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The
ommrrc
financial
rontde
INCLUDING
Public Utility Compendium
Railway&Industrial Compendium
Railway Earnings Section
State & Municipal Compendium
VOL. 125.
SATURDAY,DECEMBER 17 1927.
giu
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The Financial Situation.
The decision handed down at St. Louis on Saturday last in the case of the St. Louis & O'Fallon Railway Company and the Manufacturers' Railway Company against the Interstate Commerce Commission
settles only, it would appear, that particular case,
and even as to that is of course subject to reversal
on appeal to the United States Supreme Court,
though such reversal is only a possibility, rather than
a probability, considering all the facts, and particularly the nature and form of the decision. It was
hoped that the decision in this instance would bring
a straight out ruling regarding the underlying methods which must govern in the valuation of railroad
properties by the Interstate Commerce Commission,
that then an appeal could be taken to the United
States Supreme Court and this all important question as to the methods that must be pursued in the
valuation of the railroads be definitely and finally
settled by the judicial tribunal of last resort.
The question of valuation was directly at issue in
this O'Fallon case, but the court has side-stepped it
just as the United States Supreme Court did in the
Kansas City Southern case and also in the Los Angeles R. R. case, finding other grounds on which to
reach a decision, leaving the question of the method
of valuation still undetermined. It would be by no
means strange if the Supreme Court itself should
also again adopt the same course and hold that these
other grounds on which the district court rested its
decision, constituted a sufficient and proper basis for
the determination of the controversy, leaving no occasion therefore for interference with the judgment
of the district court.
The decision in the present O'Fallon case was handed down in the United States District Court for the
Eastern District of Missouri by a special court of
Bank and Quotation Section
Bankers' Convention Section
NO. 3260.
three Federal judges, consisting of Circuit Judge
Stone and Circuit Judge Van Valkenburgh and District Judge Faris. The decision was on the application of the O'Fallon Company for an injunction to
restrain the enforcement of an order of the Interstate Commerce Commission directing the company
to pay over to the Commission approximately $228,.
000 as representing one-half of its net income above
6% on the value of the properties as ascertained by
the Commission. The Transportation Act of 1920
requires that every carrier shall turn over to the
Interstate Commerce Commission one-half of all
earnings in excess of 6% of the value of the property
as ascertained by the Commission and place the
other half in a reserve fund remaining at the disposal of the carrier. It is easy to see that as the
Commission itself is charged with the duty of ascertaining the value of the property used, if faulty
methods are employed the carrier suffers injury
accordingingly.
One of the grounds on which the order of the Commerce Commission was attacked was that it was
based upon an erroneous and inadequate finding of
value. Counsel for the United States, on the other
hand, contended that there was no question of confiscation presented and therefore no need on the
part of the Court to inquire into the accuracy of the
values used by the Commission or its methods of
ascertaining the same—in short, that there would be
ample return on the investment even if the Commission's valuation figures were disregarded and the
much higher figures claimed by the O'Fallon Company accepted. The Court concurred in this view.
Judge Atone, speaking for himself and the other
Circuit Judge, said that this contention of the
United States was well founded and that "the verity
of the Commission's valuation herein need not
be examined and cannot affect this recapture order
and therefore such order is not open to attack upon
the ground of wrongful valuation." Stated in figures, the valuations fixed by the Commission were
$856,065 for the last ten months of 1920, $875,360
for 1921, $978,874 for 1922 and $978,246 for 1923.
On the other hand, the O'Fallon Company claimed
a valuation during each of such periods of "not less
than $1,350,000." Even on the latter basis, the
Court points out, there would remain to the company with the one-half to be credited to the reserve
fund for the benefit of the company, a return of
6.97% for the ten months of 1920, 8.71% for 1921,
8.29% for 1922 and 8.43% for 1923, and such rates
of return cannot, in the estimation of the Court, be
deemed inadequate or confiscatory.
This is the view of the two Circuit judges constituting the majority of the court. District Judge
3238
THE CHRONICLE
Faris, however, while concurring in the general result, finds himself constrained to go somewhat
further than Judge Stone did in the prevailing opinion. He can find no flaw in the Commission's method of valuation, but he does not feel that the Court
would be justified in not inquiring into the method.
He makes a point of the fact that if the 6% is figured on the basis of the O'Fallon Company's valuation instead of the valuation fixed by the Commerce
Commission, then the excess above the 6% will be
correspondingly reduced and the one-half of this excess to which the Commission is entitled will in like
manner be reduced. From which it follows that if
the Commission insists on making the computation
on its own much lower figures of valuation, it will
be taking something from the O'Fallon Company
to which the Commission is not entitled by law.
This would be taking property without due process
of law, although Judge Farris does not express it
in that way.
Nevertheless, as already stated, he cannot find
that the Commission has erred in arriving at these
figures of valuation, and it may well be that the
United States Supreme Court may accepi this finding and see no reason for interfering with the judgment in the case. This judgment, by reason of the
concurrence of Judge Faris, is that of a unanimous
court and a court, too, which is especially charged
with the duty of looking into the facts in the first
instance. Such an outcome is not rendered less
likely by the circumstances that Judge Faris, in upholding the Commission's valuations, lays down
principles which are in seeming full accord with
precedents as established in decisions concerning
valuation by the United States Supreme Court itself.
It is Judge Faris's statement of the principles
that must govern in fixing valuations that the railroads will find ample encouragement for thinking
that the Supreme Court,in any case where the issue
is squarely presented, will not give support to the
contentions and methods to which the Commission
stands committed, but will insist upon the application of broader and more equitable methods. In
effect, Judge Faris says that no general rules for
valuation purposes can be laid down, but that each
particular case must be controlled by its own circumstances. On that point, indeed, he is very emphatic and uses language incapable of any double
meaning and hence is not open to misconstruction.
We give on subsequent pages the full text of Judge
Faris's opinion (as also the text of the prevailing
opinion of Judge Stone), and will only note here, as
indicating the point we wish to bring out, that Judge
Faris says: "From the case of Smythe v. Ames, 169
U. S. L. C. 546, 547, to the last utterance of the Supreme Court of the United States, no hard and fast
rule has ever been laid down by that court touching
the matter of the valuation of the properties of railroads used in the service of transportation." As if
this were not enough, Judge Faris goes on to declare that"A valuation arrived at by the sole use of
either the prudent investment theory, bottomed upon
cost when constructed," which is the method employed by the Commerce Commission, "or upon the
theory of the present cost of reproduction new, less
depreciation," which is the method insisted upon on
behalf of the carriers—unqualified adherence to
either method,"would work presently to the public
and eventually to the carriers themselves such mon-
[Vol.. 125.
straw inequity as to preclude wholly the use of
either of such methods exclusively and eliminate the
notion that Congress contemplated the exclusive use
of either of such methods." Nothing could be plainer than this, nothing could be fairer and nothing
could afford a greater assurance to the railroads
that on this great and grave question of railroa.d
valuation they will in the end be dealt with in accord
with just and equitable principles at the hands of
the courts.
The stock market yesterday redeemed itself by a
wholly unexpected outburst of activity and great
buoyancy. Previously during the week the market
had been more or less unsettled, with the course of
prices irregular and punctured by occasional sinking spells. The sudden revival yesterday seems to
have been due to the joy felt over the fact that brokers' loans in the statement of the Federal Reserve
Board, given out after the close of business on Thursday, showed for once some decrease, though the
amount of the decrease was very small as noted in
our remarks further below in this artclie. The speculative fraternity, however, has become accustomed
to seeing these loans constantly expanding and had
looked for a further increase in the total on the present occasion. When therefore a decrease was recorded those active in trading could not refrain
from manifesting a feeling of great satisfaction
which found expression in a buying movement of
such volume that it swept everything before it. Perhaps the avidity with which stocks were taken reflected covering operations by bear operators rather
than a desire to acquire an extensive line of new
holdings, but at any rate, the share list moved up
with great rapidity.
Three groups of stocks have been prominent in the
upward movement. These groups indeed manifested
strength even before the sudden revival of yesterday.
These three groups are the steel shares, the copper
shares and the motor shares. The steel stocks have
manifested growing firmness due to better accounts
regarding the steel trade, though activity would have
to become far more pronounced than it is at the
present time before the steel trade will have much
to boast about. However, these steel stocks have
been most of them climbing up very fast and United
States Steel closed yesterday at 1493% against 14178
/
on Friday of last week, Bethlehem Steel closed at
59 against 53 and Crucible Steel closed at 8814
/
1
4
/
against 84 . In the case of the copper shares there
/
1
2
is an intrinsic basis for higher values in the higher
price of the metal and the increasing demand therefor. In addition, the speculation in Greene Cananea
has been aided by reports of the existence of important bodies of high grade ores. This stock closed
yesterday at 1261 2 against 121% on Friday of last
/
week. Calumet & Arizona closed at 109, against
941 2 and Chile Copper at 40% against 37.
/
In the case of the motor stocks it is difficult to
account for the rise except perhaps on the supposition that relief is felt over the fact that uncertainty no longer exists regarding the new Ford car
and it may also be thought that with this uncertainty removed the motor industry can be depended
upon to resume old-fashioned activity. General Motors closed yesterday at 1323% against 127% on
Friday of last week, Hudson Motors at 75% against
72, Chrysler at 601 2 against 58 and Nash Motors
/
at 9758 against 96. The railroads share list has
/
DEC. 17 1927.]
T H ill CHRONICLE
been more or less neglected, though there have been
exceptions to the rule as in the case of Canadian Pacific and the New Haven shares. With the railroads, the O'Fallon decision sustaining the valuation order of the Interstate Commerce Commission
has been an adverse influence, being unfavorably interpreted, though if our analysis of the meaning and
significance of that decision, as outlined further
above, is correct, it would really seem to furnish no
cause for worriment to either railroad managers or
railroad owners.
It is a relief to find that the story of brokers'
loans varies the present week for the first time in
a long while, and that in place of the uninterrupted
series of new high records, week after week,the grand
aggregate of these loans the present week shows a
decrease, albeit the decrease is so small as to be
almost inconsequential, especially considering the
magnitude of the total. This week's figures are for
the close of business on Dec. 14, and according to the
statement furnished by the Federal Reserve Board,
the grand aggregate of the loans to brokers and dealers (secured by stocks and bonds) by the fifty-two
reporting member banks in New York City on that
date was $3,558,355,000. This compares with $3,562,805,000 on Dec. 7, showing a falling off during the
week of no more than $4,450,000. Whether this small
decrease is to be followed by more substantial contraction in succeeding weeks remains for the event
to determine. To see how prodigious the preceding
growth in these brokers' loans has been, it is only
necessary to compare the present figures with the
corresponding figures a year ago, that is, on Dec. 15
1926, when the amount was $2,692,450,000. The increase for the twelve months, it will be seen, is no
less than $865,905,000.
As regards the statements of the Federal Reserve
Banks themselves, inasmuch as the returns are of
date Dec. 14, the operations of the United States
Treasury on Dec. 15, in connection with interest payments then due, the income tax collections, the paying off of maturing issues of Treasury certificates
and the emission of a new issue of Treasury certificates to an aggregate of $261,761,000, involving altogether a turnover of over $1,000,000,000, do not
appear in the same. In the statement for Dec. 14
temporary borrowing by the United States Treasury
is shown to have decreased during the week from
$50,000,000 to $40,000,000, and accordingly holdings
of United States Government securities by the twelve
Reserve Banks were somewhat smaller, being $597,895,000 Dec. 14, against $604,201,000 Dec. 7. Borrowing by the member banks, however, increased, as
is indicated by discount holdings of $494,973,000 Dec.
14, against $443,907,000 on Dec. 7. Holdings of acceptances are also somewhat larger at $381,125,000,
against $379,998,000. Total holdings of bills and securities, therefore, for Dec. 14 are $1,474,943,000,
against $1,429,021,000 on Dec. 7, showing an increase
during the week in the Reserve credit employed of
$45,922,000. As a result of the increased borrowings on the part of the member banks, the reserve
account of these member banks with the Reserve institutions also increased, adding correspondingly to
the deposits of the Reserve institutions, which have
risen from $2,427,253,000 Dec. 7 to $2,447,979,000
Dec. 14. The amount of Federal Reserve notes in
actual circulation was also increased and is now
$1,766,735,000 against $1,749,795,000 on Dec. 7. At
3239
the same time, gold reserves were reduced from $2,826,735,000 to $2,792,202,000, doubtless as a result of
the withdrawal of gold for export. With both note
liabilities and deposit liabilities larger and gold reserves smaller the ratio of total reserves (including
reserves other than gold) to deposits and Federal
Reserve note liabilities combined is 69.2%, the present week, against 70.7% a week ago.
At the Federal Reserve Bank of New York, considered by itself, borrowing by the member banks
was somewhat reduced, as shown by discount holdings of $128,433,000 Dec. 14, against $132,509,000 on
Dec. 7; acceptance holdings were also lower at $104,433,000, against $119,651,000, while holdings of
United States Government securities were $160,327,000, against $172,150,000. Total bill and security
holdings by the New York Reserve institution the
present week hence are only $393,193,000, against
$424,310,000. Reserve accounts were reduced somewhat, and accordingly deposits this week are $964,212,000, against $968,216,000 a week ago. Federal
Reserve notes of the New York Reserve Board in actual circulation increased from $366,496,000 to $368,618,000.
Last Saturday's return of the New York Clearing
House banks and trust companies made a greatly
improved showing, the impairment of reserves below
legal requirements which had existed on the two preceding Saturdays having been completely removed.
Loans and discounts were reduced $62,523,000; demand deposits fell off $22,047,000 and time deposits
$30,064,000, while reserves with the Federal Reserve
Bank were increased by $19,073,000. There was also
$4,893,000 increase in cash in own vaults, but this
does not count as reserve. Altogether the statement
showed reserves in excess of legal requirements of
$18,095,550, against a deficiency below legal requirements of $5,435,400 Dec. 3, and a deficiency of no
less than $39,408,980 on Nov. 26.
The foreign trade statement of the United States
for the month of November has been issued this
week and shows a falling off in the value of both exports and imports, not only in comparison with the
preceding month but in comparison with the corresponding month of last year. In part, the reduction
in the value of exports is due to a smaller movement
abroad Of raw cotton during the month just closed.
The value of cotton exports in November this year
was much less than it was in October or for the corresponding month of a number of years past. Also
as to quantity, the decline from a year ago is nearly
one-third.
Merchandise exports from the United States for
November were valued at $461,000,000. In October
this year they were $488,633,000, and in November
1926 $480,300,000. The reduction compared with
a year ago amounts to $19,300,000 or 4.0%. Of the
five months since June of this year, four months
have shown a smaller volume of merchandise exports
than in the corresponding periods of 1926, October
alone recording an increase. This reversal in the
export trade appeared first in the July figures. Prior
to July, merchandise exports for each month this
year exceeded those of the corresponding months
of the preceding year. The heavy shipments of cotton during practically,all of this period contributed
materially to the larger merchandise totals in the
first six months of 1927. In the five months since
3240
THE CHRONICLE
f VOL. 125
June, however, cotton exports have been much less unofficial ambassador of American good-will. "We"
than they were in the corresponding period of 1926, were expected in Mexico City approximately at noon
'with a very marked decline in November. In part, Wednesday, but several hours passed thereafter
this may reflect conditions in the cotton market at without authentic news. President Calles, in a box
this time, owing to the reduced yield of the 1927 at Valbuena Field, plainly showed perturbation.
crop, as compared with 1926, but the chief draw- With the American Ambassador, Dwight W. Morback is the higher price.
row, beside him, the Mexican Executive had waited
The reduction in merchandise imports last month since early morning for the arrival of the young
was also quite marked, the total value being $345,- Colonel, who was plainly lost over Mexican terrain.
000,000, which compares with $355,578,000 for Oc- A crowd, estimated at 100,000, milled around the
tober this year, and with $373,881,000 in November field, anxiously searching the sky. But suddenly,
of la: t year, the falling off in this last instance be- at a few minutes after two o'clock, the news swept
ing $28,281,000 or 8.4%. Merchandise imports have around the field that Lindbergh had been sighted in
shown almost a constant loss in value each month the State of Guanajuato, north of the capital. The
this year, decline appearing for eight of the eleven effect was electric. The motors of an escadrille got
months of 1927 as compared with 1926.
into action and the flyers hastened north in search
The balance of trade for November continues on of the lost aviator. They located him not far from
the export side as it has for each mouth this year the capital and formed a military escort into Valto date, the amount for November being $116,000,- buena Field. The wheels of the "Spirit of St. Louis"
000; for October it was $133,045,000 and for Novem- touched earth at 2:35 P. M. Shouts of "Viva
ber 1926, $106,419,000. These are all large amounts, Lindbergh" went up from the throats of the
• larger than in many other months. For the eleven multitude in a swelling roar of gratitude and welmonths of 1927 the value of merchandise exports come. Pandemonium prevailed as an opening was
from the United States was $4,457,762,000, and the forced through the crowd to the box of the Presivalue of the imports $3,854,025,000, an excess of ex- dent, who greeted Colonel Lindbergh affectionately
ports of $603,737,000. In the corresponding period and welcomed him to Mexico. With Ambassador
of 1026 exports amounted to $4,343,291,000 and the Morrow beside him, Colonel Lindbergh then rode
imports to $4,071,426,000, the excess of exports in through the broad streets of Mexico City to the
that year having been only $271,865,000. Exports American Embassy, flowers in myriads being tossed
this year so far are in excess of any year back to to him by the shouting crowds as he passed.
1920, and with the exception of 1926, imports also
Congratulations were literally showered upon Colhave exceeded those of the preceding years back to onel Lindbergh by the officials. of both countries.
1920. The increase this year, to date, over 1925, who also exchanged felicitations with each other.
both as to exports and imports, however, is much re- President Coolidge, in a Message to the flyer, said:
duced and smaller than in any of the other 3ears "I am confident that as the harbinger of good-will
mentioned.
ft(An the people of the United States to the people
Gold shipments abroad last month were larger of Mexico you will materially moist the two counthan in any preceding month in more than two tries to cement friendly relations, and I feel sure
years, the value being $55,266,000. In October, ex- that the true spirit of your mission will be sympaports of gold amounted to $10,698,000 and in No- thetically understood by the United States and Mexvember of last year they were only $7,727,000. Not ico." President Canes sent a cordial message to
since January 1925 have the shipments abroad of President Coolidge. Secretary of State Kellogg telgold in any single month been as high as they were egraphed the flyer that his achievement not only
last month. Gold imports in November were only will advance the cause of aviation, but "will advance
$2,082,000 compared with $16,738,000 in November the cause of amity between these nations." Pre:iof last year. For the eleven months of this year gold dent Calles, later in the day, issued a formal stateexports have been $123,606,000 and imports $197,- ment in which he described the flight as "above all
104,000. In spite of the heavy shipments in Novem- a valuable mission of good-will sent to us by the peober there has been an excess of imports this year ple of the United States which surely, in sending us
of $73,498,000. For the same period in 1926 the ex- the greatest representative of its youth and the repcess of imports was $87,990,000. Silver exports in resentative of the will and heroism of the United
November were $5,634,000 and silver imports $5,- States, did this to bring about a still firmer rap102,000.
prochement between our countries." Positive and
immediate results will flow from the trip, President
A winged augury of better relations between the Canes added. The Mexican press joined in the tribUnited States and Mexico, Colonel Charles A. Lind- utes to Colonel Lindbergh's skill and daring, the
bergh on Tuesday and Wednesday flew direct from "Excelsior" saying editorially that his flight inWashington to the Mexican capital, uniting both spires confidence and dispels mistrust. The modest
nations in anxiety for his safety and in intense ad- American flyer made an official call on President
miration for his spectacular achievement. All Mex- Calles Thursday, and again received the felicitations
ico eagerly awaited the promised flight after an invi- of the Mexican Executive. "I have never been so
tation had been extended by President Calles of impressed by any of my receptions anywhere as that
Mexico on Dec. 9 and promptly accepted by Colonel in Mexico," Lindbergh said later, "and I am very
Lindbergh. The Mexican capital, dispatches said, grateful for the warmth and spontaneity of the exwent "Lindbergh mad," and arrangements were fev- pressions of good-will." President Coolidge replied
erishly made at Valbuena Field, three miles from the late Thursday to the felicitations extended by Presicity, for the reception of the intrepid flyer. After dent Calles. "I am deeply gratified by your Execla few hasty preparations, the Colonel took off from lency's cordial message of congratulation on the ocWashington just after noon Tuesday with charac- casion of the successful completion of Colonel Lindteristic precision. And,as always, he flew alone, the bergh's historic flight, which I sincerely trust may
DEc. 17 1927.]
THE CHRONICLE
3241
serve to unite more closely our two nations," he and Lithuania was'Unanimously adopted by the
said.
League Council. The
was accepted by Foreign Minister Zaleski of Poland and Premier WaldeA formal cessation of the. technical state of war maras of Lithuania. An attempt to introduce the
between Poland and Lithuania was arranged in subject of future League control was protested by
Geneva last Saturday by the Council of the League M. Zaleski. The final task it was said, was to draft
of Nations. A partial settlement of the protracted a formula to satisfy both parties, but which will still
dispute between the Baltic States seemed to be a facilitate League investigation, in case, despite the
foregone conclusion after the public airing of the protestations of the present leaders of the two nadifficulties in the Council session of Dec. 7. Foreign tions, new dangers do arise. An announcement, made
Minister Beelaerts van 131okland of the Netherlands Ia t Sunday, said that formal conversations between
had been appointed to seek a formula for ending the Poland and Lithuania would be begun at Riga in
controversy and all news correspondents at Geneva January. Premier Waldemaras of Lithuania, acconfidently predicted the resumption of diplomatic cording to an Associated Press dispatch of Dec. 11,
relations. The intercession of the representatives pointed out that the settlement "in no wise affects
of Great Britain, France, Germany and Russia gave the liquidation of various questions such as the
additional weight to such predictions. Neverthe- rights Lithuania claims over Vilna."
less, a lingering doubt remained owing to the absence from the Council deliberations of the Polish
Much concern over the strained relations between
Premier-Dictator, Marshal Pilsudski. The latter, France and Italy was said to have been expressed
according to his announced intention, arrived at in private conversations between League of Nations
Geneva late Dec. 9 and promptly conferred with M. Council leaders in Geneva late last week. The conBriand of France. Sir Austen Chamberlain, For- clusion of the Franco-Jugoslav and Italo-Albanian
eign Secretary of Great Britain, joined M. Briand treaties of mutual defense in November caused a
and Marshal Pilsudski later in the evening. At this distinct rift in the relations of the Latin neighbors,
meeting, according to a Geneva dispatch to the Foreign 'Minister Briand of France resorting to a
New York "Times," the hope was expressed that number of expedients to overcome the difficulty.
there would be no further trouble and that both Sir Austen Chamberlain, Foreign Secretary of BritMarshal Pilsudski and Premier Waldemaras of Lith- ain, was also reported to be using his influence to
uania would permit a gradual settlement of details foster amity between Premier Mussolini and the
to follow an immediate re-establishment of diplo- French Government. The discussions at Geneva
matic relations. The Marshal was said to have apol- were said to have resulted in a concrete proposal
ogized for the unkind things he had said in the past that the next League Council meeting, set for the
about the League and to have expressed gratifica- first week in March, shall be held in Rome. This,
tion that the dispute was about to be submitted to according to a Geneva dispatch of Dec.11 to the New
the Council. In the meantime, a special committee York "Times," would permit the long sought, but
named by the Council was instructed to proceed to difficult to arrange, interview between M. Briand
Vilna in order to investigate conditions along the and Premier Mussolini to take place under the cover
Polish-Lithuanian frontier, each country having ac- of the League of Nations. It was noted by correcused the other of mobilizing.
spondents that Sir Ronald W. Graham, British AmThe reconciliation actually took place at the bassador to Rome had been called to Geneva
by Sir
League Council meeting late last Saturday after sev- Austen Chamberlain. When questioned
by British
eral dramatic declarations by Marshal Pilsudski correspondents Sir Austen admitted that
Sir Ronand Premier Waldemaras in an earlier secret meet- ald had been summoned to Geneva for the
purpose
ing. M. Waldemaras was said to have reminded the of a discussion of the position of the
two Latin powdelegates at the secret session that, whereas they ers. Sir Austen stated frankly that the
present reseemed in perfect harmony with Marshal Pilsudski, lations of France and Italy gave him anxiety
and
the complaint filed with the Secretariat of the that he could not but consider as extremely
grave
League was signed by him, with whom they had not the tension resulting from the constant
polemics in
yet established an accord. The Dutch delegate, act- the press of both capitals.
ing as rapporteur, then began reading the proposed
Premier Mussolini broke his silence on this matconvention. According to a Geneva dispatch to the ter with characteristic aggressiveness
, Thursday,
New York "Times," the Polish Marshal brusquely telling his Council of Ministers that an
ample, corinterrupted the proceedings at this point, saying dial and durable understanding between
France and
that he had not yet heard the word peace mentioned. Italy is possible and even necessary. Such an
en"I came here to hear that word," he said. "If I do tente, the Prettier added, must be based "on
the
not hear it I will return to a place where the word elimination of what may be complete points
of fricwar may be heard." These remarks were said to tion between the two countries." .He
added that
have been followed by loud expostulations and great these -points would soon be taken up
'through norexcitement, during which the Polish Foreign Min- mal diplomatic channels.
"They are neither grave
.
ister, M. Zaleski, grabbed the fiery Marshal by his nor in:soluble, but only delicate;
like all the probleins
coat-tails and dragged him to his seat. M. Walde- of -life and relations
of peoples," he said. The premaras, after shouting angrily in his own language, Mier indicated that he wonlil be
glad to meet M.Brifinally, said, "If he really means he wants peace, and in order to "conseerate" an accord'
after it had
I will say peace."
been arranged- by the ..custemary. diplomatic e.2r
After some additional explosive comments; M. Bri- changes Ii Dix& cited the recent fri6ndly speeches
::
and, Foreign Minister of France, was said to have of 31:• Briand .gnia" he concluior iatweek of a
entered the lists and • smoothed the situation over. Mains vifeiiiini6tiveeia'the two nat1on13'48:"tWo'iaCti
•
,
In the evening and 'public' seasion arresiiintion1d- Naia P'eiinitrhelierin the posSibilitly of clarifying:
claring the break in i•elafibtra endedlietsbeen Poland rekifilonreAV64 tsge
deeia'rdit'
3242
THE CHRONICLE
moreover, that the Italo-Albanian pact, concluded
eleven days after the signature of the Franco-Jugoslav Treaty, was not a direct effect of the latter.
The Italo-Albanian Treaty, he said, had "an absolutely pacific character designed to conciliate and
harmonize fundamental needs and interests of two
nations facing each other across the Adriatic Sea."
A number of additional questions were considered by the League of Nations Council before adjournment of the quarterly session was taken Monday. Among these were the request of Greece to
be freed of obligation to make full payment for the
battle cruiser Salamis, contracted for in a German
shipyard before the war, and the request of the free
city of Dantzig to have a Polish munitions depot
there either removed altogether or placed under partial control of Dantzig. The Salamis question was
referred Monday to a mixed arbitral body for solution, with the understanding that an advisory opinion may be asked of the World Court as to whether
Germany is prevented from exporting war material
even when contracted for before the war. Greece
had previously refused to take possession of the
battle cruiser, but agreed Monday to abide by the
decision of the arbitrators. On the question of the
Polish munitions depot, direct negotiation was
urged in a resolution. It was decided Monday that
a local conference at Dantzig would be arranged,
both Poland and Dantzig agreeing to accept the result. Still another question which was amicably
settled was the indemnification of Bulgarians who
left Greece for Bulgaria, the property affected totaling about $34,000,000. Both Greece and Bulgaria
agreed to accept the rulings of a mixed commission.
Efforts to unite the sundered fragments of the
Kuomintang, or Nationalist Political Party of
China, appeared to hold some slight promise of success on Dec. 10, when it was announced in Shanghai that General Chiang Kai-shek would return to
active participation in the Nationalist cause. The
various factions ended a turbulent week of discussions with the appointment of Chiang as their leader. "My first object," Chiang declared on the following day, "will be to restore unity within the revolution. I intend to throw all my weight on the side
of peace, seeking to minimize the differences and regain orderly co-operation. Regarding foreign policy, I favor making the fullest efforts to gain the
friendship of the Powers, with the possible exception
of Soviet Russia!' New treaties and the end of extraterritoriality were again urged by the General
who took Shanghai for the Nationalists last March.
Unflinching warfare against the Peking regime of
Chang Tso-lin, head of the Northern Military Alliance, was also a part of the program called for by
Chiang.
Interest in Chinese affairs suddenly veered Monday to Canton, where Communists were reported to
have executed a quick coup resulting in their capture of the native city. Fierce fighting began late
last Sunday, with armed peasant and labor mobs
killing, looting and burning at will. Handbills inciting the populace against the Government of the
Nationalists were circulated and it was reported
that a mass meeting was held in an effort to choose
leaders for the formation of a Red Government. The
ease with which the city fell was explained in a
Shanghai dispatch of Dec. 12 to the New York
Fol.. 125.
"Times" by the fact that most of the regular troops
had been called away to Honan Province for duty
and also by the fact that many of the troops
left in the city went over to the Reds. The Communists, however, appeared to have little military
leadership, roaming about in loose bands. Several
other cities farther inland were also said to have
gone over to the Reds. Canton, however, was quickly recaptured by the Nationalists. Aided by the
Chinese Navy, the loyal Nationalist troops executed
an encircling movement of the Chinese city Tuesday
night and routed the Communist element. Desperate fighting was reported at some points, resulting
in the killing of 3,000 to 4,000 Chinese. Americans
and other foreigners, concentrated on Shameen
Island in Pearl River, were all reported safe.
The Canton coup d'etat was asserted to have
caused a strong feeling of revulsion among Nationalist leaders at Shanghai, resulting in the strengthening of the anti-Soviet party led by Chiang Kaishek. When interviewed by foreign correspondents
Tuesday, the latter revealed that positive orders had
been given to the Foreign Minister of the Nanking
regime to sever relations with Soviet Russia and
close all the Russian Consulates in Nationalist territory. This action was confirmed Thursday, when
the Nationalist Government handed the Soviet Consul General at Shanghai his passports. He was requested to leave Nationalist territory within a week.
Commercial relations also were broken off. In an official statement the Nationalist authorities made a
direct charge that the Canton Russian Consulate had
been used as a base to direct operations for the capture of Canton. "It is feared," the statement added,
"that similar occurrences will take place elsewhere.
Such things can no longer be tolerated and therefore
the recognition afforded the Union of Socialist Soviet Republics is terminated." Shanghai, meantime,
remained quiet, although some minor strikes are constantly in progress.
Riots and demonstrations by students, partly nationalistic and partly anti-semitic, occurred at
Bucharest and in other Rumanian cities over the
last week-end, threatening at one time to cause an
international "incident." Students went on a rampage at Oradia Mare, Dec. 9, brutally manhandling,
among others, an American who tried to quiet them.
The American, Wilfred N. Keller, was beaten senseless and received several knife wounds. W. S. Culbertson, the American Minister to Bucharest,
promptly lodged a vigorous protest with Foreign
Minister Titulescu, who apologized personally on the
following day. Several British subjects also were
injured at Oradia Mare, resulting in further protests
and apologies. Some Hungarian subjects were
mauled by the infuriated mob and all synagogues in
the city were wrecked. Further attacks occurred at
Cluj and Jassy, Jews by the score being beaten and
terrified. The damage was said to be extensive, with
reparations claims possible from the American,
British, French and Hungarian Governments for attacks on their nationals and destruction of property.
Moreover, observers saw considerable danger to the
Rumanian Cabinet from the charges and countercharges resulting from the riots.
Religious chaos in the Church of England, possibly disruption of the Church itself, was suggested
as a result of the furore created hy the debate in
DEC. 17 1927.]
THE CHRONICLE
both Houses of Parliament on the revised prayerbook measure. The measure has been a source of
controversy since 1922, with an imposing faction
supporting the revised prayerbook, while a second
faction opposed it on the plea that it represented
too close an approach to Rome. The book, according to a special dispatch of Dec. 11 to the New York
"Times," in making concessions to everybody, left
no one quite satisfied. It was intimated that rejection of the measure by either House would precipitate a crisis in the relations between the Church
and State, with the result that the bishops might be
compelled to demand disestablishment of the
Church, against which they have fought for generations. A vote on the new prayerbook was taken in
the Lords Wednesday, the measure passing by the
unexpectedly large total of 241 votes to 88. After
the debate, a "Times" dispatch said, a serried mass
of peers moved over to the affirmative lobby and a
thinner stream toward the negative side. The response, "Content," was a thunder of reply, and "Not
content" a mutter. There was a mild cheer as the
decisiveness of the result was noted.
The Commons, however, saw fit to reject the measure when a division was taken Thursday. The vote
was 247 for and 205 against the revised prayerbook.
The session was described as highly dramatic.
Political divisions were forgotten in the debate, although it was said that the speech of the Conservative Minister, W. C. Bridgeman, in support of the
measure, had rather an opposite effect. Premier
Stanley Baldwin again touched on the problem of
disestablishment in case the bill should fail. "I believe that I am right in thinking that the comprehensiveness of that spirit of compromise which has been
a mark of the Church of England for centuries is a
thing worth preserving in national life," he said.
"Mark this, that if it disappears, no law could recreate a Church of that kind."
A revised treaty, regulating the relations between
Great Britain and Iraq, was signed in London Wednesday night by Ormsby Gore, Under Secretary for
Colonial Affairs, and General Jafar Pasha el Askari,
Prime Minister and Minister of Foreign Affairs in
Iraq. The official announcement on the subject revealed no details, but it was reported, a New York
"Times" dispatch said, that Great Britain will support Iraq's application for membership in the
League of Nations in 1932. It was added that the
Iraq nationalists were disappointed in their desire
to end the British mandate over their country next
year, Great Britain refusing this point. Consequently, the Iraq Premier "left London hurriedly, a very
disappointed man." A compromise was arranged,
however, in conversations between King Feisal and
members of the British Cabinet, and Jafar Pasha,
who had arrived at Marseilles on his way home, was
summoned back to London. It was suggested that
one of the chief reasons for Great Britain's refusal
to support Iraq's application for immediate entry
into the League was the fear that France would
support a similar application for Syria.
3243
the Soviet and those suffered in the Chinese markets.
The expansion of the Dominion and South American
markets was considered a large factor in the triumph, according to a special dispatch of Dec. 13 to
the New York "Times." It was noted that November's increase was largely in manufactured goods,
with the exports of coal practically what they were
in 1925, the year before the strike. Exports of iron
and steel, machinery and textile products all increased substantially. One important factor in the
recovery was said to be the altered sense of security
in industry against the warfare of capital and labor. It was remarked that both industrialists and
employees are groping their way toward a policy of
co-operation to obtain the profits divisible between
both, rather than fighting over wage scales until the
industries are stopped and losses displace the possibility of profits on either side. Another potent
factor is the stabilization of foreign currencies, removing many of the disadvantages under which
British commerce suffered during the period of
European deflation and the restoration of sound
finances. Schemes for improving the British coal
industry are said to be making progress. On the
whole, the British trade is now estimated by the
Board of Trade at 90% of whatit was before the war.
Official discount rates at leading European centres
have undergone no change during the week. Rates
remain at 7% in Germany and Italy; 63/2% in
Austria; 5% in Paris, Denmark, Norway, and Madrid; 41 % in London, Belgium and Holland; 4%
A
in Sweden and 33'% in Switzerland. In London
open market discounts for both long and short bills
are now 4 5-16%. On Friday of last week the rate
was 41 1% for short bills and 4 5-16% for long bills.
/
Money on call in London on Wednesday was 37
4%
4% against 33'% on Friday
but yesterday was 33
of last week. At Paris open market discounts remain at 3%, and in Switzerland at 398%.
The Bank of France in its statement as of Dec. 14
shows a decrease in note circulation of 421,831,000
francs,reducing the total of that item to 55,841,442,750 francs as compared with 52,536,447,355 francs in
1926 and 49,627,522,945 francs in 1925. The State
repaid 350,000,000 francs to the Bank, and the total
advances to the State now stand at 24,650,000,000
francs. All gold holdings remained unchanged,
trade advances fell off 39,823,000 francs, divers assets
(in which are included holdings of foreign exchanges)
191,271,000 francs, treasury deposits 22,639,000
francs and silver 11,000 francs. Bills discounted expanded 24,408,000 francs and general deposits 7,692,000 francs. Below we give a comparison of the
various items for the past three years.
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
for Week.
Dec. 14 1927. Dec. 16 1926. Dec. 17 1925.
Francs.
Cold Holdings—
Francs.
Francs.
Francs.
In France
Unchanged
3,180,508.414 3,684,485,213 3,683,523,551
Abroad available-- Unchanged
462,771,4781 1,864,320,907 1,864,320,907
Abroad non-avail_ Unchanged
1,401,549,425J
Unchanged
5,544.829.327 5,548,806,121 5,547,844,459
Silver
Dec.
11,000
342,943.789
340,715.880
318,892.824
Bills discounted._ _Inc. 24,408.000 1,396,363,243 3.562,978,505 3,428,279,283
Trade advances_ _ _Dec. 39,823,000 1,736,747,500 2,193,939,308 2,579,940.196
Note circulation_ _Dec. 421,831.000 55,841,442,750 52.536,447,355 49,627.522,945
Treasury deposits_Dec. 22,639,000
30.760.194
11,775,806
28.613,968
General deposits_ _Inc. 7,692.000 10.710,254,167 5.283.624.051 3,250,113.173
Advances to Btate_Dec. 350,000.000 24,650.000,000 36,450,000,000 34.000.000,000
Divers assets
Dec. 191.271,000 25,321,462,000 4,892.276.586 1,274.752.926
A return of British trade practically to pre-war
volume was shown in trade returns for November,
after five months of steady progress. In the financial district of London, this achievement was hailed
An increase in gold holdings of £198,934 was shown
with intense satisfaction, especially in view of the by the Bank of England in its statement for the
losses occasioned by the severance of relations with week ending Dec. 14, making the total of that item
3244
THE CHRONICLE
[VoL. 125.
£149,908,694 as compared with £152,092,987 and
£144,801,755 for the corresponding date in the two
previous years respectively. There was, however, an
increase in circulation of £443,000, which led to a
decrease in reserve of £244,000. The proportion of
reserve to liabilities which last week stood at 27.85%,
rose to 29.31% this week. This time last year the
rate was 26.81% and two years ago only 15.88%.
Public deposits increased £1,288,000, but "other"
deposits declined £7,986,000. Loans to the Government were reduced £6,077,000, loans on other securities, £325,000. The total of notes in circulation
now stands at £137,248,000; this compares with
£139,888,670 last year and £144,153,115 in 1925.
Reserve aggregates £32,441,000, which compares
with £31,954,317 and £20,398,640 in 1926 and 1925
respectively. The bank's official discount rate remains at 4
to which it was reduced on April 20.
Below we furnish comparisons of the various items
In the Bank of England return for five years.
unusually heavy mid-month settlements. Corporation and Treasury settlements together were computed at more than $1,300,000,000, but as much of
the transfer consisted of bookkeeping transactions,
hardly a ripple was noticed in the money market.
Interest in the daily rates was overshadowed by the
continued outflow of gold from the United States.
A shipment of $7,500,000 was made to England early
in the week. Smaller shipments to Holland, Sweden,
Poland and India were also noted, and are detailed
eurther below. No disturbance was felt, however,
and the movement would have to go much further
before any marked effect could be expected. Brokers'
loans against stock and bond collateral, as reported
by the Federal Reserve Bank for the 52 New York
reporting member banks, showed a slight decline in
the weekly "condition" statement issued Thursday.
The decrease amounted only to $4,450,000.
Dealing in detail with the rates from day to day,
there is nothing to say except that the call loan rate
on the Stock Exchange on each and every day of the
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1926.
1927.
1925.
1924.
1923.
week has ruled at 4% and that all transactions have
Dec. 14.
Dec. 15.
Dec. 16.
Dec. 17.
Dec. 19.
Circulation
b137,248,000 139.888,670 144,153,115 125,503,780 128,185,120 been at that figure, including renewal.
The time
Public deposits
8,720,000 11,145.568 10,718,512 10.557,365 15,371,173
Other deposits
101,841,000 108,098,352 118,294,806 108,750,895 109,690,229 loan market was somewhat firmer except for 60 day
Govern't securities 41.309,000 28,877,539 48,367,526 42,039,552 47.408.532
maturities. Qultations yesterday on Stock Exchange
Other securities
54,744,000 76,313,338 78,126,585 72,398,360 76,920,100
Reserve notes & coin 32,411.000 31,954,317 20,398,640 22,757,837 19,587,913 collateral were 4% for both 30 days and sixty days,
Coin and bullion_a149,908,694 152,092,987 144.801,755 128.511,617 128,023,083
43'@431% for 90 days and 43'4 (4)44% for four,
.
Proportion of reserve
to liabilities
29.31%
26.81%
19%
104%
1554% five, and six months. The commercial paper market
434%
Bank rate
5%
4%
5%
4%
has also stiffened. The 33 % rate has virtually
A
• Includes, beginning with April 29 1925, £27,000.000 gold coin and bullion
Previously held as security for currency notes Issued and which was transferred to the disappeared and the quotation now for four to six
Bank of England on the British Government's decision to return to the gold standard
months' names of choice character is uniformly
b Beginning with the statement for April 29 1925 includes £27.000.000 of Bank
of England notes issued In return for the same amount of gold coin and bullion 4%.
For names less well known the quotations
held up to that time in redemption account of currency note Issue.
remains at 43.1%. For New England mill paper the
The Bank of Germany in its statement as of Dec. 7 range is still 4@431%.
shows a decrease in note circulation of 137,572,000
In the market for banks' and bankers' acceptances
marks, reducing the total to 4,043,680,000 marks as
the posted rate of the American Acceptance Councompared with 3,290,861,000 marks in 1926 and
cil for call loans against acceptances has again re2,734,309,000 marks the year before. Other daily
mained unchanged throughout the week at 3h %.
4
.
maturing obligations expanded 15,453,000 marks
Nor has the Council made any change in the rates
while other liabilities fell off 17,694,000 marks. Total
for acceptances, the posted quotations on prime
gold and bullion holdings increased 4,032,000 marks,
bankers' acceptances eligible for purchase by the
deposits abroad increased 4,204,000 marks, notes on
Federal Reserve banks remaining at 33/s% bid and
other German banks 8,159,000 marks and invest3% asked for bills running 30 days; 3h% bid and
ments 1,350,000 marks. Reserve in foreign curo
4 asked for bills running 60 days; 3/7 bid and
rency dropped 3,919,000 marks, bills of exchange 31 %
'4% asked for 90 days; 332% bid and 34% asked
3
and checks 90,585,000 marks, silver and other coin for
120 days, and 34% bid and 332% asked for 150
5,119,000 marks and advances 43,998,000 marks.
and 180 days. Open market rates also remain unBelow we give a comparison of the various items for
changed as follows:
three years.
SPOT DELIVERY.
REICHSBANK'S COMPARATIVE STATEMENT.
Changesfor
Dec.7 1927. Dec.7 1926. Dec. 7 1925.
Week.
Retchsmarks. Reithsmarks, Reichsmarks
Retchsmarks.
Assets—
4,032,000 1,861,022,000 1,754,980,000 1,207.269,000
Gold and bullion
Inc.
4.204,000 77,248,000
207,411,000
Of which depos.abrd_Inc.
Reeve In torn curr__Dec. 3,919,000 278,521,000 468,780,000 402,423,000
Bills of exch.& checks.Dec. 90,585,000 2,342.236,000 1,267,913,000 1,593,611,000
49,545,000 128,949,000
Silver and other coin_ _Dec. 5,119,000
65,100,000
15,846,000
8,159,000
16,953,000
20,976,000
Notes 000th. Ger. bksInc.
42,303,000 143,266,000
43,998,000
Dec.
4,764,000
Advances
93,430,000
1,350,000
91,108,000 223,957,000
Investments
Inc.
Dec. 9,733,000 502,483,000 604,745,000 677,944,000
Other assets
LtablIttles—
Notes In clrculatIon Dec. 137,572,000 4.043,680.000 3,290,861,000 2,734,309,000
15,453,000 500.071,000 528,290,000 631,120,000
Oth.dally matur.olg.Inc.
Dec. 17,694,000 325,456,000 302,505,000 519,900,000
Other liabilities
—180 Days— —150 Days— —120 Dart—
Bid.
Asked.
Bid.
Asked.
Bid.
Asked.
354
354
354
354
354
354
—90 Days— —60 Days— —30 Days—
Bid.
Asked.
Bid.
Asked.
Bid.
Asked,
354
354
Prime eligible bills
354
354
354
3
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
334 bld
Eligible non-member banks
334 bid
Prime eligible hills
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Trading in the New York money market was a
desultory affair this week, with rates practically
unchanged from previous quotations. Demand funds
were quoted at 4% throughout on the Stock Exchange, with a fair amount of counter trading
reported in the early days of the week at the
customary Yi% concession. Funds were in ample
supply at all sessions, with demand nominal. No
marked effect was created in the market by the
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in Effect
on Dec. 16.
Date
Established.
Previous
Rate.
354
334
354
354
354
354
354
354
354
354
334
334
Aug. 5 1927
Aug. 5 1927
Sept. 8 1927
Aug. 6 1927
Aug. 16 1927
Aug. 13 1927
Sept. 7 1027
Aug. 4 1927
Sept. 13 1927
July 29 1927
Aug. 12 1927
Sept. 10 1927
4
4
4
4
4
4
4
4
4
4
4
4
DEC. 17 1927.]
THE CHRONICLE
Sterling exchange has been the uppermost topic
of discussion in banking circles. There has been
great demand for it, especially for bankers' transfers, which on Wednesday touched a new high since
1914, when cable transfers sold at 4.88 15-32. The
range for the week has been from 4.874 to 4.883
for bankers' sight, and from 4.88/ to 4.88 15-32
for cable transfers, the low figure in each instance
having been recorded on Friday as the result of
yesterday's reaction. It will be recalled that on
Tuesday of last week the first shipment, $1,000,000
in gold, took place from New York to London.
This was regarded as a special transaction, as the
practical gold shipping point was calculated by
most bankers to be at 4.88% minimum. Banking
circles were surprised this week to learn that the
National City Bank was shipping $7,500,000 gold.
The City Bank sent the metal on a fast steamer
going direct from New York to Plymouth and
may have besides had some inside advantage in
the transaction not available to the banking world
as a whole. Bankers generally are disinclined to
believe that a gold movement can take place with
sterling cables at 4.881 . For the most part, they
/
hold the opinion that 4.883 , recently figured as the
%
minimum shipping point, is hardly sufficient to
induce a gold movement on a large scale. Dispatches from London state that gold bullion dealers
there regard the National City Bank's shipment of
$7,500,000 as a special transaction and not an
ordinary exchange operation. No information is
vouchsafed at New York. One circumstance which
may have influenced the shipment is that there
was no South African gold on offer in the London
open market on Tuesday of last week, not of this
week. Some London financial authorities have
ventured the opinion that bankers might leave
the matter of interest entirely out of consideration
in calculating the rate at which it is profitable for
them to ship gold. In such an event, it is easy
to see that gold might be shipped at 4.88. Banks
interested in keeping balances in London are obliged
in any event to keep a certain amount of gold in
the Bank of England without drawing interest, so
that it would not be stretching matters a great deal
nor could it be considered unsound banking, were
they to forego the calculation of interest on the
gold shipment and to regard gold aboard ship as
part of their necesdary London reserves.
The demand for sterling exchange arises almost
altogether from bankers' transfers in connection
with money market operations abroad and as a
result of recent loans. This demand has been so
great as to offset entirely normal commercial offerings at this season. The turnover in sterling exchange in New York has been extremely heavy for
several weeks. Consensus of banking opinion in
New York is that sterling will remain reasonably
firm and that such a condition is desirable; nevertheless, a reaction from present high levels is expected
after the turn of the year, when heavy British
payments are due.
The Bank of England, in its return for the week
ended Wednesday night, showed an increase in
gold holdings of L198,934. On Monday the Bank
sold £14,000 in gold bars. On Tuesday the Bank
sold £50,000 in gold bars to an unstated designation.
On Wednesday the Bank sold £85,000 in gold bars
and exported £12,000 in sovereigns to Spain. On
Thursday the Bank bought £43,000 in gold bars
3245
and sold £10,000 in bars. On Friday the Bank of
England sold £7,000 in gold bars. At the Port of New
York the gold movement for the week Dec. 8-14,
as reported by the Federal Reserve Bank, consisted
of imports of $69,000, chiefly from Latin America,
and of exports of $14,817,000, of which $5,000,000
went to Argentina, $2,000,000 to Uruguay, $4,000,000 to Holland, $2,000,000 to Poland, and
$1,027,000 to Sweden. The Federal Reserve Bank
statement does not include $7,500,000 in gold to
London, an additional $5,000,000 to Argentina
shipped by the Seaboard National Bank on Friday
for the account of Bunge & Born, Ltda., Buenos
Aires, nor $2,000,000 to Argentina, to be sent to-day.
Neither does the statement include $1,000,000 sent
to India by the American Exchange Irving Trust, nor
$240,000 to the Straits Settlements by the International Acceptance Bank. Cable dispatches from
London yesterday stated that of the £205,000 bar
gold which S. Japhet & Co. received from International Acceptance Bank, £162,000 was sold in the
open market at 84s. 113'd. an ounce and the balance
of £43,000 to the Bank of England at 84s. 10d. There
was no Canadian movement of gold either to or from
New York this week. Canadian exchange continues
at a discount, which ranged this week from 1-16 of
1% to 3-32 of 1%. Canadian exchange is ordinarily
at a slight discount at this season.
Referring to day-to-day rates, ster:ing was in
demand last Saturday. The range was 4.877 ®
4
4.88 1-16 for bankers' sight, and 4.883®4.883 for
/
cable transfers. On Monday the market was firm.
Demand ranged from 4.877 to 4.88 and cable
4
transfers from 4.883. to 4.88 11-32. On Tuesday
rates moved still higher. Bankers' sight ranged
from 4.87% to 4.88 1-16, and cable transfers from
4.88% to 4.88 13-32. On Wednesday sterling established another new high since 1914. The range was
4.88®4.883 for bankers' sight and 4.88/(4)
4.88 15-32 for cable transfers. On Thursday the
market was a trifle lower. Bankers' sight ranged
from 4.87 15-16 to 4.88 1-16 and cable transfers
from 4.88 11-32 to 4.88 7-16. • On1Friday the market
reacted further. The range was 4.87%®4.8795. for
bankers' sight and 4.88/®4.883 for cable transfers. Closing quotations yesterday were 4.87 13-16
for demand and 4.88 3-16 for cable transfers. Commercial sight bills finished at 4.87%, 60-day bills
at 4.83 15-16, 90-day bills at 4.8213-16, documents
for payment (60 days) at 4.83 15-16, and seven-day
grain bills at 4.86 8. Cetton:andigrain for payment
closed at 4.875s.
/
In the Continental exchanges the French and
Italian units are practically unchanged from recent
weeks. As frequently stated here, there is hardly
any likelihood of a change in the present de facto
stabilization of the French franc until after the May
election. Premier Poincare, in a statement made
this week to the Chamber of Deputies, predicted
"important and inevitable monetary operations" in
the near future and said: "We cannot remain forever with a currency not convertible into gold."
This has been interpreted as meaning that the
Premier will, if continued in power next May,
undertake the stabilization of the French franc.
Bankers believe that stabilization will take place at
present levels. The Premier, however, denied categorically in debate this week that he was committed
to stabilization at the present rates, but declared that
3246
THE CHRONICLE
the force of circumstances is considered to be such
as to compel ultimate adoption of such a program.
This makes it certain that there can be no stabilization before the May elections. The French
Chamber of Deputies passed the 1928 budget on
Tuesday. The budget calls for a revenue of 42,567,858,176 francs, and estimates expenditures at
42,515,114,127 francs, leaving a surplus of 52,739,049 francs. It is expected that the budget will
be rushed through the Senate and will become a
law before Christmas. On Tue3day Rome dispatches stated that Mussolini had declined to approve, before stabilization of the lire, of the stock
issue of a holding company for the Italian Power
Company. The Government regards the plan as
an effort on the part of the Italian banks to mortgage some of their security holdings for a foreign
loan, thus evading the loan embargo. Italian excharge isiat present rather inactive in New York, but
suffered slightly this week through several bear
;
operations from European centers. Bankers here
believe that Italy's foreign resources are ample to
defeat any speculative attack. Hence New York
traders"refrain from joining any such moves originating in Europe. There has been no change in the policy
of Premier Mussolini nor of the Finance Minister,
Count Volpi, to maintain the unit stable between 89
and 90 to the pound for a long period, in order to
permit adjustment of industry to a higher rate, after
which the question of further revalorization will be
considered. The Italian National Institute of
Exchange continue 3 to buy lire in New York at parity
of 90 to the pound and this fact is taken as substantial evidence that no lower rate is contemplated.
German marks continue steady well above par,
closing yesterday at 23.893/ for cable transfers.
Par of the mark is 23.82. Temporarily, there are
fewer spectacular features in connection with the
transfer of funds to Berlin, but bankers feel certain
that there will be a noticeable revival of German
borrowing after the turn of the year. Money rates
continue high in Berlin and a great deal of foreign
borrowing, principally from the United States, will
be necessary before any important easing can take
place in the rates. The Reichstag has agreed with the
Finance Minister to grant 10% exemption from
income tax to a large number of proposed or negotiated foreign loans, and the Reichsrat has sanctioned
reduction of the securities tax. on certain foreign loans.
Thus the outlook for future German borrowing
abroad is favorable, although the head of the Reichsbank is inclined to scrutinize carefully all outside
loans. A wireless dispatch from Berlin on Thursday
stated that approval was likely for a plan to float
a $100,000,000 loan in the United States for German
railroads. The last statement of the Reichsbank
showed a gain of 4,100,000 marks in gold reserves.
As noted under the discussion of sterling, $2,000,000
in gold was sent from New York to Poland during
the week.
The London check rate on Paris closed at 124.02
on Friday of this week, against 124.02 on Friday of
last week. In New York sight bills on the French
centre finished at 3.93%, against 3.933/ a week ago;
4
cable transfers at 3.939', against 3.933 , and combills at 3.933/g, against 3.9398. Antmercial sight
werp belgas finished at 13.983/2 for checks and at
13.99% for cable transfers, as against 13.98% and
13.993/ on Friday of last week. Final quotations for
[VoL. 125.
Berlin marks were 23.883/2 for checks and 23.893' for
cable transfers, in comparison with 23.87 and 23.88
.
4
a week earlier. Italian lire closed at 5.42Y for bankers' sight bills and at 5.42k for cable transfers, as
against 5.42 and 5.423/ last week. Austrian 3chilg.
lins have not been changed from 143/ Exchange on
%
Czechoslovakia finished at 2.961 , against 2.963,;
2
on Bucharest at 0.61, against 0.613/; on Poland at
11.15, against 11.15, and on Finland at 2.52, against
2.52. Greek exchange closed at 1.33 for checks and
at 1.3334 for cable transfers, against 1.329 and
1.33 a week ago.
In the exchanges on the countries neutral during the
war, Holland and the Scandinavians are of especial
interest. On Saturday last guilders went to the gold
export point, with guilder cables selling at 40.463'.
On the same day the Holland-American liner Veendam carried $4,000,000 gold to Amsterdam. This
was the first transfer of gold to Holland since before
the war. The mo'vement has been in prospect for a
few weeks past owing to the strength in guilders.
This is in part a return of gold which came from
Holland to New York earlier when Amsterdam exchange was depressed. The guilder rate has been
moving up gradually since Oct. 13, when the Netherlands Bank increased its rediscount rate from 33/2%
to 432%. The Scandinavian currencies have been
strong, although in comparatively light demand in
New York. Currently, the firmness in the three
units is due largely to sympathetic relation with
sterling and guilders, although the basic economic
position of Sweden, Norway and Denmark, is exceptionally sound and favorable to a firm exchange
quotation. Last week the Swedish unit passed
beyond the gold shipping point, so that it was no
surprise to the banking world to learn that an export
of $1,027,000 in gold took place between New York
and Stockholm this week. Spanish pesetas fluctuated
rather widely during the week, owing to speculative
operations arising in European centers. On the
whole pesetas were in demand due to these operations,
with the result that the quotation is a dozen or more
points,better than a week ago.
Bankers' sight on Amsterdam finished on Friday
at 40.41, against 40.43 on Friday of last week; cable
transfers at 40,43, against 40.45, and commercial
sight bills at 40.37, against 40.38. Swiss francs
closed at 19.313i for bankers'sight bills and at 19.31U
for cable transfers,in comparison with 19.31 and 19.32
a week earlier. Copenhagen checks finished at
26.823/b and cable transfers at 26.833/2, against
2
26.813/2 and 26.823/ Checks on Sweden closed at
.
26.99 and cable transfers at 27.00, against 26.99 and
27.00, while checks on Norway finished at 26.61 and
2
cable transfers at 26.62, against 26.603/i and 26.613/.
Spanish pesetas closed at 16.67 for checks and at
16.68 for cable transfers, which compares with 16.54
and 16.55 a week earlier.
The South American exchanges are firm. As already noted in the discussion on sterling, there was a
renewal of gold shipments to Argentina. Besides the
$5,000,000 reported by the Federal Reserve Bank for
the week ending Dec. 14, the Seaboard National Bank
shipped yesterday $5,000,000 in gold, the National
Bank of Commerce shipped $1,000,000, and Louis
Dreyfus & Co. $1,000,000. This brings the total gold
shipments from New York to Argentina since September to approximately $44,000,000. There was
DEC. 17 1927.]
THE CHRONICLE
3247
also a shipment this week of $2,000,000 to Uruguay. tries of the world. We give below a record for the
The Argentine Government's bill, which was intro- week just past:
duced in 1924, for the establishment of a new cur- FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
rency, the "Nacional," and to do away with the dual
DEC. 10 1927 TO DEC. 16 1927. INCLUSIVE.
system now in use, has not yet been acted upon,
Transfers to
though bankers here are inclined to believe that this Country and Monetary Nobn Buying Rate for CableStates Money.New York.
Value in United
Untt.
reform will not be long delayed. Argentine paper
Dec. 10. Dec. 12. Dec. 13. Dec. 14. Dec. 15. Dee.16.
pesos closed yesterday at 42.73 for checks, as com- EUROPE$
1
$
$
$
$
I $
.14089
.14095 3.14085 3.14093
Austria,schilling
.14083
.14096
pared with 42.75 last week, and at 42.78 for cable Belgium, belga
1399
1399
.1399
.1399
.1399.1399
.007245 .007217 .007227 .007208 .007218 .007239
Bulgaria, ley
transfers, against 42.80. Brazilian milreis finished at Czechoslovakia, krone .029632 .029628 .029630 .029632 .029630 .029632
.2682
Denmark, krone
2682 , .2682
.2683
.2683
.2682
12.01 for checks and at 12.02 for cable transfers, England, pound sterling4.8844 4.8834
4.8831
4.8831
4.8816
Finland, markka
.025188 .025188 .025200 .025193 .025191 .025192
against 11.94 and 11.95. Chilean exchange closed at France, franc
.0394
.0394
.0394
.0394
0394
.0394
.2388
.2389
.2389
.2388
.2388
Germany, relchsmark. 2388
12.21 for checks and at 12.22 for cable transfers, Greece, drachma
013305 .013297 .013304 .013302 .013311 .013304
Holland,
.4043
.4044
.4043
.4045
.4044
.4046
against 12.19 and 12.20, and Peru at 3.95 for checks Hungary,guilder
.1748
.1748
.1748
.1748
.1748
.1748
pengo
.0543
.0543
.0543
.0542
.0543
0542
and at 3.96 for cable transfers, against 3.87 and Italy. lirakrone
.2662
.2662
Norway,
.2662
.2662
.2662
.2661
Poland, zloty
.1124
.1124
.1124
.1125
.1120
.1120
3.88.
Portugal. escudo
.0496
.0495
.0496 .
.0495
.0496
.0496
The Far Eastern exchanges continue the firmness
which began a few weeks ago. Japanese yen have
been particularly steady and in demand, for the
most part around 463/8. The strength is considered
as reflecting the progress in negotiations taking
place on several loans, mostly for public utilities.
This is usually a season of pressure on yen, as imports begin to exceed exports around the end of
the year until the mid-year, when the export season
normally begins. Yen are also stronger because the
speculative attacks from Shanghai have ceased for
several weeks past. All the Chinese silver units are
firmly quoted, owing to the higher prices of silver,
now in London around 26%d. Indian rupees, almost
entirely as the result of firmer money conditions,
rose last week above parity of is. 6d. The rate
has been well maintained this week and it is expected that the firmness will be displayed throughout the coming export season. There is a strong
demand for money and credit in India at this time
in order to finance crop movement from the agricultural areas to the ports. There has been a rather
noticeable gold movement to the Far East this
week. On Thursday the American Exchange Irving
Trust Company shipped $1,000,000 to India, while
earlier the National Bank of Commerce shipped
$500,000. It should be noted also that the International Acceptance Bank shipped $240,000 in old
coins to the Straits Settlements. Further shipments
to India were contemplated by one of the banks,
but were cancelled on Thursday owing to the drop
of one point in the gold price at Bombay. It is
doubtful if these gold shipments arise from exchange
operations connected with commercial transactions.
Their origin is to be found in the age-old marriage
customs of the East. The approaching spring
marriage season has been prognosticated as propitious by the priests, so that gold and silver are
required for marriage and seasonal offerings. Gold
and silver used for these purposes will be hoarded
and lost to monetary circulation. Closing quotations for yen checks yesterday were 46.08@463i,
against 45.95@46 on Friday of last week; Hong
Kong closed at 503'@,50Y, against 50%@50 9-16;
I
Shanghai at 64)(@643/, against 64%@643.4; Manila
2
at 49 9-16, against 49 9-16; Singapore at 57%@)573,
against 57@5734; Bombay at 36 15-16, against 36%,
and Calcutta at 36 15-16, 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 coun-
RW1181118,leu
.006190
Spain, peseta
.1660
Sweden,krona
.2699
Switzerland, franc_ .1932
Yugoslavia. d1nar._ .017611
ASIAChina
Chem.tael
.6658
Hankow tael
.6542
Shanghai tael
6388
Tientsin tael
.6713
Hong Kong dollar
.5019
Mexican dollar_. .4598
Tientsin or Pelyang
dollar
.4558
Yuan dollar
.4525
India, rupee
3675
Japan. yen
4597
SingaPore(S.13.)dollar. .5665
NORTH AMER.Canada. dollar
.998842
Cuba, peso
.999031
Mexico, peso
.483833
Newfoundland, dollar .996469
SOUTH AMER.Argentina. Peso (gold) .9728
Brazil, milrels
1193
Chile, peso
.1220
Uruguay. peso
1.0390
.006183
.1673
.2699
.1932
.017611
.006188
.1678
.2700
.1932
.017607
.006200 .006192
.1672
.1672
.2700
.2700
.1932
.1931
.017612 .017613
.006200
.1668
.2700
.1931
.017619
.6669
.6565
.6404
.6723
.5032
.4600
.6679
.6567
.6411
.6733
.5029
.4600
.6677
.6563
.6403
.6731
.5042
.4615
.6673
.6552
.6396
.6727
.5039
.4603
.6683
.6571
.6411
.6738
.5047
.4606
.4558
.4525
.3673
.4596
.5673
.4567
.4533
.3678
.4597
.5673
.4592
.4558
.3675
.4609
.5673
.4571
.4538
.3678
.4613
.5696
.4573
.4540
.3676
.4609
.5692
.999136 .999081 .999044 .999136
.999156 .999219 .999219 .999031
.484167 .484167 .484167 .484000
.996813 .996656 .996688 .996906
.9726
.1194
.1220
1.0397
.9725
.1194
.1220
1.0392
.9728
.1195
.1221
1.0409
.999118
.999031
.484167
.996719
.9726
.1198
.1221
1.0391
.9726
.1197
.1221
1.0383
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
,urrency 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
)fl the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clearing House each day as follows:
/ALLY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BARS
AT CLEARING HOUSE.
iaturday
Dec. 10.
92980.800
Monday.
Dec. 12.
Tuesday, 1Wednesery. Thursday. Priam/.
Dec. 13. Dec. 14. Dec. 15. Dec. 16.
$
$
98000,000 108.000.000 118 000,000 113 000.000 179 000.0001
Aggregate
for Week.
$
rr. 644.hin ay
Note.
-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances.
however, reflect only a prt of the Reserve Bank's operations with the Clearing
House Institutions, as only the items payable In New York City are represented In
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for In arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Dec. 16 1926.
Dec. 15 1927.
Banks of
Gold.
£
I
England- _ 149,908,694
Prance a-- 146,220,324
Germany b 89.188.700
.
Spain -__ 104,13.3,000
Italy
48,945,000
Netherl'
32,509,000
Nat. Belg. 20,201,000
Switzer!'d 18,035,000
5weden_
Denmark _ 10,114,000,
Norway __ 8,180,000
Silver.
Total.
Gold.
Sliver.
Total.
E
£
£
I
I
149,908.694152,002,987
152,092,987
13.717.743159.938,067 147,379.408 13,600.000 160,979.408
c994,600 90,183,300 78,915,000 c994,600 79,909,600
27.401,000 131.534,000 102.263,000 26.967.000129.230,000
:
3,736,000 50,681, i: 45,597.000 4,159.000 49,756,000
2,260,111 34,769. .34.800.000, 2,318.000 37.118,000
1,213,011 21,414,1i i 17.722.000, 1,073.000 18,795,000
2,586,11i 20,621.000 17.728.000 3,022,000 20.750.000
12,813,
12,511,000,
12,511.000
10.76i.IIS 11,612,000,
647,
886,000 12,498.000
8.180,
8,180.000
8.180.000
Total week 638,247,718 52.535,343090,503.061 628,800.395 53.019.600681,819.995
Prey, week 637.841.284 56,612,783690,454,037629.954.113 53.014.600 682.988.713
a Gold holdings of the Bank of France are exclusive of gold held abroad,amounting
the Present year to £74,572,866. b Gold holdings of the Bank of Germany are exclusive of gold held abroad, the amount of which the present year is £3.862.400
cAs of 1927.
3248
THE CHRONICLE
[VOL. 125.
Morrow, Lindbergh, Stimson—Messengers of man of ability and professional standing whose support Mr. Coolidge may well be glad to have. Mr.
Good Will.
The safe arrival of Colonel Charles A. Lindbergh Stimson, who was Secretary of War for about two
at Mexico City on Wednesday,after a successful non- years in the Cabinet of President Taft, is a lawyer
stop flight from Washington, opens another chapter of important and lucrative practice, and, like Mr.
in the career of unofficial diplomacy which has Morrow, yields to Mr. Coolidge's request at much
earned for the daring young aviator the title of "am- financial cost to himself. He is already somewhat
bassador of good-will." The exploit lacked,of course, familiar with the Philippines from having made a
the spectacular and dangerous interest which at- study of political and racial conditions'there in 1926,
tached,to Colonel Lindbergh's famous flight to Paris, and while his appointment will probably be displeasfor flying by land, as Colonel Lindbergh himself ing to those who believe that the administration of
pointed out in advance of his departure, has already the islands ought to remain in military hands, it acattained a considerable degree of reliability, and the cords, much better than would the selection of anslight delay occasioned by getting off his coinse, other army officer, with the American tradition of
while it naturally awakened anxiety, was in itself civilian administration of civil affairs. In so far as
not serious. It is matter of more than ordinary in- the problem of the Philippines is one of defense, that
terest, however, that the recent opening of telep'ionic phase of the situation can be properly dealt with by
communication between Mexico City and Washing- the Army and Navy Departments, but the ordinary
ton should so soon have been followed by a visit from administration of affairs, the development of industhe American whom, of all others, the Mexican peo- try and trade, the encouragement of education, and
ple were probably most eager to see, and for whose the safeguarding of health, life and property, are
coming an enthusiastic welcome of unprecedented matters best intrusted to a Governor General who,
proportions was waiting. The cheers which greeted like Mr. Stimson, is both an experienced lawyer and
Colonel Lindbergh as he brought the "Spirit of St. an experienced administrator. Until the time when
Louis" safely to a landing, and the demonstrations of the Filipinos may safely be accorded political indewhich he has been the object since, may well be set pendence (and that time seems still far off), they
off against the gloomy reports of general
in are entitled to receive from the United States the
Mexico toward the American people, and the syste- best possible government, and the selection of Mr.
matic efforts to keep alive whatever occasions of dis- Stimson is to be taken as an indication of Mr. Coolcord may still exist between the two countries and idge's purpose to see to it, as far as his own authority
their Governments.
goes, that the best that can be done for the islands
It is no disparagement of Colonel Lindbergh's feat end their people shall be done.
It has been announced that Colonel Lindbergh,
or of the friendly and cordial spirit in which it was
conceived to say that the reception which was ac- who is expected to spend a week or more at Mexico
corded to him was rendered all the more hearty by City, is to extend his program by making flights to
the admirable impression which the American Am- other countries of Central America and to Cuba. There
bassador, Mr. Morrow, has made upon the Mexican are difficulties in the way, among them those due to
Government and the Mexican people. President Cool- the lack of adequate radio or meteorological service
idge was exceptionally fortunate in securing a man in that part of the world. There can be no doubt,
of Mr. Morrow's quality for the Mexican post, and however,that a round of visits to the countries of the
it is greatly to Mr. Morrow's credit that he was will- Caribbean and the Gulf would greatly strengthen
ing to accept an appointment which obviously meant the good impression which the Mexican flight has
a very large financial sacrifice on his part. Mexican made. The announcement on Nov. 1 that President
relations with the United States greatly needed, at Coolidge proposed to deliver in person the opening
the time of his appointment, the attention of an am- address at the meeting of the Pan-American Congress
bassador whom the Mexican people would at once rec- at Havana, on Jan. 16, together with the appointognize as a cultivated gentleman, a man of undoubt- ment of an American delegation headed by Charles
ed business ability and standing, and a diplomat E. Hughes, was a clear intimation of Mr. Coolidge's
whose natural temper would lead him to smooth out intention to do what he could, by personal presence
difficulties where that was possible rather than add and by official counsel, to improve the political reto them by assertive or tactless conduct. It is char- lations between the United States and the other
acteristic of Mr. Morrow's sense of the fitness of countries that are members of the Pan-American
things that, instead of plunging at once into the com- Union. There is need of such action on his part.
plexities of oil leases and contracts, claims, and other American prestige in Central and South America
matters in controversy between the two Govern- has unquestionably suffered a good deal in recent
ments, he should have first devoted himself to getting months, partly because of vexatious controversies
acquainted and visiting some of the remarkable mon- which would have troubled even the best dis-plomatic
uments of the old Aztec civilization. The skill with skill, and partly because of ill-advised interference
which he has established himself in the regard of the with the internal affairs of countries to the south of
Calles Government will redound to the credit of the us, notably in Nicaragua. It will be a happy auCoolidge Administration, and he may be counted gury for the outcome of the approaching Pan-Ameriupon to surround Colonel Lindbergh with the same can Congress if Colonel Lindbergh, the mere mention
official and personal counsel and aid which Ambas- of whose name stirs the popular blood to jubilation,
sador Herrick extended with so much skill and ac- shall find in some of the disaffected countries a
ceptance in the memorable days when the "Lone welcome comparable to that which has greeted him
in Mexico, and make his visit to Cuba a prelude to
Eagle" was the guest of France.
The appointment on Tuesday of Henry L. Stimson a cordial reception there for the President of the
of this city as Governor General of the Philippine united States.
Mr. Coolidge's Administration has had a good
Islands,in succession to the late Major General Leonard Wood, brings into the Federal service another many difficulties in foreign affairs to deal with. The
DEC. 17 1927.]
THE CHRONICLE
civil war in China, continuing month after month
with incidents so confused as to make it hard to understand the real facts of the case, has imposed an
anxious burden upon the United States in its efforts
to maintain the policy of the open door, and to convince China of its willingness to negotiate with any
Government that gave evidence of really representing
the Chinese people. The breakdown of the naval
arms conference at Geneva was a great disappointment, and the tariff controversy with France, although temporarily adjusted, has still to be settled.
At home, the persistent agitation of the war debt
issue, in the interest of something that would virtually amount to cancellation of the debts at the expense of the American taxpayers, has kept public
opinion in Europe stirred up to our disadvantage,
and only the other day another well meaning group
besought the President to reopen the closed issue of
the World Court. It should be gratifylng to Mr.
Coolidge, and to the country without regard to party,
to be able to command for the public service at the
distant but important outpost of the Philippine
Islands a man of the calibre of Mr. Stimson,to know
that the mutual interests of Mexico and the United
States are well cared for in the hands of Ambassador Morrow,and to feel that the enthusiastic acclaim
which has greeted Colonel Lindbergh's new triumph
of aviation skill carries with it a cordial recognition
of the peaceful character of his mission as a representative of national good-will.
"The Test of Prosperity."
We know not the origin of this phrase. It furnished the theme of President Coolidge's late address
at Philadelphia. And it is apropos to conditions now
prevailing in the United States. Ordinarily we regard the test of life to be adversity. How do we bear
the ills that come upon us? How do we meet misfortune and failure, penury and pain? But in any true
philosophy the test of prosperity cannot be ignored.
As individuals we do not always meet this test of
wealth and success,for so we are wont to define pros.
perity, in a satisfactory manner. For we know the
truth though we do not follow it. In extreme cases,
egotism, arrogance, domination, are the effects upon
character resulting from outdistancing our fellows
in the race of life. We are too apt to. apply the material gauge to what we do. We count our gains as
evidence of acumen. Yet we know that wealth and
power vanish at death. And if we have lived acceptably, and merit the immortality we hope for, it is the
spiritual gains that are the more precious. And as a
consequence, those who abjure the getting of material
success may, at the last, win the highest success.
What we most must consider is turning the nee msary
material into the enduring spiritual.
When we come to apply the "test of prosperity" to
a people as a whole our point of view must change.
We come now to deal with society and government
as the two units to which the test must be applied.
In a democracy these two entities are composed of
free and independent individuals, and while our test
reverts to the individual in so far as conduct is con:
cerned, the masses may fall below the philosophic
standard, while a certain portion of the populace
rises above it. We are agreed that what rich men
do with their wealth in the United States indicates
the highest degree of the spiritual ever attained in
the history of the world. Benefactions are immense
and innumerable. Yet it is also agreed that the
3249
masses as unorganized individuals are living a life
that is luxurious and careless of the morrow. And
as to government, we have long since ceased to be
aroused by the import of a "billion dollar country"
and are half way on the road to a billion dollar city.
Our test here is the "high standard of living"—meaning the social standard of pleasure and the governmental mission of political aid.
We are said to be the richest people on earth. We
are said to have an annual income of ninety billions
of dollars. In a collective way, are we using this material accomplishment in a reasonable and truly helpful manner, or are we following the masses in their
individual capacity as spenders and pleasure seekers? There is at once a parallel and an antithesis.
The parallel lies in the fact that we put material
gains to material uses in the cause of the people as
well as the cause of the individual. The antithesis
lies in the fact that society and government do not
earn though they spend—and spend lavishly, led on
by the combined individual standards. Taken as two
wholes, society and government seem to seek to elevate the spiritual (education, home-building, free libraries, public parks, &c.), while the people as a
whole, a mass of unorganized individuals, seem to
seek, through the acquisition of gains by means of
development of natural resources and the accumulation of production, to acquire the power to spend and
enjoy.
Since society and government must wait upon the
power of the people,after the pomp and circumstance
of life are satisfied, it follows that frugality and
thrift on the part of society and government cannot
come until the show and spending of the people at
large has been satiated, save in one way. If the people do spend more than they ought to, government
should spend less. If only a comparative few turn
large wealth into perpetual benefactions, the mass of
individuals should not set the standard of living by
the luxuries of the rich. Judged by these tests, neither the masses nor society or government, are living
according to the philosophic laws of right living our
intelligence has developed.
We are not bearing the test of success in the light
of the greatest good to the greatest number. The
contrasts are too severe. These create unrest and dissatisfaction with the social order, the government,
and the individual. Each man has come to want as
much as any other man has. Society too much gauges
the importance of its members by peace, power and
riches. Government has become a magic talisman
to even things up, by laws aimed to help industry,
class, and section. Savings banks may show increases, but saving is not a shibboleth. Society,
through its varied institutions, does not seek to leave
earnings in the pockets of the people, but to take
them out by force of laws and special elections. Government makes a budget only to break it, and fritters
away enormous sums for destructive forces in anticipation of war rather than in constructive ways
that will add to the future ease in which a living may
be made. An individual, society, government, suddenly realizing the extent of long acquired toil and
ac isition, may become a "beggar on horseback."
There is still another form or phase of prosperity
to which the test of moderation should be applied.
This is the test of confidence in our ability always to
succeed. Just now we are engaged in showing that
"prosperity" in a business way will continue indefinitely. There is a certain increase through popula-
3250
THE CHRONICLE
lion and the momentum of enterprise. But to say
that our present high stage of life and business can
continue for another decade in the same ratio as in
the last is unwise. We know that it cannot. The very
increased momentum would burn up the machinery.
And the "test" we should now apply is caution and
humility. We are boasting too much. We are drunk
with success. We are unconscious of the precipice
which may lie ahead. We should discount the possibilities of the future, work harder, think more temperately, and be fore-armed by being forewarned.
[VOL. 125.
in the chants of worshippers, is born again the spirit
of Good and the soul of Love. Other days celebrate
the birth of human heroes, this day consecrates mankind to the service embodied in One who gathered
no riches save the blessings of those who were grateful for words of compassion and deeds of kindness.
The last must always be the best of the days we
call Christmas.
On desolate shores is lifted an ever-shining light
to guide mariners on their way. So from this day
of giving gifts spreads the radiance of good-will.
Sometimes we scorn the trifles we give to children,
The Day We Call Christmas.
but in hearts that are made glad there is only gratiThere are privileges we enjoy, but do not always tude and love. And if it be more precious to give
fully appreciate. One of these is to be glad with than receive, then the reward for even a kindly
happy childhood on the recurrence of Christmas thought is sufficient unto the day. And by the same
Day. To rejoice in the simple joys of this immemo- token the privilege to worship the Good is one of the
rial time is to return to the early years when we most sublime gifts vouchsafed to the man who is
were free from care, and when all the world was dazed by his own researches and who wanders amid
filled with a wondrous unfolding and the heart the wonders that are ever unfolding through Uh?.
panted for the water brooks of kindliness and love. opening doors of discovery and achievement. SciAs the years go by, alternating with success and ence pales before the light of this sacred Star. Philfailure, and the insistent questions of destiny re- osophy bows before the simplicity of loving thy
main unanswered, we are apt to grow a little cynical neighbor as thyself. Religion loses its conflict of
as to the meaning of the life that is meted out w creed and form in the humility of love, and material
us. But as the day of the Nativity approaches, we things are dulled to silence in the anthems of spiritcan become as little children accepting all in the ual praise that there is one thing only that is unspirit in which it is given, believing that the gift and dying—the Good.
the giver are one, and that the Divine Purpose holds
Yet a day is but a date in the illimitable stretch
us ever in its gentle keeping. This is tonic for the of time—even this day that means so much in the
soul, balm for the heart, and solace for the mind. life of man on earth. As we listen to the carols and
For in the sweet spirit of good-will to men and the bells and the laughter of children and the greetthings, there is an answer to all our longings, a re- ings of friends, the gifts and the joys are transward for all our efforts, and a compensation for the formed into that which abides forever—the divine
buffets of fortune and the sorrows of unrequited sac- power to love. For this, life is but opportunity.
In this, life has its fruition. For this, all days are
And what a privilege it is in the vastness of our appointed. And in this, the soul and spirit of the
knowledge and the abundance of our achievements Christ had their being and doing. And even so, this
to realize that in the presence of the Sublime Cause day is a reminder and a consecration. If all things
we are as children clutching with tiny and loving else shall pass, love will remain. If peace ghall. come
hands the gifts that are showered upon us from the to perturbed and eager mankind, love will be its
inexhaustible source of all; gifts we enjoy and do essence—the love that bears no hate, that nurses no
not always deserve. In our courage and industry revenge, that suffers though it meets with contumewe essay many things of selfish acquisition and ego- ly and disdain, that goes about seeking good, and
tistic endeavor, thoughtless of the power that is in that toils on though rewards are few and the way
us and around us urging us forward to lives of use- is dim and the end unknown. So He lived and
fulness and helpfulness. As we give to those who wrought, whose lowly birth brought forgiveness to
are near and dear to us, as we bend in tenderness men and set one day apart, hallowed and glorious
to the little ones and warm our hearts in the smiles with and for love!
of friends and relatives, we gain, however faintly,
This, then, is the lesson and the inspiration—so
something of that ineffable love that lies some- to turn all material struggles and accomplishments
where out of time and out of space, made vocal in into the spiritual doing of good. Production and
the skies when angels sang the never dying message trade, the building of cities and institutions, the
of Peace on Earth Good-Will to Men. In the circle growing of foodstuffs, their mutual exchange and
of life we come back to the simple faith of childhood. the making of machines and utensils, the creation
Love returns to bear us onward into the realm of money and credit; all these things, though they
where alone there is rest and recompense.
appear and disappear, turn into the sacred subThis new Christmas Day is the day of all days in stance of love for others. Not what one gathers and
all the years. Life would be dark without it. It reaps in the aspirations and energies of earthly life,
is written about and talked of in every tongue in but the uses we give to them in the days that are
every land. Day of the Star and the Wise Men, it as a moment in the infinite growth and advance!
comes again to trumpet forth the beginning of a •And he has not lived in vain who feels in this Christlowly life that accomplished works of good and mas-tide the will and the wish that others may be
ended that truth might triumph. The last act was happy and that all men may partake of the sacrasacrifice, the last word forgiveness, and ever as the ment of doing good. In all things as they are runs
season rolls around wherein that Star was lifted, the spirit of love, if we but perceive and embrace it.
men and women think on the glory of The Great Too much, often, we construct creeds and conditions
Teacher, and emulate in some degree the life that and strive to bind them upon others as the only way
had its beginning in humbleness and reverence. In that is right when the simplicity of the Golden
the glow of altar lights, in the sound of holy bells, Rule is all that is needed to resolve all our contests
DEC. 17 1927.]
THE CHRONICLE
3251
Metternich, Gortchakoff, Palmerston and Bismarck
wielded it. The old diplomacy, as the voice of the
Crown, prevailed.
This was the situation when the young Kaiser,
William II, came to the throne. Under Bismarck's
lead, Germany had fought Denmark, Austria and
France, and created the new Germany, crowning
her King at Frankfort as Kaiser. This done, she
was prepared to settle down and consolidate her.
holdings. The treaty of Berlin in 1878 following the
Russo-Turkish war confirmed her hegemony in
Europe. When, not long after, Austria, assured of
Germany's support, proclaimed her absorption of
Bosnia and Herzgovina committed to her protection
by the treaty, Italy was alarmed, and Crispi, her
Premier, went at once to Berlin to secure cancellation of Austria's step, only to learn that Bismarck
"would not give a single Brandenburger grenadier
for all the Balkans," and could not interfere.
