally laid at rest yesterday
988
FINANCIAL CHRONICLE
[vol.. 127.
Bidder
Premium.
City Securities Corp.
GREATER GREENVILLE SEWER DISTR
ICT (P. 0. Greenville),
$ 12.00 S. C.
Fletcher Savings & Trust Co.
-BOND SALE.
-The $300.000 issue of coupon sewer bonds offered
77.70 for sale on Aug. 15-V.
Benjamin G. Schaefer
-was jointly awarded to the Detroit
100.00 Trust Co. of Detroit and 127, p. 853
Braun, Bosworth & Co.
ELKHART INDEPENDENT SCHOOL DISTR
ICT (P. 0. Elkhart), for a premium of $1,217, equal to 100.405, a basisof Toledo as 4%% bonds
Anderson County, Tex.
of about 4.73%. Dated
-BOND DESCRIPTION.
-The $30,000 issue of July 1 1928 and due on July 1 1968.
school bonds that was purchased by the Roger
H. Evans Co. of Dallas
GREENBURGH COMMON SCHOOL DISTR
-V.
127. P. 715
-is more fully described as follows 53.6%
ICT NO. 6 (P. 0.
$1,000. Dated May 12, 1928. Due from :1932 coupon bonds. Denom. Scarsdale) Westchester County, N. Y.
-BOND OFFERING.
-L. M.
to 1968, incl. without Keeler, Distric
option. Int. payable on May and Nov.
12. Awarded at a price of 105.17, time) Aug. 28,t Clerk, will receive sealed bids until 7o.m.(eastern standard
a basis of about 5.11%.
for the purchase of an issue of $85,00 coupon or register
0
ed
scnool bonds. Hate of interest
ELMA, Grays Harbor County
Denoms. 51,000. Due Sept. 1 not to exceed 6%. Dated Sept. 1 1928.
-BOND SALE.
-A
as follows:
issue of road bonds has been jointly , Wash.
purchased bythe Bank of Elma $25,000 $4,000, 1942 to 1946, incl., and $5,000, 1947$1,000, 1930 to 1939, incl.;
and the
First National Bank of Elma. Due
to 1957, incl. Principal and
$1,000 from 1930 to 1932 and $2,000 interest payable at the Scarsdale National Bank, Scarsdale. A certifie
from 1933 to 1943 incl Prin. and int. is
d
payable at the Town Treasurer's check payable to the order of the District Treasurer, for 2% of the bonds
office.
offered is required. Legalit
y approved by Thomson, Wood & Hoffman of
New York.
EL RENO SCHOOL DISTRICT (P. 0.E1
Reno), Canadi
Okla.
-BONDS NOT SOLD.
GREENBURGH
-The $97,000 issue of 5% an County,
semi-annual dale), WestchesterCOMMON SCHOOL DISTRICT NO.7(P.O. Harts.
school bonds offered on Aug. 8-V. 127,
County, N. Y.
-was not sold as no bids
-BOND SALE.
-The $48,500 coupon
were received for the issue. Dated May p. 853
or to
19 1921. Due on May 18, 1946. ed registered school bonds offered on Aug. 10,-V. 127.p. 853
--were
Batchelder, Wack & Co. of New York, 4.60s, 100.23, awardFERNDALE, Oakland County, Mich.
as
at
a basis of
-BOND SALE.
-The $200,000 about 4.55%. Dated July 1 1928. Due July 1, as follows: $6,000, 1929
special assessment bonds offered on Aug.
83.000. 1934 to 1938 incl. and $3,500, 1939.
-were awarded to 1933
to the Griswold-First State Co. of Detroit8-V. 127, p. 716
3
4s
GREENE COUNTY (P. 0. Bloomf
equal to 100.41, a basis of aout 4.70%. , as 4, at a premium of $826.00,
ield), Ind.
-BOND SALE.
Due serially in from 1 to 10 years. The $45,000
Other bids were as follows:
% road constru
p. 577
-were awarded to the ction bonds offered on Aug. 13-V. 127.
BidderIn:. Rate
Premium. & Trust Co. and the Fletcher Fletcher American Co., the Inland Bank
Detroit Security Trust Co.and the
Savings
$2,056.00 at a premium of $31, equal to 100.06.& Trust Co., all of Indianapolis,
First National Co. and the GuardiBank of Detroit_ _5 %
an Trust Co. --5 7
The bonds mature on May 15
suhv.il5 le29 to
No ni tted a hid.1938 incl.
Spitzer. Rorick & Co.
826.00
The City Securities Corp. of Indianapolis
also
5X 1.2
1,723.00
A complete list of bids received
follows:
GREENVILLE, Hunt County,
For 10
-Year Serial Bonds
Texas.
-BONDS REGISTERED.
-An
Premium. Price.
Griswold-First State Co.(4 refunding4igl%tonsoerniaAluglo.
ii%)
bonds was registered by State
o
1
f5 6 N
$640.00 100.32 issuem ro1 59 0
Detroit & Security Trust Co.
N.
0
Bank of Detroit(5%)
GRIFFITH,Lake County, Ind.
-BOND OFFERING.
-P.C. Taggart,
2,056.00 101.02 Town Clerk, will
First National Co. (5%)
receive
826.00 100.43 Sept. 7, for the purchas sealed bids until 7.30 ip. m.(daylight saving time)
Spitzer, brick & Co. (536%)
e of an issue of 56,130 6% special assessment street
1,732.00 100.86 widening bonds.
For Six Months' Notes
Dated June 11928. Due $613 Dec. 1 1928 to 1937 incl.
Griswold-First State Co.(6%)
GROSSE POINTE PARK,
160.00
Detroit St Security Trust Co.
-BOND SALE.
The $80,000 fire department Wayne County, Mich.
Bank of Detroit(6%)
p. 444
-were awarded jointly building bonds offered on Aug. 3-V. 127,
5.00
For One-Year Notes
Detroit Co. First Nationa to the Detroit Security Trust Co., Guardian
Griswold-First State Co. (PA,%)
l Co., and the Bank of Detroit. as 430 at a
premium of
$6, equal to
100.00
Detroit & Security Trust Co.
1928. Due on Aug. 1 100.007, a basis of about 4.49%. Dated April 1
Bank of Detroit(6%)
1943. The $795.000 not to exceed $4,4%
bonds maturing on Aug.
sower
15.00
First National Co.(6%)
time, will be re-offered in 1 1958, scheduled to have been sold at the same
560.00
Bonds were awarded to Griswold-First State Co.
90
who advanced no explana days, according to W. J. Berns, Village Clerk,
at 4%% bid.
tion for the postponement. Watling, Lerchen
& Hayes: Griswol
FLAGLER BEACH, Flagler County, Fla.
-A $3,000 Union Trust Co., d-First State Co.; Stranahan, Harris & Oatis, and the
issue of 6% water front improvement bonds -BOND SALE.
jointly, offered a premium of $855 for the $80,000 issue
Burnell State Bank of Burnell at a price of was recently purchased by the as
95.00, a basis of about
Denom. $1,000. Dated Jan. 1, 1927. Due
GUYA
$1,000 on July 1, in7.18%
1933 and 1935.
1931. County,NDOTTE ROAD DISTRICT (P. 0. Huntington), Cabell
W.
-The $100.0
bonds offered Va.-BOND SALE.
FLAT ROCK, Wayne County
for sale on Aug. 10-V. 127, p. 00 issue of 57 coupon road
-BOND OFFERING.
--was awarded to Harris.
853
Keenan, Village Clerk, will sell at , Mich.
-M.F. Forbes & Co. of New York for
public auction on Aug. 20, at
a premium of $5,053. equal to 105.053, a
(Eastern standard time) an issue of $32,00
8 p. m. basis of about 4.64%. Dated July
05% special assessments improve- 1946 to 1955,
1, 1925. Due $10,000 from July 1.
ment bonds. Dated Oct. 1, 1928.
incl.
Due serially on Oct. 1, from 1929
1933, incl. A certified check payable
to
HAMTRAMCK, Wayne County, Mich.
-BOND SALE.
official for 5% of the bonds offered is to the order of the above-mentioned issues of bonds
-The following
required.
aggrega
were awarded to the ting $88,836.80 offered on Aug. 7-V. 127. p. 716
Detroit & Security Trust Co. of Detroit, as Vis, at a
FLEMINGTON SCHOOL DISTRICT
premium of $558 equal
(P. 0. Flemington), Taylor
to
County, W. Va.-BOND SALE.
$65,328.33 refunding public 100.60.
bonds offered for sale on Aug. -The $75,000 issue of 5% coupon school
pavement bonds. Duo serially in from 1 to
9-V. 127, p. 576
10 years.
-was awarded to Stranaban, Harris Sz Oatis of
23,508.47 refunding public
pavement bonds. Due serially in from 1 to
basis of about 4.97%. Toledo for a premium of $278, equal to 100.37, a
Dated Apr. 1-1928. Due from Apr.
10 years.
1954, incl. The other bidders
and their bids were as follows: 1 1930 to
HANCOCK COUNTY (P. 0. Findla
Bidder-BOND SALE -The
y), Ohio.
*Prudden & Co. of Toledo
Premium. $30,470 road bonds offered on Aug. 10-V. 127, P. 577
-were awarded to
the Ohio
W. K. Terry & Co. of Toledo
$317.89 equal to Bank & Savings Co. of Findlay, as 4 Xs, at a premium of $57.50
100.18, a basis of about 4.717. Dated April 1, 1928. Due Oct.
*Conditional bid.
127.50 1, SS follows
: 83,470. 1929; $4,000, 1930 to 1932. incl.; and $3,000, 1933
to 1937, incl. A complete
FORDSON, Mich.
-BOND ELECT
list of the bids submitted follows:
-The City Clerk informs us
that an election will be held on Sept.4 ION.
Rate of
to
Biddersition calling for the issuance of 8428,00allow the voters to pass on a propoInterest Premium.
0
will bear interest at a rate not to exceed bonds. The bonds if authorized Assel. Goetz & Moerlein,Inc., Cincinnati
$200.00
5% and will mature in 30 years. Braun, Bosworth & Compan
The proceeds of the issue would be
y, Toledo
203.00
expended for the elimination of grade Breed, Elliott&
crossings.
Harrison,
225.48
Detroit Trust Company, Cincinnati
Detroit
111.00
First Citizens Corporation,
FORT WAYNE, Allen County,
Columbus
Ind.
75.00
5
bids will be received by the City Comptro -BOND OFFERING.
-Sealed First Citizen
ller until 2 p. m. Aug. 28 for the N. S. Hill & s Corporation. Columbus
oar
purchase of an issue of $50,000 4%
Compan
coupon or registered Baer Field Park Mansfield Savings y, Cincinnati
19rr
.
bonds. Dated June 1 1928.
Bank & Trust
240.00
R
e
to 1933 incl. Prin. and int,Denoms. $1.000. Due $10.000. June 1 1929
Bank & Savings Co., Co., Mansfield
payable at the First National Bank,
4
The Provident Savings Bank Findlay
Wayne. A certified check payabl
Fort
e to the order of the City for 5% of
& Trust Co., Cincinnati._
:
2221i58
5 1
7 0
bonds offered is required.
the Ryan, Sutherland & Company, Toledo
Seasongood Mayer, Cincinn
FRANKLIN TOWNSHIP SCHOOL
ati
142.00
DISTRICT (P.O. Export), West- W.L. Slayton & Company. Toledo
moreland County, Pa.
-41
W. K. Terry & Company
-Sealed bids
by James F. Torrance,-BOND OFFERING.
Toledo
225.70
Secretary Board of School Directo will be received
HARAHAN, Jefferson
Sept. 8, for the purchase of an issue
rs, until 12 m.
Parish,
-BON
-The $9,000
of
October 15. 1928. Denoms. $1,000. $50,000 5% school bonds. Dated issue of 6% jail bonds offered for saleLa. July D SALE.
on
27-V. 127, P. 138 wee
Due Oct. 15, as follows: $4,000, awarded to the Jeffers
1929 and 1931; $5.000, 1922 to 1935,
on Trust & Savings Bank
inclusive. A certified check payable inclusive, and $6,000. 1936 to 1938, mium, equal to 102.777, a basis of about 5.64%. of Gretna for a $250 preDue in 1938.
to the order of P. R. Foight, Distric
Treasurer, for $500 is required.
t
HARNETT COUNTY (P.
0. Lillington), N. C.
-BOND SALE.
-A
$51,000 issue of 43%
FREMONT, Dodge County, Nab.school
-BASIS-The Humphrey Co. of Toledo, for bonds has been purchased by the Robinson
$140.000 Issue of 4;1% semi-annual paving MATURITY
a $290 premium, equal to 100.569.
bonds that was jointly awarded
to the Omaha Trust Co. and the U.S. Trust
HARRISON TOWNSHIP
-V. 127. p. 577.
SCHOOL DISTRICT (P. 0. Winamad),
-Is due from July 1 1929Co., both of Omaha,at 100.009 Ind.
-BOND OFFERING.
to 1937 hid., giving a basis of receive
about 4.24%.
sealed bids until 1-Charles E Murphy, Township Trustee, will
p. m. Aug:23 for tho purchase of an issue of
$5,500 4h % school
FULTON COUNTY (P. 0. Rochester),
bonds. Dated Aug
1928. Denoms. $275. Due
Ind.
-BOND OFFERING.