This was the European situation when in January 1901 Edward was made King by the death of
Queen Victoria. Subsequent European history as
well as responsibility for the coming war was to
turn largely upon the conduct of these two rulers,
the King and the Kaiser, uncle and nephew. The
old diplomacy was to give way to a new method and
a new spirit; but the transition was of necessity
Edward VII and the Close of the
slow. With the force of the individual, the crowned
Era.
Victorian
The long expected second volume of the biography head, the autocrat, the statesman, or the representacourse of events
of Edward VII, by Sir Sidney Lee, has just been tive of the people, the immediate
from would be determined and the future shaped. Only
issued by Macmillan. It covers the period
the death of Queen Victoria to King Edward's with this historic situation in mind is Sir Sidney
Lee's book to be read: it will be found illuminating
death.
epochs in the his- and itself historical.
There have been many eventful
The two men, though closely related and constanttory of Europe marked by the opening of the doors
was more decisive or more com- ly thrown into personal relations requiring unreof new eras; none
plex or difficult of interpretation than that intro- stricted hospitality, and intimate friendly expresas
duced by the great war; and of many personal parts sion, differed widely at every point. The King,
we have described him, was an accomplished courplayed in it none is more interesting or likely to
be more affectionately remembered than that of tier and an experienced and hearty man of the
England's King. As Prince of Wales until he had world, friendly, approachable, and by temperament
reached his 60th year he was widely known by his and conviction committed to ways of peace. Exaltattractive traits and his unfailing skill in uniting ed position and great responsibilities only served to
his social charm with the dignity of his position. strengthen his convictions and aid him to promote
When he came to the throne the way was open for this desire. He had reached a time of life when men
him to continue his frequent visits to the Continent, are not readily changed, and found in his new posiwhere he was widely and well known, that he might tion opportunity to render a great service which
use his personal influence in the interest of the had long been beyond his reach.
The Kaiser, on the other hand, as described by
cause of peace which was dear to his heart.
Professor Brandenburg of Leipsig, the latest GerThe question of responsibility for the war had
lost little of its intensity since the Treaty of Ver- man authority on the same period, in his "From Bissailles and its pronouncements which it is now marck to the World War" (Oxford Univ. Press),
claimed were signed under duress. Much light has was "pompous, fond of. public display of sovereignbeen thrown upon the question by the publication ty, never able to overcome his secret consciousness
of the various state records and many important of his immaturity and lack of stability, much feebiographies. Of them, none is more illuminating bler than he appeared, and ever ready to go off at
than this of Edward VII. Its references to particu- a tangent under some unexpected influence"; and
lar events and conversations bearing more or less "easily led by men about him who, knowing this,
directly upon the issue are so numerous, and in could skilfully guide him in a definite direction."
He promptly got rid of Bismarck in March 1890.
the main so carefully documented, that we cannot
In dispatching the German fleet to China he proventure to quote them. The book may be read in
the light of facts that are already matters of rec- claimed himself "the vicegerent of God" and assured
any who might "stand in his way that they would
ord.
The autocratic rule which had governed Europe be crushed." He coqueted with the Czar to urge him
since the days of Catherine, of Henry VIII, of Fran- to aggression in Asia as against Japan, and to councis I and Louis XIV, with their obedient ministers, ter England's position, securing in return Russia's
had lost none of its control in the days of Freder- guaranty of Germany's eastern frontier in case of
ick the Great and of Napoleon. In cases where the need. He visited the Sultan, journeyed through
sovereign was less powerful the direction passed Syria, proclaimed himself the supporter of the Mointo the hands of ministers and diplomats; men like hammedans, and obtained the rights of a railway to
into harmony and unity and the blessed light of constant love.
To the Star and the Child, all hail! Exponents
of Truth and emblems of the Beautiful! Hail to the
Christ, Teacher of the Ages, that flow forever toward the Fulfillment of the Divine Purpose! Down
what corridors of Time we shall pass we cannot
know, but always, as the years go by, there will be
the Star and the Child, to lead and to teach that,
in the wisdom that passes understanding, there is
promise and not penalty, good and not evil. Let no
one despair who in humility and acceptance interprets the nativity and hears in the night sky of a
wavering and wandering life, even for this one day,
the angelic anthems of peace and good-will! For
the undying meaning is that "good is the final goal
of ill." For it is in man's very sense of his insignificance that he rises to the glorious height of a Child
of God. There is never justice without mercy. There
is never love without forgiveness, and there is never
good-will without faith in others. The way is determined, the opportunity is at hand. Christmas
Day is the ineffable harbinger of hope and trust, the
sacred hostage of good-will, love and peace!
3252
THE CHRONICLE
[VOL. 125.
Bagdad and the Persian Gulf to "stride the neck other is described by the Kaiser as an "Insult," and
of England's route to India." On the outbreak of the Belgian Minister in Berlin, writing home of
the Boer war he sent the famous telegram of good- the German point of view, said: "It is no secret that
will to Kruger, and despatched warships to the East the personal relations of the Kaiser and the King
Coast on occasion of developing anti-British inter- of England are frankly bad."
•
ests, as Professor Brandenburg tells in detail. Later
Edward's reign covered a series of crises not inhe moved upon the Mediterranean and had the re- ferior to those that followed. They led directly to
doubtable experiences of Casa Blanca, Algiers, and, that of 1914. At the beginning of his reign, Gereventually, Agadir.
many hated and envied England, France suspected
This is the man with whose part the biographer her, Russia regarded her a hidden enemy, and all
has to deal in recounting King Edward's relation to unofficial Europe sympathized with Britain's enethe outbreak of the war. While growingly aware mies in South Africa. Before Edward's death all
of his nephew's character, Edward did all in his had changed except Germany. The Kaiser was surpower to convince him of his settled, peaceful pur- rounded by men committed to the aims which he
pose, and to win his confidence. The result is seen cherished and ready to force the issue when he might
in the long tale of evil interpretation of what the hesitate. That situation has been fully revealed
King did or failed to do, to confirm the Kaiser's in Mendelssohn Bartholdy's publication of the Gerconstant suspicion and malevolent aspersions. He man secret archives.
was surrounded by men who understood him and
Edward VII's life embraced the period of the zeplayed to his hand, so that whether in England or nith of the monarchical system in Europe. Europe
at home in Berlin, he was always in the same an- was still governed by a Kingly caste, much intertagonistic mood, only with difficulty concealed.
married. Following his death and the war, the sys
The story is too full and detailed to permit more tern was to collapse. The world is now well adthan an instance or two. When, soon after his as- vanced in a new era. Germany, Italy, Russia, Porcension, the King visited Lisbon, Rome and Vienna, tugal, Austria, even Turkey and the Balkan states,
where he was well known, receiving everywhere dem- are following France on the open sea of political reonstrative popular welcome, the Kaiser promptly construction. England moved forward in her esfollowed him with ostentatious pomp and assertive tablished ways due in large part to the attachment
speech on political subjects, and when the King of the people to the Crown—an attachment greatly
subsequently met a like enthusiastic welcome in strengthened by their confidence and affection for
Paris, the Kaiser seized upon it as "a deliberate Edward. He established the Crown because he made
slight" to himself that the King had not previously it the emblem of the liberties of the people.
come to Berlin. When the King did visit him later
As Sir Sdiney Lee says, "He eminently satisfied
Ile wrote in his "Memoirs" that the King's unwill- the conditions of Kingship. No more thoroughly
ingness to discuss a formal alliance with Germany human citizen of the world ever sat upon a throne.
lest it might disturb Russia was "plain indication His kindly nature and desire for the happiness of
of the English policy of encirclement which was others touched the people's hearts. Abroad as at
soon to be clearly manifest at Algiers." Of the home he grappled to his heart a thousand friends,
same interview the German Minister Bulow wrote: and won the attachment of men who forgot in his
"The King expressed his desire for friendly rela- amiable smile the jealousies of rival nations. He
tions with Germany, said they had no political dif- disliked the strife of countries as bitterly as he disferences and no thought of trying to insulate Ger- liked the strife of parties, and he brought into the
many."
wider sphere of foreign policy the amiability, the
After this visit, the Kaiser's cool reception of the dislike of harsh dealing, the determination to mitiKing seemed to increase the antagonistic feeling in gate animosities, which was such a distinguishing
Germany and led the King to make further avowal feature of his reign."
of his regret, but even these efforts were interpreted
He played well his part, and his work abides in
as "made to lull Germany's fears to sleep." Again the stability of Britain and the world's eager hope
and again the King's action in one situation or an- of attaining lasting peace.
Gross and Net Earnings of United States Railroads
for the Month of October
Our compilation of the gross and net earnings
of I Tnited States railroads for the mouth of October
is like that of the preceding four months in making
an unfavorable comparison with the previous year
as regards gross and net earnings alike. The decrease is $23,440,266, or 3.87%, in the gross, and
$13,364,491, or 6.88%, in the net. The falling off
is just a little smaller than for the month of September, though on the other hand comparison is
with a month in 1926 in which improvement was
less pronounced than in the months preceding; this
followed from the fact that in October last year a
number of roads had to contend with unfavorable
conditions ,which served to cause losses on such
roads even though the grand totals showed improved results inasmuch as other groups of roads
at that time enjoyed certain special advantages
which served to enlarge the traffic and revenues of
these latter. The general totals for the whole body
of roads for the month this year and last are shown
in the table which follows:
Month of October—
Mlles of road (182 roads)
1927.
238,828
1926.
11
238,041
Inc.(-I-) or Dec.
(—)
+787
Gross earnings
Operating expenses
Ratio of expenses to earnings
582,542,179 605,982,445 —23,440,266
401,623.131 411,698,906 —10,075,775
68.94%
67.94%
+1.00%
3.87
2.45
Net earnings
180,919,048 194,283.539 —13,364,491
6.88
But while the general character of the results,
speaking of the roads collectively, is still unfavorable, light is apparently breaking ahead bearing indications of improvement in the future. Trade reaction, which has been in progress ever since last
March and which has latterly been rising to the
proportions of actual trade depression, is the one
DEC. 17 1927.]
THE CHRONICLE
3253
general influence that has served to reduce the traf- the previous year. On the other hand, the present
fic and revenues of the roads nearly everywhere year all the anthracite carriers report heavy losses
throughout the country. Its effects, however, have in both gross and net.
been especially marked in the case of the roads
In contradistinction, however, with this unfavorserving the great manufacturing industries of the able state of things in the Eastern manufacturing
Eastern half of the country in the territory north and mining districts, indications of improvemen
t
of the Ohio and Potomac rivers. Here the losses are becoming very manifest in the western half
of
in earnings continue heavy and general, with few the country. Not enough prominence to this fearoads or systems forming exceptions to the rule. ture of the railroad returns is being given in public
The falling off, moreover, in this territory, has been discussions, it seems to us. The improvement is
accentuated by certain special adverse influences, especially marked in the case of the roads serving
some growing out of the trade reaction and others the spring wheat States of the Northwest. In this
being independent of it. The iron and steel indus- territory the spring wheat crop on many farms has
try has suffered very 'pronounced depression and proved the largest ever harvested and that fact is
this has caused a heavy falling off in the transpor- being reflected in increased earnings on the railtation of iron ores on the lines to the Lake Superior roads running through or connecting with those
ports and also on the lines carrying these ores from favored sections. In other parts of the western half
the lower Lake ports to mill and furnace. As it of the country the agricultural situation also aphappened, too, thereby making the contrast with pears to be better than it was a year ago; though
last year all the stronger, the ore traffic in Octo- the grain crops are not in all cases equal to those
ber 1926 was of unusual size because of the of 1926, the farms are realizing much better prices
exceptional activity prevailing at that time in the for their productions. In the Southwest this
is also
iron and steel industry. Then also the coal traffic true of cotton, the present good prices comparing
the present year was nearly everywhere on a re- with the abnormally,low values for that staple in
duced scale, whereas at the corresponding time in 1926. Accordingly, Southwestern roads, like North1926 it was of unusual volume by reason of special western roads, are giving a much better account
of
favoring circumstances which found no repetition themselves than the roads elsewhere. As the
agrithe present year. The strike the present year at the cultural com.munities of the western half
of the
unionized bituminous mines in what is known as the country constitute an important part of the
concentral competitive field, embracing Western Penn- suming population of the country, it would
seem as
sylvania, Ohio, Indiana and Illinois, was patched if the improvement there must sooner or
later exup after a fashion at the beginning of the month, tend to the rest of the country and particularly
the
but without beneficial effects; as a matter of fact, manufacturing and mining sections of the
Middle
coal production actually fell off after the settle- and Middle Western States.
ment, the reason being that consumers had stocked
It will have been gathered from what has been
up with coal in advance of the strike and as general said above that while the general totals show losses
trade and business was now on the wane, they had in earnings as compared with October last year,
no need of additional supplies, at least not in great there are notable exceptions to the rule. These exquantities.
ceptions are very readily found when the details
The falling off in the coal tonnage the present of the figures are examined. In the
Northwest the
year was really an item of very great consequence. Milwaukee & St. Paul reports
$1,612,706 increase
Last year in October the demand for coal was on in gross and $887,619 increase
in net; the Northern
a large scale, not only because trade activity was Pacific $1,224,009 increase in gross
and $1,135,418
maintained at high levels, but also because a large increase in net, and the Minneapolis,
St. Paul &
foreign demand for coal developed as a result of Sault Ste. Marie $1,575,370
increase in gross and
the strike at the British coal mines. In our review $1,314,159 increase in net. The Great
Northern also
of the earnings for October 1926 we pointed out shows a large gain in gross, namely,
$1,471,004,
that according to the statistics of the Bureau of though this is attended by a decrease of $594,449
in
Mines the production of bituminous coal in the net, owing to a heavy augmentatio in
the expenses.
n
United States for the four weeks ending Oct. 29 had Obviously, these gains speak eloquently
of the imaggregated 50,891,000 tons in 1926, against 47,756,- proved situation in that
part of the country as a re000 tons in the corresponding four weeks of 1925. sult of the raising of a Spring wheat crop
of excepThe present year the amount of bituminous coal tional size. There are also, as exceptions
to the
mined in these same four weeks aggregated only Nile, a few quite
notable losses in parts of the same
41,140,000 tons. The anthracite carriers have suf- territory, but
these are ore-carrying roads whose
fered an equally large shrinkage in their coal traf- ore traffic was so heavily diminished,
as noted
fic for the double reason that the weather was mild above, by the depression in
the steel industry. Two
and that many consumers of coal, tired of the fre- notable instances of the kind
are the Duluth, Misquent suspensions of mining in the anthracite re- sabe & Northern,
which reports $1,066,245 decrease
gions and the high prices now demanded for this in gross and
$889,046 decrease in net and the Dukind of coal, are changing to substitutes for coal luth & Iron
Range which falls behind $275,974 in
and more particularly to oil, the price of which is gross and $262,655 in
net.
now exceedingly low. To add to the contrast with
Nor do the transcontinental lines further to the
a year ago, the anthracite tonnage at that time was south make a poor showing
as a rule, though there
very heavy, comparison being with the period of are some minor
exceptions to this statement. The
the anthracite strike in 1925, when there was a com- Union Pacific, for instance,
has added no less than
plete suspension,of mining at the hard coal mines. $2,378,237 to its gross
and $2,020,951 to its net, this
The anthracite carriers a year ago all showed tre- system heading the list
of increase in both gross
mendous gains in earnings, a part of which of and in net. The
Southern Pacific, lying further
course was merely a recovery of what had been lost to the south, has not
done as well as this and yet
3254
•
TFrF CHRONICLE
[Vou 125.
reports only $373,466 decrease in gross and $363,832 Southern Railway system, the showing is equally
decrease in net. The Rock Island also falls some- good, the combined decrease in gross being no more
what behind, but only $337,231 in gross, while it has than $658,223, while the decrease in net is only
$61,373 increase in net. The Burlington & Quincy $134,197. In the following we show all changes
likewise has only a slight decrease $394,667, or for the separate roads for amounts in excess of
only a little over 2%-in gross, while the net shows $100,000, whether increases or decreases, and in
$107,519 increase. The Atchison, Topeka & Santa both gross and net:
Fe shows only $46,560 decrease in gross, though the PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF OCTOBER 1927.
loss in net amounts to $699,090. The St. Louis &
Increase.
Decrease.
Wheeling
Union Pacific
$664,516 in gross, but has Chicago Mllw (4) Paul_ 32,378,237 Central of& Lake Erie...,.. $520.633
San Francisco has lost
& St
1,612,706
Georgia
501,661
C 0 & St Louis
500.608
managed to reduce expenses so as to produce a gain Minn St P & S S Marie... 1,575.370 Pittsburgh & Lake Erie_ _ 479,725
GreatNorthern
1,471,004
Pacific
1,224,009 Missouri Han Texas (2)450,885
of $269,146 in net. The Texas & Pacific has added NorthernPacific
Texas &
363,485 Det Toledo & Ironton- _
435,927
Hocking Valley
334,041 Chicago Burl & Quincy_ _
394,667
$363,485 to gross and $163,999 to net.
Western Pacific
276,938 Southern Pacific (2).....
373.466
Chic. St P
In contrast with these encouraging returns in the LongIsland Minn & 0.. 202,805 Southern Railway Co._ 1)369,807
351.893
188,337 Centralof New Jersey.-K C Mex &
168,914
western half of the country, the losses in the east- Los Angeles Orient of Tex 133,297 Boston & Maine (2)__ 337,370
& Salt Lake.,
Chic R I & Pacific
337,231
302,044
115,780 Pere Marquette
ern half of the country, for the reasons set out Northwestern Pacific_ _
284,001
Chicago & East Illinois
278.224
Total (16 roads)
$10.044.923 Elgin Joliet & Eastern__
above, are in most cases extremely heavy. Thus the
Decrease. Chicago & Alton
277,235
275,974
$8.920,327'Duluth & Iron Range- _
Pennsylvania Railroad on the lines directly oper- Pennsylvania Ohio
Baltimore &
255.555
2.427.130 Chicago & North Western
236,627
New York Central
a1,733.915 Union RR (Penn)
225,799
ated east and west of Pittsburgh reports $8,920,- Norfolk &.Weetern
1,383,765 Internet Great Northern
201,853
Atlantic Coast Line
1,354,379 Yazoo & Mississippi Val.
327 loss in gross and $3,270,058 loss in net. The Dulluth Missabe & Nor_ 1.066.245 Cm N 0& Texas Pacific_ 177,421
173,989
Florida East Coast
988,087 West Jersey & Seashore..
167.903
983,447 N Y Chicago & St Louis_
Chesapeake &
New York Central falls behind $1,733,915 in gross Lehigh Valley Ohio
165,321
897,358 Grand Trunk Western160,910
Reading
879,695 St Louis Southwestern (2)
and $968,492 in net. This is for the New York Cen- Erie (3)
158,081
864,498 Maine Central
154,687
809,201 Pittsburgh & W Virginia_
tral itself. When the various auxiliary and con- Western Maryland
134,535
732,426 Buff Roch & Pittsburgh.
Virginian
125,423
730,458 New On Texas & Mex (2)
trolled roads, such as the Michigan Central and Illinois Central
116,511
682,389 Colorado Southern (2)-Missouri Pacific
116,301
Fran (3)
664,516 Term Ry Assn of St Louis
the "Big Four," are included, the result for the St Louis-San Hartford
107,093
NYNH&
637.200 Louisiana & Arkansas
105.465
624.197 1 111chin Fred & Potomac_
MichiganCentral
New York Central system is a decrease of $3,302,- Delaware & Hudson_
104,567
613,150 Norfolk Southern
104,284
587,588
000 in gross and of $1,610,271 in net. The Balt. & Bessemer & Lake Erie...... 580090 Texas Mexican
Seaboard Air Line
,
$38.707,909
Wabash Co
Total (70 roads)
551,
546
Ohio shows a shrinkage of $2,427,130 in gross and Del Lack & Western
532.617
of $1,245,760 in net. Among the anthracite car- a These figures merely cover the operations of the New York Central
Itself. Including the various auxiliary and controlled roads,like the Michiriers the record is uniformly unfavorable, the Read- gan Central, the "Big Four," &c., the result is a decrease of $3.302,000.
b This is the result for the Southern Railway proper. Including the Ala& Texas Pacific,
ing reporting $879,695 loss in gross and $627,329 bama Great Southern, the Cincinnati New OrleansNortheastern and the
the
Georgia Southern & Florida, the New Orleans &
loss in net; the Lehigh Valley $897,358 in gross and Northern Alabama, the whole going to form the Southern Railway System,
the result is a decrease of $658,223.
$699,539 in net; the Del. & Hudson $613,150 in PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF OCTOBER 1927.
gross and $315,628 in net; the Lackawanna $532,Decrea qe.
Increase.
$416,215
$2,020,951'Wabash
617 in gros and $243,208 in net; the Erie $864,498 Union Pacifc (4)
380,334
Minn St P & S S Marie- 1,314,159 Chesapeake & Ohio
-Kan-Texas (2).
366,833
Missouri
Pacific
in gross and $886,387 in net and the Central Rail- NorthernMilw & St Paul_ 1.135.418 Southern Pacific (2).... 363,832
887,619
Chicago
315,628
Hocking
222,176 Delaware & Hudson....
road of New Jersey $351,893 in gross, though with St Louis-Valley (3)285,621
269.146 Wheeling & Lake Erie__
San Fran
Central of New
$236,997 increase in net. In the case of the coal Long Island Jersey.... 236,997 Elgin Joliet & Eastern..._ 275,656
262,655
191.142 Duluth & Iron Range_ _
254,571
163,999
Pacific
carriers serving the Pocahontas region where the Texas &Southwestern (2) 151.782 Central of Georgia
248,236
St Louis
Western Maryland
244,952
Chicago Burl & Quincy_
107,519 Pere Marquette
coal traffic in 1926 was greatly enlarged because of Trinity & Brazos Valley- 103,822 Del Lack & Western.... 243,208
228,220
Chicago & East Illinoisthe foreign demand for coal in connection with the
219.901
Total(17 roads)
$6,874,730 Detroit Toledo & Ironton
191.557
Decrease. Term Ry Assn of St Louis
strike at the British coal mines, the losses in the Pennsylvania
167.396
$3,270,058 Chicago & North Western
165,962
Baltimore & Ohio
1,245,760 Illinois Central
month this year are in all cases extremely heavy, Norfolk & Western
156,539
980,119 Maine Central
147.183
New York Central
a968,492 Missouri Pacific
the Ches. & Ohio showing a shrinkage of $983,447 Duluth Missabe & Nor__ 889,046 Seaboard Air Line
146,866
142,315
Erie (3)
886.387 Michigan Central
140,271
in gross and of $380,334 in net, the Norfolk & West- Atlantic Coast Line
782,279 Union RR (Penn)
Lehigh Valley
133.258
699,539 Grand Trunk Western__
Buff Roch
ern $1,383,765 in gross and $980,119 in net, and the Atch Top & Santa Fe (3) 699.090 Pittsburgh & Pittsburgh_ 132,456
127,208
& W Virginia.
Reading
627.329
122,886
Great Northern
594,449 Yazoo & Mississippi ValVirginian $732,426 in gross and $570,397 in net.
108,058
570,397 Detroit G H & Mllwaukee
Virginian
6101,885
Bessemer & Lake Erie
538,858 Southern By Co
Southern roads lost heavily a year ago owing ot Florida East Coast
495,376
$19.792,712
C & St Louis
456,451
Total(49 roads)
the depressing effects of the big drop at that time C C These figures merely cover the operations of the New York Central
a
the various auxil ary
in the price of cotton, in addition to which the roads Itself. Including the"Big Four," &c.,theand controlled roads, like the
Michigan Central,
result is a decrease of$1.610,271.
Including the
b This
result for the Southern
along the Atlantic seaboard had to contend with Alabama is the Southern the CincinnatiRailway poroper. Texas Pacific,
Great
New Orleans &
Georgia Southern & Florida, the New Orleans & Northeastern, and the
the collapse of the real estate speculation and the Northern Alabama, the whole going to form the Southern Railway System;
havoc done by the Florida hurricane. And these the result is a decrease of 3134397.
It has already been indicated that treating the
same roads have suffered further heavy losses the
Coast Line again stands roads as a whole this year's decrease of $23,440,266
present year. The Atlantic
at the head of the list with $1,354,379 decrease in in gross and $13,364,491 in net comes after an ingross and $782,279 decrease in net, while the Flor- crease the previous year, though an increase not
ida East Coast has suffered a decline of $988,087 in so large as that of the months preceding. As a matgross and of $495,376 in net, and the Seaboard Air ter of fact, last year's increases did not differ very
Line $580,090 in gross and $146,866 in net. Most materially from the present year's decreases, the
of the other roads have done little better, the Cen- gain having been $18,043,581 in gross and $13,361.tral of Georgia reporting $501,661 decrease in gross 419 in net. In short, the roads lost the present year
and $254,571 decrease in net, the Illinois Central about what they had gained in the month of 1926
$730,458 in gross and $165,962 in net, and the Yazoo As to the results in previous years, our tables in
& Mississippi Valley $201,853 in gross and $122,886 October 1925 showed $18,585,008 increase in gross,
in net. The Southern Railway makes perhaps the or 3.25%, notwithstanding the heavy losses then
best showing of all, having suffered a falling off suffered by the anthracite carriers on account of
- the strike. In the net the increase was $12,00,757,
of only $369,807 in gross and of $101,885 in net
less than 3% in either case. This is the re- or 7.14%. But at least as far as the gross earnings
that is
sult for the Southern Railway itself. For the are concerned, the 1925 gain was little more than a
DEC. 17 1927.]
THE CHRONICLE
recovery of the loss sustained in October 1924, a
year when industrial activity was at a low ebb because of the then pending Presidential election. In
other words, in October 1924 there was a loss in
gross of $15,135,757 as compared with 1923. In the
net there was no falling off in October 1924, but
rather an improvement in the considerable sum of
$26,209,836, due to the great curtailment of operating expenses then effected as a result of increasing efficiency of operations, which efficiency, as
just noted, has been carried still further in the two
years since then.
As a matter of fact, improvement in net results
has been a distinctive feature of the returns in all
recent years since the abandonment of Government
operations and the return of the roads to private
control, just as in the period preceding net results
had been growing steadily worse, year by year. In
October 1923 our compilations showed an increase
of $37,248,224 in the gross, or 6.78%, and an increase in the net of $20,895,378, or 17.26%. Going
back still another year, to 1922, we find that gross
earnings then increased only $13,074,292, following
a tremendous loss in the year preceding (1921),
when trade was extremely depressed, and this was
attended by an augmentation in expenses of $30,758,244, leaving, therefore, an actual loss in the net
for the month in that year of $17,683,952. On the
other hand, the fact should not escape attention
that in October 1921 a prodigious saving in expenses had been effected—dire need having forced
the utmost economy and compelled the elimination
of every item of outlay that could be spared or deferred for the time being. Owing to this great saving in expenses there was a substantial addition to
the net in 1921 in face of the enormous contraction
in the gross revenues. The really singular point
was the circumstance that so small a part of the
great loss in the gross revenues in 1921 was recovered in 1922 and 1923. In brief, the decrease in
the gross in October 1921 reached the huge sum of
$105,922,430, of which only $13,074,292 was regained in 1922 and $37,248,924 in 1923, followed by
a loss of $15,135,757 in 1924. On the other hand,
this loss of $105,922,430 in gross operating revenues
in 1921 was attended at the time by a saving in
expenses in amount of no less than $128,453,510.
Of course, a genuine basis for the great cut in expenses in 1921 existed in the huge antecedent increases in expenses. In addition, also, the carriers
had the advantage of a 12% reduction in the wages
of railroad employees made by the Railroad Labor
Board effective July 1 1921.
As indicating the extent of this antecedent rise
in operating costs, it is only necessary to say that
expenses had been mounting in very pronounced
fashion for a number of successive years owing to
repeated advances in wages and the growing cost
of operations generally. So much was this the case
that even the big advances then made in railroad
rates—passenger and freight—did not suffice to absorb the constant additions to the expenses. The
experience in that respect of the carriers in October
1920 furnishes a capital illustration of the truth of
this remark. The roads had then just been favored
with a new advance in rates, calculated to add $125,000,000 a month to their gross earnings, and accordingly our tabulations then showed an increase in
gross earnings in amount of $130,570,938, or
25.94%; but unfortunately, $115,634,417 of this was
3255
consumed by augmented expenses, leaving only $14,936,521 gain in the net earnings, or 14.49%. This
growth in the expenses had added significance in
view of the huge rise in operating costs in preceding
years. Thus in October 1919 our tables showed $18,942,496 increase in gross, accompanied by $21,136,161 increase in expenses, leaving actually $2,193,665
loss in net. In October 1918, owing to the first
great advance in passenger and freight rates made
by the Director-General of Railroads under Government control, gross earnings registered a gain in
the large sum of $106,956,817, or 28.30%, but expenses moved up in amount of $122,450.
0404, or
47.977
0—causing a loss in net of $15,493,587, or
12.63%. In October 1917 the situation was much
the same. The gross at that time increased $43,937,332, but expenses ran up in amount of $50,267,176, leaving net smaller by $6,329,844. In the following we furnish a summary of the October comparisons of gross and net for each year back to
1906. For 1910, 1909 and 1908 we use the Interstate Commerce totals, but for the preceding years
we give the results just as registered by our own
tables each year—a portion of the railroad mileage
of the country being then unrepresented in the totals because of the refusal at that time of some of
the roads to report monthly figures for publication.
r
Gross Earnings.
Year.
Year
Given.
(+) or
(—).
Year
Inc.
Preceding. Dec.
Year
Given.
Net Earnings.
(+)or
(—).
Year
Inc.
Preceding. Dec.
Oct.
$
1906 143,336.728 128,494,525 +14,842,203 51,685,226 46.826,357 +4,858.869
1907 - 154,309,199 141,032,238 +13.276,961 46,983,606 50,847.903 —3,864,297
1908 232.230.451 250,426,583 —18,196,132 88.534,455 83,358,002 +5.176,453
1909 261,117.144 232.556,223 +28.560,921 104,163.774 88.803,236 +15.360.538
1910 263.464.605 260,821,546 +2.643.059 93,612,224 104,101,228 —10,489,004
1911 _ 260,482.221 259,111,859 +1,370,362 93.836.492 91.725,725 +2,101,767
1912 _ 293,738,091 258,473,408 +35,264,683 108,046.804 93,224,778 +14,282.028
1913 299,195,006 300,476,017 —1,281,011 97,700.506 110,811,359 —13,110,853
1914 269,325,262 298,066,118 —28,740,856 87.666.694 95.674,714 —8,014,020
1915 311,179,375 274,091,434 +37,087,94 119,325,551 89.244,989 +30,079,562
1916 - 345,790,899 310,740,113 +35,050,78 130,861,148 119,063,024 +11,798,120
1917 _ 389.017,309 345.079,933 +43,937,33 125,244,540 131,574,384 —6,329,844
1918 _ 484.824.750 377,867,933 + 10695681 107,082.318 122.581,905 —15,493,587
1919 _ 508.023,854 489,081,358 +18,942.496 104,003,198 106,196,863 —2,193,664
1920 633,852,568 503,281,630 + 13057093 117,998,825 103,062.304 +14,936,521
1921 _ 534,332,833 640,255,263 —10592243 137,928,640 115,397,560 +22,531,080
1922 - 545,759,206 532,684,914 +13.074,29 120,216.296 139,900,248 —17.683,952
1923 _ 586,328,886 549,080.662 +37,248.22 141.922,971 121,027.593 +20.895,378
1924 _ 571,405,130 586,540,887 —15,135,75 168,750,421 142,540,585
+26.209.8 6
3
1925 590,161,046 571,576,038 +18,585,00 180,695,428 168,640,671 +12,054,757
1926 - 604,052,017 586,008,436 +18,043,58 193,990,813 180,629,394 +13,361,419
1927 _ 582.542,179 605.982.445-23,440,26 180,919,048194,283,539 —13,364,491
Note —In 1906 the number o roads included.for the month of October was 91; In
1907, 88; in 1908 the returns were based 00 231,721 muse; in 1909 on
In 1910 on 241,214 miles; In 191 on 236,291 miles; In 1912 on 237,217238,955 miles;
miles; In 1913
on 243,690 miles; In 1914 on 244,917 miles; In 1915 on 248,072 miles; in 1916 on
246,683 miles; In 1917 on 247,048 miles; In 1918 on 230,184 miles; In 1919 on 232,192
miles; In 1920 on 231,429 miles; in 1921 on 235,228 miles; In 1922 on 233,872 miles;
In 1923 on 235,608 miles; In 1924 on1235,189 miler In 1925 on4236.724 miles; in
1926 on 236,654 miles. and in 1927 on 238,828 miles.
When the roads are arranged in groups or geographical divisions, according to their location, full
confirmation is found of what has been said above.
Larger or smaller losses are shown in the Eastern
and Southern districts and in all the different regions in those districts in gross and net alike. On
the other hand, improvement appears in the gross
of the Western district and of the three separate
regions into which this district is divided and also
improvement in the net in two of these regions,
namely, the' Northwestern and the Central Western, though with the Southwestern region having
a small loss. Our summary by groups is as follows:
SUMMARY BY DISTRICTS AND REGIONS.
District and Region—
Gross Earnings
Odober—
1927.
1926.
Inc.(-1-) or Dea•
Eastern District—
8
New England region (10 roads)____ 23,745,590 24.927,801
—1.182,211 4.74
Great Lakes region (34 roads)
99.617,853 107,298,289 —7.680.436 7.18
Central Eastern region (31 roads).-123.872,709 140.045,927 —16,173.218 11.80
Total(75 roads)
247,236,152 272,272,017 —25,035,865 9.01
Southern District—.
Southern region (30 roads)
71.200,526 76,343.690
—5.143.164 6.74
Pocahontas region (4 roads)
23,966,364 27.171,467
—3,205,103 11.80
Total(34 roads)
Western District—
Northwestern region (18 roadi)
Central Western region (22 roadie
Southwestern region (33 roads)
95,166.890 103,515,157
—8,348,267
8.07
+4,323,823
+2,518,686
+3,101,357
5.71
2.47
5.94
240.139,137 230.195.271
+9,943.866
Total all districts(182 roads)._ -.582,542,179 805,982,445 —23,440,288
4.32
Total(73 roads)
.2
80.iivj__
8...340 75,759,717
_3 _
102,261,092
10
4
55.275.819 52,174.462
3.87
Net Earning
Inc.(+) or Dec.(-).
1926.
1927.
---Mileage--Eastern District- 1927. 1926.
-216,190 3.05
7,075,781
New England region_ 7.376 7,444 6,859,591
Great Lakes region__ 24,895 24,970 25,422,764 30,261,255 -4,838,491 16.00
Central East. region_ 27,118 27,119 33,297,826 40,316,180 -7,018,354 17.41
Total
59,389 59.533 65,580,181 77,653,216 -12,073,035 15.55
Southern District
Southern region
39,791 39,330 19,119,102 21,283,256 ---2.164,154 10.21
5,605 8,954.603 10.892,113 --1,937,510 17.79
Pocahontas region _ _
5,611
Total
45,402 44,935 28,073,705 32.175.369 ---4,101,664 12.74
Western District
Northwestern region_ 48,500 48,500 29.784,597 28,153,998 +1,630,599 6.79
Central West.region- 51,311 51,078 40,918,310 39,073,120 +1,845,190 4.72
-665,581 3.86
Southwestern region_ 34,226 33,995 16,562,255 17,227,836
Total
[vol.. 125.
THE CHRONICLE
3256
134,037 133.573 87,265,162 84,454,954
+2,810,208 3.33
Total all districts
238,828 238.041 180,919,048 194,283,539 -13,364,491 6.88
-We have changed our grouping of the roads to conform to the classifiNOTE.
cation of the Inter-State Commerce Commission, and the following Indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
-This region comprises the New England States.
New England Region.
-This region comprises the section on the Canadian boundary
Great Lakes Region.
between New England and the westerly shore of Lake Michigan to Chicago. and
north of a line from Chicago via Pittsburgh to New York.
Central Eastern Region.
-This region comprises the section south of the Great
Lakes Region, east of a line from Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River, and north of the Ohio River to
Parkersburg. W. Va., and a line thence to the southwestern corner of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
Pocahontas Region -This region comprises the section north of the southern
of Virginia, east of Kentucky and the Ohio River north to Parkersburg
boundary
W.Va.,and south eta line from Parkersburg to the southwestern corner of Maryland
and thence by the Potomac River to its mouth.
Southern Region.
-This region comprises the section east of the Mississippi River
and south of the Ohio River to a point near Kenova, W. Va.. and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
WESTERN DISTRICT.
Northwestern Region -This region comprises the section adjoining Canada lying
Great Lakes region, north of a line from Chicago to Omaha and thence.
west of the
to Portland and by the Columbia River to the Pacific.
Central Western Region.-Thia region comprises the section south of the Northwestern region, west of a line from Chicago to Peoria and thence to St. Louis, and
north of a line from St. Louis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Region.
-This region comprises the section lying between the Mho.
stesippi River south of St. Louis and a line from St. Louis to Kansas City and thence
to El Paso and by the Rio Grande to the Gulf of Mexico.
Western roads in October were favored with a
large grain tonnage, due almost entirely to the increased volume of wheat moved to Northwestern
markets-Minneapolis and Duluth. At all the Western primary markets the receipts of wheat for the
four weeks ending Oct 29 were 67,533,000 bushels,
as against 34,066,000 bushels in the corresponding
four weeks of last year; the receipts of barley 9,250,000 bushels, against 4,250,000, and the receipts of
rye 6,820,000 bushels, against 2,310,000 bushels.
Adding corn and oats, in which there was a falling
off, the receipts of the five cereals combined for the
four weeks the present year aggregated 113,456,000
bushels, against 81,187,000 in 1926. The details of
the Western grain movement in our usual form are
set out in the following table:
Jan. I to Flour.
Wheat.
Oct. 29. (Ms.)
(bush.)
Chicago
1927 .J0,102,000 41,484.000
1926 _10,775,000 35,627,000
Milwaukee
1927 ___ 2,153,000 6,203,000
1926 -__ 1,643,000 6,382,000
St. Louis
1927 ___ 6,083,000 26,346,000
1926 --- 4,510.000 29,910,000
Toledo
9,272,000
1927 _
1926 _
10,388,000
-Detroit
2,225,000
1927 _
1,588,000
1926 Peoria
1927 ___ 2,475,000 1,054.000
1926 ___ 2.186,000 1,378,000
Duluth
86,476,000
1927 _
41,148,000
1926 _
Minneapolis
93,507,000
1927 _
83,854,000
1926 _
Kansas City
73,168,000
1927 _
75,171,000
1926 _
Omaha & Indianapolis
32,721.000
1927 _
22,006,000
1926 _
Sioux City
1,780,000
1927 _
2,151,000
1926 _
Si. Joseph
1927 _
8,830,000
8,209,000
1926 Wichita
19,220,000
1927 23,232,000
1926 -
Oats.
(bush.)
Corn.
(bush.)
Total All
1927 ___ 2,179,000 67,533,000 16,956.000 12,897,000 9,250,000 6,820.000
1926 ___ 1,974,000 34,066,000 27,107,000 13,454,000 4,250,000 2,310,000
Rye.
(bush.)
69,258,000 39,592,000 9,077,000 2,447,000
72,683,000 40,088,000 8,227,000 1,667,000
9,173,000 12,483,000 7,956.000
7,113,000 11,529,000 7,363,000
902.000
930,000
17,009,000 17,355,000
21,501,000 22,783,000
831,000
786,000
991,000
328.000
2,898,000
3,637,000
7,526.000
5,860,000
39,000
24,000
150,000
198,000
1,046,000
570,000
956,000
1,020,000
39,000
3.000
412,
259,
21,502,000
21,882,000
251.000
130,000
7,395,000 1,277.000
7,775,000 1,208,000
34.000
39,000
578,000 16,564,000 23,459,000
9,895,000 4,499,000 8,316,000
9,830,000 18,498,000 14,001,000 4,128,000
8.518,000 20,791,000 13,159,000 4,012,000
10,663,000
14,869,000
2,980,000
3,523,000
33,774,000 13,812,000
30,069,000 14,420,000
10,000
10,000
45,000
22,000
3,105,000
2.759,000
2,714,000
2,046,000
204,000
34,000
7,000
2,000
7,649,000
9,738,000
1,135.000
1.801,000
544,000
1,506,000
361,000
357,000
26,000
8,000
Total All
1927 _20,813,000 402,286,000 186,802,000 125,385,000 50,006,000 32,601,000
1926 _19,114,000 341,053,000 194,975,000 141,888,000 34,317,000 15,773,000
On the other hand, Western roads had a much
smaller live stock movement. At Chicago the receipts of live stock for October comprised only
20,195 carloads, against 22,888 in October 1926; at
Kansas City 12,760 cars, against 13,106, and at
Omaha 8,571, against 9,358 cars.
Coming now to the cotton movement in the South,
this was on a greatly diminished scale, owing to the
much smaller crop of the staple the present season
as compared with the huge crop of 1926. Gross
shipments overland in October the present year
were only 61,212 bales, as compared with 253,309
bales in October last year, 266,354 bales in October
1925, 214,250 bales in 1924, 157,971 bales in October
1923, and 203,482 bales in 1922. The receipts at
the Southern outports during the month in 1927
comprised only 1,764,018 bales, against no less than
2,539,937 bales in 1926, but comparing with 1,787,877 bales in 1925 and 1,613,328 bales in 1924, as will
be seen by the table we now present:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN OCTOBER AND FROM
JAN. 1 TO OCT. 31 1927, 1926 AND 1925.
Since Jan. 1.
Month of October.
WESTERN FLOUR AND GRAIN RECEIPTS.
Barley.
Oats.
Rye.
Corn.
4Wks.End. Flour.
Wheat.
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
Oct. 29. (bbls.)
Chicago
268,000
901,000
1927 ___ 1,101,000 1,603,000 7,644.000 3,169,000
444,000
1926 ___ 1,165,000 1,536,000 13,758,000 3,882,000 1,353,000
Milwaukee
56,000
1,524,000 1,057,000
780,000
203,000
1927 ___ 316,000
1,902,000
104,000
761,000
795,000
332,000
142,000
1926 ___
St. Louis
1,590,000
200,000
165,000
1921.... 549,000 2,211,000 1,750.000
1,650,000
4,000
160.000
1926 ___ 454,000 2,551,000 2,025,000
Toledo
370.000
7,000
153.000
1,270,000
1927 ..
475,000
10,000
3,000
253,000
515,000
1926 Detroit
122,000
2,000
19,000
64,000
186,000
.
1927
86,000
39,000
83.000
257,000
.
1926
•
Peoria
515,000
1,779,000
111,000
154,000
2,000
1927 ___ 213,000
785,000
68,000
4,000
92,000 3,087,000
1926 ..... 213,000
Duluth
40,000 4,878,000 5,626,000
11,000
29,289,000
1927 _
240,000
4,000
368,000 1,224,000
7,110,000
1926 Minneapolis
641,000
585,000 2,375.000 2,108,000
20.894,000
1927 _
624.000 2,375,000 1,525,000
10,941,000
465,000
1926 Kansas City
425,000
579,000
6,916,000
1927 _
287.000
5.709,000 1,181,000
1926 _
Omaha & Indianapolis
1,766.000
2,844,000
2,370,000
1927.
16,000
2,435,000 3,641,000 1.390,000
1926 Sioux City
854,000
252,000
28,000
1,000
335,000
1927 _
182,000
521.000
12,000
181,000
1926 St. Joseph
135.000
481,000
843.000
1927 182.000
1,101.000
778,000
1926 _
Wichita
22,000
34,000
1,259,000
1927 18,000
34,000
1,629,000
.
1926
Barley.
(bush.)
1927.
Galveston
Texas City, dre
New Orleans
Corpus Christi
Mobile
Pensacola, kc
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Total
1926.
1925.
1927.
1926.
1925.
478,739 710.481 601.771 1,805.934 2,185,908 2,036,072
624,845 753,084 281,066 2,398,345 2,340.134 1,505,289
272,440 486,857 432,617 1,460.904 1,402322 1,473,071
122,215
36,115
47,082 249,736 198,343 155,679
67,703 106,085
18,643
12,489
5,371
9,272
5,879
262
115,566 225,449 167,621 785,924 714,361 677,647
813
413
100
58.611 391,898 385,291 275,462
76,764 118,761
93,804 106,901
32,946 129,524
25.160
29,665
61.919 108.181 156,791 216,255 305,780 343,490
1 764,018 2,539,937 1.787.877 7.566306 7,638,945 6,593,067
Disciplining a Federal Reserve Banker.
(Editorial Article from New York "Journal of Commerce" Dec. 144
In Dallas, Texas, what are described as "hearings" have
been in progress before the Board of Directors of the Reserve Bank. They are said to relate to the manner in
which Governor Lynn Talley of that institution has managed affairs and it is stated that about one hundred bankers from the Southwest have manifested displeasure. The
present number of member banks in the Dallas district is
probably about 900, so that it would seem that at least oneninth of Governor Talleys' "members" or customers are up
in arms against him.
Just what are the high crimes and misdemeanors of
which this Reserve banker has presumably been guilty?
The bankers are said to be dissatisfied with the way in
which Mr. Talley has used the powers of his office, inasmuch as he has shown a "lack of sympathy" for agricultural interests and small banks. Had he not done so, a
DEC. 17 19271
THE CHRONICLE
great many small banks would not have been "forced to
close." The bankers state that they have a high regard
for the governor "as a man," but consider him unfitted
for the position of governor of a Reserve bank, which apparently calls for a human being who is either more or less
than a man and who is characterized by profound sympathy for small banks.
Certainly it is a fact that there have been many bank
failures in the Dallas district and many more in other districts. The epidemic has been, to say the least, unprecedented. Even during the fiscal year Just closed, the Comptroller of the Currency, in his lately published report, finds
that "the number of failures was larger by forty-four than
the number during the corresponding period" a year ago.
There has been a decrease since last July, however, at least
among national banks. The fact remains that many State
banks continue to fail and that the presence of great numbers of failures among member banks of the Federal Reserve system has been a source of scandal for a long time
past. It very properly raises the question: What ought to
be the attitude of Reserve banks with regard to bank failures? If the protesting State bankers at Dallas could • be
brought to a simple statement of their position in the abstract, it would probably consist of the putting of this question and the giving of a tentative reply to it.
As at present reported, the Southwestern bankers obviously feel that a Reserve bank ought to extend aid and
comfort to a small bank, especially one in the agricultural
regions, which is on the point of failing. Let us see what
this means. The Reserve bank should apparently be willing to "tie up" the Reserve funds of the general body of
banks in the district in order to prevent failures or reduce
the number thereof among the smaller and weaker members
of the group. This is a practical statement of .the view,
particularly expressed by some bankers of this city, who
used to compare Federal Reserve banks to fire engine
3257
squads designed to give relief when a financial conflagration impended.
Now, of course, this would be a unique theory of reserve
banking. A Reserve bank is organized, not to lift up the
broken-hearted, financially speaking, but to conserve financial soundness. It ought to prevent bank failures, but it
should do it by the method of preventing banks from getting into a dangerous position, not by placing an additional
volume of credit in their hands after they have misused
what they had. A Reserve bank's aid in times of financial
emergency must be limited to the conversion of sound liquid
assets into reserve funds. If the applicant bank has no
such assets, the Reserve bank neither can or should try to
help it. It is not there as a financial almoner but as a
conservator of the resources of the district.
But how can a Reserve banker prevent banks from failing? Obviously by using the resources of the member
banks in such a way as to build up a sound local financial
market, by buying sound paper in that market and by favoring and supporting those who make such paper. A Reserve banker who simply sucks the life blood out of local
banks in the form of "reserve," then sends it to Chicago or
New York to be loaned there is merely a barnacle on the
Reserve system. He is not a Reserve banker at all. It
is not sympathy that he lacks in such a case, but ordinary
common sense.
Do the Texas bankers really mean that this is what has
been going on in the Dallas district, and is their lack of
sympathy for local banks merely another way of saying
that Governor Talley was fonder of the easy process of investing his funds through the New York Reserve Bank or
some other in outside paper, thereby depriving the local
bankers of their own cash? If that is what they mean, the
proof or disproof of their contention is easy enough—and
the outcome when once the facts are known ought to be
equally undoubted.
The New Capital Flotations During November and for the Eleven
Months Ending with November
As compared with the month of October, when the new country reached $14,710,000, besides which $35,800,000 of
capital flotations in the United States for the first time in the other foreign government issues came upon the market
country's history reached and exceeded one billion dollars,
the new capital issues for November are of quite modest
proportions, falling a quarter of a billion dollars below the
unprecedented figure reached in the previous month. But
the amount must, nevertheless, be considered heavy, judged
by ordinary standards, and it certainly runs well above
the aggregates for the corresponding months in preceding
years.
Our tabulations, as always, include 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 offerings of new securities under these
various heads during November reached in exact figures
$774,455,002. For October the aggregate was no less than
$1,031,088,610. In September the total was $625,273,932;
in August $611,438,488 and in July, a dull summer month,
only 82,768,653. In the first half of 1927 the amounts
were quite generally heavy, running in several months in
excess of $900,000,000 and establishing the highest records
made up to thattime. Thusin June the aggregate was $922,061,932, while in May it was $946,769,379, this last having
then established a new high monthly record. In April the
total was $910,512,572; in March $672,026,121; in February
$938,363,993 and in January $877,075,418. In December
1926, the amount was $621,764,765.
At $774,455,002 for November 1927, comparison is with
$644,630,444 in November 1926; $590,291,174 in November
1925, and $431,192,772 in November 1924. The vast
preponderating proportion of the new issues was again those
made on behalf of corporations, no less than $617,554,442
appearing under that head. And the foreign corporate issues
formed a considerable part of the whole, $6,495,000 being
Canadian corporate issues and $128,084,000 other foreign
corporate issues. Canadian municipal issues placed in this
during the month. Altogether the issues floated in this
country on foreign account during November aggregated
$185,089,000.
Industrial offerings during November aggregated $348,276,350 and for the third successive month led in volume
among the corporate sub-divisions. The month's total,
however, falls 40 millions behind the October output of
$389,699,013. Public utility issues were also in smaller
volume, the November total being $252,482,092 as compared
to $311,832,100 in October, while railroad offerings at $16,796,000 in November were only slightly more than half the
previous month's total of $32,549,000.
Total corporate offerings in November were, as already
stated, $617,554,442, and of this amount $479,616,000
comprised long-term issues, only $16,740,000 were shortterm, while $121,198,442 consisted of stock issues. The portion used for refunding was $214,189,800, or over 34%. In
October $159,700,850, or only 21%, was for refunding. In
September the refunding portion was $78,778,550, or not
much more than 17%; in August it was $166,446,000, or
over 37%;in July it was only $29,436,500, or not quite 8%;
in June $169,252,700, or nearly 24%; in May no less than.
$265,789,450, or in excess of 37%, this latter month having
established a high record in that respect as far as amount is
concerned (though not in ratio), and just barely exceeding the
previous high total of $264,542,925, recorded in November
1926. The refunding portion in April was $131,581,150, or
more than 25%. In March the amount was $101,947,000,
or slightly over 20%;in February $245,061,060, or in excess
of 31%,and in January $102,531,800, or not quite 17%. In
November of last year no less than $264,542,925, or over
44% of the total, was for refunding purposes.
The more prominent issues brought out in November of
this year, entirely or partly for refunding, were as follows:
$64,422,500 out of $75,000,000 The Youngstown Sheet &
Tube Co. 1st mtge. 5s "A," 1978; $43,000,000 out of $45,000,000 Cities Service Power & Light Co. deb. 53s, 1952;
3258
THE CHRONICLE
$40,601,000 out of $45,000,000 Public Service Electric &
Gas Co. 1st & ref. mtge. 4 2s, 1967; entire issue of $24,000,000 Penn Central Light & Power Co. 1st mtge. 4%s, 1977;
entire issue of $9,702,000 The Ohio Power Co. 1st & ref.
mtge. 4%s "D," 1956, and ,255,500 out of $10,000,000
Philadelphia Suburban Counties Gas & Elec. Co. 1st & ref.
mtge. 43's, 1957.
The total of $214,189,800 used for refunding in November
of this year comprised $204,843,000 new long-term to refund
existing long-term; $2,000,000 new long-term to refund existing short-term; $213,000 new long-term to replace existing
stock; $2,500,000 new short-term to refund existing shortterm; $422,000 new stock to replace existing long-term;
$1,500,000 new stock to replace existing short-term, and
$2,711,800 new stock to replace existing stock.
Foreign corporate issues brought out in this country durkg November (including Canada) totaled $134,579,000, as
against $155,207,500 in the previous month. The offerings
during November were as follows: Canadian, $3,225,000
Ottawa Light, Heat & Power Co., Ltd., ref. mtge. & coll. tr.
5s "A," 1957, offered at 99, to yield 5.05%; $2,250,000
Windsor Hotel, Ltd.(Montreal),63 % cum. pref., offered at
99, to yield 6.56%, each share of preferred receiving a bonus
of one-half share of common; and $1,000,000 7% cum. pref.
of McKesson & Robins, Ltd. (of Canada), offered with
5,000 shares of no par value common stock in units of 1 share
of preferred and % share of common at $102 per unit. Other
foreign corporate issues comprised the following: $50,000,000
International Match Corp. deb. 5s, 1947, sold at 98%, to
yield 5%%; $20,000,000 North German Lloyd (Bremen,
Germany) 6s, 1947, issued at 94, to yield 6.55%;$20,000,000
Norwegian Hydro-Electric Nitrogen Corp. ref. & impt.
53's "A," 1957, priced at 95, to yield 5.85%; $6,000 Kingdom of Norway Municipalities Bank external 5s, 1967, issued
at 95, to yield 5.30%; $5,300,000 Mortgage Bank of the
Kingdom of Denmark 5s, series IX of 1927, due 1972, sold at
963, yielding 5.20%; $5,000,000 Vamma Water Power Co.
(of Norway) 1st (closed) and gen. mtge. 5%s, 1957, priced at
98, to yield 5.65%; $4,000,000 Mortgage Bank of Colombia
63s, 1947, offered at 913, to yield 7.31%; $4,000,000
Union Atlantic Co. 43,s, 1937, sold at 98, yielding 4.75%
250,000 shares of capital stock of Cuban National Syndicate,
offered at $15 per share, involving $3,750,000; $3,000,000
Pan-American Industrial Corp. 1st lien & coll. trust 7s, 1937,
priced at 963,to yield 7%%,a bonus of 5 shares of common
stock accompanying each $1,000 bond; $2,500,000 Cunard
Steamship Co., Ltd.,2
-year ext. 43s, Dec. 11929, issued at
par; $2,000,000 Potrero Sugar Co. 1st mtge. 7s, 1947, sold
at 98, to yield 7.20%; 32,000 shares of common stock of the
same company, offered at $12 per share, involving $384,000,
and 50,000 "American shares" of Amsterdam Trading Co.
(Amsterdam, Holland), offered at $43 per share, involving
$2,150,000.
The largest corporate offering during the month was that of
$75,000,000, The Youngstown Sheet and Tube Co. 1st
mtge. 5s A 1978 at 101, to yield 4.95%. Other industrial
issues of importance comprised: $16,000,000 Paramount
Famous Lasky Corp. 6s 1947, offered at 99%, to yield
6.04%; 250,000 shares of series A 6% cum. pref. stock and
a like number of shares of series A participating stock of
Bankers Security Trust Co., offered in units of 1 share of
each class of stock at $33% per unit, involving $8,375,000;
$6,000,000 Pennsylvania Tank Line equip. tr. 55 AA 1
1128-37, offered on a 4.75% to 5.30% basis and $5,000,000
'Med States Financial Corp. (N. Y.) cum. & partic. class
A shares (par $20) offered at $233. per share, involving
$5,875,000.
Public utility issues worthy of special mention were as follows: $45,000,000 cities Service Power & Light Co. deb.
53s 1952, offered at 98, yielding 5.65%; $45,000,000 Public
Service Electric & Gas Co. 1st & ref. mtge. 4%s 1967, sold
at 98 yielding 4.60%; $24,000,000 Penn. Central Light &
Power Co. 1st mtge. 43 1977, issued at 96, to yield 4.70%;
$10,000,000 Electric Bond & Share Co.6% cum. pref. sold
at 109, yielding 5.50%;$10,000,000 Empire Gas & Fuel Co.
(Del.) 7% cum. pref. issued at par ($100); $10,000,000
Philadelphia Suburban Counties Gas & Electric Co. 1st
& ref. mtge.4%s 1957, offered at 98, to yield 45%%;$9,702,000; The Ohio Power Co. 1st & ref. mtge. 4%s D 1956,
issued at 944, to yield 4.84% and $9,000,000 Mississippi
Power & Light Co. 1st mtge. 5s 1957, sold at 974, yielding
5.18%.
Railroad financing during November comprised a scattered
list of small issues, the largest of which was $4,500,000 New
[Vol,. 125.
York, New Haven & Hartford equip. trust 43s of 1927 No.
2, due 1928-42, priced to yield 4.00% to 4.30%.
Foreign Government flotations in this market during November comprised three separate loans for an aggregate of
$35,800,000. These new offerings were as follows: $30,000,000 City of Vienna (Austria) external loan 6s 1952, sold at
90%,to yield 6.79%;$4,000,000 Dept. of Antioquia (Rep. of
Colothbia), ext. secured 7s second series 1957, offered at
944, to yield 7.48% and $1,800,000 Republic of Costa
Rica 7%% Pacific Railway bonds due 1949, offered at par.
Farm loan financing during November was confined to a
single issue of $500,000 at a price to yield 4.75%.
Offerings of various securities made during the month
which did not represent new financing by the companies
whose securities were offered, and which, therefore, are not
included in our totals, embraced the following: $500,000
General Bronze Corp. 7% cum. pref. offered at par ($100);
175,000 shares of common stock of the same company
offered at $20 per share, involving $3,500,000; 65 000 shares
of common stock of Crowley, Milner & Co. (Dot.) priced at
$35% per share, involving $2,307,500; 70,000 shares of
common stock of Campbell, Wyant & Cannon Foundry
Co. offered at $28 per share,involving $1,960,000;$1,500,000
North American Light & Power Co. deb. 55.s A 1956, issued
at 96%, to yield 5.75%; 100,000 shares of common stock of
United Artists Theatre Circuit, Inc., offered at $15 per
share, involving $1,500,000; 4,000 shares of Curtis Publishing Co. common stock offered at $205 per share, involving
20,000; 20,000 shares of common stock of Monsanto
Chemical Works offered at $34 per share, involving $680,000 and $350,000 Bird Grocery Stores, Inc., 7% cum. pref.
offered at 101, yielding 6.93%.
The following is a complete summary of the new finaneing-corporate, State and city, foreign Government, as well
as Farm Loan issues-for November and for eleven months
ending with November. It should be noted that in the case
of the corporate offerings we subdivide the figures so as to
show the long-term 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.
SUMMARY OF CORPORATE. FOREIGN GOVERNMENT. FARM LOAN
AND MUNICIPAL FINANCING.
1927.
MONTH OF NOVEMBERCorporate
Domestic-Long-term bonds lc notes_
Short-term
Preferred stocks
Com 'ion stocks
Canadian-Long-term bonds & notes_
Short-term
Preferred stocks
Common stocks
Other Torn-Long-term bonds & notes
Short-term
Preferred stocks
Common stocks
Total corporate
Foreign Government
Farm Loan Issues
War Finance Corporation
Municipal
Canadian
United States Possessions
Grand total
New Capital. Refunding.
$
158,851.000
14,240,000
65.253,950
41.756.892
1,409,000
s
$
200,240.000
357,091.000
14.240.000
4,833.800
69,887,750
41,756,692
1,816,000
3,225.000
3,270,000
114,300,000
Total.
3,270,000
5,000,000
2,500,000
119,300.000
2,500,000
403.364.642
35,800,000
500,000
214,189,800
617,554,442
35,800,000
500,000
100,993,160
14,710.000
2.800,000
2,097.400
103,090,560
14,710,000
2,800.000
558,187,802
216,287,200
774,453,002
8,284,000
6,284.000
11 MONTHS ENDED NOV.30Corporate
Domestic
-Long-term bonds & notes_ 2,847,430,240 1,287,533.960 3,934,964,200
Short-term
200,660.300
72,625,200 273,285.500
Preferred stocks
878,135,975 157,514.100 835,650,075
Common stocks
558,072.384
68,946,100 627.018.484
Canadian-Long-term bonds & notes- 192.389,500
49,808,500 242,198.000
Short-term
2,000,000
2,000,000
Preferred stocks
3,270.000
3,270,000
Common stocks
1,980,000
1,980,000
Other torn-Long-term bonds & notes 438,088,000
23.787,000 461,875,000
Short-term
46,500,000
51,000,000
4,500,000
Preferred stocks
Common stocks
18,092,125
16,092,125
Total corporate
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States Possessions
Grand total
4,784,618,524 1,664,714,860 6,449,333,384
670,078,300
39,500.000 709,578,300
86.825,000
92,800,000 179,825,000
1 320,638,108
81.807,000
10,718.000
25.820,405 1,346,456.513
45.969,000 127.776.00
0
10.718,000
6,954,682.932 1,888,804,265 8,823,487,197
In the elaborate and comprehensive tables on the succeeding pages, we compare the foregoing figures for 1927 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 furnish complete details
of the new capital flotations during the month, including
every issue of any kind brought out.
Total.
277.273.000
. 1,265,000
50.822.450
44.580,452
1.100,000
PLZ6I LT 'Dala
AND MUNICIPAL FINANCING FOR THE MONTH OF NOVEMBER FOR FIVE YEARS.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
1923.
1924.
1925.
1926.
1927.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunaing
MONTH OF NOVEMBER.
Total.
New Capital. &funding.
Total.
.
New Capita s. Refunding
Corporate62,126.000
3.188.000 148,246,000 215,117,000
4.900,000 169.787,000 145.058.000
Domestic
164.887.000
145.999.000 176,132,000 322.631.000
1.265,000
27,766,800
60.000
27.706.800
12.415.000
475,000
Long-term bonds and notes_ 156151,000 200.240.000 357,091.000
11.940.000
21,939.000
3.000.000
600,000
21.239,000
47.822.450
14.240,000
9,457,672
364,000
14.240,000
9.093.672
43,075,000
5.000.000
Short-term
38.075.000
1,000.000 38.581,500
37,581.500
44,580.452
69,887.750
47,022.097
4,633,800
1,250,000
65,253,950
45,772,097
300.000 106.862.885
Preferred stocks
106.562,885
86,232.925 140.227.222
53,994,297
41.756,692
41,756.692
Common stocks
1.100.000
9,475,000
3,250.000
6.225.000
Canadian
280.000,
280,000
3,225.000
1.816,000
1,409,000
Long-term bonds and notes78,000
78,000
Short term
3,270,000
3,270,000
Preferred stocks
Common stocks
36,600.000
Other Foreign
36.600.000
46.500,000
46,500,000
1.400.000
5,000.000 119.300.000
1,400,000
7.500.000
Long-term bonds and notes_ 114.300.000
7,500.000
2,500,000
2,500,000
Short-term
22,500.000
22.500.000
Preferred stocks
2.600.000
2,600.000
6.284.000
65,126,000
C,284.000
8,112.000 243,367,569 309,914.902
Common stocks
10,675.000 376,239.885 235,255.569
365,564.885
330,693.797 264:542.925 595.236.722
25,000,000
102,000,000
403,364.642 214,189,800 617,5.54,442
1.600.000 138.100.000 102.000.000
Total corporate
136,500,000
24.240,000
23.250,000
24,240,000
7,450,000
35,800,000
7,450,000
35.800,000
6,000,000
Government
Foreign
6.000.000
3.750.000
3,750,000
500.000
500,000
Farm Loan Issues
1.768,500
96,753,014
74,765,203
1.511.652
73.253.551
66.926,289
894.100
War Finance Corporation
66,032.189
71,074.222
9.000,000
1.896,000
69,178.222
2,110.000
2.097.400 103.090.560
2,110,000
100,993.160
2.275,000
2,275.000
Municipal
4.000.000
4,000.000
1.500.000
14,710.000
14,710,000
1,500.000
750.000
Canadian
750,000
329,500
329,500
2.800,000
75.894.500
2.800.000
9.623,652 431,192,772 454,917,916
United States Possessions
15.444.100 590.291,174 421.569,120
574.847,074
432.191.519 266,438.925 698.630.444
558.167.802 216,287,200 774.455.002
Grand total
STATES FOR THE MONTH OF NOVEMBER FOR FIVE YEARS.
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED
1923.
1924.
1925.
1926.
1927.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Refunding.
New Capital.
Total.
$
MONTH OF NOVEMBER.
New Capital. Refunding.
$
$
$
$
$
4,440,000
$
$
71.630,000
$
2
34,174,000
788.000
$
8
33,f86.000
6.320,000
Long Term Bonds and Notes6,320.000
17,821,000
56,572,000
13.156.000
91.935,000
4,665.000
62,590,000
11,356,000
5,600,000
56.990.000
11,356,000
62,885.000
400.000
tallroads
82.455.000
30,967.000 117.280,000
1.550,000
86.313.000
6,450,000
6.450.000
69.993.500 130.967.500 200.961,000
28.800.000
1,500,010
'ublic utilities
27.300.060
26.500.000
8.334,000
3.650,000
18.166.000
2,900,000
75,000.000
64,422,500
2,900,000
10,577.500
1,566,000
1.560,000
ron, steel, coal, copper, &c
1,780,000
1,780.000
500,000
9.500.000
500.000
9,500.000
Lonomoo
1.900.000
1:guiPment manufacturers
714.006
16,311.000
10.825.000
500,000
50,000
10,775,600
500,000
24,500.000
900.000
,lotors and accessories
23,600.000
8.875,000
1,500.000
2,500,000
7,375,000
70.868,000
5,213,000
65,655.000
1.500.000
)ther industrial & manufacturing.._
1,500,000
26,521,000
2.875.000 120,625.000 123,500.000
38.257,000
4.000.000
38,257.000
4,000.000
65,647,000
2,100,000
)11
63,547.000
40,330.000
300.000
40.030,000
27,131,000
865,000
26.266,000
And, buildings, &c
400,000
400.000
tubber
400.000
1,100,000
2.150.000
1.100.000
1.625.000
20.000,000
1,625.000
12875.000
20.000,000
[hipping
12.875.000
32.225.000
1.750,000
30.475,000
62.126,000
60,300.000
5.588,000
54.712.000
6,438,000 157,721,000 216,247.000
flscellaneous
4,900,000 206,387,000 151,283,00C
201,487,000
192,779,000 176,632,000 369,411,00G
272,560,000 207,056.000 479,616,000
Total
Short Term Bonds and Notes150,000
4,000,000
2.500.000
4,000,000
2,500.000
4,000.000
300,000
3,700,000
tallroads
16,000.000
16.000.000
2,500.000
4,150,000
2.500,000
1.200.000
4,150.000
1,200,000
'91111c utilities
1,115.000
ron, steel, coal, copper, &c
:guipment manufacturers
1.750,000
1,750.000
4.000.000
fotors and accessories _
4,000.000
1,501,000
600.000
901,000
19.625,000
1,750,000
19,625.000
1,750,000
1ther industrial and manufactuilig
210,000
60.000
150.000
600.006
600.000
111
988,000
988,000
4,340.000
4,340.000
and, buildings, 8cc
7,500,000
7,500,1700
:ubber
1.081,800
2,500.000
1.081.800
2,500.000
2.615.000
175.000
2.440.000
hipping
3,428,100
78.000
3.350.000
1,500.000
1,265,000
29,166.800
1,500,000
60,000
29,106.800
fiscellaneous
19.915.000
475.000
19,440,000
21,917,000
678,000
21,239.000
16,740,000
2,500,000
14.240.000
Total
12,022,450
18.139.532
18.139,532
Stocks-.
43,113,552
10.600,000
10.000.000
15,427,835
1,250,000
2,940,000
14,177.835
2,940,000
54,560,795
5,300,000
,ailroads
49,260.795
119.400
29.048.347
29,048,347
47.371.092
1.000,000
937,500
46,371,092
937,500
ublic utilities
400,000
100.000
400.000
100,000
1.040,000
1,040,000
:on, steel, coal, copper, &c
300.000
300.000
quIpment manufacturers
3,000.000
14,300,000
19.222,402
364.000
18,858.402
18.521.700
fotors and accessories
18.521.700
34.002.000
20.000.000
1.000.000
33.002.000
22.419.500
-b22,0130
19.256.640
21,41)7.500
19.256,640
thee industrial and manufacturing
86,232,925 107.467.775
950,000
21,234,850
4,200.000
950,000
1.050,000
4,200.000
1.050,000
11
9,750.100
9,750.000
11,258.850
10.235.000
11,258.850
10.235.000
and, buildings, 8cc
500,000
500.000
1.200.000
1.200.000
.ubber
2.847,500
2.640.000
2.640.000
42.836.250
42.836.250
hipping
12,740 600
12.740.600
3,000,000
33,009.000
92,402,902
2,711.800
56,479,769
30,297.200
1,614,000
54.865,769
Eiscellaneous
5.300,000 149.937,885
144.637,885
87,232,925 203.908.722
116.675,797
4.633,800 121.198,442
116,564,642
4,440.000
Total
83,652,450
52.713,532
788,000
51,925.532
--------6.320.000
Total6,320.000
56,572.000
27,821.0L0
82.017.835 135.198.552
13.156.000
14.665.000
6,850.000
1(1.796.000
75.167.835
16.796.000--6.000,00 121.44,5.795
allroade
115.445 795
1.669.400
8,950.000
30,967.000 162.328.347
131.361.347
8,950,000
-120.514.592 131%1i67,5SO 252,482.092
30.937.500
1,500.000
ublic utilities
29,437.500
4,765,000
26.900.000
3,000.000
8,334,000
18.566.000
75,000,000
3,000.000
64,422.500
14,577,500
2,600.000
2.600.000
1.780.000
'on, steel, coal, eol)Per, acc
500.000
1.780.000
9,500.000
506.000
2.200.000
9.500.000
2.200.000
3.714.000
guipment manufacturers
30,611.000
31.797.402
414.000
31,383.402
500.000500.000
47.021.700
900.000
lotors and accessories
46.121,700
22.300.000
44,378.000
19.625.000
.3.100.0(0
41.278.000
95,037.500
19.625,000
6,135.466
20.7.56.640
88.90 .500
20.756.690
ther industrial and manufacturing
26,521,000
39,417,000
24.109.850 206.857.925 20.967.775
60,000
8.200.000
39.357,000
000
67.297.000
8,
2.100.000
11
65.197.000
51.068 000
300.000
50,768.000
42.729.850
865.000
10,235.000
41, 64.850
and. buildings, &c
10.235.000
500.000
500.000
9.100.000
9.100.000
ubber
400.000
1,100.000
4.997.500
5.346.800
1,100.000_ . __
22.500.000
2.500.000
5.346.800
20.000.000
58.326.250
175.000
hipping
58.151.251
48.393.600
1.828:60C
65.126.000
46.565.600
8.299.800 94,809.000
86,509,200
8,112.000 243,367.569 309.914.902
tiscellaneous
376,239 883 235.2.55.569
10.675,000
365.564 885
330.893.797 264.392.925 595.236.722
617.559.442
903.389.842 214.180.:In0
Total rnronrati,omen ri t.1 pea -
375.040.902
25.000,000
23,250.000
98,521,514
9.000.000
530.812.416
Total.
$
76,070.00(
148.507.00(
1.550.00(
3,650,00(
17.025.00C
2,500.000
26.521,00C
2.550.000
278,373,000
150.00(1
1.115,000
1,265,000
12,022.450
43,113,552
119,400
17.300.000
20,000,000
2.847.500
95,402,902
88.092,450
191.770.552
1.669.400
4,765,000
34.325.000
22,500,000
26,521.000
5,397.500
375,040,902
0
SUMMARY OF CORPORATE, FOREIGN GOVERNM
ENT, FARM LOAN AND MUNICIPAL FINANCING FOR ELEVEN
MONTHS ENDING NOV. 30 FOR FIVE YEARS.
1927.
1926.
1925.
New Capital. Refunding.
1924.
1923.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
$
New Capital. Refunding.
$
$
Total.
$
$
. $
1,647.430,240 1,287,533,960 3,934.964,2G0 2.205,410,5
5
S
30 617,121,970 2,822.532.50( 1,990,723,875 401.780.925 2.392,504.8
$
200,660,300
00 1,772,771,723 361,878.377 2,134,650,100 1,685.515.957 402,925,543 2,088,441,5
72,625,200 273.285.50t,
236.153,795
39,013.900 275367,691
00
183.358,750
84,055,000 267,413.750 264,913.800
678.135.975 157.514.100 835,650.075
39,956,000 304,869,800 134,070.700
462.460,200
23,716,000 486.176.20C
36,966.800 171.937,500
546.088.322
38.733,200 584,821,522 262,973,999
558,072,384
68,946.100 627,018,484
27.264.223 290,238,222 287.221.297
545,193,880
71.609,839 358.831,136
98.802.800 643.996,68C
480,496,939
51.608,299 532.105,238 480,112.516
6,750,000 486,862,516 279,253.126
3,966,760 283,219,886
192.389.500
49,808.500 242,198.000
134.622,000
62.508,000 197,130,00(
61,995,000
10,050,000
2.000,000
72.045,000
74,100,000
2.000,000
3.250,000
77,350.000
1.250,000
29,831.600
78,000
29,831,600
1,328,00(
19,600,000
2,500,000
3,270.000
22.100,000
21,150,000
3,270,000
8,000,000
29,150,000
4,000,000
4.000,00(
1,000,000
2,600.000
3,600,000
1,980.000
1,980,000
990,000
990,001
2,600,000
2,600,000
438,088,000
23,787.000 461,875.000
310,474.000
15,815,000 326,289.001
260.135,000
46,500,000
260,135,000
4,500.000
106,680,000
10.000,000 116,680,000
51,000.000
19.000.000
24,100,000
6,000.000
24,100,000
25,000.00(
56.500.000
56,500.000
25.600,000
25,600,000
47,740,000
47.740.00(
23,000,000
16.092.125
23,000.000
16,092,125
36,480,740
3,419.300
39.900.041
2,925,009
2,925,000
1,784,618,524 1,664,714.860 6,449,333,384 4,003,775.145 866.474,97
0 4,870.250,111 3,625.822.886 593.927.424 4.219,750,310 3,008.302,0
670,078.300
39.500.000 709,578,300
38
433,759,000
32.873.000 466.632.001
540.791.000 104,600,000 645.381,000 559,945.555 457,098.600 3.465,400.638 2,440,892,680 515.468,942 2,956.361,622
86,825,000
92,800,000 179,625,000
177.059.445 737.005,000 186.845,000
91.125,000
56.000,000 242,845.000
40,200.000 131,325,001
125,097.100
19,527,900 144.625,000
176.850.000
176,850,000 335,368,000
55,032,000 390.400,000
1,320.636.108
25.820.405 1,346,456,513 1.201,256.858
18,922,382 1,220,179.241 1.195,544.005
46306,340 1.241,650,345 1,289.363.402
81,807,000
45,969,000 127,776,000
15.1'06.770 1,305,270,172 931,244,934
60.792,000
18,228.980 949,473,914
49,000,000 109,792,001
38,658,000
96,797,000 135.455,000 137:760:005
10.718.000
2334 760
10.718,000
16.650,000 149,014,765
10.422.500
26,308,000
23,941,679
50,249.679
10.422,501
7.715.000
7.715.000
OKA 1,529 0Q)1 RAQ laAA OAKS:I 40/ A127 107 C 001 1.2A
7.730.000
cm 1 on A, 7.211.000
,n orn a oncranri7oxs
7.211.000
5,533,617,991 860,958.6- 4 6,394,576,655 5,174,5537760 666,714.815
9
5,841,270,575 ,927,869,614 668.671,601 4,596.541,215
CHARACTER AND GROUPING OF NEW CORPORATE
ISSUES IN THE UNITED STATES FOR THE ELEVEN MONTHS
ENDING NOV. 30 FOR FIVE YEARS.
1927.
11 MONTHS ENDED NOV. 30.
1926.
1925.
1924.
New Capital. Refunding.
1923.
Total.
New Capital. Refunding.
Total,
1New Capital. Refunding.
Long Term Bonds and Notes
Total.
New Capital. Rerunning.
Total.
New Capital. Refunding.
S.
Total.
$
$
Railroads
$
$
364.266,990 329,557,510 693.824.500
5
284,581.000
5
Public utilities
52,092.000 336,673.000 314,137,500 124,453.000
1.030,355,910 661,164.590 1.691.520.500
968,508.336 314.924,170 1.283,432.500 756.359,400 151,347.100 438,590,500 652,513.800 141.679,900 794.193.700 415.949.500
Iron, steel, coal, copper, &c
34,383.000
907,706.500 657,590,423 144,616.077 802.206,506 512,655,471 222391.629 450.332,500
90.842,500
80.582,500 171.425,000
139,797.000
Equipment manufacturers
43,518.000 183,315.000
734,847,100
92,450,000
18,346.000 110,796,000
20,655.000
105.962.000
20,655,000
30,148,000 136.110,000 238.818.139
8,579,000
Motors and accessories
46,806,861 285,625,000
13.000.000
21.579.000
10,856.000
10,856.000
52,220.000
130.000
15,160,000
52,350,000
15,160,000
66,000.000
11.860.000
Other industrial & manufacturing_ _ 427,142.900
11,860,000
66.000,000
78,050,000
350,000
78,400,000
4.960,000
87,070,800 514,213,700
8,315,000
13,275,003
262,277,000
22,562.000
Oil
4,288.000
77,806,00C 340.083.000 195.396.800
26,850,000
42,963,700 238,360,500
257.859.400
127,489,000
54,540.600 312,400.000
19,549,900 147.038,900 156,932,447
69,362,200 140,587.801- 209,950.000
Land, buildings, &c
26,521.053 183,453,500
71,924.100
21.475,900
485,453,000
93,400,000
16.516,500
34.680.000 520.133,000
15,393.500
31,910,000
564,321,000
69.716,000
25.823.006 590.144,000 600.694.300
30.084.000
Rubber
99,800,000
37.053.000 637,741,300 271,556,000
10.000.000
60.000.000
70.000,000
1,040.000 272,696.000 200,495.000
6,750.060
1,250,000 201.745.000
Shipping
6,750,000
34,500.000
34,500.000
25,166,000
400,000
419,000
25.585.000
400,000
20.950.000
1.335.000
665,000
5,05u.000
Miscellaneous
26,000.000
2,000.000
3.659.775
4.315,225
7,975,000
513.946.040
52.984.460 566,930.500
3,800,000
3.800.000
256.989,000
2,568.000
107,000
22,036,000 279.025.006
2,675.000
154.826.000
11.527.000 166.353.000
Total
97.504.000
14,386.000 111.890.000
3,277.907,740 1,361,129.460 4,639,037.200 2,648,114,530
106.556.000
36,629.000 143.185.000
Short Term Bonds and Notes
694,836.970 3.342,951.500 2.312,853,875 411.830,925 2,724,684.800
1.953.551,723 375,128.377 2,328,680.100 1,739,447,557 402,925,543 2,142.373.1
Railroads
00
19.500.000
650.000
20,150,000
6.500,000
16.000.000
Public utilities
22.500.000
24,500.000
400,000
24.900,000
68,650.800
56.250.000
53,009.200 121,660,000
19,000,000
75,250,000
85.953,160
9.237,500
13.396,900
9,850.000
Iron, steel, coal, copper. &c
19.087.500
99,350.000 115.020.000
31.280,000 146.300,000
2.300.000
102,232,000
20,041.000 122,273,000
2,300.000
6.175,000
42,262.200
15,712.800
Equipment manufacturers
6,175,000
57.975.000
21.405.000
2,500.000
23,965,000
1.200.000
4.175.000
1.200,000
650,000
4,825,0(0
9,850.000
Motors and accessories
9.850.000
1.150.000
1,150.000
4.400.000
1.000.000
4.400,000
1.000,000
16,110.000
1,945.000
Other industrial and manufacturing
200,000
16,310,000
1,945.000
16.575.000
9,000.000
4.950,000
21.525,000
9.000.000
45.351.000
15.496,000
9,604,000
Oil
6,650.000
52.001.000
25,100,000
21.693,750
21,693,750
37,850.000
6,910,000
12.350.000
50.200.000
10.110,000
S.106:666
16,023.500
5.500.000
1.800,000
Land, buildings, &c
7.408,000
23,431.500
7.300.000
19.000.000
5i,10 566
6
71,200.000
36,412.500
94.970,000
1.666.000
5.005.000
38.078,500
99.975,000
25,397,000
44,814.000
875,000
Rubber
26.272,000
44,814,000
23.540.000
23.540.000
4.660.000
60,000
4,720.000
32,250,000
1.330,500
Shipping
32.250,060
1.330,500
125.000
2,500,000
2.625.000
500,000
Miscellaneous
500,000
12.500.000
12.500,000
62.147.000
2.000.000
64.147.000
25.144.195
1.000,000
562.000
25.706,195
1.000.000
20.590.000
175,000
20.765,000
Total
32.466,800
32,466.800
249,160,300
3.535.500
77,125,200 326,285,500
3,535,500
259.403,795
45.091,900 304.495,695 259,458.750
Stocks
86,555,000 346,013.750 311,663,800
47,956,000 359,619.800 134.970,700
36,966.800 171,937.500
Railroads
91.108,487
84,036,700 175.145387
20.240.000
Public utilities
20.240,000
16,218,230
16,218.230
608,042.178
55,963,269
47.869.500 655.911,678
55,963.269
442.285.244
27,322,4.50
Iron, steel, coal, copper, &c
12,727.900 455.013.144 460,506,204
27,322.450
28,362,500 488.862,704 448.147,704
6.019.250
24,105,223 472.252.927 173.670,058
6,019.250
40,925.000
8,617.200
11:0167666 184,746,058
49,542.200
7
Equipment manufacturers
15.077,500
15,077.500
21,734.160
21,734,160
5,628.500
28,131,646
4.896.760
Motors and accessories
5,628,500
33,028,406
1.040,000
1,040.000
36.913,790
2,062,100
36,913.790
2,062,100
46.985,650
Other industrial and manufacturing 222,942,340
46,985.650 105.921,721
3,391,389 109.313.110
8,381,760
66.099,650 289.041.990
200,000
8.581,760
187.882.224
24.455,325
13.122,575 201.004.799 198.235,808
1.335.000
Oil
25,790.325
18,917,700 217.153,508
18.773.200
88,916,502
1.964.300
9,709,000
20,737.500
98,625,502 142.639.183
127.301,990
89.032,925 216.334.915
20.659,149 163,298,332
Land, buildings, &c
56.933,428
40,504.910
97,438.338
52,153.700
55,640,968
100,000
52,253.700
55.640.968
53.756.480
80,249.013
Rubber
53.756.480
984,690
81,233.703
29,164.750
120,000
29,284,750
2.701,675
10,428.357
2.701.675
10,428.357
4,214.537
11.148,000
Shipping
4,214,537
11,148.000
14,985.000
800.000
15.785.000
1,600,000
1.600,000
350,000
Miscellaneous
350,000
7.445.120
218.895.864
7,445.120
26.390.050 245.285.914
167,037.195
3.045.500 170,082.695 147.988.500
1.000i,060
1,000.000
3.445.000 151.433.500
Total
50.211.695
50,211.695
1,257,550.484 226.460,200 1.484,010.684 1.096,256.820 126,546.100
78.508.748
35.625.000
35.625.000
Total
1,222,802.920 1,053,510.261
95,541,499 1.149.051.760 743,086,515
34.014,223 777,100.738 566.474,423
75,576.599 642.051,022
Railroads
474.875.477 414,244.210 889.119.687
311.321.000
68.092,000 379,413.000 354,855.730 124,853.000 479.708,730
Public utilities
1,707.048.888 762.043,290 2.469.092.178 1,496.746.674 341.043,97
764,727,069 160,679,900 925.406,969 452.509.450
44,233.000 496,742.450
Iron, steel, coal, copper, &c
0 1,837.795.644 1.331.879,604 210.989,603 1,542.869.204 1,207,970.1
99,161.750
80,582.500 179.744.250
27 188,762.300 1,396.732.427 728.587.729 248,980.429 977.568.158
186.897.000
52.135.200 239,032.200 128.992,500
Equipment manufacturers
20.846.000 149.838.500 131.871.160
21,855,000
30,798.600 162,669,160 276.799,785
21.855,000
14.207,500
51,703,621 328.503.406
13.000.000
Motors and accessories
27.207.500
13.046.000
13,046,000
93.533.790
18.222.100
130,000
18.222,100
93.663.790
13.805,000
129.095.650
200.000 129,295.650 183.971.721
Other industrial and manufacturing 666.660.240 158,120.450
13,805.000
g.Y41:389 187,713.110
22,341.760
g:51824.780,690
5:666
30 856.760
62.513,325
495.510,224
15.227J0045
97,578.575 593.088,799 415,326.358
Oil
77.740.325
61,881.400 477,207,758 223,315,502
314.482.600
68,854,900 383,337.500
32.458.900 255.774.402 305,071,630
212,687,690 237.028.725 449.716.415 147.857,528 114,180,810 262.038,338
48.980.202 354.051.832
Land, buildings, &c
574,019,200
167.127.468
36,446,000 610.465.200
20.398.500 187 525.968 194.779.013
643.474,480
31,068,690 225,847.703
26.698,000 670.172.480 653.399.050
Rubber
37.173.000 690.572.050 286.744.357
12,701,675
60.000,000
72.701.675
1.100,000 287.844.357 212,973,500
43.214.537
1,250,000 214.223.500
43,214.537
Shipping
49.485,000
800,000
50.285.000
25.291.000
2,000.000
2,919.000
2,000.000
28.210.000
1,685,000
21,450,000
665.000
5.050,000
2.350.000
26.500.000
Miscellaneous
23,604.895
4.315.225
27.920,120
794.988.904
3.800.000
81.374 510 876.363.414
3,800.000
3.568,000
419.170.390
1,107.000
25.643.500 474.813,890 323.404.500
4,675,000
15.147.000 338.551.500 180.182.495
Total corporate securities
14.386.000 194.568.495 188.600,248
4.784.618.524 1,664.714,860 6.449.333.384 4.003.775.145 866.474.97
72.254.000 260,854.248
0 4.870.250.115 3.625.822,886 593.927.424 4.219.750.310 3.008.302.0
38 457.098.600 3.465.400,638 2.440.892.680 515.468,9422,956.361.622
11 MONTHS ENDED NOV. 30.
.CorporateDomestic
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
Total corporate
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States Possessions_
Grand total
19
IF
9111
,
20.