Sealed bids will be received by Sardis
- as follows: $275. July 1 1929; S275 Jan. 1and July
1938 incl.,
Robbin
ndve.men ianed
10 a. m. Aug. 25, for the purchase of an issue s, County Auditor, until aho $275,t on. l l939l. f snci edretie.1ed.payable 1 1930 to
ieta A ertifils chncr ,
. orc
to the order of the
tk
of $75,000 4 % bridge construction bonus. Dated June 15, 1928.
off
Denoms. $3,750. Due $3,750
HARRISON TOWNSHIP
on May and Nov. 15, 1929 to 1938,inclusive.
(P.O. Natrona), Allegheny County,Pa.
BOND SALE.
-Prescott.
GADSDEN COUNTY SCHOOL DISTRICTS
3, an issue of $125.000 Lyon & Co. of Pittsburgh, were awarded on Aug.
(P.
BOND SALE.
- oquy l to a p ilce
-The two issues of bonds aggregating 0. Quincy), Fla.
enl a other hrdderf 1fer1 street improvement bonds at a premium of $1,550
o of01.2g Thl Citizen
$110,000, offered for
n io eoo for tse hondnal Bank of Natrona, was the
5
sale on Aug. 11-V. 127, P. 577
h Natio s
-were awarded at par as
$100,000 5X% special tax school district No. 1 bonds to follows:
HOLLAND,Ottawa
Bank of Quincy. Due on July 1, as follows: the Quincy State
County, Mich.
-BOND OFFERING.
-Sealed bids
$3,000, 1931 to will be received by Oscar
1935 and $5,000, 1936 to 1952, all incl.
standard time) Sept. 5, Peterson, City Clerk, until 7:30 p. m• (eastern •
10,000 6% special tax school district No. 5 bonds to the
for the purchase of the following issues of
Bank of Greens- assessment bonds,
boro. Due $500 from July 1 1929 to 1948
aggregating $32,418. Rate of interest not to special
exceed
Dated Aug. 1 1928. Int. payable semi-annually. incl.
'11.16.0 West 18th Street improv
$
John Nuveen & Co. of Chicago bid 97.50 for the $100,0
ement bonds. Due $1,840 Feb. 1 1930 to
1938, incl.
00 issue and 96.50
for the $10,000 issue. The other bids submitted
12,204 East 17th Street
are said to have been
illegal and were rejected.
improvement bonds. Duo $1,356 Feb. 1 1930 to
1938, incl.
3,654 terlusiveIace improv
Goaves P
GALLATIN COUNTY SCHOOL DISTRICT NO. 72 (P.
ement bonds. Due $406 Feb. 1 1930 to 1938,
0. Bozeman), Mont.
-BOND SALE.
-The $1,000 Issue of serial school buidling
Dated
bonds offered for sale on July 9-V. 126, p. 3961-has
been awarded to the required. Aug. 1 1928. A certified check for 2% of tho bonds offered is
State of Montana,as 6% bonds,at a price of 101.344
.
HOMESTEAD,
GASTON COUNTY (P. 0. Gastonia), N. C.
-BOND OFFERING.
-BOND OFFERING.
-Sealed
- bids will be receiveAllegheny County, Pa.
Sealed bids will be received by L. E. Rankin, Clerk
of the Board of County (Eastern Standar d by Harry M. Adress, Borough Treasurer, until 7 P. m•
Commissioners, until 11 a. in. on Aug. 27, for the purchas
d time Sept. 10
e of an $80,000 4% or
Issue of coupon funding bonds. Int.
% bonds. Dated Oct.for the purchase of an issue of $128,000
rate is to be named by bidder in a mul- 1957. A certifie
1
tiple of % of 1%, Payabl
d check, payable to 1928. Denom. $1,000. Due Oct. 1
the order of the Borough Treasurer.
July 1 1928 and due on e on Jan. & July 1. Denom. $1.000. Dated for $2,500 is required.
1936 to 1939 and $8,000,July 1, as follows: $4,000, 1930 to 1935; $6,000,
HOT
be registered. Prin. and 1940 to 1943 all incl. Prin. only of bonds may $18,000 SPRINGS, Sierra County, N. Mex.-BOND SALE.
-The
issue of 6% semi-ann. coupon
& Trust Co. of New York. int. is payable in gold at the IJ. S. Mortgage Aug.
water bonds offered for sale oft
6-V. 127. p. 139
will furnish legal approval. Storey, Thorndike, Palmer & Dodge of Boston
-was
A certified check for $1,600, payable to the Dated Dec. 1 1925. Due on awarded to Peck, Brown & Co. of Denver.
County Treasurer, is required.
Dec. 1 1955 and optional after Dec. 1 1935.
HOWARD COUNTY (P.
GOSHEN COUNTY SCHOOL
0. Kokomo), Ind.
SALE.
-BON
-The
Fletche
Wyo.-BOND OFFERING -SealeDISTRICT NO. S (P. 0. La Grange), p. 577 r American Co., of Indianapolis, was awarde. on D
Aug. 9-V. 127.
d
-the following issues
d
on Sept. 7 by F. M. Smith, Distric bids will be received until 8 p. in•
of
mium of $16, equal to 100.08, 4 % Donna aggregating 419,600 at a Pret Clerk, for the purchase of a $40,000
issue of 43% school building
a basis of about 4.48%
811,200 Howard Township
1928. Due in 20 years. Prin.bonds. Denom. $1,000. Dated July 1
road constru
and semi-ann. int. payable at Kountze
Nov. 15, 1929 to 1938, inclusiv ction bonds. Due $560 on May and
Brothers in N. Y. City.
e.
8,400 Center Township road improv
ement bonds. Due $420 on May
and Nov. 15, 1929 to 1938
GRAND ISLAND, Hall County, Neb.inclusive.
BOND SALE.
-An issue of
BOND SALE.
$131,000 43•5% refunding bonds has recently been
-The $2,700 issue of Harrison Township roadistruction
jointly
the Peters Trust Co. and Ware, Hall & Co., both of Omaha. purchased by bonds offered at the same time was awarded to the Hillisbu
Dated Sept. premium of $28.62. equal
1 1928. Due in 1948 and optional before that time.
to 101.06, a basis of about 4.28%•
113gt i
, on
May and Nov. 15. 1929 to 1938,
inclusive.
Re
e
1811
AUG. 18 19281
989
FINANCIAL CHRONICLE
The following is a complete list of the bids submitted for the bonds:
Int. Rate. Premium.
Bidder5
1,105.71
The Title Guar. & Trust Co., Cincinnati
1,009.09
5%
The Provident Savings Bank & Trust Co
68
..00
W. L. Slayton Co.,Toledo944
944.68
5
55
& Co., Cleveland
Otis
89
60
92 .5
82. 0
,
5
Braun. Bosworth Co., Toledo
5'9
N. S. Hill Co., Cincinnati
60
66 5
61 ..00
The First Citizens Corp. Co., Columbus
57
W. K. Terry & Co., Toledo
432.00
5
Union Trust Co., Cleveland
The
Ryan, Sutherland & Co., Toledo
7 °
57 °
3 0.'0
0
Assel, Goetz & Moerlein, Cincinnati
300.00
5'9
First National Co., Detroit
.
Continental National Co.. Chicago139.00
Stranahan. Harris & Oatis, Toledo
70.00
431
Seasongood & Mayer, Cincinnati
27.00
41%
Detroit Security Trust Co., Detroit
-The five bond issue;
-BONDS VALIDATED.
LAKE PLACID, Fla.
offered unsuccessfully on Aug. 2-V. 127,
that were voted on May 22 and
-were validated on Aug. 11 by the Circuit Court Judge at Sebring.
.
p 854
flied,
Notice of appeal protesting against the validation has beenissue. alleginr
unconstitutionality of the city's charter and illegality of the
(P. 0. Pine
LARAMIE COUNTY SCHOOL DISTRICT NO. 9
-The $20.000 issue of 5% coupon school
Bluffs), Wyo.-BOND SALE.
to the
bonds offered for sale on Aug. 6-V. 127, p. 446-was awarded basis of
a
Stockgrowers National Co. of Cheyenne at a price of 100.625, 1950. incl.
1928. Due $1,000 from 1931 to
about 4.94%. Dated Aug. 1,
The other bidders and their bids were as follows:
Price Bid.
Bidder100.50
Farmers State Bank of Pine Bluffs
100.00
Bosworth. Chanute, Loughridge & Co. of Denver
-BOND OFFERING.
LAWRENCE COUNTY (P. 0. Bedford), Ind.
-BOND OFFERING.
JACKSON COUNTY (P.O Maquoketa) Iowa.
received by Thomas N.Chapman, County Treasurer,
Bids will be received until 2 p. m. on Aug. 22. by Glen J. Bailey, County Sealed bids will be for the purchase ofan issue of$46.0004.%% Lawrence
of an issue of $150.000 primary road bonds. until 10 a. m.Aug.30,
Treasurer, for the purchase
Dated Aug. 30 1928. Denoms. $300 and 91,000.
Denom. $1,000. Dated Sept. 1 1928. Due $15.000 from May 1 1934 to Hunter road bonds. May and Nov. 15.
1943 incl. Optional after 1933. Sealed bids will be opened when all the Due semi-annually on
-BOND OFFERING.
open bids have been received. Bank bonds are to be furnished by purLEE COUNTY (P. 0. Fort Madison), Iowa.
chaser. Chapman & Cutler of Chicago will furnish the approving opinion. Bids will be received until 2p. m. on Aug. 20 by H. A. Skyles, County
issue of annual primary road
A certified check for 3% of the bonds, payable to the County Treasurer, Treasurer, for the purchase of a $20,000
$2,000 from May 1
must accompany the bid.
bonds. Denom. $1,000. Dated Sept. 1 1928. Due bids will be opened
1934 to 1943 incl. Optional after 5 years. Sealed
JACKSON COUNTY SPECIAL TAX SCHOOL DISTRICT NO.71 only after all the open bids have been received. Purchaser to furnish
-BOND SALE.
-A $16,000 issue of 6% semi- blank bonds. County will furnish legal opinion of Chapman & Cutler
(P. 0. Marianna) Fla.
annual school bonds was recently awarded to a local investor at a price of of Chicago. A certified check for 3%, payable to the County Treasurer,
99.
must accompany the bid.
County,
-BOND OFFERING.
JASPER COUNTY (P. 0. Rensselaer), Ind.
LEON! TOWNSHIP SCHOOL DISTRICT NO. 6, JacksonJuly 30H. A. Lambert, County Treasurer, will receive sealed bids until 2 p. in. Mich.
-The $85,000 school bonds offered on
-BOND SALE.
Aug.31,for the purchase of an issue of $7.60057 road impt. bonds. Dated V. 127, p. 578
to the Bank of Detroit, o31' Detroit, as 431s.
-were awarded
Aug. 15 1928. Due $380 on May and Nov. 15 i29 to 1948 Incl. Prin.and at a premiumof 51,205. equal to 101.417, a basis of about 4.62%. Dated
and
int, payable at the office of the County Treasurer.
Apr. 11928. Due as follows: $1,000. 1930 and 1931: $2,000. 1932
-BOND OFFERING. 53.000. 1933 to 1959 inclusive.
JEFFERSON COUNTY (P. 0. Monticello), Fla.
-The two issues
SALE.
LINCOLN, Lancaster County, Neb.-BOND
-Sealed bids will be received until noon on Sept. 5 by J. W. Garwood,
Clerk of the Board of County Commissioners, for the purchase of an issue of bonds aggregating $272,270, offered for sale on Aug. 4-V. 127, p. 297
of $100,000 5% coupon road bonds. Denom. $1,000. Dated Nov. 1 1925 were awarded to the Lincoln Trust at a discount of $2.700, equal to 99.00.
and due on Nov. 1 as follows: $44.000, 1946; $26,000, 1947, and $30,000 The issues are divided as follows:
in 1948. Prin. and int.(M.& N.) payable at the National Bank of Com- $172,270 special assessment bonds as 43.1s. Dated Aug. 1 1928.
merce in N. Y. City or at the Farmers & Merchants Bank of Monticello.
100.000 431% aviation field bonds. Dated June 1 1928.
Caldwell & Raymond of N. Y. City will furnish legal approval. A certified
The other bidders and their bids were as follows:
Premium.
Rate.
check for 1% of the bid, payable to the County Commissioners,is required.
$500241..0054
i
S dd Trust
Peters e - Co. of Omaha
4
JEFFERSON DAVIS COUNTY (P. 0. Prentiss), Miss.
-BONDS U. S. Trust Co. of Omaha
140.00
4 &4
VOTED AND SOLD.
-The $12,000 issue of school house bonds that was First Trust Co. of Lincoln
212.50
4 &4
passed on at the special election held on Aug.3-V. 127, p. 296
-was voted Omaha Trust Co. of Omaha
Par
4 & 4y
13y a large majority and awarded on Aug. 10 to the Bank of Blountville of James T. Wachob & Co. of Omaha
Sept. 1 date
Prentiss.
All the bids except that of the Lincoln Trust Co. were for
had to be rejected.
and
-BOND OFFERING.
JENNINGS COUNTY (P. 0. Vernon), Ind.
-An
-BOND SALE.
LOUISA COUNTY (P. 0. Wapello), Iowa.
William M. Cull, County Treasurer, will receive sealed bids until 11 a. in.
has recently been purchased by the
Aug. 24 for the purchase of an issue of $13,800 4.4% E.L.Phillips et al. Issue of $100,000 court house bonds431% bonds at par. Due from 1934
White-Phillips Co. of Davenport as
Center Township bonds. Dated July 15 1928. Denom. $690. Due $690
to 1943 incl. Optional after 1933.
on May 15 and Nov. 15 1929 to 1938 inclusive.
-The following
-BOND SALE.
-BOND OFFERING.-Bids
JONES COUNTY (P.O. Anamosa),Iowa.
LOWELL, Middlesex County, Mass.
p.
will be received until 2 p. m. on Aug. 28, by Harry Holcomb, County issues of 431% bonds aggregating $184,000 offered on Aug. 14-V. 127,of
at 100.098, a basis
Treasurer, for the purchase of an issue of $135.000 431% annual primary 855
-were awarded to R. L. Day & Co. of Boston.
road bonds. Denom. $1,000. Dated Sept. 1. 1928. Due on May 1. about 4.23%.
as follows; $10,000, 1934 to 1936 and $15,000. 1937 to 1943, all $118,000 Andover Street paving bonds. Due Aug. 1. as follows: $12.000.
incl. Optional after May 1. 1933. Sealed bids will be opened only after
1929 to 1936 incl.; and $11,000. 1937 and 1938.
1931
all the open bids are in. Blank bonds to be furnished by purchaser. County
33.000 boulevard bonds. Due Aug. 1. as follows: $4,000, 1929 to
will furnish legal approval of Chapman & Cutler of Chicago. A certified
incl.; and $3,000. 1932 to 1938 inclusive.
check for 3% of the bonds, payable to the County Treasurer,is required.
laying and relaying water mains bonds. Due Aug. 1. as follows:
18,000
$2,000, 1929 to 1931 incl.; and $1,000, 1932 to 1943 inclusive.
KALAMAZOO COUNTY RURAL AGRICULTURAL SCHOOL DIS15,000 sewer bonds. Due $1,01111, Aug. 1 1929 to 1943 inclusive.
TRICT NO. 1 (P. 0. Kalamazoo R. F. D. No. 6), Mich.
-BOND SALE.
Dated Aug. 1 1928. Other bids were as follows:
Rate Bid.
-The $43,000 school bonds offered on Aug. 14-V. 127, p. 854-were
Bidder
100.05
awarded to the Detroit Security Trust Co as 5s at a premium of $567. Harris. Forbes & Co
equal to 101.31. a basis of about 4.81%. Dated Aug. 15 1928 and due Eldredge & Co
100.04
Aug. 15 as follows: $1.000, 1931 to 1938 incl.: $2,000. 1939 to 1955 incl..
Manu-The
-TEMPORARY LOAN.
LYNN? Essex County, Mass.
and $1,000. 1956. Successful bidder agreed to furnish bonds and legal
facturers Bank of Lynn was recently awarded a $300,000 temporary loan
opinion. Other bids were as follows:
BidderPremium. maturing on Nov. 6 on a 4.78% discount basis plus a premium of $3.
First National Bank & Trust Co
$386.30 The following is a list of other bids submitted:
Disct. Basis.
Bank of Detroit
331.10
4.84%
Bumpus & Co _ _ ___ - _11.00 Salomon Bros. & Hutzler (plus $3)
None Security Bank
National Bank
Kalamazoo
8agam
e
ore arust Co. (Plus $1.25)
4.93%
44.9084 %%
KANAWHA SCHOOL DISTRICT (P. 0. Fayetteville), Fayette
Trust Co.(plus $1)
-The $225,000 issue of 5% coupon
County, W. Va.-BONDS NOT SOLD.
-The 550,000 is-BOND SALE.
McCOMB CITY, Pike County, Miss.
-has not as yet been sold.
school bonds offered on Aug. 10-V. 127. P. 854
sue of coupon concrete sidewalk bonds offered for sale on Aug.7-V. 127.
Dated Aug. 1,1927. Due from Aug. 1. 1930 to 1947. incl.
-was awarded to the Bank of Commerce & Trust Co. of Memphis
p. 717
-BONDS VOTED AND DE- as 531% bonds for a premium of $77, equal to 100.151.
KANSAS CITY, Jackson County, MO.
FEATED.
-At the regular primary election held on Aug. 7-V. 126, P.
-BOND OFFERING.
MADISON COUNTY (P. 0. Anderson), Ind.
-the voters authorized the issuance of $1,000,000 in bonds for the
3964
Barton, County Treasurer, will receive sealed bids until 10 a. in.
purchase of an airport site and defeated two other items as follows: 536 Marcia H. the purchase of an issue of 526.100 434% Ernest R. Watkins
million dollars for trafficways and 3 million dollars for waterworks purposes. Aug. 31 for
Dated Aug. 31 1928. Duo
Although both issues had majorities they lacked the required two thirds et al Anderson Township gravel road bonds.
semi-annually on May and Nov. 15. Successful bidder to pay for legal
vote. (These bonds were previously defeated May 8-V. 126, P. 3166.)
opinion. Prin. and int. payable at the office of the County Treasurer.
KLAMATH COUNTY SCHOOL DISTRICT (P. 0. Fort Klamath),
-NOTE OFFERING.
MADISON COUNTY (P. 0. Marshall), N. C.
-Sealed bids will be received until 7 p.m. on
-BOND OFFERING.
Ore.
m. on Aug. 22 by J. W II Roberts.
Aug. 28 by Mrs. Alfred B. Castel, District Clerk, for the purchase of a Sealed bids will be received until 10 a.
for the purchase of an issue
$3,000 issue of semi-annual school bonds. Int. rate is not to exceed 531%. Clerk of the Board of County Commissioners,
Dated Sept. 1, 1928.
Dated Sept. 1 1928. Due on Sept. 1 1948 and optional after Sept. 1 of $100,000 5% road notes. Denom. 55,000. payable at the Hanover
Due on Aug. 31, 1929. Prin. and semi-annual hit, Washburn of New York
1933. A certified check for 5% par of the bonds is required.
National Bank in New York City. Reed, Hoyt &
check for 2% of the bid,
KLAMATH COUNTY (P. 0. Klamath Falls), Ore.
-BOND OFFER- City will furnish legal approval. A certified
-Sealed bids will be received until Aug. 25, by C. R. DeLap, County payable to the County,is required.
/NO.
-Three ISSUE'S
Clerk,for the purchase of a $247,000 Issue of permanent road bonds. Dated
-BOND SALE.
MAGNOLIA, Columbia County, Ark.
Nov. 1 1927 and due on Nov. 1, as follows: $10,000 1932 to 1936: $15,000, of bonds aggregating $125,000, have been purchased by the Simmons Na1937 to 1939; $20,000, 1940 to 1943: $25,000, 1944 and 1945 and $22,000 in tional Bank of Pine Bluff. The issues are divided as follows: $55.000 paving
1946. A $12,350 certified chock must accompany the bid.
district No. 1 bonds at a price of 101.36. $40,000 paving district No. 2
-BOND OFFERING._ bonds at 102.56 and $30,000 paving district No.3 bonds at a price of 102.63.
LAKE COUNTY (P. 0. Crown Point), Ind.
-BONDS VOTED600.8.-A
Hazel K. Groves, County Treasurer, will receive sealed bids until 10 a. m.
MAJOR COUNTY (P. 0. Fairview), Okla.
authoriz
Aug. 24, for the purchase of the following issues of 5% bonds aggregating a special election held on Aug.9 the voters authorized the issuance of
$210.000:
county roads by the barest margin, the proposition
in bonds for
$98.000 road bonds. Due $4,900, May and Nov. 15, 1929 to 1938. Incl. 000
carrying by six votes.
72.000 road bonds. Due $3,600, May and Nov. 15, 1929 to 1938, incl.
-The three issues of
-BOND SALE.
MANGUM, Greer County, Okla.
40,000 road bonds. Due $2,000, May and Nov. 15, 1929 to 1938, incl.
-bonds aggregating $70.000, offered for sale on Aug. 2-V. 127, p. 717
Dated August and July 15. 1928.
were awarded as follows:
(P. 0. Crown Point), Ind.
-BOND SALE.
LAKE COUNTY
-The $35,000 water softener bonds to Calvert & Canfield of Oklahoma City and
Commercial Bank of Crown Point, was awarded on Aug. 6, an issue of 525.000 airport bonds and 510.000 fire truck bonds to the sinking fund.
9138.000 road bonds bearing interest at the rate of 5% at a premium of A $50,000 issue of gymnasium, library and auditorium bonds that was
-was awarded to
$1,480, equal to 101.07. The bonds mature from 1929 to 1938, incl. voted with the above bonds on June 27-V. 127, P. 139
Julian Youche of Crown Point, also submitted a bid.
R. J. Edwards, Inc., of Oklahoma City.
COUNTY (P. 0. Painesville), Ohlo.-BOND SALE.
-The
LAKE
MANITOU SCHOOL DISTRICT (P. 0. Manitou), Tillman County
-A $15.000 issue of school bonds has been purcnmed
$107.350 county and property owner's share improvement bonds offered on Okla.
-BOND SALE.
-were awarded to Stmnahan, Harris & Outs Inc.
August 13-V. 127, p.578
Piersol Bond Co. of Oklahoma City.
premium of $86.67, equal to 100.08. a basis of about by the
of Toledo, as 4lis, at a
MANSFIELD, De Sota Parish,r
SALE.
-The $115,000 Witte
4.74%. Dated Aug. 11928. Due as follows: 55,000, April and $5,250.
le
sale on Aug. 2Oct. 11929; $5,000, Apr. and Oct. 1 1930 and 1931; also $5,000. Apr. and of 6% semi-annual public utility im t. bonds offered for Mansfield at Par.
-was awarded to the ank of Commerce of
V. 127, p. 578
$6,000. Oct. 1 1932 and 1933.
-The following issues
-BOND SALE.
HUNTINGTON WOODS, Mich.
-were
of bonds aggregating $94.500 offered on Aug. 9-V. 127, p. 716
awarded to the Guardian Detroit Co. of Detroit, as 4Us, at a premium of
equal ot 100.43, a basis of about 4.64%.
$409.45
$79,000 special sewer assessment bonds. Due Aug. 15, as follows: $7.000,
1929: and $8,000, 1930, to 1938 incl.
15,500 special sewer assessment bonds. Due Aug. 15, as follows: $1,500,
1929 to 1937, incl., and $2,000, 1938.
Dated Aug. 15, 1928.
-BOND OFFERING.
INDEPENDENCE, Cuyahoga County, Ohio.
Ray Carmichael, Village Clerk, will receive sealed bids until 12 m.(eastern
standard time), Aug. 27, for the purchase of an issue of $9.350 5% special
Due
assessment series C-1 street impt. bonds. Dated June 1 1928. incl. Oct. 1,
Prin.
as follows: $850, 1929; $500, 1930; and $1,000, 1931 to 1938
at the Pearl Street Savings & Trust Co., Cleveland. A
and int, payable
certified check payable to the order of the Village Treasurer, for 5% of the
bonds offered is required. Legality approved by Squire, Sanders & Dempsey of Cleveland.
-BOND OFFERIA .--Sterling
INDIANAPOLIS,Marion County,Ind.
R. Holt, City Controller, will receive sealed bids until 11 a. m. (Central
Aug. 31, for the purchase of an issue of $540,000 431%
standard time)
municipal judgment funding bonds of 1928. Dated Sept. 1 1928. Denom.
Due $27.000, Jan. 1 1930 to 1949, incl. Principal and interest
$1,001
Payable at the office of the City Treasurer.
-BOND OFFERING.
INDIANAPOLIS, Marion County, Ind.
Sterling R. Holt,City Comptroller,will'receive)sealed bids on 11 a.m.(eastern
standard time) Aug. 21, for the purchase of an issue of $40,000 431%
"First Issue Municipal Street impt. bonds". Dated June 1 1928. Denorns.
$1,000. Due $4,000, Jan. 1 1930 to 1939 incl. Prin. and hit. payable at
the office of the City Treasurer. The bonds it is stated constitute an obligation of the entire city.
7
i4
990
FINANCIAL CHRONICLE
[Vol,. 127.
MARSHALL COUNTY (P. O.Plymouth), Ind.
-BOND OFFERING.
Sealed bids will be received by Samuel G. Heckaman, County Treasurer, Sinking funds, other than for water bonds --_$ 868,494.02
until 2 p. m. Aug. 20. for the purchase of an issue of $2,300 4% 70 high- Sinking funds for water bonds
51,309.55
way improvement bonds. Dated Aug. 7 1928. Due on May
and. Nov.
Total sinking funds
15. from 1929 to 1938, inclusive.
919,803.57
Assessed Valuations
MARSHALL COUNTY (P. 0. Plymouth), Ind.
-BOND SALE.
-The Real (1928 ratables)
94,221.200.00
two issues of 4%% bonds aggregating $17,800 offered on Aug.
11-V. 127, Second class railroad
314,551
p. 717
-were awarded to A. P. Flynn of Logansport. as follows:
Total real and second class railroad
510,000 Charles Gerard et al road impt. bonds at a premium of $20.00.
$ 94,535.751.00
Personal
equal to 100.10. Due on May and Nov. 15 1929 to 1938 incl.
7,572.300.00
7,800 Gertrude Stout et al road impt. bonds at a premium of 58.20, equal
Total assessed valuations
to 100.10. Due on May and Nov. 15 1929 to 1938 incl.
$102,108,051.00
Tax rate per $1,000 (1928)
Dated July 30 1928.
$33.50
Population (1920 Census)
28.810.00
MARTINSBURG, Berkeley County, W. Va.-BOND ELECTION.
A special election will be held on Oct. 2 to have the voters pass on a propoMONTGOMERY COUNTY (P. 0. Crawfordsville), Ind.