•••
9
•
0
3261
THE CHRONICLE
DEC. 17 1927.]
DETAILS OF NEW CAPITAL FLOTATIONS DURING NOVEMBER 1927.
LONG TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
Price,
Railroads
2,610,000 New equipment
1,950,000 New equipment
830,000 New equipment
4,500,000 New equipment
1,466,000 Retire notes held by U. S. Govt.__
963i
To Yield
About.
Company and Issue, and by Whom Offered.
9;
4.00-4.20 Chicago & North Western Ry. Equip. Tr. 4345 series "S," 1928-42. Offered by Salomon Bros. &
Hutzler, N. Y
4.00-4.25 Chicago & North Western Ry. Equip. Tr. 4355 series "R," 1928-42. Offered by Old Colony Corp.
Offered by Halsey,
4.10-4.35 Chicago St. Paul Minneapolis & Omaha Ry. Equip. Tr. 434s "D," 1928-37.
Stuart dr Co., Inc.
4.00-4.30 New York New Haven & Hartford Equip. Tr.434s 01 1927 No. 2, due 1928-42. Offered by Halsey,
Stuart & Co., Inc.
5.22 Norfolk Southern RR. lot & Ref. M.55 "A," 1961. Offered by Clark, Dodge & Co., and Atlantic
Merrill Oldham Corp., Boston.
11,356,000
Public Utilities
3,000,000 General corporate purposes
500,000 Acquisitions
4,000,000 Additions, extensions, &c
85.000 Additions and extensions
45,000,000 Refunding: working capital
99
993§
98M
100
98
2,000,000 Refunding
101.87
170,000 General corporate purposes
1,814,000 Capital expenditures
5,000,000 General corporate purposes
100
101
98
215,000 Acquisition of property
9,000,000 Acquisition of properties
100
973i
1,500.000 New construction; wkg. capl., &c. 100
3,500,000 Acq. securities of affiliated cos___
20,000.000 Provide additional facilities
9,702,000 Refunding
2,000,000 Refunding
3,225,000 Refunding; capital expenditures
963i
95
94
100
99
24,000,000 Refunding
96
10,000,000 Refunding; addns. Sr impts
98
45,000.000 Refunding; addns. and
98
1,000,000 Acquisition of securities
99
250,000 Consolidation of properties
3,000,000 Acquisitions; other corp. purp
100
98
5,000,000 Retire bonds & bk,loans; new const
98
2,000,000 Acquisitions; other corp. purr)._
9534
5.06 Arkansas Pr. & Lt. Co. 1st & Ref. M. 5s, 1956. Offered by Harris, Forbes ,k Co., W. C. Langley
& Co., Bonbright & Co., Inc., Old Colony Corp., Tucker. Anthony dr Co., and John Nickerson
& Co.
6.05 Baker County Pr. Co. let M.65, 1947. Offered by Davis, Longstaff Sr Co., Paul C. Dodge & Co..
Inc., Chicago and Howard F. McCandless & Co., San Francisco.
5.65 California Oregon Pr. Co. Deb. 5345, 1942. Offered by H. M. Byllesby & Co., Inc., E.H. Rollins
& Sons, American National Co., San Francisco, and Spencer Trask & Co.
6.00 Central Kansas Pr, Co. lot M.6s, 1946. Offered by Peters Trust Co.. Omaha, Neb.
5.65 Cities Service Pr. & Lt. Co. Deb.530, 1952. Offered by Harris, Forbes & Co., National City Co.,
and Guaranty Co. of N. Y.
4.87 Columbus Electric & Pr. Co. let & Ref. M.Is "B," 1954. Offered by Estabrook & Co., Stone &
Webster and Blodget. Inc., and Parkinson & Burr.
(Ind.)let M.6s, 1929-48. Offered by the Peoples State Bk.,Ind'plis.
6.00 Commonwealth Telephone Co.
5.90 Florida Public Service Co. 1st M.68 "B." 1955. Offered by A. C. Allyn & Co.. Inc.
5.13 Illinois Pr. & Lt. Corp. 1st & Ref. M. 55 "C," 1956. Offered by Harris, Forbes & Co., Halsey.
Stuart & Co., Inc., Marshall Field, Clore. Ward & Co., E. H. Rollins & Sons and Spencer Trask
& Co.
6.00 Kansas Home Telephone Co. 1st M.6s"A," 1947. Offered by Mark C. Steinberg & CO.,St.LOU113.
5.18 Mississippi Pr. & Lt. Co. 1st M.Is, 1957. Offered by W. C. Langley Sr Co., John Nickerson & Co..
Guaranty Co. of N.Y., Old Colony Corp., J. G. White ,k Co., Inc.. and Rogers Caldwell Sr Co.,
Inc.
7.00 Montana Cities Gas Co. 1st M. 75 "A," 1937. Offered by Paul & Co., Phil., Freeman, Smith &
Camp Co., Portland, Ore.. and Yeager, Young & Pierson, Inc.
5.75 North American Lt. & Pr. Co. Deb 530 "B," 1956. Offered by E. H. Rollins & Sons, Marshall
Field, Glore, Ward & Co., Spencer Trask & Co., Blyth, Witter & Co., and Illinois Merchants
Trust Co.
5.85 Norwegian Hydro•Electric Nitrogen Corp. Ref. dr Imp.5)45"A," 1957. Offered by Nat'l City Co.
4.84 The Ohio Pr, Co. let Sr Ref. M. 4345 "D," 1956. Offered by Dillon. Read dr Co., Lee. Higginson
dr Co., and Continental & Commercial Co.
6.00 Omaha & Council Bluffs Ry. & Bridge Co. 1st (closed) M.(is, 1947. Offered by Ames, Emerich
& Co., Inc.
5.05 Ottawa Light Heat & Pr. Co., Ltd. Ref. M. & Coll. Tr. 55 "A," 1957. Offered by Royal
Securities Corp., N. Y.
4.70 Penn Central Light SC Pr. Co. 1st M.430, 1977. Offered by A. C. Allyn dr Co., Inc., Bonbright
& Co., Inc., Old Colony Corp., Howe, Snow & Co., Inc., Halsey. Stuart & Co., Inc., A. B.
Leach & Co.. Inc., Hill, Joiner & Co.. Inc., and W. C. Langley & Co.
4.62 Philadelphia Suburban Counties Gas & Electric Co. 1st & Ref. M. 4345, 1957. Offered by
Drexel & Co., Stroud & Co., Inc., and Bioren & Co.
4.60 Public Service Electric & Gas Co. 1st & Ref. M.4345, 1967. Offered by Drexel & Co., and•Bonbright & Co., Inc.
5.07 Railway & Light Securities Co. Coll Tr. Is 9th Series, 1952. Offered by Estabrook & Co., Stone
& Webster and Blodget, Inc., and Parkinson & Burr.
6.00 Standard Telephone Co. of Texas 1st M.68 "A," 1937. Offered by P. W.Brooks & Co., Inc.
6.75 Union Gas Utilities, Inc. Sec. 634s"A," 1937. Offered by G.E.Barrett & Co., Inc., and Frederick
Peirce & Co.
5.65 Vamma Water Pr. Co. (of Norway) 1st (closed) and Gen. M. 530, 1957. Offered by Lee,
Higginson & Co.
5.37 Wisconsin Hydro Electric Co. 1st M. 5s, 1947. Offered by G. L. Ohrstrom & Co.; Inc., and
Coffin & Burr, Inc.
200,961,000
Iron, Steel, Coal, Copper, &c.
75,000,000 Refunding; addns. and 'mots__ 101
Equipment Manufacturers
6,000,000 Finance lease of equipment
4.95 The Youngstown Sheet & Tube Co. let M.58 "A," 1978. Offered by Kuhn, Loeb & Co.
4.75-5.30 Pennsylvania Tank Line Equip. Tr. 58 "AA1," 1928-37. Offered by Freeman & Co., N. Y.. the
First National Bank, Sharon, Pa., Peoples Savings & Tr. Co., Pittsburgh, and First National
Bank at Pittsburgh.
5.00-5.50 Quaker City Tank Line, Inc. Equip.'fr. 5365 "N," 1928-37. Offered by Stix & Co., St. Louis;
and Bioren & Co., Philadelphia,
3,500,000 Finance lease of equipment
9,500,000
Motors and Accessories
500,000 Acquire predecessor company
99
Other Industrial & Mfg.
1,250,000 Acq.cap.stk sof Gendron Wheel Co
250,000 Complete and equip new plant_ __
100
100
750,000 Retire pref. slit and curr. debt. Sze
250,000 Retire current debt: additions_ _
4,318,000 Acquire constituent companies__
100
100
99
750.000 Additions and improvements
100
50.000,000 Acquire bonds of French Republic_
983i
1,000,000 Expansion; other corp. purposes_ _
2,000,000 Refunding
98
99
2,500,000 Refunding
1,100,000 Acquisitions; retire bank loans, &c.
99
993i
750,000 Retire bank loans and mortgages:
10
working capital
4,000,000 Acquire constituent companies_ _ 100
350,000 Fund current debt: wkg. capital.. 9934
1.600,000 Refunding; additions
100
6.62 Henney Motor Co. Deb.630, 1937. Offered by A. B. Leach & Co., Inc.
6.00 American National Co.(Toledo, 0.) Deb.(3s, 1938. Offered by Folds, Buch & Co., Chicago.
6.00 Arkansas Compress Co. let NI. and Leasehold 65, 1929-1938. Offered by Federal Commerce Tr.
Co., St. Louis.
6.00 Ault-Williamson Shoe Co. Deb. Os, 1942. Offered by E. H. Rollins & Sons.
7.00 California Fruit Wrapping Mills, Inc. 1st M.78, 1935. Offered Wm.R.Staats Co., Los Angeles.
5.58 General Cable Corp. 1st H 5545 "A" 1947. Offered by Dillon, Read & Co. and Kissel, Kinnicutt
& Co.
6.00 Ha vley Pulp & Paper Co.(Oregon City, Ore.) let M. Gs, 1946. Offered by Biyth, Witter & Co
5.12 International Match Corp. Deb. 55, 1947. Offered by Lee, Higginson & Co., Guaranty Co. of
N. Y., National City Co., Brown Bros. & Co., Dillon, Read & Co., Clark, Dodge & Co. and
the Union Trust Co. of Pittsburgh.
5.75 The M. W.Kellogg Co. 1st H.5345 "B", 1938. Offered by Guaranty Co. of N.Y.
5.60 Monsanto Chemical Works 1st (closed) M. 5348, 1942. Offered by A. G. Becker & Co., Mark C.
Steinberg & Co. and Lafayette South Side Bank, St. Louis.
6.10 National Acme Co. 1st M.6s, 1942. Offered by Otis & Co., Blair & Co., Inc. and Cleveland Tr. Co.
6.05 Pittsburgh Valve Foundry & Construction Co. 1st (closed) H. 69, 1942. Offered by K. W.
Todd & Co., Inc., Colonial Trust Co. and First National Bank at Pittsburgh.
6.50 Terra Cotta Products Corp. 1st M.630. 1942. Offered by Curtis & Sanger and Commonwealth
Bond Corp.. N. Y.
6.00 United Biscuit Co. of America Deb. 6s, 1942. Offered by Goldman Sachs de Co.
6.58 Victory Sparkler and Specialty Co. (Elkton, Md.) 1st M ()As, 1937. Offered by the Century
Trust Co. and Townsend. Scott & Son, Baltimore.
6.00 Williamsport (Pa.) Wire Rope Co. let NI. 68, 1947. Offered by National City Co.
70,868,000
Oil.
4,000,000 New construction; other oorp.purp.
98
Land, Buildings, &c.
500.000 Acquisition of property
650,000 Finance construction of building
100
100
295.000
1,500,000
140,000
225.000
1,500,000
100.000
400,000
146,000
50,000
850.000
200,000
650.000
100,000
660,000
2,250,000
4.75 Union Atlantic Co. 10
-Year 430, 1937
Offered by Guaranty Co. of New York.
6.00 American Bank Bldg. (Seattle) 181 H.65, 1937. Offered hy Murphey, Fevre & Co., Seattle,
6.50 American Storage Bldg. (Los Angeles), 1st (closed) M. 630, 1930-44. Offered by Southwest
Bond Co.. Leo G. MaCLaughlin Co. and Pan American Investment Co., Los Angeles.
Real estate mortgage
100
6.00 Austin Post Office Bldg.(Chicago) 1st M .13s, 1929-1947. Offered by Jacob Kulp & Co., Chicago
Finance construction of building.. 100
5.50 Batterymarch Bldg.(Boston) 1st M. 5345. 1947. Offered by Paine, Webber & Co.. New York.
Finance construction of apartment 100
6.50 Boyldon Manor Apts. (Canton, Ohio) 1st H.654s, 1930-37. Offered by S. Ulmer & Sons.
Inc.:
Cleveland.
Finance construction of building_ _
6.00-6.50 Belmont Hospital(Chicago) 1st M.6;0,1929-37. Offered by American Bond & Mortgage Co..Inc,
Finance construction of garage.... 102-100 5.27-6.00 Book Tower Garage (Dee.) 1st M.6s, 1930-42. Offered
by Federal Bond & Mtge. Co., Inc., Del.
Real estate mortgage
5.50-6.00 Cortland Apartments (Chicago) bit M. 6s, 1929-1934. Offered by Union Trust Co., Chicago,
Finance constr.& equip,of hospital 100
6.00 The Dallas (Tex.) Sanitarium 1st M.6s, 1930-1942 Offered by Caldwell & Co.. St. Louis.
Real estate mortgage
100
6.50 Del Rio Apartment Bldg. 1st M.6 30, 1929-34. Offered by United States Mortgage Bond Co.,Det.
Finance construction of building
5.50-6.00 First Christian Church of Chillicothe, Mo. 1st M. Os, 1929-39. Offered by Oliver J. Anderson
& Co., St. Louis.
Refunding; other corporate purp__
5.80-6.00 Flatbush Industrial Building (Brooklyn, N. Y.) 1st M.6s, 1928-1937. Offered by S. W.Strauss
& Co., Inc.
Finance construction of apartment 100
6.50 The Gothic Apartments(Chicago) let M.6 yis, 1929-1937. Offered by Wollenberger & Co.. Chic.
Real estate Mortgage
100
5.50 Grand Boulevard and Concourse (Bronx, N. Y.) let M.530, 1933. Offered by Lawyers Mortgage Co., New York.
Provide funds for loan purposes .._
5.75 Hibernia Mortgage Co.. Inc. let H.Coll. Tr. Os (Series 1, 1927), 1930-1933. Offered by Hibernia
Securities Co., Inc., New Orleans.
Finance lease of property
100
.00 Interstate Hotel Co., Inc. (Baton Rouge, La.) lat M.6s, 1929-1939. Offered by Federal Commerce Trust Co., St. Louts. .
Retire debt; construct building;
other corporate purposes
9934
6.05 Level Club,Inc.(New York) let (closed) H.68, 1942. Offered by J. F.Lisman and F.W.Chapman
& CoNew York
3262
Amount.
THE CHRONICLE
Purpose of Issue.
Price.
To Yield
About.
[VOL. 125.
Company and Issue, and by Whom Offered.
Land, Buildings, &c. (Con.)
110,000 Real estate mortgage
101-1003. 4.95-5.95 Masonic Temple Bldg. (Port Arthur, Tex.) 1st M. 6s, 1928-39. Offered by C. P. Ellis & Co..
New Orleans.
600,000 Finance construction of building_ _
5.88-6.25 Milwaukee-Diverscy Bldg. (Chicago) 1st M. 645, 1930-1939. Offered by Greenebaum Sons
Securities Corp.
1,000,000 Provide funds for loan purposes_ _ _ 100
5.50 Mortgage Bond Co. of N.Y. 530. 1937. Offered by Harris, Forbes dr Co.
500,000 Provide funds for loan purposes__ _
534-6 Mortgage Insurance Corp. Insured 1st M. Cs, issue No. 25, 1927, due 1928-1938. Offered by
William Cavalier & Co., San Francisco.
1,000,000 Provide funds for loan purposes_ _ _
5.60-5.75 Mortgage Security Corp. of America 1st Lien 5345,"A", 1932-42. Offered by E.H.Rollins & Sons.
1,000,000 Provide funds for loan purposes__
100
5.50 National Union Mortgage Co. 5345, 1932-37. Offered by Mackubin, Goodrich & Co., Baltimore.
1,800,000 Finance construction of apt. hotel _ 100
6.00 The Oliver Cromwell (14 West 72d Sc. Corp.) N. Y. City let M. Fee (is, 1930-1939. Offered by
S. W.Straus & Co.. Inc.
325,000 Finance construction of building_. 100
5.00 Oregon Agricultural College Memorial Union, Inc. Secured 55, 1929-1937. Offered by Ferris &
Hardgrove and Blyth, Witter & Co.
1,500,000 Retire debt; improvements,&c_ _ _ _ 100
6.50 Peninsula Properties Co. 1st (closed) M. 6).4s, 1937. Offered by Bradford, Kimball & Co., San
Francisco, California Co. and Drake, Riley Sr Thomas, Los Angeles, and Ferris & Hardgrove.
Seattle.
540,000 Real estate mortgage
100
6.50 The Pratt Lane (Chicago) 1st M.6345, 1929-37. Offered by Cochran & McCluer Co., Chicago.
500,000 Refunding; retire floating debt,&c. 100
6.00 Presbyterian Hospital of New Orleans 1st M.6s, 1932-1942. Offered by New Orleans Securities
Inc. and S. A. Trufant, New Orleans.
300.000 Finance sale of property
100
6.00 Ramm Holding Corp. 1st M. 6s, 1937. Offered by Union Trust Co., Detroit.
770.000 Finance lease of property
100
5.50 Sc. Louis Post Office Corp. 1st (closed) M. 5345, 1928-1938. Offered by Taussig ,Day, Fairbanks
& Co., Inc., St. Louis and Peoples State Bank, Indianapolis.
500,000 Finance construction hospital unit;
other improvements
100
5.00 St. Mary's Hospital (Grand Rapids, Mich.) 1st M. 5s, 1030-1941. Offered by Lafayette South
Side Bank, St. Louis.
1,200,000 Finance construction of building.. Price on application San Diego Trust & Savings Bldg. (San Diego Corp.) 18t (closed) M. 6s, 1947. Offered by San
Diego (Calif.) Trust & Savings Bank.
1,000,000 Acquisition & development of prop. 100
5.50 Sea Island Co. 1st M.& Coll. Trust 530,"A", 1937. Offered by Guardian Detroit Co., Inc. and
Ames, Emerich & Co., Inc.
350,000 Acquisition of property
101
5.87 Security Storage Co., Inc.(Balt.) 1st (closed) 7,1.68. 1037. Offered by the Century Tr. Co., Bait.
400,000 Finance construction of building_ _ 100
5.00 Sisters of the Order of St. Benedict lot M.55, 1929-36. Offered by Mercantile Tr. Co., St. Louis.
690,000 Finance construction of apartment 100
6.00 6700 Crandon Avenue Apartments (Chicago) 1st M.(is, 1930-1940. Offered by Garard Trust
Co., Chicago.
200.000 Real estate mortgage
5.50 Southeast Corner of Perry Avenue and East 209th Street (Bronx, N.Y.) Guar 534% Mtge. Ctrs;
100
1928-1933. Offered by I.awyers Mortgage Co., New York.
425,000 Finance construction of building_ _
5.50-6.00 Spring Building Corp.(East St. Louis, Ill.) 1st 7,1.6g. 1929-1939. Offered by Kaufman, Smith
& Co., St. Louis.
500,000 Finance construction of building_ _ 100
6.00 Stanley Theatre (Bridgeton, N. J.) 1st 7,1.6g. 1933. Offered by Mackie, Hentz & Co. and Biddle
& Henry, Philadelphia.
600,000 Finance construction of apartments
6.00-6.50 Tacoma Apartments (Kansas City, 111o.) 1st M. 6345, 1929-1934. Offered by Arthur Fels Real
Estate Mortgage Co., Kansas City, Mo.
350,000 Finance construction of apartment Price on application The Tarlton (Detroit) 1st M. Cs, 1929-37. Offered by Livingstone & Co., Detroit.
55,000 Finance construction of building_ _ 100
6.00 Theta Chapter of Alpha Omicron PI House Assn, 1st M. 65, 1929-1944. Offered by Peoples
State Bank, Indianapolis.
350,000 Real estate mortgage
6.00 Waldron Bldg. (Pontiac, Mich.) 1st (closed) M.68, 1928-1937. Offered by Benjamin Dansard &
100
Co., Detroit and First National Bank, Pontiac, Mich.
150,000 Finance construction of building.. 101-100 5.45-6.00 Winston-Salem (N. C.) Journal Co. 1st M. 6s, 1929-39. Offered by Oliver J. Anderson & Co.,
St. Louis.
200,000 Finance construction of hotel
100
7.00 Woodland Hotel Corp.(of Cal.) 1st 7,1.7g. 1931-44. Offered by H.S. Boone & Co., San Francisco.
$27,131,000
Shipping
20.000,000 New constr.; other corp. purposes_
94
Miscellaneous
5,000,000 Provide funds for invest. purposes_
100 (6)
850.000 New produce terminal
1,000,000 Lig. notes & mtges.; wkg.cap.,etc_
700,000 Acquisition of properties
6,000,000 Provide funds for loan purposes_ _ _
4,000.000 Retire mtge. bds.; effect mtge.Fns_
5,300,000 Refunding; other corp. purposes_ _ _
600,000 Refunding; other corp. purposes_
600,000 Expansion; other corp. purposes_ _ _
3,000,000 Acquisitions; working capital
16,000.000 Retire hank loans; other corp. purp.
2,000,000 Acquisition of properties
1,400,000 Finance construction of bridge....
600.000 Finance construction of bridge._..
500,000 Acquisitions; other corp. purposes.
60,300.000
4.50 Aldred Investment Trust (Mass.) Shareholders' 434% Debentures, 1967. Offered by Old Colony
Corp. and Minsch, Monell & Co., Inc.
6.19-6.41 Central mtg. Dist., Inc., 1st Impt. 6345 "C," 1931-47. Offered by Hunter, Dulin & Co., Citizens'
National Co., Los Angeles; Jackson & Curtis, Boston, and Illinois Merchants Tr. Co., Chicago.
9934
5.57 Crowley, Milner & Co. (Detroit) Debenture 5345, 1937. Offered by Detroit Co., Inc., First Nat.
Co. of Detroit. Inc., Guardian Detroit Co., Inc., Merrill, I.ynch & Co., Ames, Emerich & Co.:
Inc., Keane, friable & Co. and Nicol, Ford & Co.
9934
6.07 HYgrade Food Products Corp. 1st & ref. M. Cony.6s, 1937. Offered by J. A.SW° & Co., N.Y.
100
6.50 Indianapolis Motor Speedway Corp. 1st (closed) M. 6348, 1942. Offered by Benjamin Dansard
& Co., Detroit.
5.30 Kingdom of Norway Municipalities Bank Ext. 55, 1967. Offered by White, Weld & Co.
95
9134
7.31 Mortgage Bank of Colombia (Rep. of Colombia) 6348, 1947. Offered by Baker, Kellogg & Co.:
Inc., Ames, Emerich & Co., Inc., and the Anglo-South American Trust Co.
9634
5.20 Mortgage Bank of the Kingdom of Denmark 45
-year 55, Series IX 01 1927, due 1972. Offered by
Brown Bros. & Co., Chase Securities Corp., White, Weld & Co. and Blair & Co., Inc.
4.50-5.25 North Poud re Irrigation Co. 1st (closed) M.5345, 1928-47. Offered by Boettcher & Co., Denver.
6.00 Owen Oregon Lumber Co. 1st M.5348, 1931-40. Offered by Baker, Fentress & Co.. Chicago, and
First Wisconsin Co., Milwaukee.
9654c
7.50 Pan-American Industrial Corp. 1st Lien & Coll. Tr. 7s, 1937. Offered by Furland dr Co., Ins.;
New York, and H. Y. Stites & Co., Providence, R. I.
9934
6.04 Paramount-Famous-Lasky Corp. 6s, 1947. Offered by Kuhn, Loeb & Co. and Hallgarten & Co.
98
7.20 Potrero Sugar Co. 1st M.7s, 1947. Offered by J. A. Sisto & Co., New York.
6.60 St. Louis-Mississippi River Bridge (Chain of Rocks KingshIghway Bridge Co.) 1st M. 6346,
99
1947. Offered by II. M. Byllesby & Co., Inc., and E. H. Rollins & Sons.
99
7.10 St. Louis-Mississippi River Bridge (Chain of Rocks Kingshighway Bridge Co.) Debenture 75,
1942. Offered by II. M.Byllesby & Co., Inc., and E. II. Rollins & Sons.
100
5.50 San Diego First National Co. 1st & Coll. Tr.5348, 1942. Offered by Citizens' Nat.Co.,Los Angeles.
99%
6.54 San Francisco Bay Toll Bridge Co. 1st (closed) M.634s, 1957. Offered by Dillon, Read & Co.:
Kis.sell, Kinnicutt & Co. and Paine, Webber & Co.
100
6.50 United Porto Rican Sugar Co. Sec. 634s, 1937. Offered by Stein Bros. & Boyce, Robert Garrett
& Sons, Baltimore, and Pogue, Willard & Co. and Farr & Co., New York.
101
4,500,000 General corporate purposes
3,750,000 Acquisitions
4,500,000 Finance construction of bridge___ _
6.55 North German Lloyd (Bremen, Germany) 6s, 1947. Offered by Kuhn,Loeb & Co., Guaranty Co.
of New York and Lee, Iligginson & Co.
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Price.
To Yield
About.
$
Railroads
2,500,000 Finance acq. of co.'s capital stock_ Placed privately.
Public Utilities
150,000 Acquisitions
99
350,000 Acquisitions, extensions; wkg. cap_
99
2,500,000 Acquisitions; other corp. purposes.
500,000 Capital expend., development, &c_
150,000 Acquisitions; other corp. purposes_
500,000 Acquisitions; other corp. purposes_
98%
9934
98
100
Company and Issue, and by Whom Offered.
Akron Canton & Youngstown Ry. 5-yr. Sec. 65, Nov. 1 1932. Offered by Faxon, Gado & Co.,
Boston.
6.00 Baker County Power Co. 1-yr. 5s, Dec. 11928. Offered by Davis, Longstaff & Co., Paul C. Dodge
& Co., Inc., Chicago, and IIoward F. McCandless & Co., San Francisco.
6.00 Commonwealth Telephone Co.(Del.) 1-yr. Sec."A" June 11928. Offered by Patterson, Copeland
& Kendall, Inc., Chicago.
5.90 Federated Utilities, Inc.. 3-yr. 530, Nov. 1 1030. Offered by Federal Securities Corp., Chicago:
liambleton & Co., Baltimore; II. M. Byllesby & Co., Inc., West & Co. and Thompson, Ross
& Co., New York.
6.60 The Saxet Co.(1Iouston, Tex.) 1st Lien 634s"A," Nov. 11931. Offered by Peabody, Houghteling
& Co., Chicago.
6.75 Southern Indiana Utilities Corp. 1st 51.65, Oct. 151930. Offered by J. S. Martin & Co., Chicago.
7.00 Southwest Gas CO. 5-yr. Mtge. 78 "A," 1932. Offered by Edmund Seymour & Co. and Glidden,
Morris & Co.
4,150,000
Other Industrial & Mfg.
1.750,000 Capital expen.; working cap. etc
99
Land, Buildings, &c.
350,000 Real estate mortgage
100
190.000 Real estate mortgage
6.70 Florida Portland Cement Co. lot 7,1.654s, 1932. Offered by E.II. Rollins & Sons and A. B. Leach
& Co., Inc.
100
700,000
100,000
500,000
2,500,000
5.50 East Side of East 21st St., North of Church Avenue (Brooklyn, N.Y.) 1st M.5345, Nov. 1 1932.
Offered by Lawyers Mtge. Co., N. Y.
5.50 East Side of Shakespeare Ave., 180 feet South of West 168th St. (Bronx, N. Y.) Guar. 534%
Mtge. Ctfs., 1928-32. Offered by Lawyers Mtge. Co., N. Y.
Real estate mortgage
5.00-5.50 Esplanade Gardens (Mt. Vernon. N. Y.) 534% Prudence Ctts., 1928-32. Offered by the Prudence
Co., Inc., N. Y.
purposes.. _ 100
Provide funds for loan
6.00 Guaranty Bond & Mortgage Co., Inc. 1st coll. Tr. (is "B," 1928-31. Offered by Wheat, Gallaher
& Co., Inc., Richmond, Va.
Effect mortgage loans
100-9834 534-6.05 Realty Acceptance Corp. Coll. Tr. 5348"A." 1928-30. Offered by General Bond & Share Corp., N.Y.
Retire curr, debt; other corp. purp. 9936
6.62 Rosy Theatres Corp. 5-yr. 6348, July 11932. Offered by Halsey, Stuart & Co., Inc.
4,340,000
Shipping
2,500.000 Refunding
100
Miscellaneous
100
500.000 Acquisitions; other corp. purp_ _
1,000,000 Provide funds for investment purp. 100
1,500,000
4.50 Cunard Steamship Co., Ltd. 2-yr. Ext. 4345, Dec. 11920. Offered by Brown Bros. & Co., J. & W.
Seligman & Co., and White, Weld & Co.
6.50 Oliver Salt Co.(Del.) 1st M.5-yr. 634s, Oct. 11932. Offered by Mitchum, Tully & Co., San Fran,
434-6 United Bond & Share Corp. 5-yr. Cash-Convertible Secured 4348-6s, 1927-32. Offered by Drumheller, Elelichman & White, Seattle.
DEC. 17 1927.]
THE CHRONICLE
3263
STOCKS.
Par or
No.ofShares
a Amount Price
To Yield
Inroleed. Per Share. About.
Purpose of Issue.
Railroads
2,940,000 Acquire stock of Atlantic Coast
Line RR
2,940,000 50 (Par)
Public Utilities
*15,000 she. Acquisitions
1,440,000
96
*50,000 she
4.975,000
99;4
Acquisitions; other corp. purp___ _
*150005118 Acquisitions; other corp. purp_
1,000,000 General corporate purposes
•15,000 ohs.
600,000
400,000
2,500,000
7,613.592 56
10,000,000 109
10,000,000 100
Acquisitions
General corporate purposes
Acquisitions, additions, Ac
Refunding; other corp. purposes_ _
1,417,500 94;4
600,000 100
400.000 10214
2.500,000 95
•102,500shs Capital expenditures
800,000 Acquisitions; other corp. purp_ _ _ _
5,125,000
800,000
1,397,500
1,000,000 Acq.stk.ofChamplon Fibre Co..&c.
625,000 Acq. stk. from former owners__
*150,000shs Acquisitions, extensions, &c
1,000,000 Acquire constituent cos
200,000 Retire bank loans; working capital
1,000,000 Equip, factory; working capital,
&c
*5,000 ehs. Equip, factory; working capital,
&c
2,000,000 Acquire predecessor cos.• wkg. cap.
*50.000she. Acquire predecessor cos.; wkg.cap.
•10,000 she. General corporate purposes
*65,000 ohs. Acquire predecessor companies_
750,000 Acquire predecessor company_ _
350,000 Acquire prop.; retire bk loans, &C_
Expansion; working capital, &c_ _ _
Extensions; additional equipment_
Extensions; additional equipment_
Refunding; additions & extensions.
250,000 General corporate purposes
500,000 Refunding; working capital
2,000,000 Acquire constituent companies..._
*100,000eh. Acquire constituent companies_ _ _
Oil
•150,000sh. Additional capital
480 ctfs.
*32,000 sits.
*64,000 she.
*1,000 ohs.
Land, Buildings, &c.
Finance lease of property
Retire short-term debt; wkg. cap_ _
Retire short-term debt; wkg. cap_ _
General corporate purposes
150,000 Finance home purchases
150,000 Acquisition of property
Acquisition of property
960 ctfs. Finance lease of property
2,250,000 Acquisition of property
Miscellaneous
*50,000 ohs. Acquired in open market
Atlas Imperial Diesel Engine Co.(Del.) Class
"A" Stock. Offered by J. Barth & CO.:
San Francisco.
7.00 Champion Coated Paper Co. 7% Pref.
Offered by company to stockholders.
7.00 Cheney Bigelow Wire Works Partic. Pref.
Cum. $334 per share. Offered by Wm,
P. Simons, Inc., and Northern New England
1,350,000
Cities Service Supply Corp. Class "A" Stock. Security Co.
Offered by F. Davis Linde & Co.;
Inc., N. Y.
1,000,000 100
7.00 General Bronze Corp. 7% Cum, Cony. Pref.
Offered by Murray Hill Trust Co., and
Hitt, Farwell ,k Co., N.Y.
200,000 100
8.0 Kinney Mfg. Co. 8% Prior Pref. Offered by
McKesson & Robins, Ltd. (of Canada) 7% company to stockholders, underwritten.
Cum. Pref.
Trust Co. the R. F. Griggs Co., Edw. M. Bradley Offered by the Bridgeport
Co., and Fuller, Richter,
Aldrich & Co.
'
1,020,000 1 oh. pref.1 For
McKesson 8r Robins, Ltd. (of Canada)
Common
1 34 sit. com.1$102
Trust Co. the R. F. Griggs Co., Edw. M. Stock. Offered by the Bridgeport
Bradley & Co., and Fuller, Richter,
Aldrich & Co.
'
2,000,000 99;4
7.0 Minneapolis-Honeywell Regulator Co.
7% Cum. Cony. Pref. Offered by J. & W.
Seligman St Co.
1,625,000 3234
Minneapolis-Honeywell Regulator Co.
Common Stock. Offered by J. & W.
Seligman & Co.
340,000 34
Monsanto Chemical Works Common. Offered
by A. G. Becker & Co., and Mark C.
Steinberg & Co.
2,535,000 39 (approx. mkt.) National Radiator Corp.
Common. Offered by J. & W. Seligman
& Co., Chas D.
Barney & Co., and Jackson & Curtis.
750,000 100
7.00 Naugle Pole & Tie Co.(Del.) 7% Cum.
Pref. Offered by W. 13. Foshay Co., N.
350,000 99
7.07 Pittsburgh Valve, Foundry & Construc
Y.
tion Co. 7% Cum. Pref. Offered by K. W.
Todd & Co., Inc.. S. M.Vockel & Co., and
McLaughlin, MacAfee & Co., Pittsburgh.
1,250,000 25
Rainbow Luminous Products, Inc. Cl. "A"
Corn. Offered by Potter dr Co., N. Y.
75,000 25
Schumacher Wall Board Co. Preferred.
Offered by co. to stockholders; underwritten.
102,000 17
Schumacher Wall Board Co.
by co. to stockholders; underwritten.
1,250,000 100
7:66 Scranton Lace Co. 7% Cum.Common. Offered J. H. Brooks
Pref. Offered by
a: Co., Scranton, Pa.,
and Laird, Bissell & Meade, Wilmington, Del.
250,00
50d
7.00 Segal Lock & Hardware Co. 7% Cum.
Prof. Offered privately by Braham & Co.;
Inc., New York.
500,000 100
7.00 Southern Spring Bed Co. (Atlanta
, Ga.) 7% Cum. Pref. Offered by Courts &
Co., Atlanta, C.a.
2,000,000 103
6.79 United Biscuit Co. of America Cony.
7% Cum. Pref. Offered by Goldman, Sada
& Co.
2,800,000 28
United Biscuit Co. of America Common stock.
Offered by Goldman, Sachs & Co.
22,419,500
1,000,000
500.000
3,000,000
300,000
150,000 ctf.
*24,000 ells. Acquire constituent companies _
3,500,000 Retire 7% pref.;expans'n; wkg.
cap
*3,000 abs. Acquisitions; working capital.. _ _
*600 she. Acquisitions; working capital
*3,000 ells. Acquisitions; working capital__ _ _
*25,000 sits. Finance installment sales
*25,000 ells. Finance installment sales
*30,000 abs. Retire preferred stock
1
Independent Oil & Gas Co. Capital stock.
Offered by company to stockholders;
underwritten.
Akron (Ohio) Oil Co.Land Trust Certificates.
Offered by Tillotson & Wolcott Co., Cloy.
Benjamin Winter Inc. Cony. Prof. Cum. $5 per
share. Offered by Redmond & Co.
Benjamin Winter Inc. Common Stock.
Offered by Redmond & Co.
Columbus Merchants Garage Co. Pref. cum.
$7 per share. Offered by RaymondT.
Brower, Inc., Columbus, Ohio.
3,750,000 15
Cuban National Syndicate Capital Stock. Offered
1,000,000 100
by Pratt & Co., New York.
Fidelity Union Title & Mortgage Guaranty
Co. (Newark, N. J.) Capital Stock.
Offered by company to stockholders.
150,000 100
6.00 Puritan Home Founding Co.6% Pref.
Offered by
149,250 11 she. Pref
Security Storage Co., Inc. (Balt.) 634% Cum. Peoples State Bank, Indianapolis.
Pref. Offered by Harris, Mooney
For
& Co., Baltimore.
sh.Coml 9934 Security Storage Co., Inc.
(Bolt.) Common Stock. Offered by Harris,
Mooney
& Co., Baltimore.
960,000 1,000
Southeast Corner of Illinois and Ohio Sts. (Indiana
polis) Land Trust Certifs.
Offered by Fletcher American Co., Indianapolis.
2,250,000 99 e
6.56 Windsor Hotel, Ltd. (Montreal)
634% Cum, Pref.
Corp., New York, and Nesbitt. Thompson dr Co., Offered by Royal Securities
11,258,850
Ltd.
2,150,000
Acquire additional stores
Provide funds for investment purp_
Working capital
Provide funds for investment purp_
Provide funds for Investment purp_
28
243,600 507 34
2,656,000 f1 sh. pref___}For
12 ohs. Com__ $83
100,000 100
7.00
2,500,000 Provide funds for investment purp
2,500,000 Provide funds for investment
purp
21;4
1,000,000 100
625,000 50
4,200,000
*250,000511. Acquisition of property
500,000 Additional capital
•750 she
50
95
47,371,092
Other Industrial sr mfg.
*65,000she. Additional capital
*50,000 ohs.
*3,000 she.
*6,000 ohs.
1,250,000
Atlantic Coast Line Co. Capital Stock. Offered by
company to stockholders.
7.28 American Commonwealths Pr. Corp. 1st Pref. $7 Cum.
Div., Series A. Offered by
G. E. Barrett & Co., Inc., and Frederick Peirce &
7.03 American Natural Gas Corp. $7 Cum. Cony. Pref. Co.
Offered by G. L. Ohrstrom &
Co., Inc.
7.00 Central Public Service Co. 37 Cum. Pref. Offered
6.00 City Water Co. of Chattanooga 6% Cum. Prof. by Hambleton & Co.
Offeredlby First Securities Co.;
Chattanooga.
Commonwealth Pr. Corp. Corn. Offered by
company
5.50 Electric Bond & Share Co. 6% Cum. Pref. Offered to stockholders, underwritten.
by
7.00 Empire Gas & Fuel Co. (Del.) 7% Cum. Pref. Offered Bonbright & Co., Inc.
Pearsons-Taft Co., Federal Securities Corp., Stroud by Howe, Snow & Co., Inc.;
& Co., Inc., R. E. Wilsey &
Co., and Henry L. Doherty & Co.
6.88 Federal Water Service Corp. $6 Cum. Pref. Offered
by G. L. Ohrstrom & Co.. Inc.
Holyoke Water Pr. Co. Capital Stock. Offered by
7.31 Islands Edison Co. 734% Cum. Pref. Offered by company to stockholders.
6.31 Midland Utilities Co.6% Cum,Prior Lien Stock. Gillet & Co.. Baltimore.
Offered by Utility Securities Corp.;
N.Y.
Pacific Lighting Corp. Common. Offered by
6.32 Wisconsin Hydro Electric Co.6% Cum. Pref. company to stockholders.
Offered by G. L. Ohrstrom & Co.„ Inc.
1,500,000 100
1,000,000 100
•135,957 Acq. addn'l corn. stks. of subsid _ _
10,000,000 General corporate purposes
10,000,000 Addne., betterments & Impts
Company and Issue, and by Whom Offered.
8,375,000
43
11 oh. Pref.
For 1
1 sh. part. 3334
1,000,000 101
500,000 104
3,000,000 100
600,000 20
3,750,000 25
420,000
6.93
6.25
6.00
17 34
3,500,000 105
5 ohs. pf. A
.
300,000
1 oh. pf. B
Sobs. Corn.
1 eh. pref.
875,000
1 sh. Corn.
780,000
384,000
1,500,000
12
50
5,000,000 Provide funds for investment purp_
5,875,000
For
$35
26
*32,000 she Acquisition of property
*30,000 she. Acquisitions; other corp. purposes-
5.71
For
$500
23;4
7.00
33,009,000
Amsterdam Trading Co. (Amsterdam, Holland)
"American Shares." Offered by
Brown Bros. & Co. and Chas. D. Barney & Co.
Bankers Security Trust Co. Series "A"6% Cum.
Pref. Offered by Bankers Capital
Corp., New York, and Bankers Capital Co. of Connectic
ut.
Bankers Security Trust Co. Series "A" Partie. Stock.
Offered by Bankers Capital
Corp.. New York, and Bankers Capital Co. of
Bird Grocery Stores, Inc. (Del.) 7% Cum. Prof. Connecticut.
Offered by Merrill, Lynch & Co.
Chain Store Investment Corp.
834% Cum.Pref. Offered by Childs, Jeffries &
Continental Shares, Inc. (Cleveland)
6% Cum.
Financial Investing Co. of N. Y., Ltd., Capital Prof. Offered by Otis & Co., Cleve.
Stock. Offered by co. to stockholders.
Guardian Investment Trust Cum, Cony. Pref, Beneficial
Ownership Certificates.
Offered by F. F.. Kingston & Co., Hartford.
Hygrade Food Products Corp. Common. Offered
by Jerome B. Sullivan & Co. and
E. F. Gillespie & Co., Inc., New York.
McLellan Stores Co.6% Pref., Series "A." Offered
by to.to stockholders; underwritten
Motor Transport Corp. Pref. "A,"
Series 1. cum. $7 per share. Offered by
Lane.
Piper & Jaffrey, Inc., St. Paul.
Motor Transit Corp. Prof. B. Offered by
Motor Transit Corp. Common. Offered byLane, Piper & Jaffrey, Inc., St. Paul.
Lane, Piper & Jaffrey, Inc.. St. Paul.
New Jersey Acceptance Corp. Pref. Cum.
Jr. & Co.; Fleming, Dornbusch & Co., $2.10 per share. Offered by J. M. Byrne
New Jersey Acceptance Corp. Common and N. & B. Goldsmith, Newark. N .J.
stock. Offered by J. an. Byrne Jr. & Co.;
Fleming, Dornbusch & Co., and N.
& B.
Parke, Austin & Lipscomb, Inc., Cony. Goldsmith, Newark, N. J.
Panic. Prof. Offered by George Haines &
Halsey, New York.
Potrero Sugar Co. Common. Offered
United Porto Rican Sugar Co. Cony.by Jerome B. Sullivan & Co., New York.
Panic. Pref. Cum. 3334 per share. Offered
Stein Bros. & Boyce; Robert Garrett
by
& Sons, Baltimore; Pogue, Willard & Co., and
Farr & Co., New York.
United States Financial Corp.(N. Y.) Cum.
and Panic. Class "A" shares. Offered
by company.
FARM LOAN ISSUES.
Amount.
Issue and Purpose.
Price.
500,000 Atlantic Joint Stock Land Bank of Raleigh,
N.C.55. 1937-57 (provide funds for loan Our.) 102
To Yield
About.
Offered by
-
4.75 Harris, Forbes & Co.; Wm,It. Compton Co., and Harris
Trust & Savings Bank, Chicago.
[VOL. 125.
THE CHRONICLE
3264
FOREIGN GOVERNMENT LOANS.
Amount.
Issue and Purpose.
Price.
a
4,000,000 Dept. of Antioquia (Rep. of Colombia) Sec.
75, Second Series, 1957 (retire internal bonds;
94X
provide for highway construction)
1,800,000 Republic of Costa Rica 744% Pacific RY•
(provide for electrification of ry.) 100
bonds, 1949
80,000.000 City of Vienna (Austria) ext.65, 1952 (acierns
& trouts. to gas works,street railway system,
9054
and other productive enterprises)
To Yield
About.
Offered by—
7.48 Guaranty Co. of New York and International Acceptance Bank, Inc.
7.50 National City Co.
6.79 National City Co.; Dillon, Read & Co.; Continental & Commercial Co.; Edward B.
Smith & Co.; Kissel, Kinnicutt & Co.; E. H. Rollins & Sons and Casaatt & Co.
85.800,000
•Shares of no par value.
value and all classes of common are computed at their offering prices.
a Preferred stocks of a stated Par value are taken at Par, while preferred stocks of no par
b Each $1,000 bond accompanied by 10 common shares.
c Bonus of 5 shares of common stock given with each $1,000 bond.
d Bonus of 1 share of common stock given with each share of preferred.
e Bonus of X share of common stock given with each share of preferred.
St. Louis & O'Fallon Case—Interstate Commerce Commission
Sustained in Recapture Order —Court Finds It Unnecessary
to Review Methods of Valuaton.
The full
-S.
The order of the I. C. Commission in the St. Louis & and therefore, its property was not confiscated.
Daily"
O'Fallon Railway "recapture" valuation case, in which the text of the decision as reported in the "United States
its methods and principals for valuing Dec. 12 follows:
Commission declared
OFallon Railway Co and Manufacturers' Railway Co..
St. Louis
railway properties, was affirmed in an opinion filed in the The Plaintiffs, & United States of America and Inter-State Commerce
v.
District Court for the Eastern District of
United States
Commission, Defendents; No. 7859 in Equity; Before a Statutory
Three-Judge Court. Kimbrough Stone and Arba S. Van Valkenburgh,
Missouri, at St. Louis, Dec. 10, by a special court of three
Circuit Judges, and Charles B. Faris. District Judge, composing such
Federal Judges. The court's opinion was by Circuit Judge
court; acting In and for the Eastern District of Missouri.
in by Circuit Judge
The order of the Inter-State Commerce Commission against the St.
Kimbrough Stone and was concurred
& O'Fallon Railway Co. under the recapture clause of the
Arba S. Van Valkenburgh. District Judge Charles B. Faris Louis Commerce Act was sustained by the Court herein with certain IntermodiState
concurring in the result.
wrote a separate opinion,
fications as to the provisions for interest.
The Court held that the return to the carrier in a recapture case is to be
The decision was rendered on the application of the
measured by the net revenue remaining after deducting only the amount to
O'Fallon Company for an injunction to restrain the enforce- be paid over to the Government.
-S.
The opinion of the Court was written by Circuit Judge Stone and conment of an order of the I. C. Commission directing the
A separate
Judge Van
company to pay over to it, approximately $226,000, as curred in by CircuitJudge Faris. Valkenburgh. concurred inopinion was
the result.
Judge Faris
written by District
representing one-half of its net income above 6% on values of The opinion expressed by Judge Faris approves of the method of valuation
employed by the Commission but concludes that the restrictions put by
its properties ascertained by the Commission.
the Act on the use of one-half of the surplus of annual earnings above 6%
Although it sustained the Commission's order the court which Is left in the carrier's hands, is at least a form of confiscation.
Nagel & Kirby, St. Louis. for complainant; Walter L. Fisher for defendunnecessary to review the Commission's valuation
found it
Bentman for National
methods. One of the grounds on which the order was at- ant, Inter-State Commerce Commission; John E. Washington; BlackAssociation of Railroad and Utilities Commissioners,
tacked was that it was "based upon an erronous and inade- burn Esterline, Assistant to Solicitor General, Washington. for United
of
quate finding of value." Counsel for the United States, States; Donald R. Richberg, for National Conference on Valuation for
American Railroads, Chicago; Oscar E. Carlstrom, Attorney General
however, contended that there is no question of confiscation State of Illinois. for Illinois Commerce Commission and City of Chicago.
presented and therefore no need to examine the accuracy of
Opinion by Stone, Circuit Judge:
The matter here involved is the validity of an order of recapture made by
the values found by the Commission or its methods in deterthe Commission against the St. Louis & O'Fallon Railway Co. (called
mining such values, because even if it might be contended O'Fallon herein). The order was made, on Feb. 15 1927. upon two hearthe value claimed by the O'Fallon is correct, yet its net ings held in Oct., 1924, and July, 1926. The proceeding was against the
Manufacturers' herein).
earnings, less the amount ordered paid to the Government, O'Fallon and Manufacturers' Railway Co. (called
Ezcess Earnings Found Against O'Fallon Road.
would be an ample return.
against the Manufacexcess net
The Commission
After discussing this contention, Judge Stone said: "From turers' but, as to thefound no net earningsearnings of 6% for each of four
in excess
O'Fallon,
the periods, the last 10 months of 1920 and the calendar years of 1921. 1922 and
the above law and facts, it seems that the contention of
excess for each
United States is well founded; that the verity of the Com- 1923. and ordered one-half of suchthe other half to period to be paid to the
be held by the O'Fallon,
claim on or before a fixed date and
mission's valuation herein need not be examined, and cannot In a "reserve fund."
The body of the recapture order is as follows:
affect this recapture order and therefore that such order is
"It appearing that, in compliance with the provisions of paragraphs (4)
not open to attack upon the ground of wrongful valuation. If to (9), inclusive, of Section 15-A of the Inter-State Commerce Act, this
matter
upon an
Commission
this be true, it is unnecessary to examine and determine the of excess net entered operatinginvestigation into and concerning the
income of the St. Louis & O'Fallon Railway
railway
amici curiae and of the Manufacturers Railway;
various contentions made by the parties and
"It further appearing that a full investigation of the matters and things
having,
Concerning the proper manner of ascertaining value herein." involved having been had. and OW Commission fact and on the date hereof
conclusions theremade and
opinion concerning the result, on, which filed a report containing its findings ofa part hereof;
Judge Faris in a separate
report is hereby referred to and made
"It further appearing that no amount of excess net railway operating inhowever, discussed the Commission's valuation methods at come was received by the said Manufacturers' Ry. during the periods
the Investigation, but that the following designated amounts
some length expressing the view that "this court cannot covered byrailway operating income were received by the said St. Louis of
&
excess net
avoid the necessity of meeting the question of legal methods O'Fallon Ry, for* the periods sta.ed:
"Mar. 1 to Dec.31 1920,3106.755.96'Jan. I to Dec.31 1921,$130.205.13:
of valuation, vel non, face to face." He added that "I am Jan. 1 to Dec. 31 1922. 3106.391.03; Jan. 1 to Dec. 311923, 3110,309.22
not convinced that the Commission erred, but am of the mbove periods inclusive); under the provisions of paragraph (5) of said
"It further appearing that
net railway operating income is held
of such
opinion that it reached the valuation found by it in the only section, one-half O'Fallonexcess as trustee for the United States: that,by the
under
By.
said St. Louis &
way possible, in a situation so difficult as that absolute the provisions of paragraph (:6) of said section. said one-half of such net
excess railway operating income is recoverable and payable to this Comcertainty and correctness is well nigh infinitely impossible." mission within the first four months following the close of the period for
and
is
by the prowhich
The order was modified by the court only as to the date visionsthe computation(6)made,ffb that, to the extent requiredsuch excess
the remaining one-half of
and
of paragraphs
required
when interest accrues on the amounts which the Com- net railway operating income is St. Louisto be placed in a reserve fund estab& O'Fallon By.;
lished and maintained by said
mission ordered the railroad to pay.
appearing that on Mar. 28 1924 this Commission, by
"And
will be entered by the full court on Division it further
The formal decree
4, announced that interest on amounts of excess net railway operbe repayable to the United
Dec. 19, at which time appeals, if any, may be asked for. ating income rate of 6", per annum,States under said section would termibeginning four months after the
quired at the
nation of the
The Commission expects the case to be appealed by the computed; period for which the said excess net railway operating income is
of
railroads, so that it may come before the U.S.Supreme Court "It is ordered, that the amounts& excess net railway operating income
which are held by the said St. Louis O'Fallon Ry.,as trustee for the Uhited
wider the expediting Act.
States, under the aforesaid provisions, be paid to this Commission in Fedto the order
-mile railroad in the real Reserve funds, drawnto George B. of the Inter-State Commerce ComAlthough involving directly only a 9
McGinty, Secretary, Washington,
mission and transmitted
D C., within 90
vicinity of St. Louis, the case is looked upon, both by the as stated below: days from the date hereof, together with interest thereon,
Commission and the railroads as a test case as to the Com- "From May 11921. 853,377.98; May 11922. $85,102.56; May 11923.
353195.51; May 1 1921, 355.204.61.
mission's methods of valuation in general. Many officials
"It is further ordered that the remaining one-half of such excess net
railway operating income be placed in
followed the O'Fallon ease were surprised that the graph (6) of said section. as aforesaid."a reserve fund, as required by paratriho have
court had failed to pass upon valuation methods. Apparently,
Both Companies File Bill to Enjoin Order.
The present bill was filed by both companies to enjoin that order as
the court contented itself by saying that the road in question
was receiving a fair return upon its own valuation figures Illegal. The Interest of the Manufacturers'In the order against the O'Fallon
DEC. 17 1927.]
THE CIIRONICLE
arises.from the contention that for recapture purposes the net revenues of
the two roads should be considered as derived from a "single system."
within the meaning of section 15-A, paragraph (6).
The entire order is attacked upon four grounds:
(1) Because based upon an erroeous and inadequate finding of value;
(2) Because the O'Fallon and the Manufacturers' constituted "a group
of carriers under common control and management and operated este single
system," within the meaning of section 15-A, paragraph (6) of the Commerce Act, as amended;
(3) Because the Commission had not, prior to any of these recapture
periods, prescribed the group rates required by section 15-A, paragraphs
(2) and (3) which, it is claimed. is a prerequisite to any recapture;
(4) Because section 15-A is void as a delegation of legislative power without any prescribed course of procedure or rules of decision to be followed
in the exercise of such power.
The "reserve fund" provision of the order is attacked because—
(a) Section 15-A does not impress a trust upon such portion of the excess
fund, and
(b) Because section 15-A and the order each results in denying full and
unrestricted use of what is the private property of the railroad, and, therefore, is a taking thereof, without due process of law.
There are two lesser contentions:
(a) That interest could not be required. and (b) that income arising prior
to August 26 1920, is not subject to recapture.
The attack upon the valuation ot the property of the O'Fallon is stated to
be that the Commission measured such value upon the assumed prudent investment basis and failed to give "effective and dominant consideration
* * • " to the cost of reporduction at the price levels existing at the
time the issue arises here, as to each of the several recapture periods, to-wit:
the last 10 months of 1020 and each of the calendar years of 1921. 1922,
and 1923.
The values found by the Commission for each of these periods were as
follows:
. For the last 10 months of 1920, $856,065; for 1921, $875,360; for 1922,
$978.874; for 1923. $978,246.
The amount claimed by the O'Fallon as its value during each of such
periods is "not less than $1.350.000."
No Dispute as to Net Earnings.
The United. States contends that there is no question of confiscation
presented here and no need to examine the accuracy of the values found by
the Commission or its methods used in determining such values because
even if it might be contended that the above value claimed by the O'Fallon
is correct, yet its net earnings thereon would, less the amount ordered paid
over to the Government by the order of the Commission, be an ample return
thereon for each of the recapture periods.
For the purpose of resolving this contention made by the Government, the
value of the O'Fallon may be taken, as claimed by it, to be $1.350.000.
There is no dispute as to the net earnings (undiminished by any recapture
proceeding) as to each of the above four periods. Such earnings were as
follows:
For the last 10 months of 1920. $147,519.89; for 1921, $182,726.73; for
1922, $16,,123.47; for 1923. $169,103.98.
The amounts ordered paid over to the Government for each of these
periods, respectively, were as follows:
For the last 10 months of 1920.$53,377.98; for 1921,$65,102.56; for 1922,
$53.195.51; for 1923, $55,204.61.
The sum ordered placed in "reserve fund" for each of such periods was the
same in amount as ordered paid over. Thus, the amounts affected and
controlled by the order for each of the periods was as follows:
For the last 10 months of 1920. $106.755.96; for 1921. $130.205.12; for
1922. $106.391 02; for 1923, $110,409.22.
Subtracting the last amounts from the undiminished net returns for each
period leaves, as the net income, unaffected by the order, the following:
For the last 10 months of 1920. $40,763.93; for 1921, $52,521.61; for
1922. $58.732.45; for 1923. 858.694.76.
The largest of these balances, $58,732.45, Is but 4.35% of the above
assumed value (81350.000) of the property. Such a return is obviously
insufficient. Therefore, it is of controlling importance as to this contention
In the case to determine two matters.
First, whether the return to the carrier in a recapture case is to be measured by the net revenue 'ambling after deducting both the amount to be
paid over to the Government and the amount to be placed in the reserve
fund, or is to be measured by the net revenue remaining after deducting
only the amount to be paid over to the Government. The latter is the
contention of the Government. That position is based upon an expression
of the Supreme Court in the only recapture case which has, so far, been
decided by it. In that case (Dayton-Goose Creek Railway Co. v. United
States, 263 U. S. 456, at p. 486), the Court (ours) said:
"The Act fixes the fair return for the years here involved. 1920 and 1921.
at 5347, and the Commission exercises its discretion to add
%. The
case of Bluefield Water Works & Improvement Co. v. Public Service Commission, 262 U. S. 679, is cited to show that a return of 6% on the property
of a public utility is confiscatory. But 6% was not found confiscatory in
Willcox v. Consolidated Gas Co. 212 U. 8. 19. 48. 50: in Cedar Rapids
Gas Light Co. v. Cedar Rapids, ' U. S. 655, 670, or In Des Moines Gas
223
Co. v. Dos Moines, 238 U. S. 153, 172. Thus the question of the minimum of a fair percentage value is shown to vary with the circumstances.
"Here we are relieved from considering the line between a fair return and
confiscation, because under the provisions of the Act and the reports made
by the appellant, the return which it will receive after paying one-half the
excess to the Commission will be about 8% on the reported value. This
can hardly be called confiscatory. . . . Moreover, the appellant did not
raise the issue of confiscation in its bill, and it Can not properly be said to
tbe before us."
While the Court said that the issue of confiscation was not raised in that
bill and that such issue "can not properly be said to be before us," and
that, therefore, the above quoted expressions may be regarded as a dictum
not necessary to a decision of the case, yet we can not say that it does not
represent the view of the Court as to that matter. Whatever might be
our independent view as to the inclusion of the "reserve fund' portion with
the net revenue left unrestricted with the carrier and with the determination that such restriction Is to be taken as a "restriction" by which confiscation is to be measured, we do not feel free to disregard this seemingly clear
and deliberate statement that such combined sum is such measure.
Because that is the measure and the only measure so far given by the
Supreme Court in a recapture case, we feel obligated to accept it as the rule
of law to be applied by us herein.
3265
For the last 10 months of 1920. 6.97%;for 1921. 8.71%;for 1922. 8.29%f
for 1923, 8.43%.
While the question of what suffices to constitute a fair return in a con
,
fiscatory sense varies with ciecumetances (Dayton-Goose Creek Ry. v.
United States, 263 U. EL 456, 486). yet the Supreme Court in that caste
(page 486) held that a return of about 8% could "hardly be called confiscatory," and said that a return of "6% was found not confiscatory" In
Wilcox v. Consolidated Gas Co., 212 U. S. 19. 48. 50; in Cedar Rapids
Gas Light Co. v. Cedar Rapids. 223 U. S. 655. 670, or in Dee Moines Gas
Co. V. Des Moines, 238 U. S. 153, 172.
These statements from the Dayton-Goose Creek case would clearly elimt
nate the returns (more than 8% on the O'Fallon for the years 1921. 1921
and 1923). That case would seem. also, to eliminate the return (6.97%) on
the O'Fallon for the laaf 10 months of 1920, because that case was a recapture case and the above expressions of the Court concerning the percentage of return were made, in part, concerning a recapture for the same
period (last 10 months of 1920) involved in this case.
Contention Held To Be Well Founded.
From the above law and facts, it seems that this contention of the United
States is well founded: that the verity of the Commission's valuation herein
need not be examined, and can not affect this recapture order, and, therefore, that such order is not open to attack upon the ground of wrongful
valuation If this be true, it is unnecessary to examine and determine the
various contentions made by the parties and amic curiae concerning the
proper manner of ascertaining value herein.
Section 15-A, paragraph (6), 41 Statute 489 contains a provision that:
"For the purposes of this paragraph the value of the railway property and
the net railway operating income of a group of carriers, which the Commission finds are under common control and management and are operated as
a single system, shall be computed for the system as a whole irrespective of
the separate ownership and accounting returns of the various parts ef such
system."
This proceeding was against both the O'Fallon and the Manufacturers'.
The Commission found excess earnings for the O'Fallon and found none for
the Manufacturers'. Also. the Commission found a common control and
management, but not a single system operation of the two carriers. Therefore, it denied them the application of the above statutory provision. Both
carriers contended that such denial was error and that they do, within the
above statute, constitute such a single system.
Common Control Found But Not Single System.
The United States challenges the jurisdiction of this Court to examine thir
question. This challenge is not well made. The statute laid down the
rule. It was the duty of the Commission to apply that rule to the
evidence before it and to reach and state a resulting conclusion. That
conclusion affects the legal rights of these carriers as fixed by the statute.
The carriers claim here that this conclusion of the Commission was based
upon no evidence. Therefore, that conclusion is judicially examinable,
at least to the extent to ascertain whether it was the result of arbitrary'
action by the Commission—that is ,whether the conclusion was reached
without the necessary basis of evidence (Northern Pacific v. Department of
Public Works, 268 U. S. 39, 44-45; Ohio Valley Co. v. Ben Avon Borough,
253 U. S. 287, 297; Inter-State Commerce Commission v. Union Pacific
RR., 222 U. S. 541, 547).
The statutory requirement is that to be entitled to treatment as a "group."
the carriers must be under common control and management and must
be operated as a single system. Whether such requirements exist is a
matter of fact to be determined from the evidence.
There is no substantial contradiction in the evidence, but the difference
arises mainly from the conclusion of ultimate fact to be deducted from the
evidence. There is little room for such difference in so far as "common
control and management" is concerned, for the evidence is clear that the
Adolphus Busch estate owns a large majority of the stock of both carriers,
and that there is a common executive and office force which handles and
controls the business of each. The real point of difference is whether the
two are "operated as a single system." The evidence upon this point is
well stated in the report of the Commission, as follows:
"The Manufacturers' owns and operates about 30 miles of track in St.
Louis. of which 5 miles are classified as main track and 25 miles as sidings
or industrial tracks. Its construction was commenced 1111887 by the interests which controlled the Anheuser Busch Brewing Association. The Manufacturers' is purely a switching road, moving cars between various Industries
and the trunk lines, or the line of the Terminal Railroad Association of St.
Louis, hereinafter called the Terminal. It issues no waybills, but issues
receipts to shippers and transmits bills of lading to the trunk lines by which
regular waybills are made out.
"The O'Fallon operates about 9 miles of main line and 12 miles of yard
track and sidings in Illinois, the former extending from coal mines owned by
the Adolphus Busch estate westward to a connection with the tracks of the
Terminal in East St. Louis. Its traffic is almost exclusively coal in carloads,
which is distributed from origin on regular billing. Through the medium of
the Terminal its shipments are delivered at various points in St. Louis,some
of which are on the tracks of the Manufacturers'. Control of the O'Fallon
was acquired by the Busch interests in 1913.
"The industries of the controlling interests have never used more than
8% of the coal shipments from the O'Falion. The distance between the
railroad of the O'Fallon and the railroad of the Manufacturers' is about 12
miles, and communication by rail between the two properties is effected over
the tracks of the Terminal, including a bridge over the Mississippi River.
"Upon the completion of a new bridge,referred to as the municipal bridge,
It is proposed to construct tracks which will effect direct physical connection between the Manufacturers' and the O'Fallon, and, in preparation for
this development, the O'Fallon has acquired and holds about 30 acres of
land near the eastern approach of the bridge. The carriers operate engines
and other equipment from one line to another over intervening tracks
horeinbefore described; but there is no written contract or other arrangement
for such use and a special arrangement is necessary for each movement.
Due to the difference in traffic handled by the Manufacturers' and the
O'Fallon, there is no occasion for through regular operation of trains Over
he lines of those carriers.
"The general offices are located in St. Louis. There is an engine repair
shop located on the Manufacturers' in St. Louis and the O'Fallon has a car
repair shop on its line. Repair work on equipment for both carriers is done
at these shops as well as similar work for other carriers. Work done for
either carrier in the shop of the other is charged for the same as for work
done for any other carrier.
"The rates to and from points on the Manufacturers' are the St. Louis
rates, to which the Manufacturers' is a party, and out of which it gets revenue in the form of a switching or terminal charge which is absorbed by the
line-hall carrier. The O'Fallon is also a party to many joint rates with
trunk lines. The companies render separate operating reports to us."
The above statement of facts is applicable, without material modification,
to the entire period of three years and 10 months covered by this investigation.
Results From Applyini, Rule of Law to Facts.
Only a small percentage of the traffic originating on the O'Fallon moves to
The second matter to be determined is the result from applying this rule points on the Manufacturers' and practically no traffic moves from the
the facts as shown by the evidence. Applying this measure to the Manufacturers' to the O'Fallon. There is no common financial responof law to
undisputed evidence, such return for each of the recapture period is as sibbity or intermingling of financial obligations and benefits as between the
follows:
two carriers.
For the last 10 months of 1920,$94,141.91;for 1921, $117,624.17; for 1922,
To this statement it may be added that the O'Fallon was acquired by the
$111,927.96; for 1923, $113,b99.37.
Busch interests with the apparent purpose of connecting it up with the
amounts give a percentage return for the respective periods upon Manufacturers' and thus furnishing a complete system consisting of conThese
he value ($1,350,000) claimed by the carrier as follows:
nected terminals on both sides of the river, but this has never been done and
3266
THE CHRONICLE
was not the situation at the time of these recapture periods. This evidence
seems to justify the conclusion of the Commission that they stand apart
in physical location, in the character of traffic handled, in the conduct of
their financial transactions," . • •
System of Connected Terminals Planned.
A mere short gap in physical connection might not be sufficient to prevent
these carriers being regarded as "a single system," within the statutory
meaning. But where such gap exists and thereto is added the considerations
that there is no common traffic moving one way over the two carriers and
only a small percentage the other way it is difficult to believe that the two
are operated as the "single system," intended by the statute. Also, there
Is no financial interdependence between them so that the low earnings of one
corporation can be aided or recouped by the other.
It is strongly urged that there is an actual physical or at least a legal connection between the two roads arising from the fact that the Terminal Road
Association, which owned and operated the trackage between these two
carriers, was declared to be the "agent" and "servant" of the roads with
which it connected in the so-called Terminal Railroad cases (U. S. v. Terminal Railroad Association, 2 24, U. S. 484, 238 U. S. 194) Terminal
Railroad Association v. U. S. 266. U. S. 17.
Dealing With Matters of Statutory Instruction.
It may be, that for the legal purposes involved in these cases, the Terminal is an agent or servant of every railroad connected with it which uses
Its facilities. But we are dealing now with a matter ofstatutory instruction—
the question, being whether in this statute, "operated as a single system,"
was meant to include such a situation as is here presented. The fact of a
mere physical break in the trackage does not seem to us to be determinative.
The Wabash, which goes both east and west from St. Louis, might, within
this statute, be a "single system," even though there be a short break in its
physical connection. Such conclusion might not be affected even though
that break is bridged by an entirely independent carrier if the only place
therein of such independent carrier Is that of transfer from one Wabash
trackage to another. But there these two carriers have no traffic carrying
or operating unity except for the small amount of coal delivered to the
Manufacturers' from the O'Fallon and no financial interdependence.
Therefore, we think, the Commission correctly htld these two carriers not
to be "operated as a single system," within the meaning of this statute.
Rates as Prerentisite to Recapture.
Rates under Section 15-A as prerequisite to recapture:
This contention is that paragraphs (2) and (3) of Section 15-A require
the Commission to fix rates in a group of carriers so that the earnings of
such group carriers shall. "as nearly as may be," yield a fair return upon
the aggregate value of such carriers, and shall from time to time determine
what percentage upon such value will produce such fair return; that until
such rates are fixed and operative there can be no recapture of earnings
from any carrier ffithin such group; that no such rates had been established
at the periods &vered by this recapture order, and that the aggregate
earnings for all the carriers In the group in which the O'Fallon falls were
for these recapture periods less than the temporary percentage allowed
thereon by paragraph (3).
The recapture provisions are in paragraphs (5) to (16), inclusive, and
paragraph (18) of the section. Of such paragraphs. (5) and (6) are here
Important. Paragraph (5) provides that the earnings of any carrier in
excess of the percentage established under paragraph (3) by the Commission
shall be subject to recapture. Paragraph (6) fixes a minimum percentage
of 6%, beyond which earnings are to be regarded as an excess, and may be
recaptured.
Paragraphs (5) and (6) relate to fixing of rates, having in view all of the
carriers in a group. Paragraphs (5) and (6) have to do with recapture of
excessive earnings in Individual carriers. We see no necessary or logical
dependence of the latter upon the former, and we find no expression nor
Implication in the section leading to such result. The only relation between these paragraphs seems to be that the percentage fixed by the Commission under paragraph (3) as constituting a "fair return," shall, under
paragraph (5) measure a fair return. Therefore excess earnings for recapture purposes with a maximum percentage limitation of 6%.
Under paragraph (6)—Here the recapture is sought for the claimed excess
above the maximum percentage of "fair return" permitted by paragraph (6)
hence no percentage fixed or not yet fixed by the Commission under paragraph (3) for earnings by the group can have any effect upon the rights
of this carrier.
Contention of Appellants Must Be Denied.
Also, there may be significance in the provision of paragraph (3) fixing a
temporary percentage of return for two years, beginning March 1 1920.
Obviously, one purpose of this provision was to bridge the period following
the effective date of this act (approved Feb. 28 1920), during which the
Commission should, under paragraphs (2) and (3) form the carriers of the
country into groups and determine the percentage constituting a fair return
under paragraph (3). Since the only connection between paragraphs (2)
and (3) and paragraphs (5) and (6)is the percentage constituting fair return,
the above provision is, at least, persuasive that the Congress intended
thereby expressly to remove all thought of suspension of operation of paragraphs (5) and (6) until after determination by the Commission of the
percentage of return under paragraph (3).
This contention of appellants must be denied.
Procedure: It is contended that Section 15-A is invalid as a legislative
power without prescribing a method of procedure. The section defined the
duties of the Commission as to fixing rates; declared what should be excess
Income subject to recapture; the disposition to be made by the Commission
of the recaptured funds coming into its hands, and the disposition of the
portion going into the "reserve fund" left with the carrier.
As to the recapture, it fixed a maximum percentage of return as a basis
of earnings, and directed the Commission as to the ascertainment of property
value to which that percentage should apply. In short, the section set out
completely the legislative rules.
, The only duty left to the Commission was the ascertainment of the facts
in each case to which those rules were to be applied by it. It left the Commission no direction as to the application of those rules of law to the facts
found by it. Therefore, no legislative power was delegated (U. S. v.
Grtmand. 220 U. S. 506, 516).
[VOL. 125.
This provision of the order is attacked upon two grounds The first of
these grounds is that Section 15-A does not impress a trust upon such
portion of the excess earnings. Paragraph (6) provides that such portion of
the excess earnings "shall be placed in a reserve fund established and maintained by such carrier."
Paragraph 427 provides that the carrier can use this fund for "no other
purpose, than to supply dividend deficiencies up to 6% of subsequent
years." Paragraph (8) provides that such fund need be maintained only up
to 5% of the value of the carrier. The purpose of these provisions is obvious.
It is to segregate a special fund, of a stated maximum, for a prescribed
purpose. It is of no moment whether this be denominated a treat or not.
The Intention is clear, and the only question is one of legislative power.
Demand for Interest Held to Be Justified.
The second ground for challenging this portion of the order is that it
denied the full and unrestricted use of the carrier of what was its private
property. The Dayton-Goose Creek case, supra, page 484. has determined
that Congress had power to hold the carrier to a reasonable return and to
control all excess thereover. If that power extends to entirely taking
from the carrier one-half of such excess, as there held, it more clearly would
cover limitation of use by the carrier of the other half.
The order of the Commission required payment of the recapture amount
for each of the various periods with interest thereon at 6% from a time four
months after the end of such period. The allowance of any interest is
challenged.
The section (paragraph 6) requires one-half of the excess earnings to be
paid over to the Commission "within the first four months following the
close" of the recapture period. Evidently, It was upon such provision that
the Commission based its claim of power and right to require interest from
the end ofsuch four months' period.
While this provision obligated the carrier to pay over within the four
months, yet where there is, as here, a bona fide contention that there was
no excess earned, no liability for interest could arise until it had been ascertained whether and in what amount there was an excess to be paid over.
The carrier contends that such liability is not ascertained, or liquidated.,
until it has been determined judicially. We think the section (paragraphs
4, 6 and 9) made it the duty of the Commission to determine the amount
due and, where there is a dispute, such determination is a liquidation of
such for interest purposes.
Therefore. the Commission erred in requiring interest from four months
after the respective recapture periods, but not in requiring. interest. The
order should be modified to require interest from the date when, under the
order, the payments found due by the order, should be made. This was 90
days after date of the order, entered Feb. 15 1927.
It is contended that in no event could there be recapture for the period
between March 1 1920, and Aug. 26 1920. This contention is, in a reduced
form, the same as treated above. It is that prior to August 26 1920, this
carrier received no income under the provisions of Section 15-A (paragraph 2)
because the increased rates Installed thereunder did not become effective
until that date. As said above, the section seems to fix March 1 1920, as
the beginning of the time for recapture and the fixing of rates (under Section 15-A or otherwise) has no effect upon that matter.
Conclusion: The order should be modified to allow interest on each of the
amounts found by the Commission from June 17 1927, and as thus modified
should be sustained. It is so ordered.
District Judge Faris concurs in opinion filed.
Order to Be Entered On Dec. 19 1927.
An order will be entered herein at the Court in St. Louis on Dec. 19 1927.
at 9:30 a. m., at which time the Court will consider any matters in connection therewith or in connection with any appeal therefrom.
Concurring Opinion By Judge Fads,
Farts, District Judge, concurring:
"I concur in the result reached In the opinion of Judge Stone, and concur
fully in the views expressed as to the matter of interest overcharge. I also
agree with the conclusion that the plaintiffs' railways do not constitute under
the law upon the facts a "single system," under common control and management "and operated as a single system." It may be well that here the
findings of the Interstate Commerce Commission upon this point are not
reviewable by this Court. But the latter point need not be ruled. For
while it may, at least. arguendo, be conceded that plaintiffs' railways are
under "common control and management," the facts do not in my opinion
show that they are "operated as a single system."
Under subdivision (6) of section 15-A of the Interstate Commerce Act, as
amended by the Transportation Act, passed on Feb. 28 1920(41 State. 488).
both of these verities must contemporaneously exist. Since upon the facts
here but one of them is present, the plaintiffs' railways constitute, for recapture purposes, two separate entities. I shall (for brevity's sake) call the
complaining plaintiff O'Fallon. simply.
I concur in the view that the Interstate Commerce Commission (hereinafter called Commission) did not err in considering as a part of the recapture period, the last 10 months of the year 1920; that is, the 10 months of
the year 1920. following the effective dates of the Transportation Act and of
section 15-A of the Interstate Commerce Act (allocated to the latter Act but
enacted as a part of the former Act).
It may be true, as plaintiffs contend, that technically no carrier received
any income under the provisions of section 15-A, because no increase of
rates and no adjustment of rates were formally made or authorized until the
order of the Commission of Aug. 26 1920, reduced rates (1922, 65 I. C• 0
.
676).
But since the recapture provisions took effect, when the Transportation
Act became law, that is on March 1 1920, and since the O'Fallon earned
money subject to recapture without any increase or adjustment of rates, it Is
my opinion that it cannot take advanatge of this situation, even though
some of the carrier members of the group to which it is allocated might have
been entitled to an adjustment or an increase of rates which they did not
get before the order of Aug. 26 1920.
Outlines Position Taken by Plaintiff.
Plaintiffs contend that confiscation has happened by reason of the use of
elements of valuation not in accord "with the law of the land" which concededly, at least, among other things is to be regarded in reaching a valuation of the properties of O'Fallon used in the service of transportation.
Commission Authorized To Prescribe Rules.
On the other hand, the Government and the Commission contend that
(paragraph 9) authorizes the Commission to "prescribe rules and upon no view is confiscation present,for that the matter Is merely one wholly
Section 6
regulations for the determination and recovery of the excess income payable solvable by a proper construction of the apposite statutes.
It may be conceded that if the contentions of tho Commission and the
to it (having in mind the mere administrative procedure before it, such as
hearings, notices, &c.), having to do with the ascertainment of the matters Government, both as to the law and the facts In the case, are correct, there
*
Moreover, a full hearing was had is no confiscation. But if plaintiffs' contentions are correct. I think confisof fact committed to it by the section.
cation is obvious. So the case differs upon the point in a way in no wise
herein.
The Reserve Fund: After requiring that one-half of the excess earnings unique or contrary to the ordinary case wherein constitutional questions are
found by it for each of the recapture periods be paid over to the Commission, urged by the one party and combatted by the other, and so the insistence
this order of recapture contained a provision, "that the remaining one-half of the defendants seems a begging of the question.
Defendants use this mathematical formula in demonstration of this conor,/Inch excess net railway operating income be placed in a reserve fund, as
.equired.
tention. to-wit:
. .by paragraph (6) of said section, as aforesaid"
DEC. 17 1927.]
THE CHRONICLE
3267
"For 1922,6% on $978,874, the value found by the Commission, is $58.732.44. For 1922 the net railway operating income was $165,122.47 Sub- railroad property at its actual value or at either its prudent investment value
tract the 558,732.44 and the difference is $106,391.03;one-half is $53,195.51; or its value arrived at by taking the present reproduction cost less deadd $58,732.44 and $53,195.51 and so the insistence the sum of $111.- preciation.
927.95 is O'Fallon's share. That amount is equivalent to 11.43% on
Manner and Method of Proper Valuation.
$987.674; and 8.29% on $1,350,000, the value alleged by O'Fallon in the
,
amended petition."
(k) That value in exchange is tantamount to fair and reasonable market
value, which is made up of expert opinion, but which is not necessarily
Similar Figuring Gives Different Results.
Adopting the identical formula, but using the valuation of $1,350,000, dependent upon either original cost or the cost of reproduction new at the
contended for by plaintiffs, the final figures reached are $123,087.44,instead time of sale or at the time of the valuation, and;
(1) Therefore, the value of the physical properties of a common carrier
of $111,927.95, which is about 9% on the valuation for which plaintiffs
contend. Subtracting $123,087.44 from $165,123.47, which is the net under the recapture provisions of the Inter-State Commerce Act ought to
be the net result of expert opinion, reasonably and honestly exercised (and
operating income of the year 1922. the result is 542,036.03, which the Commission should have exacted, whereas it seeks to take for the year 1922, informed by a consideration of the information required by statute to be
obtained) as is to be deduced from a fair analysis of the items considered
$53.195.51.