-BOND
sition to issue $125,000 in bonds for a new high school and grade school OFFERING.
-Sealed bids will be received by Clyde Rogers, County
Improvements.
Treasurer, until 10 a. m. Aug.
for the
4%% Claude D. Bronaugh et 25, Walnut purchase of an issue of $4,500
Township gravel road bonds.
MASSACHUSETTS (State of).
al
-AUTHORIZE 54,000,000 BOND
ISSUE.
-A $4,000,000 issue of bonds to be known as the "Metropolitan Dated Aug. 15, 1928. Denoms, $225. Due $225 on May and Nov. 15,
Additional Water Loan Act of 1926) was authorized for sale by the Gover- 1929 to 1937, inclusive.
nor's Council on August 9. according to the "Wall Street News" of Aug. 10.
MONTGOMERY COUNTY (P.O. Mt. Sterling), Ky.-BOND OFFERMECHANICVILLE, Saratoga County, N. Y.
-Sealed bids will be received until 10 a. m. on Aug. 25, by E. W.
-BOND SALE.- ING.
The $80,000 coupon or registered water worIcs bonds offered on Aug. 13- Senff, County Judge, for the purchase of a 516.500 issue of 5% semiV.127,p.717
-were awarded to the Manufacturers & Traders-Peoples Trust annual turnpike construction bonds. Denom. $500. Dated Aug. 1 1928
Co. of Buffalo, as 4.405, at 100.26, a basis of about 4.37%. Dated Aug. 1 and due on Aug. 1 as follows: 51.000. 1933:51,500, 1934 to 1942 and $2,000,
1943. A $500 certified check, payable to the county,
1928. Due $4,000, Aug. 1929 to 1948 inclusive.
must accompany bid.
MEDINA COUNTY (P. 0. Medina), Ohio.
-BOND OFFERING.
MORGANTOWN, Monongalia County, W. Va.-BOND SALE.
-The
L. F. Garver, Clerk Board of County Commissioners, will receive sealed two issues
of 5% coupon bonds aggregating 5275.000. offered for
bids until 11 a. m.(eastern standard time) Aug. 30. for the purchase of the Aug.
sale on
10-V. 127. p. 855
-were awarded to the Bankers Trust Co. and
following issues of 5).5% bonds aggregating
Hannahs,
$113,900:
$75,500 road improvement bonds. Due Oct. 1 as follows: 57,500. 1929: equal to Bailin & Lee, both of Now York, for a premium of $11,850.58.
104.30, a basis of about 4.72%. The issues are divided as follows:
$7,000. 1930 to 1933 incl.; and $8,000, 1934 to 1938 ind.
38,400 road improvement bonds. Due Oct. 1 as follows: 53,400. 1929: $150.000 street bonds. Dated July 1, 1925 and due on July 1 as follows:
53.000, 1951: 518,000. 1952:519,000. 1953:520.090. 1954: 521.000.
53,000, 1930: and $4,000, 1931 to 1938 tad.
1955: 522.000, 1956: 523,000, 1957, and 524,000 in 1958. Interest
Dated Sept. 1, 1928. A certified check payable to the order of the County
payable on January and July
Treasurer, of $1,000 for each issue is required. Legality to be approved
125,000 sewer bonds. Dated Aug. 1. 1.
follows:
by Squire, Sanders & Dempsey of Cleveland.
1924. and due on
5 0 rest payab1e35 0 00..1& 7: g.5.000, 1948, andAug. 1 asin 1949.
Inte 00 , 19 6
2. 0
4 : 42 eb 94Au53 1
F
$36,000
MELVINDALE, Wayne County, Mich.
-BOND OFFERING.
Prin. and int. payable in gold at the State Treasurer's
Sylvester A. Mabie, Village Clerk, will receive sealed bids until 7:30 p. m.
office or at the
Aug. 22 for the purchase of an issue of $33,500 special assessment sidewalk National City Bank in New York. Approving
opinion of Thomson, Wood
bonds
-rate of interest not to exceed 6%. Dated Sept. 1. 1928. Due Sept. & Hoffman of New York City furnished at expense of purchaser.
1, as follows: 58,000. 1930: and $8,500, 1931 to 1933 incl. A certified
MUSCATINE COUNTY (P. 0. Muscatine), Iowa.
check payable to the ordr of the Village Treasurer for $2,500 is required.
-BOND DESCRIPTION.
-The $25,000 issue of 5%
MERCER COUNTY (P. 0. Stanton), N. Dak.-BOND SALE.-Tho chased by the American Savings warrant funding bonds that was purBank of Muscatine at 100.088-V. 127,
$50,000 issue of coupon road bonds offered for sale on Aug. 7-V. 127. p. p. 718
-is further described as follows: coupon bonds in denoms. of $1,000.
-was awarded to the First Minneapolis Trust Co. of Minneapolis as Dated July 11928. Due from 1929
579
431% bonds, for a premium of 511, equal to 100.022, a basis of about 1929. Interest payable M. & N. 1. to 1933, incl. Optional after July 1
Basis of about 4.95% •
4.74%. Dated July 1 1928. Due from 1931 to 1940 incl. The other bidders and their bids were as follows:
MUSKEGON,Muskegon County, Mich.
-The $80,000
-BOND SALE.
refunding municipal improvement bonds offered on Aug. 14-V. 127.
Bidders
Minnesota Loan & Trust Co.. 5% premium
-were awarded to the Bankers Trust Co. as 4%s, at par. Due
$6855..0000 P. 856
Aug. 15, as follows: 510.000, 1929:
Paine Webber Co.. Minneapolis. 5% premium
520.000. 1930, and $10.000. 1931 to
Drake Jones Co.. Minneapolis, 5;f
/ premium
125.00 1935, incl.
Wells Dickey Co., Minneapolis, 5
premium
76.00
NEW LEXINGTON, Perry County, Ohio.
Seasongood & Mayer, Cincinnati 5j premium
%
-The
-BOND SALE.
447.00 $128.850 4%%
C. W. MeNear Co., Chicago, 5%% Premium
sewer disposal plant bonds offered on Aug. 10-V. 127, P•
155.00 580
-were awarded to the First Citizens Corp. of Columbus at a premium
MIAMI, Dade County, Fla.
-REPORT OF NOTE OFFERING.
- of 21,416,
According to a report in the "Wall Street Journal" of Aug. 11, the city Due Oer-equal to 101.09, a basis of about 4.36%. Dated Aug. 1 1928.
Biddct. 1 as follows: $6,860. 1929: 56.000, 1930
to 1940 Incl.; and 57.000
authorities have been authorized to negotiate for the sale of $2,000,000 1941 to 1948 incl.
The follong bids were also submitted:
following
short term anticipation notes. Int. rate is not to exceed 6%. The notes
Int. Rate
will anticipate Nov. 1 tax collections and will be paid in monthly install-. Herrick Co.,
Cleveland
57
ments.
Weil, Roth & Irving Co.. Cincinnati
Plrem,20i27.
00
5
Seasangood & Mayer, Cincinnati
MICHIGAN CENTER, Mich.
1,401.00
-BOND ELECTION CONTESTED.
- Braun, Boswroth
& Co., Toledo
Alleging that fourteen unqualified voters cast their ballots at the election
703.00
5
held recently which culminated in the authorization of the sale of $85.000 *Taylor, Wilson & Co., Cincinnati
4 %
school building bonds
1,373.00
-V. 127, p. 855
5%
-and that the election was not Spitzer, Rorick & Co., Toledo
*30 day option.
conducted legally, twenty tax-payers of the District, according to the
"Jefferson Citizen Patriot" of Aug. 11, have filed a petition in the Circuit
NEW MEXICO, State of (P. 0. Santa Fe).
-BOND OFFERING.Court for an injunction to restrain the school board from selling the issue. Sealed
bids will be received until 10 a. m. on Sept. 25 by M. A. Otero. Jr.,
MIDDLE COASTAL HIGHWAY COMMISSION (Comprising Coun- Secretary of the State Board of Finance, for the purchase of a $500,000 issue
of highway bonds. Interest rate is not to exceed 6%. Denoms. as desired.
ties of Dillon, Florence, Williamsburg, Colleton, Beaufort and
Jasper) (P. 0. Columbia), S. C.
-BONDS NOT SOLD.
-The 5400.000 Dated Oct. 11928. and due on Oct. 1 1933. Prin, and semi-annual int. is
Issue of 43 7 or 44% coupon coastal highway bonds offered on Aug. 10- Payable at the State Treasurer's office or at the Seaboard National Bank in
0
V. 127. p. 579
-was not sold as no bids were received. Dated Aug. 1, New York City. A certified check for 2% of the bid is required.
1928. Due from Feb. 1. 1931 to 1939 Incl.
NEWPORT, Newport County, R. -BOND SALE.
-Harris, Forbes
MILLCREEK TOWNSHIP SCHOOL DISTRICT (P. 0. R. D. 2, .4 Co. of Boston were awarded on Aug. I. an issue of 590,000
% series
14
Erie), Erie County, Pa.
-BOND OFFERING.
-F. F. Feidler. District "B" street improvement bonds at 100.425, a basis of about 4.42%. Dated
Secretary, will receive sealed bids until 10 a. m. (Eastern standard time)
15 1928. Denoms .51,000. Due Aug. 15 as follows: 55,000, 1929
Aug. 24,for the purchase of an issue of 540.000 4%% coupon Tracy Build- and 1930; $10,000,
Aug.
ing bonds. Dated June 1 1928. Denom. $1,000. Due 520.000. June 1 and int. payable in1931 to 1935 incl.: and 55,000. 1936 to 1941 incl. Prin.
holder's
gold at the office of the
1937 to 1947, inclusive. Principal and interest payable at the Peoples option at the First National Bank. Boston. City Treasurer or at
Bank & Trust Co., Erie. A certified check, payable to the order of the Ropes, Gray, Boyden & Perkins of Boston. Legality to be approved by
District Treasurer, for 1% of the bonds offered is required.
Financial Statement, August 6 1928
-577.158,700.00
MINOT, Ward County, N. Dak.-BOND SAL.-Airissue of $165.105 Valuation for year 1927
-_$436,000.00
.5% improvement bonds has recently been purchased by the Hanchett Sinking fund bonds
Less sinking funds
Bond Co. of Chicago. Dated Aug. 1, 1928. Due from 1931 to 1948, incl.
264.017.69
171.982.31
Prin. and int.(F.& A.) payable at the First National Bank of Minneapolis. Serial bonds
(not including issue advertised)_
1,600.000.00
MONESSEN SCHOOL DISTRICT, Westmoreland County, Pa.
Total net debt
NO BIDS.
-The 5250.000 4%% coupon school bonds offered on Aug. 10
$1,771,982.31
-V. 127, p. 298
-were not sold as no bid was submitted. The bonds are
Population 1920. 30,255.
dated Sept. 1 1928 and mature Sept. 1. as follows: 55,000, 1931 to 1940 incl.:
NEWPORT SCHOOL DISTRICT (P. 0. Newport) Washington
310.000, 1941 to 1952 incl.: 515,000. 1953 to 1956 incl. and 520,000, 1957.
County, Minn.
-The $28,000 issue of
-ADDITIONAL DETAILS.
MONROE COUNTY ROAD DISTRICT NO. 4 (P. 0. Aberdeen), school 13onds that was recently purchased at par by the State of Minnesota
Miss.
-Sealed bids will be received until Sept. 3 -V. 127, 1). 580
-BOND OFFERING.
-bears interest at 4% and is due from 1933 to 1948, End
by the Chancery Clerk, for the purchase of a 535,000 issue of road bonds.
•
NOBLE COUNTY (P. 0. Perry),
(These bonds were voted on July 31-V. 127, p. 855.)
-A $35,000
-BOND SALE.
issue of road bonds has recently beenOkla.
purchased at par by the county
MONROE SCHOOL TOWNSHIP,Clark County,Ind.
-BOND SALE. sinking fund,
-The $36,000 4%% school building bonds offered on Aug. 9-V. 127,
p. 579
NORFOLK COUNTY (P. 0. Dedham), Mass.
-were awarded to the Clark County Bank. at a premium of $53.
-NOTE OFFERING.
equal to 100.14. The bonds are dated July 1 1928 and mature serially Sealed bids will be received by Frederic C. Cobb. County Treasurer, until
10 a. m. (daylight saving time).
from 1929 to 1943, incl. No other bid received.
Aug. 21. for the purchase of an issue of
540.000 434% coupon tuberculosis hospital notes. Dated July 15 1928.
MONTCLAIR, Essex County, N. J.
-FINANCIAL STATEMENT.
- Denom, 51.000. Due $10,000,
Principal and
The following statement has been submitted to us for publication in con- interest payable at the First April 15 1929 to 1932, incl.Legality to be
National Bank, Boston.
nection with the scheduled sale on Aug. 28-V. 127. p.718
-of two issues approved by Ropes. Gray, Boyden & Perkins of Boston.
of 47 coupon or registered bonds aggregating $563,000:
0
NORTH HEMPSTEAD (P. 0. Manhasset) Nassau County, N. Y.
Bonded Debt as of Sept. 1, 1928, exclusive of Passaic Valley
,
BOND SALE.
serial sewer bonds and water bonds
-The Bancitaly Corp. of New York, was recently awarded
$ 7,069.920.00 an
issue of 5120.0005% fire house and apparatus bonds at 101.44. a basis
Permanent improvement serial bonds, series No. 1, 1928
261,000.00
of about 4.55%. The bonds mature$24,000 annually. Other bidders were:
School bonds, series No. 1, 1928
302,000.00
BidderRate Bid.