With deference, however, I think the formula has been carried too far. and of the methods employed in the valuation, and the items considered
and the methods employed should, In addition to the use in the valuation
The controlling final figures would have resulted had the wholly unnecessary
final addition and final subtraction not been done. For example: 6% of of the statutory information (Section 19-A, subdivision (b). Inter-State
$1,350,000 is $81,052.44; the net operating income for the year 1922 was Commerce Act, as amended Feb. 28 1920 and June 7 1922).take into consid$165,123.47. Subtract from such income the $81,052.44 to which plaintiffs eration the average of known price-levels for both labor and materials
contend the O'Fallon is entitled, and there is left the sum of 584,071.08 only, over a fair term of years preceding the valuation, as well as for a fair term
subject to treatment for recapture puurposes One-half of which is $42,036 of years thereafter, based on the trend of such levels according to historical
In round numbers, yet the Commission seeks to take $53,195. In my opin- observation and human experience.
Concededly, as to ordinary goods and chattels, as well as to real estate
ion there thus appears a clear confiscation of some $11.000. provided the
methods of valuation used by the Commission were not in accord with the (touching which latter the doctrine of present value was followed and as to
which there is here no controversy), the owner, as he must bear decreases
rules and elements which serve to make up the law of the land.
Since the matter of rate-making Is not involved I think the question is not in value or price, is by the same token entitled to all increases in value.
one as to what money O'Fallon was allowed to keep, but one of what money This, as to such commodities, may be conceded to be "the law of the land."
was taken away from it. And this condition exists, regardless whether the But all such commodities have either, or both, value in use and value in
burdens and restrictions put upon the moiety of $42,036 left in O'Fallon's exchange; nor are they hedged about by the provisions of the Transportation Act and the apposite clauses of the Inter-State Commerce Act.
hands constitute confiscation of that money or not.
Railroads are, under the existing law and policy, governed by these acts,
Restrictions Viewed As Form of Confiscation.
and they have (certainly for rate-making purposes and the identical yardI am unable to avoid the conclusion that the restrictions put by Section stick, perforce these acts, measures and governs both rate-making and re15-A of the Transportation Act on the use of that one-half or the surplus capture bases values), neither value in use as the sole test of value, nor
or annual earnings above 6% which is left in the carriers' hands, is at least value in exchange.
a form of confiscation. But it is not, in my opinion, necessary to decide
Obviously the statute itself (Section 19-A, supra) in requiring examinawhether such burdens and restrictions saddled by the act on the moiety. tion, in the work of valuation, into "the net and green earnings" of the
constitute confiscation. The matter well may be permitted to rest on the railroad being valued, fairly commands consideration of the element of
taking of the $11,000 through an alleged application of illegal elements in value in use. But the element of value in use is not the sole test enjoined
reaching the value of O'Fallon's properties used in the service of trans- either under the above statute, or outside of it. and by the "law of the land."
portation.
I think it must be conceded that carriers, under the recapture provisions
If the alleged fact of confiscation Includes the contention that such con- of the Transportation Act, have a value in use. But such value is not the
fiscation exists hero because the O'Fallon's properties were not valued by a sole test; it is only to be considered among other things.
consideration of the identical elements used in valuing real estate and
Value in Use Held Not to Be Sole Test. .
ordinary chattels, I think the answer lies in the inherent differences in the
If it were the sole test, then since, upon what I conceive to be the weight
nature of the two sorts of properties. And that confiscation does not arise
from the mere fact of the use of different methods. Certainly, this is true, of authority and the reason of the thing, it cannot be so used in valuation
If In their nature, the two sorts of properties cannot be valued fairly as to for rate-making purposes; it would be necessary to take the arbitrary view
either, if the identical rules be used, I am of the opinion that the latter that valuation for recapture-of-profits purposes is paramount. For but
situation is presented by the facts, for reasons and conclusions I have one valuation for both purposes is contemplated by the statutes. Certainly
It was not intended by the Congress that separate valuations employing
hurriedly set down.
different elements of value should be made.
Valuation Not Designed For Rate Making.
Briefly, x am constrained to reach some of these views,from the fact that,
The question here. I repeat, is one of valuation for recapture of profits
perforce the provisions of section 15-A of the Inter-State Commerce Act.
purposes, and not one of valuation for rate-making purposes. The matter
the Commission is permitted to "utilize the results of its investigation under
of valuation for rate-making purposes is involved incidentally and adventitiously only. With deference, then, I am of the view that this Court section 19-A of this Act, so far as deemed by it available."
cannot avoid the necessity of meeting the question of legal methods of
Much Information Must Be Collated.
valuation. vel non, taco to face. Again with deference, I am constrained to
As aids to the valuation of the "property owned or used by every
the view that what was said in the case of Dayton-Goose Creek Railway v. common
carrier" under the provisions of section 19-A of the Act, a vast
United States, 263 U. S , 10. 486, was obiter dictum and clearly meant to amount
of information is required to be obtained by the Commission, embe so by the distinguished and learned writer of that opinion. Moreover,
bracing, inter elle, original cost to date: the cost of reproduction, less deIn the Dayton-Goose Creek case the correctness of the valuation was not
predation; an analysis of the methods by which such costs are obtained.
attacked, but at least tacitly conceded.
and the reasons for any existing differences, if any: the history and organization of the present, or any predecessor corporation; any increase or deProblem of Basis Valuation Is Reviewed.
No excusable reason exists for adding to the length of these views by crease of stocks, bonds, or other securities and the money received therefor;
setting out the reasons for the position I take upon the propositions. I the net and gross earnings of the corporation; the moneys expended and
for what purpose expended; the amount and value of any aid, gift, donation
content myself by saying that my opinion Is:
(a) That from the case of Smythe v. Ames, 169 U. S., L. C. 546, 547, to or grant of right of way by any individual or by the Government, any State,
the last utterance of the Supreme Court of the United Statse, no hard and county or other municipality, as well as the disposition thereof and-or of
the money derived therefrom. (See subdivisions first, second, third,
fast rule has ever been laid down by that Court touching the manner of
the
valuation of the properties of railroads used In the service of transportation. fourth and fifth of section 19-A, supra).
Paragraph F of subdivision 50 of section 19-A. supra. says "upon the
(b) That the provisions of Section 15-A of the Transportation Act and
completion of the valuation herein provided for the Commission shall
19-A of the Interstate Commerce Act, as amended are parts of
"the law thereafter
in like manner keep itself informed of all extensions and improveof the land" to which some reference must be made and much
deference ments,
or other changes in the condition and value of the property of all commust be given.
mon carriers, and shall ascertain the value thereof, and shall from time
(c) That Section 15 of the Transportation Act considered, as Is
required in time
revise, correct its valuations, which valuations, both original and
connection with Section 19-A of the Interstate Commerce Act,
as amended,
corrected, shall be tentative valuations."
inevitably contemplates, bath from the language used and from
the standBut tentative alone in the sense that notice thereof must be given and
point of practicability, one basic valuation which shall stand as such
so long protests,
if any, heard; but upon giving notice, as provided for in paragraph
as the law itself shall continue in force.
H of subdivision 5 of subsection 19-A, supra. and lacking protest, from
(d) That to this basic valuation and to keep it up-to-date there
must be
annually added Increments accruing to capital on the
either the State or carrier itself within 30 days, such valuation becomes
basis of the prudent
investment value of such increments.
final.
(e) Therefore a valuation arrived at by the sole use of
Decides Commission Did Only Correct Thing.
either the prudent
Investment theory, bottomed upon cost when constructed,
Upon the above provision, and upon the obvious physical fact, that the
or upon the
theory of the present cost of reproduction new, less depreciation,
would annual valuations, which must be made for recapture-of-profits purposes.
'work presently to the public and eventually to the carriers themselves
such would, as to a great railroad system, be so impracticable as to be impossible
monstrous Inequity as to preclude wholly the use of either of such
methods and would thus utterly preclude the enforcement of the recapture provisions
exclusively and eliminate the notion that Congress
contemplated the of the Act (which provisions are characterized as the heart of the Act). I
exclusive use of either of such methods.
base the conclusion that a basic valuation once for all time, must inevitably
(1) That the Transportation Act and the apposite provisions of
the Inter- have been contemplated by the Congress.
state Commerce Act constitute a radical departure from ancient
For the above reasons and conclusions, I am not convinced that the
policies,
by which. in a way. the United States went into a sort of
partnership with Commission erred, but am of the opinion that it reached the valuation
all of the carriers affected by it, but yet left other and local public
found by it in the only way..possible, in a situation so difficult as that
utilities,
though impressed with public interest, wholly unaffected
absolute certainty and correctness is well-nigh infinitely impossible.
by the act.
(g) That this difference is inherent and arises inter alia
Therefore I concur in the result.
from the absolute
necessity annually to value the properties of all carriers
subject to the
provisions of the act (and which as to many of them
would be physically
and wholly impossible without using a basic value fixed once
for all time), Alfred P. Thom, General Counsel of Association of
and the lack of necessity so to value annually, if ever, local
Railway Executives on O'Fallon Decision.
light, power,
gas, water, telephone and other such utilities.
The main question involved in the St. Louis & OFallon
Radical Departure From Ancient Policies.
case, which is the Inter-State Commerce Commission's
(h) That the "law of the land" considered apart from the
provisions of the
Transportation Act, and Sections 15. and 19-A of the
Interstate Commerce methods of making valuation, was not touched upon by the
Act and excluding pretium affectionts as irrelevant, provides but
two tests decision of the special court in St. Louis, Alfred P. Thom,
or measures of value, to wit, value in use and value in exchange.
General Counsel of the Association of Railway Executives,
(I) That the test of value in use is inapplicable because of the
provisions
said after studying the text of the court s opinion. Mr.
of the Transportation Act and Sections 15-A and 19-A. supra (now
allocated In the Code of the Interstate Commerce Act), and
because, for Thom said:
rate-making purposes, it involves the so-called vicious circle, whereby
The majority of the court in this case (and the opinion of the majority
the
more a carrier earns, the more it would be entitled to earn, and so,
hence, is the decision of the court) expressly declined to consider, or to pass upon,
So Infinity.
the methods of valuation adopted by the Commission in the O'Fallon case
(E That for all practicable purposes value in exchange cannot be con- or on the
correctness of the Commission's valuation. The court does not
sidered because of the conceded Impossibility of procuring a buyer for a
great determine whether the cost of reproduction should be ascertained by ap-
3268
THE CHRONICLE
plying the current costa of materials and labor or by applying the cost of
such units as they stood in the year 1914 and before.
What the court does hold is that 6% upon the value as fixed by the
Commission on the O'lzallon property, plus one-half of what are termed
"excess earnings" for the several years considered, taken together, constitute
a fair return upon the value of the property even as claimed by the carrier.
The court thus sees no necessity for concerning itself with the Commission's
valuation or with the methods of the Commission in reaching its conclusion.
It will be observed that the statute of Congress defines as property of
the carrier 6% on the value (which, of course, means the true value) of its
property held for and used in the service of transportation, plus one-half
of what the statute defines as "excess" earnings.
[VOL. 125.
The court falls to recognize this construction of the statutory requirement as sound or as binding upon it, and does not allow what the statute.
thus construed, quite plainly says the carrier is entitled to. The question
will thus be presented to the Supreme Court, whether the foregoing Is the
true construction of the statute and,ifso, whether the Inter-State Commerce
Commission, which is the creature of Congress, can take away from a
carrier what the Congress of the United States by express statute says it
shall have.
Thus it will be seen that the case went off upon a question which did
not involve the correctness of the Commission's methods of valuing, or
the correctness of the value placed upon the railroad properties. That
question is still undecided.
Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Dec. 16 1927.
The weather has still been unfavorable for retail trade,
aside from the usual holiday buying, which now occupies
the attention of retailers all over the country. As usual
at this time, wholesale business is slow. The big industries
are for the most part quiet. Some of the steel sheet mills
report a better business, but this would appear to be an exception which proves the rule that this branch of industry,
like so many others, shows seasonal dullness. There was
a better demand for coal at the West, but here in the East
it shows little improvement. Earlier than usual the Pacific
Northwestern lumber mills are closing down. Yet building permits show the smallest decrease for this season noticeable for two years past. They are larger than those of
October. In the West flooded streams have militated more
or less against business. But in radio and rayon goods there
has been a brisk trade. There is no activity in the automobile trade, though there is some holiday buying as usual,
and new models attract attention. Some are awaiting, however, for other new models which will appear in January.
It looks as though the competition in the automobile trade
will be sharper than ever, especially between the two big
concers, General Motors and the Ford Company. The latter has Just ordered 32,000 tons of steel sheets.
Wheat declined 2 to 3 cents with little export demand
and expectations of a favorable Argentine crop report. All
that held wheat prices for a time was the rise in corn
earlier in the week. But corn fell later about as much as
wheat, with no important export trade. The corn market
was evidently overbought. The cash corn markets, however,
are well sustained, but a good many traders in Chicago
have been selling corn against purchases of oats, despite
a bullish statement on corn given out by Mr. Patten. Oats
advanced a little despite the handicap of falling markets for
corn and wheat. Rye also advanced with German bids
closer to the market and Berlin prices seemingly tending
upward. Provisions declined despite the fact that it is believed the lard stocks in Chicago decreased markedly in the
2
1
first half of the month. Coffee declined about / regardless of the efforts of the Defense Committee to sustain
prices by stopping the daily receipts at Santos as long as
the stock there is about a million bags. It is now 1,100,000
bags. Sugar has remained on the whole steady, if not
slightly higher, and refiners after holding off for a time,
bought, it is understood, between 400,000 and 500,000 bags.
The grinding date for Cuba will be January 1, it is understood, though some producers will not begin until Jan. 15.
Refined sugar has had a rather better sale of late and
prices closed firmer. Cotton advanced 100 points in short
order, owing to the big consumption in November, something unprecedented for that month, namely, 625,800 bales.
This followed a high record consumption for October of
612,000 bales. Moreover, the exports of goods from Great
Britain in November turned out to have been surprisingly
large, showing indeed an increase of 50% on cloths and 15%
on yarns, much to the surprise of everyone, in view of the
loud complaints about the state of trade that Manchester
has been emitting for months past. There will be some
curtailment by Southern cotton mills at the holidays, but
as near as can be made out it will not be very drastic.
Some more of the New England cotton mills have cut wages
10% and it is supposed that Fall River is still operating
at not much if any above 50%. Some of the New Hampshire mills are running at 85%. It is said that Lancashire
is on a 70% basis. On the whole, the tone in the cotton
market of late has been distinctly stronger, after the recent very sharp decline and the elimination of very many
old long accounts. Rubber has declined with less demand
at home and abroad. New York, London and Singapore
rubber prices have all taken a downward course for one
and the same reason. Pig iron has been dull in this part of
the country at least, if the Central West reports a good
business. Prices, it is said, have been eased, here and
there. In the steel trade the feeling is rather more cheerful without anything vry tangible as a rule, it would seem
to Justify it at the present time in the shape of actual improvement in trade. But the general feeling is that the steel
demand will improve in the early part of 1928. Wool has
been in moderate demand and steady. The big London sales
have Just closed at firm or higher prices. Cotton goods
have been reduced in the case of some sheetings 2 cents
2
1c.
and print cloths are understood to have dropped / earlier
in the week. The demand for sheetings is small. Cotton
flannels met with quite a good sale for the season of 1928.
2
1
/
In woolen and worsteds, there was an advance of 2 to
2
1
/
7 c. on some lines. Broad silks were dull. Japanese raw
silk was rather firmer, but sold to only a moderate extent. Early December car loadings are the smallest in
four years.
One of the remarkable facts of the week is that money
has remained easy in spite of enormous stock transactions
-day reached 3,122,000 shares. The official rate
which to
for call loans was 4% but the outside quotation was 3%%.
General Motors and Steel common led an advance and specialties rose sharply. Another $5,000,000 of gold will be
shipped to Argentina, but nobody paid any attention to it,
nor apparently to the weekly statements of the Federal
Reserve system and the local bank which did not ignore
the recent exports of gold from this country. Specialties
in bonds reached new high levels on a sharp demand, copper bonds figuring prominently in the rise. One of the
signs of the times is the long list of extra dividends on all
sorts of securities some of which are very large. London
-day was generally very firm and inclined to be optimisto
tic on the outlook.
At Lawrence, Mass., the worsted and print works departments of the Pacific mills will curtail during the week of
Dec. 26 because of stock taking and general conditions.
Announcement of the indefinite closing of the five American Printing Company mills in Fall River has been followed by unofficial reports that all the other print cloth
mills in that city might close down on the 15th inst. until
after New Year's Day and talk of further curtailment is
heard in mill circles everywhere. Very few cotton merchants expect demand to improve materially until after
the turn of the new year. Manchester, N. H., wired that
the Amoskeag Manufacturing Co. has reduced all wages
10% effective Dec. 24 affecting 10,000 hands. At Manchester, N. H., the Nashua Manufacturing Co., manufacturers of blankets and cotton fabrics is said to have reduced operations in the past week or two to 85% of capacity
compared with capacity and night work several weeks ago.
At Biddeford, Me., the operatives at the Biddeford plant
of the Pepperell Manufacturing Co. and the York Manufacturing Co. are to remain at work until a conference can be
had with officials of the companies over the reduction of
10% in wages which went into effect at those plants.
South Carolina advices said that the narrow sheeting
mills in the South have been overproducing in relation to
demand, according to their own figures and individual manufacturers have already instituted shorter working schedules. The print cloth mills are expected to do the same.
President Hines of the Cotton Textils Institue, Inc., is
quoted as stating that after the recent Institute meeting
the mill representatives discussed the situation and prac-
DEC. 17 1927.]
THE CHRONICLE
tically every mill representative indicated his purpose to
reduce working hours for the time being, beginning Dec.
23 by closing at noon each Friday for the rest of the week.
Greenville, S. C., reported that no concerted action in regard to curtailment was decided upon at the meeting of
the print cloth group of the Cotton Textile Institute in
Spartanburg last Saturday. Any action taken by the mills
Is on their own individual account. In most instances it
was indicated that night work would not be abolished entirely but that output would be curtailed something like
20%, certain departments of both day and night work being
affected. Arkwright, S. C., last week adopted the plan of
closing Friday at noon and starting again Monday morning. Nothing definite was announced in regard to Christmas holidays. Beaumont, S. C., probably will curtail to
some extent, but nothing definite was announced in regard
to the holidays. Clifton, S. C., will close Friday before
Christmas and resume on Tuesday following. Inman Mills,
S. C., probably will curtail to some extent, but announced
nothing in regard to this. Pacolet, S. C., has started closing Friday noon until Monday morning, but has no definite
announcement regarding the holidays. Drayton, S. C., will
probably observe a few days at Christmas, but no curtailment. Spartan, S. C., has begun the Friday noon to Monday morning °losing and will close from Friday to Wednesday for Christmas.
Jackson Mills, at WeIlford, S. C., will observe Christmas
with a few holidays, but no curtailment plan was announced.
Whitney Mills, S. C., had nothing definite in regard to curtailment or vacation for Christmas. Gaffney Mills, in
Cherokee, County, S. C., announced they had adopted the
Friday noon to Monday morning curtailment program and
would close from *Friday to Monday for Christmas. At Charlotte, N. C., the Janet hosiery plant at Shelby, N. C., had
closed indefinitely and that the plant is to be offered for
sale as a going concern. At Huntsville, Ala., the Dallas
Manufacturing Company has announced a working schedule
of four days a week, to be continued indefinitely. The Lowe
Manufacturing Co. has eliminated night operations. Unsatisfactory demand is given as the reason.
Manchester, England, reported that the section spinning
American cotton (Lancashire) worked at about 65% of capacity during November, and mills producing cotton fabrics at 70% while the sections spinning Egyptian cotton,
100%. Inquiries from India are satisfactory, other eastern markets are reported quiet, but shipments are said
to be increasing.
The weather has been mild during the week and for the
past two days it has been raining here. The temperature
ranged from 39 to 47 degrees. At Maltimore yesterday
it was 40 to 42, at Boston 26 to 36, at Buffalo 36, at Chicago
12 to 46, at Cincinnati 24 to 50, at Cleveland 28 to 48, at
Detroit 24 to 42, at Indianapolis 18 to 54, at Jacksonville 64
to 74, Kansas City 12 to 22, Milwaukee 6 to 42, Portland,
Me., 22 to 30, Seattle 40 to 44.
Labor Conditions in Building Industry Quiet
as 1927 Ends.
The close of 1927 finds labor conditions in the building
industry unusually quiet with little prospect of any important
strikes or wage controversies before spring, according to the
national monthly building labor review of the American
Bond & Mortgage Co., which adds:
Possibility of any serious labor troubles in the building industry in the
near future is rather remote, as building craftsmen are showing little inclination to press wage demands or place undue stress on the five-day week
plan.
The decline in the volume of new building and seasonal low activity is
already being felt in a number of localities and a surplus of skilled mechanics
as well as laborers is developing. Union craftsmen are accepting the situation calmly but threaten resistance to any effort that may be made to reduce
present wage schedules.
With the settlement of the Toronto carpenters' strike the last major
disturbances in the industry were eliminated, although there are a few
trades in several communities involved in minor wage controversies. There
is some threat of trouble as a result of the abolition of the National Board
of Jurisdictit ntl Awards, which has been followed by a resumption of the illfeeling between the bricklayers and plasterers. Other trades also are
expected to have annoying jurisdictional quarrels.
Reports from leading cities indicate that little change in present wage
scales and working cond dons can be expected for at least 6 months. In
fact some cities anticipate further wage increases during the coming year.
These cities include Bridgeport, Conn.; Alliance, Ohio; Erie. Pa.; Kansas
City. Mo.; Fall River, Mass.; New Haven, Conn., and Shreveport, La.
Only in a few cities, such as Miami, Fla.; Lowell, Mass.; Charlotte, N.C.:
Tampa,Fla.; Richmond, Va..and Mason City. Iowa, have the contractors
suggested a wage cut. Reduced building activity in a number of commonties threatens to create an oversupply of mechanics which may give encouragement to the possibility of wage reductions.
3269
It is not expected, however, that any material effort toward this direction
will develop prior to the period between Apr. 1 and June 15, when
several
hundred wage agreements and contracts will come up for renewal. The
larger cities, such as New York and Chicago, have agreements extending
through the year and are not expected to be affected by any controversies.
Taking the situation as a whole the prospects are bright for a period
of unusually stable labor conditions in the building Industry for at
least 3
months.
Agricultural Situation Continues on Higher Level.
Continuation of the improved agricultural situation over
last year is reported:by the Bureau of Agricultural Economics,
U. S. Department of Agriculture in its December statement
on the farm situation, issued Dec. 3—The Bureau says:
"The general course of prices of farm products has been slightly downward recently, but other commodities have also declined slightly, so that
the October index of purchasing power of farm products in terms of nonagricultural commodities remained at 92% of prewar, compared with 81%
in October last year.",,,,,$
Despite floods and local setbacks, the mild fall weather is
reported to have brought the general yield of crops up above
the ten-year average. Crop production, however, is about
3% less than it was last year, due to smaller:yields and acreage, and production!per capita is 5.7% below the ten-year
average. Corn is expected to be an average crop, and potatoes more than average, while smaller loss than usual had
left somewhat more cotton for harvest than had been anticipated, according to November crop reports. Continuing the
Bureau says:
"The corn crop is estimated as three-quarters of merchantable quality,
which is slightly above last year's figure but around 5% below average.
The crop is of excellent quality in the western corn belt but not so good in
the eatern belt. The total supply of corn is apparently some 30.000.000
bushels greater than last year,figuring differences in current crop and stocks
on hand November 1.
"The crops of barley and grain sorghums are also larger but are offset by
less oats. With slightly more corn and a record hay crop, however,the total
supply of feedstuffs appears to be larger than last year. This is favorable to
livestock producers once more,although growers who depend on selling corn
or hay as cash crops are not feeling so good over their prices.
"The course of cattle and lamb feeding seems to differ somewhat from
last year. All reports indicate that fewer cattle will be fed out this season
than last, both in the corn belt and in the far west. Stockyards inspections
showed a late summer movement of stocker and feeder cattle into the corn
belt one-fifth less than last year and the smallest In ten years.
"In the case of lambs, the inspections recorded some 300,000 fewer head
than last year going into corn belt feed lots. However,Colorado and western
Nebraska will feed probably double the number of last season. This reverses
the situation of a year ago but puts the regional lamb feeding operations
back into a more accustomed distribution. The expectation is for smaller
market supplies than last year to come in during December and January,
but more lambs from February to May."
Discussing the situation by region, the Bureau declares
that in the east the weather has been generally favorable for
fall work, including corn husking and considerable fall plowing, except in local flood and storm areas. Wheat is reported
to be showing good stands, with pastures holding out to a
fairly late date. Potatoes have been moving to market in
volume; they show considerable rot in some sections and at
lower prices will probably not make as much money for growers as last year. It is also stated:
"The south has been hindered in the eastern part of the belt by drought
which made fitting soil difficult and germination and growth of winter
crops very poor. The same condition to some extent exists in Texas, but
the middle states have been more favored. Cotton picking is nearing an
end, corn has been mostly husked, and the harvest of cane, sweet potatoes{
peanuts, sorghums likewise completed. Winter grains and truck crops
vary widely in condition according to rainfall. The general condition of
the South is apparently improved over last year.
"In the corn belt, corn husking is well along but cribbing has been held
up by the high moisture content of the grain. The quality of the crop is
extremely variable, much of it unusually fine in Nebraska and Kansas, but
much soft corn in eastern belt where some of the crop will not even make
feed. The corn belt apparently is feeding fewer cattle and lambs than last
year. Lower hog prices together with the rather depressing corn situation
leaves the eastern part of the region in poorer position than last year.
"In the wheat belt, winter wheat shows good stands in eastern Kansas
and Nebraska but has been badly in need of rain in the western sections.
It has been too dry also in parts of Oklahoma and Texas. A considerable
area of wheat is thus going into winter with stands fair to poor. Harvest of
corn and supplementary crops is being completed; in the north, winter
weather halted field work some time ago. General conditions in the wheat
belt are reported the best in five or six years in the north, but not greatly
different from last year in the southern part of the belt.
"The range country is going into winter,for the most part, with an abuqdance of feed and with stock in excellent condition. There are some dry
areas in southern New Mexico where feed is short, but these are the excer.
tion—The cattle industry shows every evidence of stimulation; restocking
ranges, cows high priced, goqri income from this fall's shipments of both
feeder and slaughter stock._The sheep industry likewise is optimistic. Western feeding areas are running twice as many lambs as last year. Colorado'
for example, feeding 700.000 head more. The whole picture of conditions
in mountain states is a favorable one.
"On the Pacific Coast the late harvest was further delayed by heavy rains
last month as far south as the Sacramento Valley. Some sowing of winter
wheat was held up in the north for the same reason: likewise some damage
to beets and potatoes unharvested in north, and to rice and beans in south;
The rains benefited pastures, however, and winter grain where it was well
started. Weather has been favorable in southern California; navel oranges
coloring, winter crops doing well. The abundance of certain important
California crops has presented some marketing problems this season,"
3270
THE CHRONICLE
Industrial Activity in November Based on Consumption of
Electrical Energy-Operations Below Previous Month
But Higher Than in Nov., 1926.
The rate of industrial activity in the United States in
November was 3% higher than in the corresponding month
last year. Compared with October of this year, however,
general industrial activity registered a seasonal decline of
3.8%, Electrical World reports. The rate of activity is
based on the consumption of electrical energy by some 3,000
large manufacturing plants, scattered throughout industry. It is also stated:
The most significant trends of the month were in the operation of the
metals group, textiles and the automotive industry. The rolling mills and
the steel plants reported a rate of operation 2.5% under October, and
3.9% under November, 1926. The textile plants of New England reported a drop in activities of 13.6% during November, or to a point
13.5% below November of last year. The textile plants of the Southern
states, on the other hand, increased their rate of operations by 4% over
October of this year.
Electrical energy consumption figures indicate that while the number
of new automobiles turned out during November was materially under
that of November last year, the manufacture of replacement parts was
approximately 50% higher than a year ago. The manufacture of replacement parts now exerts a large influence on the general automobile
industrial situation.
Another significant fact, the publication points out, is that the overwhelming influence of the iron and steel industrial operations has been
dissipated to a considerable degree by the rising influence of other industrial groups. The high purchasing power of the American public is
making itself felt in a larger way in such lines as furniture, food products, shoes, clothing, radio, and electrical appliances-products of industries upon which the operations of the iron and steel industry has little
direct influence.
The rate of industrial activity for November, compared with October
of this year, and November, 1926, all figures adjusted to 26 working
days, and based on monthly consumption of electrical energy-monthly
average 1923-25 equals 100
-follows:
Nov.,
Oct.,
Nov.,
1926
1927
1927
111.9
All industrial groups
119.9
115.2
114.2
Metals industries group
110.8
107.7
113.5
Rolling mills and steel plants
111.8
108.9
114.8
Metal fabricating plants
109.7
106.3
Leather and its products
105.8
111.0
104.5
1192
Textiles
125.4
127.5
Lumber and its products
1392
135.8
112.9
Automobiles and parts
114.2
100.7
82.8
Stone, clay and glass
111.0
109.7
118.5
Paper and pulp
127.7
126.5
118.5
Rubber and its products.
115.6
117.0
112.8
Chemicals and allied products
115.5
99.9
115.8
117.9
Food and kindred products
120.8
104.0
Shipbuilding
117.2
100.8
115.4
Loading of Railway Revenue Freight Continues Low.
Loading of revenue freight for the week ended on Dec. 3
totaled 915,408 cars, according to reports filed on Dec. 13
by the railroads with the Car Service Division of the American Railway Association. This was an increase of 74,605
ears above the preceding week this year, when loadings were
reduced somewhat due to the observance of Thanksgiving
Day. The total for the week of Dec. 3 was, however, a decrease of 135,811 cars under the same week last year and
105,431 cars below the same week in 1925. Particularizing
the statement says:
Miscellaneous freight loading for the week totaled 336,590 cars,a decrease
of 30,409 cars under the corresponding week last year and 34,550 cars below
the same week in 1925.
Coal loading amounted to 158,196 cars,a decrease of 92,602 cars under the
same week last year and 33,637 cars below the same period two years ago.
Grain and grain products loading totaled 49,808 cars, an increase of 1,432
Cars above the same week in 1926 but 9,825 cars below the same period in
1925. In the western districts alone, grain and grain products loading
totaled 33,672 cars, an increase of 5.478 cars above the same week last year.
Live stock loading amounted to 34.425 cars, a decrease of 418 cars below
the same week last year and 2.283 cars below the same week in 1925.
In the Western districts alone, live stock loading totaled 26,549 cars, a
decrease of 138 cars below the same week last year.
Loading of merchandise and less than carload lot freight totaled 256,837
cars, a decrease of 4,875 cars under the same week last year and 5,956 cars
below the corresponding week two years ago.
Forest products loading totaled 61,015 cars, 3,589 cars below the same
week last year and 8,92-1 cars under the same seek In 1925.
Oro loading totaled 9,506 cars. 1.419 cars below the same week in 1926
and 3.351 cars below the corresponding week two years ago.
Coke loading totaled 9,031 cars, a decrease of 3,931 cars under the same
week in 1926 and 6,905 cars below the same period in 1925.
All districts reported decreases in the total loading of all commodities
compared with the correponding periods in 1926 and 1925.
Loading of revenue freight this year compared with the two previous
years follows:
1927.
Five weeks in January
Four weeks In February
Four weeks in March
Five weeks In April
Four weeks In May
Four weeks in June
Five weeks In July
Four weeks in August
Four weeks In September
Five weeks in October
Four weeks In November
Week of Dec. 3rd
Total_
4,524,749
3,823,931
4,016,395
4,890,749
4.096,742
3,974,160
4,935,397
4,249,359
4,360.022
5,587,921
3,822,620
915,408
1926.
4,428,256
3,677,332
3,877,397
4,791,006
4,145,820
4,089.340
5,213,759
4,388,118
4,523,112
5,967,576
4,248,272
1,051,219
1925.
4,456,949
3,623,047
3,702,413
4,710,903
3,869,306
3,965,872
4.945,091
4,321,427
4,297,936
5.537.159
4,093,715
1,020,839
49,197,453
50.401,207
48,544,657
[VoL. 125.
Department Store Trade in United States During
November 1% Larger Than in Same Month Last
Year, According to Federal Reserve Board.
Sales In November of 541 department stores reporting
to the Federal Reserve system were 1% larger than in November of last year. Sales of two mall order houses and
of eight five-and-ten cent chain stores were 7 and 8% larger,
respectively, says the Board, which adds:
Reports from department stores by Federal Reserve districts show that
sales were larger than last year in six districts-the largest increases
being in the New York, Chicago, and San Francisco districts. In the
other six districts sales were smaller, and the largest declines were in
the Philadelphia, Richmond and Atlanta districts. Of the total number
of department stores (541) reporting for the country as a whole, 252
showed larger sales, while 289 showed declines.
Percentage changes in dollar sales between November 1926 and November 1927 and the number of stores reporting are given in the following
table:
Federal Reserve District.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Mall order houses
Five-and-ten-cent stores
Percentage of Increase
Number of Stores.
or Decrease in Sales,
November 1927
Number Reporting.
• Compared with
Total
November 1926.
Reporting. Increase. Decrease.
+1.0
+5.1
-3.7
-1.5
-4.2
-6.1
+4.8
-1.1
+0.2
+0.9
-0.2
+4.8
+1.0
+7.0(2 houses)
88
55
85
42
45
31
49
20
15
25
19
67
43
27
29
16
20
10
23
7
8
12
10
47
45
28
56
26
25
21
26
13
7
13
9
20
541
252
289
+7.8(8 chains)
New Ford Car Expected to Create Unparalleled Production Next Year According to Harmon National
Real Estate Corporation-Effect on Real Estate.
Indications that demand for the new Ford car will create
unparalleled production records next year in the automobile
industry also forecast unusurl real estate activity in 1928.
The automobile is today playing an increasingly important
part in creating real estate values, a well as exercising much
influence on metropolitan business prosperity as a whole.
Every year in which automobile production attained a new
peak has been a year of unusual activity in the New Yock
rea' estate market, according to an analytical study by the
Harmon National Real Estate Corporation. In the present
year, when automobile production declined to 2,834,646 cars
compared to 3,559,851 in the same period in 1926,the number
of real estate transfers has also fallen 4harply. The same relationship was evident in 1924, when automobile production
declined over 10 per cent from the previous year and real
estate activity also was largely curtailed. Conversely, 1922,
1923, and 1925, were all years in which new records were set
for sales both of automobiles and real estate, and in which
building activity reached new high levels. W.Burke Harmon,
in noting this, says:
"This definite statistical relationship augurs well for the real estate market
In 1928, when the Ford plant comes into full swing and pent-up buying
power that has been waiting to see the new automobile models released.
Current automobile production seems to have a particularly Important effect
upon home ownership, due presumably to the fact that with a new automobile a family gains a new viewpoint, travels Into new neighborhoods, and
acquires an ambition for better living quarters than they previously possessed.
"It is obvious of course that an industry employing almost 500,000 workers plays a large part in putting new money in circulation for investment
purposes. For this reason, the increased prosperity of the automobile manufacturers greatly stimulates real estate investment, particularly for home
ownership purposes. This applies no less to New York City than to a community like Detroit, where automobiles are manufactured; for It must be
remembered that the executive offices of most of the large corporations are
located in this area; their business Is financed here; and a largo part of their
profits flow here.
"At the present time there are some 24,000,000 automobiles registered in
this country, but only about 11.000,000 families own their own homes.
"Today a family takes its first step In acquiring social and economic independence by buying an automobile. In easy stages It then learns the proper
use of credit, and the advantages of acquiring property by installment payments. It comes to understand the meaning of a mortgage, and how to
budget an income to meet the required payments.
"A few years ago these things were mysteries to most people, and a real
estate broker had to be a teacher as well as a salesman. This burden has
become greatly lightened, for the automotive industry has become an effective educational force, In addition to exercising a tremendous influence over
metropolitan prosperity. In consequence, periods of peak real estate sales
do not accompany periods of peak automobile sales through any mere
coincidence."
November Sales of Chain Stores Show Increase Over
1926.
During the month of November sales of 22 chain store
companies totaled $92,618,318, a decrease of $2,848,868, or
3%,as compared with total sales of $95,467,186 for Oct. 1927,
and an increase of $11,443,544, or 14% over sales for the
DEC. 17 1927.]
THE CHRONICLE
month of Nov. 1926, according to figures compiled by
Merrill, Lynch & Co., of this city, members of the New
York Stock Exchange. Sales for the 11 months ending Nov.
30 1927, were $848,035,385, an increase of $115,902,365,
or 15.8%, as compared with figures for the corresponding
period last year. J. C. Penney Co., Inc., again leads other
chain stores in point of dollar gain with an increase of
$3,721,073 for last month. J. J. Newberry Co., Safeway
Stores, Inc., and Neisner Bros., Inc., lead in point of
percentage gain, with increases of 42.8%,33.1% and 32.8%,
respectively. A comparative table follows:
Month of NovemberF. W.Woolworth
J. C.Penney
S. S. Kresge
Safeway
National Tea
S. H. Kress
W.T. Grant
McCrory Stores
Childs& Co
Sanitary
J. J. Newberry
J. R.Thompson
McLellan Stores
F.& W.Grand
David Pender
Metropolitan Chain
G.C. Murphy
Peoples Drug
Loft. Inc
Neisner Bros
Isaac Silver
Fanny Farmer
Total
Eleven Months Ended Nov. 30F. W.Woolworth
J. C.Penney
5.9. Kresge
Safeway
National Tea
S. H. Kress
W.T. Grant
McCrory Stores
Childs& Co
Sanitary Grocery
3.11. Thompson
3.3. Newberry
David Pender
F.& W.Grand
Metropolitan Stores
McLellan Stores
G. C. Murphy
Peoples Drug
Loft, Inc
Neisner Bros
Isaac Silver & Bros
Fanny Farmer
Total
Decrease.
1927.
$23,730,699
17,054,055
12,010,892
6,785,822
5,584,759
5,271,611
4,366,087
3,239.554
2,274,639
1,643,683
1,363,801
1,184,320
1,165,806
1,139,072
1,105,911
1.089,681
865.457
715,249
628,863
566,806
.512,927
318,616
1926.
% Inc.
$22.534,950
5.3
13.332.982
27.9
10.956,597
9.6
5.097,466
33.1
4,647,860
20.1
4,821,600
9.3
3,725.516
17.2
2,936.588
10.3
2,180.852
4.3
1,524,022
7.8
955.159
42.8
1,192.523
x0.6
984.159
18.4
954,490
19.3
956,131
15.6
1.010,181
7.8
799.273
8.3
591,969
20.8
768.881
x18.2
426,718
32.8
477.232
7.4
299,617
6.3
392.618.310
1927.
$228,850,594
130,149,214
110,722,047
68,878,209
51,869,683
46,877,670
35,117,499
32,482.031
26.314,004
15,583,280
13,085,821
11.835,453
11,242,514
10.609,258
9,922,780
9,287,470
8,169,905
7,208,401
6,877.242
5,188,361
4,583,648
3,180.301
881.174.766
14.0
1926.
% Inc.
8212,291,192
7.8
99,696,606
30.5
98,767,251
12.1
50,344,194
36.8
48.457,822
7.0
42.200,669
11.1
29,479.627
19.1
27,558,318
17.8
23,657.670
11.2
14.698.871
6.0
13,119,840
x0.2
7,818,123
51.4
9,624,854
16.8
8,680,240
22.2
8,867.457
11.9
7,208.544
28.8
6,731,143
21.4
5,566,740
29.4
7,335.447
x6.2
3.357,650
54.5
3,834,611
19.5
2,836,151
12.1
1848,035,385
3732,133.020
15.8
European Conditions As Viewed by Royal Bank
of
Canada.
The Economic Situation in Europe and Business
Conditions in the Vnited States in 1927 are reviewed by
the Royal
Bank of Canada in its Monthly Letter for December
. As to
European conditions the Bank says in part:
The
standard of living in almost every country
of Europe is below that
of 1913; unemployment is prevalent and
there are those who think that the
outcome ofthe present economic changes
will be a substantial and permanent
lowering of the European standard of living.
When one considers the energy
and ab3ity of the people and the
history of their achievement in creating
modern industrial civilization, this
hypothesis does not seem probable. Since
birth rates are failing and the population
of a number of European countries
is becoming fairly constant though
not actually decreasing, there is some
thought that assisted by emigration, a
readjustment in population may take
place which will leave such countries
as Germany, Belgium, Holland
and
Great Britain with a population more
nearly proportionate to the
natural
resources of these countries. If, on
the other hand, world consumption
and
world trade should be increased by a
general rise in
all parts of the world, demand for the products of the standard of living in
large scale manufacturing
would become sufficient to keep labour
well employed in all countries.
While this solution demands revolutiona
ry changes and more rapid improvement in backward countries than
has been generally visioned, certainly
it
would be more acceptable than any
other which seems likely.
Actually, the turn of post-war
events seems to foreshadow an outcome
which will entertain a combination
of these proposals. Undoubtedly,
widespread unemployment and reduced
appropriations for education have been
significant of at least a temporarily
lowered standard of living. A nearly
statis volume of population in a number
of European countries might simplify readjustment. It is quite evident
that there is a tendency for the
higher
standard of living in Europe and North
America to spread to other parts of
the world. Increased productivity
accompanied by increased consumption
on the part of the greet populations
of Japan, India and China will
open up
tremendous opportunities for large
scale production in all countries.
The
fact that the gravity of the situation
is clearly recognized by far-sighted
financial and political leaders gives
ground for hope that a solution may
be
found. Recognition of the present
general situation led a number of
the
most prominent international bankers
to issue a joint manifesto urging concerted action in dealing with tariffs.
Later, the various nations sent representatives to Geneva to discuss
these facts, and the findings of the
World
Economic Conference received
endorsement at the recent meeting of
the
International Chamber of Commerce.
For Canada, the outcome is not fraught
with the same grave significance
as for Western European-Great Britain,
but a solution which involved
general rise in the standard of living in
all parts of the world, creating
a
rapidly Increasing demand for agricultural
, mineral and forest products,
would be of great benefit to
this country.
.3271
reported in his monthly survey issized Dec. 15. Continuing
.
.
he
:
In October the usual fall gain was retarded by
the comparative quiet
in many industries. In November fairly large seasonal
place.
reductions took
Men's and
women's clothing shops, shoe factories and the canneries were dismissing employees who had been on the
payrolls in October, and the comparative quiet was transformed into a further
contraction of employment in New York State factoreis.
The index fell to 94, and is the same as the index for August,
1927.
In other words, as a result of the losses in November,
employees who
had been taken on for the fall season where now released, and the fall
spurt of employment subsided to the low point reached at the
end of
the summer. The index for November is five points lower than November, 1926, and fifteen points lower than November, 1923.
From the point of view of the workers this means that at least 50,000
men or women are not at work in the factories of the State this November who were on the payrolls of these factories a year ago. Compared
with 1923 about 150,000 workers are off the payrolls of the State's
factories.
Metals continued their downward course. In many years November
indicated a net gain in employment among the metal firms reporting.
In November, 1920, 1923, and 1926 and now in November, 1927 this
increase in the metals failed to materialize. On each of these occasions
including the present, the downward turn in seasonal industries registered its full effect instead of being offset by greater activity among
the metals, and total employment declined in New York State factories.
Another retarding factor was the unstable weather in November,
when one week of cool weather alternated with a week of unseasonably
warm weather. This reacted unfavorably on trade, and hence on production. Weather uncertainties had also affected October manufacturing, but in October holiday goods were of prime importance in maintaining the level of employment. In November apparently this movement had passed its peak and some regression was visible.
These statements were based on the monthly reports received from
about 1,400 firms, which are located in various parts of the State and
which report regularly to the State Department of Labor. These firms
in November employed approximately 455,000 wage-earners.
Upstate Employment Steadier
On the whole, employment in up-State factories was steadier in industries such as men's and women's clothing, which were showing sea-
sonable reductions in November. The two outstanding exceptions were
holiday goods and metals. In New York City reductions in holiday
goods were less in evidence than in up-State factories, and it may be
assumed that the proximity of New York city firms to their market
lengthens their period of activity.
Implements Busier
Most metal industries reported further layoffs in November. In New
York City the absence of the heavier metals eliminated to some extent
one influence which was depressing employment in up-State communities.
The advances among agricultural implement and structural steel manufacturers in November thus stood out in greater contrast. Both of
these industries have maintained a relatively high level of employment
throughout 1927.
Although most automobile factories kept their forces low, one or two
makers of automobiles and parts showed signs of reviving activity.
Locomotive equipment factories were again drastically reducing the
number of employees on their payrolls, and the steel mills dismissed the
additional operatives who had been taken on in October.
Silk Mills Busier
Silk was the only textile industry which increased employment in
November. The increase was general in the industry, ranging from the
spinning of yarn to the finished silk hosiery and underwear. Employment in cotton and woolen mills varied among different firms. Knit
goods manufacturers, particularly those making cotton knit underwear,
were more consistent in laying off some of their help.
Business Conditions in Southwest as Viewed by
Los Angeles Chamber of Commerce.
review of general conditions in the Southwest by the
A
Los Angeles Chamber of Commerce says in part:
During November retail trade begins to take the center of the stage
of business activity. It is, therefore, particularly encouraging that retail
sales throughout the Southwest seem to be showing marked advances over
those of November 1926. While there is some complaint from the smaller
dealers, it becomes evident that the total volume of sales in L0111 Angeles
is at least 6% over last year, a figure which is apparently well supported
by the records of the other Southwestern centers.
Industrially of particular significance during the month was the announcement by the Pittsburgh Plate Glass Company that they would during
1928 erect a very large plate glass plant in the Los Angeles district and
would make this the center for a large part of their export business.
A large amount of rpw construction in Los Angeles assuring a total for
the year well ahead of 1926 was another outstandingly favorable indication.
It is evident that there is a certain uneasiness on the part of business
men in the East when they regard the large expansion in brokers' leans,
the fact that railroad earnings and car loadings are running a little below
last year's figures, and that there is continued evidence of the intensity
of compAitive selling. 0. H. Cheney, Vice-President of the American
Exchange, Irving Trust Company of New York, in a talk to the American Institute of Steel Construction on Oct. 27, emphasized an aspect
brought out in our last review when he said, "American business in general has gone volume crazy." Dr. Julius Klein, Director of the Bureau
of Foreign and Domestic Commerce, talking before the Los Angeles Chamber of Commerce on Nov. 22, stated that out of 100,000 businesses in
the United States examined by his bureau, at least 34,000 were making
no profit whatever.
From the point of view of the Southwest, howea r, practically every
trade barometer carries the signal for fair weather. Agriculturally, products are yielding record or near record net return. The canning industry
is in better shape than ior years. The mining industry stimulated by
higher quotations for copper and lead is more active; the oil industry
New York Factory Employment In November
Declines
to August Level.
Employment declined by 2% in New
York State fac- Is becoming better stabilized; bank clearings are at record figures; foreign
tories from October to November,
trade continues in
Commissioner James the section. Thereexcellent volume and construction is active throughout
are no grounds for apprehensions and
A. Hamilton of the New York State Departme
nt of Labor, assurance of excellent conditions for the immediate future. there is every
[VOL. 125.
THE CHRONICLE
3272
Southern Pine Reports.
The Southern Pine Association reports from New Orelans that for 111
mills reporting, shipments were 11.18% below production and orders were
2.57% above production and 15.48% above shipments. New busines.
taken during the week amounted to 67,810,178 feet (previous week 58.
372,679); shipments 58,722,216 feet (previous week 67,028,860); and production 66,111,568 feet (previous week 67,957.162). The normal production of these mills is 74,025.262 feet. Of the 107 mills reporting running
time, 66 operated full time, 20 of the latter overtime. Three mills were
shut down,and the rest operated from one to six days.
The Western Pine Manufacturers Association of Portland, Ore., reports
some decreases in production and shipments and new business somewhat
below that reported for the previous week.
The California Redwood Association of San Francisco, Calif., with one
less mill reporting,shows production about the same, and notable decreases
in shipments and new business.
The North Carolina Pine Association of Norfolk, Va., with two fewer
mills reporting, shows marked decreases in production and shipments.
and orders fell off to some extent.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
reports production about the same, a marked decrease in shipments and
approximately 100% increase in orders.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis. (in its softwood production) with two fewer mills reporting
shows some decreases in production and shipments and a good gain in new
business.
Hardwood Reports,
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., reported from eighteen mills (two less mills than reported
for the preceding week) noticeable decreases in production and shipments
and a noticeable increase in new business.
The Hardwood Manufacturers Institute of Memphis. Tenn., reported
from one hundred and eighteen mills (sixteen more mills than reported for
the week earlier), some increases in production and shipments, and new
business well in advance of that reported for the previous week. The norof these units is 19,824,000 feet.
Sales Gain Over Last Week and Last Year. mal production
Lumber
Building Activities.
The Southwest continues to be one of the most active sections of the
country in respect to new construction. In Los Angeles the value of
building permits for November reached the highest total for the year at
$17,464,327, the figure being aided by a substantial group of County
Buildings started during the month. November 1926 showed a total
.131 $8,688,255. The construction of the year to date in Los Angeles is
now nearly $4,000,000 greater than during 1926.
The number of permits issued for the month was 3,292, as against
2,943 for November 1926, and in this respect, also, the total for the year
La ahead of last year. During both October and November Los Angeles
has regained its position as third city in the United States in total volume
of building permits.
Among the other cities of the Southwest building continues particularly
active in Phoenix and Tucson. A number of engineering projects and
ether construction upon which municipal permits are not required are
(also in progress including construction of the Firestone tire factory in
Los Angeles County which will involve some $6,000,000, and the Coolidge
Dam on the Upper Gila River, Arizona, pouring concrete for which began
Nov. 21.
Banking.
Bank clearings for the month reached a total of $789,656,176, as compared with $711,089,209 for November 1926, showing a gain of a little
over 11%.
Los Angeles Stock Exchange.
With transactions around $26,000,000, November will not equal the
record breaking figure of $31,164,521 for October. It is, however, over
twice the figure for 1926. with unusual activity and general increases in
price reported in bank stocks. Oils show an awakened activity and utili.
ties remain steady. Despite the amount of transactions, the general level
of quotations show little change, though the averages have risen slightly.
Again last week the order files of the organized lumber
Industry of the United States revealed a substantial margin
of gain over the preceding week and also over the corresponding period of last year, according to telegraphic reports received by the National Lumber Manufacturers Association
from 469 leading lumber mills. Shipments and production
were also ahead of those of last year. Compared with the
immediately preceding week, production was about the
same, with some decrease in shipments and a good gain in
new business.
In the softwood lumber industry, production last week was
about the same, with a. heavy decrease in shipments and a
notable increase in new business. There were increases in
Lumber Production and
of
Shipments During the Month
October.
"
The "National Lumber Bulletin, published monthly by
the National Lumber Manufacturers Association of Washington, D. C. and Chicago, Ill. on Dec. 7 issued the following statistics regarding the production and shipments of
hardwood and softwood during the month of Oct. 1927,
compared with Oct. 1926:
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS ASSOCIATION FOR OCTOBER, 1927.
Mills. Hardwds Softwds. Ilardwds. Softiods.
all
-when com-particularly heavy in orders
three items
pared with the corresponding week a year ago.
In the hardwood operations, there are, apparently, decreases in production and shipments and little change in the
M.Ft.
16
California Redwood
California White dr Sugar Pine Mfrs 19
45
North Carolina Pine
Northern Hemlock and Hardwood
36
Manufacturers
9
Northern Pine Mfrs
new business column this week. Apparently, last week's Southern Cypress Mfrs
5
128
hardwood movement was below that of the correspond- Southern Pine
112
West Coast Lumbermen's
34
ing week of 1927, declares the National Association, adding: Western Pine Mfrs
11
Lower Michigan Mfrs
24
Individual reports
Unfilled Orders.
The unfilled orders of 227 Southern Pine and West Coast mills at the end
of last week amounted to 551.992,619 feet, as against 534,128,201 feet for
225 mills the previous week. The 111 identical Southern Pine mills in the
group showed unfilled orders of 208,509.101 feet last week, as against 199,421.139 feet for the week before. For the 116 West Coast mills the unfilled
orders were 343,483,518 feet, as against 334,707.062 feet for 114 mills a
week earlier.
Altogether the 333 comparably reporting softwood mills had shipments
80%. and orders 90%. of actual production. For the Southern Pine mills
these percentages were respectively 89 and 103; and for the West Coast
mills 72 and 84.
Of the reporting mills. the 333 with an established normal production for
the week of 222.179,628 feet, gave actual production 102%,shipments 81%
and orders 92% therefor.
The following table compares the lumber movement, as reflected by the
reporting mills of seven softwood, and two hardwood, regional associations,
for the three weeks indicated; 000's omitted:
Past Week.
Softwood. Hardwood
Core:pending Week
1928.
Preceding Week 1927
(Revised).
Softwood. Hardwood. Softwood. Hardwood.
122
147
340
341
136
333
Mills
Production_ 228.746.000 17,535,000 204,877.000 21,508,000 229,937.000 17,604,000
Shipments... 180,812,000 16,840,000 175,668.000 22,113,000 217,189.000 16,912,000
205,202,000 17,611,000 179,997.000 19,881,000 193,834,000 14.330.000
The mills of the California White and Sugar Pine Association make
weekly reports, but not being comparable, are not included in the foregoing tables. Fifteen of these mills. representing 57% of the cut of the
•California pine region, gave their production for the week as 15,132,000
shipments 15,459,000 and new business 17,459,000. Last week's report
from 21 mills, representing 66% of the cut was. Production, 20,142,
feet.shipments, 19,341,000 and new business 17,241.000.
Shipments.
Production.
Association.
15,488
789
5,388
11,912
M.Ft. M.Ft.
35,808
110.982
35,585
9,188
36.282
3,443
308,190
590.818
105,140
1,489
38,182
M.Ft.
35.421
112,875
34,647
17,914
32,358
4.999
313,793
538.878
123,025
2,332
7,348
38,991
9,652
27,873
853
33,557 1,275,085 45,476 1,254,829
439
Total
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS ASSOCIATION FOR OCTOBER 1928.
Shipments.
Production.
Association.
Mills. Hardwds. &Mods. Hardwds. Softwds.
M.Ft.
15
California Redwood
California White dc Sugar Pine Mfrs 19
52
North Carolina Pine
Northern Hemlock and Hardwood
38
Manufacturers
10
Northern Pine Mfrs
9
Southern Cy press Mfrs
152
Southern Pine
104
West Coast Lumbermen's
40
Western Pine Mfrs
12
Lower Michigan Mfrs
30
Individual reports
M.Ft. M.Ft.
31.966
127,835
40,896
12,712
27,598
2,207
M.Ft.
31,396
90,028
41,125
2 491
14,975
40,811
11,201
337,199
583,082
138,499
6,107
3,359
13,445
30,899
18,501
38.988
8,808
349,318
517,122
138,850
3,929
9,202
32,629
15.586
54,877 1,279,692
34,471 1,340,502
481
Total
Total production: Oct. 1927, 1 308.842.000 ft.: Oct. 1928, 1,374,973.000 ft.
1927, 1 300.305,000 ft.: Oct. 1926, 1,334,569,000 ft.
Total shipments: Oct.
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY STATES
BY MEMBER ASSOCIATIONS.
October 1927.
Mills
Production.
Feet.
Shipments,
Feet.
23,814,000
17
24,429.000
Alabama
31,300,000
15
28,890,000
Arkansas
30
124,146,000 123,395,000
California
18,397,000
8
15,106,000
Florida
946.000
a
2,114,000
Georgia
13
51,904,000
49,847,000
Idaho
35
75,161,000
75,972.000
Louisiana
West Coast Movement.
23,568,000
20
17.513,000
Michigan
22,953,000
4
The West Coast Lumbermen's Association wires from Seattle that new Minnesota
14,749,000
27
87,978,000 87,808,000
for the 116 mills reporting for the week ended Dec. 10 and 16% Mississippi
business
15,520,000
12,391,000
Montana
below production, and shipments were 28% below production. Of all new North Carolina
7,953,000
12
7,971.000
4,634.000
2
new business taken during the week 51% was for future water delivery, Oklahoma
5.718,000
so
257,022,000 247,702,000
amounting to 50,859.367 feet. or which 40,120.769 feet was for domestic Oregon
10,825,000
13
9.954,000
feet export. New business by rail amounted South Carolina
cargo delivery and 10,738,598
77.044,000
33
72,742,000
week's Texas
to 43.925,228 feet. or 44% of the week's new business. 47% of the
16,604,000
17,092,000
10
Virginia
83
399,341,000 371,275,000
shipments moved by water, amounting to 39.924.433 feet, of which 27,166,- Washington
export. Wisconsin
32,899.000
28
18,174,000
343 feet moved coastwise and intercoastal. and 12.758,090 feet
56.797,000
28
69,493,000
shipments, Others*
Rail shipments totaled 40.839.723 feet. or 48% of the week's
orders
and local deliveries 4,536,142 feet. Unshipped domestic cargo
439 1.308,642,000 1,300,305,000
Total
totaled 110.774,764 feet, foreign 122.408,725 feet and rad trade 110 •Includes mostly Individual reports, not distributed
300.029 feet.
THE CHRONICLE
Dgc. 17 1927.]
West Coast Lumbermen's Association Weekly Report.
One hundred fourteen mills reporting to the West Coast
Lumbermen s Association for the week ended Dec. 3 manu'
factured 117,866,559 feet, sold 95,984,868 feet and shipped
New business was 21,881,691 feet less
108,095,389 feet.
than production
and
shipments
9,771,170 feet less than
production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS,
SHIPMENTS AND UNFILLED ORDERS.
Nov. 12.1
Nov. 19.
Nov. 26.
Dec. 3
Week Ended119
115
118
114
Number of mills reporting
117,866,559 108,167,215 120,323,026 120,775,883
Production (feet)
97,513,361
90,684,414
106,386,412
95,984,868
New business (feet)
95,385,766
98,535,121
80,112,268
108,095,389
Shipments (feet)
Unshipped Business
106,616,286 106,765,476 111,549,443 118,422,978
Rail (feet)
96,832,601
100,324,791
101,501,175 110,854,275
Domestic cargo (feet) _ _
144,654,234
126,589,601
132,679,329 131,964,046
Export (feet)
334,707,062 350,299,080 340,346,090 363,402,003
Total (feet)
1924.
1926.
1925.
1927.
First 48 Weeks of
114
123
95
106
Average number of mills_
4 703,172,559 5,078,018,949 4,842,504,999 4,531,603,654
Production (feet)
4 583,445,434 5,054,337,060 4,950,243,335 4,567,088,701
New business (feet)
4,547,461,794 5,073,554,456 4,967,737,681 4,618,157,359
Shipments (feet)
New Automobile Models and Prices.
The Chrysler Corp. has just introduced another new model,
-a "72" sport roadster with rumble seat, priced at $1,595
F. o. b. Detroit.
Announcement has been made by Nash Motors Co., of
a new advanced six vestibule sedan, a seven-passenger model,
with a glass enclosed front compartment, known as the Imperial Sedan, to sell at $2,165 f. o. b. factory.
-in-line, 122
The Gardner Motor Co.'s new series 75 eight
inch wheel base has five body models, as follows: roadster,
sport coupe, victoria, club sedan and sedan.
The models
are all clear-vision bodies, built low on double-drop frame,
with heavy tubular cross members and equipment including
theft proof numbering system, wood wheels with 31x6 balloon
tires, windshield cleaner, heater, dash-type mote
meter,
fuel gauge, sun visor, front bumper, combination stop-andtail light, double-filament headlights, front snubbers, car
locks, speedometer, Klaxon and tire carrier.
It is reported from Chicago that the Studebaker Corp. will
display a new
-cylinder line at the New York Autoeight
mobile Show in January.
It is understood
the sedan will
list at $1,985; State sedan at $2,250 and State limousine at
$2,450 F. o. b. factory.
Carpet and Rug Auction of Alexander Smith & Sons.
The auction sale of carpet and rugs opened on Dec. 5 by
the Alexander Smith & Sons Carpet Company closed on Dec.
9, with a total of $5,372,710 for the 96,120 bales and pieces
which were sold in the four and a half days of theTi17:77e
sales at the concluding session brought
70,000 for 15,975
bales. The present sale compares with 97,300 bales, sold during the October auction, at which $5,667,000 was realized.
From the New York "Times" we take the following regarding
the opening of the sales on Dec. 5.
Despite active bidding by a group of buyers representing firms from various parts of the country, sales for the first day of the Alexander Smith &
Sons Carpet Company auction were considerably less than on the opening
day of the company's October sale, and prices were characterized as "surprisingly low."
A total of 13,020 bales, consisting of the first 452 lots, was sold, bringing
$665,000. Prices were so low that a number of jobbers were taking balances,
which was considered rather unusual for the first day of a sale. In the opening day of the October sale, 16,748 bales were sold for $875,000.
The attendance was large throughout the day, there seldom being less
than 500 buyers at any time.
Bidding did not start until 10 o'clock, an hour later than usual. The lots
moved so quickly, however, that more than a lot a minute was averaged for
the seven hours of the day's sale. Competition was as keen for the velvet
and tapestry rugs as for the Axmlnister. It was only after the auctioneer
had accepted a comparatively low bid that the buyers would start in, and
then they would accept in such large numbers that many of them would
have to be disappointed.
Among the most active buyers were James A. Ilearn & Son, Gimbel
Brothers, Rosenfeld Rent Company, all of New York; Olsen Rug Company, Carson, Pine, Scott & Co., Boston Store, Montgomery Ward & Co..
Marshall Field & Co., Sears, Roebuck & Co. of Chicago: George Fastman
& sons, Lomax Rug Mills, Wolf, Crane Company, Milkier & Co. of
Philadelphia: A. I. Namm of Brooklyn, Spear & Co. of Pittsburgh: Rosenfeld
Company of Atlanta, Ga.
About 93,000 bales will be sold, Including the latest patterns for the Spring
season of 1928. The most prominent trends in the Axminster design treatments were Meals, with tan as the leading color and also a great many
taupes.
The following prices were obtained for the Axminster rugs yesterday:
High.
Low.
CarUonArds/0High.
Low.
x
$20.25
$17.65
12x4
.5
17.00
15.85
11x4 (Special)
11x4
21.75
20.50
10x4
14.00
13.75
10x4
15.50
14.75
10.75
10.25
10x4 (Special)
8x4
16.50
16.00
1.80
1.67H 8x4
12.50
11.85
2.35
8x4 (Special)
2.65
1.60
6:4
1.45
1 :
0
5
7.0Mat
2.05
1.85
E (Special)
CarUon2.20
2.15
$21.60
J
$23.00
3.20
12x4j
3.05
24.00
23.25
J (Special)
3.30
12:4 (SPecial)
3.15
3273
The prime for Palisade velvet rugs ranged as follows:
High. grir Low.
Low.
High.
$11.00
$10.50
$19.60
9x4
$20.50
12x4
1.90
1.85
17.00
18.00
11x4
it3.15 11111 3.00
12.50
.1
13.25
10x4
The Manor Tapestry rugs brought the following prices:
Low.
High.
Lour.
High.
8x4
$12.50
$6.26
$6.50
$12.75
12x4
E
1.15jr. 1.05
10.50
10.75
11x4
7.25
7.50
10x4
According to the same paper, under the impetus oflsomewhat keener bidding and slightly better prices, coupled with
a long day, the volume of sales went up to 17,475 bales and
pieces, and the amount received to $1,085,000, at the second
,
days session of the auction sale. As to the results of the sale
'
Dec. 6, the "Times" said:
More than 700 lots were sold in a working day that lasted nine and one-half hours, interrupted only by an hour for lunch. The total sales for the
two days amount to $1,750,000, representing 30,495 bales and pieces. The
first day, at which only rugs were auctioned, brought $665,000 for 13,020'
bales.
Yesterday there was more variety in the goods, about a third of the sale
being taken up with carpeting. Oval and fringed rugs were sold, and worsted
as well as the axminsters, velvets and tapestries.
The jobbers entered the field heavily yesterday for the first time, especially Sears, Roebuck and Marshall Field of Chicago. The Renard Linoleum
and Rug Company of St. Louis, ordinarily one of the heaviest buyers at the
Smith auctions, had been absent the first day, as it has recently started it.
own axminster rug mills and was not interested in that type of rug. With the
introduction of worsted and velvet rugs yesterday it started taking in large
quantities.
Bidding was fairly slow again, the buyers sitting back until prices were
settled without much competition, and then entering their acceptances.
The only really spirited bidding of the day centred around Colonial velvet
fringed rugs.
An even larger crowd than on the first day started with the morning sales,
but it thinned away gradually until there were hardly more than 150 buyer.
when the session was adjourned at 6:30. Prices were still comparatively low,
but a little higher than the unusually low prices which prevailed on the
opening day.
The heaviest buyers of the day were Marshall Field & Co., Sears, Roebuck & Co., and Carson, Pink). Scott & Co., all of Chicago; William Vogler
& Co., the Renard Linoleum and Rug Company of St. Louis and Neybaut
& Sons of Kansas City.
On Dec. 7 prices were considerably higher and competition
'
keener than in the two preceding days. Again we quote from
"
the "Times :
For the first time really competitive bidding began, which sent pricet
up, and brought the day's total to $1.485,860 for 26,625 bales. The threeday total now stands at $3,235,860 for 57,120 bales and pieces. Yesterday's
offerings were confined to rugs, no carpeting being auctioned, and more'
than three-quarters of the rugs put on sale were Ardsley, Carlton and Smith'
axminsters.
From the beginning of yesterday's session prices were higher than on'
Tuesday. They increased during the day and the group of Ardsley ax
minsters which closed the day's sale brought correspondingly higher priced
than a similar group with which sales started. When the session approached
its close at 6:30,after nine and a half hours of almost uninterrupted bidding,
there was as great a show of hands and as much eagerness to get in bids as
had been manifested at 9 in the morning, when sales started.
Prices, though higher, were still considered so favorable that in almost
every lot balances were taken by the big Jobbers and many small retailers
were invariably disappointed. As soon as any particular bid came down
a little from the original high a Jobber would snap up the balance before any
but a few of the smaller concerns had a chance to get in their acceptances.
At times the crowd even became almost disorderly in its eagerness to have
orders accepted.
Following is the range of prices for the axminsters:
ArdsleyLow.
High.
High.
Loaf.
12x4
$17.70
11x4
$18.50
20.75
19.40
15x4
27.25
26.25
11x4 (Special)
22.75
20.75
11x4
17.00
16.60
9x9
20.75
1.65
1014
E
1.80
16.25
15:60
J
2.70
2.52H 8s4
12.50
11.90
1.50
1.30
8x4 (Special)
Mat
13.50
13.00
6x4
12x4
17.80
18.75
7.25
7.10
24.85
E
15x4
26.50
2.05
1.873.
17.00
16.35
J
11 x4
3.30
3.05
14.50
14.35
J (Special)
10x4
3.50
3.15
Smith
8x4
11.25
10.25
12x4 Smith Axminster 34.00
6x4
6.25
6.00
32.10'
11x4 Smith Axminster 27.50
26.25
Carlton10x4 Smith Axminster 21.26
I2x4
22.15
24.00
20.25'
24.50
23.50
13x4 Smith Axminster 17.00
15.70'
12x4 (Special)
E
Smith Axminster 2.60
15x4
30.50
2.40
31.25
J
Smith Axminster 5.00
4.15'
9x15
31.75
The Palisade velvets brought the following prices:
Low.
High.
High.
Low.
12x4
$19.95
8x4
11.75
$21.00
11.00'
11x4
E
17.75
18.75
1.95
1.873
,
9
10x4
13.20
14.00
prices:
Irvington:I were sold at these
Low.
High.
High,
Low.
J Irvington
12x4 Irvington
$35.25
$37.75
$5.60
$4.75
11 x4 Irvington
Mat Irvington
31.25
32.00
2.50
2.15
10x4 Irvington
27x40 Irvington (oval) 2.70
24.00
22.75
2.50
8x4 Irvington
18.00
27x48 Irvington (oval) 3.50
19.25
3.10
E Irvington
3.05
3.40
Manor Tapestry rugs were sold at these prices:
High.
Low. I
High.
Loaf,
12x4 Manor Tapestry_ $13.00
$12.50 110x4 Manor Tapestry_ $7.50
$7.25
11x4 Manor Tapestry_ 11.00
10.70 1 8x4 Manor Tapestry- 6.50
6.35
The fourth day of the auction (Dec. 8) was featured by'
slightly lower prices, smaller attendance and a falling off in
acceptances by the big jobbers, says the Times" which added:
"
A total of $1,266.850 for 23.025 bales was received, which brings the
four-day aggregate to $4.502,710 for 80,145 bales and pieces. With only
306 lots to go,the sale is expected to end about 3 o'clock this afternoon.
As on the previous day, only rugs were sold, more than half being axminsters and the rest a scattering of velvets, tapestries and worsted,.
Prices started at about the same high level as on Wednesday, but dropped
in the afternoon.
Yesterday was the retail buyers'day. They had the field almost to themselves, with the jobbers taking very few balances on the whole. Except
for the Colonial velvets and Ardsley axminsters. there was little real competition. Those in attendance seemed far less interested than they had been
earlier in the sale.
3274
THE CHRONICLE
With regard to the final day's sale the "Times" stated:
After the sale it was announced that a new price list, guaranteed to
March 1. would be issued on Monday. The prices,It was said, would be the
same as the 1928 spring season list issued last October. The jobbers' list.
carrying quantity prices, were issued to the buyers after yesterday's session.
Sales started yesterday morning with only 306 lots remaining to be
sold, comprising small quantities of practically every style and type of rug
that had been auctioned in the four days previous. Prices stayed at about
the same level they had maintained for all except the first day of the sale.
The jobbers re-entered after an off day Thursday and were taking balances
heavily up to the very last lot.
The Renard Linoleum & Rug Co. of St. Louis was the heaviest buyer at
the sale, with Marshall Field & Co. of Chicago second. Sears, Roebuck
& Co., also of Chicago. was another large buyer.
The following prices were received for Irvingtons:
High.
Low.
High.
Low.
12x4
$36.25 $34.50
Mat
$2.00
$2.20
10x4
22.75
22.00
27x40 (oval)
2.55
3.30
8x4
18.25
17.50 27:48 (oval)
3.35
3.10
3.10
2.80
Prices on the various types of axminsters ranged as follows:
CarltonHigh.Potomac12x4
$23.25 $22.0t) 12x4
27.25
28.50
12x4 (Special)
24.50
11x4
23.75
23.00
21.75
15x4
32.25
10x4
30.75
18.00
17.00
11x4
20.50
19.25
Yonkers
11x4 (Special)
21.50
12x4
21.10
28.25
26.75
10x4
16.25
15.75
12x4 (Special)
28.50
27.76
8x4
11.20
12.25
Ardsley6x4
7.25
12x4
18.00
17.50
The tapestry rugs brought the following prices:
HudsonHigh.
Low.
Manor-12x4
$10.00
12x4
$9.65
13.00
12.20
11x4
8.60
8.10 11x4
10.75
9.90
11x4
5.75
5.20
10x4
7.50
7.10
8x4
5.00
8x4
4.75
6.75
6.25
1.30
1.1734
Following is the range of prices on the velvets:
Katonala-High.
Low.
ColonialHigh.
Low.
12x4
$14.75
$13.75 12x4
$25.00 $23.85
11x4
11.85
12.50
Palisade
121[4
20.50
20.00
The results of the October sale were given in our issue of
Oct. 15, Page 2048.
[VOL. 125.
amounted to 625,680 bales of lint and 62,041 bales of linters,
compared with 583,746 bales of lint and 63,193 bales of linters
in November 1926 and 612,935 bales of lint and 73,193 bales
of linters in October 1927. It will be seen that there is an
increase over November 1926 in the total lint and linters combined of 40,782 bales, or 6.3%. The following is the statement complete:
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND
IN
OTHER ESTABLISHMENTS, AND ACTIVE COTTON SPINDLES.
(Linters not included.)
Cotton consumed
during (bales)-
Cotton on hand Nov. 30Cotton
spindles
3 Mos. /n consuming In public star- active during
Nov. ending establishments age & at corn- November
Noy, 30.
(bales).
presses (bales) (number).
United States__ 1927 625.680 2,499,370 1,551,336
5.969.418
32,269,478
1926 583,746 2,222.930 1,493,013
6,516,502
32,582,030
Cotton-growing
States
1927 468,596 1,844,047 1,131,456
5,668,551
17,877,478
1926 426,129 1,601,032 1,041,437
6.291.086
17,386.550
New England 1927 130,693 543,403
358,536
84,884
12,934,390
States
1926 131,246 517,491
382,585
108,256
13,695,210
All other States_ 1927 26,391 111,920
61,344
215,983
1.457,610
1926 26,371 104,407
68.991
117.160
1,500,270
Locality.
Year
Included above.
Egyptian
1927 20,458
1926 16,383
Other foreign_ _ _ 1927 6,217
1926 5,522
Amer.
-Egyptian 1927 1,335
1926 1,920
81.886
77,708
26,897
22,693
5,450
6,878
51.094
36,069
19,865
16,521
3,573
4,892
14,646
7,458
8.897
11,354
4,667
4,365
Not tad. above
Linters
1927 62,041
1926 83.193
287,481
258.032
172,261
11R 141
54,735
AS A01
IMPORTS OF COTTON AND EXPORTS OF DOMESTIC COTTON
AND
LINTERS.
Imports (500
-Pound Bales).
Rug and
Carpet Lists Revised for Spring 1928
-Leading
Sellers Lower Some Prices to Trade After Smith
Auction.
The following is from the New York "Times" of Dec. 13:
Revised price lists covering spring lines of carpets and rugs were issued
to the floor coverings trade yesterday by the Alexander Smith & Sons
Carpet Co.. the Mohawk Carpet Mills, Inc.. and Stephen Sanford & Sons,
Inc. The new lists follow the Smith company's auction here last week,and
In the case of this concern show a number of downward revisions in axmInster, velvet and tapestry rugs. Carpet prices were not revised.
This is the way the new prices on the Smith 9 by 12 rugs compare with
those contained in the list issuedunder date of Oct. 17:
Dec. 12 On. 17
Dec. 12 on. 17
List.
List.
List. List
Ardsiey axminster
$24.15 $27.05 Hudson tapestry
$13.80 $14.40
Carlton axminster
29.90 31.90 Manor tapestry
16.10 16.70
Carlton special axminster__ 31.05 33.05 Katonah velvet
18.40 19.55
Yonkers axminster
36.50 38.55 Palisade velvet
28.46 27.60
Yonkers special axminster_ 38.5$ 40.85 Colonial velvet
31.05 32.20
Potomax axminster
37.40 39.70 Meadowbrook worsted_ _ 44.30 44.3t)
Smith axmlnster
42.55 44.85 Irvington
46.00 46.00
No important changes were contained in the new list of the Mohawk
Carpet Mills. Inc.. which was sent out by the wholesale department of
W. & J. Sloane. It contains, however, the lower prices made on Wilton
rugs on Dec. 1. which have already been published. It further shows a drop
of 15 cents a yard on the three-quarter width of Mohawk figured Barony
carpet, and a similar drop on Mohawk saxony plain carpet.
Plain wide Capital carpets on a square yard basis are 30 cents lower,
and on the same basis Capital natural and the heather mist wide carpet
are 35 cents lower. In the C. H. Masland group the Avalart rugs, 27 by 54
Inches,are 11 cents lower, while round wire plain tapestry carpet, body only,
Ii 3 cents lower on the three-quarter width. The same width of plain
Highspire carpet, body only, is a cent higher.
In the list issued by Stephen Sanford Sons, Inc.. the 9 by 12 Beauvais
asminster,the basic number,is priced at $35 on a 200
-rug basis and at $36.05
on a 100
-rug basis. This is understood to be the basis on which this rug
was priced at the October opening, and It is $2 higher on the 200
-rug basis
than the figure contained in the special list put out on Dec. 1.
Country Of Production.
November.
1927,
1926.
4 Mos. End. Nov. 30.
1927.
1926.
Total
28,845
41,441
104,467
95,594
Egypt
Peru
China
Mexico
British India
All other
23,060
1,794
3,298
532
64
97
22.773
2,671
617
14,878
472
30
71,444
10,866
8,974
762
11,1339
782
41.787
6,778
1.161
39.170
6,368
332
Exports
-Running Bales (Be. Note for Linters).
Country to Which Exported.
November.
1927.
Total
999,501
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
147,357
154.090
87,981
318,019
100,494
147,558
44,002
4 Mos. End. Nov. 30.
1926.
1927.
1926.
1,486,224
3,097,362
4,041,923
395.696
420,426
188.307
448,319
106,786
209,756
346.269 1,051,457
140,292
409,020
222,457
437,035
86,417
121,349
1,004,340
467,286
289,137
1,086,901
482,813
521,891
189,555
Note.-Flguree include 17,697 bales of linters exported during November in 1927
and 11,655 bales in 1926, and 60,333 bales for the four months ending Nov. 30 in
1927 and 33,943 bales In 1926. The distribution for November 1927 follows:
United Kingdom, 3,313; Netherlands, 674: France, 4,322; Germany, 6,811; Belgium,
646: Italy, 371; Canada, 1,616: Mexico, 1: Brasil, 43.
WORLD STATISTICS.
The estimated world's production of commercial cotton, exclusive of linters,
grown in 1926, as compiled from various sources, is 27,813,000 bales, counting
American in running bales and foreign in bales of 478 pounds lint, while the consumption of cotton (exclusive of lintel's 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.
-_-_-_-_-_-_-__
Amoskeag Manufacturing Co. Announces Wage Cut of
-Reduction Accepted by Workers under Pro10%
test-Curtailment Suggested.
On Dec. 13 the Amoskeag Manufacturing Co. announced a
American Woolen Co. Lifts Women's Goods 2M-73.c.
10% wage reduction effective Dec. 24. On Dec. 15 the
-Prices on Men's Wear Also Increased.
The following is from the New York "Journal of Com- 250 delegates to the Amoskeag Workers' Congress in session
at Manchester, N. H., opposed the 10% reduction and sugmerce" of Dec. 15:
The American Woolen Co. has announced an advance of 234 cents to gested in its place curtailment in the mills similar to that in
735 cents a yard generally on its women's wear lines in Department 4, effec- effect in other sections of the country. Advices Dec. 15 to
tive at once on future orders, though a few numbers remain unchanged.
the New York "Journal of Commerce" from Manchester
A few days ago the company advanced all men's wear fabrics of worsted
construction, both plain and fancy weaves, 234 cents to 5 cents a yard on stated:
the average, and some numbers even more.
In both cases it was assumed that the mark-up was due to the higher
cost of raw materials, which are said to be some 10% up from the prevailing
rates at the spring openings four or five months ago.
It was recently learned from authoritative sources that almost a score of
the American Woolen Co.'s mills, including several of the largest, were
running on a full-day time capacity,and in some cases 30% additional nights.
With a large volume of unfilled orders of both men's and women's goods
and a major portion of the spring business already written, the current advances reflect the upturn of business in woolens and a strategical move to
cement orders already on the books.
Well posted observers contend that the rising trend in wool values warrants a forecast of still higher prices for the fall openings in February and
March.
Census Report on Cotton"Consumed in November.
Under date of Dec. 14 1927 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 November, 1927 and 1926. Cotton consumed
The management at the first meeting with delegates made it plain that
a 10% reduction in wages must be made if the mills aro to operate. The
proposition as placed before them by the company did not require a vote.
Despite this fact the congress went on record as opposing the cut.
As matters now stand the reduction will become effective Dec. 26 and
the operatives will return to the mills under the new schedule with a vote
of protest on record.
A publicity committee of five delegates representing the 250 employee
representatives of the company issued the following statement this evening:
"After listening to the report of the committee of five that waited on
Agent William P. Straw of the Amoskeag, the convention voted
affirm the action of the convention, which was that this convention to rego on
record at this time as being opposed to any reduction in the wage rate and
would suggest a curtailment of production in line with other mills in New
England."
A resolution relative to the high coat of living was unanimously rejected as
being inexpedient at this time.
The management is hopeful of securing more business, which will bring
about more steady employment.
Following peak wages reached in 1922 the Amoskeag announced a reduction in wages of 20% at that time. This resulted in a strike, which lasted
nine months. The workers went back to work as the result of a compromise
on a 10% wage reduction. Then in 1924 wages were gain reduced 10%•
DEC. 17 1927.]
THE CHRONICLE
.3274 ,
The present reduction affect every employee of Amoskeag, from Agent
Parker Straw down to the messenger boys. It also includes the Parkhill
division of the Amoskeag Co. at Fithcburg. Mass., which has when at
capacity employed 2.500.
It is understood that the 10% wage cut will be put into effect on Dec.24
regardless of any action of operatives.
Stocks on hand at the end of the month amounted to 292,535,000 yards, an increase of 13.8% since Nov. 1. Unfilled
orders on Nov. 30 amounted to 340,221,000 yards, a decline
of 21.3% during the month. Unfilled orders at the end of
November were equivalent to more than a month's producUnder date of Dec. 13 Associated Press ccounts from Mantion, and stocks on hand at the end of the month were subchester said:
stantially less than a month's production at the current
The action of the Amoskeag brings the total of textile operatives in New
England who have faced wage cuts during December to more than 20.000 rates. The Association also says:
On the 5th a 10% reduction became effective in five plants at Lewiston. Me.,
Accurate comparisons cannot be made with other months because addiemploying 4.000; in the plant of the Edwards Cotton Co., Augusta, Me., tional reports are now received by the Association
and by the Cottonwith 800 workers, and in the Ieekwood mill at Waterville, Me., with a Textile Institute, Inc. These consolidated
reports present more complete
personnel of more than 700.
statistical information than has been available hitherto. They include
On the 12th, a similar reduction became effective in the mills of the data on the production and
sale of upwards of 300 standard cotton cloths
Pepperell Manufacturing Co., at Biddeford, Me.. with 3.000 operatives; and represent a
very large part of the total production of these fabrics in
and in the plant of the York Manufacturing Co. at Saco. Me.. employing the
United States.
2,500. In all cases Southern competition and the present sluggish condition
of the market for goods were given as reasons for the reduction.
In making the announcement, Agent Straw emphasized that the purpose Increase in Demand for Fertilizer Indicated in Larger
of the reduction was "not to reduce earnings, but to reduce costs, which
Sales of Tax Tags for Bags.
to-day is an absolute necessity."
"The present Amoskeag company, the agent said, "is handicapped as
Sales of tax tags for bags of fertilizer by thirteen States,
never before by a bond issue of 315.665.000,and the interest on this, amount- eleven
of which are Southern, were 10% greater during
ing to $879,000, must be paid annually. This fact together with competition by muss more favorably situated makes the reduction, regrettable as November than in the same month a year ago, indicating
It is, absolutely imperative."
an increase in demand for fertilizer during the coming
"It seems to the management," he said, "that a 10% cut in wages is
better for all concerned than a drastic policy of indefinite curtailment or Spring season, according to a report of the National Fertilizer Association. This percentage of increase also prevailed
a complete shutdown, the only alternatives."
To compensate to come extent for the reduction in wages, Agent Straw during the four-month
period from August to November as
said the company would reduce its tenement rates 10%•
compared
Cottonseed Oil Production During November,
On Dec. 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 November 1927
and 1926:
COTTON SEED RECEIVED, CRUSHED AND ON HAND (TONS).