7,632,920.00 Batchelder. Wack & Co
101.34
Less bonds to be redeemed Sept. 15, 1928
315,000.00 Dewey, Bacon & Co
101.20
George B. Gibbons & Go
100.94
Bonded debt as of Sept. 15, 1928,exclusive of Passaic Valley
NORTH HEMPSTEAD UNION FREE SCHOOL DISTRICT NO.
sewer and water bonds
$ 7,317,920.00 7 (P. 0.
Passaic Valley sewer bonds
-BIDS.
-The following
1,053,000.00 is a list ofGreat Neck), Nassau County, N. Y.
the other bids submitted for the 5335.000 NEM of 4%%
Water bonds,issued by town
$1.802,000..10
registered bonds awarded on August 9to the Bancitaly Corp. of New York,
Assumed by town
coupnr
500,000.00
2,302.000.00 as 100.93. a basis of about 4.29%-V. 127, p. 856 (no interest rate given).
Dewey,Bacon &
Total bonded debt as ef Sept.15,1928
8 10,672,920.00 Roosevelt & Son Co.
Temporary Debt
H.L.Allen & Co
Street improvement notes
657,110.00
$
Pulleyn de Co._________________________________________________________
Permanent improvement notes
_ __________
356,530.34
NORTHVILLE TOWNSHIP FRACTIONAL SCHOOL DISTRICT
3
No. 2 (P. 0. Northville), VI/ayne
Notes to be paid off with money from above$1.013,640.34
-The
-BOND SALE.
County, Mich.
Detroit & Security Trust Co. of Deta•oit was awarded an issue of $22,000
bond issues and funds on hand from assiwsschool bonds. The bonds year interest at the rate of 4 % and were sold
ments collected
705.696.86
at 100.39. Other bids were as follows
BidderRate Bid
let. Rate
$ 307,943.48
Guardian Detroit Co., Detroit
Water notes
389..431.01
First National Co., Detroit
100..53
0 06
°
5 % .
Total temporary debt
697,374.49
OAKLAND COUNTY (P. 0. Pontiac), Mich.
-BOND SALE.
-The
two issues of bonds aggregating 5385,000 offered on Aug. 15-V. 127,
Total town debt
11,370,294.49 I)• 580
-were awarded to the Pontiac Trust Co. of Pontiac, as follows:
AUG. 18 1928.]
FINANCIAL CHRONICLE
991
10,400 John G. Baurer et al Porter and Center Townships road bonds.
$375,000 storm sewer bonds as 534's at a premium of $5,062.50. equal to
Denoms. $520. Due $520 on May and Nov. 15 1929 to 1938 incl.
101.37. The bonds mature serially in from 1 to 15 years.
28.000 Homer E. Lidster et al. Porter Township road bonds. Denoms.
10,000 storm sewer bonds as 534s at a premium of $5.00, equal to 100.05.
$1.400. Due $1.400. on May and Nov. 15,from 1929 to 1938 Incl.
serially in from 1 to 5 years.
The bonds mature
Dated Aug. 16 1928.
Both issues are dated Sept. 1 1928.
PORT HURON TOWNSHIP SCHOOL DISTRICT NO. 3 (P. 0.
OKANOGAN COUNTY SCHOOL DISTRICT NO. 19 (P.O. Okano-BOND SALE.
-The $5,000 issue ofcoupon school bonds of- Port Huron R. F. D. No. 3), St. Clair County, Mich.
-BOND SALE.
gan), Wash.
-were
-was awarded to the Citizens State The $30,000 5% school bonds offered on Aug. 6-V. 127, p. 719
iered for sale on Aug.8-V. 127, p. 580
%
Bank of Omak as 5, bonds, for a premium of S12, equal to 100.24. a basis awarded to Bumpus & Co. of Detroit, at a premium of $211.00. equal to
Of about 4.97%. Due in from 2 to 20 years. The State of Washington, 100.70, a basis of about 4.92%. Dated July 1 1928. Due July 1, as follows: 91,000, 1929 to 1940 incl.: $2,000, 1941 to 1946 inel.; and $3,000. 1947
the only other bidder, offered par for 55.
-A special and 1948. Other bids were as follows:
Premium.
OMAHA, Douglas County, Neb.-BOND ELECTION.
Bidderthe fall to pass on a proposal to issue $800,000 to Guardian Detroit Co
election will be held in
$126.00
bonds for Omaha's share of a non-toll bridge over the Missouri River United States Bank (Port Huron)
11.00
between Omaha and Council Bluffs. The city of Council Bluffs will pass
in order to finance the bridge. Tip bonds
-An issue of $66.-BOND SALE.
upon a similar issue of $400,000
PRESCOTT, Nevada County, Ark.
it is said, mature in 20 years and bear 6% interest.
000 534% semi-annual street impt. bonds, has been purchased at a
-BOND OF- price of 102.91 by the southern Trust Co. of Little Rock. (These are
ORANGEBURG COUNTY (P. 0. Orangeburg), S. C.
will be received until noon on Aug. 31, for the the bonds offered for sale on May 25-V.126,P. 3337.)
-Sealed bids
FERING.
Purchase of a $55,000 issue of coupon highway bonds, by H. E. Moore.
-BOND SALE.
PULASKI COUNTY (P. 0. Winamac), Ind.
Clerk of the (bounty Highway Commission. Interest rate is not to exceed
0
coupon ditch bonds offered on Aug. 9-V. 127, 1: • 448
1
,
534%,stated in a multiple of 3 of 1%. Rate to be the same for all of the The $2,856 6% Joseph Pekey, Sr. of FrancesNille, at par. Dated June 1
bonds. Denom. $1,000. Dated Aug. 1 1928. Due on Feb. 1 as follows: were awarded to 1, as follows: $296, 1929: and $320, 1930 to 1937 incl.
$4,000. 1934 to 1940 and 15,000, 1941 to 1943, all 1928. Due June
$3.000. 1930 to 1933:
incl. Principal only of bonds may be registered. Prin. and int. (F. & A.) No other bid received.
payable in New York City in gold. Reed. Hoyt & Washburn,of New York
-BOND OFFERING.
PULASKI COUNTY (P. 0. Winamac), Ind.
will approve legality. A certified check for 2% of the bid, payable to the
Campbell, County Treasurer, will receive sealed bids until 10 a. m.
County, is required. (These bonds come under the so-called South Caro- L. E. for the purchase of an issue of $5,000 434% Samuel E. Kochel et al
Aug.30,
lina Reimbursement Plan.)
Indian Township road impt. bonds. Dated Aug. 15 1928. Denoms.
-BONDS NOT SOLD.
OROFINO, Clearwater County, Ida.
-The $250. Due on May and Nov. 15 1929 to 1938 inclusive.
"
$6,000 issue of 50 coupon street improvement bonds offered on June 30-BOND OFFERING.
RANDOLPH COUNTY(P.O. Winchester),Ind.
-was not sold as the bids were refused on the ground
V. 126, P. 3635
10 a. m.
-J. A. Miller, County Treasurer, will receive sealed bids untilocnsisting
of Illegality.
road impt. bonds,
-Sealed bids will be received until Aug. 27 by Aug. 20, for the purchase of $18,900 434%
BONDS OFFERED.
bonds.and
Clerk, for the purchase of the above bonds. Denoms. of 912,500 Raymond M. Lasley et al White River TownshipDavis et al
Frank Kimble, City
petitioned by Kora H.
$100; $500: $700 and $800. Dated May 29. 1928. Due in 10 years. $6,400 White River Township bonds mature on May and Nov. 15 1929 to
The bonds are dated Aug. 6 1928 and
Int. payable on May and Nov. 1.
inclusive.
1938
PAGE COUNTY DRAINAGE DISTRICT No. 22 (P. 0. Clarinda),
-W. A.
-BOND OFFERING.
-Sealed bids will ne received until 3 p. m. on
-BOND OFFERING.
Iowa.
RAVENNA, Portage County, Ohio.
Sept. 13 by W. N. Dewhurst, County Treasurer, for the purchase of a Root, City Auditor, will receive sealed bids until 12 m. (Eastern standard
drainage bonds. Denoms. $563.25 and one for time) Aug. 25. for the purchase of the following issues of 5% bonds aggre$2,816.26 issue of 5%
$563.26. Dated Aug. 2 1928. Due on Dec. 1 as follows: $563.25. 1923 to gating $20,436.49:
1936 and $563.26 in 1937. Prin. and int. (J. & D.)payable at the office of $15.252.38 special assessment improvement bonds. Due Sept. 15, as
the County Treasurer. A certified check for 2% of the bid is required.
follows: $1,252.53, 1930; and $2,000, 1931 to 1937, inclusive.
A certified check payable to the order of the City Treasurer, for
-BOND SALE.
PARMA, Cuyahoga County, Ohio.
-The $481,500
$350 is required.
special assessment improvement bonds offered on Aug. 13-V. 127, P. 580
5,183.96 city's portion improvement bonds. Due Sept. 15, as follows:
-were awarded jointly to Braun, Bosworth & Co. and Prudden & Co. as
$1.183.96, 1930: and $1,000. 1931 to 1934 inclusive.
534s, at a premium of %5,205, equal to 101.08, a basis of about 5.27%.
hit, payable at the Second National Bank,
Dated Aug. 15 1928. Due Oct. 1 as follows: $48,500, 1929; $48,000, 1930 Dated Aug. 15, 1926. Prin. nad
Ravenna.
to 1937 incl.; and $49.000, 1938.
-Sealed
REE HEIGHTS, Hand County, S. Dalc.-BOND OFFERING.
PARMA HEIGHTS (P. 0. Cleveland R. F. D.), Cuyahoga County,
-Otis & Co. of Cleveland were recently awarded bids will be received until 1:30 p. m. on Aug. 20, by C.V. Gardiner, Town
-BOND SALE.
Ohio.
coupon semi-annual water
an issue of $125,197.03 534% street improvement bonds. Dated July 1 Clerk, for the purchase of a $12,000 issue of
1928. Due Oct. 1 as follows: $11,697.03. 1929: $11,500. 1930: $12,500, bonds. Int. rate is not to exceed 5%. Dated Sept. 1,1928. A certified
1931: $11.500, 1932: $12,500, 1933; $11,500. 1934 and 1935; $12,500, 1936: check for 2% is required.
$11,500, 1937; $13,500. 1938: and $500, 1939 to 1948 incl. Prin. and int.
-The following
-BIDS.
RENSSELAER COUNTY (P. 0. Troy), N. Y.
payable at the Pearl Street Savings & Trust Co., Cleveland. Legality to
Is a list of other bids submitted on Aug. 9 for the purchase of thr $485,000
be approved by Squire, Sanders & Dempsey of Cleveland.
coupon or registered bonds awarded as 4.255 to the Bancitaly Corp. of
PARNASSUS SCHOOL DISTRICT, Westmoreland County, Pa.
- New York,at 100.087,a basis of about 4.24%.
Price Bid.
Int. Rate
-H. M. Herr, Secretary Board of School Directors,
BOND OFFERING.
$485,380.24
4..25%
will receive sealed bids until 7.30 P. m. (eastern standard time) Sept. 4, George B.B. Gibbons & Co. and Roosevelt & Sons_ _ _4 50%
488,110.00
4.40%
for the purchase of an issue of $50,000 414% coupon school bonds. Dated National City Bank (Troy)
487,489.00
4.40%
Sept. 1 1928. Denoms.$1,000. Due Sept. 1 as follows: $20,000. 1945 and Seasonrood & Mayer and Prudden & Co
495,083.15
1950 and $10,000, 1955. A certified check for $1,000 is required.
Union National Bank (Troy)
485,500.00
4.40%
National Bank (Troy)
Manufacturers
PASADENA CITY MUNICIPAL IMPROVEMENT DISTRICT NO. 1 National Cite'4.40%
486,018.02
SALE CANCELLED.
-BOND
(P. 0. Pasadena), Calif.
-The sale of Stephens & o., Batchelder, Wack & Co. and H. L.
the $450.246.20 issue of 5% improvement bonds to a group headed by the
488,298.00
4.40%
Allen & Co.
Wm. R. Stoats Co. of Los Angeles at 100.0006, a basis ofabout 4.99%-V. Estabrook & Co.and Phelps,Fenn & Co.
485 776 00
4.30%
-has been cancelled by the purchasers due to non-dellverY
487,711.15
127. P. 580
4.40
Co.and Barr Bros.
Bankers Trust
of the bonds. Tho bonds will be re-advertised for sale.
487,081.62
4.40 o
Manufacturers & Traders Peoples Trust Co
PAYNE COUNTY SCHOOL DISTRICT NO. 44 (P. 0. Cushing),
-Sealed bids will be received
-BOND OFFERING.
RIVERVIEW, Mich.
Okla.
-A $30,000 issue of school bonds has been pur-BOND SALE.
the purchase
by James L. Hale, City Clerk, until 7.30 p.m. Aug. 28. for a interest
chased by Calvert & Canfield of Oklahoma City.
rate
of the following issues of bonds aggregating $48,197.47,
PECOS COUNTY (P.O. Fort Stockton), Tex.
-BONDS OFFERED.
- not to exceed 6%:
Two issues of 534% bonds aggregating $500,000 were offered for sale by $46,500.00 special assessment sewer bonds. Due serially from 1930 to
Howell Johnson, County Judge at 10 a. m. on Aug. 13. The issues are
1934 incl. A certified check payable to the order of the Village
described as follows: $265,000 road bonds and $235,000 road retirement
for 93,000 is required.