State.
Received at Mills*
Crushed
On Hand at Mills
Aug. 1:0 Nov. 30. Aug. 1 to Nov. 30.
Nov. 30.
1927.
1926.
1927.
1926.
1927.
1926.
United States
3,429,014 3,841,077 2,401,824 2,470,078 1,113,974 1,391,922
Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other
224,318 216,228
26,642
30,650
219,135 295,413
27,999
53,473
317,132 358,316
134.820 165,067
415,245 440,617
193,980 247,598
267.029 321,990
141,278 155,560
174,072 227,255
1 241,254 1,250,687
46.110
78.223
160,272 160,206
21,812
25,477
165,315 190,101
20,255
30,919
248.615 266.449
99.338 105.625
276.787 267.060
130,548 137,038
160,265 188,054
112,831 119,238
122,887 154,423
848,314 778,175
34.585
47.313
64,829
5,003
55,501
10,513
70,899
46,110
151,129
64.186
128,320
29.762
52,301
426,871
8.550
56,225
5.218
105,882
22,554
93,289
59,571
179,734
111,081
134.316
36.934
74,653
481,539
30.92E
•Includes seed destroyed at mills but not 89,784 tons and 23.249 tons on hand
Aug. 1, nor 25.895 tons and 40,654 tons reshipped for 1927 and 1926, respectively.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT AND ON
HAND.
Item.
Season.
On Hand
Aug. 1.
Produced
Aug. 1 to
Nov. 30.
Shipped out
Aug. 1 to
Nov. 30.
On Hand
Nov. 30.
Crude oil(pounds)_ 1927-28 *16,296.641 744,299,605 632,592,608 .165,069.130
1926-27
8,280,561 740,413,222 655,423,807 131,181,128
Refined oil (lbs.)._ 1927-28 0378,612.700 3533,623,174
0415,833,251
1926-27 145,670,884 544,334,411
232,970,710
Cake and meal
1927-28
63,632
1,066,972
925.596
205,008
(tons)
1926-27
142,844
1,105.615
1,072,356
176,103
Hulls(tons)
1927-28
168,045
681,737
589,834
259,948
1928-27
92,333
705,834
531,566
266.601
Linters(running
1927-28
46,177
431,359
326,488
151,048
1926-27
bales)
65,753
410,297
283,204
192,846
Hull fiber (500-1b. 1927-28
21,930
25.973
25,532
22,371
1926-27
bales)
17.335
24,854
26,242
15,947
Grabbots, motes,drc 1927-28
1.842
15,194
9,215
7,821
(fino-ib. bales)_
1926-27
6.763
13.334
9.450
In 517
•Includes 6,235,454 and 13.106,956 pounds held by refining and manufacturing
establishments and 4.638,300 and 34,832,290 pounds In transit to refiners and consumers Aug. 1 1927 and Nov. 30 1927, respectively.
a Includes 9,784.634 and 6,735.064 pounds held by refiners, brokers, agents
and warehousemen at places other than refineries and manufacturing establishments
and 10,818,083 and 5.937,030 pounds in transit to manufacturers of lard substitute,
oleomargarine, soap, ezc., Aug. 1 1927 and Nov. 30 1927, respectively.
/4Produced from 576,886,756 pounds crude oil.
EXPORTS OF COTTON SEED PRODUCTS FOR THREE MONTHS ENDING
OCT. 31.
Item
1927.
1926.
011 crude. pounds
6,348,304
1,730,142
Refined. Pounds
2,101,897
1,901,283
Cake and meal, tons
95,262
122,988
Linters. running bales
42.636
22,288
with the same period last year. For the fourmonth period more tags were sold iu North and South Carolina, Georgia, Florida, Alabama, Mississippi, Louisiana and
Texas, with no change In Arkansas and decreases in Virginia and Tennessee. Indiana and Missouri also showed increases. Virginia showed a strong increase during November. In its report the association points out that "while
farm conditions, particularly in the South, are somewhat
better now than they were a year ago, most of the Southern
farmers' cash has been used in liquidating the debts of the
previous season."
Plans For Organization of Sugar Refiners' Institute.
The intention of interests identified with the sugar refining industry to form a National Sugar refiners' institute,
was made known following a gathering of representatives of
refiners at the Lawyers' Club in New York on Dec. 12.
It is stated that the plans have been submitted to the Government for approval. According to the "Journal of Commerce," the topics discussed at the meeting this week were
More uniform trade practices. The dissemination of more accurate information concerning the industry and unproved marketing conditions.
It was also stated in the same account. At future meetings other topics
which may be brought up for discussion are foreign markets and increased
consumption of sugar through public education on its food value.
The following were present: American Sugar Refining Co., Earl D.
Babst, W. Edward Foster; Arbuckle Bros., M. E. Goetzbiger; California &
Hawaiian Sugar Refining Co., Sidney Ballots, Andrew P. Welch; Colonial
Sugar Refining Co., George E. Keiser, C. B. Newman; Federal Sugar Refining Co.. Rudolph Spreckels; Godchaux Sugars, Inc.. Charles Godchaux,
J. Moog; William Henderson Sugar Refining Co., William Henderson, John
L. Many, Jr.; Imperial Sugar Refining Company, W. .I. Eldridge, H. G.
Thompson; Lowry & Co., Frank C. Lowry. president New York Sugar Exchange; McCahan Sugar& Molasses Corporation, Manuel E. Rionda;National Sugar Refining Co. of New Jersey, James H. Post; Pennsylvania Sugar
Refining Co.,John McCarthy, W.H.Hoodless; Revere Sugar Refining Co..
H. Wooster; Savannah Sugar Refining Co., W. S. Pardonner; Texas Sugar
Refining Co., Alexander Smith, II. B. Moore; Western Sugar Refining Co..
F. E. Sullivan.
Wilbur L. Cummings. of Sullivan & Cromwell, was present as counsel to
the refiners, and Earl D. Babst, chairman of the board of the American
Sugar Refining Co., was chairman of the meeting. Several committees
were appointed to work out details of the plan.
California and Hawaii Sugar Refiners Open Price War
on Louisiana Refiners.
Special advices to the "Journal of Commerce" from New
Orleans Dec. 15 said:
California and Hawaiian refineries have declared a trade sal* on the
Louisiana sugar refineries, underselling them in the New Orleans market
by making prices lower than in any other part of the country, according to
sugar dealers here.
This situation is the result of Louisiana refineries entering the California
refineries territory.
Transactions in Grain Futures During November on
Decline in Cotton Cloth Production in November
Chicago Board of Trade and Other Markets.
Increase in Stocks on Hand.
Revised figures showing the volume of trading in grain
The Association of Cotton Textile Merchants of New
futures on the Board of Trade of the City of Chicago, by
York on Dec. 8 issued its statistical report on the producdays, during the month of November, together with monthly
tion and sale of standard cotton cloth during November. totals for all
"contract markets," as reported by the Grain
The report covers a period of four weeks. Production dur- Futures Administration
of the United States Department
ing the month amounted to 321,621,000 yards. This was a of Agriculture, were made public Dec. 6 by L. A.
Fitz,
decline of 3.08% from production during October. Sales Grain Exchange Supervisor at Chicago. For
the month of
were 193,871,000 yards, or 00.3% of production. Shipments November this year the total transactions at all markets
were 280,097,000 yards, or equivalent to 89% of produc- reached 1,478,477,000 bushels compared with 1,807,119,000
tion.
bushels in the same month last year. On the Chicago Board
3276
TIIE CHRONICLE
of Trade the transactions in November 1927 totaled 1,197,621,000 bushels, this comparing with 1,503,601,000 bushels
!n November 1926. Below we give the deatils for November
-the figures representing sales only, there being an equal
volume of purchases.
VOLUME OF TRADING.
Expressed In Thousands of Bushels, I. e., 000 Omitted.
November 1927Wheat. Corn. Oats.
Rye. Barley Flax
Total.
1
22.317 15,833 1,515
896 - 40,561
2
19.478 18,539 1,649
942
40,608
3
23,303 6,917 1.886 1,332
33,438
4
28,739 6,996 3,499
888
40,122
5
37,480 12,154
1,677 1,121
52,432
6 Sunday
7
25,897 16,542 2,404
371
45,214
8
25,551 23,574 9,787 1,502
60,414
9
22,919 14,407 2,970 1.350
41,646
10
18,918 11,272 2,579 2,503
35,272
11 Holiday
12
32,872 28,043 38,32 2,197
66,944
13 Sunday
14
25,157 15,393 3.153 2,353
46,056
15
33.260 27,964 3,025 1,754
66,003
16
28.64 20,722 2,835 1.984
54,189
19,67 18,898 1,692 1,407
17
41,672
21,88 27.733 2.461
18
1.496
53,570
18,29 16,985 1,810
19
877
37,971
20 Sunday
28,27 20,192 4,165 1,868
21
54,499
39,21
16,238 2,554 1,975
22
59,982
27,64 16,085 1,832 1.254
23
46,814
24 Holiday
28,60 15,206 2,668
25
789
47,266
19,409 9,080 1,740
26
606
30,835
27 Sunday
28,26 33,827 7,563 1,030
28
70,681
26,34 22,181 8,116 2,451
29
59,089
34,67 24,904 10,035 2,727
30
72.343
Chicago Bd. of Tr. Total_ 636,81 439,685 85,447 35,673
1,197.621
26,21
864
10,067
Chicago Open Board
37,142
98,16
Minneapolis C. of C
16,008 3.749 5.978 4,280 128,182
10
35,318 190,68
Kansas City Bd. of Trade
54,396
Duluth Board of Trade _ *35,441
- 9,310 -jai 5.552 50,405
a2,808 1,880 ------ -----St. Louis Merch. Each._ _
4,688
1,527 2,026 1,216
234
Milwaukee C. of C
5,003
335
New York Produce Each.
335
684
Seattle Merch. Exch
684
Los Angeles Or. Each_
13
13
San Francisco C. of C_
8
8
837,307 472,726 103,545 48,966 6,101 9,832 1,478,477
Total all markets
Total all mkts. year ago 1,226,286 382,854 124,907 55,778 6,594 10700 1,807,119
Chic. B. of T. year ago_ _ 1,016,372 357.846 89,305 40,078 ____
1,503,601
• Durum wheat with exception of 880 wheat. a Hard wheat with exception of
75 red wheat.
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE
FOR NOVEMBER 1927.
(Short side of contracts only, there being an equal volume open on the long side.)
November 1927-
1Vheat.
Corn.
88,911,000 *72,747,000
90,530.000 75,402.000
93,222,000 75,227,000
94,103,000 74,734,000
94,702,000 74,965,000
Oats.
Rye.
Total.
1
2
3
4
5
6 Sunday
7
8
9
10
11 Holiday
12
13 Sunday
14
15
16
17
18
19
20 Sunday
21
22
23
24 Holiday
25
26
27 Sunday
28
29
30
85,889,000 76,544,000 *34,084,000 10,303,000 206,820.000
83,943.000 76,245,000 34,621,000 *11197,000 205,006.000
*83,744,000 75,449,000 34,763,000 10.295,000 *204251000
Average
November 1927
November 1926
October 1927
September 1927
August 1927
July 1927
June 1927
May 1927
April 1927
March 1927
February 1927
fanuary 1927
Manazs•••h... I0.911
91,783,000 77,134,000 35.026,000 10,768,000 214,711,000
a108933000 63,758,000 a50.015.000 15,144,000 a237850000
90,071,000 68,679.000 36.353.000 10,038,000 205,141,000
80,043.000 69,773,000 34,944,000 10.645,000 1E3,405,000
82.883.000 82,329,000 30.721.000 11,163.000 207,096,000
79,704,000 78.319,000 *27,083.000 10,544,000 196.370,000
74.075,000 76,816,000 32,549,000 10,145,000 193,585,000
*68,957.000 69,326,000 32,798,000 *8,507.000 •179588000
80.193.000 80,416.000 43.551,000 13.585,000217,745,000
86,898.000 a84.959.000 48,396,000 150,99,000 235,350,000
87.976,000 77.933.000 49.714.000 a15.684,000 231,306,000
90.024,000 68.526.000 48,960.000 13,468,000 220,978,000
04 g47 AAA RA I09 nnn 4R 27R non 13 000000 914 11(10(10
95,788,000
95,881,000
97,113,000
a97,167,000
35.675,000
35,783.000
35.673,000
35,593.000
35.323,000
10,787.000 208,120,000
10,726,000 212,421,000
10.734,000 214,856,000
10,905,000 215,334,000
11,051,000 216,041,000
74,419.000 35,253,000
76.178,000 a36,318,000
76,348.000 34,986,000
76,360,000 35,729,000
11,020,000 216,480,000
11,111,000 219.488,000
11,374,000 220,821,000
11,447,000 220,703,000
96,436.000 77,557,000 35,419,000 011,467,000 a220879000
94,474,000 78.274,000
93,958,000 79,371.000
94,343.000 79.546,000
93,773,000 a79.642,000
92,857.000 79,176,000
92,444,000 79,039.000
35.157.000
35,030.000
34,885,000
34,758,000
34,829.00C
34,789.000
11,211,000 219,116.000
10,944.000 219,303,000
10,852,000 219,626.000
10.727,000 218,900,000
10,705,000 217,567.000
10,764,000 217,036,000
89,726.000 78.788.000 34,178,000 10,400,000 213,092,000
88,168,000 78.774.000 34,205.000 10,370,000 211,517.000
88,116.000 78,780.000 34,205,000 10.341.000 211,442,000
88,545,000 79.127.000 34,244.000 10,355,000 212,271,000
88,950.000 78,513.000 3,159.000 10,344,000 211,966,000
•Low. a High.
Usual Seasonal Trend Shown by Decreases in Production and Shipments of Portland Cement During
November.
The Portland cement industry in Nov. 1927, produced
14,449,000 bbls., shipped 11,619,000 bbls. from the mills,
and had in stock at mills at the end of the month 15,971,000
bbls., according to the United States Bureau of Mines,
Department of Commerce. The usual seasonal trend was
shown by decreases in production and shipments and increases
in stock as compared with October. Production and shipments were, however, slightly greater in Nov. 1927, than
in Nov. 1926, and stocks slightly smaller than a year ago.
These statistics are compiled from reports for November
from all manufacturing plants except two, for which estimates have been included in lieu of actual returns. The
"Bureau" also released the following data:
[VOL. 125.
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT, BY MONTHS, IN 1926 AND 1927 (IN BARRELS).
Production.
Shipments.
Month.
1926.
1927.
I
1926.
Stocks at End of Month.
1927.
1926.
I
1927.
January __ 7,887.000 8,258,000, 5,674.000 5.968,000 20,582.000 22,914,000
February. 7.731.000 7,377.0001 5,820.000 1731,000 22,385.000, 23,560,000
March_
10.390.000 11,452,000, 9,539,000 11,083,000 23,236,000 23.922.000
1st qu.- 26.008,000 27,087,000' 21,033.000 23.782.000
1
April
May
June
12,440,000 14.048,001 12.965,000 14,350,000 22.710,000 23,654,000
16.510.000 16,701,000 17,973,000 16.865,000 21,255.000 23.503,000
16,866,000 17.224,000 19.134,000 19,761,000 19,000,000 20,972,000
Id quar. 45.816,000 47,973,000 50.072,000 50,976,000
July
17,134,000 17,408,000 18,812,000 18,984,000 17,301,000 19,397.000
August _ - 16,995,000 18,315,000 18,583,000 21,411,000 15,718,000a18.292,000
September 16,571,000 17,505,000 18,087.000 19,828,000 14,188,000
213,996.000
3d qua% 50,700,000 53,228,000 55,482,000 60,223,000
I
October _ _ 16,596,000 17,174,000 17.486,000a18,105.000 13,334,000
a13.141,000
November 14.193,001
11,276,000
16,243,000
December. 10,757,000
6,432,000
20,679,000
4th qui__ 41,546,001
I 35,194,000I
I
Total_ _ _ 164,070,000,
161,781,000'
PRODUCTION, SIIIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS. IN NOVEMBER 1926 AND 1927 (IN
BBLS.)
Production,
Commercial
District.
Eastern Penn.,
N. J. & Md.
New York ___ _
Ohio, Western
Pa.& W
Michigan
Wis., Ill., Ind.
and Kent'ky
Va.,Tenn..A la.,
Ga., Fla.a &
La_ b
East.Mo..Iowa,
Minn.&S.D.
West.Mo.,Neb.,
Kan.& Okla.
Texas
Colo., Mont. &
Utah
California
Ore. & Wash__
Total
Shipments.
Stocks at End of Month
November. November. November, November. November. November.
1926.
1927.
1926.
1927.
1926.
1927.
/n Barrels.
3.617.000 3,345,000 3.356,000 3,008,000 2,697,000 3,726,000
820,000
804,000
609,000
740,000
883,000 1,205,000
1,157,000 1,542,000 1,067,000
1,227,000 1,181,000
781,000
986,000 2,151,000 2,069,000
757.000 1,486,000 1,501.000
1,930,000 1,909,000 1,143,000 1,284,000 2,084,000 1,511000
1,290,000 1,452,000 1,233,000 1,326,000 1,124,000 1,304,000
1,310,000 1.411.000
821.000
402,000
883.000
525,000
200,000
176.000
1,154,000 1.048.000
265,000
173,000
602,000
677,000 2,317,000 1,724,000
739,000
427,000
830,000 1,538,000 1,266,000
543,000
252,000
381.000
142,000
175,000
972,000 1,103.000
205,000
190,000
454.000
662,000
466,000
315,000
770,000
329,000
14,193,000 14,449,000 11,276,000 11,619,000 16,243,000 15,1171,000
a Began producing Sept. 1927. b Began producing June 1927 and shipping
uly 1927.
Price of Crude Oil Remains Unchanged-Gasoline Advanced in Certain Districts.
Crude oil prices remained unchanged throughout the week
while gasoline prices were increased in certain territories, the
earliest change being reported from Chicago on Dec. 15. On
that date the Standard Oil Co. of Indiana advanced tank
wagon and service station prices of gasoline 3c. per gallon at
Decatur, Ill., to 133/3 and 153/20., respectively, including
the 2c. state tax, effective Dec. 13. The company also advanced gasoline lc. per gallon at Des Moines, Ia., making
new prices 14.9 and 16.9c. for tank wagon and service station,
including 3c. State tax, effective as of Dec. 11.
On the same day (Dec. 15) the Standard Oil Co. of Kentucky advanced the price of gasoline 3c. a gallon at Atlanta,
Ga., the new price to dealers being 17c. a gallon. The company has reduced kerosene 1%c. a gallon to 14c. at Atlanta,
3c. a gallon to 133/2c. at Macon, Ga., and 2 to 113/30. at
Jacksonville.
Discounts on the tank wagon price of furnace-oil in Chicago
were revised by the Standard Oil Co. of Indiana on Dec. 16.
The company now gives a discount of lc. a gallon from its
-cent price on purchase of 100 to 349 gallons, inregular 9
stead of 100 to 799, and 1 Mc. on purchases of 350 gallons
and over, instead of 800 and over as previously.
In Chicago on Dec. 16 wholesale prices were: Motor grade
%
gasoline,58 c.@6c.;kerosene,41-43 water white,4%(@.4),c.;
fuel oil, 24-26 gravity, 80(05c.
Slight Increase Reported in Crude Oil Output.
A small increase, amounting to 6,750 barrels, was reported
this week by the American Petroleum Institute in the daily
average gross crude oil production during the week of
Dec. 10. The Institute estimates that the average gross
production in the United States for the week ended Dec. 10
was 2,487,500 barrels per day, as compared with 2,480,750
barrels per day for the preceding week and 2,396,250 barrels
per day in the corresponding week of 1926. The daily
average production east of California was 1,860,100 barrels,
as compared with 1,854,350 barrels the previous week, an
increase of 5,750 barrels. The following are estimates of
daily average gross production by districts for the weeks
shown:
DEC. 17 1927.]
(In BarrelgOklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
THE CHRONICLE
DAILY AVERAGE PRODUCTION.
Dec. 10 '27. Dec. 3'27. Nov. 26' 27. Dec. 11 '26.
564,650
775,000
766.000
736,200
119.150
106.200
106.300
106.050
159,200
83,800
85,550
86,500
102.400
78.450
77.200
68,550
58,500
58.500
58,100
58.300
240,900
231,150
271,800
55,300
27,950
27.550
27,300
40,700
25.600
26,100
25,600
55,900
49.150
48.000
47,650
140.150
96.800
06.650
96,100
170,500
122.100
121,700
126,550
10,800
15.700
15,100
14,600
110,500
115,250
113,750
112,000
58,550
55.050
57,450
52,300
11.800
13.050
13,050
13,050
8,150
6,450
6,450
6,850
59.50
2,400
2,600
2,250
655,700
626,000
627,400
626,400
3277
The "Wall Street News" announced the following from
Houston on Dec. 13:
At the meeting of the representatives of the producing companies in the
Yates pool. Pecos County. Tex., Monday, action to change the basis of
pro-ration of pipe line runs out of the field from a potential production basis
to proven acreage basis when present agreement expires on Jan. 1, was nob
unanimous. The Gulf Oil Corp. would not be a party to the agreement and
the Simms Petroleum Co. Is still undecided as to the course it will pursue.
The Simms Petroleum Co. probably has the richest lease in the field.
At present the company is allowed to ship out about 954% of its production
while on the proven acreage basis the company will be permitted to ship
less than 3%. Some of the representatives agreed that the new plan would
work a hardship on the Simms Co. and probably the McMan-Marland Co.
and were in favor of some further consideration to these companies since
their leases are richer than the average in the pool.
The tentative plan as drawn up at the meeting would extend the pipe line
-ration plan the
2,396,250 pro-ration agreement until June 30. Under the acreage pro
2,498,350
2,487,500
2,480,750
Total
producers in the field will share the 42.000-barrel daily pipe line capacity
The estimated daily average gross production of the Mid-Continent
proportion to the number of proven acres held under leases.
out of the field in
field, including Oklahoma, Kansas, Panhandle, north, west central. west
At present the proven leases in the field aggregate 16,600 acres, which would
Texas, east central and southwest Texas, north Louisiana and Arkansas,
allow a producer to ship about 2M barrels of oil a day for every acre held.
for the week ended Dec. 10 was 1,532,500 barrels, as compared with
17.524.250 barrels for the preceding week, an Increase of 8,250 barrels.
The Mid-Continent production. excluding Smackover, Arkansas, heavy Steel Buying Slightly Improved-Pig Iron Active
oil was 1.458,150 barrels, as compared with 1,450,600 barrels, an increase
With Sectional Price Recession.
of 8.550 barrels.
One characteristic of the steel market during the week just
The production figures of certain pools in the various districts for the
current week compared with the previous week follow (figures in barrels closed has been the adoption of the Eastern price basis for
of 42 gallons):
Dee.10. Dec. 3.
Dec.3. Nov.26. tonnage products. This, together with increased contrasting
Oklahoma2,950 North Louisiana2,950
North Braman
of sheets and bars, gives a more confident tone to the market.
2,100 Haynesviiie
2,050
South Braman
6.800 6,950
16,350 16,450 Urania
Tonkawa
8,500 9,000 The "Iron Age" in its Dec. 15 review of conditions affecting
9.950
9,850
Garber
Arkansas
the trade remarks that the feature of the market this week is
37,400 37.250
Burbank
9,450
9,300
24,850 24,850 Smackover, light
Bristow Slick
73,650 sheet steel buying and a sweeping away of much that was left
73,350
10,800 10.850 Smackover, heavy
Cromwell
10,200 10,350
Wewoka
of Pittsburgh basing for the Eastern seaboard.
Coastal Texas
55,750 58,450
Seminole
8,500 8,750
West Columbia
118,150 123,700
Partly in response to somewhat better demand for both
Bowlegs
4,000 4,550
23,450 25,300 Blue Ridge
SearLicht
13,400 13,200 automobile and electrical sheets, but also because substan38,900 39.650 Pierce Junction
Little River
13,950 14,150
159,300 177,100 Hull
Earisboro
55,050 49,500 tially all sheet makers are now asking the advances set up
Spindletop
Panhandle Texas
3.850
3,900
Hutchinson County.... 57,800 57,900 Orange County
two weeks ago for first quarter delivery, a considerable ton8,100 8,150
Carson County
Wyoming
19.300 17.900 Salt Creek
Gray
36,300 41,250 nage has been booked at the old prices. Some Ohio mills this
1,250 1,400
Wheeler
week are operating all their mills, but automobile consumpMontana
West Central Texas
11,000 11,000
18,000 18,850 Sunburst
Brown County
tion is not expected to develop fully until February or March,
5,450
Shackleford County.... 5,300
California
West Texas
38,500 38.500 continues the "Age," adding:
22.950 23,600 Santa Fe Springs
Reagan County
112.000 108.500
The new prices include 2.90c., Pittsburgh, for black sheets, 3.75c. for
54,200 43,100 Long Beach
Pecos County
62,000 61,500 galvanized, and 2.10c. for blue annealed, with 10c. a 100 lb. extra for mateCrane de Upton Counties.127,700 112,100 Huntington Beach
20.000 20,000
50,500 37,300 Torrance
are $2 a ton higher.
Winkler
14,500 14.500 Lie' wider than 40 in. Chicago mill prices
Dominguez
Dag Central Texas
The breaking away from Pittsburgh quoting for Eastern business applies
9,000 9,800
13,300 13,400 Rosecrans
Corsicana Powell
32,000 32,000 to the heavy tonnage products and recognizes a territory which has not
2,150 Inglewood
2.050
Nigger Creek
81,000 82,500 been tributary to Pittsburgh for some time, particularly in plates and shapes.
Midway-Sunset
Sotahwest Texas
51.900 53,100
14,500 14,850 Ventura Avenue
Luling
its mills at
46,000 46,000 The step was taken by the Bethlehem Steel Co., which makes
7,850 8,000 Seal Beach
Laredo District
Bethlehem, Coatesville, Sparrows Point and Buffalo new basing points
1.90c. at Buffalo for bars, plates and shapes and 1.95c. at the other plants
Agreement to Limit Production of Oil in Seminole for the heavy products made at them.
Eastern consumers, excepting those in New England, benefit by obtainField (Okla.) Extended to March 1.
ing lower delivered prices than they would get on a Pittsburgh basis of 1.80c.
The agreement to limit production in the Seminole oil Indications are that mills seeking business will meet the new delivered prices
cases to absorb freight differences. Eastern
field of Oklahoma, which in November had been extended at all points, being required in quotations on Coatesville or Sparrows Point,
plate mills will likely base their
to Jan. 1, has still further been extended; advices from Tulsa, depending on the delivery point, and Eastern srtuctural mills on Bethlehem
Okla. Dec. 15 to the "Wall Street News" said:
or Buffalo, as needs be.
-down
While raw steel operations show no change, output of finished steel has
Seminole operators at a meeting today voted to extend the shut
agreement to March 1 1928. This action affects all wells recently opened been stepped up slightly, in part by drawing on stocks of steel.
that these wells will
The principal new rail order was for 47.850 tons for the Missouri Pacific
in the wildcat territory in the Seminole area and means
be held down to a daily production of 100 bbls. each and no offsets started. and subsidiary lines. Other bookings accounted for 40,000 tons of rails and
It is expected that by March 1 production in the Seminole area will be down 35.000 tons of track accessories. Chicago rail mills in the week have jumped
to 250,000 bbis. a day. However, owing to the possibility of increased pro- from less than a 50% to a 65% pace.
Additional inquiry has appeared for 1400 freight cars from three railroads.
duction from the newly opened pools it is thought likely that a further exThe Frisco Lines may soon ask for 3500 cars and other roads are considering
tension of the curtailment. agreement will be made after this date.
our issue Purchases.
The action taken in November was referred to in
Structural steel orders were for about 36.000 tons. Included were 8300
of Nov. 5, page 2454.
tons for bridges for the Chesapeake Sz Ohio R.R..5000 tons for a club building in Chicago and 4000 tons for a viaduct in Newark, N. J. A bridge to be
Representatives of Producing Oil Companies in Pecos built over the Mississippi River at Vicksburg. Miss., will require 40,000
tons, and with other new business makes a total of 61,500 tons added to
Field (Texas) to Continue Prorating to June 30.
pending work.
Further contracting for plates, shapes and bars at the 1.60c., Pittsburgh,
It was stated in advices from Fort Worth (Texas), pubthat first-quarter needs
in the "Wall Street Journal" Dec. 13, that representa- and 1.90c., Chicago mill basis, is taken to indicate established. Mills look
lished
may be covered at this level, which appears firmly
tives of producing oil companies in Pecos field, at a meeting for practically full specifications by the end of the year ofall the 1.75e. orders.
Sales of sheets in November point to a considerable amount of covering
in that city Dec. 12,agreed to continue cooperative prorating
in anticipation of a strengthening market. Bookings by the independent
of production to pipe line capacity to June 30. The old
sheet manufacturers totaled 344,519 tons, or 47% more than in October,
agreement expires by limitation Jan. 1 said the item, which while neither shipments nor production were so high as In October. The
unfilled orders on Dec. 1. at 437,306 tons, showed a 42% increase in the
continued:
New proration will be on basis of proportion of proven acreage each com- month.
Irregularities in strip steel have not disappeared, but 2c., Pittsburgh, is
pany has instead of the percentage of pipe line capacity which each comnarrow sizes, and 1.80c., and sometimes 1.75c.. on
pany's potential production represented. This potential production was the ruling base on the
based on one-hour gauge of each well, last gauge on Dec. 1 giving field 6 in. and wider strips.
In reference to cold finished steel bars, it appears that the new 2.20c. base
potential yield of 600,000 barrels daily, against pipe line capacity for but
quotation is named as the absolute minimum, increases being demanded on
47,000 barrels.
card of extras, and no concesDuring term of the new agreement It Is not expected pipe line capacity small purchases, all in accordance with the
lots, as was suggested in this column
out of Pecos will get much above 100.000 barrels daily. New arrangement sions being comprehended for large
Is subject to confirmation by heads of various companies. It means that last week.
Pig iron buying is in good volume in Central Western markets and is imfor six months at least a more competitive drilling and storage campaign
Pennsylvania demand is lacking notwill be averted in Pecos if companies confirm agreement of their repre- proving at New York, but in eastern
withstanding that the first quarter of 1928 is less than three weeks away.
sentatives.
Proven acreage at Pecos was placed at 15,000 acres by J. Elmer Thomas, Sales at Cleveland totaled 60.000 tons, or 10,000 tons more than In the preconsulting geogolist of Fort Worth, employed by committee to propose a vious week, while bookings at St. Louts and Cincinnati accounted for 20.000
company Is about to close for 22,500 tons
plan and make any necessary revision in proven acreage as developments tons more. At Pittsburgh a pipe
iron for that delivery total
disclose more information. His report was not made public but his alloca- for the first quarter, while inquiries for foundry
was adopted.
10,000 tons.
tion of proven acreage for various companies
Prices are holding their own, except in New England, where fresh weakOld plan was dropped because it accelerated rather than checked comcropped out.
petitive drilling. As its basis was the one-hour gauge of each well, com- ness in Buffalo iron has
Heavy melting scrap has gone up 50c. a ton at Pittsburgh and Cincinnati
panies engaged in hurried drilling to build up their potential in order to get
and 25c. a ton at Chicago and St. Louie. The advance at Pittsburgh is the
as large a share as possible of pipe line outlet.
Increase for that period being $1 a ton.
Potential yield of 600.000 barrels disclosed on Dec. 1 is regarded as a third In four weeks, the total
The "Iron Age" pig iron composite price has dropped to $17.54, from
working figure rather than any actual production which could be obtained
for any length of time. Most tech- $17.59 of the past two weeks. The finished steel composite price remains
if all wells flowed open simultaneously
a fourth week at 2.307c. a lb. The usual composite price table stands
nologists attending the meeting believed potential of 600.000 is two or three for
on open flow. as follows:
times the rate at which actual production could be obtained
3278
Finished Steel.
Dec. 6 1927. 2.307e. a Lb.
One week ago
2.307e.
One month ago
2.293e.
One year ago
2.453o.
10
-year pre-war average
1.689c.
Based on steel bars, beams, tank plates.
plain wire, open-hearth rails, black pipe
and black sheets, constituting 86% of the
United States output of finished steel.
High.
Low.
1927_2.453c. Jan. 4 2.2930. Oct. 25
1926_2.453o. Jan. 5 2.403c. May 18
1925_2.560o, Jan. 6 2.396e. Aug. 18
1924_2.789c, Jan. 15 2.460e. Oct. 14
1923_2.824o. Apr. 24 2.448e. Jan. 2
THE CHRONICLE
Pig Iron.
Dec. 13 1927, 817.59 a Gross Ton.
One week ago
817.59
One month ago
17.63
One year ago
19.96
10
-year pre-war average
15.72
Based on average of basic iron at Valley
furnace and foundry irons at Chicago.
Philadelphia, Buffalo, Valley and Birmingham.
High.
Low.
1927_819.71 Jan. 4 $17.54 Nov. 1
1926_ 21.54 Jan. 5
19.46 July 13
1925._ 22.50 Jan. 13
18.96 July 7
1924__ 22.88 Feb. 26
19.21 Nov. 3
1923__ 30.86 Mar. 20
20.77 Nov.20
Consumers of heavy finished steel not only have been specifying more freely against their low-priced contracts, which
producers threaten to terminate Dec. 31, but they also have
been covering liberally for first quarter delivery, declares the
Cleveland "Iron Trade Review" in its weekly summary of
events in the iron and steel markets for the period ending
Dec. 14. With pig iron contracting for first quarter and first
half shipment continuing satisfactorily, the trend toward
strength in steel prices more pronounced and production a few
points higher in some districts, the iron and steel markets are
distinctly confident, this journal, in its Dec. 15 issue, adds:
[Vol,. 125.
Production of Zinc in United States in November.
Stocks of slab zinc on Nov. 30 totaled 39,320 short tons,
compared with 36,223 short tons at the beginning of the
month, an increase of 3,097 tons, according to the American
Zinc Institute, Inc. Production in November amounted to
49,217 tons, compared with 50,185 tons in the preceding
month. Shipments amounted to 46,120 tons, of which
44,374 tons went to domestic consumers and 1,746 tons were
exported. There was sold but not yet delivered, at the end
of November 22,089 tons; total retort capacity Nov. 30 was
131,484 tons; the number of idle retorts available within
60 days, 43,441; average number of retorts operating during
November, 74,218; the number of retorts operating at the
end of the month, 76,627. The monthly figures are as
below:
PRODUCTION,SHIPMENTS AND STOCKS AT END OF PERIOD(FIGURES
IN SHORT TONS).
Domestic
Total Stocks of End
Production. Shipments. Exports. Shipments. of Month.
November
49,217
44,374
1,746
46.120
39,320
October
50,185
46.602
1,637
48,239
36,223
September
47,735
44,0384,007
48,045
34,277
August
49,012
49,739
4,009
53,748
34,587
July
47,627
43,359
4,803
56.162
39,329
June
49,718
43,122
4,784
47,906
43,858
May
51,296
45,560
4,898
50,458
42,046
April
51,626
44.821
1,876
46,697
41,208
March
56,546
48,107
5.098
36,279
53.205
February
51.341
43,555
4,760
48,315
32,938
January
56,898
45,884
2,989
29,912
48,873
The firmer character of steel prices has been a stimulant to buying. In
the now ,delimited Pittsburgh district many users of bars, plates and shapes
are contracting at 1.80c. At Chicago 1.90c. is firm. If. as is generally expected, the mills announce a further advance these levels will be the invoice
prices for the first quarter and spot sales will carry the higher ones.
Announcement of new mill bases at its eastern plants by the Bethlehem
Steel Co. is resulting in some adjustments
-usually slightly downward-of
Total
560,201
503,161
40,607
543,768
first quarter commitments. The move, while giving the largest independent
producer a slight advantage at many eastern consuming points, is generally
appraised as an aid to stabilization. Competitive mills will doubtless equal- Bituminous Coal and Anthracite Production Shows
ize freight and the shift in sources of supply may not be great.
Fair Recovery From Holiday Slump-Coke Declines.
First quarter pr:oes of important independent sheet producers have been
During the full time week of Dec. 3 the output of both
.
adopted by American Sheet & Tin Plate Co.. namely, 2.10c, Pittsburgh, on
blue annealed, 2.90 c. on black and 3.75c. on galvanized. Some small mills bituminous coal and anthracite showed a fair recovery from
incurred during the preceding week when the
still sell at $2 to $3 per ton lower on black and galvanized, but the ranks the loss
may soon be closed. Sensing an attempt to restore 4.15c. on autobody. Thanksgiving Day holiday was observed,
although neither
makers are not covering users through the entire first quarter at 4.00c. fuel regained tonnage equal to the
amount reported for the
Independent sheet sales in November developed the encouraging total of
week inded Nov. 19th, says the thilited States Bureau of
344,519 tons, against 234,358 tons in October and 212,029 tons last NovemMines in its weekly survey. Biturniiius coal was produced
ber. Output in November was 232,041 tons, compared with 245,765 tons
to the amount of 9,079,000 net tons in the week of Dec. 3,
in October and 314,598 tons November a year ago.
Cleveland continues to dominate an active pig iron market, with sales compared with 8,830,000 tons for Nov. 26 and 9,998,000
topping 50,000 tons the second consecutive week. St. Louis has a high total for Nov. 19. One year ago during the first week of December
with 18,500 tons, and inquiry expanding. A Pittsburgh district buyer has the production of this fuel amounted to
14,676,000 net tons.
closed on 17,500 tons of gray forge and 5000 tons of bessemer. A weaker The output of anthracite for the week
of Dec.3 was 1,390,000
market on No. 2foundry iron at Pittsburgh is indicated by several 1000
-ton net tons compared with 1,286,000 for Nov. 26
and 1,951,000
lot sales at $17.25, base, bailey. Buffalo iron is being shaded for New England delivery. December sales at Chicago are outstripping November, the for Nov. 19. One year ago, tonnage amounted to 1,997,000
net tons in the first week of December. Further details are
year's banner month.
Specifications for wire products, especially at Pittsburgh and Chicago. included in the Bureau of Mines report, as follows:
have spurted following warning by the mills current protections will not be
BITUMINOUS COAL.
extended into the first quarter. Makers appear determined to re-establish
The total production of soft coal during the week ended Dec 3,including
$2.55, Pittsburgh or Cleveland, on wire nails.
lignite and coal coked at the mines, is estimated at 9,079,000 net tons.
Contract quotations on beehive furnace coke are chiefly $2.90 to $3, appa- This is an increase of 249,000 tons over the output in the
preceding week.
rently discounting reports of wage reductions Jan. 1. Though some distress The average daily rate of production for the six days
in the week of Dec.
coke has sold at 82.65. the bottom of the spot market is now $2.75. Inquiry however, was lower than for the five days in Thanksgiving
week.
is slow developing. More beehive foundry coke contracts have been closed
Estimated United States Production of Bituminous Coal (Net Tons), Incl. Coal Coked.
at $3.75 to $4.75.
1927
1926
Building activity holds at a high level, considering the season. Structural
Ca.. Year
Cal. Year
Week.
steel awards approximated 30.000 tons in the past week. Inquiry is broadto Date.
Week.
to Date.a
9,998,000 464,650,000 14,282,000 500,271,000
Chicago nearly 40,000 tons is active, not including a 40,000 to November 19
ening: at
Daily average
1,666,000
1,700,000
2,380,000
1,832,000
50.000-ton project coming up in January, while a bridge at Vicksburg. Miss., November 2&b
8,830,000 473.480,000 13,413,000 513,684,000
will require 14,000 tons. Reinforcing bar awards are supported by
Daily average
d 1,731.000
1.700,000
2,439,000
1,844,000
3700 tons
December 3.c
9,079,000 482,559.000 14,676,000 528,360,000
placed for a bridge at Washington. Pending work lists 3700 tons
for a viaDaily average
1.513,000
1,696,000
2,446,000
1,857,000
duct at Cincinnati, while proposed middle west road work will take
10,000
a Minus one day's production first week in January to equalize number of days in
tons. The price tendency in structural materials is upward.
the two years. b Revised since last report. c Subject to revision. d Computing
With a large proportion of 1928 rail requirements placed, track fastenings Thanksgiving Day as 0.1 of a full working day.
come into greater prominence. The week's orders at Chicago totaled 25,000
The total quantity of soft coal produced during the calendar year 1927
tons. The Pennsylvania is inquiring for a large quantity. The Reading is to Dec. (approximately
285 working days) atnounts to 482,559.000 net
3
distributing its needs. Many lines are about to close.
tons. Figures for corresponding periods in other recent years are given
Negotiations between German steelmasters and employes over the latter's below:
demands for an 8
-hour day and wage increases up to 75% have broken 1926
528,360,000 net tonsI1924
440,822,000 net tons
down and it is hoped arbitration will avert a shutdown Jan. 1. German pro- 1925
474,094,000 net tons 1923
524,198,000 net tons
1922
382,739,000 net tons.
ducers are restricting exports to protect domestic buyers in case production
ceases. European steel entente first quarter production limits are unAs already indicated by the revised figures above, the total production
changed.
of soft coal for the country as a whole during the week ended Nov. 28
Had It not been for for weekness in malleable iron in the Mahoning Valley, amounted to 8,830,000 net tons, as against 9,998,000 tons in the preceding
the "Iron Trade Review" composite of fourteen leading iron and steel prod- week. Output in the week of Nov. 28 was curtailed by the observance of
ucts would have ended the decline which has been continuous since the third Thanksgiving Day.
week of October. The index receded 1 cent this week, to $35.09. The averThe following table apportions the tonnage by States and gives comparable
age for last December was $38.22.
figures for other recent years.
Estimated Weekly Production of Soft Coal by States (Net Tont°.
Total Production for Week Ended--- November
Unfilled Tonnage of W. S. Steel Corp. Shows Increase
Nov. 26
Nov. 19
Average
Nov. 27
Nov. 28
State1927.
1927.
1926,
1923.b
1925.a
in November.
Alabama
310,000
335.000
385,000
510,000
446.000
237,000
Ark., Kan.,
290,000
The United States Steel Corp. in its statement issued Colorado Mo.& Okla
259,000
283,000
249,000
115,000
123,000
253,000
222,000
266,000
Dec. 12 reported unfilled tonnage on the books of the sub- Illinois
1.154.000 1,427.000 1.794.000 1,484,000 1,479,000
327,000
sidiary corporations, as of Nov. 30 1927 at 3,454,444 tons Indiana
394,000
566,000
504,000
463,000
50,000
52,000
120,000
99,000
120,000
This is an increase of 113,404 tons over the October figure Iowa
Kentucky-Eastern
786,000
865.000 1,024,000
884,000
681,000
and a decrease of 345,733 tons below the Jan. 31 figure.
Western
305.000
350.000
353,000
345,000
205,000
Maryland
54,000
58,000
73,000
33,000
63,000
On Nov. 30 last year orders on hand stood at 3,807,447 tons Michigan
17,000
20.000
18.000
20,000
24,000
and in 1925 at 4,581,780 tons. In the following we show the Montana
84,000
88,000
82.000
77,000
78,000
New
65.000
68.000
62,000
52.000
58,000
amounts back to 1922. Figures of earlier date may be found. NorthMexico
Dakota
74,000
62.000
32.000
36,000
33,000
in our issue of April 14 1926 on page 1617.
Ohio
138,000
141.000
731,000
719,000
645,000
Pennsylvania
2,128,000 2,345,000 3,390,000 2,952,000 2,816,000
UNFILLED ORDERS OF SUBSIDIARIES OF U. S. STEEL CORPORATION. Tennessee
82.000
83,000
134,000
111,000
116.000
Texas
21,000
End Of Month 1927.
21.000
1926.
1925.
1924.
26,000
1923.
22,000
27,000
1922.
124,000
January
124,000
3,800,177 4,882,739 5,037,323 4,798,429 6,910,776 4,241,678 Utah
94,000
105,000
94,000
222,000
3,597.119 4,616,822 5,284,771 4,912.901 7,283,989 4,141,069 Virginia
February
230,000
304.000
205,000
270,000
62,000
63.000
3.553,140 4,379,935 4,863,584 4,782,807 7,403,332 4,494,148 Washington
March
60,000
68,000
54,000
April
3,456.132 3,867,976 4,446.568 4,208,447 7,288,509 5,096,917 West Virginia-Southern c 1,685,000 1,862,000 2,389,000 1,970,000 1,227,000
Northern_ d
614,000
798.000
3,050.941 3,649,250 4,049,800 3,628,089 6,981,851 5,254,228
May
699,000
941,000
770,000
Wyoming
173,000
196,000
173,000
3.053.248 3,478,642 3,710,458 3,262,505 6,386,261 5,635,533
June
170.000
152,000
3,000
3,000
July
3,142,014 3,602,522 3,539,467 3,187.072 5,910.763 5,776,161 Others
5,000
4,000
5,000
August
3,196,037 3.542,335 3,512,803 3,289,577 5,414,663 5,950,105
Total
8.830,000 9,998.000 13,413,000 11,534,000 10.236,000
September_._ 3,148,113 3,593,509 3,717.297 3,473.780 5,035,750 6,691,607
October
a Revised. b Weekly rate maintained during the entire month. c Includes
3,341,040 3.683,681 4,109.183 3,525,270 4,672,825 6,902,287
November.,.... 3,454.444 8.807.447 4,581,780 4,031.969 4,368,584 6,840.242 operations on the N.SeW.,C.& 0.. Virginian. K.& NI., B. C.& G.,and Charleston
December_
8.960,969 5,033,364 4.816,676 4,445,339 6.745.703 division of the B. dc 0. d Rest of States, including Panhandle.
3279
TTTE CHRONICLE
DEC. 17 1927.]
ANTHRACITE.
The total production of anthracite during the week ended Dec. 3 is
estimated at 1,390,000 net tons. This is an increase of 104,000 tons over
the output in the preceding five-day week. The average daily rate of
production, however was 9.7% lower than in Thanksgiving week.
Estinuited United States Production of Anthracite (Net Tons).
1926
927
Cod. Year
Cat. Year
to Dates
Week.
to Date.
Week.
Week Ended1,760,000 75,132,000
1,951,000 72,470,000
November 19
1,838,000 78,770,000
1,288,000 73,756,000
November 26
1.997.000 78,767,000
1,390.000 75,148,000
December 3.13
a Minus one day's production first week in January to equalize number of days
In the two years. b Subject to revision.
BEEHIVE COKE.
The production of beehive coke continues to show little change. The
otal output for the country during the week ended Dec. 3 is estimated at
84,000 net tons as against 86,000 tons in the preceding week.
The cumulative production of beehive coke since Jan. 1 amounts to
6,669,000 tons, which is 4,117,000 tons, or 38.2%, less than the output
for the corresponding period in 1926.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1927
1928
to
to
Dec. 3 Nov. 28 Dec. 4
to Date. to Date.a
1927.1, 1927.c
1928.
Pennsylvania and Ohio
58,000 58,000 158,000 5,052.000 8,765,000
742,000
719.000
12,000
15,000 14,000
West Virginia
240,000
573.000
3,000
8,000
Ala., Kentucky,Tenn.& Georgia 7,000
327,000
4,000
4,000
8,000
298,000
Virginia
2,000
3,000
5,000
182,000
238.000
Colorado and New Mexico
155,000
154,000
Washington and Utah
3,000
3,000
4,000
84,000
88,000 193,000 8,869,000 10,788,000
United States total
23,000
38.000
14,000 14,000 32,000
Daily average
a Minus one day's production first week in January to equalize number of days in
the two years. b Subject to revision. c Revised since last report.
The output of bituminous coal during the week ended
Dec. 10 as estimated by the National Coal Association from
preliminary car loading reports was 9,400,000 net tons.
Colder Weather Aids Anthracite and Bituminous Coal
Markets.
Excerpts from the Editorial remarks published by the
"Coal and Coal Trade Journal" in its Dec. 15 issue tend to
show the influence of colder weather on the coal markets.
The review from which we quote says:
A cold wave rode into the Eastern coal fields on the wings of a high
wind that for the first time this season spread to all parts of the compass.
The sensitive conditions in the anthracite districts were quickly affected.
cv,,,x4
and mines that had been awaiting orders sprang into activity.
All the mines of all the companies had not been idle as evidenced by tn.:,
and a few Independents had Pegged along through the
tonnage produced,
warm November days with a combination of pick-up contract and allotment orders. But even such were feeling the strain and were near a break
in this continuous running record and welcomed the lower temperature as a
life-saver. Regarding prices, they also felt the strain. Some companies
reduced their circular on certain sizes a trifle, more to effect a parity that
a market as of late will not stand, than to stimulate any general demand,
wisely sensing that prices would not burn more coal when overcoats were
taboo.
In the bituminous trade the week has heralded big doings. Little or
no publicity has been given to the important and possible effect of the conference in Pittsburgh between officials of the U. M.W.of A.,the American
Federation of Labor Coal Committee, officials of the Ohio Operators'
Association, and some western Pennsylvania operators. No definite
results are as yet reported; but, should at least one large western Pennsylvania company be forced, through expediency, to sacrifice a year or more
of great expense and effort in endeavoring to establish an open-shop policy
and competitive wage and again sign the Jacksonville scale, it might have
a considerable effect on those who have not yet signed, though leas, it is
believed, if the reasons were known. It is hoped some other way out of a
dilemma may be found than by "swapping horses in the middle of the
stream"
A call has gone out from the office of Secretary of Labor Davis, fortified
with Presidential approval, to the operators of districts where the Jacksonville scale remains unsigned and in most cases forgotten (except its bad after
effects) and to certain officials of the ti M.W.of A.to comet. Washington
on Tuesday, Dec. 13, and talk the situation over. If such a conference
results in removing some of the don'ts and shatas that are on Uncle Sam's
legal trestle board, so that a restriction of production to requirements, with
a resultant stoppage of wasting a necessary natural resource that cannot
be replaced,follows, it would place the mine owners in a position where they
might concede wages in keeping with a more profitable market.
One thousand six hundred and sixty-eight mines produce about 79%
of bituminous yearly tonnage. Five thousand five hundred and nine
mines of under fifty thousand tons yearly, including many farm coal banks
and gopher holes, produce 21%. The larger portion of the 21% is equivalent to the unprofitable surplus or waste in excess of requirements.
Exporters report that steamships are leaving American bunker coal at
Panama and going to the West Indies for Scotch and Welsh coal now
being laid down there at a lower cost than American shippers can furnish
supply on a $2.25 per ton freight rate from mines to eur tidewater ports
for export. The operators cannot overcome everything without the help
of the railroads. Russia is now reported delivering a high-grade gas
coal to Italy from the Black Sea and through the Bosphorus in competition
with British coal. Italy likes our gas coal and will pay some more for it,
but again railroad help from mines to tidewater is needed.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Dec. 14, made public by the Federal Reserve Board, and which deals with the results for the twelve
Reserve banks combined, shows increases for the week of
$51,100,000 in holdings of discounted bills, $1,100,000 in
acceptances purchased in open market, $16,900,000 in Federal Reserve note circulation and $21,500,000 in member
bank reserve deposits, and decreases of $6,300,000 in Government security holdings and $35,300,000 in cash reserves.
Total bills and securities were $45,900,000 above the amount
held a week ago. After noting these facts, the Federal Reserve Board proceeds as follows:
Larger holdings of discounted bills were reported by nine of the Federal
Reserve banks, the principal increases being: Chicago, $24,500,000; Cleveland, $11,900.000; Boston, $10.600,000. and Philadelphia, $8.100.000.
The system's holdings of acceptances purchased in open market increased
$1,100,000 and of United States bonds and Treasury notes $4,700.000 and
$3,100,000. respectively, while holdings of certificates of indebtedness declined $14,200.000, largely as a result of a decrease from $50,000,000 to
$40,000.000 in the amount of temporary certificates issued by the United
States Treasury to the Reserve banks.
Federal Reserve note circulation increased $6.400,000 at the Philadelphia bank, $4,600,000 at Cleveland. $4,000,000 at Chicago, $3,700,000 at
Boston and $16,90b,000 at all 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 3317 and 3318. A
summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
Dee. 14 1927 is as follows:
Total reserves
Gold reserves
Increase (4-) or Decrease (-)
During
Week.
Year.
-$35,300,000
$34,100,000
-34,500,000
-38,500.000
Returns of Member Banks for New York and Chicago
Federal Reserve District-Brokers' Loans.
Beginning with the returns for June 29 last the Federal
Reserve Board also began to give out the figures of the
member banks in the New York Federal Reserve District
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics
covering the entire body of reporting member banks
-now
659
-cannot be got ready.
The following is the statement for the New York member
banks and that for the Chicago member banks thus issued
in advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of the reporting member banks, which this week, for
the first time in eight weeks showed a decline, the grand
aggregate of these loans for Dec. 14 being $3,558,355,000,
representing a decrease of $4,450,000 from last week's total
of $43,562,805,000, the record high figure.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES,
New York-52 Banks.
Dee. 14 1927. Dec. 7 1927. Dec. 15 1925.
Loans and investments-total
7,050,007,000 7,062,585,000 8,241,179,000
Loans and discounts--total
5,152,384,000 5.165.424,000 4,516,093,000
Secured by U.S. Govt.obligations_ 41,319,000
52,104.000
43,229.000
Secured by stocks and bonds
2,496,820,000 2,455,404,000 1,928,508,000
All other loans and discounts
2 814,225.000 2,647,916,000 2.548.358.000
Investments-total
1,897,643,000 1,897,161.000 1,725.086.000
U.S. Government securities
992,088,000
982,243,000
858,908.000
Other bonds, stocks and securities
905,555,000
914,918,000
885,178,000
Reserve balances with F.It. Bank.... 750,518,000
748,480,000
788,479,000
Cash in valult
74,201,000
83,052.000
72,305,000
Net demand deposits
5596,212,000 5,582,839,000 5,147,735,000
Time deposits
1 021,857,000 1.027,419,090
904,703,000
Government deposits
1,352,000
1,352,000
45,326,000
Total bills and securities
Bills discounted, total
Secured by U. B. Govt. obligations
Other bills discounted
Bills bought in open market
+45,900,000
+51.100,000
+53,000,000
-1,900,000
+1,100,000
+47,700,000
-67,300,000
+25,600,000
-92.900,000
-3.000,000
U.S. Government securities, total
Bonds
Treasury notes
Certificates of Indebtedness
-8,300.000
+4,700,000
+3.100.000
-14,200,000
+119.700,000
+224,600,000
-23,000,000
-81.900,000
Federal Reserve notes in circulation
+18,900,000
-73,400,000
Borrowings from F. R.Bank-total..
79.189,000
84,649,000
49,850,000
Total deposits
Members' reserve deposits
Government deposits
+20,700.000
+21,500,000
+2.300,000
+55,500.000
+64,700,000
-2,100,000
Secured by U.S. Govt. obligations_
All other
62,205,000
18.984,090
53,775,000
30,874,000
46,750.000
3,100.000
Due from banks
Due to banks
96.915,000
1,291,317,000
96,532,000
08,644,000
1,288,803,000 1,187.530,000
3280
THE CHRONICLE
Dec.14 1927. Dec. 7 1927. Dec. 15 1926.
Loan, to brokers and dealers (secured
3
$
$
by stocks and bonds):
For own account
1 230.124,000 21,220,398,000
825,465.000
For account of out-of-town banks_1,374,106.000 1,366,278,000 1,074,765,000
For account of others
954.125,000 z 976,129,000
792,220,000
Total
3,558,355,000 3,562,805,000 2,692,450.000
On demand
On time
Loans and investments—total
2,729,454.000 22,735,343,000 1,996,696,000
828,901,000 z827,462.000
695,754,000
Chlca6o-44 Banks.
1 988,987,000 1,988,231,000 1,874,280.000
Loans and discounts—total
Summary of Conditions in World's Market According to
Cablegrams and Other Reports to the Department
of Commerce.
The Department of Commerce at Washington releases for
publication 'to-day (Dec. 17) the following summary of
conditions abroad, based on advices by cable and othei
means of communication:
ARGENTINA.
Agricultural conditions in Argentina continue good. The demand for
13,953,000 livestock is poor and prices are low. France and Germany are active
703.204,000 buyers of wool but prices are said to be too high to interest local Amer721,899,000 ican
buyers.
AUSTRALIA.
435,224,000
Business in Australia continued affected during the week ended
188,985.000
Dec. 10 by the strike of waterside workers. Practically all shipping
246,239,000
has been tied up, and it was found necessary to postpone wool sales sched177.478,000 uled to be held at Geelong. Settlement of
the strike is expected the latter
25,782,000
part of this week. In the larger trade centers there is a noticeable
1,252,276,000 tendency toward liquidation in companies with high operating costs, re576,375,000 flecting the general state of business.
8,562,000
BRAZIL.
166,347,000
In Brazil the tone of general business is slightly more optimistic.
348,309,000
Exchange has been steady. It is now reported that the principal pro24,763,000 visions of the law
curtailing exemptions on import duties are effective
20,235,000 as of Dec. 1 instead of Jan. 1. The National Senate has approved a
4,528,000 loan for the Federal District of Rio de Janeiro.
1 503.541,000 1,509,811,000 1,439,056,000
Secrred by U. S. Govt. obligations_ 15.029.000
Secured by stocks and bonds
804,106,000
All other loans and discounts
684,406,000
Investments—total
14,120,000
808,419,000
687,272,000
485,446,000
Net demand deposits
Time deposits
Government deposits
214,564,000
263,856,000
187,930,000
22,254,000
Reserve with F. R. Bank
Cash In vault
478.420,000
216,738,000
268,708,000
U.S. Government securities
Other bonds, stocks and securities
182,904,000
21,657,000
1 300,132,000 1,324,253,000
631,088.000
621,828,000
474,000
474,000
Due from banks
Due to banks
156,412,000
356,091,000
Borrowings from F. R. Bank—total
140,378,000
374.721,000
31,514,000
Secured by U. S. Govt. obligations.
All other
z Revised.
13,482.000
30,025,000
1.489.000
12,779,000
703,000
Complete Return of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statement for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks
themselves, and covering the same week, instead of being
held until the following Monday, before which time the
stat,stics covering the entire body of reporting member
banks, now 656, cannot be got ready.
In the following will be found the comments of the Federal Reserve Board respecting the returns of the entire body
of reporting member banks of the Federal Reserve System
for the week ending with the close of business Dec. 7.
The Federal Reserve Board's condition statement of 656 reporting member banks in leading cities as of Dec. 7 shows decreases for the week of
820.000.000 in loans and discounts. $26,000,000 in investments, $54,000,000
in net demand deposits, $63,000.000 in time deposits, and $26,000.000 in
borrowings from Federal reserve banks.
Loans on stocks and bonds, including United States Government securities, were $24,000,000 above the Nov. 30 total, the principal changes incl.
Increases of $10.000,000 in the Cleveland district, $9,000,000 in the Boston
district, and $8,000,000 in the San Francisco district, and a decline of
$24,000,000 in the Now York district. "All other" loans and discounts
were $43.000,000 below the total reported a week ago, declines of $31,000,000 and $20,000,000 being shown for the New York and Philadelphia
districts, respectively, and an increase of $12,000,000 each for the St. Louis
and San Francisco districts.
Holdings of United States Government securities increased $3,000.000
for the week at all reporting banks, increases of $12,000,000 being reported
for the New York district and $4.000,000 for the San Francisco district,
and a decline of 88,000.000 for the Cleveland district. Holdings of other
bonds, stocks and securities declined $29,000,000 at all reporting banks,
the principal decreases by districts being: St. Louis $13,000,000, Philadelphia $8,000,000. and Boston $6.000.000.
Net demand deposits, which were $54,000.000 less than a week ago,
declined $53,000.000 in the New York district, $18.000,000 in the Chicago
district, and $15,000,000 in the Philadelphia district, and increased $13.000,000 in the St. Louis district and $10.000,000 each in the Atlanta and San
Francisco districts. Smaller time deposits were reported by banks in
nearly all districts, the principal decreases being $32,000,000 in the New
York. and $21,000,000 in the Philadelphia districts.
Borrowings from the Federal reserve bank declined $15,000,000 during the
week at reporting member banks in the New York district, $6,000,000 in
the Philadelphia district, and $5,000,000 in each in the Atlanta and St.
Louis districts, and increased $7,000,000 and $5,000,000. respectively, in
the San Francisco and Cleveland districts.
A summary of the principal assets and liabilities of 656 reporting member
banks, together with changes during the week and the year ending Dec. 7
1927, follows:
Dec. 7 Increase (4-) orDec.(—) Durino
IVeek.•
1927.
Year.•
Loans and investments—total
21,620.747.000 —45,766,000 +1,651.895,000
Loans and discounts—total
15,272,664,000 —19,554.000
+890,932,000
Secured by U.S. Govt. obligations- 132,919.000 +10,763,000
Secured by stocks and bonds
6,363,720.000 +13.018.000
All other loans and discounts
8,776,025,000 —43.335,000
Investments—total
6,348,083,000 —26,212,000
—4,936,000
+930,404,000
—34.536.000
+760.963,000
U. S. Government securities
2,805.805,000 +3,266.000 +376,816,000
Other bonds, stocks and securities-. 3,542,278.000 —29,478.000 +384,147,000
Reserve with F. R. banks
1,768,398,000 +8,167,000 +108.342.000
Cash in vault
289,558,000 +12.311.000
—23,119,000
13,954,881,000 —53,554,000 +1,005,609.000
Net demand deposits
6,467,518,000 —63.114,000 +632,157.000
Time deposits
5,590,000 —5,543,000
Government deposits
—68,283,000
1,205,894,000 —63,523.000
Due from banks
3,669.807.000 —05,488,000
Due to banks
Borrowings from F. R. banks—total-. 304,032,000 —26,493,000 —105,524,000
—37,779.000
Secured by U. S. Govt. obligations- 221,273,000 —44,228.000
82,7.59,000 +17,735,000
—67,745,000
All other
*Figures for Nov. 30 1927, and Dec. 8 1026, revised to include a non-member
bank in Chicago with loans and investments of $123,000.000, which consolidated
with a reporting member bank on Dec. 11927.
[VOL. 125.
BULGARIA.
Estimates of the new crop in Bulgaria indicate larger returns for
practically all cereals, witn the exception of corn. The crop of the
latter is expected to be about 40% below the preceding year as a result
of unfavorable weather conditions.
CANADA.
Trade and transportation in the Prairie Provinces and Ontario were
interrupted during the week ended Dec. 10 by severe blizzards. An improved tone in the iron and steel market reported from Montreal and
Toronto is based on the assurance of renewed activity in the automobile
industry, and prospects of larger railway orders. Consumers' stocks
are said to be low. Current financial reports covering the operations
of several important manufacturers of brick, electric apparatus, food
specialties, mining machinery, newsprint, power equipment, railway equipment and rubber goods indicate generally increased earnings for 1927.
Revenue car loadings were lighter during the week ending Dec. 3 because
of smaller shipments of grain, livestock and miscellaneous freight.
CHILE.
Details of the 1928 budget have been submitted by the Minister of the
Treasury of Chile to the mixed congressional committees, providing for
expenditures of approximately 960,000,000 pesos. Revenues are estimated
at 963,000,000 pesos. The insurance law has been passed by Congress and
is now awaiting the signature of the president. The Government has
urged that the Central Bank further reduce its discount rates by onehalf per cent, as a measure to relieve the present tightened credits.
CHINA.
Bnniness in South China is generally depressed by reason of rapidly
changing political conditions. Current commercial operations are confined to hand to mouth purchases on cash payment basis. Chinese banks
in Canton are restricting operations largely to exchange transactions, and
are reported unwilling to accept responsibility of carrying deposits or
making loans.
CUBA.
Specific inquiry among Cuban merchants shows that the volume of
actual business is low. Bank clearings for the first week of December
showed an appreciable rise, however, amounting to $16,212,177 as compared with $12,691,527 the week previous. A parcel-post treaty between
Cuba and Great Britain tv.s signed during the week ended December 3,
and the draft of a new commercial treaty with France was received in
Habana. Negotiations looking to the signing of a commercial treaty
with Italy are also reported.
DENMARK.
With the exception of wage agreements in a few minor load industries in Denmark which were cancelled by the Employers' Federation,
the present wage agreements, through non-cancellation, automatically remain in effect for another year beginning Feb. 1 1828.
FRANCE.
Business in France is in general marking time. The Government is
busy with the budget for 1928, with internal political problems and with
the adjustment of foreign commercial relations. Developments with regard to domestic and international cartels are engaging the attention
of industrial leaders. Domestic markets are slow because of the business depression and also due to the period of inventory taking. Car loadings continue to declino and freight receipts are also lower. There was
a further marked drop in retail prices at the end of November. Unemployment is higher but is not at all serious. A further slight improvement has occurred in the steel business because of firmer export prices
and higher domestic quotations.
GERMANY.
Key industries in Germany remained well occupied in November, especially the electrical and chemical lines; a general decline in industrial activity from the high level of recent months was, however, apparent in the increased number of bankruptcies and unemployed, in declining bank clearings, carloadings, stock exchange quotations, and ore
imports, as well as in a lessening of the tension on the money market
and in the credit strain on the Reichsbank that characterized the situation of earlier weeks. This diminishing activity was chiefly noticeable
in the machinery and textile industries; there was at the same time a
sharp seasonal decline in building activity. Coal production, however,
is increasing owing to greater seasonal demands. Iron and steel production is
being maintained at the high level of recnt months. The outlook, however, for this industry is believed not favorable owing to a proposed closing down of plants in Western Germany on January 1.
GREECE.
Announcement of the funding of the Greek debt to the United States
had a favorable reaction in business. This adjustment, following the
DEC. 17 1927.]
agreement with Great Britain, represents the second step in the consolidation of Greece's financial status abroad, leaving only the claims
of France to be settled. The latter are now under negotiation.
INDIA.
Business conditions in India continue on the upgrade. Money is firm
and the demand for raw jute and hessians is brisk, the majority of inquiries for the latter coming from abroad. The piecegoods trade is
moving well, with a good forward demand. The outlook is optimistic.
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The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting the moneys held in the United States Treasury and by
Federal Reserve banks and agents. The figures this time
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PORTUGAL.
The agricultural year in Portugal has been good. Grapes, besides being
plentiful, were of especially good quality and the fig crop was also large.
In spite of a very good wheat crop the Portuguese Government has authorized the import of 37,500 metric tons of wheat. The cork market remained relatively dull during October with prices on the same level as
during September.
PHILIPPINE ISLANDS.
Christmas buying has started in retail establishments and Philippine
business conditions in general are good. The islands' piece goods trade,
however, continues quiet. With somewhat lighter supplies, the copra
market is firmer. The provincial equivalent of resecado (dried copra)
delivered at Manila remains at 13% pesos per picul of 139 pounds and
the Hondagua price is unchanged at 12% pesos, but the Cebu quotation
has risen to 13.75 pesos. Two oil mills are operating intermittently and
the balance full time. The abaca market is firm, as the result of lighter
production and improvement in the United States market. There is very
little trading, however, because of light arrivals at Manila. Nominal
prices are somewhat higher than last week's quotations. Grade E is
34.50 pesos per picul ; I, 31; JUS, 24.60; AIX, 21; and L, 18.50 pesos.
UNITED KINGDOM.
In the debate on the coal situation held in Parliament on Dec. 7,
announcement was made of the Government's decision to appoint a special
cornntission of three members to stimulate and organize the transfer of
surplus workpeople from mining areas in which there is heavy unemployment and no early prospect of further assimilation. Government leaders,
speaking for the continuance of the policy of private operation et the
mining industry as opposed to nationalization, stated that the industry
is now in better condition than in 1925, there being heavier production
by the fewer men engaged and a larger volume of exports. Anglo-French
meetings on coal were held in Cardiff during the same week in an endeavor to increase the South Wales-French coal trade, chiefly by standardization of sized coal. The Welsh trade is now anticipating the removal at the end of 1927 of the French restrictions on coal imports.
Total registered unemployment amounted to 1,145,000 persons on Nov.
28, as against 1,074,000 on Oct. 24 and 1,227,000 at the end of November 1925.
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PORTO RICO.
Prospects for a fine sugar crop in Porto Rico continue but present reports regarding the acreage and condition of the tobacco plantings are
conflicting with a further reduction probable in the acreage planted to
this crop. Picking of the coffee crop has been completed in the lower
areas but it is expected to continue in the uplands for about two months
longer. Tobacco sales are showing seasonal dullness. San Juan bank
clearings for the first 9 days of December were $8,224,121, as compared
with $7,491,504 in the same period of 1926.
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PANAMA.
Total value of exports from Cristobal, Panama, during the month
of November, exceeded $332,000, the largest amount ever attained during
a single month. Tourists are beginning to arrive and it is estimated that
during the next five months more than 10,000 tourists will visit the
isthmus.
POLAND.
The balance sheet of the Bank of Poland for November shows the
Influx of 554,800,00Q zlotys (par value $.112) from the proceeds of the
stabilization loan which is carried in the bank's liabilities on a special
account of the Ministry of Finance. Gold and foreign currencies and bills
have increased by about an equal amount. Bank notes in circulation remained around the October level of about 900,000,000 zlotys, showing a
slight decrease as compared with the end of October.
•
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2,085.544,228
2,138,376,040
696,854,226
2,684.800.085
1,507,178,879
01 0119 AAA
NETHERLAND EAST INDIES.
Business in iron and steel products and fertilizers in Netherland East
Indies was especially active during the week ended Dec. 12. Imports of
both commodities showed large increases over the same period last year.
Closing of the sugar grinding season in November creates a normal
demand for fertilizers.
NEW ZEALAND.
Business in the Dominion of New Zealand continues fairly active in all
lines and ie improving steadily as the holiday season draws near. There
is more confidence in the future than for some time past, and this feeling
seems to be justified by a study of available factors. Motor car bust.
nests is active and registrations are beginning to show decided increases.
at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System)
was $4,845,312,583, as against $4,843,500,841 Nov. 1 1927
and $4,949,247,261 Dec. 1 1926, and comparing with
$5,628,427,732 on Nov. 1 1920. Just before the outbreak
of the European War, that is, on July 1 1914, the total was
only $3,402,015,427. The following is the statement:
•
JAPAN.
Markets in Japan are generally dull. Yields of stocks and bonds show
the lowest points thus far this year. Some relief is being afforded by
the partial repayments of deposits on the part of four closed banks,
which commenced such repayments on Dec. 8. The silk withdrawals
plans of the Imperial Silk Syndicate are in operation. Filatures have
decided to either remain closed for one month, or seal 20% of their
boilers. Trade in black sheets is fairly active anticipating a possible
tariff increase.
MEXICO (YUCATAN).
A slight improvement has recently been noted in the depressed business
situation in Yucatan, Mexico. During November 1927 exports of henequen
from Progreso amounted to 66,400 bales as compared with 23,172 bales
in Ocotber. The corn harvest is progressing favorably, and as a result
imports of this commodity, which amounted to 1,279,300 bags in 1926,
will be greatly reduced.
3281
THE CHRONICLE
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a Includes United Staites paper currency In circulation in foreign countries and
the amount held by the Cuban agencies of the Federal Reserve Bank of Atlanta.
b Does not nclude gold bullion or foreign coin outside of vaults of the Treasury,
Federal Reserve banks, and Federal Reserve agents.
c These amounts are not included in the total since the money held in trust against
gold and sliver certificates and Treasury notes of 1890 is included under gold coin
and bullion and standard silver dollars, respectively.
d The amount of money held in trust against gold and silver certificates and
Treasury notes of 1890 should be deducted from this total before combining it with
total money outside of the Treasury to arrive at the stock of money in the Unit
States.
This total Includes $19,409,846 of notes in process of redemption, $157,460,453
of gold deposited for redemption of Federal Reserve notes, 810,411,957 deposited
for redemption of national bank notes, $2,630 deposited for retirement of additional
circulation (Act of May 30 1908), and $6,431,200 deposited as a reserve against
postal savings deposits.
f Includes money held by the Cuban agencies of the Federal Reserve Bank of
Atlanta.
Nots.-Gold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption; silver certificates are secured dollar for dollar by standard
silver dollars held in the Treasury for their redemption; United States notes are
secured by a gold reserve of $155,420,721 held in the Treasury. This reserve
fund may also be used for the redemption of Treasury notes of 1890, which are also
secured, dollar for dollar, by standard silver dollars, held In the Treasury. Federal
Reserve notes are obligations of the United States and a first lien on all the assets
of the issuing Federal Reserve bank. Federal Reserve notes are secured by the
deposit with Federal Reserve agents of a like amount of gold or of gold and such
discounted or purchased paper as is eligible under the terms of the Federal Reserve
Act. Federal Reserve banks must maintain a gold reserve of at least 40%,including
the gold redemption fund which must be deposited with the United States Treasurer,
against Federal Reserve notes in actual circulation. Lawful money has been deposited with the Treasurer of the United States for retirement of all outstanding
Federal Reserve bank notes. National bank notes are secured by United States
bonds except where lawful money has been deposited with the Treasurer of the
United States for their retirement. A 5% fund is also maintained in lawful money
with the Treasurer of the United States for the redemption of national bank notes
secured by Government bonds.
3282
THE CHRONICLE
Payments to United States Dec. 15 by Foreign Nations
on War Debts—Great Britain Pays $92,575,000
Total payments of $96,544,830.88 were received by the
United States Treasury on Dec. 15 from eight foreign governments on account of their funded indebtedness to the United
States. Of the total indicated $92,575,000 represented the
amount turned over to the United States by Great Britain.
It was observed in the Washington dispatch to the New York
"Times" that there were other important financial transactions on Dec. 15, the Government completing the operation
of paying on about $336,000,000 of 434%. Treasury notes
which matured that day, as well as about $75,000,000 in
interest payments on the public debt. To aid in meeting
these obligations, the Government has sold about $260,000,000 of one-year 3X% certificates of indebtedness dated Dec.
15—From the "Times" we also take the following:
Heavy payments on the third quarterly instalment of income taxes began
to come in today. The bulk of these payments due on Dec. 15, is usually
cleared by the Federal Reserve Banks and turned in to the Treasury by
Dec. 20. It is estimated that the instalment will be about $430,000,000.
A statement by the Treasury Included the following about the payments
made on war debts by foreign nations:
Great Britain.—The tenth semi-annual payment of interest and the fifth
annual instalment of principal. Total payment was $92,575,000, of which
$67,575,000 was for interest and $25,000,000 for principal, and was made
in $92,575,000 face amount of 43 % United States Treasury notes, Series
A, 1927, maturing Dec. 15 1927.
Belgium.—The fifth semi-annual payment of interest on the post-Armistice indebtedness amounting to $1,125,000 was made in cash.
Hungary.—The eighth semi-annual payment of interest and the fourth
Instalment of principal was $39,724.53,of which $29,289.53 was for interest.
and $10,435 was for principal. Of the last-mentioned amount, $235 represented payments on account of principal of the temporary bonds given for
one-half the interest accruing on the bonds originally issued under the debt
settlement.
Lithuania.—The seventh annual payment of interest, except that part to
be funded, amounted to $47.896.35 and was made in cash. The remainder
of the interest, amounting to $44,542.50, will be funded.
Poland.—The sixth semi-annual payment, amounting to $1,000,000. was
made in cash. The remainder will be funded.
Czechoslovakia.—The fifth semi-annual instalment of principal, amounting
to $1,500,000, was made in cash.
Esthonia.—The fourth semi-annual payment, amounting to $75,000, was
made in cash. The balance will be funded.
Finland—The tenth semi-annual payment of interest and the fifth annual
Instalment of principal were $182,210, of which $132,210 was for ihterest
and $50,000 for principal, and was made in cash.
The Treasury announced that the $92,575,000 of United States securities
turned in by Great Britain in payment of her indebtedness had been canceled and retired and the public debt of America reduced so much.
British War Debt to the U. S.—$802,980,000 Refunded
Dec. 15.
The following is taken from the New York "Times" of
-Dec. 10.
In view of the numerous inquiries that reach me by letter and telephone
from time to time as to the position and condition of the British war debt
to the United States, may I state briefly the same?
The loans were made and used for war purposes and are now being paid
in accordance with the terms of an agreement freely entered into by the
two Governments interested. The total funded debt in Dec. 1922, for
which British Government bonds were issued to the United States at par,
was $4,600,000,000. On June 15 and Dec. 15 of each year the interest
Is paid. Upon each Dec. 15 the sum agreed upon in liquidation of the
principal is also paid.
Upon next Dec. 15 there will be paid the sum of $67,575,000 in respect
of interest and $25,000,000 in respect of principal, so that upon the evening of Dec. 15 a grand total of $802,980,000 will have been refunded by
the British Government to the United States since the signing of the debt
agreement between the two countries, and which total does not include
$100,526,379.69 paid as interest at 4%% on the principal prior to the
signing of the agreement.
H. G. ARMSTRONG,
His Majesty's Consul General.
New York. Dec. 8 1927.
Winston Churchill's Statement In Parliament Regarding British War Debt.
A cablegram (copyright) from London Dec. 15 to the
New York "Times" said:
Winston Churchill, Chancellor of the Exchequer, announced in Parliament this afternoon that the total war debt payments made this year by
Great Britain to the United States were £32,844,755, including the payment
of £19,000,000 made a few days ago.
Since April 1 Mr. Churchill said, the allied war debt payments to Britain
totaled £5,700,000 and reparations payments £10,050,000, adding that
during the rest of the year further war debt payments of £5,000,000 and
reparations payments of £4.500,000 should be received.
Thus Britain's receipts for the year from the war debts and reparations
will be £26,250.000 and her payments to the United States £6,594,755 in
excess of that amount.
Amsterdam Market Expects Much Gold To Go From U. S.
—Looks for Shipment to Other European Countries
Than England.
Stating that the gold movement from America was a
leading factor in last week's European dissensions the
New York "Times" in a copyright message from Amsterdam, Dec. 11 added:
The week's initial shipment to London caused some surprise because
of the rate at which it was made, but in any caes a general gold move-
[VOL. 125.
ment from America to Europe is expected. That belief is based on the
continued strength of sterling, unaccompanied by a rise in the premium
on dollars at delivery.
The purchase of large amounts of British Treasury bills by Pairs
banks had something to do with this. But the prevalent movement of
dollar exchange strongly in favor of Europe is also commonly ascribed
to the rising price level in America, which is expected to prejudice the
foreign purchasing power of the dollar.
Europe's Recovery an Influence.
The improving situation in Europe itself is also an admitted influence.
Expectation for the coming year is that European development has been
more decided and much less confused by incidental uncertainties than it
was a year ago. A very slow but steady improvement is expected for
the new year.
For the present, the general position of the exchange market has been
somewhat complicated by the fact that, while the sterling dollar rate was
steady at $4.8825, the sterling rate in florine was weak at 1207. This
explains the comparative weakness of dollar exchange at Amsterdam.
The Dutch rate for sterling would in fact have caused considerable gold
import to Holland from London if the Netherlands Bank had not intervened in the foreign exchange market and bought large amounts of
sterling bills. The bank's account of foreign bills held and balances
abroad increased from 479,000,000 guilders on Nov. 14 to 605,000,000
on Dec. 5. This is taken to indicate that the Amsterdam banking community did not desire gold import from London, but from New York.
See No Large Export to Landon
No very large aggregate gold export from New York to London is
expected here. It is believed that the Bank of England will lower the
bank rate as soon as practicable, an action which would serve to divert
American gold from London to other markets. Nevertheless, it is
recognized that the position is greatly obscure and in a measure highly
artificial, owing to the diversity between the economic and monetary
conditions in the new world and the old.
Every judgment, therefore, is coupled with the remark that surprises
need not be unexpected.
Reserve Bank Bill Purchases Said to Offset Gold Sales—
Acceptances Bought Up 50% in Two Months.
The following is from the New York "Journal of Commerce" of Dec. 8.
Large open market purchases of bills and securities, especially the
former, by the Federal Reserve banks during the last few weeks have
aroused a great deal of comment in Wall Street. In several quarters
the theory was advanced that these purchases will counteract any immediate tendency of money rates to harden bechuse of gold exports.
Also, it was said that the maintenance of ease in money rates through
open market purchases would permit the continued outflow of funds and
hence of gold to foreign money centers.
This theory, it was pointed out, received considerable confirmation
from the annual report of Secretary Mellon, made public yesterday, in
which it is said that "the Reserve banks, largely by the purchase or
sale of securities, have so offset gold movements that money rates have
been unusually steady."
The character of the increase in bill holdings bought in the open market is such, however, as to create some doubt about its direct connection
with a desire to offset the recent gold movements. The reason for this
doubt, it was indicated in another quarter, was that the increase in
acceptance purchases in the open market has taken place in ten out of
the twelve Federal Reserve districts. In New York, where operations
to offset the outflow of gold would be most necessary, the increase in
open market acceptance holdings during the last two months has
amounted to only $20,052,000. The largest increase has taken place in
the Richmond district, where it has amounted to $22,925,000. The rise
in bill holdings in out-of-town Reserve banks is thought to reflect the
desire of authorities in these banks to increase available accommodation
for local business.
Bill Holdings Up .50%
On Nov. 30 the Reserve banks reported holding an aggregate of
$354,700,000 of acceptances bought in the open market, a gain of nearly
50% since Sept. 28, when $242,148,000 of acceptances were held.
There has been a steady rise in the amount of acceptances purchased by
the Reserve banks since the late summer, when the total fell to
$170,000,000.
Security holdings increased at the same time from $494,352,000 to
$547,835,000 on November 30. In between, they reached a high point
of $704,794,000 on Nov. 15, in connection with the reduction of the Second Liberty 454% loan.
Since Dec. 1 of last year holdings of acceptances purchaesd in the
open market have declined $13,423,000, while United States security
holdings have increased by $241,927,000. This indicates a net increase
in open market purchases of bills and securities of $166,035,000 during
the last two months and of $228,504,000 during the past year.
The further belief was expressed in Wall Street recently that the
Federal Reserve Bank apparently has no objection to a moderate outflow of gold at the present time. This feeling is shared in many quarters. The enormous stock of gold held in the United States is considered more than adequate to allow some further shipments to European
centers which can well afford to replenish their gold holdings. This
applies in particular, it is felt, to London.
See Short Period of Gold Exports to London Now
Ahead—Estimate Here Movement Will Draw 850,000,000 From New York—Foreign Dealers Expect
Sterling Relapse.
The present gold export movement from the United States
is expected to come to an end within the next few weeks
and will probably involve the movement of about $50,000,000, according to a consensus of banking opinion here.
This statement appeared in the New York "Journal of Commerce" of Dec. 13, which also had the following to say:
However, a number of foreign exchange experts stated that any prediction is predicated upon a passive policy by central banks on each
side of the Atlantic.
DEc. 17 1927.]
THE CHRONICLE
Two developments, one possible and the other practically inevitable,
are expected here to end the gold export movement and force the sterling
rate down early next year. The possible change is a reduction in the
discount rate of the Bank of England, which is now 4 5-16%. This high
level, as compared with a 3%% Federal Reserve rate, has resulted in a
substantial transfer of balances to London, would be reversed by a reduction in the discount rate in the latter city. Such a reduction is
desired by many quarters in London to help British trade.