28, as follows:
bonds. Denom. $1,000. Dated July 28 1928. Due in 1958 and optional
1,697.47 special assessment sidewalk bonds. Due Aug. certified check
after 1938. Prin. and annual int. are payable in New York.
$497.47 $930; and $300. 1931 to 1934 bid. A
payable to the order of the Village for $100 is required.
PENNSAUKEN TOWNSHIP(P.O. Merchantville), Camden County,
The bonds are to be issued in denominations to suit purchaser.
N. J.
-The three issues of coupon or registered bonds
-BOND SALE.
offered on Aug. 18-V. 127. p. 718
-were awarded to the First National
ROCICPILE SCHOOL DISTRICT (P. 0. Bakersfield),Kern County,
-The $11,000 issue of 5% coupon school bonds
Bank of Merchantville as follows:
-BOND SALE.
Calif.
$203,000 assessment bonds ($204,000 offered) as 514s Paying $204,011.11, offered for sale on July 23-V. 127, p. 448- was awarded to the Elmer J.
equal to 100.49, a basis of about 5.39%1 Due Aug. 1 as follows: Kennedy Co. of Los Angeles at par. Dated June 25, 1928. Due on June
$20,000, 1929 to 1937 incl.; and $23,000, 1938.
25, 1941. Int. payable J. & D. 25.
90,000 incinerator and street bond.s as 5s at a premium of $459.00. equal
-A
ROCK SPRINGS, Sweetwater County, Wyo.-BOND SALE. par
to 100.51. a basis of about 4.93%. Due Aug. 1 as follows: $5,000.
purchased at
$50,000 issue of paving bonds has recently been jointly State Bank, both
1930 to 1942 incl.; and $7,000. 1941 to 1945 incl.
National Bank and the North Side
37,000 street bonds as 534s at a premium of $188.70, equal to 100.51. a by the Rock Springs
basis of about 5.43%. Due Aug. 1 as follows: $1,500. 1929 to a Rock Springs.
1934 incl.; and $2,000, 1935 to 1948 incl.
ROYAL OAK TOWNSHIP SCHOOL DISTRICT NO.8 (P. 0. Royal
Dated Aug. 11928.
-The $150,000 school
-BOND SALE.
Oak), Oakland County, Mich.
-were awarded to the First
PERRY COUNTY (P. 0. Cannelton), Ind.
-BOND OFFERING.
- bonds offered on August 8-V. 127, p. 719
Sealed bids will be received by Charles Morgan, County Treasurer, until National Co. and the Guardian Detroit Co.. Jointly, both of Detroit, as
10 a. m. Aug. 21, for the purchase of an issue of $12,000 434% Henry 4148, at a premium of $5,050. equal to 103.36. The bonds mature serially
Devillez et al road bonds. Dated Aug. 15, 1928. Denoms., $300. Due from 1929 to 1958 inclusive.
$600 on May and Nov. 15, 1929 to 1938. inclusive.
NO.8
RUTLAND AND LERAY UNION FREE SCHOOL DISTRICT -The
-BOND SALE.
PINE GROVE SCHOOL DISTRICT, Schuylkill County, Ps,
- (P. 0. Black River), Jefferson County, N. Y.
-were awarded
127. p. 719
BOND SALE.
-An issue of $49,000 school building and purchase site bonds 1165.000 school bonds offered on Aug. 10-V.
of about 4.42%,
bearing interest at the rate of 4% was awarded
to Pulleyn & Co. of New York. as 4346,at 100.78. a basis
Secretary Board of School Directors. The bonds locally according to the Due as follows: $3,000, 1930; 14.000. 1931 $5,000. 1932 to 1938 inclusive;
mature in 1958. (Price
18,000. 1945 to 1948.
paid and other details not given.)
16.000. 1939 to 1942. incl.: $7,000, 1943 and 1944:
incl.; and $5.000, 1954.
incl.: 9,000. 1949 and 1950: $10.000. 1951 to 1953 to yield 4.30%•
PITCAIRN,Allegheny County,Pa.
-BOND OFFERING.
-Sealed bids
priced
will be received by W. M. Hicks, Borough Secretary, until 7.30 p. m. The bonds are being offered for investment
(eastern standard time) Aug. 31, for the purchase of an issue of $35,000
-BOND SALE.
SAINT LUCIE COUNTY (P. 0. Fort Pierce), Fla. offered for sale
4)4% coupon borough bonds. Dated Sept. 1 1928. Denoms.
coupon road and bridge bonds
$1.000.
Due Sept. 1 as follows:$1,000. 1029 to 1938 incl.: 12,000, 1939 to 1949 incl.: The 160,000 issue of 6% -was awarded to the Brown-Crummer Co. of
on Aug. 7-V. 127, P. 581
and $3,000, 1950. A certified check payable to the order of the Borough for Orlando, at a discount of $2,900, equal to 95.16, a basis of about 6.62%.
$500 is required.
Dated Aug. 1 1928. Due from 1930 to 1949, incl.
-Sealed bids
PITTSFIELD, Berkshire County, Mass.
-BOND OFFERING.
-TEMPORARY LOAN.
SANDUSKY, Erie County, Ohio. Treasurer, until 1 p. m. Sept. 10,
The First National Bank of Boston. was awarded on Aug. 13, a $200,000
City
temporary loan on a 4.81% discount basis. The loan matures in about will be received by C. F. Breton's,
property portions. 434% street
for the purchase of an issue of $86,600 Jan. 1, as follows: 59,600. 1930;
our months.
kept. bonds. Dated July 1 1928. Due 1936 to 1938 incl. Prin. and
1935 incl.: and $9.000,
PLYMOUTH, Wayne County, Mich.
-BOND OFFERING.
-mentioned official. A certified check
-A. J. 110,000. 1931 to
Village Clerk, will receive sealed bids until 7.30 p. m. Aug. 20, for int. payable at the office of the above
Koenig,
$3,000 is required.
the purchase of an issue of $27,000 special assessment storm sewer and paving payable to the order of the city for
bonds. Denoms. $1,000. Due $3,000, Oct. 1 1929 to 1927 incl. Int.
-A $77.426.19
-BOND SALE.
SANTA ANA, Orange County, Calif.
recently been purchased
payable Apr. and Oct. 1.
Issue of 6% Act of 1915 municipal tmpt. bonds has
Denoms. 11.000 and $742.62.
PONDERA COUNTY SCHOOL DISTRICT NO. 19 (P. 0. Brady), by the District Bond Co. of Los Angeles.
-The $7,000 issue of semi-annual school bonds Dated July 9 1928. Due $7.742.61 on July 2 1929 and $7.742.62 from
-BOND SALE.
Mont.
-has been awarded as 5% bonds July 2 1930 to 1938 incl. Callable at 105 before maturity. Prin. and int.
offered for sale on July 23-V. 127. P. 299
(J. & J. 2) payable in gold at the City Treasurer's office.
to the First National Bank of Conrad.
-ADDITIONAL DEPORTAGE TOWNSHIP SCHOOL DISTRICT NO. 7,u1ldKainlagmbaoznodso
SAINT ANSGAR, Mitchell County, Iowa.
SALE.
-The $13,000 5% school b
TAILS -The $6,000 issue of 436"' semi-annual fire truck bonds that was
County, Mich.
--was awarded at par to W. S. Nett &
-were awarded to C. Stearns of Kala- recently Purchased-V. 127. p. 719
offered on Aug. 2-V. 127. p. 580
mazoo, at a premium of $160.00. equal to 101.23, a basis of about 4.80%. Co. of Minneapolis. Due in 1943.
Dated Apr. 15 1928. Due $1,000, Apr. 15 from 1930 to 1942 inclusive.
ST. CLAIR SHORES (P. 0. Mount Clemons), Macom County,
-13. H. De Claire, Village Clerk, will receive
-BOND OFFERING.
-BOND OFFERING.
PORTER COUNTY (P. 0. Valparaiso), Ind.
- Mich.
Fehrman, County Treasurer, will receive sealed bids until 10 a. m. sealed bids until 7:30 p. m. (eastern standard time) August 21 for the
A. J.
'
following issues of 434% bonds:
purchase of an issue of $152,500 special assessment water worksbonds-Aug. 23, for the purchase of the
Due 930,500.
154,00011. R. Gunder et al Liberty Township road bonds. Denoms. rate of Interest not to exceed 5%. Dated Aug. 15. 1928.
$2,700, on May and Nov. 15, from 1929 to 1938 Aug. 15. 1930 to 1934 incl. A certified check payable to the order of the
$3.700. Due
Village Treasurer. for $4,000 is required.
inclusive.
992
FINANCIAL CHRONICLE
[Vol,. 127.
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.
-BOND
- 1931 to 1949, and $3,000, 1950 to 1953 incl. Prin. and semi-ann.
The three issues of 4;4% bonds aggregating $273.800 offered onSALE.
int.
Aug. 14 payable in New York. Above-named clerk will furnish required
V. 127. pp. 580-719, were awarded as follows;
form. No bids for less than par considered. Bruce Craven of bidding
To the Fletcher American Co. of Indianapolis.
Trinity
will approve legality of bonds. A certified check for 2% par of the
• $120,000 William L. Kimball et at road construction bonds at a premium of payable
bid.
to W.'W..he, County Treasurer, Is required.
9157,000 equal to 100.13. Due annually
Nov. 15.
To the Meyer-Kiser Bank ofIndianapolis at a premiumon $163,equal
TACOMA,Pierce County, Wash.
-BONDS NOT SOLD.
of
£0 100.10.
-The $350.000
$92,000 V. F. Lowe et at road construction bonds. Due annually on Nov. issue ofcoupon or registered sanitary and storm trunk sewer bonds
scheduled
for sale on Aug. 1-V.127,P. 300
15.
-was not sold as all the bids
61,000 George W. Moran et al road impt. bonds. Due $3,060, on May unopened, he project having been temporarily abandoned. were returned
and Nov. 15 1929 to 1938 inclusive.
TARENTUM SCHOOL DISTRICT, Allegheny County, Pa.
Dated May 15 1928.
-BOND
SALE.
-The $15,000 school bonds offered on Aug. 13-V. 127, p. 719
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.
-BOND OFFER- were awarded to the Tarentum Savings & Trust Co. of Tarentum, as 4;is,
ING.-Seald bids will be received by D. J. Campbell. County Treasurer, at par. The bonds are dated June 1 1928 and mature on June 1
1948.
until 10 a. m. Aug. 25 for the purchase of an issue of $23,390 4;4% John F. No other bid received.
Leslie et al. road construction bonds. Dated July 1 1928. Denom.
TEXAS, STATE OF (P. 0. Austin).
-BONDS REGISTERED.
$1,169,50. Due $1,169.50 on May 51 and Nov. 15 1929 to 1938 incl.
The following issues of bonds were registered by the State Comptroller
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.
-BOND SALE.
- during the week ended Aug. 11:
The $20,000 4;4% coupon road bonds offered on Aug. 15-V.
Place.
Purpose.
-were awarded to the Fletcher American Co. of Indianapolis, at127, p. 857 $4,000 Liberty County
Amt.
a premium
Cons .9. D. No. 16 10-20 yrs. 5%
.
of $23.00, equal to 100.115, a basis of about 4.48%. Dated Aug. 1 1928.
3.000 Leon County
Cons. S. D. No. 10 Serially
5%
Due $1,000 on May and Nov. 15 1929 to 1938 incl. The City Securities
6,000 Travis County
Cons. S. D. No. 67 Serially
5%
Corp. of Indianapolis offered a premium of $2.00 for the issue.
7,000 'Carnes County
Cons. S. D. No. 28 10-20 yrs. 5%
3,000 Karnes County
Cons. S. D. No. 36 10-20 Yrs. 5%
ST. LOUIS, Mo.-TEMPORARY LOAN.
-We now learn that City
1,500 Hardernan County
Cons. S. D. No. 8 5-10 yrs. 6%
Comptroller Nolte on Aug. 10 negotiated a 5% temporary loan for
2,000 Live Oak County
Cons. S. D. No. 24 10-20 Yrs. 5%
$1,800,000 through twelve banks of the city, each bank advancing $150.000.
5,000 Polk County
Cons. S. D. No. 33 4-10 yrs.
The loan was for the purpose of meeting the expenses of the city govern1,500 Palo Pinto lounty
Cons. S. D. No. 6 5-20 yrs. 5%
ment until the fall taxes were collected.
5,000 Palo Pinto County
Cons. S. D. No. 10 5-20 Yrs. 5%
The comptroller was recently authorized to borrow
-V. 127, P. 857.
1,000 Childress County
Cons. S. D. No. 23 Serially
5%
SALEM, Marion County, Ore.
-BOND OFFERING.-Sealed bids will
TEXOLA SCHOOL DISTRICT (P. 0. Texola), Beckham County,
be received until 7:30 p. In. on Aug. 20 by Mark Poulsen, City Recorder,
-BOND SALE.
-The $19,000 issue of school bonds offered for sale
for the purchase of an issue of 9100,000 4;4% bridge bonds. Dated Okla.
-was awarded to the American-First Trust Co.
Aug. 15 1928. Due 55.000 from Aug. 15 1929 to 1948 incl. Prin. and on July 28-V. 127, P. 582
semi-ann. int. payable at the office of the City Treasurer. Teal, Winfree. of Oklahoma City for a $10 premium, equal to 100.052. The issue was
McCulloch & Shuler of Portland will furnish legal approval. A certified divided as follows: 54,00043
4% bonds and 315,000 5% bonds.
check for 2% par of the bonds must accompany the bid.