The other development which is expected to force sterling down is the
payment for British imports now being financed in part through bankers'
acceptances in the New York market, and payment for which is to be
made in large part about the turn of the year. Low money rates in the
United States, which have caused the transfer of a great deal of financing
to New York, have to a large extent, it is said, merely delayed the payment of this year's exports from this market, and the date of payment
Is now coming near.
Sterling at Top.
Sterling yesterday reached another new high since 1914, touching $4.88%
and closing at 4.88 13-32. With the lower freight rates in force the gold
export point is now generally believed to be $4.88% to 4.88%.
Sterling is at present 2c. above the level which has come to be considered "normal" at this time of the year. The factors bringing about
the present "abnormal" situation, according to informed observers, are
the following.
1. Small exports of cotton and wheat to Great Britain. During the current
export season cotton exports have been down 50% from last year and wheat exports
are nearly 20% lower.
2. Increasing volume of foreign trade financing being arranged in New York
rather than In London, as shown by the rise of bankers' acceptances to a record
volume.
3. Heavy outflow of funds caused by the large flotations of foreign issues In the
New York market.
4. A substantial short interest in sterling brought about by the recent rise and the
general expectations of a seasonal relapse which failed to appear.
In addition to these factors there is a strong belief here that the
policy of the Bank of England has been calculated to encourage a rise
in sterling and the importing of some gold to London. This belief, held
very widely in the local financial district, advances the theory that
such a policy merely carrier further the plans developed by international
banking authorities during the Summer at the time of the conference of
the heads of central banks in New York city. Cable dispatches indicate
a similar belief is generally held in London and is given frequent expression in the financial press there.
3283
1.8 million kr.), and in stocks to 2.0 million kr. (September, 2.2 million
kr.); in October 1926 the corresponding figures were 2.2 and 3.8
million kr.
In the index for the stock exchange quotations there was during the
month a slight decrease for bonds, but a rather considerable increase for
stocks; the bond index was thus 88.9 (September, 89.1), the stock index 99.6 (September, 97.7), when the quotations of July 1 1914 are fixed
at 100. Compared to Octeber 1926 the index for all stock groups were
high, the index for banks this year being 86.3 (1926, 80.6), for shipping
stocks 120.4 (1926, 114.9), for industrial stocks 94.0 (1926, 86.9), While
the complete index was about 8 points higher than last year (99.6 against
91.7).
The unemployment was at the end of October this year 17.0% and thus
slightly smaller than at the end of October 1926, when it was 18.3. In
the industrial professions proper the percentage was also 17.0 and 18.8
for October 1927 and October 1926, respectively.
The Government's revenue from consumption taxes in October, 23.6
million kr., of which 10.8 million kr. were custom taxes proper. In 1926
the corresponding figures were 23.5 and 11.2 million kr.
-Republican Currency ReTurkey Scraps Old Bills
places Frayed Paper Money of Empire.
Constantinople advices (Associated Press), Dec. 5, are
published as follows In the New York "Times."
One of the last vestiges of old Turkey began to disappear today with
the scrapping by the republic of the Ottoman Empire's ragged, filthy
and imperial money at Constantinople. The Government of Mustapha
Kemal has substituted 150,000,000 lire of new paper bearing the insignia
of the republic and pictures of the President and members of the National Assembly.
The republic has been consistently opposed to keeping inflation up to
the amount of the last great war issue but estimated that 30,000,000 of
the old issue had been destroyed. It is estimated that the amount of
surplus in the new issue over what may be turned in may be used as the
nucleus for the capital of a projected State bank at Angora, to be increased by the sale of some of the imperial jewels at the Constantinople
Treasury, the total value of which Is £1,000,000.
-29
Poland's Preliminary Budget for 1928 -Increase in
Nature of Export.
Assets of Bank of Poland with Stabilization of
in sterling is expected to continue
In foreign exchange circles the rise
during the rest of the year, as gold exports are carried out. After that
Zloty.
a decline to a point well within the gold shipping limit is predicted.
The following information is supplied under date of
The export of gold so far this year has been largely of a special
character, reflecting artificial transfers of the yellow metal to foreign Dec. 5 by the American Polish Chamber of Commerce and
banking reserves, rather than the effects of international payments. The Industry in the United States, Inc.
movement at London, however, is being brought about through a rise
Poland's preliminary budget for the year 1928-29, as approved by the
In sterling, and to that extent is in the normal course of events. In so
Council of Ministers, continues the surplus which has been noticeable for
far as the rise in sterling reflects fundamental market factors, this
the past two years. With the zloty at its new value of approximately
movement is of the kind that occurred quite frequently before the war.
11 cents, revenues for the coming fiscal year are estimated at 2,350,395,000
zlotys as against expenditures of 2,228,950,000. Compared with the
figures for 1927-28, revenue shows an increase of 359,855,000 zloty and
Economic and Industrial Conditions in Denmark
expenditures an increase of 237,000,000 zloty.
During October.
Foreign trade during September showed a further reduction in the
The Danish National Bank of Copenhagen and the Danish unfavorable trade balance. The excess of imports has declined from
22,000,000 gold zlotys in July to 9,620,000 in August and 8,000,000 in
Statistical Department on Dec. 1 issued the following state- September. The adverse balance has been chiefly due to the imports of
the economic and industrial conditions In breadstuffs amounting to 18,000,000 zloty in July which are now being
ment regarding
supplied from domestic sources. Daily car loadings are at the highest
Denmark during October, 1927:
Poland's history, and the carloads of coal for export are greater
The Danish export of agricultural products was in October greater figure in
coal strike.
for all products than in October last year, and, as during the preceding than during the British
Reflecting the growth in retail sales and the general expansion of inmonths, the difference was greatest for bacon. The average weekly exnote circulation reached a new high of 929,413,000
portations were: butter, 2,450,700 kilos (October 1926, 2,358,000 kilos); dustrial viactity, bank
with 728,000,000 at the end of June and 692,000,000
eggs, 969,900 scores (October 1926, 828,700 scores); bacon, 4,979,000 zloty as compared
bank note circulation is covered by a gold reserve of
kilos (1926, 4,146,500 kilos); beef and cattle, 1,254,400 kilos (1926, on Jan. 1. This
which is one of the largest in Europe.
1,175,700 kilos). The prices of the exported products were for butter 88.5%,
The stabilization of the zloty at its present value, which was one
and beef higher than in October last year, but for the other products,
of the recent $72,000,000 loan to Poland, has resulted in
especially bacon, lower. The average weekly quotations were: butter, of the features
in the assets of the bank of Poland amounting to 288,000,000
324 kr. (October 1926, 802 kr.) per 100 kilo; eggs, 1.98 kr. (October 1926, an increase
The reserve of about 208,000,000 zlotys, formerly carried by the
2.08 kr.) per kilo; bacon, 1.30 kr. (1926, 1.64 kr.) per kilo; beef, 57 zlotys.
bank against the difference between the par value and the rate of exore (1926, 62 ore) per kilo on the hoof.
of its gold and foreign bills, has been eliminated, and the resulting
The trade balance with foreign countries in September amounted to change
of 80,000,000 zlotys is now carried in special reserve, in con143,000,000 kr. ior imports and 140,000,000 kr. for exports, so that there surplus
formity with the stabilization program.
was an import surplus of 3,000,000 kr., while in September 1926 there
was an import surplus of 16,000,000 kr. For the months January.
September the import surplus in 1927 was 67,000,000 kr. against 25,000,Agency of Commonwealth Bank of Australia Esta000 kr. in 1926.
bolished in New York-First Australian Bank to
was in October 154 against
The Statistical Department's wholesal index
153 for September. For the individual groups the variations were some
Have Direct Representation in America.
what different, but not in any case of importance. Greatest was the rise
An agency of the Commonwealth Bank of Australia has
In the price of feeding stuff, 8 points, while there was an increase of
one point for vegetables, leather and chemical-technical goods, and a been established in New York at 25 Pine Street. This is
decrease of one point for animal foodstuffs, fuel, metals and textiles.
the first Australian Bank to have direct representation
The freight rate figure was for October 1927 figured at 109.6 against
that New
in September. In October 1926 the freight rate figure was, due to in America, and it is In recognition of the fact
109.0
the English coal strike, considerably higher, namely, 159.5.
York Is now such an important center of international
Concerning banking and financial conditions, the following should be
finance that the bank has inaugurated its own organisanoted: In the three principal private banks the outstanding loans as well
loans with 18,000,000 tion here. The Commonwealth Bank of Australia is owned
as the deposits have increased, the outstanding
kr. and the deposits with 80,000,000 kr. The surplus payment has been and guaranteed by the Government of the Commonwealth
used by the banks partly to bring down the debt to domestic banks and
of Australia, having been constituted by special act of Parsavings banks with the sum of about 5,000,000 kr., and partly to increase the cash balance. The outstanding loan of the National Bank has liament passed in 1911. In addition to caring for the bankbeen increased with about 11,000,000 kr. altogether, as there at the ing business of the Commonwealth Government, it is banksame time as the draft loans went down about 11,000,000 kr. was an
to four of the Australian States. The head office is in
increase of about 22,000,000 kr. on different debtors. At the same time er
the Ministry of Finance's overdrawing of its account in the bank at the end Sydney, with branches in London and principal cities and
of September-about 3,000,000 kr.-is relieved by a deposit of about towns of Australia, while agencies. of the Savings Bank
1,000,000 kr.
conducted at over 3,000 points throughout
The National Bank's stock of currency has during the month gone up Department are
6,000,000 kr. This has, in connection with the increase in the outstand- the Continent. As at 30th June last, the bank's statement
ing loans, caused a rise in the amount of bills in circulation from 351.4 showed balances aggregating over $697,000,000. Capital
million kr. ultimo September to 865.2 million kr. at the end of October.
and Reserves Accounts exceeded $26,000,000. The ChairAs the stock of gold is the same as at the end of September, the perman of the Directors is Sir Robert Gibson, K. B. E., the
centage for covering has gone down from 56.4 to 55.1.
The transactions in stocks and bonds on the Copenhagen stock exchange Governor of the bank being E. C. Riddle, and H. T. Armiamounted in October to about the same as in September, as the average
tage is the Deputy-Governor. The last named visited New
weekly transactions in bonds amounted to 1.8 million kr. (September,
3284
THE CHRONICLE
[Vol.. 125.
York in September and recently was again here on his way
home to Australia from London. The New York Agency English to Ratify Australian Loan Council Agreement
—Will Give Formal Approval to Pact for Consoliwill be in charge of A. Watson Mason, who has been assodation of Public Debts Made at Conference of
ciated with the bank since its inception, and was for four
Premiers—No Effect on Bonds Held in U. S.
years second officer of the London branch.
A cablegram from the London Bureau of the "Journal of
Commerce" on Dec. 14 said:
Poland Removes Restrictions on Transactions in Foreign
The Government today introduced a bill ratifying the agreement of
the
Commonwealth of Australia and all Australian States providing for consoliExchange Transactions.
dation of all Australian public debts, comprising approximately
Under a decree issued by the Polish Government restric- 000,000.
$5,.000.tions on transactions in foreign drafts and currencies and
This co-ordinates the borrowing of Australian governments under a united
on the export of capital from Poland have been removed. loan council and provides for the establishment of a joint sinking fund liquiall debts
Assistant Trade Commissioner at Warsaw, Gilbert Red- datingthe futurewithin a limited period. The Loan Council will be responsible in
for all loans raised in New York.
fern, in advices to the Department of Commerce makes
Commenting on the above the "Journal of Commerce" of
this known in the following report, published in the Dec. 15 said:
United States Daily of Dec. 14:
The bill introduced yesterday is for the purpose of formally ratifying the
Trade in forengn exchange is declared now entirely free, and there
are no longer any restrictions on the transfer abroad of checks, currency or letters of credit. Moreover, by this decree Polish exporters
are no longer required to obtain the so-called "valuta" certificates in
coder to collect monies from foreign firms for exported merchandise,
exporters now being permitted to move such credits in any manner
they desire.
This removal of restrictions, however, does not apply to gold and
silver coinage and bullion, according to the decree. The export requirements set forth in the Decree of August 27, 1924, and the order
of the
Ministry of Finance dated Sept. 17, 1927, still apply in
regard to gold
and silver.
Italy Seeks to Promote Use of Home Goods—Economy
Minister Urges a "National Conscience" Against
Imports.
Associated Press advices from Rome, Dec. 9, published
in the New York "Times" state:
The Fascist Government is determined to boost a "buy home-made
goods" movement, Signor Velluzzo, Minister of National Economy,
told the Senate today amid applause.
There must be formed in Italy a "national conscience," the Minister
said, in order to convince the man in the street that
even by buying
only fifty cents' worth of a foreign product he is contributing
to an
adverse trade balance and to unemployment.
The Government, he concluded, while carefully watching the
price
of wheat and meat, would also encourage the activity of
small millers.
agreement entered into early this year at the conference of Prem;ers, which
was made for the purpose of adjusting the,financial relationships
between
the Commonwealth and the States of Australia. The new legislative
measure, therefore, has no effect on recent Australian loans made in this country
since these loans, including the $40,000,000 Commonwealth of Australia,
external loan of 1927, were offered under the provisions of the agreement
which it seeks to ratify.
The agreement made at the conference of Premiers will operate for two
years before the end of which period the people will be asked by referendum
to embody its terms permanently in the Federal Constitution.
It contemplates that the Commonwealth shall take over the debts of the States, the
Commonwealth to apply for a period of 58 years from July 1, 1927, toward
the interest on those debts a sum equal to the total of the per capita
payments made by the Commonwealth to the States in the year ended
June
30, 1927, and the States to provide the balance of the Interest.
There is a further provision that the Commonwealth and the States, out
of their respective revenues, shall make annual contributions to a sinking
fund, designed to extinguish the present debts of the States, in a period of
between 50 and 60 years from the present time, and all future loans within
a similar period from the time of their issuance.
All future borrowing for the purpose of the Commonwealth and the State
is to be arranged by the Commonwealth, in accordance with decisions of
the Loan Council, which is representative of the Commonwealth and the
States. In respect of such borrowing, Commonwealth securities are to be
issued, except where the Loan Council unanimously decides that toe securities of a State may be issued, in which case the State securities so issued are
to be guaranteed by the Commonwealth.
Other cable advices from London Indicate that a new Australian issue is
being offered in the market there today. The new South Wales Government, taking advantage of the current London demand for new issues, has
had underwritten a £7,000,000 534% issue, redeemable 1957, callable 1947.
The bonds are being offered today at 99%. As this Government is considered too frequent a borrower, underwriters expect to hold a considerable
proportion of the issue temporarily.
Mussolini Bans Greetings—Premier Orders Italians Not to
Send Him Christmas and New Year's Wishes.
The following Rome advices Dec. 13 (copyright) apPeru to Establish a New Mortgage Bank —Governpeared in the New York "Times":
ment's Share of Capital for New Institution to be
The long list of things which Italians may not do was increased
today when Premier Mussolini issued a communiqué asking both officials
Provided for Through Proceeds of Forthcoming
and private individuals to abstain from sending him Christmas and
$50,000,000 Loan.
New Year's greetings. Some weeks ago
the Premier announced that
he would in the future accept no gifts. Now the inhibition
is extended
also to greetings.
Formerly on all festive occasions scores of thousands of Italians
felt
it their duty to send telegrams of good wishes to Premier
Mussolini.
They were collected in the telegraph offices in sacks
and sent to the
ealazzo Chigi, where they were usually destroyed
without even being
opened. The Duce generally acknowledged them collectively
by a communiqué in the newspapers expressing his thanks and
appreciation.
This year his admirers will be deprived
of even this method of
expressing their devotion.
Formation of Italian Colonial Credit Bank.
Under date of Dec. 13 Associated Press advices from
Rome state:
new banking combination with a capital of 50,000,000
lire (about
$2,500,000) which is designed to pursue an active pollicy of colonial
credits is now in the process of formation, says the Roma News
Agency.
The principal banks of the capital and Southern Italy are understood
to be interested in the project.
Bank Commission Formed During Cuban Bank Panic
Seven Years Ago Discharged.
The Bank Liquidat4on Commission formed in 1921 to
liquidate various bankrupt banks, which were closed in
the Cuban panic of 1920-21, has been discharged after
closing up its business, says Havana advices to the New
York "Journal of Commerce," published in that paper
Dec. 14.
New York bankers who are arranging to offer (the coming
week) a $50,000,000 Republic of Peru Loan have been advised that bills to create a new State Mortgage Bank in that
country were to be introduced into the Peruvian Congress
the present week. Part of the proceeds of the forthcoming
loan will be used to supply the Peruvian Government's share
of the capital of the new institution. The law creating the
Mortgage Bank of Peru, as it is called, was drafted in consultation with representatives of J. & W. Seligman & Co.,
who, together with The National City Company and other
associates, will offer the $50,000,000 loan, and is based upon
models of the mortgage banks of Europe and South America
and upon a study of Peruvian conditions which began last
spring. The stock of the bank will consist of three classes of
shares,one class to be subscribed by the banks of Peru and the
other two classes by the Government, which offer one of the
classes to the public. Of the authorized capital 50%, or
approximately $3,000,000, will be paid in at the commencement of operations. At the present time the mortgage loan
business of Peru is being done by the local banks, but it is
understood the local banks have decided to thurn their
mortgage departments over to the new institution. The
Mortgage Bank of Peru will have a separately incorporated
subsidiary to be known as the Agricultural Intermediate
Credit Bank of Peru designed to make loans largely of the
short term character now made by the Federal Intermediate
Credit banks in the United States.
Priority Suspended Enabling Austria to Borrow $101,500,000—Relief Committee Grants Permission and
Bonds of Republic of Cuba External Loan of 1923
Appeal is Made to United States.
Drawn For Redemption.
From London Dec. 15 the New York "Evening Post" re-
ported the following:
Preliminary negotiations for an Austrian Government international loan
have advanced an other important step. The relief committee on Monday decided to suspend priority for thirty years for a loan of 725,000,000
shillings (about $101,500,000) according to the "Financial News."
The United States Government, which was not represented on the committee, has been approached direct by the Austrian Government to suspend priority of its relief claims.
It is understood Austria has made proposals on its own intiative concerning paxment of the relief debt in a certain number of years, but this
has not affected the committee's decision.
Senor Augusto Merchan, Consul General of Cuba, is
issuing a notice to holders of Republic of Cuba External Loan
thirty-year sinking fund 5%% gold bonds, issued under the
loan contract dated Jan. 26 1923, publishing the numbers
of $1,656,500 principal amount of the bonds of this issue
which have been drawn by lot for redemption as of Jan. 15
1928, out of moneys in the sinking fund. Bonds so drawn
will be paid on or after Jan. 16 1928, at the office of J. P.
Morgan & Co., as fiscal agents, 23 Wall Street, New York,
DEc. 17 1927.]
THE CHRONICLE
3285
The sentence was imposed at Mankato, Minn., Where a jury
in a Federal Court found him guilty on Dec. 3 of using the
mails to defraud in connection with the issue of stock in
1925 of the Southern Minnesota Joint Stock Land Bank
of Redwood Falls. W. H. Gold, former President of the
bank, was at the same time found guilty on similar charges.
Bonds of Municipality of Porto Alegre Drawn for Re- In reporting the sentence of the Court on Dec. 5, Associated
demption.
Press dispatches from Mankato that day said:
Found guilty by a Federal Court jury Saturday night Huston received
Ladenburg, Thalmann & Co. fiscal agents for the Municithe maximum fine provided by the eleven counts in
pality of Porto Alegre, have drawn $10,000 principal amount six former officers of the Southern Minnesota Joint an indictment charging
Stock Land Bank with
of city of Porto Alegre forty-year 73% sinking fund gold using the mails to further a scheme to sell a $1,200,000 stock issue of the
bonds, external loan of 1925 for redemption on Jan. 1 1928 at bank in the Summer of 1925. The maximum prison sentence was fifty-five
He received the maximum
five years,
102% and accrued interest at the office of Ladenburg, years. on the second. Judge W. on the first count,a sixty-dayand four
years
A. Cant granted
stay of
Thalmann & Co., 25 Broad Street, New York.
execution.
at 100% upon presentation and surrender with all coupons
maturing after Jan. 15 1928. Interest will cease on all
such drawn bonds after that date. The list also includes
numbers of bonds of previous drawings which were unredeemed on Dec. 10 1927.
Definitive Bonds of Republic of Colombia Ready for
Delivery.
Hallgarten & Co. and Kissel, Kinnicutt & Co. announce
that definitive bonds of the $25,000,000 6% external sinking
fund issue of the Republic of Colombia are ready for delivery
at the office at the National Bank of Commerce in New York
in exchange for outstanding interim receipts.
A. W. Sawyer of defense counsel said there would be an appeal to the
Federal Circuit Court of Appeals. Bond was fixed at $10,000.
Huston was one of two of the original six defendants found guilty.
W. H. Gold, Miami, Fla., former President of the bank, was fined $1,000
Saturday night.
Three other defendants, Glenn and Donald Gold, sons of W. H. Gold
and former Vice-Presidents of the bank, and J. E. Huston, brother of Guy
Huston, were found not guilty, and the sixth, W. G. M. Smith, a former
Vice-President, was dismissed two weeks ago after he testified in his own
defense.
The Government charged the defendants with violating the Federal
Farm Loan Act in raising the dividend rate over the alleged protests of the
Federal Farm Loan Board.
Bonds of Agricultural Mortgage Bank of Republic of
On Dec. 3 the Minnesota "Journal" reported the following
Colombia Drawn for Sinking Fund.
advices from Mankato regarding the convictions:
Hallgarten & Co., and Kissel, Kinnicutt & Co. have
W. H. Gold was convicted on just one count of the 12 charged against
drawn $37,000 Agricultural Mortgage Bank, Republic of him, and the jury recommended leniency. Guy Huston was convicted on
Colombia, guaranteed 20
-year 7% sinking fund gold bonds, 11 of 12 counts.
Conspiracy Charged.
Issue of Jan. 1927, due 1947, for redemption on Jan. 15 1928,
Conspiracy to defraud and use of the United States mail for fraudulent'
at 100% and accrued interest to that date.
purposes were the basic charges against the five defendants in the Huston.
Gold trial which lasted seven weeks, a near-record for the United States
District Courts, Minnesota jurisdiction.
Their indictment was the outgrowth of an expansion program launched
by the bank in the summer of 1925 in which an increase in capital stock of
from $1,800,000 to $3,000,000 and a raise in the dividend rate on the capital
stock from 9 to 10% were important factors.
The government charged the defendants with violating the Federal Farm
Loan Act in raising the dividend rate over the alleged protests of the
Federal Farm Loan Board which has jurisdiction over the Joint Stock Land
Banks.
Book Juggling Alleged.
Juggling of bank books to deceive the Board and obtain its authorization
for the increased dividend rate was the charge stressed by the prosecution
during the three weeks it took to present its case and during the crossexamination of defense witnesses.
"Argentina needs most of all a system of highways connecting Buenos
This, and the preparation of a cricular advertising the stock which was
Aires with large centers of population and this highway system (construction circulated in part through the mails constituted the acts upon which the
of which is being actively discussed in Argentina), will, when completed, charges were based. The Government accused the defendants of misbring enormous returns to this progressive nation and will justify its cost representing the actual condition of the bank in preparing the circular
which
many times over.
was distributed, as was the stock, through brokers, principally in the east.
While Argentina comprises only about one-sixth of South America's
The defense made a blanket denial of all charges and sought to show that
70,000.000 population, it has foreign trade of more than one-half of the total the defendants were justified in their expansion program in that,it asserted,
of South Smerica, operates about 43% of the railroads and transports 60% improving agricultural conditions warranted a campaign for more business
of the freight and 57% of the passengers handled by railroads on that for the bank; that the bank acted within its rights in raising the dividend
continent.
rate and that the cirular gave a true portrayal of the bank's affairs.
Famous as an agricultural country, Argentina originates nearly one-fifth
One Defendant Freed.
of the world's international wheat exports; likewise the nation is the second
There originally were six defendents, but one, W. G. M.Smith, a former
largest producer of maize and the largest exporter, and normally grows more
Vice-President, was dismissed by Government motion after he had testified
than one-half of all linseed produced.
More than 72% of South America's gold is in Argentina. Its banking in his own defense about a week before the trial closed.
Holding that the outcome of the case vitally affected the 60 other Joint
deposits are extremely large and the annual clearing house movement in the
city of Buenos Aires amounted last year to $16,000,000,000, the daily Stock Land Banks in the United States, the Government marshaled an
number of checks handled amounting to about 35,000. The high credit and array of prosecutors, Department of Justice accountants, postal inspectors,
wealth of the Republic have made its Government securities extremely and secret service men to assist in the details incident to prosecuting the
desirable investments and have justified their popularity in the American case.
The Southern Minnesota Joint Stock Land Bank did business throughout
market.
Minnesota and in eastern South Dakota loaning in excess of $30,000,000
to farmers in these two States. Established in 1919, when agriculture was
Proposed Increase in Capital of Potomac Joint Stock declared at its peak, the bank encountered difficulties virtually from the
Land Bank.
start and when his efforts to improve its condition failed in 1925. W. H.
Gold, resigned with
is announced in the Washington "Post" of Dec. 10 that after having workedhis two sons after having lost more than $250,000 and
It
for two years for no salary.
The Golds, prior to their organization of the bank, were in the mortgage
an offering of 200 shares of capital stock of the Potomac
loan business. The elder Gold,
Joint Stock Land Bank Co. will be made to the present stock- former occupation as a membersince leaving the bank, has returned to his
of a Miami, Fla., real estate firm.
holders Jan. 1, according to a decision of the board of direcAn eastern financier, Guy Huston, although a pioneer in the Joint Stock
on Dec. 9. When this increase is paid in the capital, Land Bank movement, did not become associated with the Golds until
tors
1923. Huston, who it was said put more money into the Joint Stock Land
it is stated, will be $370,000, and reserve, surplus and un- Banks than any other man in America, represented six Joint Stock Land
divided profits in excess of $125,000. The institution now Banks in the capacity of fiscal agent, handling issues of capital stocks and
more than $0,250,000 in loans and has farm loans out- bonds with headquarters in New York and Chicago.
System of Highways Argentina's Greatest Need According to F. H. Halsey of Harvey Fisk & Sons—Major
Portion of Aouth American Gold in Argentina.
A system of highways connecting Buenos Aires with large
centers of population represents Argentina's greatest need,
according to Frederick M. Halsey, of Harvey Fisk & Sons,
who addressed the Investment Conference on Problems and
Policies of International Finance conducted by New York
University at a meeting held Dec.8 in the Governors' Room
of the New York Stock Exchange. Mr. Halsey said:
has
Items regarding the charges appeared in our issues of
standing amounting to $0,000,000. The paper quoted also
June 11, page 3441, and July 9, page 172.
stated:
The recommendation for a new bond issue of $500,000 of 5% tax-exempt
bonds was approved by the directors subject to authorization of the
Federal Farm Loan Board, and it is expected the offering will be made
to the public on January 1.
A dividend at the rate of 7% per annum was declared for the six months'
period after the legal amount of earnings were carried to the reserve
amount and a substantial amount to surplus. The dividend is payable
January 1 to stockholders of record December 20.
Proposed Merger of New York and New Jersey Joint
Stock Land Bank With New York Joint Stock
Land Bank.
According to the Newark "News" of Dec. 12, the New
York & New Jersey Joint Stock Land Bank, which was organized in December, 1922, by Joseph S. Frelinghuysen,
Guy Huston Sentenced to Imprisonment Following then United States Senator, will be merged with the New
Conviction on Charges in Connection With Affairs York Joint Stock Land Bank Dec. 21, if the stockholders
approve. The item adds:
of Southern Minnesota Joint Stock Land Bank.
It Is announced that assurances have been received that more than the
New York and Chicago was sentenced on necessary two-thirds of the stock will be deposited. The Federal Trust ComGuy Huston of
is the depository.
Dec. 5 to nine years imprisonment in Leavenworth prison panyis proposed to pay $685,000 either in cash or in bonds of the New
It
York
and to pay a fine of $11,000 for using the mails to defraud. bank. The stockholders will have the options of $137 a share in cash, of
3286
THE CHRONICLE
[VOL. 125.
stock in the New York bank at $127 a share and $10 in cash or of bonds of
the New York bank at 102 plus accrued interest.
The notice to the stockholders is accompanied by a letter to Mr. Frelinghuysen by Samuel L. McCune,President of the New York bank. The letter
states that the combination will be a $16,000,000 institution, the twelfth
largest in the Joint Stock Land Bank system and with net earnings at the
present rate of $100,000 a year.
The principal office will be at Rochester, and the bank will continue to
serve both states. Mr. Frelinghuysen, President, and David Mackey.
Secretary and Treasurer of the New Jersey bank, will continue as directors.
The combined bank will be under the same management as the OhioPennsylvania Joint Stock Land Bank, which has headquarters in Cleveland.
Other directors will be: C. B. Boyd, Vice President of the Merchants
National Bank of Middletown, N. Y.; Ledyard Cogswell, Jr., President of
the State National Bank of Albany; D. B. Copeland, Vice President of the
New York Joint Stock Land Bank, Rochester; C. M. Hinman. Treasurer.
Pure Oil Company, New York; E. K. Hibschman, Pennsylvania State Col,
lege; S. L. Cune, Cleveland; R. V. Mitchell,investment banker, Cleveland;
Harper Sibley, capitalist, Rochester; Arthur H. Seibig, President, United
Bank of Cleveland; James W. Wadsworth, former United States Senator,
Geneseo, N. Y., and James P. Wood,attorney, Cleveland.
large corporations. On Dec. 11 George S. Harris, President
of the Exposition Cotton Mills and head of the American
Cotton Manufacturers' Association, was elected director in
Class C of the bank, succeeding Mr. Hopkins.
through the branch bank.
J. It. Milani, Vice-President of the Cooper Grocery Company, Waco, was
elected to a Class B directorship in group two, He succeeds Frank Kell,
capitalist of Wichita Falls. Joe H. Frost, President of the Frost National
Bank of San Antonio, was re-elected to a Class A directorship in group
one.
Opponents of Lynn P. Talley, Governor of the Eleventh District of the
Federal Reserve, failed to be elected to either of the vacancies. Talley's
administration of the district's affairs has been subject to criticism by
those who alleged that he is not sympathetic with the needs of the small
bank in connection with agriculture. Morgan Graves, President of the
Red River National Bank of Clarksville, and A. Baker Duncan of Waco
were the candidates proposed by the hostile faction. Mr. Duncan, however,
being Mayor of Waco, and therefore ineligible without resigning from his
municipal position, decided not to be a candidate after the ballots had been
printed.
Complaints against Gov. Talley's policies will be heard by the board of
directors in Dallas Dec. 12.
.
G. M. Reynolds Re-elected Director of Federal Reserve
Bank of Chicago—James Simpson Appointed Deputy
Chairman.
The re-election of George M. Reynolds, Chairman of the
Continental National Bank & Trust Co. of Chicago, as a
Class A director of the Federal Reserve Bank of Chicago,
was announced Dec. 1. August H. Vogel of Milwaukee, a
Class B director, also was re-elected. Mr. Reynolds's term
will be for three years and will be the fifth similar period
for which he will serve, as he has been a director of the bank
since its organization. On Dec. 14 it was announced that
Opening of Charlotte (N. C.) Branch of the Federal James Simpson had been appointed by the Federal Reserve
Reserve Bank of Richmond.
Board as Deputy Chairman of the Federal Reserve Bank of
The newly created Charlotte, N. C., branch of the Fed- Chicago; William A. Heath was reappointed director and
eral Reserve Bank of Richmond was opened on Dec. 1. again designated Chairman of the bank.
The opening of the branch will bring to a successful conclusion an effort inaugurated in June 1924 at Columbia, Election of Directors of the Dallas Federal Reserve
S. C., by representatives of the Carolina banks, members
Bank—Complaints Against Governor Talley.
of the Federal Reserve system and officials of the district
One new member elected to the board of directors of the
bank, which is located at Richmond. The Associated Press Federal Reserve Bank of Dallas, and one member re-elected
accounts from Charlotte, Nov. 30, in noting this, added:
to the directorate, was announced on Dec. 1 by C. C. Walsh,
Seventy-five banks, members of the Federal Reserve system, are located Chairman of
the board of directors of the Federal Reserve
in the territory. In addition to the member banks, thirty-nine nonmember
par-clearance banks in this territory will clear their checks indirectly Bank of Dallas. The Dallas "News," in stating this, added:
Further press advices from Charlotte Dec. 1 in the Raleigh "News and Observer" said:
Banks here today transferred large sume of currency from their
vaults to the big vault of the Reserve branch bank, in the basement of
the twenty-story First National Bank building, taking advantage of
the opportunity to reduce their cash reserves and thus get interest on the
sums thus transferred. With the Reserve bank here, any needed sums
may be &mined without delay. Banks in the territory of the branch
can also do business with less cash on hand than formerly, due to the
ability to secure it from the branch.
R. H. Broadus, of Richmond, deputy governor for the Fifth Federal
Reserve District, accompanied by J. S. Walden, Controller of the district
bank, said the work was done smoothly and efficiently and was the result of the months of careful planning in Richmond. The branch started
business with a considerable amount of business automatically taken from
the bank at Richmond.
As indicated in our issue of Aug. 27 (page 1129), Hugh
Leach is Managing Director of the branch.
Eugene R. Black to Succeed M. B. Wellborn as Governor of Federal Reserve Bank of Atlanta.
Eugene R. Black, President of the Atlanta Trust Co., of
Atlanta, Ga., will be the unanimous choice of the Board of
Directors for Governor of the Federal Reserve Bank of Atlanta, Oscar Newton, Chairman of the Board, said he had
been informed by members of the Board on Dec. 9 following
the decision to postpone the election until the January meeting. This is learned from the Atlanta "Constitution" of Dec.
10 from which we also take the following:
Massachusetts Bank Commissioner Recommends
Changes in Banking Law—Would Amend Regulations Governing Branches of Trust Companies—
Opposed to Country-Wide Branch Banking Under
Federal Legislation.
Six specific changes in the banking laws of the Commonwealth, chief among them being a general bill removing the
present restrictions preventing trust companies from establishing not more than one branch office within the city or
town in which the main office is located, were recommended
to the State Legislature on Dec. 7 by Roy A.Hovey, Massachusetts Commissioner of Banks, according to the Boston
"Transcript." The branch office bill is similar to one recommended by Governor Fuller at the last session, when he vetoed several special bills which would have allowed branch
offices to specified institutions, says the "Transcript," which
continues:
In recommending the measure, Mr. Hovey offered the following ex-
The election of the new Governor, who will succeed M. B. Wellborn,
present Governor, who is retiring after 13 years' service, was to have taken
place at the board meeting Friday, bat, according to an official statement
by Mr. Newton, action to defer the election was taken in order to have
uniformity throughout the system.
In a statement issued Friday afternoon following the board meeting, Mr.
Black expressed his appreciation of the compliment given him in the sugplanation:
gestion of his name for the Governorship of the Federal Reserve bank.
"Since 1902 a trust company in this Commonwealth has been allowed.
His statement follows:
under General Laws and subject to the approval of the Board of Bank InBlack Statement.
corporation, to establish not mere than one branch office within the town
"I have greatly appreciated the compliment that has been paid me In or city in which its main office is located. Branch offices are authorized and
the suggestion of my name for the Governorship of the Federal Reserve established for the convenience and advantage of the public by providing
hank.
new or additional banking faculties. Many of our cities and towns have
"At the meeting of the directors of the bank today it was felt that the wide territorial limits with more than one distinct business center which
election of its officers should be in January. I was in hearty accord with have in recent years grown in population and commercial importance. These
this policy. All of the directors were good enough to state that I would centers, although too small in themselves to support a separate commercial
be unanimously elected in January. This vouintary statement from these bank should very properly have the benefit of the facilities, if available, of
directors was most pleasing. I have to-day been grateful for the number an existing trust company. This condition exiats also in many communities
adjoining banking towns and within their economic territory.
of kindly expressions received from my friends.
"The proposed amendment to the General Laws, the adoption of which
"I will be in my present position the rest of this year and will leave
it with great regret but with the feeling that it is in most capable hands is recommended, will make possible, under proper authorization, the extenand with the knowledge that it will continue the success that its officers, sion of the facilities of established trust companies to such districts. This
form of branch banking should not be confused with other systems in operastockholders and depositors have made possible and certain."
tion in some States and foreign countries. The two cases are not alike and
Wellborn to Travel.
to prevent any such interpretation of the proposed amendment herewith
Announcement of his plan to retire at the end of this year was made a submitted a further provision is inserted whereby branch
privileges will not
year ago by Governor Wellborn, who plans to leave on Jan. 5 with his be extended to trust companies which may emrge or consolidate, unless the
daughters for an extended tour of Europe..
main offices of both trust companies are located in the same town. Thus
Mr. Black is now a Class A director of the Reserve bank.
county-wide branch banking, a policy which this department does not favor.
It was announced on Dec. 11 that Lindsey Hopkins, of but which has been made possible to national banks by recent Federal legislation, would not be available to trust companies."
Atlanta, has resigned as Class C director of the Federal
Reserve Bank of Atlanta. Mr. Hopkins is a member of the
firm of Danforth & Marshall, members of the New York
Stock Exchange, director of American Hide & Leather Corp.,
director of Atlanta Joint Stock Loan & Land Bank and other
Buying from One Who Knows.
The Commissioner also recommends a measure which would permit, by
authority of the stockholders of a trust company, the purchase and sale of
securities from a firm or corporation In which an officer, director, employee
or attorney is interested. The reason for such legislation is explained by the
Commissioner as follows:
DEC. 17 1927.]
THE CHRONICLE
"It has long been considered sound business judgment to elect to the
board of directors of a bank or trust company one or more investment bankers to whom the members of the board naturally turn for information and
advice in the selection of securities In which the assets of the trust company
may be invested, and from whose firm such securities might occasionally be
purchased. Until recently this practice has not been regarded as in any way
contrary to the intent of the present laws. Lately, however, this department has been advised that a strict construction of the provisions of the
law prevents the purchase of securities from a firm or corporation in which
a director of the trust company is directly or indirectly interested.
"The advantages of the presence on the board of directors of some person
experienced in the selection of investment securities are obvious and the objections thereto are negligible. To deprive trust companies of such expert
assistance, properly regulated, is unreasonable. Therefore an amendment
to clarify the provisions and to remove existing doubt as to the construction
of the law, is submitted."
Securities Legal for Investment.
Other recommendations by the Commissioner are explained by him briefly
as follows:
"The annual list of securities legal for investment by savings banks and
trust companies in their savings departments is required by statute to be
issued not later than Feb. 1. It is not possible to obtain the figures of the
preceding year necessary for the issue of this list on that date. Since a corrected list is issued to all the banks interested as of Nov. 1 for their use in
making annual reports, it is recommended that the above date be changed
to July 1 to allow for sufficient time within which to obtain statements and
figures as of the close of the previous year from the various municipalities
and public service corporations throughout the country, necessary in the
preparation of this list.
Co-Operative Bank Rates.
"The co-operative banks of this Commonwealth are permitted by statute
to issue in addition to the ordinary serial shares, paid-up share certificates
and matured share certificates. In the intent of the statute there is between
these two latter classes of shares a clear and distinct difference but a practice
prevalent in many co-operative banks of selling shares in series maturing
within a very few months has practically eliminated essential differences
between the matured shares and the paid-up shares. The maximum rate of
dividend payable on paid-up shares is fixed by statute at 5%. No legal
maximum is set on the rate payable on matured shares, but the average rate
paid thereon during 1926 was 5.26%.
"The inequality in dividends paid on these very similar classes ofshares is,
under the present methods employed, manifestly unfair and in order to make
these maximum rates uniform and to aid in building up the guaranty fund
and surplus accounts to the level intended by the statutes (5h% of total
liabilities), I recommend that the maximum rate of dividends on matured
share certificates be set at 5%. Statutory provision has already been made
for the payment of extra dividends when the guaranty fund and surplus
accounts exceed in the aggregate 5),.‘% of the total liabilities of a co-operative bank, in which all classes of shares must participate equally.
"When the statutes were amended to allow the sale of paid-up share certificates it was deemed wise to limit the total amount which might be accepted by a bank in this manner to not more than 10% of its total assets.
This regulation 113 nullified, however, by the provision which permits the
unrestricted sale of prior series shares, thus making easy its circumvention
by the sale of shares in series about to mature. This limitation should be
rendered effective and rather than place a limit on the amount of matured
share certificates which a bank may issue it is suggested that the statutes
permitting the sale of prior series shares be further amended so as to restrict
Its application to such series as have been originally issued not more than
six years prior to the date of sale. Thus all matured share certificates thereafter issued will more nearly represent shares actually matured by the regular
monthly payments, as originally intended by the statutes.
"Under the present law co-operative banks are required to file on or before
Nov. 30, annual reports as of the close of business on their October meeting
day for the receipt of moneys. Since these meeting days fall on various dates
during the first half of the month, it will be seen that some banks have as
long as sixty days within which to file the report. This has delayed the
publication of the annual report of these institutions and in order that this
condition may be corrected and the work of this department facilitated, the
accompanying bill, carrying an amendment to provide that such reports
shall be filed in or within twenty days from the date of their October meeting
day, is submitted."
3287
Details of the offering were given in our issue of Dec. 10,
page 3115. Secretary Mellon announced the closing of the
books at the close of business on Dec. 9. On Dec. 12 it was
stated that allotments on subscriptions were made as follows:
Subscriptions in amounts not exceeding $1,000 were allotted 50%, but
not less than $500 on any one subscription; amounts over $1,000 but not
exceeding $100,000 were allotted 30%, but not less than 55,000 on any one
subscription: amounts over $100,000 but not exceeding $1,000,000 were
allotted 25% but not less than $30,000 on any one subscription, and
amounts over $1,000,000 were allotted 15% but not less than $250,000 on
any one subscription.
k On
Dec. 14, Secretary Mellon announced that the subscriptions and allotments were divided among the Federal
Reserve Districts as follows:
District.
New York
Boston
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Subscriptions.
$480.678,500
96,171,500
134,354,500
92,160,000
50,043,500
59,239.500
131.630,000
25,604,000
14,553.000
17,839,000
47.345.500
140,498,500
Allotted.
$82.066,500
22.741.000
25,613.000
20,422,500
12,788.500
16,619.500
27,119,000
7,007,500
4,247.000
5,382,500
13.381,500
24,372,500
Total
$1,290.117,500
$261,761,000
W. R. Burgess of Federal Reserve Bank of New York, in
Book on "Reserve Banks and Money Market" Says
Gold Exports Need Not Disturb Country's Credit
Structure—Federal Reserve Policies Respecting Gold
Imports—Loss of Gold to Country in November 90
Million Dollars Through Exports.
Gold exports need not disturb this country's credit
structure, according to Dr. W. Randolph Burgess, Assistant Federal Reserve Agent at New York. The Federal
Reserve mechanism may be as useful in dealing with gold
exports as it was in meeting huge gold imports a few
years ago. Last week there left New York the first gold
export from this country to England since that country
returned to the gold standard. In the month of November
the country's net loss of gold through exports, principally
to Brazil and Canada, and through setting aside of gold
under earmarks at the Reserve Bank of New York for
foreign account, totaled over 90 million dollars, the largest
gold export since early 1925. These spectacular gold exports have led to discussion of the effects of such exports
on the credit situation. Dr, Burgess seeks to shed light
upon this question by certain passages in a book on "The
Reserve Banks the Money Market" written by him to be
published in a few days by Harper and Brothers.
In a discussion of Federal Reserve policies to deal with
gold imports, which threatened for a time a gold inflation,
Dr. Burgess points out that one of the reasons for avoiding
excessive credit expansion on the basis of imported gold
was the possibility of gold exports. Dealing with this
S. P. Arnot Nominated as President of Chicago Board possibility and the effects of gold exports on credit he
of Trade Succeeding John A. Bunnell, Who is to says:
"The billion dollars and more of foreign balances in this
Retire from Presidency.
country
have a direct claim upon our gold reserves, whioh may some day be
Samuel P. Arnot, one of the most widely known men on exercised for substantial amounts. Many countries of the world need
La Salle Street, was nominated on Dec. 8 for President of gold and will needmore gold when their trade has returned to normal
volume. The world has learned to
much more largely
the Chicago Board of Trade to succeed John A. Bunnell, paper money than before the war, but operate other hand credit and with
on the
curwill retire after two years in office early in January. rency requirements are increased by a general price level in gold 50 to
who
75% above pre-war. Larger bank reserves are needed and it is reasonMr. Arnot, who has been a member of the exchange for
able to believe that
balances
not be a permanently satistwenty-seven years, has served as director, as executive factory substitute for foreign The futurewill difficult to foresee, but this is
gold.
is
Vice-President, and for two years has been Chairman of the clear—this country should be so prepared for a considerable gold export
Cotton Committee and was active in the establishment of movement that it would not seriously disturb credit conditions.
"When gold was imported one of two things happened, a loan or inthe cotton market. He is with Clement, Curtis & Co. John vestment at the Federal Reserve Bank was paid off or bank deposits
C. Wood, now a director, was nominated for Vice-President. were expanded several times the gold imports. When gold is exported
Directors nominated for the three-year term are John H. exactly the reverse takes place. A bank must either borrow from the
Federal Reserve to get the gold for the Reserve Banks increase their
Jones, Kenneth S. Templeton, Edwin J. Kuh Jr., Frederick investments), or bank deposits or currency must be contracted. When
G. Miley, who is just concluding a three-year term; Colonel gold is exported it is necessary to travel back over the road taken when
the gold
E. L. Roy and George A. Koehl, who will fill the vacancy country arrived. If the gold imports had led to credit inflation the
would be facing credit deflation as a future possibility.
created by the retirement of Mr. Wood, who had one year
"Fortunately, bankers and business men have used the incoming gold
mainly to pay debts rather than to contract fresh ones, and the slate is
yet to serve as a director. Other nominations are:
Committee of Arbitration: Michael Necas, J. H. Wheeler, Richard Gambrill Jr., D. N. Annan, John J. Cot
(man.
Committee of Appeals: Wm. C. Jacob, Walter Metcalf, Caleb II. Canby,
Chas. A. Rohde, Wilbur McWhinney, Herbert McNamee (for one year
to fill vacancy caused by resignation of Kenneth S. Templeton),
Nominating Committee: John A. Bunnell, J. C. Murray, Benj. R. Brown,
J. R. Leonard, (leo. T. Carhart.
Subscriptions to and Allotments of U. S. Treasury
Certificates of Indebtedness.
Total subscriptions of $1,290,117,500 were received to the
one-year ni% United States Treasury Certificates of Indebtedness offered on Dec.8 to the amount $250,000,000 "or
thereabouts." The allotments amounted to $261,761,000.
clean. The machinery of the Federal Reserve System has provided a
way for string the gold ready for use of other nations when they
have reached sufficient stability to require it. When gold exports begin
the Reserve mechanism will again be useful, for member banks may
secure the gold for export, by borrowing at the Reserve Banks, or the
Reserve Banks may assume the burden by increasing their holdings of
securities. A cushion of Federal Reserve credit may thus protect the
credit structure from the direct impact of exports, just as in the past
few years this cushion has shielded it from the full force of gold
imports."
In discussing the policies which the Federal Reserve
System has adopted to deal with gold, Dr. Burgess indicates that every policy decision that the Federal Reserve
authorities have made in recent years has probably been
influenced somewhat by gold. There has always been
3288
THE CHRONICLE
[Vol,. 125.
some danger that the gold stored in the Federal Reserve
System might be used for a gold inflation. "This," he
says, "was a situation calling for high discount rates,
made effective by open market operations." He goes on
to say:
count for an increase of $16,000,000,000 in the individual
deposits of the banks of the United States during a sixyear period? Would any such expansion have occurred had
the country been shipping instead of receiving gold? Bankers and business men have clearly not restricted the utiliza"But there has been also a constant threat of additional gold imports,
particularly at times when money rates have been firm and our money tion of imported gold to debt payments. It has been put
market, therefore, attractive to international funds. Additional gold to more positive uses.
imports would not only have increased the danger of inflation here, but
If Reserve officials refuse to admit the existence of
would also draw gold from countries already suffering from stringent
credit and thus delay world business recovery and react unfavorably on credit inflation, they can, of course, contemplate the prosthe foreign trade of the United States. This situation called for low pect of gold withdrawals with equanimity, reasoning that
discount rates and an easy money policy that more gold might not be gold exporting member banks will only be borrowing again
attracted here.
"Credit policy has had to thread its difficult way between these two funds that they had previously repaid to the Reserve sysopposite necessities—high enough rates to avoid inflation, and low enough tem when they were importing gold. This view ignores
rates to avoid attracting more gold—and simultaneously adapt itself to the fact that bprrowing must now start from a credit level
a changing domestic credit situation."
many billions higher than it was when gold imports first
After describing Federal Reserve policies as to resisting began.
use of imported gold for Federal Reserve expansion, putting gold certificates into circulation, and discount and Reserve Bank Policy Helped
Gold Export—Rise of Sterlopen market policy, he says:
ing Facilitated by Low New York Rediscount Rates.
"The three means just described of dealing with gold imports are
Under the above head the New York "Times" in advices
palliatives, not cures. The financial disease which brought us so much
gold was depreciated and kuctuating currencies abroad; and the only from Amsterdam Dec. 11 (copyright), said:
real cure was stabilization. This disease was responsible not only for
the gold flow that threatened inflation, but for other ills as well. It curtailed Europe's power to buy this country's products and made for instability of prices. It interfered with American purchases of merchandise abroad. It subjected international financial transactions to
disorganization and speculation.
"Each country must in large measure work out its own cure for currency disorders. It must balance its governmental budget, collect its
taxes, and devise a sound banking plan for the guaranty of its currency
and the stabilization of its exchange. Other countries can help only at
the final step, when the plan is ready to announce to the world. At that
point a large foreign credit has always proved desirable, if not
essential." . . .
"In the past few years the United States has had a chance to perform
such a service for a number of other countries, and in this action the
Federal Reserve System has had an important part, not alone by extending credits itself, but less directly as well by at times fostering conditions under which the American investment and credit market might
be more open to foreign borrowers."
An account is then given of the credits to the Bank of
England and the National Bank of Belgium, and the conclusion is drawn.
"Since Great Britain's return to a gold standard in 1925, the flow of
gold to the United States has diminished to manageable proportions. In
fact there was a net loss of gold in 1925 and a gain of less than 100
millions in 1926. While the future gold movement is far from clear,
it seems evident that the stabilization of most of the important countries
of Europe has eliminated the principal cause of the huge flow of gold
which came to this country from 1920 to 1924. The steps which the
Reserve Banks have taken in facilitating this change have probably been
more important in the avoidance of a gold inflation in this country than
any of the temporary correctives to gold imports discussed earlier in
this chapter."
The continuing advance in sterling exchange last week was not
attributed to economic causes but chiefly to the relation of the different money markets. It has been emphasized all along that the strength
in sterling began when the New York Federal Reserve Bank lowered
its discount rate and the Bank of England got control of the London
money market so completely as ot keep up rates to a level which
would hold foreign balances in the country, doing this without raising
the official bank rate. Moreover, the heavy foreign lending of American investors, directing great amounts of American capital to London,
has certaitnly contributed to the strength of sterling.
Regarding last week's New York shipment of gold to London, however, foreign exchange experts hold that such a remittance could be
economically profitable only with sterling at $4.890725. For that reason the week's shipment was not accepted as an exchange transaction
pure and simple.
The same paper reported the following from Berlin Dec.
11 (copyright):
Regarding last week's American gold shipment to London, and the
rise of sterling toward the normal gold export point, the Berlin financial press is inclined to see the actual cause in the New York money
market. It lays particular stress on the reduction of the New York
Reserve Bank's discount rate last August and the consequent taking
up of British dollar credits in New York by the London market.
The British Tageblatt writes, however, of what it calls the "conscious manoeuvre of the Bank of England and the Reserve Bank
with the purpose of increasing England's gold reserve.
President Coolidge Would Keep U. S. Out of Private Business Field—Restates Policy Incident to Plea for Extension of Mississippi Barge Service.
President Coolidge's belief that the United States GovThe book also discusses various other aspects of Federal ernment should not engage in the transaction of business
Reserve policy, and reports a series of studies of the money that is not strictly a Government enterprise was reiterated
market which have been made by the Federal Reserve at the White House on Dec. 9, according to the WashingBank of New York. The book has an introduction by ton correspondent of the New York "Journal of ComGovernor Benjamin Strong of the New York Reserve Bank. merce", whose advices also state:
The Federal Reserve—A "Cushion of Credit"
[Editorial from the New York Journal of Commerce of Dec. 15.1
The assistant Federal Reserve agent at New York, like
the president of the National City Bank, is ready to maintain that gold exports need not disturb the credit structure
of the country. To both these commentators a credit disturbance apparently means only one thing: deflation. The
fact that the sole preventive of deflation, should gold continue to be shipped for export in large amounts, lies in an
Indefinite expansion of Reserve bank obligations, arouses
no qualms.
The assistant Federal Reserve agent is especially steadfast in his conviction that credit disturbances would not
result from Reserve bank intervention. "A cushion of Federal Reserve credit," he says, may thus protect the credit
structure from the direct impact of exports, just as in the
past few years this cushion has shielded it from the full
force of gold imports."
Here, slightly disguised, bobs up once more the theory
often repudiated by Reserve officials that the system has
succeeded in "impounding" gold in such wise as to prevent
it from exercising an inflationary effect upon credits. The
point is elaborated by the assistant Federal Reserve agent
when he says elsewhere:
"Fortunately, bankers and business men have used the
Incoming gold mainly to pay debts rather than to contract
fresh ones and the slate is clean."
The affirmation would be reassuring if true, but as it
happens, it comes into violent conflict with the facts of the
ease. How does the assistant Federal Reserve agent ac-
The Administration's policy all along has been to keep the Government out of business.
Restatement of the Administration's attitude was prompted by the
resolution adopted today by the Rivers and Habors Congress, in convention here, calling for continuation and extension of the Mississippi
Barge Line service, so long as it is in the public interest.
The President feels it is quite discouraging for the Government to
undertake to help and then find it only lands itself in a very disagreeable controversy, which, it was stated, has been the case in several
instances. As soon as the Government undertakes to aid an interprise
the people that are helped or harmed immediately be in a political
agitation.
Lack of Appreciation Shown.
It was stated that lack of appreciation has been shown in connection
with some of the irrigation projects, where the Federal Government
has expended a great deal of money and was under considerable expense in order to irrigate and redeem lands for cultivation, and sometimes the results have been that the Secretary of the Interior was hung
in effigy for his pains.
The enormous expense in relation to the Government's shipping
operations was cited as a concrete example and it was emphasized
that the merchant marine enterprise has embroiled the Government
in a good deal of controversy.
While these are not considered to be reasons why the United States
Government should not go ahead and do what is required to be done,
still they were referred to as representing difficulties that it seems
might be eliminated to a considerable extent if those for whom these
things are done would try to have a reasonable appreciation of the
efforts that are being made in their behalf.
Controversies Resulting.
The Government's aid has resulted in controversies that would be
much better to keep out of, it was stated in behalf of the President,
and is one of the main reasons why the United States Government
ought to keep from undertaking to transact business that the people
themselves ought to transact. It is the belief of the President that
the Government cannot function along that line.
As soon as the Government tries to transact such business, in the
opinion of the President, the people with whom it is being transacted
regard it as their own business. They think it ought not to be done
for the benefit of the Government in a way that would benefit the
Treasury or all of the people, but that it ought to be done for their
own benefit. Such an attitude, it was explained, always creates a
situation that is extremely difficult to contend with.
Mac. 17 1927.]
THE CHRONICLE
3289
Comptroller of Currency McIntosh in Annual Report leading bankers and to make recommendations for any changes. Membere
of the Banking and Currency Committees were
with there
Says McFadden Banking Bill Has Justified Itself— proceedings. After numerous conferences on the kept in touchwhich every
draft during
New Branch Banks Added to System Since phase of the commercial, industrial, and agricultural life of the country
was taken under consideration in their relationship to the national banking
February—Increase in Number of Banks Exercising system, the comptroller
was able to lay before Congress his final recomTrust Powers.
mendations. The bill was introduced by Chairman McFadden on Feb. 11
1924 (H. R. 6855. 68th Cong.. 1st seta.).
Reviewing the operation of the McFadden Banking Act
In the comptroller's report for 1924 there was laid before Congress conduring the nine months since its enactment, Comptroller vincing evidence of the urgent need for the broadening of the charter
of the Currency J. W. McIntosh, in his annual report made powers of the national banks, as provided by the bifi, in order to save the
national banking system from ultimate extinction. That report showed
public Dec. 12, says the Act "has fully justified itself, as the that the national banks were gradually declining in
relative strength, having
additions to the resources of the National Banking system during the preceding six years lost more than $2,230,000,000 to the State
have more than offset the losses during the three year period systems.
Subsequent developments during the three years the bill was
prior to the enactment of the Act." The gradual decline Congress served only to emphasize the trend toward disintregration before
in the
in the relative strength of the National banks before the national banking system. In my report to Congress for the year 1926 I
enactment of the bill is referred to by the Comptroller, pointed out that during the three-year period ending with Sept. 1926.
entered the State systems,
them aggregate
who states that "it was freely predicted by the supporters 253 national banksthan $1,000,000,000. The taking withresources of the
resources of more
aggregate
of the so-called McFadden bill that its enactment by Con- national banks had dropped from 75% of the total of commercial banking
gress would bring new life to the system of National banks resources in the United States in 1884 to about 46% in 1926.
In this connection it was freely predicted
the supporters
sobecause under the proposed Act National banks would be called McFadden bank bill that its enactment by Congress would of thenew
by
bring
able to perform every phase of banking carried on by State life to the system of national banks because under the proposed act national
banks
banks and trust companies." The report states that banks would be able to perform every phase of banking carried on by State
and trust companies. The McFadden Bank Act was
by
"four of the leading State branch banking institutions the President on Feb. 25 1927, and although it is too early to approved[Id
judge its
have become National banks and are now operating under effect—the act having been in operation for less than nine months—it has
itself, as
of the national banking
the restrictions upon branch banking which the Act pro- fully justifiedmore thanthe additions to the resourcesthree-year period prior
system have
offset the losses during the
vides. . . . Since Feb. 25 1927, 400 new branches to the enactment of the act.
Branch Banking.
were added to the system through consolidations and conThe establishment of new state-wide branches within the Federal reserve
versions of State banks." In his reference to the assumpsystem was brought to an end by the act. Four of the leading State branch
tion of trust powers by National banks the Comptroller banking institutions have become national banks and are HOW operating
says that "the number of National banks obtaining the right under the restrictions upon branch banking which the act provides. There
was no rush to acquire city branches
to exercise trust powers is increasing at the rate of more than establishment by national banks, as following the authorization for their
only 127 new branches have been
200 a year." The fact that the McFadden Act gave Na- established with the approval of the Comptroller of the Currency under
tional banks indeterminate Charters "and assured the the act since Feb. 25 1927. Prior to the passage of the act there were in the
institutions that their Charters would not expire before the system 165 branches due to conversions and consolidations of State banks
into national banks; 202 additional offices which had previously been
trust functions undertaken were fulfilled" is likewise com- approved by the Comptroller of the Currency under the authority of the
mented upon in the report. According to the report "there opinion of the Attorney-General of the United States were converted Into
branches under the terms of the act; and 5 branches granted in
were 7,832 National banking associations in existence at the Columbia under the authority of the Milispaugh Act. Since the District of
Feb. 25 1927,
close of the current year Oct. 31 1927. This number was 400 new branches were added to the system through consolidations and
conversions of State banis. Since the State banks had these 400 branches
ess by 176 or 2.2% than the number in existenceat the before their converions
or consolidations, their additions to
close of the preceding year on Oct. 31 1926." Where the system did not add to the total of branch banks in the United the national
States. The
act, therefore, may be said to have added to the number of branch banks in
number of associations has decreased, their capital and aggrethe United States the number of new city branches established and approved
gate resources have increased. "The resources of 7,804 by the Comptroller of the Currency under
the provisions of the act. namely.
reporting national banks Oct. 10 1927," according to the 127, one of which was subsequently abandoned.
report, "aggregated $27,213,824,000, the largest amount
Investment Securities.
ever reported in the history of the national banking sysThe act imposed upon the Comptroller of the Currency the duty of making
tem, exceeding by $1,529,975,000 the resources reported regulations for the purpose of controlling the business of buying and selling
by 7,912 banks on Dec. 31 1926. The report indicates investment securities by national banks. The act itself affirms the basis
authority for national banks to enter this
that 135 national banks, with an aggregate capital of $8,257,- to the purchase and sale, without recourse,field, but limited the operations
of marketable obligations in the
000, were placed in charge of receivers during the year form of bonds, notes, or debentures, commonly known as investment
ending October 31 1927, and that during the fiscal year securities under such further definition of the term as may by regulation
bemade by the Comptroller of the Currency.
ended June 30 1927 there were 689 failures of State and
The regulation/1 were issued on June 30 1927, in the following language:
private banks, with total liabilities of $206,655,000. The
[These regulations, issued under date of June 30 1927,
report shows that on July 1 1927 the stock of money in the were given in the "Chronicle" of July 2 page 41.—Ed.]
country, coin and paper, aggregated
The effect of those regulations has been to exclude from the investment
,531,991,679, of
which $3,760,100,000 was in general circulation. We take securities business of national banks all securities which do not conform to
the standard set up in the regulations. It is the design of these regulations
the following extracts from the report:
to carry out the intention of the act to
Legislation.
I make no recommendation to the Congress for the enactment of new
legislation. But nine months have elapsed since the passage of the act of
Feb. 25 1927, which amended the national banking laws. Too short a time
hut elapsed to allow banking to fully adjust itself. I feel, therefore, that no
further banking legislation is necessary at this time.
Nine Months' Operation of the Act of Feb. 25 1927. Commonly Known as the
McFadden National Bank Act, Amending the Banking Laws.
This legislation had its origin in the specific recommendations made to
Congress by my predecessor, Mr. Henry M. Dawes, who assumed office
In the spring of 1923 and one of the first things to engage his attention
was the competitive status of the national banks with commercial banks
operating under State charters. In the late summer of 1923. the comptroller
initiated a nation-wide investigation through the chief national bank examiners in each Federal reserve district, the aim of which was to gather and
collate expert and technical recommendations for changes in the national
banking laws. Each chief national bank examiner was instructed to confer
with the leading bankers in his district and to make recommendations to the
comptroller for new legislation based upon the practical needs of the national
banks in the respective Federal reserve districts.
By the end of Sept. 1923. there was before the comptrollers considerable
number of recommendations from the field. In the meantime he had called
upon the experts in the bureau at Washington to make recommendations
relative to the need for specific legislation growing out of the administrative
experience of the office for a decade or more past.
While these technical investigations and researches were in progress the
comptroller conferred with a large number of bankers, both State and
National, and with Federal reserve officials, with a view of developing a
policy upon the basis of which he might make recomendationa to Congress
for new legislation.
With this mass of material before him, the comptroller induced several
bankers of wide banking experience to sit with him and his counsel as a
voluntary committee for the purpose of selecting from the numerous recommendations for new legislation the particular features which should form
the basis of his recommendations to Congress. In the course of a month
this committee had agreed upon what was thought to be the essential needs
of the national banks for changes in their charter powers. The data thus
selected was then cast into the form of a draft of a bill.
This draft was next referred to each of the chief national bank examiners
in the 12 Federal reserve districts with instructions to consult again with
limit the investment securities
business of national banks to liquid and readily marketable obligations
having a wider distribution than a purely local or restricted market.
National Banks in the Trust Field.
The passage of the Federal reserve act empowered national banks to
broaden their financial service by acting in a fiduciary capacity. The
amendment to the act of 1918 extended the number of fiduciary capacities
in which they could act, and from that time on national banks have entered
the trust field in increasing numbers, approximately 30% of their number
now holding permits from the Federal Reserve Board to do a trust business.
The Federal reserve act was made to rest chiefly upon national bankm
and with a twofold purpose its authors determined to admit this Class of
banks to the field of the fiduciary, They recognized the justice of permitting national banks to engage in a work performed by other corporations
which have entered every branch of the banking field. They saw, too, the
advantages to the public of making available as trustees, executors, administrators, guardians of estates, and in other fiduciary capacities the one
unified banking system in the United States highly standardized in its
practice and regularly supervised by the Federal Government. They
recognized in national banks an agency through which trust facilities could
be offered in practically every community in the Nation.
How far the national banks have penetrated the trust field is indicated
by the fact that the assets of the individual trusts being administered by
these banks now amount to more than a billion dollars, while
corporate
trusts amounting to more than two and a half billion dollars are
being
handled. More than 26,000 individual trusts were being administered
by
national banks during the past year. The most impressive part
of their
progress is that the growth has been recorded largely during
the Past few
years. The number of national banks obtaining the right to exercise trust
powers is increasing at the rats of more than 200 banks a year.
The McFadden Act which became a law on Feb. 25 1927, gave national
banks, among other things, indeterminate charters and assured the institutions that their charters would net expire before the trust functions
undertaken were fulfilled. National banks now feel safe in assuming the
duties of trustees as well as accepting other fiduciary obligations, no matter
how long the period of service promises to be. This was a much needed
change in the law and cleared the way for full trust service by thousands of
national banks.
Two hundred and four national banks were granted authority to exercise
trust powers between Nov. 1 1A26, and Oct. 311927. 148 of these
permit
having been granted since the Passage of the McFadden Act, while 23
3290
THE CHRONICLE
national banks holding fiduciary permits started to administer trusts
• during the present year.
While nearly a third of all the national banks in the 48 States, Alaska
and Hawaii now hold permits to exercise fiduciary powers, several hundred
have not yet become active in the work. On October 31 1927, there were
865 national banks which had obtained permits to act in a fiduciary capacity,
but had not actually started to exercise trust powers. However, during
the year there were 643 national banks which adopted resolutions providing
for the organization and operation of trust departments.
As the activities of trust departments have grown, so have the earnings
that the national banks have reported from this source. Not only has the
establishment of trust departments by national banks furnished a service
to their communities, which was greatly needed, but many banks have
found that the trust departments have been the means of bringing new
business to other departments of the bank, and enabled the bank to retain
balances upon the death of their customers which would otherwise be
diverted to a competing institution. For the year 1927 the earnings of trust
departments aggregated $10,811,000. This represented an increase of
$2,556,000 over the preceding year and a gain of $4,860.000 over 1925.
While progress is being made in spreading intelligence as to what trust
departments can do, the declaration that a national bank, and particularly
one in the name of which the word "Trust" is not found.is authorized or in a
position to administer an estate or other form of trust would be a revelation
to perhaps a greater number of potential clients of trust departments than
are now served by national banks. However, the number of national banks
having authority to exercise fiduciary powers availing themselves of the
prfflege to include the words "trust company" in their titles is constantly
Increasing, more than 100 national banks having already obtained permission from this bureau to amend their titles in this respect, and the
movement in this direction is universal.
[Vol.. 125.
capital stock of $80,565,210. It appears that during the year 238 banks
increased their capital in the aggregate sum of $86,184,210. Of this number
73 banks effected the increase by stock dividends, the amount of the
Increase in this manner being $6,776,350.
Of the 165 banks reported in voluntary liquidation 66 with capital of
$9,325,000 were acquired by other national banks and 99 with capital of
$28,170,000 either entered the State banking system or quit business.
National Bank Failures.
One hundred and thirty-five national banks, with an aggregate capital of
$8,257,000, were placed in charge of receivers during the year ending
Oct. 311927. While the number offailures was larger by 44 than the number
during the corresponding period covered by my previous report, 111 failed
between Nov. 1 1926, and June 30 1927, and but 24 failed from July 1
1927. to Nov. 1 1927. The low number of failures in this last period of four
months together with reports of condition made to this office indicate that
the drift is toward a more normal condition in the number of failures. The
date that each bank was authorized to begin business, the date of the
appointment of its receiver, its capital stock, and its circulation outstanding
at date of failure are shown in the appendix of this report.
I believe that failures of many banks could have and can be averted if
the directors would give closer attention to the affairs of the bank. I am
constantly urging that directors exercise the duty placed on them by law
and which has been stated in many decisions of the courts; a portion of one
decision which I quote:
I will say to you, as a matter of law, that a board of directors when they
have selected officials, can not leave everything to them. They must do
more than select officials. Otherwise they would simply be a nominating
committee. They are required to select honest officials, and they are
required further to use the same degree of care and prudence that men
prompted by self-interest generally exercise in their own affairs. They are
required to give direction to the general affairs of the bank and Its business
policy and have a general knowledge of the manner in which the business
is conducted, the character of the investments, and the employment of the
resources.
Organization and Liquidation of National Banks.
There were 7,832 national banking associations in existence at the close
of the current year, Oct. 31 1927. This number was less by 176, or 2.2%.
A large number of failures occurring in the years 1924 to date have been
than the number in existence at the close of the preceding year on Oct. 31 In some measure due
to the too liberal policy of granting charters, especially
1926. In this connection it is of importance to note that while the number during the
inflation period immediately following the war. As I have
of associations has decreased, their capital and aggregate resources have stated elsewhere in
this report, an analysis of the applications which this
increased as of the date of the last call, Oct. 10 1927, compared with aggre- office has received
for the establishment of new banks shows that there is
gate resources on Dec. 31 1926, the nearest call to the date of my last too often a
desire to organize banks in localities where the community is
report, $1,529,975.000, or about 6%, indicating a much healthier and amply served by
present banking facilities and which would not support new
stronger condition in the system as a whole.
Institutions with a likelihood of any fair measure of success.
This bureau is subject at all times to the demand for charters for new
From the date of the first failure of a national bank in the year 1865 to
national banking associations. One of its most difficult problems is to avoid Oct.
311927. 1.173 national banks were placed in charge of receivers. Of
a conflict between the interests of the applicants and the needs of the com- this number 68 were
restored to solvency and permitted to resume business.
munity for additional banking facilities. There is a strong tendency on the leaving
1,105 to be administered by receivers. Of these so administered.
part of many of those interested in securing charters for new banks to 467 are now in
process of liquidation, being open receiverships administered
believe and to urge that because they or their associates are willing to risk by receivers
under the supervision of the office of the Comptroller of the
their personal funds in capitalizing an institution a charter should be granted.
Currency, and 638 have been entirely liquidated by receivers and the trusts
The chances of success based on local banking and business conditions and closed.
the responsibility of investing the money of potential depositors which
The capital stock of the 1.173 insolvent national banks at the date of
would be attracted to them is given but scant consideration. An analysis failure
was $132,960,420. The capital stock of the 68 national banks that
of the applications which this office has received for the establishment of were
restored to solvency was $12,020,000. The capital stock of the 1,105
new banks shows that there is too often a desire to organize banks in localities
banks that continued in receiverships was $120,940,420.
where the communities are amply served and which would not support
The book or nominal value of the assets of the 1.105 administered
new Institutions with a likelihood of any fair measure of StleCees.
receiverships, including assets acquired after suspension, aggregated
Extreme care should be exercised in granting charters, both for National
$732.786,866. Total collections by receivers to Sept. 30 1927. from these
and State banks. This has been my policy with respect to national bank assets,
including offsets, amounted to $407,981,092. There was levied
charters. During the current year only 44 of the number of applications
against shareholders of these banks stock assessments aggregating $81,764,received for the establishment of new national banks was approved, as
440,and in addition to the amount collected from assets, there was collected
compared with 52% the previous like period and an average of 72.8% over
from these stock assessments the sum of $38,193,221, giving a total colthe eight prior years, with a high of 82.7% Just subsequent to the World
lection of $446,174,313 collected from all sources, or 54.8% of total assets
War. In other words, despite the fact that the number of applications
and stock assessments. This sum was disbursed as follows:
received remains about the same, the number approved by this office is
constantly becoming fewer and in the current year a less number of appli- Dividends paid to creditors on claims proved, aggregating $403,005,681-5228,800,568
Payments to secured and preferred creditors, including offsets allowed
cations was approved than has been approved any year during the past
and payments for the protection of assets
172,026,619
-year period.
10
Payment of receivers' salaries, legal and other expenses
27,795,067
Up to and including Oct. 31 1927. there have been authorized to beg n Cash returned to shareholders
4,160,105
13,391,954
business 13,136 national banking associations, of which 4,199 were volun- Cash balances with the Comptroller and receivers
tarily closed to discontinue business or amalgamate with other banks, State
In addition to this record of distribution there was returned to shareor National, including those consolidated with other national banking holders through their duly elected agents, assets of a nominal value of
associations under authority of the act of Nov. 7 1918. Exclusive of banks $16,124,930.
The 467 national banks that were as of Oct. 31 1927, still in charge of
which failed but were subsequently restored to solvency, the loss to the
system by banks liquidated through receiverships was 1,105, the number of receivers and in process of liquidation, had assets, Including assets ac.these receiverships being a fraction less than 8.8% of the total number of quired subsequent to their failure, aggregating $293,655,868. Receivers
had collected from these assets, a i shown by their last quarterly reports
banks organized.
In Nov., 1914, there were in existence 7,578 national banks with capital under date of Sept. 30 1927, including offsets, the sum of $142,618,070.
of $1,072,492,175. Since that date the net increase in the number of banks The capital stock of these banks was $30,824,500, and there had been levied
was 254 and an increase in capital of $430,205,440. The capital of the banks by the Comptroller of the Currency to Oct. 31 1927. stock assessments
-year period against the shareholders in the amount of $26,799,200. From such assessin existence on Oct. 31 1927, was $1,502,697,615. In this 13
2.484 banks were chartered with capital of $290,275.300. During this ments there had been collected up to and including Sept. 30 1927, $11,543.865, making collections from all sources in the liquidation of these active
associations were closed voluntarily or otherwise.
period, however,2.100
Applications to organize national bankps and to convert State banks receiverships a total of $154,161,935, or 48.9% of such assets and stock
into national banking associations were received in the current year to the assessments, which amount has been distributed as follows:
number of 290, with proposed capital stock of $66,420.000. Of the appli- Dividends paid to creditors on claims proved, aggregating v71,755,837_ $55,967,305
cations pending 129 were approved with proposed capital stock of $35,325,- Payments to secured and preferred creditors, including offsets allowed
and payments for the protection
75,459,894
000, 138 rejected with proposed capital stock of $25,225,000, and 59 Payment of receivers' salaries, legalof assets expenses
and other
8,992,782
abandoned with proposed capital stock of $5,485,000. National banking Cash returned to shareholders
350,000
associations to the number of 135, with capital of 343,570,000, were author- Cash balance with the Comptroller and receivers
13,391,954
ized to begin business, of which 3 were located in the New England States,
During the year ending Oct. 311927, the liquidation of 46 receiverships
56 in the Eastern, 22 in the Southern, 23 in the Middle Western, 13 in the was completed and the receiverships closed. These added to the 660 reWestern, and 18 in the Pacific States. The greatest activity as indicated ceiverships previously liquidated give a total of closed trusts of 706, in
by the number of banks organized was in the following States; New York, which is included the 68 banks that were restored to solvency, leaving 638
25 banks; New Jersey, 13; Pennsylvania, 18; Texas, 11; Minnesota, 12: that we liquidated by receivers. The total assets of these 638 receiverships
Iowa, 6; and California, 14. In other States the number ranged from 1 to 3 Including assets acquired subsequent to suspension, aggregated $439.banks. It further appears that of the total number of charters issued, 30, 130.998. The total assessment against shareholders levied by the comptroller
with authorized capital of $28,310,000 and resources aggregating approxi- aggregated $54,961,240. From the assets the receivers collected, including
-8, offsets, $265,363,022, and from stock assessments the receivers collected
mately $849,381,890, were the result of conversions of State banks
with capital of $735,000, reorganizations of State or national banks, and $26,649,356, making of all cmlections a total of $292,012,378, or 59.9%
97, with capital of $14,525,000, primary organizations. The conversions of such assets and stock assessments, which sum was distributed as follows.
of State banks into national associations brought into the system 298 Dividends paid to creditors on claims proved, aggregating
$231,249,8443172,833,263
branches.
Payments to secured and preferred creditors, including offsets allowed,
and payments for the protection of assets
96,568,725
In the year in question 50 national banking associations were consolidated
18,802,285
into 25 under authority of the act of Nov. 7 1918, the capital of the con- Payment of receivers' salaries, legal and other expenses
Cash returned to shareholders
3,810,105
solidated banks being $33,759,000. In some instances there were reductions
The average percentage of dividends paid on claims proved against the
consolidaIn capital and in others increasse, but the net result by reason of
706 receiverships that have been finally closed was 74.74%. Had offsets
tions was a reduction in capital stock of $407,000.
loans, paid, and other disbursements been included in this calculation the
There have been 16 consolidations under the act of Feb. 25 1927, authordisbursements to creditors would show an average of 80.95%.
izing the consolidation of State banks with national banks. The aggregate
Expenses incident to the administration of these closed trusts such as
capital of the consolidating State banks being $14,560,000. These banks also
system, and assets aggregating receivers' salaries, legal, and other expenses, amounted to $18,802,285 or
brought 105 branches into the national
4.28% of the nominal value of the assets administered, or 0.43% of colapproximately $271,849,456.
lections from assets and stock assessments. The assessments against share.
The voluntary liquidation of 165 associations represented a capital of
holders average 53.81% of their holdings and the total collections from such
$37,495,000, while the capital of the 135 insolvent banks was $8,257,000. assessments as were levied were 48.49% of
the amount assessed. The
mentioned was a decrease for the
The net result of the changes hereinbefore
an increase in authorized outstanding circulation of these closed receiverships was $33,670,103
Year in the number of active banks by 176 and
secured by United States bonds on deposit with the Treasury of the United
States of the par value of 236,168,350.
The financial operations of the divisions of insolvent national banks from
Sept. 30 1926, to Sept. 30 1927. were as follows:
Receipts
$13,209,261
Cash on hand Sept. 30 1926
43,452,495
Collections during the year, including offsets
$56,661,756
Total
Disbursements
Dividends paid
Secured and Preferred claims Paid
Expenses paid
Returned to shareholders In cash
Cash on hand Sept. 30 1927
Total
ItemsTotal assets taken charge of by receivers
$20,767,826
19,660.903
2,829,999
11.074
13,391,954
856,661,756
Active
Closed
Total.
ReceiverReceiver1,173.
ships. 706.* ships,467.
439,130,998 293,655,868 732.786,866
Disposition of assets:
Collected from assets and offsets allowed__ _ _265,363,022 142,618,070 407.981,092
Loss on assets compounded or sold under
157,643,046 30,045,445 187,688,491
order of court
Nominal value of assets returned to share16,124,930
16,124,930
holders
120,992,353 120,992.353
(b)
Nominal value of remaining assets
Total
Collected from assets and offsets as above
,
Collected from stock 9•• •sment
Total
439,130,998 293.655,868 732,786,866
265,363,022 142,618,070 407.981.092
26,649,356 11,543,865 38,193,221
292,012,378 154,161,935 446,174.313
Disposition of collections:
172,833,263 55,967,305 228,800,568
Dividends paid
Secured and preferred liabilities paid, in96,566,725 75.459.894 172,026,619
cluding offsets
Receivers' salary, legal and other expenses... 18.802.285 8,992,782 27,795,067
350.000 4,160.105
3,810,105
Amount returned to shareholders in cash
13.391,954 13.391.954
Balance with Comptroller or receivers
Total
3291
THE CHRONICLE
DEC. 17 1927.]
292.012.378 154,161,935 446,174,313
c102,135,920
Capital stock at date of failure
United States bonds held at failure to secure
36,084,350
circulating notes
United States bonds held to secure circulation
36,084.350
sold and circulation redeemed
33,670,103
Circulation outstanding at failure
54,961,240
Amount of assessment upon shareholders
231,249,844
Claims proved
30,824,500 132.960,420
17,593,210 53,677,560
11,342,260
15,953,360
26,799.200
171,755,837
47,426,610
49,623,463
81,760.440
403,005,681
30 1927, was the same as at the close of the prior fiscal year, namely,
$674.62t.630, and Is the limit of the volume of national bank circulation
issuable. The eligible bonds consist of $599,724,050 consols of 1930; $48,954,180 Panama Canal 2's of 1916-1938. and 225,947,400 Panama 2's of
1918-1938. Of these bonds the Treasurer, on June 30 last, held as security
for national bank circulation $666.991,130; as security for public deposits,
$390,500, and for postal savings $186.200. This leaves only $7,057,800
bonds of these classes held otherwise than by the Treasurer as security for
circulation and deposits.
The national bank circulation outstanding at the close of the fiscal year
aggregated 2704.146,267, of which $661,288.545 was secured by bonds, and
the remainder, $42,857,722, was secured by lawful money held by the
Treasurer of the United States to provide for the redemption of the notes
of banks retiring their circulation and on account of associations in liquidation.
The stock of money in the country on Juy 1 1927. aggregated 28.531.991,679, and showed an increase of $158.331,450 over the revised figures
furnished as of July 1 the year previous. Of the current stock gold coin
and bullion amounted to $4,565,070,147, or 53%; silver dollars and subsidiary silver $833,766.816, or 10%, and United States notes. Federal
reserve issues and national bank circulation. $3,133.154,716. or nearly
37%. Of the latter amount 22.077,473.195 represented Federal reserve
while
notes and comprise more than 24% of the total circulating medium,
4% were United States notes and 8% national bank circulation.
The paid-in capital of the national banks in existence was 51,480.202,199.
and as the amount of bonds eligible as security for national bank circulation
is $674,625,630 it will be observed that the circulation issuable by national
banks is but 4534% of the maximum amount authorized by law, namely
the paid-in capital stock.
In the table following, disclosing the total of Government securities held
by the Treasurer of the United States on June 30 1927, is shown separately
the amount of bonds held eligible for national bank circulation:
UNITED STATES GOVERNMENT SECURITIES HELD IN TRUST BY
TREASURER OF THE UNITED STATES JUNE 30 1927.
Issues.
Consols. 1930
Panama 2s
To secure national bank
circulation.
$592,624,550
74,366.580
$666,991,130
Total
Other bonds, notes and Ws.
Total
To secure
public
deposits.
$342,500
48,000
To secure
postal savings Total held.
funds.
$153,200 $593,120,250
33,000 74,447.580
5186,200 8667.567,830
$390,500
46,351,000 165.299,422 211,650.422
$666.991,130 $46,741.500 $165,485,622 $879,218.252
In the year ended Oct. 31 1927, the withdrawal of bonds held by the
Treasurer of the United States in trust as security for national bank circulation amounted to $40,571,100. The withdrawals by reason of liquidation of banks amounted to $28,140,550, and on account of banks placed
In charge of receivers $3,032,550. Bonds held by the Treasurer in trust as
security for circulation were augmented to the extent of 241,951,510 on
account of deposits made by newly organized banks and by those increasing
•Includes 68 banks restored to solvency.
S Accounted for in final settlement with creditors or charged off as loss by order of
court.
c Includes capital stock of 68 banks restored to solvency.
Statistics relative to the capital, date of appointment of receiver, and
per cent of dividends paid to creditors of 46 insolvent national banks, the thez circulation.
Redemption of National and Federal Reserve Bank Circulation.
affairs of which were closed during the year ended Oct. 31 1927, appear in
the following table:
During the year ended June 30 1927, national bank notes, Federal reserve
Per Cent
notes, and Federal reserve bank notes aggregating $1,891,880,562.50 were
ense of $526,093.93.
Dividends redeemed in the United States Treasury, at a total
Date
Capital. Paid to
Receiver
Location.
Tide.
These redemptions included Federal reser,e notes amounting to $1,388,Creditors.
Appointed.
notes received from all sources, including
590,705; Federal reserve bank
in
7.25
Nov. 15 1921 $75,000
Federal reserve banks and branches, 2858,910, and national bank notes
United States Nat. Bank. Vale, Ore
reJan. 22 1914 500,000 78.35
Pensacola, Fla
First National Rank
the sum of $502,430,947.50, the latter amount including $27,203,100
Dec. 28 1920 25.000 24.9
Towner, N. Dak
Do
deemed on retirement account.
Jan. 28 1921 50,000
Farmers' National Bank._ Cooper. Tex
per
Sept. 16 1921 25.000 11.75
The national bank notes were redeemed at an at era: e cost of $0.93
Joplin, Mont
First National Bank
the Federal
Nov.30 1921 30,000
5.95
Burley. Idaho
Do
$1,000; Federal reserve notes received from sources other than
Dec. 12 1921 25.000 37.62
reserve
Edwaras National Bank__ Booker, Tex
reserve banks, $0.76 per $1,000 notes; canceled and other Federal
Jan. 5 1922 25.000 22
Wendell, Idaho
First National Bank
notes received direct from Federal reserve banks and branches, $0.36 per
Nov.22 1922 150,000 50.75
Colusa. Calif
Do
of Federal reserve bank
8.9
Magdalena, N. Mex._ Jan. 18 1923 50.000
Do
1,000 notes redeemed and redemption on account
Feb. 7 1923 25,000 10.6
Rupert, Idaho
Do
notes at the rate of $5.45 per 1,000 notes.
Apr. 2 1923 100,000 15
Clifton. Aria
Do
Investments of National Banks.
Apr. 5 1923 100,000 63.13
Smingfleld National Bank Springfield, Ohio
June 1 1923 200,000 11
Nampa, Idaho
First National Bank
The total investments by national banking associations on June 30
July 17 1923 25.000
9
Big Sandy, Mont
Do
1927, in United States Government and other miscellaneous bonds and
Willow City, N. Dak_ July 12 1923 25,000 10
Do
May 31 1923 50,000 30.04
securities aggregated 56.393.218,000. which was an increase of $850,965,000
Henryetta. Okla
Do
Lovington, N.Mex.__ Oct. 8 1923 30.000 19.25
Do
since June 301926.
Nov. 9 1923 25.000 36.5
Carter, Mont
Do
State, county, or other municipal bonds show an increase of $95,738,000.
Hemingford, Neb.__ Nov. 10 1923 25,000 59.85
Do
railroad bonds an increase of 225,303.000, and other public service corNov.21 1923 25,000 17.3
Tolley, N. Dak
Do
Nov.21 1923 25,000 57.1
Citizens National Bank__ Crosby. N.Dak
poration bonds an increase of $103,731,000.
Dec. 11 1923 25.000 59
Manville. Wyo
First National Bank
Foreign government bonds were greater by 211,983,000. miscellaneous
Lansford, N. Dak____ Dec. 17 1923 25.000 62.2
Do
foreign bonds and securities increased 242,379.000, and stock in the Federal
Dec. 21 1923 50,000 31.1
Miners National Bank... Henryetta, Okla
reserve banks was increased $3,175,000.
Jan. 21 1924 25,000
Dodson, Mont
3.6
First National Bank
a classification
Feb. 7 1924 25,000 66
Lusk. Wyo
Do
The table following discloses by reserve cities and States,
Feb. 20 1924 100,000 29
banks, together with a total of
Clovis, N. Mex
Do
of miscellaneous securities held by national
Mar. 4 1924 40.000 17.2
First National Bank in.Deming, N. Me:
1927:
United States Government securities, June 30 1926 and
Mar 24 1924 40.000 45 75
Bristow, Neb
Finn National Bank
June 30 1926. June 30 1927.
May 8 1924 500.000 48
El Paso,Tex
City National Bank
June 19 1924 25,000 18 6
Poteau, Okla
Bank
First National
Domestic securities:
$743,539,000
8647.801.000
Minnesota Lake, Mimi Aug 6 1624 25.000 86
Do
State, county or other municipal bonds
656,690,000
631,387.000
Sept 4 1924 50,000 55
First National Bank In.. Clovis, N Me:
Railroad bonds
648,767,000
545,035,000
Oct (11924 25,000 •112.1
Groom, Tex
First National Bank
Other public service corporation bonds
910.694,000
772,789.000
Feb 13 1925 25,000 79
Shelley, Idaho
Do
All other bonds
80,104.060
79.423.000
Rapids, S Dak__ Sept. 27 1925 60.000 25
Dell
Do
Claims, warrants. Judgments. Ste
155,976.000
154,797,000
Nov. 10 1925 25.000
(b)
Corona National Bank .... Corona, Calif
Collateral trust and other corporation notes
237.854.000
225.871,000
Nov.27 1925 65,000 100
Hardin, Mont
First National Bank
bonds
Foreign government
188,927.000
146,548,000
Dec. 28 1925 60.000
3.5
Malta, Mont
Do
Other foreign bonds and securities
81,910,000
78,735,000
Nov. 23 1926 25,000 100
Steele, N.Dak
Do
Stock, Federal Reserve banks
92,543,000
90,598,000
(b)
National Bank_ Washington, I). C.__ Nov. 23 1926 200,000
Standard
Stocks, all other
Jan. 12 1927 35.000 100
Granger, Tex
First National Bank
83,372,985.000 83.797.040.000
Mar. 11 1925 25,000 •102.93
Warren National Bank... Franklin, Ohio
Total
2,469.268,000 2.596,178.000
May 27 1927 75,000 100
Stoekmens National Bank Nampa. Idaho
United States Government securities
"------- --$5,842,253,000 $6,393,218.000
Total bonds of all classes
• Principal and interest paid in full.
1) Receiver appointed to complete unfinished liquldtaion.
Savings Depositors and Deposits in National Banks.
Bank Failures Other Than National.
Savings deposits reported by national banking associations on June
$5,875.670,000, an increase in savings of 2912,806,000
Information received from the banking departments of the several 30 1927, aggregated
total number of banks reporting savings. 4,600
States shows that during the fiscal year ended June 30 192"/ there were 689 over June 30 1926. Of the
departments, and according to the returns
failures of State and private banks, with total liabilities of $206,655.000, maintained separate savings
there were 14,340,687 savings depositors.
as compared with 496 failures of this class of banks the year previous, with from all reporting national banks
The average rate of interest paid on these deposits was 3.68%. as compared
liabilities aggregating 2147,823,000.
Tables showing the number of failures and liabilities of hanks other than with 3.63% the year previous.
national and national banks in each State. for the six-month periods ended
Per Capita Individual and Savings Deposits in all Reporting Banks.
Dec. 31 1926, and June 30 1927. together with similar figures for the year
The total individual deposits in all reporting banks in the continental
the appendix of this report. The
ended June 30 1927, are published in
United States, Alaska. and insular possessions on June 30 1927. were $51.appendix also includes a table showing the number and liabilities of State 132
.554.000, of which amount 226.032,001,000 were savings deposits.
and national bank failures as of June 30, each year, 1914 to 1927 incl.
The per capita individual deposits based on an approximate population
National Bank Circulation.
of 129,804,000 were $393.92, and the per capita savings deposits were
capita savings deposits is due in part to
Notwithstanding a reduction in excess of 21,000,000,000 was efftcted $200.55. The increase In the per
of deposits with other savings, which have
during the year in the intcrest-bearing debt of the United States, the the inclusion of time certificates
amount of bonds eligible as security for national bank circulation on June not heretofore been solincluded.
3292
THE CHRONICLE
Earnings, Expenses, and Dividends of National Banks.
In the year ended June 30 1927, the gross earnings of 7,796 reporting
national banks aggregated $1,243,043,000, and showed an increase of
$50,825,000 over the gross earnings in the year ended June 30 1926. Interest
and discount collected was $1,076,715,000. or $29,723,000 more than in the
previous year. The total expenses of these banks in the current year
amounted to $882,374,000, showing an increase in the 12
-month period of
$40.708.000. The major items of expense were interest paid on deposits.
$408,342,000, and salaries and wages, $243,246,000, exceeding by 220.394,000 and 213,382,000. respectively, the interest and salaries paid in the
year ended June 30 1926.
Deducting from the gross earnings above referred to the total expenses
also mentioned, national banks during the year showed net earnings of
$360,669,000. which amount was 810.117,000 more than in the previous
year. In addition to net earnings recoveries of $33.339,000 were made on
assets previously charged off, making a total of $394,008,000 in net earnings
and recoveries during the year, compared with 2394,557,000 in the year
previous.
From the total of net earnings and recoveries were deducted losses and
depreciation charged off in the sum of $141,689,000, resulting in a net
addition to profits in the year of $252,319,000, which amount was $3,152,000 more than the net addition to profits reported in the previous 12
months.
Dividends in the sum of 8180,753,000 were declared in the year and
exceeded by 27,000,000 the total dividends declared by 7,978 reporting
national banks in the year ended June 30 9126.
A comparative statement of the earnings, expenses, and dividends of
national banks for fiscal years ended June 30 1926 and 1927, and statements
showing the capital, surplus, and the earnings, expenses, &c., of these
associations in reserve cities and States and Federal reserve districts June
30 1927,follow.
EARNINGS, EXPENSES AND DP/IDENDS OF NATIONAL BANKS FOR
THE FISCAL YEARS ENDED JUNE 30 1926 AND 1927.
June 30 1926. June 30 1927.
(7.978 banks.) (7,796 banks.)
Capital stock
$1,412,872,000 $1,474,173,000
Total surplus fund
1,198,899,000 1,256,945,000
Dividends declared
173,753,000
180,753,000
•
Gross earnings:
Interest and discount on loans
n1,046,992,000
5767,292,000
Interest (including dividends) on investments_
272,886,000
Interest on balances with other banks
26,878.000
Interest not classified
9,659,000
Domestic exchange and collection charges
17,518,000
16,256,000
Foreign exchange department
14,653,000
13,762,000
Commissions and earnings from insurance premiums and the negotiation of real estate loans._
1,086,000
1,017,000
Trust department
8,255,000
10,811.000
Profits on securities sold
52,660,000
Other earnings
103,714,000
71,822,000
Total
$1.192,218,000 $1,243,043,000
Expenses paid:
Salaries and wages
Interest and discount on borrowed money
Interest on bank deposits
Interest on demand deposits
Interest on time deposits
Interest not classified
Taxes
Other expenses
Total
Net earnings during the year
Recoveries on charged-off assets:
Loans and discounts
Bonds, securities, drc
All other
Total
Losses and depreciation charged off:
On loans and discounts
On bonds, securities, drc
On trust department operations
On banking house, furniture and fixtures
On foreign exchange
Other losses
229,864,000
19,361,000
5387,948,000
68,568,000
135,925,000
243,246,000
18,342,000
53,944,000
122,719,000
221.379,000
10,300,000
70,337,000
142,107.000
$841,666,000
$882,374,000
$350,552,000
$360,669,000
c44,005,000
$394,557,000
93.605,000
23,783,000
393,000
(VOL. 125.
having a net income of less than $15,000. Further reference to the new provision is made below. On Dec. 13 the
House in Committee of the Whole, made a further change
in the previsions relating to cerporation taxes, dropping
from the bill the section permitting affiliated corporations
to make consolidated returns. On Dec. 14 an effort to
repeal the estate taxes failed, and on the same day it was
voted to repeal the automobile sale tax.
A comparison of the tax reduction proposals of Secretary
Mellon, and those provided for in the bill as passed by the
House is taken as follows from a Washington dispatch
Dec. 15, to the New York "Journal of Commerce":
The recommendations of the Secretary of the Treasury on
tax reduction were as follows:
Corporation income tax: Reduce from 13%% to 12%—$135,000,000.
Small corporations: Permit those with taxable net income of $25,000
or less and with not to exceed ten stockholders to file as partnership
s
at their option—$30,000,000.
Intermediate surtax brackets: Effect adjustments to make them
more
nearly conform to other surtax rates—$50,000,000.
Income from bankers' acceptances: Exemption in the case of foreign
banks of issue only $30,000.
Repeal of Federal estate tax—$7,000,000.
Total—$222,030,000.
The bill as it passed the House provided for the following reductions:
Corporation income tax: Reduced to 1 ly5% (insurance companies
reduced from 124 to 11)4%—$164,600,000.
Small corporations: Increased exemption for those with taxable
net
incomes of $25,000 or under from $2,000 to $3,000—$12,000,000.
Provided also graduated rates for corporations with taxable
net income of $5,000 or less, 5% up to $7,000; 7% on such
$7,000 to $12,000; 9% between $12,000 and $15,000—$24 income from
,000,000.
Admissions tax: Exemptions increased to $1—$8,000,000.
Club dues tax: Reduced from 10% to 5%—$5,000,000.
Repeal of automobile tax—$66,000,000.
Cereal beverage tax: Repealed—$185,000.
Wine tax: Reduced to pre-war rates—$930,000.
Stamp taxes: Repeal of tax on sales of produce on
exchanges—
$3,000,000.
Reduction from 2c to lc per $100 of transfers of capital
stock on
exchanges—$8,800,000.
Income from bankers' acceptances: Exemption for
foreign banks of
issue—$30,000.
Total—$292,545,000.
Taxes increased:
WithholdiMr• of tax at source on tax free securities
resident aliens and foreign corporations—$2,000,000. in the case of nonAdmissions to prize fights: A tax of 25% on admissions
of
over, with complimentary passes subject to the same tax as the $5 and
value of
seats they cover—$750,000.
Use of foreign-built boats: 500% increase in the present
footage tax
on pleasure boats used in American waters—$30,000.
Total—$2,780,000.
Total tax reductions—$289,765,000.
The above differs from the bill as it was reported in the
matter of
the repeal of the automobile tax and the graduated tax rates
against
small corporations.
NOTE—The reduction in the corporate income tax rate would apply
retroactively to 1927 incomes; repeal of automobile tax and reduction
in the rate on admissions and dues effective thirty days after signing
of bill by the President.
According to the Washington accounts to the New York
"Times" Dec. 15, in some quarters it is believed that un5394,008,000 less the bill is substantially modified by the Senate and in
conference, it will face a fair chance of a Presidential
86,512,0043 veto. The same account said in part:
27,579,000
18,883,000
8,884.000
5,572,000
The bill was modified through a coalition of
Republican and Democratic members.
The bill carries three important amendments
, including repeal of
the automobile sales tax, which so changed the
measure that the RepubTotal
lican leaders made a desperate attempt to
$145,390,000
$141,689,000
have it recommitted to committee. The motion to recommit was lost on a roll
Net addition to profits during the year
call vote of 301
$249,167,000
5252,319,000 to 93. Then the measure was passed
amid cheering.
• Includes interest and dividends on investments, and interest on balances
with
Other banks.
"Minority Becomes Majority."
b Includes interest on bank and other demand deposits.
The session, which ran beyond the dinner hour,
c Total amount of recoveries.
ended soon after
a Includes charge-offs on banking house, furniture and fixtures.
Representative John N. Garner of Texas, Democratic
spokesman on
revenue questions, who sponsored the amendment
make a "parliamentary inquiry," declared that the adopted, rising to
"minority had beRevenue Bill of 1928 Passed by House—Tax Cuts of $289-, come the majority" and that the Speaker
ought to appoint conferees
765,000 Proposed—Amendments to Provisions Affect- on the bill, a majority of whom would be members of the previous
minority.
ing Corporation Tax—Automobile Tax Repealed.
Speaker Longworth replied that Mr. Garner's
inquiry
The House of Representatives, by 366 to 24, passed democratic than parliamentary." Representative John "sounded more
Q. Tilson of
Connecticut, the Republican leader, predicted
on Dec. 15 the Revenue Bill of 1928. The total tax reduc- very
that the bill "would be
different" when returned by the Senate.
tions which the bill, as passed by the House, will effect,
Speculation is active as to what will happen to
the bill in the Senate
Is $289,765,000, as compared with the total tax cut of and whether that body is likely to prove responsive to the demand of
the United States Chamber of Commerce
that the tax cut be at least
$232,735,000 proposed in the bill as drafted by the House $400,000,000. Republican
leaders appear o be
Ways and Means Committee and reported to the House less the tax cut is pared somewhat the whole of the opinion that, unprogram of revision may
be rejected at the White House.
Dec. 6. The maximum tax cut recommended by Secretary
While most of the Republican leaders were
disposed to adhere to the
of the Treasury Mellon was $225,000,000.
cut of $225,000,000 suggested by the
Treasury, it was regarded as sigDetails of the measure as reported to the House were nificant that the reduction should closely approximate the
cut advocated
by Speaker Longworth; one a little in
given in our issue of Dec. 10, page 3150. General
excess of $300,000,000.
6,868.000
d20,741,000
522,000
14,410,000
517,000
12.149,000
debate
on the bill was begun by the House, (acting as a committee
of the whole) on Dec. 9, at which time it was agreed
to
conclude the debate the following night, Dec. 10.
The reading of the bill, with submission of amendments,
and voting thereon was begun on Monday, Dec. 12, and
on Dec. 14 it was agreed that the final vote on the bill
would be taken Dec. 15. Chief among the amendments
adopted by the House this week were those affecting
the
corporation taxes, as tp which (under action taken Dec.
12 by the House in committee of the whole) a sliding
scale
of tax rates was made to apply in the case of corporati
ons
Fate of Mellon Recommendations.
Of five major recommendations made by
Secretary Mellon, only one,
affecting a small amount amount of revenue,
was adopted outright.
The corporation tax was cut more than
Mr. Mellon recommended
Surtax brackets were not readjusted at
all. The Mellon proposal for
repeal of the inheritance tax was ignored.
Mr. Mellon recommended
retention of the automobile tax, and the House
took it out.
fit took five roll-calls to pass the bill. On
every one the leadership
in charge of the bill was defeated.
The Garner amendment providing a plan
of graded taxation for corporations with less than $15,000 income,
was adapted, 212 to 181. Republicans ranging from 5 to 9 per cent,
voting in favor of the amendment were Anderson, Browne, Cooper,
Gibson Jenkins, Knutsen, Leavitt, Morgan, Schaffer, Sinclair, Thatcher,
Kading, Kvale, Maas, Nelson, Schneider,Bohn, Carsh, Freer, Gifford,
Speaks, Updike, Brigham,
DEC. 17 1927.]
THE CHRONICLE
Olague, Furlow, Goodwin, Ketchum, Lampert, Moorman, Peavey, Selvig, Taylor and Woodruff, a total of 32.
Another amendment fathered by Mr. Garner requiring affiliated
corporations to make individual returns, instead of permitting consolidated returns, as proposed by the bill when reported, was agreed to,
210 to 187. A third amendment presented by Representative McLaughlin of Michigan, Republican, wiping out the 3% tax on automobile
sales, was adopted 245 to 151.
Republicans for Sales Repeal.
Republicans voting for repeal of the automobile tax were Adkins,
Buchmann, Bohn, Browne, Busbong, Butler, Chalmers, Chase,
Clancy
Cooper of Wisconsin, Crampton, Dickinson of Iowa, Doutrich, Dose11,
Dyer, Frear, Hall of Illinois, Hickey of Indiana, Hooper, Hudson,
Hughes, James, Johnson of Illinois, Kading, Kelly, Ketchum,
Kopp,
Lampert, Langley, Leavitt, McLaughlin, McLeod, Mapes, Merritt,
Michener, Miller, Niodinghaus, Palmer, Peavey, Rathbone, Robinson of Iowa,
Shafer, Schneider, Sinclair, Solvig, Speaks, Strong of Pennsylvania,
Summers of Washington, Thatcher, Thompson, Vincent, NValsh of
California, Woodruff and Zhilman, a total of 54. Representati
ves Carss
and Kvale of Minnesota, Farmer-Labor members, also voted to repeal
the tax.
As the roll-call on the automobile amendment was nearing an end,
Speaker Longworth descended from the chair, and he, Floor Leader
Tilscn, Chairman Green of the Ways and Means Committee and perhaps
a dozen other Republican leaders formed a group at the floor leader's
desk. They talked earnestly and looked very serious.
As soon as the result of the vote on the automobile tax was announced, Representative Isaac Bacharach of New Jersey, Republican
members of the Ways and Means Committee, moved to recommit
the
bill. That apparently had been the strategy determined in the
impromptu cohference on the floor. This motion was beaten.
Of the twenty-four members who voted against the bill on its final
passage, twenty-one are Republicans. They were Aldrich of
Rhode Island, Bacharach and Fort of New Jersey, Bowles of Massachusetts, Christophersor and Williamson of South Dakota, Clarke and LaGuardia of
New York, Frear, Nelson, Peavey and Schneider of Wisconsin; Hale and
Wason of New Hampshire, Hersey of Maine, James of Michigan, Madden
of Illinois, Merritt of Connecticut, Ramseyer of Iowa, Simmons of
Nebraska and Sinclair of North Dakota. The three remaining negative
votes were cast by Representatives Berger of Wisconsin, Socialist; Kvale
of Minnesota, Farm Labor, and Huddleston of Alabama, Democrat.
While the Northwest gave more than half the Republican votes which
went to the Democrats on the several roll-calls and upset the Republican leadership, there was a scattered Republican vote from other States,
including several from Ohio.
A new provision was incorporated authorizing the sale of internal
revenue stamps by Postmasters in cities having a population of more
than 50,000. It was adopted on motion of Representative Howard,
Democrat, of Oklahoma.
Chairman Madden of the Appropriations Committee made an unsuccessful attempt to strike from the bill the paragraph increasing the
salaries of 100 skilled employes of the Internal Revenue Bureau. The
increases were recommended in order to deter expert assistants in the
income unit from seeking private employment. The Madden amendment
to strike out was defeated, 88 to 158.
A motion for an amendment by Representative Oldfield, Democrat,
of Arkansas, authorizing the President to consolidate the field forces
of the Internal Revenue Service, which Under-Secretary Mills said
would save the Government $2,000,000 a year, was ruled out on a point
of order made by Chairman Green.
Mr. LaGuardia offered an amendment to the section reducing the
taxes on still wines that would, if adopted, he said, emasculate the Volstead act. It provided that payment of taxes on still wines should be
conclusive proof of legal possession and sale. This was ruled out on
a point of order.
Representative Black of New York also brought up the liquor question
by opposing the provision of the bill to repeal the tax of one-tenth of 1%
on cereal beverages. Asked to answer a question by a Republican member, Mr. Black observed, "I do not choose to yield."
The Tax bill will be transmitted to the Senate when that body reassembles on Saturday. It will be referred at once to the Finance Cornmittee, of which Senator Smoot is Chairman. The bill will come up
for consideration in the Senate immediately after the holidays.
The proposal for a graduated scale ha the case of corporation taxes was made on Dec. 9 by Representative
Garner, of Texas, ranking Democratic member of the
House Ways and Means Committee; his speech and that
of Representative Green, Chairman of the Committee,
marked the opening of the debate on the bill on Dec. 9.
The New York "Journal of Commerce" through its Washington correspondent, indicated as follows what Representative Garner had to say:
Garner informed the House that with the single exception of the provision cutting in half the tax on the transfer of stock on exchange, the
bill %oder discussion is the same as the one introduced by him a year ago
on December 8. At this point Chairman Green of the committee hastened to point out that the committee had not agreed with the Treasury
on these matters, to the amusement of the Democrats. Garner congratulated him and his Republican colleagues on declining to accept
Treasury's recommendation for the repeal of the Federal estate tax the
and
called intermediate brackets.
for reducing other taxes, while refusing to cut the surtaxes on
the socalled intermediate brackets.
Advocates Sliding Scale.
Garner challenged the House to show where the masses get any
benefit
from the pending measure. Ile said that if the reduction of the corporation tax is not in the interest of the people, he preferred not to have any
tax reduction and permit the accumulations in the Treasury to apply to
the scaling down of the public debt. He declared his belief to be that the
$11,000,000,000 taxes levied upon business is reflected in the
$90,000,000,000 of manufactures annually and that a cut in the corporate rate would
result in tax relief for the people generally.
jlt was while talking along this line that he urged the adoption by
Congress of a clause in the proposed new law under which there would
automatically be effected a reduction of an additional one half of 1%
1
in the proposed 11,4% corporate tax for each $50,000,000 of Treasury
surplus in any one year. He predicted that under the operation of this
plan, if fairly handled in the Treasury, the rate would be reduced 10%.
3293
He said that if the Republicans were afraid that the too deep
reduction
of taxes would result in a Treasury deficit, while the Secretary
of the
Treasury holds out the promise of a possible further reduction
in yearn
to come, this sliding scale of rates could be adopted without
embarrassment to the Government. He predicted that it would be
possible to
cut taxes at this time $300,000,000 to $350,000,000, and
still there
would come in the fiscal year 1929 another surplus of between
$100,000,000 and $200,000,000. The proposal of Mr. Garner is further
to be
presented by Representative Jacobstein (Dem.) of New York.
Chairman Green's statement to the House on Dec. 9 is
given in part herewith:
I shall be unusually brief in submitting the bill at the outset. The
most important
features of the bill are perfectly well understood.
technical provisions, in my judgment, might well be permitted to The
stand
until the time when it is read for amendment, except as members
may
see fit to make some inquiry at the conclusion of my remarks on
the
general features of the bill.
• •
•
Three principles were followed by the committe. First, that the
reduction should not be such as would produce a deficit in
the Treasury;
second, that the reduction should be distributed where relief
appeared
to be more necessary and advisable; and third,
that the taxes
that had not been reduced since the war should be given
special
attention. Obviously this required that the committee should
first determine the amount of reduction. This amount was necessarily
somewhat
indefinite, but the majority of the committee agreed that
in no event
should it exceed $20,000,000. The amount recommended
by the Treasury was $225,000,000, and the majority endeavored to
keep as close to
that amount as was possible. I shall not go into details
as to these
figures.
In considering the subjects of taxation where there had
been
tion since the war, our attention was first called to the case no reducof corporations. It seemed to be generally considered that the corporations
were
entitled to a reduction, and the question before the committee was
as to
how much that reduction should be. Corporation taxes have not
been
reduced since the war. In fact, there has been a claim made
that they
were raised, but that is not correct. The first tax levied in
war time
upon corporation was 10%, but besides this tax there was also levied
an
excess-profits tax, from which we derived an enormous revenue during
the war. Subsequently the excess-profits tax was repealed, and in
order
to in part make up for it, the corporation tax was increased from
10 to
121,4%. In the last revenue bill the tax on the value of corporate
stocks
was repealed, and in the place of that tax an additional 1% was
added
to the corporation-income tax, making it 13,4 %. The committee
1
reduced
this rate from 13%% to 11,4%, or a reduction of two points—not
1
2%,
as some might say, because that is not the correct way of figuring
A—
but a reduction of two points in the tax. This was made applicable
to
all corporations, including insurance companies, and it was
also made
applicable to the taxes of the year 1927.
•
• •
A proposal was made by the Treasury with reference to corporations
which comprised only 10 members. The committee did not
think this
would give relief to a very large number of small corporations
, meaning
by the term "small corporations" corporations that had small profits
that
were equally entitled to relief as well as those with a smaller number
of
members. Finally it agreed to give additional $1,000 of exemption to
corporations which had an income of less than $25,000. This may
seem
small, but take a corporation whose net income after paying expenses,
including the salaries of officers, is only $10,000. It would reduce their
tax 12%2%, and in a corresponding sum, according to the
amount of
profit, up to $25,000.
•
•
*
Then there are all of those corporations whose products are sold under
competitive conditions or where the price is fixed by public
exchange,
and small corporations generally. They are absolutely
unable to pass
on the tax as nearly everyone will agree. In fact, the
economists generally agree that a tax can not be passed on by any corporation
except
a monopoly, other than in exceptional cases, and that
corporations, like
individuals and partnerships, sell for the highest price
they can obtain
consistent with the broadcast market where it will bring the
most profit,
regardless of the tax. This question has been recently
investigated by
an English commission, which reached a conclusion in
accord
view just stated. The national conference board some years ago with the
in one of
its reports made similar statements. It has recently been making
a more
elaborate investigation and I understand its experts have
reached the
same conclusion. If corporations could fix the price to suit
themselves
there would be no occasion for losing money. Yet the facts
are that
41% in 1925 actually operated at a loss. And an additional
51% made
a profit of less than $25,000. Over 90% of our corporate
revenue comes
from only 8% of the corporations operated. The fact is
a very considerable proportion of the sales by manufacturing companies
are made
at a loss, and a still larger proportion at a small profit.
The trend of
profits follows the trend of prices.
So much at this time for the corporation tax. We
have made no
change whatever in the individual income tax. The
Treasury suggested
we make changes in what is called the intermediate
surtax brackets.
The committee finally concluded to make no change
in his respect for the
reason that the matter had been gone over very
carefully in the last
revenue bill.
As originally proposed in the House the last bill
had what might be
called a bend in the line of surtax rates which did
not correspond to the
general graduation of those rates. Afterwards when
the bill went to
the Senate a change was made that this break in
the curve might be
corrected, and this change was in the intermediate
surtax brackets. The
committee believed that the surtax as now adjusted
is fair and equitable.
There was another matter upon which the committee
has given much
consideration which has never before directly
occupied its attention. It
related to a simplification of the law. Members
will remember in the
last bill there was a provision for the creation of
a Joint Committee of
the House and Senate on Internal Revenue
Taxation. The duties of
this committee were, speaking in a general way,
two. First in the investigation of the operations of the law, and
second the simplification
of the income tax. This joint committee has been working
at various
times since it has been fully organized. There was
some delay in the
organization of this committee owing to the fact that
the House
Senate could not agree upon a chairman. Eventually they finally and
concluded that the chairmanship belonged to the House, and the Member
now addressing you was made chairman of that Committee.
The work
of the committee was divided into two divisions. One division,
called
the division of investigation, and the other, the division of
simplification. The first-named division has been at work for more than a
year.
3294
THE CHRONICLE
[VOL. 125.
The latter was not organized until last spring for various reasons, owing is more than $7,000 and not more than $12,000; (3) 9 per centum if
to the difficulty of getting the proper personnel. The division of simpli- such amount is more than $12,000 and not more than $15,000."
The House approved the rates for normal and surtaxes which the bill
fication has worked all summer, and together with this division a number
of distinguished experts, lawyers, and economists, have collaborated levied on individuals, the exemptions and many of the administrative
of income taxes. It did not reach the
without receiving any compensation for their services. A committee was provisions regulating computation
in the
thus formed, called the advisory committee, which submitted A report to controverted automobile or estate taxes. No change was made
retroactive feature by which corporations will get the benefits of the
the joint committee. The greater part of this report was approved by
tax for 1927.
the joint committee in a report to the Ways and Means Committee and
Mr. Gardner, in opening debate on his amendment, attacked the posithe Finance Committee of the Senate.
tion of Secretary Mellon that corporations of a certain class could have
Among those recommendations of the joint committee which were
the alternative of making returns as a partnership or as a corporation.
adopted was one in regard to the rearrangement of the law, and I want Ile
declared his amendment would provide the relief which Mr. Mellon
to call special attention to the Members of t!„; committee to the form of sought to give the smaller corporations,
estimated by Mr. Garner to
the rearrangement. The bill in this respect utffers very materially from
constitute 70% of those making returns.
bills heretofore introduced in 1918, 1921, 1924 and 1926. Each of those
Attacked by Republicans.
former acts re-enacted all the provisions of the preceding acts which
were intended to be preserved together with such changes and omissions
Representative William E. Hull, Republican of Illinois, contended
as were made by new laws, and then repealed the preceding act with that Mr. Garner's amendment would make a stockholder in a large corcertain exceptions.
poration pay a higher tax in proportion than a stockholder in a small
one, to which Mr. Garner replied that a tax bill could not be drawn
Regarding the debate on the bill on Dec. 10, we quote
to meet every individual case.
the following from the New York "Times":
The amendment was attacked by other Republicans. Representative
on the tax bill closed in the House tonight after notice was Luce of Massachusets described it as unwise and defended the proposal
Debate
served on behalf of the Democrats that they would try to change the of Secretary Mellon to let small corporations make their returns as
partnerships. Chairman Green of the Ways and Means Committee
measure on Monday, when amendments are in order.
The Democrats will attempt to reduce the corporation tax below declared the proposal was "illogical and unscientific," while Representataxes and the rates on admissions tive Chindblom of Illinois pleaded with the House not to let the bill be
11%% and eliminate the automobile
and club dues. They hope also to prevent the reduction in the corpora- emasculated, declaring Mr. Garner wanted to bring the total reductions
up to $400,000,000.
tion tax change from applying on incomes received in 1927.
An effort to increase the personal exemption was made by RepreWhile the measure was under fire today from the minority, it was
Republican sentative Hudspeth of Texas and Mrs. Mary J. Norton of New Jersey,
supported by Representative Treadway of Massachusetts, a
who predicted that the new both Democrats. Mr. Hudspeth wanted the exemption of single persons
member of the Ways and Means Committee,
law, if it follows the lines on which the bill is now drawn, will stabilize increased from $1,500 to $2,000 and of married persons from $3,500 to
$5,000. Mrs. Norton wanted an exemption of $3,000 for single persons
greatly the administrative work of collecting the levies to be raised.
Federal estate taxes were attacked by the Florida House delegation, and $5,000 for married. Mrs. Norton, referring to the message of
of the na- President Coolidge stating that the country was prosperous, declared
continuing their fight of several years against this feature
tional tax system, while Representative La Guardia of New York pro- that only the bankers and men of finance were prosperous.
"How about the people of New England in the textile industry?" she
posed that no tax cut be allowed now, and that the surplus of receipts
all asked. "Are they prosperous? From their own evidence, they never
be used for debt reduction. Victor Berger, Socialist, asked that
have suffered more than during the past few years."
nuisance taxes be eliminated.
Mrs. Norton declared she favored reducing the corporation tax because
Simplifies Tax Laws Further.
it was good for business, but she also believed in similar relief for the
the final statement from the Republican viewpoint Mr. "family man and woman."
In presenting
that
Representative Jacobstein of New York proposed an amendment perTreadway gave a careful analysis of the revenue measure, declaring
if all the demands for reduction had been met they would have more mitting the Secretary of the Treasury to distribute a portion of the
surplus each year to small corporations. He declared Congress had a
than equalled the surplus in the Treasury.
right to direct the Secretary to apply a portion of the surplus to a reducEffect of Corporate Tax Cut.
tion of the tax as proposed in his amendment. This, he contended,
Mr. Treadway said the cut in corporation taxes, which he estimated
would limit and clearly define the Secretary's authority.
made by the bill, and
at $166,000,000, was the largest single reduction
Chairman Green attacked the proposed amendment as an attempt to
be felt in the home of the average man" be- say that the Treasury shall not have any surplus in prosperous years.
that its effect "is bound to
having such an enormous sum in the channels of business. He Representative LaGuardia of New York declared it would enable the
cause of
believed the increase in exemption for small corporations from $2,000 to Secretary to fix the amount of surpluses as he pleased.
$3,000, also would be of material benefit to the average man who may
Representative McSwain of South Carolina proposed a tax reduction
be conducting his business with a partner or partners under corporate of $1,000 for sickness or death in a family and said Secretary Mellon,
partnership.
form, rather than as a
while opposed to it, had admitted it was workable. Chairman Green
The automobile tax reduction of about $33,000,000 was defended by contended it would not help the class of people Mr. McSwain wanted to
Mr. Treadway. He estimated that the rate of 1%2% on new car sales help. He said the people with small incomes who now pay no tax
in 1928 would raise about $35,000,000, with the individual payment so would not benefit at all.
small "that it can in no way be regarded as a handicap to any purWarning was served by Representative Chindblom that for each $500
chaser."
deduction of exemption voted into the bill there would be a loss to the
Treasury of $50,000,000, since there are 2,500,000 Federal Taxpayers.
How Auto Tax Cut Works Out.
Mr. McSwain's amendment was voted down.
Mr. Treadway declared that if there were no Federal tax on automobiles there would be at once a clamor for ending the appropriations
On Dec. 12 the House approved that section of the new
statement
for good roads of $75,000,000 a year. He gave the following
tax bill continuing the present normal tax rate on indicars:
of how the cut would affect various classes of
Ford sedan, $6.14; Dodge sedan, $9.84; Hudson sedan, $15.58; Buick %idual incomes. This section was passed over without
buougham, $21.66; Hupmobile sedan, $24.70; Pierce-Arrow runabout, discussion or move by any member to amend it. The Treas$28.07; Franklin limousine, $33.08; Marmon sedan, $40.95; Cadillac ury had
recommended these levies be retained intact Exsedan, $46.06; Lincoln sedan, $54; Locomobile touring car, $67.50;
isting surtax rates on individual incomes also were approved
Locomobile sedan, $82.12; Pierce-Arrow landau, $90.
not
Dec. 12, after House had rejected a proposal by Representa"These figures are proof positive," he added, "that the business is
injured, that no burden is laid on the buyer and that the industry is not tive La Guardia, Republican, of New York, to place an extra
against by the retention of the PA% tax rate."
discriminated
the Gov- tax of 30% on net incomes in excess of $1,500,000.
Representative Hull, Democrat, of Tennessee, declared that
As to the action on the bill on Dec. 13 we quote the
annual tax
ernment should get down to a tax system that would make
following from the Washington advices to the "Times":
reduction measures unnecessary.
said the reA coalition of Democrats and Republicans, led by Representative John
Representative McSwain, Democrat, of South Carolina, derive their
who
N. Garner of Texas, rode roughshod over the responsible majority in
duction should be given for that class of taxpayers
pro- the House today and by a vote of 158 to 153 eliminated Section 118 of
lawyers and other
income from their own labor, such as doctors,
the pending tax bill under which affiliated corporations would have been
fessional men.
New York, said the Ways permitted to file consolidated returns and apportion losses from one to
Representative Crowther, Republican, of
peace-time bill with reduc- another in a given group under conditions definitely prescribed.
and Means Committee attempted to frame a
Mr. Garner charged that as Section 118 was drawn its purpose was
tions as large as revenue prospects allowed.
corpowhen it to accord privileges to affiliated corporations that were denied to
the action of the House on Dec. 12,
Detailing
rations operating independently, and that the provisions authorizing
Garner to amend interchange of losses would seriously affect Treasury revenues. He
adopted the proposal of Representative
corporations with net asserted that the effect of his amendment would be to treat all corporathe corporation tax in the case of
tions alike and increase the tax yield from this quarter anywhere from
in part:
Income of less than $25,000, the "Times" said,
$10,000,000 to $25,000,000 a year.
$24,000,000 to the amount of tax reHouse Democrats today added
Section Seen as Reactionary.
of an amendment
duction provided by the Revenue bill by the passage
member
Section 118 described an "affiliated group" as one or more chains of
Representative Garner of Texas, ranking minority
offered by
graduated rates for small corporations connected through stock ownership with a common parent
of the Ways and Means Committee, fixing
organization owning at least 95% of the stock of the others. It was
corporations.
.
and is not final, as the suggested in debate by Representative Linthicum of Maryland that if
The vote, 136 to 132, was taken by tellers
bill. Section 118 remained in the bill it would have the effect of placing
was in Committee of the Whole perfecting the
House at the time
at least, to $256,- "such organizations as the Standard Oil Company in the position they
The victory brought the total tax cut, temporarily,
from committee. were before dissolved by the courts" as combinations in restraint of
735,000, as compared wih $232,735,000 when reported
in excess of the recom- trade.
The bill thus carries tax cuts of $31,000,000
was what the
"That's exactly what it would do," replied Mr. Garner. "We ought
mendations of Secretary Mellon, who said $225,000,000
to be fair to both the Government and corporations generally by striking
Treasury could stand safely.
only this section from the bill. It's wrong in principle and it does not profact, the
This was the only material change effected today; in early passage
bill
with the bill and its
duce the needed revenue or equalize taxation, as the title of the
real fight. Rapid progress was made
declares.
Mr.
by the House is predicted.
"Consider a corporation with a group of subsidiaries," continued be
should
Text of the Amendment.
Garner. "Is there any logical reason why that corporation
a tax of 11%% on allowed to say when it shall file a return for itself and all its subprovided
reported from committee, the bill
As
measure, with Mr. Garner's amend- sidiaries and when it should file individual returns for itself and its
corporations. This remained in the
ment, added, reading as follows: income in excess of the credits pro- children?"
put the Govern&Ir. Garner thought the provision as it stood would
"(B) If the amount of the net
multiplicity of
then, in lieu of the rate
ment in the position of encouraging the formation of a
Section 26 is not more than $15,000,
vided in
shall be: (1) 5 per centum if
prescribed in Subsection (A), the rate(2) 7 per centum if such amount corporations.
such amount is not more than $7,000;
DEC. 17 1927.1
THE CHRONICLE
Representative Green of Iowa, Chairman of the Ways and Means
Committee, denied that Section 118 was designed to favor the "big corporations." He pointed out that the Special Advisory Committee on
Taxation, which worked under the direction of the Secretary of the
Treasury, had recommended the section, as had the Joint Congressional
Committee on Taxation. Each of these groups, he maintained, had
recognized the proposal as fair to all concerned, and it was their belief,
lie said, that it was a step in the direction of simplification.
From the "Times" also we take the following relative
to the amendments acted upon Dec. 14, when the Automobile Sales tax was eliminated:
The House dispensed with debate on the section of the bill dealing
with the automobile tax and by a vote of 166 to 142 adopted an amendment by Representative McLaughlin, Republican, of Michigan, wiping
out the tax altogether. Solid Democratic opposition to the tax was
shown in the vote, with twenty Republicans, including the entire MichiIran delegation, supporting the minority.
Following adoption of the amendment repealing the automobile tax,
Representative Tilson, the Republican leader, warned that if the pending bill were further riddled with amendments reducing revenue the
whole program of tax revision might fail. This was accepted by the
House as notice that if the tax bill reached the President calling for
-cuts as high as that contemplated in the measure as it now stands, it
might be vetoed.
As the tax bill was reported to the House, it reduced the rate on sales
of automobiles from 3 to 1,
%%, cutting the yield from $66,000,000 to
$33,000,000. The repeal of the tax in its entirety therefore adds $33,4)00,000 to the total cut of $232,735,000 recommended by the committee.
During the day's proceedings there was an utter rout of those who
attempted to carry through Secretary Mellon's recommendation for the
repeal of the inheritance tax, an amendment proposing this repeal being
-defeated by a vote of 191 to 55.
The proposal for repeal of the inheritance tax came up in the form
of two amendments. One, offered by Representative Merritt, Republican, of Connecticut, provided that the tax should not be collected on
-the estates of persons dying after the approval of the pending bill. The
second, presented by Representative Sears, Democrat, of Florida, provided for repeal of the inheritance tax in express terms. The Merritt
amendment was defeated by a vote of 191 to 55 and the Sears amendment
was shouted down.
The repeal was advocated by the Florida delegation, representing the
only State which imposes no such levy, and by members from New England, led by Representative Treadway, Republican, of Massachusetts;
by Representative Watson, Republican, of Pennsylvania, and Mr. Merritt. The opposition to repeal included Chairman Green of the Ways
and Means Committee, Representatives Fort, Republican, of New Jersey,
and Rainey, Democrat, of Illinois, and Representative Hull of Tennessee,
former Chairman of the Democratic National Committee.
Representative Green made a bitter attack upon "organized propaganda" that sought the repeal of the inheritance tax. He declared that
large sums of money had been spent by various estates for the purpose.
Representative LaGuardia, Republican, of New York, declared there
was no reason why "a single movie actor glycerine tear" should be shed
for those who pay estate taxes.
Mr. Rainey referred to Florida as "an asylum for decrepit millionaires," who sought a refuge there to escape taxation. He declared that
if the Federal Government abandoned inheritance taxes the States would
in turn do likewise and that this would lead to a situation wherein inheritance would escape taxation altogether.
Stands on Amusement Taxes.
Strenuous attempts were made to repeal or modify the tax on tickets
to places of amusement. The House accepted the clause retaining the
existing 10% amusement tax with the proviso that exemption from the
tax should be increased from 75 cents to $1. It was deaf to all appeals to
strike out the provision imposing a 25% rate on prize-fight tickets costing more than $5.
It adopted an amendment offered by Mr. LaGuardia levying a tax on
complimentary tickets to prize-fights. A committee amendment making
clear that the 10% admission tax is not to be applied to season tickets
when single admissions would be less than $1 also was adopted.
Representative Rainey offered an amendment that would strike out all
admission taxes but would leave in the bill the tax of 25% on prizefight admissions of $5 or over. This was killed by a vote of 99 to 67
after many pleas had been made in behalf of the preservation of the
spoken drama, travelogues, musicals and recitals, which, it was asserted.
will be hardest hit by retention of a tax on admissions of more than $1.
Several Republicans sided with the Democrats in a standing vote on
the Rainey amendment. Among them were Mrs. Kahn of California,
widow of Representative Kahn, who, in his younger days, was a
Shakespearean actor.
Mr. Rainey offered a second amendment wiping out all taxes on
tickets to the spoken drama. It was supported by Representative Sim.
vich, Democrat, of New York, who argued that it would give aid to a
branch of amusements that was in sore straits. He aroused applause
when he said that a play he had written would soon be produced in
Washington, and that he would invite members to attend it as his guests.
The amendment was defeated, 124 to 81. One presented by Mr. Bloom
reducing the admission rate from 10 to 5% was defeated by a viva voce
vote.
An amendment by Representative McKeown, Democrat, of Oklahoma,
increasing the exemption on admissions to amusements from 75 cents,
the existing rate, to $1.50 was overwhelmingly defeated.
The committee provision for a reduction in the tax on club dues from
10 to 5% was adopted without discussion,
President Coolidge to Visit Hyena Upon Occasion of
Opening of Pan-American Conference Jan. 16.
A brief trip to Havana will be made by President Coolidge incident to the opening of the Pan-American Conference on Jan. 16. The President, who is to deliver an address at the conference, will be accompanied by Secretary
of State Kellogg and possibly by Secretary of the Navy
Wilbur, says the "Journal of Commerce" which states
that the President will go to Key West, where a United
States naval vessel will be in waiting to carry the United
3295
States delegation to the Cuban capital. The further advices to that paper from Washington, Dec. 2, said:
Dwight W. Morrow, Ambassador to Mexico, will go to Havana direct
from Mexico City. The other delegates, Charles E. Hughes, former
Secretary of State and chairman of the delegation; Henry P. Fletcher,
American Ambassador to Italy; former Senator Oscar Underwood of
Alabama; Morgan J. O'Brien, of New York; James Brown Scott, Ray
Lyman Wilbur, brother of Secretary of the Navy Wilbur, and Dr. Leo
S. Rowe, director of the Pan-American Union, will probably make the
journey with the President.
Coolidge to Make Address.
President Coolidge and the two members of his Cabinet will not
remain very long in Cuba, since the President proposes, after arriving
in Havana, January 15, to attend the conference and to speak before
the delegates, leaving for the United States either late that afternoon
or on January 17. It was explained at the White House today that
this is necessitated by the press of public business and that the White
House winter social schedule may be carried out.
:Noble Brandon Judah, who took the oath of office yesterday as Ambassador to Cuba, called upon President Coolidge at the White House
today and left here for Cihcago to-night to wind up his personal
affairs preparatory to his departure for Havana early next week,
where he will make the necessary preliminary arrangements for this
country's participation in the Pan-American conference. He is also a
member of the American delegation to the conference.
International Civil Aviation Conference and Exhibition Proposed by President Coolidge Next December Upon Twenty-fifth Anniversary of Flight
Made by Orville Wright.
At the final session on Dec. 9 of the Civil Aeronautical
Conference held in Washington at the Department of Commerce an international civil aviation conference and exhibition at Washington next December was urged by President Coolidge in a letter addressed to the meeting; the
letter was read by William P. MacCracken Jr., Assistant
Secretary of Commerce for Aeronautics. In his letter,
President Coolidge said:
"Your annual meeting under the auspices of the Department of Commerce to discuss civil aeronautical problems should be most beneficial
in promoting the best possible relations with the Government and among
yourselves.
"Our people, in common with the other civilized nations, are greatly
interested in the advancement of this newest instrumentality of transportation. Next December will witness the twenty-fifth anniversary of the
first flight by man in a power-driven, heavier-than.air machine. It was
made by Orville Wright, one of our fellow-citizens, who is still living and
actively interested in its further application to commercial purposes.
"I have had in mind that this important anniversary might be properly
celebrated by holding here in Washington an international civil aviation
conference and exhibition in conjtinction with your annual meeting.
Should this be found practicable its success would in a large measure
depend upon your co-operation, which I am confident can be relied
upon."
A plea that the Department of Commerce undertake in
future the inspection of all airplanes and issue regulations
covering pilot requirements and other guarantees of safety
In flying was made by Colonel lAndbergh in a short address
to the conference.
Flood Control Plan of Army Engineers Transmitted
At to Congress by President Coolidge—Cost of Project
IS $296,400,000.
On Dec. 8 President Coolidge submitted to Congress a
message transmitting the report of Major Gen. jadwin,
Chief of Engineers, embodying the proposals of the Army
Engineers for Flood Control of the Mississippi River. The
President in his message states that the total cost of the
recommended project is $296,400,000, distributed over a
period of ten years. "This large sum," said the President,
"is manifestly justified by the necessities of the situation
and the benefits that will result" The President's message follows:
To the Congress of the United States:
There ia submitted herewith a letter from the Hon. Dwight F. Davis,
Secretary of War, transmitting with favorable recommendation the report of Major General Edgar Jadwin, Chief of Engineers, containing the
plan of the Army Engineers for flood control of the Mississippi River in its
alluvial valley.
In my message to the two Houses of Congress at the beginning of the
First Session of the Seventieth Congress, the flood control problem of
the lower Mississippi and the urgent necessity for its solution were outlined. The general duties and responsibilities of the Federal Government
in connection therewith were therein discussed.
The total cast of the recommended project is $208,400,000, distributed
over a period of 10 years. This large sum is manifestly justified by the
necessities of the situation and the benefits that will result.
In determining the distribution of the costa, there must be considered
not only the people of the valley itself, who received the major portion
of the benefits, but also the great mass of taxpayers who suffer less
directly from Mississippi River floods and upon whom most of the burden of Federal taxation falls. It is axiomative that States and other
local authorities should supply all land and assume all pecuniary responsibility for damages that may result from the execution of the project
It would be revolutionary for the Federal Government to establish the
precedent of buying part of the land upon which to build protective works
to increase the value of the remainder. Similarly it would be very unwise for the United States in generously helping a section of the country
to render itself liable for consequential damages. The Federal Treasury
3296
THE CHRONICLE
should bear the portion of the cost of engineering structures for flood
control that is justified by the national aspects of the problem and the
national benefits. It may even bear 80% of such costs, but substantial
local co-operation is essential to avoid waste. The portion this would
leave to be borne locally for flood control structures represents an
expenditure of about $3 or 30 cents per year for 10 years for each acre
in the alluvial valley to be protected every year from Mississippi River
floods. The value per acre, including railroads, towns, cities and other
improvements, is estimated at something over $200. It would seem that
the States should share with the Federal Government the burden of assisting the levee districts and individual property owners, especially in
view of the fact that the States benefit directly by the increased taxes
from land made more valuable by reason of its protection.
The plan transmitted herewith is comprehensive and appeals to me
as being adequate in its engineering. I concur in general in the conclusions and recommendations reached in the report, and suggest that
appropriate legislation be enacted putting them into effect.
CALVIN COOLIDGE.
The White House, Dec. 8 1927.
A summary of the text of the recommendations of General Jadwin is given as follows In the "United States
Daily":
[VoL. 126.
The personnel of the various levee boards, State and local authorities,
railroad officials, and various individuals have assisted wholeheartedly
in the supplying of data and information. I also wish especially to
acknowledge my indebtedness to Colonel Geo. B. Pillsbury, Corps of Engineers; Major Dan I. Sultan, Corps of Engineers; Major Ernest Graves
(retired); Mr. Wm. Gerig, Senior Engineer, and the officers and form
working with them and having a close personal contact with me and
assisting in the co-ordination of the data coming in from the various
boards, district engineers and other sources, and in the preparation of
this report.
From the New York "Herald-Tribune" we take the following regarding the report:
Reservoirs Minimized.
The report contains the conclusion that in most cases the benefits for
power or local flood protection are of greater value than benefits resulting
from the use of reservoirs for flood control on the Mississippi.
"The people of the States where they would be constructed probably
will claim a priority in their benefits over the lower States," comments
the report. "Such reservoirs as are built therefore probably would be
used primarily for benefits on the tributaries, and in that case their
effect on the lower Mississippi floods would be much smaller than it
would be if used exclusively for the latter. They will, however, when
constructed for their own purposes, provide an additional factor of
safety to the lower Mississippi."
The best system of reservoirs that has been found will cost about
$240,000,000, Congress is told. When operated primarily for the purpose of flood control on the Mississippi it would not reduce the maximum
predicted flood to a discharge that safely could be passed by the present
levees. The floodways and spillways provided by the plan, while subjected to less frequent use, would be necessary, in General Jadwin's opinion.
Estimating $75,000,000, credit for benefits, the addition of these reservoini would increase the total cost of a flood control project by $155,000,000.
Were there no protecting works and the Mississippi were unleashed, the
river would flood about 30,000 square miles, the report declared. Approximately, 20,550 miles would be protected at all times, under the plan
before Congress, the rest being protected about two out of three years
More Results at Least Cost.
The project was summed up by General Jadwin as one which "give*
the maximum of results for the minimum of costs."
Pointing out that the property in the delta valley has a value of $5,000,000,000 and that the expenditure of $800,000,000 would be affording protection at the rate of about $25 an acre, the report said that the $300,000,000 did not include the costs of rights of way for flood control works,
the cost of any drainage works, nor of flowage rights that might be required, nor damages which might result from execution of the plan.
"The plan heretofore pursued has been the construction of levees high
enough and strong enough to confine all of the flood waters within the
river channels. The levees that have been constructed are not sufficiently high for such floods as are now predicted. The cost of raising
and strengthening them sufficiently to carry extreme floods would
greatly exceed the cost of the plan proposed," the report declared.
"Furthermore, the extent of the disaster which follows a crevasse increases greatly as the flood is forced to higher stages by confinement
wholly within the levee system."
"The loss of life and property in the recent great flood in the alluvial
valley followed the breaking of the levees which reclaimed the land for
the use of man. This reclamation had been pushed so far that insufficient
room was left in the river for the passage of the unprecedented volume of
flood water. The levees must be strengthened, but a halt must be called
on further material increase in their heighth and the consequent threat
to the inhabitants of the areas they are built to protect.
147. I recommend the adoption and authorization of a comprehensive
project for the flood control of the Mississippi River in its alluvial valley
and its improvement from the Head of the Passes to the Ohio River as
set forth in this document, to be prosecuted under the direction of the
Secretary of War and the supervision of the Chief of Engineers; the
project to include the floodways, spillways, levees, channel stabilization,
mapping, &c., hereinbefore recommended, with such modifications thereof
as in the discretion of the Secretary of War and Chief of Engineers may
be advisable, and the maintenance of a navigable channel from Cairo to
New Orleans not less than 300 feet in width and 9 feet in depth, all at
an estimated initial cost of $296,409,000 with $6,000,000 annually for
maintenance after completion of project, with such distribution of costs
as may be specified by law after considering the statements on economic
necessity and local co-operation in paragraphs 25 and 42 inclusive.
Its adoption should be made subject to the provision that, except when
authorized by the Secretary of War upon the recommendation of the
Chief of Engineers, no funds appropriated by Congress for the execution
of the project shall be expended on works within a State until the State
by appropriate legislation
(a) Has undertaken to provide without cost to the United States
and when required the rights of way for all levee structures, and
such drainage works as may be made necessary by new levee construction.
(b) Has consented to the maintenance of the levee at the head of
floodways within the State at the grades and cross sections necessary
in the opinion of the Chief of Engineers for the security of the
levee system and the lands protected thereby.
(c) Has agreed to hold and save the United States free from all
damage claims resulting from the construction of the project; and to
maintain all flood control works after their completion, except controlling and regulating spillway structures.
148. I recommend that the Secretary of War be authorized to continue in his discretion, and under the supervision of the Chief of Engineers, the prosecution of such works for the flood control of the Mississippi River as have heretofore been authorized and are not included in the
project herein recommended; to expend, in an emergency, funds appropriated for the execution of the project on the maintenance of any levee,
when it is demonstrated to his satisfaction that the levee cannot be
adequately maintained by local interests; and to secure the assistance,
whenever practicable, of the United States Geological Survey, the Coast
and Geodetic Survey or other mapping agencies of the Government in the
preparation of maps required in furtherance of the project, and to allot
Must Not Restrict River too Far.
funds therefor to them from funds appropriated for flood control work.
"Man must not try to restrict the Mississippi too much in extreme
149. I further recommend that legislation be enacted:
floods. The river will break any plan which does this.
(a) Prohibiting any obstruction not affirmatively authorized by Con"It must have the room it needs, and to accord with its nature must
gress to the flood discharge capacity of the alluvial valley of the Missis- have the extra room laterally. In its original state the river had only
sippi River below Cape Girardeau, and providing that it shall not be one low-water channel until it reached the flat land near the gulf, but
lawful to build or commence the building of any levee or other structure at flood it overflowed an area fifty miles wide, which is really its nain said alluvial valley, or in any floodway provided therein unless the work tural flood bed."
has been recommended by the Chief of Engineers and authorized by the
The plan recommended provides the requisite space, it is asserted in
Secretary of War.
the report, for the passage of floods, and levees of adequate strength
(b) Providing that the penalties and procedure applicable to viola- to withstand them, so that should a hood recur of the magnitude of the
tions of the laws for the protection and preservation of the navigable recent disaster, it would be passed out to the Gulf without danger to
waters of the United States, enacted in Sections 12 and 17 of the River life in the valley or property except in the floodways allotted for its
and Harbor Act of March 3 1899, shall apply to violations of the above passage. Controlling side levees limit the area of the floodways and proprovision of law.
tect the land not in the floodways where such protection justifies the
(c) Providing that existing laws relating to the acquisition of lands, cost, in the opinion of the army engineers.
provement shall be applicable to the acquisition of lands, easements or
Cost Held Fully Justified.
easements on rights of way needed for a work of river and harbor less"The cost of the project is unquestionably justified," the report says.
rights of way for flood control works.
"It will prevent a repetition of the wide-spread disaster, human suffering,
(d) Amending sections 3 and 4 of the Act of June 28 1879, constituting
the Mississippi River Commission; to provide that it shall be the duty dislocation of the economic life of the valley, interruption of interstate
of said Commission to advise on all questions relating to the improvement commerce and the effect on the general welfare of the nation that atof navigation on the Mississippi River and the prevention of destructive tended the recent flood. The expenditure would be justified even though
floods which may be referred to the Conunission by the President of the such a flood occurs but once in 150 years."
Declaring that the question of flood control should be viewed not only
Commission or higher authority, and to provide that the President of
the Mississippi River Commission shall have the qualifications now pre- from the standpoint of those in the valley needing protection, but also
from that of "the taxpayers in other parts of the country, including the
scribed by law for the Assistant Chief of Engineers, and shall receive the
rank, pay and allowances of a Brigadier General of Engineers while region from which the flood waters come, who suffer indirectly from
flood disasters and on whom the bulk of the burden of Federal expendiactually assigned to such duty by competent orders.
ture must fall," General Jadwin submitted the following statement as to
Express Gratitude for Help on Report.
the general and local benefits of the plan and the local co-operation that
150. In forwarding this report, I wish to express my gratitude to the should be required on account of local benefits:
great number who have helped in collecting, classifying and systematizing
"Several estimates of different well protected parts of the delta valley
the data and computing and analyzing the various deductions which have result in an average price per acre of $224 when towns and all property,
been made from it. It was only by this process that it has been possible such as houses, roads, railroads, land, &c., are included. The total area
to produce a comprehensive report and develop so simple a solution of the valley originally subject to overflow is 29,790 square miles, or
for so complex a problem in so short a period. I am particularly in- 19,065,600 acres, 12,000,000 acres of which is usable. This 12,000,000
debted to the Mississippi River Commission, Colonel Charles L. Potter, acres at $224 per acre is worth about $2,688,000,000. Adding the probPresident; the Spillway Board, Colonel William P. Wooten, Chairman; the able value of New Orleans would bring this sum up to about $8,500,000,000.
Reservoir Board, Colonel William Kelly, Chairman; Sub-board on Naviga- Movable property added would make it something like $5,000,000,000.
"The value and population behind the levees are increasing all the
tion, Major Stuart C. Godfrey, Chairman; Sub-Board on Diversion Channels, Colonel E. H. Schulz, Chairman, and to the two division and 13 time. It has been estimated that damages from the 1927 flood were over
district engineers between the Rocky and Appalachian Mountains and to $200,000,000."
Local Co-operation.
the other officers and civilian employees, regular and temporary, the total
aggregating something like 30 or more officers and 120 civilians, who
And discussing local cooperation he said:
have assisted most loyally and efficiently ia the various phases of the
"Local interests should in the future, as in the past, provide all rights
work.
of way for flood control structures. They can best obtain the land at a
DEC. 17 1927.]
THE CHRONICLE
fair value, and vexing questions as to Federal ownership and administration of police of the narrow strips of land will be eliminated. Their land
Is enhanced in value by the works. Tax collections show that the land
In the upper Yazoo basin has ten times the value that it had before it was
leveed. The United States ought not to buy a part of the land to enhance the value of the rest."
How Levee Cost Has Been Met.
The following table shows the proportions of the cost of levees actually
borne in the past by the Federal Government and local authorities:
District.
Northern
First and Second
Third
Fourth
Total
Expended by Expended by
Expended by
U. S.from U.S.from Con- State and Local
Govt. Funds. tributed Funds. Organizations.
$3,127,533.49 $1,083,857.69
19,796,161.78 3,348,420.82
27,614,208.84 5,852,103.37
20,552,089.47 3,773,898.32
Total.
$9,916,110.91 514,127,502.09
42,766,497.05 66,911,079.65
34,782,460.96 68,248,773.17
64,488,106.33 88,814.094.12
3297
President of the Brotherhood, had issued call for the meeting
in Denver Dec. 12 of chairmen of Union Wage Committees
of 54 western railroads to determine the cotirse of action to
be taken following the adjournment of the Federal Mediation Board without reaching an agreement. Firemen, hostlers
and helpers asked for an increase of $1 per day in wages. The
same advices stated that two members representing the roads
opposed any increase for road firemen, and other members
advised increases but less than asked for by the men. President Robertson wired Washington asking that the Board be
reconvened. Unless this is done it was stated the issue would
go back to the Federal Arbitration Board at Washington.
From the Associated Press accounts from Denver Dec. 13
we take the following:
$71,089,993.58 $15,058,280.20 $151,953,175.25 $238,101,449.03
30%
7%
63%
D. B. Robertson, President of the Brotherhood, who is seeking resumption of Mediation Board sessions,said today he was uncertain ofwhat further
addition to meeting the costs shown in the table, the inhabitants action would be taken. He announced he had been notified by W.M.Jeffers'
"In
of the valley have been subject to recurring flood damage," the report of Omaha. Chairman of the Committee of Managers representing the railsays. "The direct damages suffered from the 1927 flood are estimated roads that the carriers would not approve reconvening the board.
Robertson said, however, the activities of the Brotherhood would be govby the Mississippi Flood Control Association to have been $236,334,414.06.
"In view of the national aspect of the flood control problem from the erned to an extent by the attitude of four of the six board members on his
standpoint both of the cause and of the effects of the floods, and in request to reconvene. He Contended that the Board had until Dec. 21 to
view of the large sums spent in the past by the people of the valley for reach a decision and that it should not have adjourned here a week ago
flood protection, the sacrifices they have made in meeting their allotments, without making some sort of recommendations. He said an appeal for
the great losses suffered in the last flood, and the larger expenditures now further consideration was pending before the national mediation board at
required, it is believed that the United States should bear a larger por- Washington.
Increases of as much as a dollar a day were sought by varioUs crafts.
tion of construction costs than in the past, and that of the States or local
interests be as small as consistent with the results desired."
Ruling by California Corporation Commissioner on Investment Trusts—Quarterly Reports of Holdings Required
Mortimer L. Schiff Thinks Competitive Bidding for Rail—Views of F. J. Lisman—A. H. Giannini Says Ruling
road Securities Unwise—Is Opposed to Arbitrary ConDoes Not Apply to Bancitaly Corporation.
solidation of Roads.
•
The fact that quarterly reports of holdings of California
In an address on Dec. 7 before the new school for Social
Research, at the Guaranty Trust Building, 524 Fifth Ave., investment trusts are called for in a ruling issued by the
Mortimer L. Schiff, of the firm of Kuhn, Loeb & Co., pre- State Corporation Commissioner is indicated in the followsented a survey of railroad finance in which he expressed ing Los Angeles advices which we take from the
"Wall
the opinion that competitive bidding for railroad securities was not in the public interest and showed that arbi- Street Journal" of Dec. 12:
in California
trary consolidation of lines on a theoretical nation-wide to Organizers of investment trusts Corporation henceforth, must agree
furnish stockholders and State
Commissioner with finanpattern was not feasible. The New York "Times" in thus cial statement every three months according to decision of Corporation
indicating what Mr. Schiff had to say, refers further to Commissioner Jack Friedlander. Financial statement which will be furhis remarks as follows:
nished newspapers by Commissioner must show all securities bought or
—Mr. Schiff described the financing of the capital needs of railroads,
including the bankers' role in the process, and outlined the problems of
railroad reorganization and regulation. On the score of regulation, he
declared that enforced competitive bidding would injure the borrowing
corporation, the banker and the investing public alike. He pointed a
warning in the condition of the municipal and equipment trust certificate
markets.
"In order to determine the type of security, the amount to be
offered and the terms and conditions of the issue," Mr. Schiff said,
"exact knowledge is required, and this can be furnished only by those
experienced in this highly specialized line of business. This advice is
professional in character; and just as corporations consult lawyers on
the legal questions involved, so they must consult bankers on the financial questions. When you need a doctor or a lawyer you do not shop
around and ask for competitive opinions. You select one whom you
trust and deal with him.
"I am frank to say, even though you may accuse me of special pleading," he added, "that I do not believe competitive bidding is in the
public interest. It means the payment of too high a price by the successful bidder, resulting in inadequate 'spread' for the payment of underwriting and placing commissions and the offering of securities to the
public at a forced price, as we have seen particularly in the case of a
number of foreign issues, with their resultant deoline in price after the
market support of the issuing house or group has been withdrawn.
"It means lack of interest by the small dealers throughout the country
—the backbone of our investment market—in popularizing the securities
in question, with resultant narrowing of their market. It means no
support in times of stress and no continuing interest in establishing a
high credit for railroad corporations. It means the abandonment of the
formation of constructive planning by bankers responsible for a railroad's financial policy."
Discussing railroad consolidations, Mr. Schiff suggested that existing
laws be amended to authorize the Interstate Commerce Commission to
approve actual mergers of the corporate entity of one company into
another.
Mr. Schiff quoted the Transportation act of 1920 and said: "From
this it appears that no consolidations (that is, actual mergers) can be
authorized which are not in harmony with a nation-wide scheme. This
is the primary difficulty, as it is utterly impossible to make an allocation of all the railroads of the country. Consolidations must follow
economic lines or they are bound to fail. Nobody, no matter how learned
and experienced, can make arbitrarily a new railroad map of the Untied
States. It is just as futile as was the attempt of the Peace Conference
of 1919 to draw a new map of Europe. Consolidations must come, if
at all, through negotiations by owners of such properties as naturally
complement and supplement each other. That this is now recognized is
evidenced by the abandonment, as far as one knows, by the Interstate
Commerce Commission of its attempt to divide the railroads of the
country into a number of regional systems."
Wage Negotiations Between Brotherhood of Firemen
and Engineers and Representatives of Western
Roads Halted.
Denver Associated Press advices Dec. 13 reported that
representatives of the Brotherhood of Locomotive Firemen
and Engineers have terminated wage increase negotiations
with spokesmen of western railroads. In the "Wall Street
Journal" of Dec. 7 it was made known that D. B. Robertson,
sold during three months' period, stocks or other securities held at end
of quarter, their market value and purchase price.
Commissioner is also considering question of underwriting fees and
organization profits in connection with formation of investment trusts,
number of which have increased in the past year and may decide on
arbitrary fee limited to 10% of amount invested. Commissioner's action
is believed to be the first adopted by any state to give full publicity to
operating investment trusts in effort to curb mismanagement of investors
funds.
On Dec. 13 F. J. Liman, of F. J. Lisman & Co., who is
President of American Basic Business Shares Corporation,
which deposits shares with the Equitable Trust Company
in 30 different railroad and industrial companies, each with
a capitalization of not less than $50,000,000, issued the
following statement relative to the California trust decision:
"It is very interesting to note that the California authorities differ
from those in New York regarding the trading type of investment trusts.
The Attorney General of New York, in his recent report, held that it
did not seem desirable that these trading trusts should publish a list of
holdings, while the California authorities apparently are going to insist
that this be done. As the various investment trusts are selling their
securities all over the country, they will undoubtedly want to qualify
with the requirements of an important market like California. •
"There is room for much difference of opinion on this subject; nevertheless it is certain that enough states will insist on the lists of holdings
being made public to compel all companies to do so sooner or later.
"The fact that the American trading trust followed the type of British
investment trusts does not mean the trading trust is specifically suitable
to the American market. In fact, with an average charge of %% on
the capital invested, for management which is equal to nearly 7% if
the annual income should be at the rate of 6%% per annum and with
the 13Y2% corporation tax, the cost of management will absorb nearly
one-fifth of the annual income.
"The fixed investment trust avoids the tax feature altogether as far
as earnings from dividends are concerned and there is no other annual
charge in most of them.
"The American Basic Business Shares Corporation fixed trust shares
have an originating charge of about 6%, which is less than it would
cost to set up an individual trust.
"In the final analysis public authorities and investors are going to
learn much about both the rigid and trading type of investment trusts
and the investor is bound to choose the one which involves the least
charge—everything else being equal."
Acording to the New York "Journal of Commerce" of
Dec. 14 A. H. Giannini, Vice-President of the Bancitaly
Corporation, declared that the California decision does not
apply to Bancitaly Corporation, since it is not to be considered as an investment trust. The paper quoted states:
Discussing the regulations which provide for a report every three
months, Dr. Giannini said:
"Of course I am in favor of State regulation of corporations in the
interest of protecting stockholders, but I believe that reports of this kind
every three months are a little too frequent to be practicable. We don't
consider Bancitaly to be an investment trust, and hence the proposal
of the Corporation Commissioner of California as reported by the news
agency from Los Angeles does not apply to us."
3298
THE CHRONICLE
Bank of Italy's Policy on Insurance Unchanged—Commissions Earned by Employees Will Continue to Go to
Stockholders.
The following is from the New York "Herald-Tribune" of
Dec. 10:
James A. Bacigalupi, President of the Batik of Italy, states that his
institution has not changed its policy, effective for nearly a quarter of
a century, with respect to insurance. In a statement published in "The
Eastern Underwriter" yesterday it was pointed out that the employees
in banks have always solicited insurance as a side issue. The bank
felt, said Mr. Bacigalupi, that commissions earned by employees selling
insurance while in the employ of the bank were really the property of
the stockholders.
The Bank of Italy, he added, "will be operated for the benefit of
stockholders and customers and not for the personal enrichment of individual officers." The bank has 282 branches and a total capitalization
of about $500,000,000. This system of selling life insurance by bank
representatives is frowned on by the underwriters, and it is believed
would not be allowed by the State Insurance Department. The National Association of Insurance Agents has been able to block the selling
of fire insurance by the bank to a certain extent, it is stated.
[VOL. 125.
share, according to the announcements given out by Mr.
Kernan, relative to the directors meetings of the Bank of"
Italy and the Bancitaly Corporation, held respectively on
Dec. 13 and 14. In the case of the Bank of Italy the press
statement released for publication Dec. 14 said:
Based on exceptional and sustained growth in earnings, exceeding those
of any previous period of operation, and estimated at more than $18,000,000
for the year, the Board of Directors of the Bank of Italy and National
Bankitaly Company voted yesterday to raise the combined annual dividend
to $6 per share. On the basis of the old $100 par value shares, for which
stockholders now own 5 shares for one,the new dividend represents a return
of $30 per share, or
more than the yield of $21 last year.—an increase of
approximately 45%.
"Profits have been far in excess of our expectations and the present action
of our Board of Directors will come as a surprise to many of our stockholders." said James A. Bacigalupi, President of the institution. "It has, however, always been the policy of the Bank of Italy to give its stockholdems
the full benefit of additional earnings, whenever it appeared that a permanently higher level of profits would justify an increase in the dividend rate."
During 1927 the combined average paid in capital has been $40,000.000,
with an average of 1,174,000 shares outstanding. On March 15, the capital
was increased from $28,000,000 to $42,000,000 and again on October 25
from $42,000,000 to $52,500,000 by the payment of a 25% stock dividend.
Estimated total profits for the year have amounted to at least 818,000,000,
after deductions for expense and charge-offs. This would mean that the
earnings available for dividends have been in excess of
45%•
Recently stockholders of the Bank of Italy and National Bankitaly Company (ownership of the two institutions being identical) voted to increase
the number of issued shares from 1,200,000 to 2.000.000 to be sold at a price
of $180 per share. The stock has been fully subscribed and will be paid In
December 31, making the combined capital investment more than $200,000,000 with a market value of approximately half a billion dollars.
Wall Street Cashiers Organize— Will Operate Central
Bureau as Source of Information on Clearances and
for Exchange of Ideas Among Fraternity.
With the double object of providing a central information bureau or source of information in connection with the
deliveries of securities and all problems arising in connection with the increasingly heavy clearances of securities in
The following is the press release bearing on the meeting
Wall Street, and exchange of ideas, cashiers of many of the of the Bancitaly Corporation, held Dec. 14:
With net profits estimated at not less than $30,000.000 for the current
leading Wall Street investment banking and brokerage
year,representing
houses met at the offices of Shields & Company, Inc., 52 of $6,191,902, theapproximately five times the total dividend requirements
board of directors of Bancitaly Corporation have anCedar Street, on Dec. 12, and formed a temporary organ- nounced their decision to carry to reserves the excess over the dividend Of
at least $24,000,000, or four times the total dividend, and to take no action
ization for the purpose of working out plans for a permaat this time with respect to a special
nent organization which is expected to be of substantial that a Christmas dividend of 14 2-7%or stock dividend, in view of the fact
has already been paid.
"Our stockholders have fared exceptionally well both in the matter of
assistance to the investment and brokerage houses in the
dividends and enhancement in the value of their holdings," said A. P.
downtown area. The new organization is to be known as Giannini,
president of the Corporation. "While profits
the year have
the Cashiers Association of Wall Street, and will be the been extraordinarily large. we feel that the wisest move forto set these up
is
first organization of its kind formed for the purposes against future years when we may not do so well. The stockholders should
not expect that other years will show such abnormal earnings, and in fact,
stated. Membership will be open to cashiers of investment we think that any year
in which a company such as ours, having only high
and brokerage houses, and it is expected that it will later grade investments, earns as much as one and one-half times its dividend,
be opened to cashiers of banks. E. N. Brown of Shields & should be regarded as a very good one.
"All of our stockholders have enjoyed
Company, Inc., was elected temporary President. John W. it is too much to expect that every yearbig earnings this year, and since
can be as good as this one, our
Sheppard, of C. P. Childs & Co., and Harry W. Nelson, of soundest policy now is to look ahead and prepare ourselves for times that
are less prosperous. Many of our stockholders have made more than 100%
Dillon, Read & Co., were elected temporary Vice-Presidents.
this year, and all of them have had a very handsome return on
Edward F. Ifland, of Vought & Co., Inc., was elected Treas- ment. We have paid one 40% stock dividend, a Christmas their investdividend of
urer, and George Steinrich, of G. E. Barrett & Co., Inc., 14 2-7%, and in addition there has been a substantial increase in the value
of the stock, as well as a good profit from the sale of rights.
Secretary. A committee was appointed, consisting of the
"We want to see our stockholders do well every year. However, when
temporary officers, to develop the permanent organization. they make a profit on the rise in the price of the stock, we prefer to pay less
Another meeting of the association will be held to-day at in dividends. Stocks fluctuate with money rates. When money rates go up.
stocks go down, and that, we believe, is the time to pay better dividends.
the offices of Shields & Company to complete the organizaBancitaly Corporation has had an average of $89,435,828 paid in capitation.
during the year, with average number of shares outstanding totaling 3,577.Annual Meeting of Westchester County Bankers' Association—County Credit Clearing Plan Considered.
At the annual meeting of the Westchester County Bankers Association held at the Yale Club, New York City, on
Dec. 10 the following officers were elected for the ensuing
year:
President—Frederick I. Pugsley, Cashier of the Westchester County
National Bank, Peekskill, N. Y.
Vice-President—R, G. Abercrombe, President of the Irvington National Bank, Irvington, N. Y.
Secretary—Milton H. Hall, Vice-President of the Mount Vernon
Trust Co., Mount Vernon, N. Y.
Treasurer—Clark E. Dixon, Cashier of the Mount Pleasant Bank &
Trust Co., Pleasantville, N. Y.
433. It has paid dividends for the four quarterly periods aggregating $6,191.
902. In addition to this two stock dividends have been paid, on which the
regular dividend rate has been maintained, equivalent to an increase of more
than 60% in the dividend rate.
In commenting on the profits for the year, Olannini said that only realized
profits have been included. "Many people have asked whether or not we
figured a rise in the market price of our holdings as a profit. We carry all
of our holdings on our books at cost, and do not calculate any profit until it
is actually made by sales. Excess of the value of our holdings over and above
what we paid, is not included in figuring profits."
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
A new high record price of $310,000 was paid for a New
York Stock Exchange membership this week by William J.
Baroni, being an increase of $5,000 over the previous high
price.
The matter of establishing a County Credit Clearing
Plan was the theme discussed at this meeting. A commitThe New York Cotton Exchange membership of James B.
tee was appointed who will present a report at the next McGaw was sold at auction this week from the rostrum of
meeting of the Association to be held on Jan. 21. Plans the Exchange to Thomas J. Beauchamp for $27,250 and in
were made for tho annual banquet which will also be held turn sold it to Harold L. Bache for $30,000.
at the Commodore Hotel on Jan. 28th.
The Rubber Exchange membership of Frank Robinson
was sold this week to C. V. Geran, a member of the Cotton
Increases in Dividend Rate of Bank of Italy—Aggregate Exchange for $5,500. Last preceding sale
$5,000.
Earnings of Bank and Bancitaly Corporations Over
The Board of Directors of the Bank of the Manhattan
$50,000,000 for Year.
In making known the records established during the year Company of New York announced on Dec. 13 the election
by the Bank of Italy and Bancitaly Corporation, of San of Stephen Baker as Chairman of the Board, P. A. Rowley,
Francisco, as revealed at the annual meetings this week, it Vice-Chairman, and John Stewart Baker as President. All
was indicated that tne aggregate earnings of the two institu- other officers were re-elected. As President, John Stewart
tions "will run upwards of $50,000,000 for the year." These Baker (heretofore Vice-President) succeeds his father,
profits, Assistant Vice President F. R. Kernan of the Bank Stephen Baker. With his election to the Chairmanship
of Italy National Trust & Savings Association, writes us of the Board of Directors, Stephen Baker completes thirty"constitute one of the most impressive records ever estab- four years of service as President of the Bank of the Manhattan Company. In announcing this the bank says:
lished by a financial institution."
Coincidentally, that is exactly the number of years Mr. Baker had lived
The directors of the Bank of Italy and National Bankitaly
when he became executive head of the institution, in December 1893. This
Company have voted to raise the semi-annual dividend to $6 was also the year in which his son, John Stewart Baker, the new President,
or share,—the new dividend representing a return of $30 per was born.
DEC. 17 1927.]
THE CHRONICLE
During Stephen Baker's administration the bank has expanded its establishment from its single original home at 40 Wall Street, opened in
September 1799, to a network of forty-eighth offices in as many different sections of New York City.
The name Stephen Baker has been associated with the Bank of the
Manhattan Company from its foundation, one hundred and twenty-eight
years ago, for Mr. Baker's grandfather, known as Stephen Baker, the
elder, was one of the original stockholders.
His father, also named Stephen Baker, born in New York City in 1819,
though never associated with the bank, rose to a position of wealth as
a partner in a firm of woolen importers, and became a recognized authority in national finance as a Member of Congress in the Civil War period.
The retiring President of the Bank of the Manhattan Company has
always been a conservative, both in public and private finance, opposing
at the opening of the World War, like his father at the opening of the
Civil War, inflational methods of financing.
Mr. Baker was born at his father's country estate near Poughkeepsie,
Aug. 12 1859. He was educated at Riverside Academy, near there, and
early sought a mercantile career. Starting as a general handy boy with
the dry goods house of Spaulding, Hunt & Co., he sought and found, in
1881, a place with The American Exchange Bank—at a salary of five
dollars a week. In three years he became head of the collection desk,
and in 1886 he left to become private secretary to the noted banker, Jahn
Stewart Kennedy.
Six years later, in January 1891, he came to the Bank of the Manhattan Company as Vice-President, and two years later, December 1893, at
the age of thirty-four years, was elected President.
Mr. Baker is a Trustee of the Bowery Savings Bank, Columbia University and St. Luke's Hospital.
3299
stock), and authorized the sale of an additional $1,000,000
par value of stock to be offered to stockholders at $250 per
share, at the rate of one share of new stock for each three
shares of stock at present outstanding. The stock dividend
will be distributed on Jan. 16 1928, to stockholders of record
at the close of business on Dec. 31 1927. Warrants for the
right to subscribe to the additional stock will be mailed on
Dec. 31, to stockholders of record at the close of business on
that day. These must be exercised on or before Jan. 23.
Upon consummation of the proposed plan the capital will be
$5,000,000 and the surplus will be $5,000,000.
liThe stockholders of the Bank of United States of New York
at a meeting held Dee. 15 authorized an increase in the
capital from 50,000 shares to 60,000 shares. The additional
stock will be offered to stockholders of record Dec. 20, and
is payable Jan. 16, at $200 per share in the ratio of one share
of new for each five shares now held. Mention of the plans
to increase the capital from $5,000,000 to $6,000,000 was
made in our issue of Dec. 3, page 3014.
Henry L.EServoss, Vice President of the United States
Mortgage &,, Trust Co. has been elected a Trustee of the
Concerning John Stewart Baker, newly elected President Empire City Savings Bank.
of the Bank of the Manhattan Company, the bank issues
The directors of the Public National Bank and Trust Co.
the following:
Mr. Baker was horn at Lawrence, Long Island, Aug. 6 1893. He at- of New York, at a meeting Dec. 15, declared a stock divitended private schools in New York City and the Hill School at Potts- dend of 20%, increasing the capital of that institution from
town, Pa. After graduating from the Hill School he entered Princeton
The dividend will be payable
University, from which he was graduated in 1915. In the same year $5,000,000 to $6,000,000.
he entered the employ of the Bankers' Trust Company as a messenger March 31 1928 to stockholders of record March 1, and will
and soon was assigned to a place in the Trust Department
be voted upon at a special meeting of stockholders on Feb. 1.