THURSTON COUNTY SCHOOL DISTRICT NO.79(P. 0. Olympia),
Wash.
-BOND OFFERING.
-Sealed bids will be received until 11 a. in.
SAN MARCOS SCHOOL DISTRICT (P. 0. San Diego), San Diego on Aug. 18 by W. E.
Britt. County Treasurer, for the purchase of a 93,500
. County, Calif.
-BOND OFFERING.
-Sealed bids will be received until issue of school bonds. Int.
11 a. In. Aug. 20, by J. B. McLees, County Clerk, for the purchase of 10 years. Prin. and annual rate is not to exceed 6%. Due in from 2 to
int. payable at the office of the County Treas.
an $11,000 issue of 5;4% school bonds. Denom. $1,000. Dated July 23, A certified check for
5% of the bid is required.
1928. Due $1,000 from July 23. 1929 to 1939 incl. Prin. and hat. (July
TIPTON COUNTY(P.O.Covington),Tenn.
23) payable at the office of the county treasurer. Legal approval of Orrick,
-BOND AWARD POST-The $1,000,000 issue of 4;4% road bonds offered for sale on
Palmer & Dahlquist of San Francisco will be furnished. A certified check PONED.
for 3% must accompany the bid. The assessed valuation of said School Aug.8-V.127,P.449
-has not as yet definitely awarded. No suitable bid
was received on a 4l47 interest rate. Caldwell & Co. of Nashville and
District for the year 1928 is $220,000.00 and the outstanding bonded is nil.
0
Said District incudes an area of fifteen square miles and the estimated I. B. Tigrett & Co. of Memphis submitted a joint bid of 101.90 on 4I%
bonds which will be considered by the quarterly court at a special session on
population is 570.
Aug.22. This bid also includes printing and delivery of bonds by purchaser.
SEDGW1CK COUNTY SCHOOL DISTRICT NO. MI (P. 0. Ovid),
TRUMBULL COUNTY (P. 0. Warren), Ohio.
-ADDITIONAL INFORMATION.
Colo.
-The
-BOND SALE.
-We are now informed by 955,700 4
% road improvement bonds offered on Aug.8--V. 127, p. 720
Boettcher & Co. of Denver that the $90,000 issue of 4 w,% school building
-were awarded to the Provident Savings Bank & Trust Co.of Cincinnati, at a
bonds purchased prior to an election
-V. 127. P. 448
-answer
following description: Denom. $1.000. Dated Aug. 11928. Due to the premium of $11.85, equal to 100.02, a basis of about 4.74%. Dated Aug. 1,
$4,000 1928. Due as follows: $2.700. April and
from Aug. 1 1926 to 1955 and $5,000. Aug. 1 1956 and 1957. Prin.
$2,000. Oct. 1, 1929; $2.000.
and April and Oct. 1, 1930w 1935. incl.;
int. (F. & A.) payable at the County Treasurer's office or at
52.000, April and $1,000. Oct. 1.1936:
the Chase and $1,000, April and Oct.
National Bank in N. Y. City.
1, 1937 and 1938.
ULRICHSVILLE, Tuscarawas County, Ohio.
-The
-BOND SALE.
SELMA RURAL SCHOOL DISTRICT Clark County, Ohio.
-BOND $12.524 4%
SALE.
-The following issues of 5% bonds aggregating $23,000 offered on were awarded improvement bonds offered on Aug. 9-V. 127, p. 720
to
Aug.10-V.127. p.581-were awarded to Davies Bertram Co.of Cincinnati, equal to 100.14. Seasongood & Mayer of Cincinnati. at a premium of $16,
The bonds are dated July 1 1928. Other bids were as
at a premium of $92.00, equal to 100.40:
follows:
$13.000 schcol bonds. $10,000 school bonds
BidderInt. Rate. Premium.
Dated Oct. 1 1928. Other bidders were:
Taylor, Wilson & Co
$53.00
5).i%
Bidder
Premium. First Citizens Corp
14.00
5
W. K. Terry & Co.
$3420.
UNION TOWNSHIP (P. 0. Courtney), Washington County, Pa.
Seasongood & Mayer
BOND SALE.
Well, Roth Sr Irving Co
-The $30,000 school bonds offered on Aug. 7-V. 127,
02.00 p. 301-were
awarded to Prescott, Lyon & Co. of Pittsburgh as 441{8.
SEVIER COUNTY (P. 0. Sevierville), Tenn.
Dated Aug. 11928. Due July 15 as follows: $3,000. 1931; $2,000, 1932
-BOND SALE.
$233,000 issue of 5% highway bonds offered for sale on Aug. 4-V. -The to 1943 incl., and
127. P.
$3,000, 1934.
-was awarded to Caldwell & Co. of Nashville for a $2,000 premium
582
equal to 100.858.
VERMILION COUNTY (P.O. Newport), Ind.
-BOND OFFERING.
Romer Fox,County Treasurer, will
Si4ADY POINT TOWNSHIP(P.O.Poteau),Le Flora County,Okla. for the purchase of the following receive sealed bids until 10 a.in. Aug.23
issues of 434% coupon bonds aggregating
-ADDITIONAL INFORMATION.
-The $10,000 road and bridge bonds $78,000:
that were awarded to Calvert & Canfield of Oklahoma City
553,000 road bonds. Denoms. $530. Due $2,650, May and Nov. 15.
-V.
-were coupon bonds in $1,000 denoms. Dated July 1 1928. 127, p. 582
1938 inclusive.
Due in 10
years without option. Price paid was par.
25,000 road bonds. Denoms. $625. Due $1,250, May and Nov. 15.
1929 to 1938. inclusive.
hal
SHAKER HEIGHTS, Ohio.
-BOND SALE.
-The $66,110 special
Dated Aug. 15, 1928.
assessment street irnpt. bonds offered on Aug. 9-V. 127. p. 448
-were
awarded to the Detroit Trust Co. of Detroit. as 4%s.at a premium of$107.WADSWORTH, Medina County, °M0.
SALE.-Seasongood
-BOND
00. equal to 100.16. a basis of about 4.72%. Dated Aug. 1 1928. Due & Mayer of Cincinnati
were awarded on Aug. 11 the following issues of
Oct. 1, as follows: $6.100. 1929: $7,000, 1930: 56.000. 1931: $7.000. 1932; bonds aggregating
$18,500 as below:
$6,000.1933:57,000,1934and 1935:56,000,1936and 97,000,1937and 1938.
510,000 water line extension bonds as 5s, at a premium of $30.00 equal to
E. P. Rudolph, Village Clerk, sends the following list of other bidders:
100.30, a basis of about 4.94%. Dated June 1 1928 and maturing
Bidder81,000, Oct. 1 1929 to 1938 incl.
Int. Rate. Premium.
First National Co
8,500 street improvement bonds as 534s, at a premium of $162.00 equal
4%7
Seasongood & Mayer
to 101.9070•
4;4
$52291.99
Guardian Trust Co
A complete list of the bids submitted for both issues follows:
4;4 e
275.00
Herrick Co
434%
$10,000 Water Line Extension.
458.00
Otis & Co
BidderPremium.
Int. Rate.
439
555.32 First
Citizens Corp.. Columbus
5
SHANDAKEN (P.O. Kingston), Ulster County,
Provident Say. Bank &
30.00
-The Kingston Trust Co. of Kingston, was awardedN.Y.-BOND SALE. Seasongood & Mayer, Trust Co., Cincinnati
at public auction on
30.00
Cincinnati
5
Aug. 1 an issue of $4,000 road construction bonds bearing interest at the Ryan, Sutherland
103.00
& Co., Toledo
5
e
rate of 5% at par. The bonds mature serially on Mar. 1 from 1932
to 1935 N. S. 11111 & Co., Cincinnati
23.40
inclusive.
88.500
First Citizens Corp.. ColumbusStreet Improvement.
8115.00
SHELBYVILLE, Shelby County, Ind.
-BOND OFFERING.
- Provident Say. Bank & Trust Co., Cincinnati
121.55
534%
Robert C. Hale, City Clerk, will receive sealed bids until 7:30 p. m. Sept. Seasongood &
162.00
5 %
4 for the purchase of an issue of $100,000 4% city hall building bonds. Seasongood & Mayer, Cincinnati
Mayer,
12.00
5
Dated July 1, 1928. Denoms. $1,000. Due as follows: 52,000, July
Terry Sc Co., Toledo Cincinnati
1,
61.00
1929;$3,000. Jan. and *July 1..1930 to 1945 incl.; and $2,000. Jan.
Ryan, Sutherland Co., Toledo
47.00
535%
Principal and interest payable at the Security Trust & Savings1, 1946. N. S. Hill &
Co..of
Co., Cincinnati
76.76
Shelbyville. A certified check payable to the ordr of the City for 3% of
the bonds offered is required. Legality aproved by Smith, Remster,
WALTHALL COUNTY (P. 0.
-BOND ELECTION.
Hornbrook & Smith of Indianapolis.
-On Sept. 1 two elections will be Tylerton), Miss. purposes: 935,000
held for the following
in bonds to be issued for
district.
highway construction in
SHINER ROAD DISTRICT (P.0. Yoakum), Lavaca County, Tex.
- and $15,0130 for highway work in the fourth district. the second
BONDS VOTED.
-At a special election held recently the voters approved
the issuance of $200,000 in bonds for highway construction by a count
WALTHAM, Middlesex County, Mass.
-Sealed
of 577 to 154.
bids will be received by H. W. Cutter, -BOND OFFERING.
City Treasurer. until 10.30 a.m.
(daylight saving
SHORT LINE IRRIGATION DISTRICT (P. 0. Bayard), Morrill of 4x% coupon time) Aug. 21, for the purchase of the following issues
bonds
County, Neb.-BONDS NOT SOLD.
-The $55.000 issue of 6% semi- 8125.000 street bonds. aggregating $180,000:
Due Aug. 1 as follows: $13,000. 1929 to 1933,incl..
annual funding bonds offered on Aug. 14-V. 127, p. 857
-was not sold
and $12,000, 1934 to 1938, incl.
as the present condition of the market was found unsatisfactory. These
35,000 City Home bonds. Due Aug. 1 as follows: $2,000, 1929 to 1943,
bonds will be exchanged for the bonds now outstanding. Dated Aug.1 1928.
incl., and 51,000, 1944 to 1948, incl.
20,000 macadam pavement bonds. Due $4,000. Aug. 1 1929 to 1933.
SPRINGFIELD, Hampden County, Mass.-TEMPORARYLOAN
inclusive.
Salomon Bros.& Rutter of Boston, were recently awarded an $800,000 temDated Aug. 11928. Principal and interest payable in Boston. Legality
porary loan on a 4.79 7 discount basis plus a premium of $7.00. Due to be approved
by Storey, Thorndike, Palmer & Dodge of Boston.
$300.000 Nov. 14 and $500,000 Nov. 20, 1928. Other bids were as follows:
BidderDiscount Basis
WARRENSVILLE HEIGHTS (P. 0. Warrensville R. F. D.), Cuyn•
Third National Bank & Trust Co
hoga County, Ohio.
4.89
-BOND OFFERING.
-W.E. Knowles, Village Clerk.
National Shawmut Bank (Boston)
will receive sealed bids until 12 m.
Aug. 30, for the purchase of an issue of
First National Bank (Boston)
4
4
. ° $6,500
% coupon street improvement bonds. Dated Sept. 1. 1928.
Due Oct. 1, as follows: $500.
1930 to 1932 Indus.; 1.000, 1933;5500, 1934
STAMFORD, Fairfield County, Conn.
-TEMPORARY LOAN.
A $300.000 temporary loan maturing in about three months was awarded and 1935: $1,000, 1936; $500, 1937 and 1938; and $1,000. 1939. Prin. and
in t e ordbleoft t e vU nig n T ust Cr: Cr
r
on Aug. 14 to the First National Bank of Boston on a 5% discount basis. tot.hpa ya er a thhe ilia oe Treasure! folev% of . A certifled ehec requ
ie
i
5elandthe bonds offercd uk paygl.
S. N. Bond & Co.of Boston were the next high bidders, offering to discount
the loan on a 5.84% basis.
WASHINGTON COUNTY (P.O. Salem), Ind.
-BOND OFFERING.
C. II. Smedley, County Treasurer, will receive sealed bids until 1:300. in.
STURGIS-MABEN ROAD DISTRICT (P. 0. Starkville), Miss.
- Aug.
BOND SALE.
-An issue of 9139,000 road bonds was awarded on Aug. 8 5hov. 23, for the purchase of an Issue of 510,200 4;4% Washington TownN ip road 1m pto vementc
15 1929 ro 19 in ra ds. Denorns. $510. Due $510 on May and
38
n
to the First National Bank of Memphis as 53.4s, at par. There were five
other bidders for the issue.
WASHINGTON COUNTY (P. 0. Washington), Iowa.
-BOND
SWAIN COUNTY (P. 0. Bryson City), N. C.
-BOND OFFERING.
- Offering.
Sealed bids will be received by S. R. Patterson, County Clerk, until noon George, -Bids will be received until 2 p. in. on Aug. 28 by Marion 8.
County Treasurer, for the purchase of an $80.000 annual primary
on Sept. 3 for the purchase of a $50,000 issue of coupon jail bonds. Int. road bonds. Denom.
Due $8,000
51.000.
rate is not to exceed 5%. Principal only of bonds may be registered. 1934 to 1943, incl. Optional Dated Sept. 1 1928. bids will be from May 1
opened only
after 5 years. Sealed
Denom.51,000. Dated Sept. 1 1928 and due on Sept. 1 as follows: 92,000. after all open bids
have been received. Purchaser to furnish blank bonds.
AUG. 18 1928.1
993
FINANCIAL CHRONICLE
County to furnish legal approval of Chapman & Cutler of Chicago. A $40,equal to 100.33, a basis of about 5.44%. Denom. $1,000. Dated
certified check for 3% of the bonds, payable to the County Treasurer, Aug. 1 1928. Due $1,000from 1929 to 1940 incl. Int. payable on Feb. &
Aug. 1.
must accompany the bid.
WOODWARD SCHOOL DISTRICT (P. 0. Woodward), Woodward
-BOND SALE
Seneca County, N. Y.
WATERLOO (P.O. Waterloo)
-BOND SALE.
-The $118,000 issue of school bonds
-Sage, Wolcott & Steele of Rochester, were awarded on Aug. 14, a $44,000 County, Okla.
-was awarded to R. J. Edwards,
construction bonds as 4s at 100.183, a basis of about offered for sale on Aug.6-V. 127, p. 450
issue of highway
4.48%. Dated July 15 1928. Denoms. $2,000. Due $2,000 July 15 1929 Inc., of Oklahoma City.
to 1950, incl. Legality approved by Clay, Dillon & Vandewater of New
-BOND SALE.
-The five issues of
WOOSTER,Wayne County, Ohio.
York City.
-were
5% bonds aggregating $67.457.65 offered on Aug.30-V. 127. p.302
-BOND OFFERING.
- awarded to the Citizens Savings & Loan Co. of Mansfield, at a premium of
COUNTY (P. 0. Detroit), Mich.
WAYNE
George A. Dingman, County Drain Commissioner, will receive sealed bids $677.00, equal to 101, a basis of about 4.77%•
until 11 a. m. Aug. 28, for the purchase of an issue of $41,000 coupon $27,135.29 sanitary sewer bonds. Due Oct. 1 as follows: $2.635.29, 1929:
drainage bonds. Rate of interest not to exceed 6%. Dated Sept. 1 1928.
$2,500, 1930 to 1934 incl., and $3,000. 1935 to 1938 incl.
Denoms. $1.000. Due May 1 as follows: $4,000, 1931 to 1934, incl., and
10,663.05 paving bonds. Due Oct. 1 as follows: $1.163.05, 1929: $1,000.
$5,000, 1935 to 1939, incl. Principal and interest payable at the office of
1930 to 1937 incl., and $1,500, 1938.
check for 2% of the bonds offered is
the County Treasurer. A certified
10.526.38 paving bonds. Due Oct. 1 as follows: $1,026.38. 1929; $1,000,
required.
1930 to 1937 incl., and $1,500. 1938.
9,792.62 paving bonds. Due Oct. 1 as follows: $792.62,1929,and $1.000
-FINANCIAL STATEWELLESLEY, Norfolk County, Mass.
1930 to 1938 incl.
-The following statement is published in connection with the
MENT.
9,340.31 paving bonds. Due Oct. 1 as follows: $840.31. 1929; ELM.
scheduled sale on Aug. 20, of two issues of 4% bonds aggregating $142,000
1930 to 1932 incl., $500. 1933, and $1,000, 1934 to 1938 incl.
-V. 127, p. 858:
description of which appeared in
Dated July 1 1928.
Financial Statement. Sept. 1 1928.
-NOTE SALE.
-F.S. MoseYONKERS, Westchester County, N. Y.
$30,878,825 ley & Co. of New York, were awarded on Aug.8. an issue of $600,000 notes
Net valuation for year 1927
877,45C on a 4.95% discount basis plus a premium of $1. The notes are dated
Debt limit
Total gross debt, including these issues
1,318,500 Aug. 10 1928 and mature on May 15 1929. Other bids were as
Exempted debt
Discount Basis.
folws:Bider$290.000
Water bonds
Robert Winthrop & Co
229,000
Sewerage beads
Salomon Bros. & Hutzler (plus $11.00)
5 045/
Hospital bonds
11,500
12
530,500 S. N. Bond & Co.(plus $12.00)
Net debt
Borrowing capacity
$788,000
$89,450
WEST CARROLLTON, Montgomery County, Ohio.
-BOND SALE.
-The $14,000 5% coupon sanitary sewer improvement bonds offered on
-were awarded to Seasongood & Mayer of CinAug. 13-V. 127, P. 582
cinnati at a premium of $113.00 equal to 100.80, a basis of about 4.91%.
Dated Aug. 1 1928. Due Oct. 1, as follows: $500, 1929 to 1932. incl.;
and $750, 1933 to 1948 Incl. Other bids were as follows:
BidderPremium.
Stranahan, Harris & Oatis
28.84
Davies-Bertram Co._ ----------------------------------------35.00
Bank & Trust Co18.20
Provident Savings
Weil, Roth & Irving Co.
51.00
Assel, Goetz & Moerlein
65.00
WHARTON COUNTY (P. 0. Wharton), Texas.
-BONDS REGIS-G. N. Holton, State Comptroller, on Aug. 6, registered the
TERED.
,
$200,000 issue of 515% semi-annual special road bonds that was purchased
on July 31-V. 12'7, p.858.
WHEELER COUNTY (P. 0. Wheeler), Texas.
-BONDS REGIS-On Aug. 6 the following two issues of bonds were registered by
TERED.
State Comptroller G. N. Holton: $215,000 4%% serial refunding bonds
and $35,000 5% road bonds, due in from 10 to 30 years.
YORK COUNTY SCHOOL DISTRICT NO. 40 (P. 0. Hickory
-BOND SALE.
-A $21,000 issue of6% coupon school bonds
Grove), S. C.
has been recently awarded to the Bank of Hickory Grove. Due in 1948.
YUMA COUNTY SCHOOL DISTRICT NO. 11 (P. 0. Somerton),
-The $75,000 issue of school bonds that
Ariz.
-BOND DESCRIPTION.
-is more
was purchased by the Valley Bank of Phoenix-V. 127, p. 720
fully described as follows: 5% coupon bonds. Denom. $500. Dated
July 1 1928. Due as follows: $18,500 in 1933 and 1938 and $19,000 in
1943 and 1948. Int. payable on Jan. & July 1. Awarded for a premium
of $236, equal to 100.314, a basis of about 4.97%•
CANADA, its Provinces and Municipalities.
TOWNSHIP (P. 0. Gore),
GORE be received by George Peet, Que.-BOND OFFERING-Sealed
will
secretary
bids
-Treasurer, until Sept. 1,
for the purchase of an issue of $6,000 bonds to bear interest at the rate of5%•
HALTON COUNTY, Ont.-NO BIDS.
-According to the Aug. 10
fame of "Monetary Times" of Toronto, no bids were submitted on Aug. 1
for the purchase of an issue of $32,600 5% five-year road debentures sched
ulad to have been sold. The bonds, it is stated, will be reoffered at a later
date.
WILBARGER COUNTY CONSOLIDATED SCHOOL DISTRICTS
-The following two i
-BONDS REGISTERED.
ssues
(P. 0. Vernon), Tex.
of bonds were registered on Aug. 10 by G. N. Holton, State Comptroller:
MONTREAL, Que.-BY-LAWS AGGREGATING $1,000.000 AP
$9,000 5% serial district No. 1 bonds and $8,000 5% serial district No.
-The City Council, according to the Aug. 10 issue of the "Mone
PROVED.
24 bonds.
tar" Times" of Toronto. recently passed a number of local improvement
-BOND
WILKINSBURG, Allegheny County, Pa.
-The by-laws aggregating about $1,000,000.
borough bonds offered on Aug. 13-V. 127, SALE.
p. 450
cou
$370,000 coupon
-were
-BIDS UNSATISFACTORY.
-W. E. Wasson, City
NELSON, B. C.
awarded to the National City Co. of New York as 4ys, at a premium of
$218.30, equal to 100.059, a basis of about 4.24%. Dated Sept. 1 1928. Clerk, informs us that no satisfactory bid was submitted for the Issue of
Due Sept. 1 as follows: $5,000, 1934 to 1938 incl.; $10,000, 1939 to 1943 $240,000 4H% electric light power plant bonds offered on July 30-V.127,P
incl.; $17,000, 1944 to 1948 incl.; $20,000, 1949 to 1952 incl.; and $26,000, 583.
1953 to 1957 incl.
SASKATCHEWAN SCHOOL DISTRICTS.
-BONDS SOLD AND
BONDS OFFERED FOR INVESTMENT-The bonds are being offered
-The items
for investment priced to yield 4.15%. According to the offering circular AUTHORIZED. 10 issue: below are taken from the "Monetary Times"
savings banks and trust funds in New York of Toronto Aug.
they are a legal investment for
-The following is a list of debentures reported sold by the local
Sales.
and Pennsylvania. The assessed valuation of taxable property in the
borough is given as $38,996,090, the bonded debt, including this issue, Government board from July 21 to 28: School Districts-Pennant,$8,000
$1,636,000 and estimated population as 34.000.
5%.20 years, sold locally; Tilletson,$4,500 5H %,15 years, to WatermanWaterbury Mfg. Co.; Neudorf, $10.000 5%%. 15 Years, to Waterman-BOND
WILKINS TOWNSHIP, Allegheny County, Pa.
%. 10 years, to Regina Public
G
DSALE.12(i: Waterbury Mfg. Co.; Madigan, $2,100
ng Fund
wing is a
.
School oDriiszattricLN.-o.T4 inkleS
The $30,500 4 i%coupon township bonds offered on Apr.
-were awarded to Prescott, Lyon & Co. of Pittsburgh, at a premium
follo
list of authorizations granted by the
p. 2203
of $915 equal to 104.71, a basis of about 3.68%. Dated Mar. 1 1928. local Government board from July 21 to 28: School Districts-SouthDue as follows: $10,000, 1930 and $943: and $10,500, 1948.
minster, $800 not exceeding 6%. 10 years; Union, $3,000 not exceeding
6%. 10 years; Queen Centre, $2,000 not exceeding 6%, 5 years; KelvingWILLIAMS COUNTY SCHOOL DISTRICT NO.75(P.O. Williston), side, $4,800 not exceeding 6%. 15 years; Valence. $2,000 not exceeding
Dak.-CERTIFICATE OFFERING-Sealed bids will be received until 7 , 10 Years; Hazenmore, $10,000 not exceeding 6%. 20 years:
N.
sg-%
Stewart,
500 not exceeding 6%.20 installments; Tiger Hill, $4,500 not exceeding
2 p. m. on Aug. 18 by M. A. Ulvin, District Clerk, for the purchase of a
$4,000 issue of semi-annual certificates of indebtedness. Int. rate is not 5 %. 15 years; Noble View, $2,500 not exceeding 7%. 10 years; Astum,
to exceed 7%. Denom. $1,000. A certified check for 2% of the bid is $4,500 not exceeding 6%, 10 installments.
required.
Town of Wilkie, $5,000 not exceeding 6%. 20 years.
Town of Wapella, $2,000 not exceeding 5H %,10 years.
-BOND SALE.
WILMERD1 NG,Allegheny County,Pa.
-The $25,000
offered on Aug. 14-V. 127, p. 583
4%% coupon borough bonds Co. of Pittsburgh, at
-were
THOROLD,Ont.-BOND OFFERING.
a premium of $640.
-D.J. Munro,Town Treasurer,
Holmes dr
awarded to J. H.
equal to 102.56, a basis of about 4.28%. Dated Sept. 11928. Due Sept. 1 will receive sealed bids until 5 p. m. Sept. 4, for the purchase of an Issue of
-year water mains bonds. The bonds mature in 30
$5,000, 1938 and 1943; $8,000. 1948;._ $2.000, 1949 to 1951, $73,000 5% 30
-install
as follows:
incl., and $1,000, 1952. Prescott Lyon & Co., Mellon National Bank, mews. Legality to be approved by Long & Daly of Toronto.
and A. B. Leach & Co. also submitted bids.
WELLAND, Ont.-BOND OFFERING.
-A. W. Jackson, City Treas-BOND SALE.
WINONA, Montgomery County, Miss.
-The $12.000 urer, will receive sealed bids until 12 m. Aug. 21 for the purchase of an issue
issue of 5H % coupon road bonds offered for sale on Aug. 7-V. 127, p. 583 of $172,230 pavement bonds to bear interest at the rate of 5%. Dated
awarded to the First National Bank of Memphis for a premium of July 2 1928. Prin. and nt. payable in 10 annual installments in Welland.
-was
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We specialize in California
Municipal 8, Corporation 410 Montgomery St. Okland Bank Building
BONDS
lth and Broadway
Vire Service
Private
•
INVESTMENT SECURITIES
TRUSTS • ESTATES
RALEIGH, N. C.
North Carolina's Oldest
Strickly Investment House. '
Market for
351-353 Montgomery St.
SAN FRANCISCO
CHICAGO
NEW YORK
AUGUSTA
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WM.
E. BUSH & CO.
Augusta, Ga.
SOUTHERN SECURITIES
COTTON MILL STOCKS
BUFFALO
Foul-Hied 1865
A. J. WRIGHT & CO.
Members New York Stock Exchange
estern New York and Canadian
Mining Securities
Local Stocks and Bonds
j ought and Sold on a Brokerage Basis Only
BUFFALO, NEW YORK
ALABAMA
MARX & COMPANY
BANKERS
BIRMINGHAM, ALABAMA
SOUTHERN MUNICIPAL AND
CORPORATION BONDS
lel
@FedFRASER