At the opening of the war he joined the Navy as an ensign and served
This is the fourth stock dividend to be paid by the bank and
actively until his discharge from the service in January 1919. Upon
his retirement from the service he became Assistant Cashier of the represents the largest distribution in its history. Each of the
Bank of the Manhattan Company and served in this capacity at its previous stock dividends, paid in 1922, 1924 and 1926
Union Square office. In July 1920 he was elected a Vice-President of
amounted to $500,000. Organized in 1908 as the Public Bank
the Bank and a Director in December 1922.
In 1922 he moved from the Union Square office to the main office with a capital of $100,000, the bank became a national bank
at 40 Wall Street, where he has since devoted his attention to the general in 1917 and this year its name was changed to the Public
affairs of the Bank and particularly to the development of the Trust DeNational Bank & Trust Co. of New York. The last statepartment.
Mr. Rowley was born in 1883 at Fredericton, New Bruns- ment of condition, as of Oct. 10 last, shows aggregate rewick, Canada. Prior to coming to New York in 1913 he was sources of $137,272,669, deposits of $116,344,688 and capiassociated for 15 years with the Bank of Nova Scotia. In tal, surplus and undivided profits of $13,843,058. With the
1913 he became Cashier of the Bank of Long Island. Short- early opening of two new branches, one at 94th Street and
ly after he was promoted to Vice-President and continued Broadway and the other at 204th Street and Decatur Avenue,
in that position until the absorption of the Bank of Long the Bronx, the bank will have thirty offices in Greater
Island by the Bank of the Manhattan Company early in New York.
1920. He was elected Vice-President of the Bank of the
Manhattan Company at this time in charge of the Queensboro and Brooklyn Division. He has continued in this position up to the present time, making his executive headquarters at the Jamaica office of the bank. With his election to his new post he will transfer his headquarters from
Jamaica to the main office of the bank he 40 Wall Street.
The Trustees of the Bank of New York & Trust Company of New York have declared the regular quarterly dividend of 42 payable Jan. 3 1928 to stockholders of record
/
1
%
Dec. 23 1927. The trustees also voted the usual Christmas bonus of 10% of their salaries to officers and employees with a slightly larger distribution to those receiving the smaller salaries.
The stockholders of the Liberty National Bank of this
city on Dec. 5 approved plans to increase the capital of
the institution from $1,500,000 to $3,000,000 and the surplus
from $500,000 to $2,000,000. The new stock will be offered
to present shareholders at $200 a share. The increase in
capital will become effective when the increase is fully
paid in January 1928.
The National Bank of Commerce in New York announces
the following official advancements, effective Jan. 1: Herman G. Brock and Frank Stemple from Assistant Cashier
to Second Vice-President; Harold F. Anderson and Herman
Safro to Assistant Cashier; and Ezra C. Brownell to Manager of the Foreign Department.
At the monthly meeting this week of the Directors of
the Central Mercantile Bank & Trust Co., of New York,
G. Bertram Smith and Herbert N.Fehling were appointed
Assistant Treasurers. Mr. Smith has been in charge of
the Foreign Department of the Central Mercantile and Mr.
Fehling was formerly connected with the National American
Bank.
Election of A. E. Lefcourt to.the Board of Directors
of Chelsea Exchange Bank of New York, is announced by
Edward S. Rothchild, President. Mr. Lefcourt has been for
years a prominent dealer in New York City real estate. Recently, he organized the Lefcourt Realty Corporation of which
he is President and principal stockholder.
The Guaranty Trust Co. of New York, announced on
Dec. 13, the appointments of George D. Burrows as Assistant Treasurer, Joseph A. Bucher as Assistant Secretary and
James A. Powers as Trust Officer, at the Fifth Avenue
Office of the Company. On Dec. 15 the Guaranty Co.
of New York, announced the appointment of T. W. Hawe
as Assistant Sales Manager. Mr. Hawes will be connected
with the New York City Sales Department.
Extra compensation in the form of a Christmas bonus
has been voted employees of Chelsea Exchange Bank by the
Board of Directors, according to announcement of Edward
S. Rothchild, President. Instead of the usual month's salary which was distributed formerly at Christmas, the compensation this year will be 10% of the year's salary to those
who have been with the institution for three years or over,
Trustees of the Greenwich Savings Bank, of New York,
8% for those who have served two years, 6% for those announce a new interest plan to become effective Jan. 1
who have served one year, and 5% for all other employees. 1928, by which all deposits made on or after that date
will draw interest from the date of deposit.• This plan, which
The directors of the United States Mortgage & Trust Co. supercedes the prevailing custom of crediting interest from
of New York, at a special meeting Dec. 14, voted to call a the first day of each month,is said to be an innovation among
special meeting of stockholders on Dec. 30, for the purpose uptown savings banks. The main office of The Greenwich
of acting upon a proposed increase of the capital stock from Savings Bank, which was established in 1833, is located at
$3,000,000 to $5,000,000, and, subject to the affirmative Broadway and 36th Street, with a branch office at 16th
action of the stockholders, declared a stock dividend of Street and Sixth Avenue.
33 1-3% (being a distribution of $1,000,000 par value of
3300
THE CHRONICLE
The Board of Directors of The Queensboro National Bank,
Corona, Long Island, has declared an initial semi-annual
dividend of 4% upon the capital stock of the Bank of $4 per
share, payable Dec. 31 1927 to stockholders of record at the
close of business Dec. 21 1927. The Queensboro National
Bank started business in June 1923 with a capital and surplus of $300,000 and the assets now are more than $3,500,000.
On Nov. 12 1927 its Corona Heights Branch was opened.
John La Duke is the President and Chas. E. Schwagerl,
Cashier.
(VOL. 125.
city have increased the bank's semi-annual dividend from
6% to 7%.
The election of Henry T. Bush as President of the Farmers' Bank of Wilmington, Del., was reported in the Philadelphia "Ledger" of Dec. 7. Mr. Bush, who is President of
the Bush Steamship Line and of the Wilmington Chamber
of Commerce, succeeds Leroy Harvey, who resigned, but
continues with the institution as a director. Mr. Leroy is
a former Mayor of Wilmington.
Negotiations that have- in progress for many months
been
resulted in the transfer on Nov. 30 of the controlling interest in the Salem Trust Company of Boston from George
C. Vaughn to a group of men, according to the Boston
"Transcript" of Dec. 1. The change came about largely, it
was said, as the result of a feeling that the control should
be more widely distributed and Mr. Vaughn co-operated
to bring this about. Under the new regime, Grafton Smith
of Manchester and Boston, a trustee connected with the
Guaranty Trust Company of New York, was elected President, while Harry M. Wilkins, who for many years had
been Treasurer of the institution, was made Vice-President
and Treasurer, and will be the active executive in charge
of the bank, which is the successor of the old Commercial
Bank of Salem. The following were elected directors:
George W. Ashton, Byron T. Atwood, Max L. Bixby, Judge
Robert W. Hill, Leonard B. Pickering, Max Korn, Fred
B. Marston, Leo B. Murphy, Joseph P. Shortell, Grafton
Smith, George C. Vaughn Jr., H. M. Wilkins and John M.
Zarenbski.
The Baltimore "Sun" of yesterday (Dec. 16) reported that
the respective directors of the West Baltimore Bank of that
city and the Bank of Overlea, Overlea (Baltimore County)
have agreed to merge their institutions with the Union Trust
Co. of Maryland, Baltimore, according to an announcement
made the previous day. The two banks to be absorbed each
have resources of approximately $2,000,000, and as a result
of the consolidation the Union Trust Co. will increase its
assets to about $37,500,000. The directorates of the two
acquired banks will be organized into advisory boards for
their respective institutions. The boards will continue, it
was stated, to conduct the affairs of the banks, which will
be operated as branches of the enlarged Union Trust Co.
By the acquisitions the number of offices operated by the
Union Trust Co. will be increased to nine, including the main
office of the company at Charles and Fayette Streets. The
management and personnels of the two banks are expected
to remain unchanged. Stockholders of the West Baltimore
Bank, it was said, receive $102.50 per share for their stock,
the par value of which is $25 a share, while the stockholders
of the Bank of Overlea receive $40 a share for their stock of
It is announced that Dr. Edward W. Kemmerer, Professor a par value of $10. The stockholders of each bank, it was
of Economics in Princeton University, was on Dec. 10 elected furthermore stated, are given the opportunity to sell their
a director of the Princeton Bank & Trust Co.
stock at the same price and on the same basis. In conclusion
the "Sun" said:
On Dec. 14 William R. Nic- holson announced his resigns
While the trust company is making cash payment for all the stock pretion as Chairman of the Board of Directors of the Real Estate sented by the stockholders of the two institutions, the old stockholders are
to be
an opportunity to subscribe to stock of the Union Trust Co. on
Land Title & Trust Co. of Philadelphia, the institution- a pro givenbasis at $300 per share, provided subscriptions are filed with the
rata
formed recently by the consolidation of the Land Title & trust company not later than Jan. 20.
The stock
Trust Co., the Real Estate Title & Trust Co., and the West share to $340 of the Union Trust Co. advanced yesterday from $324 Per
upon the news of the merger becoming known in the financial
End Trust Co. Mr. Nicholson, prior to the merger, was district
President of the Land Title & Trust Co. for thirty-seven
Announcement was made by the Union Trust Co. of Cleveyears. He plans to devote his time to the Philadelphia Co.
for Guaranteeing Mortgages of which he is President and land on Tuesday of this week (Dec. 13) that the dividend
rate had been increased from $10 a year to $12, according to
which he founded twenty years ago.
the Cleveland "Plain Dealer" of Dec. 14.
On Dec. 14 the directors of the Market Street Title &
The Cleveland "Plain Dealer" of Dec. 14 stated that on
Trust Co. of Philadelphia declared a special stock dividend
of 10% on the bank's present paid-in capital of $1,000,000, Dec. 13 the Guardian Trust Co. of that city had declared a
according to the Philadelphia "Ledger" of Dec. 15. The Christmas extra dividend of 3% in addition to the regular
dividend is payable in the ratio of one share for each ten quarterly dividend of 3%, making total dividends for the
shares held, and will be paid Jan. 14 1928 to stockholders of year of 15%, as against 14% paid last year. A special disrecord Dec. 31 1927. The directors furthermore voted to patch from Cleveland to the "Wall Street Journal" in this
transfer $100,000 from undivided profits to capital stock regard further stated that for the second consecutive year
the institution has transferred $1,000,000 from undivided
account.
profits to surplus account, giving the Guardian Trust Co.
Hilson H. Whyte, Vice-President of the H. K. Mulford at the end of the year a surplus of $6,000,000 and total capital
Company, has been elected a director of the recently or- and surplus of $10,000,000. Deposits, it was said, have inganized City National Bank & Trust Co. of Philadelphia, creased during the past decade more than $100,000,000,
according to the Philadelphia "Ledger" of Dec. 8. C. F. bringing total resources in excess of $150,000,000.
Weihman, it was stated, had resigned as an Assistant Cashier of the Franklin-Fourth Street National Rank of Philadelphia to become a Vice-President of the new bank. It
was furthermore stated that the institution was expected
to open for business about Feb. 1 1928. Reference to the
organization of the City National Bank & Trust Co. appeared in our issues of Oct. 29 and Nov. 10, pages 2346
and 2766, respectively.
C. B. Gates, Vice-President and Cashier of the National
City Bank of Cleveland, Ohio, died suddenly in that city
of heart disease on Nov. 29. The deceased banker, Who
was 60 years of age, had been in the service of the National
City Bank about six or seven years, going there when Hoyt
V. Shulters became President. Previous to that time he had
been connected with the East Ohio Gas Co.
A. H. Scoville, Vice-President, in charge of the bond department, of the Union Trust Co., Cleveland, has announced
his intention to retire from active business for an indefinite period for reasons of health. His resignation from the
bank will become effective at the first of the year. Mr.
Scoville organized the bond department of the Union Trust
Co. at the time of its formation in 1921. Previously he had
been the wholesale representative of Dillon, Read & Co.
for a period of more than 10 years. The bank's bond deE. Theodore Wolfe, hereto-fore connected with the Tex- partment will continue to operate under the organization
tile National Bank of Philadelphia, has been elected an developed by Mr. Scoville.
Assistant Cashier of the Erie National Bank of that city,
Announcement is made that C. H. Henderson, Assistant
according to the Philadelphia "Ledger" of Dec. 9.
The Board of Managers of the Girard Trust Company
of Philadelphia on Dec. 8 declared a special dividend of
10% as well as the regular dividend of 10%, according to
the Philadelphia "Ledger" of Dec. 9, which stated that
the special dividend would be payable Dec. 21 and the
regular dividend Jan. 3. It was also voted to transfer
$1,000,000 from undivided profits to surplus, bringing the
latter account up to $10,000,000.
Vice President and Publicity Manager of The Union Trust
The Philadelphia "Ledger" of Dec. 9 reported that the Company, Cleveland, is resigning his position with the bank
directors of the Columbia Avenue Trust Company of that to accept the vice presidency and sales managership of
DEC. 17 1927.]
THE CHRONICLE
Stephen Sanford & Sons, Inc., of Amsterdam, N. Y., manufacturers of carpets and rugs. Don Knowlton of the Publicity Department of The Union Trust Co. is to become publicity manager of the bank, succeeding Mr. Handerson. Mr.
Handerson will remain with The Union Trust Co. until early
in January, at which time Mr. Knowlton will take over the
position.
William B. Prenter, former President of the Brotherhood
of Locomotive Engineers, and formerly an official of the
Brotherhood of Locomotive Engineers Co-Operative Bank,
died on Dec. 7 at Cleveland, Ohio. Mr.Prenter was 72 years
of age. Associated Press advices from Cleveland on Dec. 7
said:
Mr. Prenter had been connected with the Brotherhood for forty-nine
years and for two years was President. succeeding Warren S. Stone upon
the latter's death in 1925. He was removed as President by this year's convention, when the office was abolished
During the 1927 convention the policies of Mr. Prenter and his aids were
attacked by d legates. Charges of laxity and carelessness in administration
of the Brotherhood's financial interests were made against Mr. Prenter and
other executive officers of the organization.
A resolution was passed abolishing the offices of president, first and second
vice-presidents and secretary-treasurer. This automatically unseated Mr.
Prenter. The Brotherhood voted to return to the form of organization followed prior to the building up of numerous financial institutions under the
leadership of Stone. Under the plan Alvaniey Johnson, grand chief engineer, became the highest executive officer.
-6--
For the second consecutive year the directors of the Guardian Trust Co. of Cleveland voted Dec. 13 to transfer $1,000,000 from undivided profits to surplus account. This transfer
at the end of the year will give the Guardian Trust Co. a
surplus of $6,000,000 and a total capital and surplus of
$10.000,000. An extra dividend of 3% was declared in addition to the regular quarterly dividend of 3%, both payable
Jan. 1, making total dividends for the year 15%. At a recent
celebration of the tenth anniversary of President J. A.House,
an announcement was made that deposits had increased more
than $100,000,000 during the past decade, bringing total resources of the Guardian to a figure in excess of $150,000,000.
—.—
George M. Reynolds, Chairman of the Board of the Continental National Bank and Trust Company of Chicago,
on Dec. 2 began his thirty-first year of service with the
bank and his thirteenth year as a Class "A" director of
the Federal Reserve Bank of Chicago, according to the
C'hicago "Journal of Commerce" of Dec. 3. In addition, the
day marked the return of Mr. Reynolds's bank to the old
Continental National name, which it adopted thirty years
ago on Dec. 2, the day when Mr. Reynolds entered the
institution as ()ashler, when it had approximately $13,000,000 in deposits, compared with its present total of $560,000.000. Continuing, the paper mentioned said:
Discussing the changes which have been brought about in these thirty
years, Mr. Reynolds yesterday recalled that the personnel of the bank
has increased from about 60 to 2,100. The old Continental National took
over the Globe National and International Bank in 1898 and in 1902
absorbed the Bank of North America. while in 1909 it absorbed the
American Trust and Savings Bank. The Commercial National and Commercial Savings Bank acquisition in 1910 marked the chance in the name
to the Continental and Commercial National Bank and the Continental
and Commercial Trust and Ravings Bank, recently merged. The Hibernian
Banking Association was taken over in 1918 and the Fort Dearborn National in 1922.
The following in regard to the affairs of the Continental
National Bank & Trust Co. was contained in a dispatch
from Chicago to the "Wall Street Journal" on Dec. 7:
Continental National Bank and Trust Company declared a dividend
at
the rate of 16% annually for two months on the capital stock of the
old Continental and Commercial National Bank and at the rate of 16%
annually for one month on stock of the new Contirental Bank and Trust
Company, thus maintaining the former 16% annual rate on
stock of
the new company increased as a result of the payment of 40% stock
dividend. The dividend is payable Jan. 2 to stock of record Dec. 20.
The $25,000,000 capital stock of the old Continental and Commercial
National Bank was outstanding for two months only and the $35,000,000
stock of the new Continental National Bank and Trust Company for one
month only. For that reason a full 16% rate was not declared for
the
quarter on the larger amount of stock. It is the intention to
maintain
the present capitalization on a 16% dividend basis.
3301
expressed by Walter.Kasten, President of the bank. "Mr.
Hughes devoted his lifetime to the service of our bank and
was one of its oldest employees," Mr. Kasten said. "He was
a man of the highest integrity and character and his loss will
be an irreparable one. I wish to express my deepest regret
and extend my sympathy to members of his family. His
death will be keenly felt by every person with whom he came
in contact."
We are advised that the Farmers' & Merchants' State
Bank of Montevideo, Minn., failed to open its doors on
Dec. 13. The institution was capitalized at $50,000 with
surplus of $5,000, and at the last call showed deposits of
approximately $263,000. L. E.Foss was President and A.J.
Bandura, Cashier. This is the second time the institution
has closed.
Announcement is made by John G. Lonsdale, President
of the National Bank of Commerce in St. Louis, that
Charles J. Miller, former assistant in the safe deposit department of the bank, has been promoted to the post of
-Manager of the department to succeed Stephen A. Gore,
who died recently. Mr. Miller, who is a native St. Louisan,
has been an Assistant Manager of the safe deposit department for the past ten years. Before that he was employed
in the collection service of the Federal Reserve Bank here.
Prior to going into the banking field he was a member
of the firm of J. D. Streett & Co.
•
Completion of the organization of a holding company for
the Pan American Bank of Los Angeles, under the title
of the Pan American Company, with authorized capital of
$5,000,000, was announced on Nov. 18 by F. W. Smith,
President of the Pan American Bank and the new company, according to the Los Angeles "Times" of Nov. 19.
The announcement, it was said, was coincident with the
issuance of a permit authorizing the company to sell to
its incorporators 50,000 shares of its no par value Class B
stock for =0,000 in cash, after which it is further authorized to sell 40,000 shares of its Class A stock, bearing a 7%
preferred dividend, at par, $25 a share, in units of four
shares of Class A and one share of Class B stock for $100
per unit. Mr. Smith was reported as saying that the company, which was organized under the laws of Delaware,
will conduct its business in close co-operation with the
Pan American Bank. It has broad corporate powers permitting it to engage in a wide field of financial operations, including investment banking, investment trusts,
mortgage investment and as holding company for the stocks
of other corporations. Offices have been opened on the
second floor of the Merritt Building. Besides Mr. Smith,
the officers are H. U. Helm, Vice-President; Will E. Morris,
Treasurer, and H. B. Hening, Seeretary. President Smith
was furthermore reported as saying:
"Pan American Company will perform a number of services for customers of Pan American Bank and for the public which are not within the
scope of banking operations and for which we have found sufficient demand to assure us that the company will prove helpful to the bank and its
customers as well as profitable for its stockholders.
"Our immediate operating program for the company is limited to
investment banking and mortgage investments. Plans are formulated
which, in a short time, may call into operation other of the company's
functions. The purchase by incorporators of $250,000 worth of the
company's no par value Class B stock will provide a substantial surplus.
It is our present intention to limit the sale ef the Class A shares to
the 49,000 shares authorized by the present permit."
Establishment of the Bank of Oxnard, in Oxnard, Cal.,
an independent institution capitalized at $100,000 with a
surplus of $25,000, was authorized in San Francisco on
Dec. 3 by Will C. Wood, California State Superintendent of
Banks, according to the San Francisco "Chronicle" of that
date.
The Bank of Italy National Trust and Savings Association (headquarters San Francisco) on Nov. 30 purchased
the Commercial Bank of Sanger, Fresno County, and the
Edgar Jones Hughes, Vice President of the First Wisconsin institution was to be amalgamated
with the branch of the
National Bank of Milwaukee, died on Dec. 12. He was taken Bank of Italy in
that city on Dec. 3, according to the San
with pneumonia the previous Tuesday. Mr. Hughes was Francisco "Chronicle"
ill
of Dec. 1, which, continuing, said:
old
and had been associated with the First National
54 years
The Commercial Bank has a paid-up capital of $75,000 and deposits
Bank since 1890. He was born in Waukesha, Jan. 28 1873. of $587,510. It was established in 1912 and has enjoyed a steady growth
He was made Vice President of the First National Bank in since.
Heading the advisory committee
the merged
chairman,
1914, and in 1919 became Vice President of the First Wis- will be G. S. 0oblentz, the retiringofpresident E. banks, as cashier of
A. Boye,
National Bank. He was Treasurer of the Milwaukee the Commercial Bank, will become assistant manager. Lucius Powers,
consin
Association of Commerce and Treasurer of the Boy Scouts. vice-president, and 0. A. Brahlin, W. S. Burns, W. B. Hazleton, L. R.
Fleming and S. Frankenan, directors of the latter institution, will be
He went into the First National Bank in 1890 as a messenger added to the Sanger advisory council of the Bank of Italy.
The paper mentioned furthermore stated that the Bank
boy and rose from the ranks to the position of Vice President.
High tribute to the character and work of Mr. Hughes was of Italy had received authorization from the Comptroller
3302
TITE
[VOL. 125.
CHRONICLE
We have received from London office of the Bank of
of the Currency at Washington on Nov. 30 to establish another branch of the institution in San Francisco to be lo- Adelaide a communication under date of Dec. 2 as follows:
Though we have not seen your issue of 10th September last, a neighbourcated at Fillmore and Haight. The bank had earlier in
ing bank here in London advises us that in that issue the following appears:
the same week opened four new local branches, it was
"The latest merger was the absorption of The Bank of Adelaide by the
Bank of New South Wales. The Bank of Adelaide was about the only resaid.
maining small independent Bank in Australia. . .."
Directors of the Crocker First National Bank and Crocker First Federal Trust Company of San Francisco confirmed Dec. 9 the reported plans for acquisition of the
Humboldt Bank of San Francisco. This acquisition will
form a new $150,000,000 institution ranking third among
San Francisco banks. It was stated that an exchange of
Humboldt Bank stock for Crocker First National stock will
be effected on a basis of sound values to be determined to
the mutual satisfaction of both institutions. Stock of the
Crocker bank will be increased to an amount necessary to
negotiate the exchange for Humboldt stock. Directors
of both inatitutions have adopted resolutions to submit the
proposed consolidation to their stockholders for ratification at the next regular meeting. The next meeting of
Crocker stockholders will be held January 11. Since the
Crocker First National Bank operates under the oldest
national bank charter in California, the new bank will suc•
ceed to the same distinction.
Announcement was made on Dec. 7 by W. C. Connor,
President of the Republic National Rank of Dallas, Texas,
that the directors have voted to increase the bank's capital
from $2,500,000 to $3,000,000, according to the Dallas "News"
of Dec. 8. A special meeting of the stockholders will be
held on Jan. 10 to ratify the directors' action. In making
the announcement, Mr. Connor said in part:
"During this year the Republic National Bank has continued to enjoy
a fine growth and has received a number of the foremost industrial and
commercial accounts in the country. We feel that the proposed increase in
our capital stock will materially contribute to our continued development
and earnings and is appropriate in view of our satisfactory condition and
enlarged volume of business. Dallas is gaining recognition constantly as
an important financial center and adequate banking capital is essential to
meet the growing requirements of our large business enterprises."
It is planned, the paper mentioned stated, to issue 5,000
shares of new stock (par value $100 a share) to be offered
pro rata to the present stockholders at par ($100 a share).
Issuance of this stock will give the bank a capital of $3,000,000 and surplus and undivided profits of approximately $2,000,000. When the proposed increase becomes effective, it
was said, the Republic National Rank will have the second
largest capital resources of the banks in the Eleventh Federal Reserve District. Continuing, the "News" said:
The Republic Bank was opened for business Feb. 14 1920 with $100,000
of paid in capital. It was then known as the Guaranty Bank & Trust Co.,
a State institution. In 1922 it had grown to be the largest State bank
in Texas, when it was converted into a National bank under its present
name. In 1924 the capital was increased to $1,500,000 and the Republic
Trust & Savings Bank, an affiliated institution, was organized with $500,000 of capital. In 1925 the capital of the Republic National was again
Increased by $500,000 to $2,000,000, and in 1926 it was increased to
$2,500,000.
The latest consolidated statement of the Republic banks, as of Oct. 10,
showed total resources of more than $40,000,000.
The eighth annual report of the British Overseas Bank,
Ltd. (head office London), covering the fiscal year ended
Oct. 31 1927, was presented to the sharehplders at their
general annual meeting on Dec. 6. The statement shows net
profits for the period, after allowing for rebate of interest
and providing for all bad and doubtful debts, and income
tax for the year, of £147,021, which when added to £60,566,
representing balance available from last account, made together £207,587. From this sum £30,000 was deducted to
pay an interim dividend on the "A" ordinary shares at the
rate of 6% per annum for the six months ended April 30
1927, and income tax thereon, leaving a balance of 1177,587,
which was allocated as follows: £30,000 to pay a dividend
on the "A" ordinary shares at the rate of 6% per annum
(less income tax) for the six months ended Oct. 31 1927;
£60,000 to take care of a dividend on the "B" ordinary
shares at the rate of 6% per annum (less income tax) for
the six months ended Oct. 31 1927; £25,000 transferred to
reserve fund, and £5,000 applied to reduction of premises account, leaving a net balance of £57,587 to be carried forward to the current year's profit and loss account. Total
resources are shown in the report as 18,592,482. The institution's paid-up capital is £2,000,000. The Right Hon. Viscount Churchill, G. C. V. 0., is Chairman of the Board of
Directors, and Arthur C. D. Gairdner, Dep. Chairman and
Managing Director.
May we point out that this paragraph is entirely incorrect. It has arisen
doubtless through the fact that the Bank of New South Wales absorbed
The Western Australian Bank, for whom, until that time, we acted as
London Agents.
We shall be glad if you will insert in a near issue of your journal a notice
to the effect that the original paragraph was not correct.
It is proper to state that the extract quoted above appeared on page 1404 of our issue of Sept. 10, but was merely
a reprint of an article published in one of the daily papers
the name of which we gave at the time. The Bank of Adelaide reported in its balance sheet of March 28 1927 a paid up
capital of £1,000,000, Reserve Fund of £850,000 and Profit
and Loss of £85,868. Deposits were shown as £6,463,478,
with total assets of £8,926,355. In addition to the paid up
capital and reserve fund there is a Reserve Liability of
Proprietors of £1,000,000.
THE CURB MARKET.
Trading in the Curb Market this week was fairly active,
but price movements were erratic, losses and gains being
about evenly divided. Bancitaly Corp. broke from 143%
%
to 134, the close to-day being at 1363 . American Cyana%
mid, corn. B, rose from 363 to 403 . Amer. Rolling Mill
3
corn. declined from 99% to 94, recovered to 99 and sold
finally at 973%. Celanese Corp. corn. fell from 10034 to
95, ending the week at 95%. Central Aguirre Sugar gained
over 10 points to 130. Farnsteel Products sold up some 9
points to 39%, reacting finally to 3734. Firestone Tire &
Rubber corn. jumped from 183 to 203 and finished at 200.
An extra dividend of $2 was announced. Ford Motor of
Canada was off from 620 to 562 and sold finally at 600.
Lehigh Valley Coal Sales declined from 71 to 58 early in
the week, but recovered later to 65. Mead, Johnson &
%
Co. com. after an early advance from 63 to 641 ,dropped to
-Pond
58%, closing to-day at the low figure. Niles-Bement
corn. on unusually heavy transactions advanced from 2034
to 36%, but reacted finally to 2934. W. A. Sheaffer Pen,
traded in for the first time this week, moved up from 665 to
849, with the final transaction to-day at 820. Utilities were
generally higher but changes were small. Elec. Bond &
Share Securities improved from 753/2 to 803/2. Oils changed
but little. The mining department broadened somewhat.
Newmont Mining sold up from 12234 to 12934 and closed today at 127%. New Cornelia rose from 263/ to 303% and
reacted finally to 2834
A complete record of Curb Market transactions for the
week will be found on page 3337.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS (No. Shares).
Week Ended Dec. 16.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Ind& Miss
Oil.
198,650
278,956
274,450
324,000
273,680
342,055
58,070
113,800
104,260
134,410
82,660
97,220
1.691,791
585,420
Mining.
BONDS (Par Value).
Domestic. Foreign Gost.
$1,971,000
2,752,000
3,424,000
3,563,000
2,842,000
3,860,000
$178,000
252,1100
233,000
314,000
260,000
233,000
351,850 $18,412,000
$1,470,000
43,850
57,760
50,150
75,330
67,660
57,100
THE WEEC ON THE NEW YO:21C STOC C. EXCHANGE.
Price movements in this week's stock market have been
irregular with sharp fluctuations upward and downward in
many of the more active speculative issues. Interest has centered largely in the copper stocks, though steel issues, particularly Bethlehem Steel, have displayed considerable activity and in a number of instances have reached higher levels.
Railroad stocks have not done well, due in a measure to the
adverse decision in the St. Louis & O'Fallon railroad valuation case. Other noteworthy features of the week were the
unfilled tonnage statement of the United States Steel Corp.,
showing a gain in tonnage, and the announcement of brokers'
loans by the Federal Reserve Bank, showing a decrease of
$4,450,000, the first decrease in many weeks. Railroad stocks
and industrial shares ruled .strong in the early trading on
Saturday and gains ranging from 2 to 3 points were established among a number of the speculative favorites. As the
day advanced the market became highly irregular and without definite trend. Trading was on a large scale, the turnover
reaching close to 1,500,000 shares. Canadian Pacific, Atchison and New York Central were the outstanding strong stocks
but their support crumbled away following the news of the
DEC. 17 1927.]
THE CHRONICLE
3303
adverse decision of the Federal Court in the case of the St. Railroad shares kept pace with the industrial leaders and
Louis & O'Fallon Railroad against the Interstate Commerce Canadian Pacific, Atchison and New York Central spurted
Commission. United States Steel common was one of the briskly forward to higher levels. In the mercantile group the
outstanding strong features and gained 2 points to 144, strong stocks included Woolworth, up 2 points, Arnold Conthough most of this gain was lost in the last few minutes of stable, which advanced 3 points to 55, Montgomery Ward
business.
with nearly 2 points gain and Abraham & Straus up 1 point.
On Monday the buying movement was resumed, with The final tone was good.
United States Steel common setting the pace in the upswing,
TRANSACTIONS AT TEE NEW YORK STOCK EXCHANGE
with motor stocks,independent steel shares and copper issues
DAILY. WEEKLY AND YEARLY.
trailing along with the advances. Motor stocks were parStocks,
State.
Railroad,
United
emit,
Week Ended Dec. 16.
Number of
rte..
Municipal dc
ticularly noteworthy, practically all of the issues moving
Bonds.
Shares.
Foreign Bonds.
Bonds.
briskly forward to higher levels. Nash Motors at 99 was at
1,503,290
$4,467,000
81,799.000
$220,500
its highest since the split up and Hudson more than made up Saturday
Monday
6,776,000
2,582,540
2.466.000
819,000
Tuesday
2,899,440
2,341,500
8,519,500
2,458,000
the dividend which was taken off the price. General Motors Wednesday
2,650,460
2,211,000
8,243,000
810.000
8,803,000
2,652,410
2.875,500
810,000
was more moderate in its advance and Du Pont advanced to Thursday
Friday
2,955,600
868,000
1,868,000
9,308,000
317 2, as compared with its previous close at 312%. Cana'PAW
IA011740
.
SSA 11R Ann
212 AR1 non
SS QRS SAO
dian Pacific was the feature of the railroad stocks and
Sales at
bounded upward about 4 points to 214. Southern Pacific
Week Ended Dec.16.
Jan. 1 fo Dec. 16.
New York Stock
was again in demand at improving prices and New Haven
Exchange.
1927.
1927.
1926.
1926.
was the favorite among the low-priced stocks. In the copper Stocks-No.of shares_ 15,243,740 11,655,806 549,503,612 434,788,544
Bonds.
group Calumet & Arizona pushed through its top to 99, folGovernment bonds__ __
$278,417,750
$5,974,700
lowed by Greene-Cananea, which advanced to 1223 , as State and foreign bonds $5,985,500 22,716.000 804.340.700 $247,158,500
690,274,450
13,561,000
4
compared with its previous close at 1193 . Oil stocks im- Railroad at misc. bonds 46,116.500 49,642,000 2,067.627,100 1,932,758,100
4
Total bonds
$65,663,000 378,332,700 83.150,385,550 82,870,189,050
proved all along the line, Atlantic Refining gaining 3 points.
Stocks moved vigorously forward on Tuesday and a long
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
list of shares climbed upward from 2 to 9 points. Motor
stocks continued in strong demand and moved close to the
Baltimore.
Philadelphia.
Boston.
eeek ending
top during the greater part of the day, Hupp. Motors shootDec. 16 1927.
Shares. Bond Sales. Shares, Bond Sales. Shares. Bond Sales.
ing forward to a new high for the year at 35%,followed by
$31,200
a2,016
835,900
22,510
851.500
*25.758
Studebaker with an advance of 2 points, Chrysler a point or Saturday
28.100
Monday
a3,023
53,800
22.739
29,000
*50,543
54,000
a2.978
12,900
22.411
39,150
*51.439
more and Dodge Bros. 1 point. General Motors sold up to Tuesday
38,000
Wednesday
a4,310
48,600
16,601
16,750
*58.827
60,400
129%, but later had a fractional recession. Copper stocks Thursday
63.308
51,900
27,474
51,750
*80,342
31,000
13.000
64,170
69,000
40,079
30,448
were again in demand, Calumet & Arizona advancing 7 points Friday
Total
306,988 2257,150 142,183 $234,100 a19.805 $224.700
to a new high record, followed by Greene-Cananea, though
the latter slipped back fractionally in the closing hour. United 0..., ...mt. .....a...... nno con re7c 4:Inn 071 1A7 !OAK QAA 90 220 SAA1 7111
•In addition,
States Steel common was up 4 points from Monday's low Wednesday, sales of rights were: Saturday, 330; Monday, 1 283; Tuesday, 1,308;
2.255; Thursday, 515.
and sold close to 147. American Steel Foundries crossed 72 a In addition, sales in rights were: Saturday, 222; Monday, 247; Tuesday, 128:
.
and was up about 20 points from the low of the preceding Wednesday, 373; Thursday, 306
week.
COURSE OF BANK CLEARINGS.
Considerable irregularity was apparent in the stock market
Bank clearings this week will show a small decrease from
on Wednesday and the trend of prices was generally downward, though here and there throughout the list there was a a year ago. Preliminary figures compiled by us, based upon
conspicuous exception. Alternating periods of strength and telegraphic advices from the chief cities of the country,
weakness marked the movements of the railroad stocks. New indicate that for the week ending to-day (Saturday, Dec. 17),
Faven moved to the highest level since 1916 and St. Louis- bank exchanges for all the cities of the United States from
5
Southwestern sold up to 79%,as compared with its previous which it is possible to obtain weekly returns will be 0.3%
close at 773 . Bethlehem Steel was conspicuous for its ad- smaller than for the corresponding week last year. The
4
vance of 3 points to 59. In the copper group Calumet & total stands at $11,576,222,007, against $11,604,382,920 for
Arizona crossed 107 to the highest since it was listed on the the same week in 1926. At this centre there is a gain for the
New York Stock Exchange, while on the other hand Greene- five days of 2.9%. Our comparative summary for the
Cananea sold down to 117. Bullish demonstrations in copper week is as follows:
stocks was the outstanding feature of the market on ThursClearings-Returns by Telegraph.
Per
day and practically every issue listed moved briskly forward
1Veek Ended December 17.
1927.
1926.
Cent.
to higher levels. Kennecott assumed the leadership with a New York
36,036,000,000 85,867.000,000
+2.9
601,058,585
572,802,014
+4.9
new high close to 84; Anaconda crossed 55 to its highest peak Chicago
Philadelphia
502,000,000
530,000,000
-5.3
441.000,000
since 1922,and sizable gains were recorded in such well-known Boston
504,000.000 -12.5
Kansas City
122,660,156
136,354,420 -10.0
issues as Greene-Cananea, Calumet & Arizona, American St. Louis
142,800,000
132,200,000
-7.4
San Francisco
217,571,000
173,868,000 +25.1
Smelting & Refining, Cerro de Pasco and Chili Copper. Los Angeles
183.092,000
176.764,000
+3.6
165.224,231
155,813.593
-5.7
Public utilities also attracted considerable speculative atten- Pittsburgh
Detroit
157.485,923
163,608.432
-3.7
tion. Electric Power & Light, for instance, reached a new Cleveland
119.046.556
122,706,019
-3.0
Baltimore
100,862,845 -10.1
90,641.613
top for 1927 close to 31, and Philadelphia Company moved New Orleans
62,896,882
61.621,787
-2.0
to a new high in all time at 152. In the early trading railroad
Thirteen cities, five days
+1.2
88.820,191,213 88.718.886,843
-2.7
1,106,205,405
1,076.710,460
shares were somewhat uncertain, but in the final hour the Other cities, five days
tone improved, the heaviest trading being in New Haven, Total all cities, five days
39.896,901,673 $9,825,092,248
+0.7
-5.6
1.779.290,672
1,679,329,334
which was taken in large blocks. Shortly after mid-session All cities, one day
Tntal till titian few madair
511 5711 9991107 111 11114 R.R2 Q2n
-.02
there was a sharp rally in the oil stocks, Sinclair moving to
foreground,followed by several other prominent members
the
Complete and exact details for the week covered by the
of the group. The activity was short-lived, however, and the foregoing will appear in our issue of next week. We cannot
flurry soon subsided. Steel stocks continued in moderate de- furnish them to-day, inasmuch as the week ends to-day
mand, especially Bethlehem Steel and American Steel Foun- (Saturday) and the Saturday figures will not be available
dries, but the gains of the morning were lost in the later until noon to-day. Accordingly in the above the last day
reaction. Other strong stocks of the day included Radio of the last week has in all cases had to be estimated.
Corp. with its advance of 6 points to 92, Freeport Texas
In the elaborate detailed statement, however, which we
and United States Industrial Alcohol, the last two named present further below, we are able to give final and complete
making new high records for the year.
results for the week previous-the week ended Dec. 10. For
Motor shares, steel stocks and copper issues were the out- that week the increase is 17.4%, the 1927 aggregate of clearstanding strong features on Friday in a market that fairly ings being $10,888,912,040 and the 1926 aggregate $9,276,boiled with activity. The transactions rose above the 3 967,361. Outside of New York City, however, the increase
million mark and advances ranging from 2 to 10 or more is only 3.8%, the bank exchanges at this centre having
points were scored all along the line. United States Steel increased 28.4%. We group the cities now according to the
common resumed the market leadership and sold up to 150 Federal Reserve districts in which they are located, and from
at its high for the day, closing only slightly lower. General this it appears that in the New York Reserve District (inMotors also moved upward and registered a net gain of 33 cluding this city) the totals are larger by 27.8%,in the Boston
points at 132%. Greene-Cananea was the strong stock of the Reserve District by 5.4% and in the Philadelphia Reserve
copper group and at 124 had reached its peak since listing. District by 9.7%. In the Cleveland Reserve District there
3304
is a gain of 1.9% but the Richmond Reserve District shows
a loss of 4.9% and the Atlanta Reserve District of 4.2%,
the latter due largely to the decrease at the Florida points,
Miami falling behind 55.4% and Jacksonville 27.2%. In
the Chicago Reserve District the clearings are better by
2.6%, in the St. Louis Reserve District by 7.2% and in the
San Francisco Reserve District by 14.3%. The Minneapolis
Reserve District shows 6, loss of 10.1% the Kansas City
Reserve District of 7.1% and the Dallas Reserve District
of 2.8%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Dec. 10 1927.
1927.
1926.
Ine.or
Dec.
1925.
1924.
Federal Reserve Dusts.
$
181 Boston__ _ _12 cities
553,903,702
2nd New York.11 "
6,703,007.273
3rd Philadelphial0 "
607,706,881
4th cleveland _18 "
392,435,637
5th Richmond _16 "
198,026,036
.
6th Atlanta_ _ _13 "
202,223,377
7th Chicago_ _ _20 "
938,926,938
8th St. Louis. 18 "
337,909,073
9th Minneapolls17 "
111,358,117
10th Kansas City12 "
251,307,554
11th Dallas
15 "
83,12/3,489
12th San Fran_ _17 "
618,986,963
$
3
%
525,482,172 +6.4
512,486,040
5,243,653,621 +27.8 6,076,072,221
553,792,342 +9.7
648,946,783
385,096,303 +1.9
387,303,865
208,163,004 -4.9
230,524,639
210,976,654 -4.2
288,876,851
915,568,729 +2.6
995,947,216
212,647,028 +7.2
241,773,024
123,940,780 -10.1
152,110,383
270,393,644 -7.1
276,655,699
85,486,532 -2.8
92,951,615
641,776,552 +14.3
559,078,977
$
603,295,331
5.891,460,292
588,482,332
375,923,738
210,632,249
230,616,579
903,598,775
231,826,229
155,610,681
259,870,353
84,202,257
494,194,286
Total
129 cities 10,888,912,040
Outside N. Y. City
4,313,214,945
9,276,967,361 +17.4 10,462,727,313
4,156,163,710 +3.8 4,513,748,141
9,929,713,102
4,153,980,316
ranarla
[vol.. 125.
THE CHRONICLE
31 eitlea
649
Ana pm
411 001 NM .1
-co 0
410 010 010
1ASI R77 44'1
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended December 10.
Clearings at
1927.
1926.
Inc. or
Dec.
$
$
%
First Federal Reserve Dist rict-Boston894,172
-Bangor„ _
774,282 + 15.6
Me.
4,174,084
3.815,537 +9.4
Portland
-Boston _
491,000,000 470,000,000 +4.2
Mass.
Fall River_ _ _
2,595,516
1,939,819 +32.9
a
Holyoke
a
a
1,388.349
Lowell
1,306,092 +6.3
Lynn
aa
1,234,954
New Bedford.
1,207,658 +2.4
'
5,824,775
Springfield_ _
5,777,356 +0.9
3,907,875
Worcester
3,755,768 +4.1
17,666,308
15,021,657 + 17.0
Conn.-Hartford
8.626,997
6,981,822 +23.6
New Haven_ _
15,444,200
14,073,400 +9.7
R.I.-Providence
1,146,472
828,781 +38.3
N.IL-Manche'
Total(12 cities)
553,903,702
525,482,172
+5.4
1925.
$
1924.
$
799,582
3,924,031
450,000,000
2,997,029
a
1,186,214
a
1,729,559
6,090,616
4,231,159
16,695,999
7,352,911
16,532,400
946,540
742,375
3.528,149
449,000,000
2,658,021
a
1,330,841
a
2,037,874
5,783,488
4,074,936
13,006,226
6,824,604
13,468,800
840,017
512,486,040
503,295,331
-New
Second Fede al Reserve D istrict
5,911,750
N. Y.
-Albany..
6,054,816
1,247,500
1,108,700
Binghamton_
50,296,945
51,616,737
Buffalo
1,041,640
Elmira
1,009,637
d1,743,081
Jamestown _ _ _
1,591,899
New York.. _ _ _ 6,575,697,095 5,120,803,651
14.563,083
12,390.306
Rochester
6,141,256
Syracuse
5,338.765
c3,981,797
Coon -Stamford
2,383,129
-Montclair
958,252
N. J.
1,014,231
Northern N. J_
41,424,874
40,341,760
York-2.4
6,346,655
5,948,725
1,119,300
+33.0
1,071,000
-2.6
53,265,874
46,214,439
+3.2
908,905
899,750
+9.5
1,499,526
1,348,361
+28.4 ,948,979,172 5,775,732,784
+17.5
13,314,676
12,346,723
+15.0
5,800,493
5,429,465
+67.1
3,751,683
3,008,414
-5.5
642,753
1,101,043
+2.7
40,443,184
38,359,588
Total(11 cities) 6,703,007,273 5,243,653,621
+27.8 6,076,072,221 5,891,460,292
Third Federal Reserve Dist rict-Philad elphiaPa.
-Altoona__
1,648,075
1,695,489 -2.8
1,535,668
Bethlehem._ _
4,309,495
3,803,196 +13.3
4,449,351
Chester
1,478,844
1,460,406
+1.3
1,395,067
Lancaster
2,026,177
2,138,763 -5.2
2,751,354
Philadelphia__ _ 575,000,000 522,000,000 +10.1 616,000,000
Reading
4,419,205
4.449,264 -0.6
3,991,560
Scranton
6,039,403
6,526,953 -7.5
6,336,510
d4,153,608
3,769,965 +10.1
Wilkes-Barre_ _
4,048,837
1,778,643 +6.4
York
1,893.168
1,908,078
6,169,663 +9.2
N.J.
-Trenton_
6,738,906
6,530,358
a
a
a
Del.-Wilming'n.
a
Total(10 cities)
607,706,881
553,792,342
+9.7
648.946,783
Fourth Feder al Reserve D Istrict-Clev eland 6,290,000 -4.0
d6,040,000
6,150,000
Ohio-Akron._ _
3,793,390 +8.5
4,331,509
5,093,214
Canton
72,959,713
69,917,004 +4.4
69,876,337
Cincinnati
_
121,642,825 107,455,118 +3.2 112,143,201
Cleveland
17,810.100
17,176,400 +3.7
17,210,709
Columbus
_
a
a
a
a
Dayton
a
a
a
a
Lima
1,909,184 -11.8
d1,684,748
1,845,491
Mansfield
5,244,266 + 17.0
6.135,488
5,090,476
Youngstown _ _
Pa.
-Pittsburgh - 161,831,254 173,310,941 -6.6 170.894,446
385,096.303
9,302,000
5,363,307
67,414,424
106,772,463
15,561,100
a
a
1,777,115
4.538,609
165,194,730
1,929,946
13,718,706
61,250,085
3,377,433
104,494,079
25,864,000
-4.9
230,524,639
210,632,249
Sixth Federal Reserve Dist rict-Atlant a
d8,259,091
7,553,798 +9.3
Tenn.-Chatt'ga.
*300,000
3,288,912 -8.8
Knoxville
23,304,205
21,398,268 +8.9
Nashville
51,899,964
51,812,062 +0.2
Ga.-Atlanta _ _ _
2,247,320 -12.5
1,966,866
Augusta
2,073,912 -5.6
1,958,071
Macon
a
a
a
Savannah
23,464,285 -27.2
17,081,381
8,684,540 -55.4
3,881,000
Miami
24,917,083 +3.6
25,803,492
Ala.-Birm'ham
2,426,401 -24.4
1,833,292
Mobile
1,896,000 +11.1
2,107,000
Miss -Jackson. _
502,963 -14.3
431.066
Vicksburg
60,711,110 -0.3
60,697,949
La.-NewOrleans
7,574.076
3,334,118
23,590,403
82.379,297
2,223,406
1,894,706
a
39.677.371
25,448,849
28,517.470
2,426,407
1,860,000
506,720
69,444,028
6,382,798
3,035,093
22,087,166
65,871,194
2,194,264
1,939,646
a
17.681,971
7,170,825
31,080,547
1,995.026
1,645,000
533,049
69,000.000
-4.2
288,876,851
230.616,579
Total(13 cities)
202.223.377
210.976.654
1924.
$
Seventh Feder al Reserve D istrict-Ch I cago-295,515
Mich Adrian-...
262,630 + 12.5
Ann Harbor_
1,181,302 -12.7
1,030,775
152,792,896 145.279,459 +5.2
Grand Rapids_
7.402,391
7,475,217
+1.0
2,539,657
2,535,503 +0.2
Lansing3,512,473
Ind. Ft. Wayne_ _
3,011.399 + 16.6
23,253,000
23,589,000 -1.3
Indianapolis_ _ _
South Bend..
3,195,384 -5.5
3,018,100
5.268.602
Terre Haute _ _ _
6,334,547 -16.7
41,058,746
43,643,701 -5.9
Wis.Milwaukee._
Iowa-Ced. Rap.
2,775,234 +2.6
2,846,358
10,635,694
Des Moines__ _
10,863,042 -2.1
Sioux City__ _ 5,837,495
6,230.488 -6.3
1,243,981 -6.9
1,158,285
Waterloo1,472,304 -1.5
1,450,905
III.-Bloom'ton_ _
664,889,312 644,569,001
Chicago
+3.2
a
Danville
a
1,152,342
1,397,943 +3.2
Decatur
8
4,971,534
4.877,182 +1.9
Peoria
3,374,746
3,065,439 +10.1
Rockford
2,627,899 -10.0
2,365,286
Springfield__ _ _
254,594
1,253,906
154,655,004
11,007,061
2,503,376
3,448,673
22,711,000
3,257,200
6,286,098
43,056,198
2,416,346
10,783,485
7,048,000
1,130,000
1,605,641
711,510,905
a
1,479,528
5,597,533
3.1213,073
2,816,595
280.123
1,072,506
142,809,008
7.238,081
2,376,789
2,713,120
18,258,000
2,667,000
5,400,279
40,615,363
2,438,088
11.101,314
6,702,476
1.539,685
1,668,975
645,075,828
a
1,523,805
5,148,047
2,469,978
2,500.310
Total(20 cities) 938,926,938 915,558.729 +2.6
Eighth Fedora Reserve Di strict-St. L ouis.
5,941,092 -15.0
5,051,423
Ind.-EvansvilleMo.-St.Louis_ _ 133,700,000 130,800,000 +2.2
Ky.-Louisville-.
39,867,752
34,214,701 +16.5
466,233
Owensboro_ _ _ _
477,091 -2.3
23,691,786 +24.1
29,402,377
Tenn.Memphis_ _
Ark.-Little Rock
17.851,994
15,549,234 +14.8
346,317
III.-Jacksonv'e350,468 -1.2
Quincy
1,622,656 -24.6
1,222,977
995,947,216
903.598,775
5,274,144
148,800,000
37,712,928
592,359
30,848,258
16,517,384
419,934
1,608,017
5,125,882
140,235,252
36,497,631
452,325
31,738.235
15,986,562
368,124
1,422,218
Total(8 cities). 227,909,073 212,647,028 +7.2
Ninth Federal Reserve Dis trict-Minne apolisMinn.-Duluth _
7,257,725 +43.5
10,416,748
75,215,712 +0.1
M inneapolls_ _ _
75,906,858
St. Paul
33,803,852 -47.9
17,601,607
2,118,544 -1.9
2,078,981
N. Dak.-Fargo_
1,524,610 -18.0
1,250,135
S. D.
-Aberdeen.
Mont -Billings.
786,222 -7.3
728,787
3,234,115 +4.4
Helena
3,375,000
241,773,024
231,826,229
11,710,234
98,390,510
34,088.918
2,025,038
1,423,893
793,861
3,677,929
12,301,402
99,554.845
35,557,949
2,268,740
1.755.180
680,281
3,492,284
Total(7 cities). 111,358,117 123,940,780 -10.1
Tenth Federal Reserve Die trict-Kansa s CityNeb.-Fremont.
448,723 -8.7
d500,748
Hastings
523,464 • +5.8
553,790
Lincoln
4,830,664 +9.9
5,309,622
Omaha
+7.9
41,213,204
38.186.726
W
.3,000,000
Topeka
3,324,793 -9.8
Wichita
8,659,000 +5.9
d9,171,614
Mo.-KansasCity 129,947,726 150,029,554 -13.4
St. Joseph
6.924,207 -2.7
d6,740,054
a
a
Okla.
a
-Muskogee
35,539,526 -8.3
Oklahoma City d32,562,598
Colo.
-Col. Spas.
1,230,085 -12.2
1,080,376
19,388,799 +2.5
19,865,060
Denver
1,299,103 +4.9
Pueblo
e1,362,762
152,110,383
155,610,681
422,052
774,527
5,178,722
42,558,790
3,739,704
8,220,368
144,947,768
7,942,667
a
35.957,955
1,203,178
24,561,523
1,148.445
439,152
524,623
4,186,799
38,328,294
3,197,960
7,794,312
137,121,277
7,463,557
a
36,259,944
1,223,642
22,230,363
1,100,530
Total(12 cities) 251,307,554 270,393,644 -7.1
Eleventh Fede ral Reserve District- Da n28--Austin _
Texas
1,725,374
1.868,550
+8.9
Dallas
51,054,727 +6.6
54,423,673
Fort Worth... d15,455,379
16,962,818 -9.4
Galveston
10,319,000 -39.8
6,211,000
a
a
a
Houston
.-Shreveport _
5,424,613 -4.8
5,161,887
276,655,699
259,870,353
2,280,597
58,934,310
15.228,940
10,907,000
a
6,100,768
1,916,236
47,545,746
16,183,156
13,399,620
a
5,157,499
Total(5 cities).
83,120,489
85.486,532 -2.8
92.951,615
Twelfth Feder al Reserve D istrict-San Frond 500Wash.-Seattle. _
45,518,383
43,377,067 +12.0
48,604.828
12,928,000
Spokane
12,964,000
12,312,000 +5.3
a
a
Tacoma
a
a
1,867,032
Yakima
1,490,122 +25.0
1,863,266
42,767,733
Ore.
-Portland _
36,671,992
40,125,286 -8.8
Utah-S. L. City
20,484,159
23,740,959
20,596,801 + 15.3
Nevada-Reno..
a
a
a
a
Ariz.-Phoenix_
a
a
a
a
7,750,010
Cal.
-Fresno _ _
6,110,550
6,181,063 -1.1
7,634,770
Long Beach__
7,939,784
7,249,473 +9.5
Los Angeles_ _ _
191,601,000 173,345,000 +10.5 160,508,000
Oakland
23,331,057
21,357,228
21,276,144 +0.4
Pasadena
7,178,735
6,314,118 + 13.7
6,537,589
Sacramento
d12,908,550
14,084,692 -8.4
10,800,008
San Diego__ _ _
6,926.725
6,675.359 +3.7
6,327,376
San Francisco_ 230,157,000 178,517,000 +28.9 192,925,000
San Jose
3,719,938
3,162,463 + 17.6
2,804,032
1,564,062 + 14.2
1,801,041
Santa Barbara_
1,785,555
Santa Monica_
2,379,902 -5.6
2,245,853
2,527,587
3,126,000 +2.7
Stockton e
c3,211.000
3,567,200
41,225,817
11,744,000
a
1,599,522
39,906,623
19,234,903
a
a
4,222,863
7,163,277
156,151,000
19,204,598
6,234,334
8,478,182
5,193,140
165,000,000
2,519,034
1,406,188
2,053,805
2,857,000
-.Detroi
84,202,257
+3.8 4,513,748,141 4,153.980,318
Week Ended December 8.
2,141,003
11,939,439
60.851,000
2,484,954
124,061,335
29,046,908
208,163,004
1925.
Outside New York 4,313,214,945 4,156,163,710
375,923,738
198,026,036
Inc. or
Dec.
588,482,332
387,303,865
Total(6 cities)
1926.
Total(17 cities) 618,986.963 541,776,552 +14.3 559,078,977 494,194,286
Grand total (129
cities)
10888,912.040 9.276,967,361 +17.4 10462,727,313 9,929,713,102
+1.9
392,435.637
1927.
1,502,771
2,491,865
1,265,011
2,861,340
559,000,000
3,798,038
6,469,572
4,096,212
1,883,296
5,114,227
a
Fifth Federal Reserve Dist rict-Richm ond1,897,471 -17.4
1,566,616
W.Va.-Hunt'on
12,557.454 -41.8
d7,305,347
Va.-Norfolk__ _ _
52,224,000 -2.4
50,970,000
Richmond _ _ _ _
2,453,190 -3.4
d2.370,309
S. C.-Charles'n _
Md.-Baltimore _ 107,902,432 110,181,721 -2.1
27,911,332
28,849,168 -3.3
D. C.-Wash'ton
Total(8 cities)
Week Ended December 10.
Clearings at
Clearings at
1927.
Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_
New Westminster
Medicine Hat_ _
Peterborough-.
SherbrookeKitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Total(31 cities)
$
269.262,121
193,639,970
56,369,675
21,308.029
13,467,523
9,734,738
4,541,523
6.714.876
13,768,506
3,640,564
2,826,130
4,468,577
9,034,403
8,244,940
880,013
890,402
3,377,379
2,267.937
1,842,264
1,409,516
855.364
566,463
1,107,792
865,610
1,380,100
5,263,278
574,651
1,201.597
1,113,860
987,278
798,787
1926.
124,707,115
119.341,493
72,202,405
18,041,399
7,242,681
11,225,581
3,047.548
5,935,242
10,228,917
2,897.696
2,201,369
3;077,743
6,479,743
5,859,275
739,588
654,584
2,465,951
1,689,506
1,448,556
1,698,543
843,375
335,815
881,921
772,830
995,254
4,530,515
507,506
1,072,983
866,412
567,493
762,136
Inc. or
Dec.
+19.8
+62.3
-21.9
+18.1
+85.9
-13.3
+49.0
+13.1
+34.6
+25.6
+28.3
+45.2
+39.4
+40.7
+ 19.0
+37.6
+37.0
+34.2
+27.2
-17.0
+ 1.4
+68.7
+25.6
+12.0
+38.2
+16.2
+ 13.2
+12.0
+28.6
+74.0
-1-0.2
1925.
108,947,545
112,273,133
110,211,657
16,635,996
7,714,862
5,492,383
3,737,153
5,578,343
9,933,007
3,109,365
2,190,477
2,845,023
5,530,029
6,980.636
706,217
706,752
2,795,327
1,880,973
1,128,874
1,183,327
632,601
489,549
853.640
800,902
1,010,155
3,500,533
502,379
1,118,390
844,601
1924.
103,386,276
100,578,178
87,254,862
14,628,366
6,518,083
5,096,335
3,115,593
4,922,017
10,320,020
2,444,248
1.881,930
2,843,951
5,250,511
4,848,000
764,799
828,093
2,037,646
1,442,742
889,111
1,228,081
565.397
344,571
869,512
773,828
944,224
3,021,789
320,618
913,660
738,016
642,403,866 411,991,526 +55.9 419,333,919 368,577,447
a No longer report clearings. b Do not respond to request for figures. cWeek
ended Dec.7. d Week ended Dec.8. e Week ended Dec. 9. *Estimated.
DEC. 17 1927.]
THE CHRONICLE
3305
Condition of National Banks Oct. 10.—The statement of condition of the national banks under the Comptroller
's
call of Oct. 10 1927 has been issued and is summarized below. For purposes of comparison, like details for previous
calls
back to and including April 12 1926 are included.
ABSTRACT OF REPORTS OF CONDITION OF NATIONAL BANKS IN THE UNITED STATES ON
APRIL 12, JUNE 30 AND
DEC. 31 1926 AND MARCH 23, JUNE 30 AND OCT. 10 1927 (in Thousands of Dollars.)
Figures are given in thousands of dollars.
Apr. 12 '26 June 30'26. Dec. 31 '26 Mar. 2327. June 30'27. Oct. 10 '27.
8,000 banks 7,978 banks 7,912 banks 7,828 banks. 7.796 banks. 7,804 banks.
Resources—
$
$
5
5
$
3
Loans and discounts (including rediscountsl_a
13,301.306 13.417.674 13,573,275 13,647.640 13.955.696 14.366.926
Overdrafts
10,953
9,719
12.682
9.332
9.788
14,503
United States Government securities owned
2,540.823 2,469,268 2,282,571 2.652.367 2,596,178 2,675,542
Other bonds, stocks. securities. &c
3.269.027 3,372,985 3.507,821 3,671,313 3,797,040 3,941,438
Customers' liability account of acceptances
265,066
232,460
255,464
246,250
253.131
283,589
Banking house, furniture and fixtures
821.825
632,842
663,959
644.880
680.218
698,516
Other real estate owned
113.987
115,869
114.108
117.571
115,817
122.161
Lawful reserve with Federal Reserve banks
1,288.664 1,381.171
1,359,386 1,400,317 1,406.052 1,413,792
Items with Federal Reserve banks in process of collection
487,345
501.409
443,145
543,268
496,916
502.036
Cash in vault
367,573
359,951
373.905
352,700
364.204
375.251
Amount due from national banks
1,062,811 1,080,617 1,124,188 1,026,760 1,044,653 1,125,872
Amount due from other banks, bankers and trust companies
388.932
400,822
423,766
393,174
426.381
459,842
Exchanges for clearing house
774.989
899,901
626.687
969,432
947.946
790,496
Checks on other banks in the same place
83.095
97,179
74,304
117.264
101,574
86,479
Outside checks and other cash items
68.809
69,316
72.928
47,126
89.480
86,832
Redemption fund and due from United States Treasurer
32,905
33,023
32,505
32.810
32.917
33.079
United States Government securities borrowed
24,442
23.787
16.986
17.721
14.780
Bonds and securities, other than United States, borrowed3.17
3
3.299
4,646
3,826
2,948
Other assets
215,555
213.803
247,830
273,561
242,405
219,742
Total
24,893,665 25,315.624 25.683,849 25,699,147 26,581,943 27,213.824
Liabilities—
•
Capital stock paid in
1,410.434 1,412.872 1.410,723 1,460.491
1,474.173 1,499,384
Surplus fund
1,188.704 1,198,899 1,216,979 1,239.810 1,256.945 1,273,029
Undivided profits, less expenses and taxes paid
500,519
477,587
477.217
519,670
508.421
571,482
Reserved for taxes, interest, &c., accrued
63.327
64,618
70,409
61.308
70,326
78,521
National bank notes outstanding
649,452
651.155
646.449
642,558
650,946
649.886
Due to Federal Reserve banks
35,785
33.794
38,179
35,281
36,379
36,107
Amount due to national banks
987.311
979,814
983,661
980.891
976.119 1,076,860
Amount due to other banks, bankers and trust companies
1,779,579 1.885.848 1.816.955 1,764,982 1.844.439 1.894.696
Certified checks outstanding
258.034
217,123
219.759
200,381
223.884
281.479
Cashiers' checks outstanding
223.885
288,669
365,087
201.921
315.106
227.217
Demand deposits
10,456.694 10.778,603 10,768,669 10,430.341 10.923,729 10,924.311
Time deposits (including postal savings)
6.199,806 6.313,809 6,533.442 7.056,467 7,315.624 7,590,944
United States deposits
234,704
144,504
241,045
138.239
139.843
255.624
Total deposits
20,175,798 20,642,164 20,863,991 20,912,209 21,775,123 22,287,298
United States Government securities borrowed
25.611
24,442
23,787
17,011
17.746
14.787
Bonds and securities (other than United States) borrowed
4.053
3.173
3.299
3,826
4,646
Agreements to repurchase United States Government or other securities sold
2,948
2,497
3,489
18.485
3,529
4,480
Bills payable (including all obligations representing borrowed money other than
3,045
rediscounts)
265,590
253.807
391,593
306,203
248.018
235,759
Notes and bills rediscounted
150.731
168,149
138,716
120.024
92.840
Acceptances of other banks and foreign Wiser exchange or drafts sold with
80.571
endorsement
107,982
100,652
95,349
111,010
95.035
Letters of credit and travelers' checks outstanding
157,422
7.760
12,880
9,812
7.778
15.449
Acceptances executed for customers and to furnish dollar exchange less
10.684
those
purchased or discounted
246.199
221,131
242,265
250,361
248,184
278,967
Acceptances executed by other banks
39.493
29.801
17,636
23.268
20,353
Liabilities other than those stated above
18.444
55.515
50.805
64,072
54.546
57,870
51,657
Total
24,893.665 25.315,624 25.683,849 25,699.147 26,581.943 27,213.829
Details of Cash in Vault—
Gold coin
17,869
18,328
17.237
17,121
17.470
Geld certificates
17,523
54.155
47,629
Clearing house certificates based on gold and gold certificates
76
28
Clearing house certificates based on other specie and lawful money
23
159
Standard silver dollars
•
36.016
7,129
38,166
37.592
6.833
Subsidiary silver and minor coin
36,92(
29,724
30,723
Silver certificates
30.457
30.125
Legal tender notes
331,229 •
26,740
297.306
318.843
27.276
National bank notes
320,803
67.123
67.987
Federal Reserve and Federal Reserve Bank notes
126,655
Details of Demand Deposits—
136,323
Individual subject to check
9,528.673 9,754,457 9,855,073 9,449.783 9,787.513 *10,030,42::
Certificates duo in less than 30 days
218.289
217.106
218.395
192,156
State and municipal
205.075
199,841
588.981
622,005
542,715
638.004
Deposits subject to less than 30 days' notice
693,835
566.53;
21.670
19.280
14,086
14.772
Dividends unpaid
11.705
13,73::
2,630
35.273
38.834
3.084
Other demand deposits
36,550
3,461
98.451
99.566
130,482
132.542
Details of Time Deposits—
189,051
115,311
Certificates due on or about 30 days
1,228.223 1,271,807 1,265.364 1.295.199 1.137.992 6,297.881
State and municipal
119,636
134,443
211,781
131.076
224.848
Postal savings
209,521
72,255
70.094
71.438
76.476
77.114
Other time deposits
80.33;
4,719,692 4.837.465 5,065,564 5,473,011 5,875,670 1,003.191
Percentages of Reserve—
Central Reserve cities
12.03%
13.37%
12.78%'
13.68%
Other Reserve cities
13.03%
13.0351
9.895"
10.04%
10.19
10.28%
All Reserve cities
9.89%
9.645'
10.80%
11.52%
11.33w
11.715'
Country banks
11.24%
11.055'
7.38%
Total United Staten
7.54 o
7.495
7.53%
7.48%
7.395'
n•ot of
n d1001
0• XQC1
0 sanot
0 R1V Z
,
0 Ana,
•
a Includes customers' liability under letters of credit. * Includes
savings deposits.
1
1
4
CURRENT NOTICES.
—Canadian Progress, 1927.—The 1927 edition of "Canadian Progress"
has just come out. It is smaller in size of page than its predecessor,
so
that it will slip conveniently into the book shelf and is well bound.
It
surveys Canada's history since Confederation by articles and chronological
chart of events, it summarizes her present position in international
relationships and prophesies of her future.
It covers the growth in Canada of agriculture in all Its branches, of
manufacture, the developments of natural resources, water power and
mineral.
There are sections devoted to Canadian foodstuffs, the automobile
industry
in Canada, the pulp and paper industry, the silver fox industry,
railways,
banking, investinent trusts and Insurance. Each province has
been given a
separate section and a gazetteer of Canadian
cities is In itself a thing of
great usefulness. Canada, the youthful nation, of unbounded
possibilities,
is portrayed by article, statistics and many illustrations.
Published by
Associated Canadian Industries, Inc. (Castle Building, Montreal,
Canada),
Copies may be purchased from Thomas Skinner & Co., 280
Broadway.
N. Y. C., and Thomas Skinner & Co., Castle Building, Montreal, Canada.
—The Bank Clerks Building Loan and Savings Association,
established
in 1890, has moved its offices to the ground floor front of 25 Broad St.,
N. Y.. formerly occupied by the French Cable Co. The Chairman of the
Board is Frederick 0. Foxcsoft, Cashier of the National Park Bank.
other officers are William II. Judson, President; and .1. F. Flacks The
and
Thomas 13. Nichols, Vice-Presidents. The office is in charge of C. Harry
Minters, Secretary and Treasurer. The Association has assets of nearly
four million dollars, and opens a now stock series each month for the benefit
of now investors.
—Pynchon & Co. announce the opening of an office on the twelfth
floor of
the Cotton Exchange building. 60 Beaver St., N. Y., which will be de-
voted largely to operations in the cotton market. Quotations of spot and
future cotton in all of the principal markets of the world, exports of all
countries by the week, world takings of American cotton. carry-over
American cotton, visible cotton supply in all countries, and cotton ginnings
are features of the board display which have not heretofore been available,
according to Pynchon & Co., in any brokerage house. R.J. Woods will be
in charge.
—Stifel. Nicolaus & Co.. Inc., are removing their New York offices
to 120 Broadway. Arthur Galston, formerly of Blair & Co. and now executive Vice-Prasident of Stifel, Nicolau.s & Co.. Inc., states that this move
to larger and more centrally located quarters is in line with the policy of
this firm to engage more broadly in a general underwriting and investment
business in New York City. Safe], Nicolaus & Co.. Inc., are one of the
largest investment houses of the middle west, the main office being at
St.
Louis and a branch at Dallas, Texas.
—Ward, Gruver & Co., members New York Stock Exchange, 20 Broad
St., N. Y., have issued a comparative statistical chart of forty-nine companies manufacturing automobiles, trucks, buses, accessories, etc.
The
chart contains the amount of securities outstanding. the annual dividend
rate per share, the present market price. ratio of current assets to current
liabilities, production and sales and other comparative statistics pertinent
to the companies. They have also prepared for distribution an analysis
of the Lima Locomotive Works, Inc.
—Harold J. McClain is now associated with Craigmyle & Co.. 120
Broadway, N. Y.,in their sales department.
—Tooker & Co., members New York Stock Exchange. 120 Broadway
Now York, have issued a circular on B. F. Goodrich Co.
—flown & Co., dealers in general market securities, announce the
removal
of their offices to 1420 Walnut St., Philadelphia.
3306
UTE CHRONICLE
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Nov. 23 1927:
GOLD.
The Bank of England gold reserve against notes amounted to £150.115,550 on the 16th inst., as compared with £150,163,970 on the previous
Wednesday.
Bar gold to the value of £620,000 was available yesterday in the open
market. An amount of £425,000 was secured for a destination not disclosed, and the balance was divided as follows: Home and continental
trade, £150,000; India, £30,000, and Egypt. £15,000.
The following movements of gold to and from the Bank of England
have been announced:
Nov. 17. Nov. 18. Nov. 19. Nov. 21. Nov. 22. Nov. 23.
Nil
Nil
Nil
Nil
Nil
Nil
Received
E6,000
Nil
£10,000
Nil
£5,000 £16,000
Withdrawn
The withdrawals on the 17th inst. and to-day were in sovereigns destined
for Spain and India respectively. During the week under review £37,000
has been withdrawn from the Bank, increasing the net efflux this year
to £941,000, and since the resumption of an effective gold standard to
£6,265,000 as set out in the daily bulletins at the Bank.
The following were the United Kingdom imports and exports of gold
during the month of October last:
Exports.
Imports.
£161,985
Germany
55.400
Austria
12,000
Italy
4,000
Gibraltar
3,350
Kenya
10,600
Sweden
29,037
Netherlands
3.682
Belgium
76,158
France
198,368
Switzerland
199,000
Spain and Canaries
41,100
Egypt
106
£59,204
West Africa
1,866
Central America and West Indies
4,807
Other countries in South America
90.472
Rhodesia
1,095,819
Transvaal
120.878
British India
54,422
Straits Settlements
1,031
6,689
Other countries
£971.117
£1,258,857
Total
[VOL. 125.
disclosed, and the balance was divided as follows: Home and Continental
Trade £216,000, India £30,000, the Straits Settlements £28,000 and Egypt
£20,000.
The following movements of gold to and from the Bank of England have
been announced:
Withdrawn.
Received.
Nil
Nil
November 24
Nil
£17,000
November 25
Nil
Nil
November 26
Nil
9.000
November 28
Nil
1,500,000
November 29
Nil
Nil
November 30
The withdrawal of £1,500,000 on the 29th inst. was in sovereigns "set
aside account South Africa." Operations of this character are usuallyofa
very temporary nature, and do not result in permanent depletion of the
reserves. The remaining £10.000 sovereigns withdrawn were destined
for Holland. During the week under review £1,526,000 has been withdrawn
from the Bank, increasing the net efflux this year to £2,467,000,andsince
the resumption of an effective gold standard to £7,791,000, as set out in
the daily bulletins at the Bank.
Reductions have recently been made in the freight on gold from New
York to London, with the result that the rate is now quoted at3s Od per cent.
on amounts of one million dollars and over. Allowing for seven days' loss
of interest at 4%, but not including any commissions for handling in New
York or London, the gold export point from New York to London works
if the gold cannot be realized better than the Bank's
out at $4.8909 per
buying price.
The following were the United Kingdom imports and exports of gold registered in the week ended the 23rd instant:
Exports
Imports
£93,930.
£29,200 Germany
Russia (U. S. S. R.)
13,150
30.264 France
British West Africa
47.984
605,528 Switzerland
British South Africa
10,000.
5,323 Spain
Other countries
Egypt
17,100
British India
48,110
Other countries
17.950'
£248,224
£670,315
The Southern Rhodesian gold output for Oct. 1927. amounted to 46,752
fine ounces, as compared with 45,838 fine ounces for Sept. 1927 and 50,132
fine ounces for Oct. 1926.
SILVER.
The market has been rather inactive during the week. The Indian
bazaars have not taken much interest but China has been again operating
both ways. America has not been much of a seller.
The tone has been steady, and prices, despite some oscillation, fairly
-has been made
-about f30,000
well maintained. A further shipment
from Marseilles to India.
Owing to the scarcity of spot supplies, the quotation for cash silver rose
26%cl.
India's foreign trade figures for October last have been cabled as under: to-day to 26.15-16d. but that of two months' delivery only to
Lacs of Rupees. The premium for prompt delivery, 5-16d., is the largest since Nov. 8 1926
21,13 when ;iel. was fixed.
Imports of merchandise on private account
25,87
Exports, including re-exports of merchandise on private account_
Thefollowing were the United Kingdom imports and exports ofsilver regis75
Net imports of gold
1,07 tered in the week ended the 23rd instant:
Net imports of silver
1
Net imports of carrency notes
Exports
Imports3.12
Total visible balance of trade in favor of India
£39.200
£46,302 liGermany
1.40 U. S. A
Net balance on remittance of funds against India
59,697
38,286 British India
Other countries
7,339
!Other countries
The following were the United Kingdom imports and exports of gold
registered in the week ended the 16th inst.:
£106,236
Z84.588
Exports.
Imports.
£13,300
INDIAN CURRENCY RETURNS.
£572,893 Sweden
British South Africa
104,485
124 Germany
Other countries
Nov. 7. Nov. 15. Nov. 22.
(In Lacs of Rupees.)
46,270
Netherlands
18207
18246
18277
61,410 Notes in circulation
France
11406
11445
11483
81,900 Silver coin and bullion in India
Switzerland
13,700
Egypt
--_
49,420 Silver coin and bullion out of India
British India
---2976
2976
2976
39,400 Gold coin and bullion in India
Straits Settlements
- _6,922 Gold coin and bullion out of India
Other countries
3689
---3696
3689
Securities (Indian Government)
£416.807
£573,017
136
129
129
Securities (British Government)
SILVER.
No silver coinage was reported during the week ended the 22nd Inst.:
The market has remained steady during the week, but with some fluctuaThe stock in Shanghai on the 26th inst. consisted of!about 54,800,000
tions. The Indian Bazaars have been rather more active as buyers both ounces in sycee, 70,600,000 dollars, and 5,420 silver bars, as compared
in London that an addifor shipment and covering. News was received
with about 54,700,000 ounces in sycee, 71,800,000 dollars, and 5.780 silver
tional 2,000 bars had been shipped from Bombay to China. China bars on the 19th inst.
speculators also have been inclined to buy, though often silver was sold
Statistics for the month of November aro appended:
by other China operators at the same time.
Bar Cold per
Bar Silver per Oz. Std.as London was conAmerica has been usually a mere looker-on so far
Oz. Fine.
2 Mos.
Cash.
silver bars (about £45,000) has been made
cerned. A further shipment of
84s. lllid.
26 11-16d.
26 15-16d.
Highest price
-presumably from French demonetized coin.
from Marseilles
to India
84s. 103id.
26 1-16d.
26lid.
Lowest price
The tone does not seem quite so robust as it has been lately, though Average price
84s. 11.4d.
26.5260.
26.377d.
the possibility of fresh Chinese speculations renders the outlook uncertain.
Quotations during the week:
Bar Cold Per
Bar Silver Per Oz. Std.INDIAN CURRENCY RETURNS.
Oz. Fine.
Cash.
2 Mos.
Oct. 31. Nov. 7. Nov. 15.
(In Lacs of Rupees)84s. 1130.
26%d.
26 9-16d.
18246 Nov. 24
18277
18338
Notes in circulation
84s. 1130.
11445 Nov. 25
26Nd.
11483
269id.
11558
Silver coin and bullion in India
84s. 11lid.
26 11-160.
26 9-I6d.
Silver coin and bullion out of India
26
29
.6 Nov.28
3
.
1
2976
84s. HA&
Gold coin and bullion in India
26'%d.
26 9-16d.
Nov.
bullion out of India
Gold coin and
84s. 103id.
26 9-16d.
26Ud.
3696 Nov. 29
3689
3675
Securities (Indian Government)
129 Nov. 30
848. 1130.
129
129
26 15-16d.
263id.
Securities (British Government)
84s. 11.2d.
26.552d.
26.739d.
Average
No silver coinage was reported during the week ended the 15th inst.
The silver quotations to-day for cash and two months' delivery are reThe stock in Shanghai on the 19th inst. consisted of about 54,700,000
ounces in sycee, 71,800,000 dollars and 5,780 silver bars, as compared spectively lid. and lid. above those fixed a week ago.
silver
with about 56,300.000 ounces in sycee, 73,700,000 dollars and 5,160
week:
bars on the 12th inst. Quotations during the
Bar Gold per
-Bar Silver per Oz. Std.ENGLISH FINANCIAL MARKET PER CABLE.
Oz. Fine.
2 MOS.
Cash.
84s. 11)d.
26%d.
The daily closing quotations for securities, &a., at London,
2630.
Nov. 17
84s. 11 lid.
265-16d.
2630.
Nov. 18
84s. 11)4d. as reported by cable, have been as follows the past week:
26)1d.
27 7-160.
Nov. 19
Fri.,.
Thurs.,
84s. 11)id.
Tues..
Wed.,
Mon.
283-16d.
Sat.,
265-16d.
London,
Nov. 21
4c. Wk.End.Dec.16. Dee. 10. Dec. 12. Dec. 13. Dec. 14. Dec. 15. Dec. 16.
84s. 11,
26lid.
26 id.
Nov. 22
84s. 11.3.4d.
26lid.
26 11-16d.
26 13-16
Nov. 23
263-1
28 11-16 26 15-16 26 15-16 26%
845. 11.4d. Silver, p. oa_d.
26.333d.
26.489d.
Average
-id. 845.1134d. 845.113-id. 848.113id.
Gold, p. tine oz. 848.113-id. 848.113.d. 845.113
-day for cash and two months' delivery are
549-16
543-i
The silver quotations to
543-i
5455
543-i
Consols,2ti% _
10131
the same as and 1-16d. below those fixed a week ago.
10131
10131
respectively
10334
13r1tIsh 5%--------10131
96)(
963-1
96
96)(
963-1
British 434%
French Rentes
58.15
We have also received this week the circular written under
58.60
58.65
58.70
58.45
(In Paris) tr..
French War L'n
date of Nov. 30 1927:
77.75
GOLD.
77.65
77.45
77.45
77.35
(In Paris).tr. -notes amounted to £150,117,075
The Bank of England gold reserve against
The price of silver in New York on the same days has been:
compared with £150,115,550 on the previous Wednesday.
on the 23rd inst. as
,
available in the open market Sliver in 17. Y., per oz. (eta.):
5834
Bar Gold to the value of £900,000 was
5834
5834
5834
5834
5834
Foreign
taken for a destination not
yesterday. An amount of £606,000 was
DEC. 17 1927.]
THE CHRONICLE
Treasury Money Holdings.
The following compilation, made up from the daily
Government statements, shows the money holdings of the
Treasury at the beginning of business on the first of September, October, November and December, 1927:
Holdings tts U.3. Treasury Sept. 1 1927. Oct. 1 1927. Nos. 1 1927 Dec
1 1927
Net gold coin and bullion_
Net silver coin and bullion
Net United States notes_ _
Net national bank notes_ _
Net Federal Reserve notes
Net Fed'I Res, bank notes
Net subsidiary silver
Minor coin. dm
$
293.657.056
13,315,898
2,985.087
21,351,027
2,126,835
116,314
4,460.603
4,936,854
$
300.312,191
13,136,584
3,239,383
21,788,712
3,062,395
170,332
4,034.515
6,123,330
i
321,098,752
16,431,467
2,784.313
16.367,124
1,262,065
151,950
3,975,480
5.439,765
$
327,013,167
12,699,645
3.307,290
18.031,916
1,860,700
82,835
2,135,889
19,711,620
3307
Flour.
Exports for Week
and Since
Week
July ItoDec. 10
1927.
Wheat,
Since
July 1
1927.
Week
Dec. 10
1927.
Barrels. Barrels,
United Kingdom_ 85,962 1.918.633
Continent
202.760 3,041,672
So.& Cent. Amer_ 16,000
205.555
West Indies
4,000
225,000
Other countries_ _ _ 7,595
318.258
Total 1927
316,317 5,709.118
Total 1926
443.423 6,415,814
Since
July 1
1927.
Corn.
Week
Dec. 10
1927.
Since
July 1
1927,
Bushels.
Bushels, Bushels, Bushels.
1,402,328 47,140,992
77.822
244.242
2,170,204 100,368,336
82.844
4,000
158,000
1,000
176,000
18,000
384,000
345,003
3,576.532 148,028.331
4.798.535 149.407.880
78,822
887.080
71_255 2157 AM
The visible supply of grain, comprising
granary at principal points of accumulationthe stocks in
at lake and
seaboard ports Saturday, April 00, were as
follows:
GRAIN STOCKS.
Wheat.
Corn.
OW.
Rye.
Barley.
bush,
bush,
bush.
bush.
bush.
Cash balance in Treas'y 187.528,953 196,446,721 .212,090,1
1,309.000
196,000
95 229,422,341
172,000
235,000
Dep.In epee'depositories
1,000
7,000
3,000
22,000
acct. Treasury bonds
681,000
50,000
46,000
40,000
51,000
Treasury notes and cer1,357,600
22,000
40,000
17,000
260,000
tificates of indebtedn'se
630,000
55,948,000 454,012.000 229,900,000
180,000
70,000
14,664,000
31,000
Dep.In Fed'I Res. banks_
752,000
18,394,794
406,000
40,057.683
27,773,107
12,898,338
42,000
32,000
Dep. in national banks:
2,765.000
221,000
280,000
13,000
48.000
To credit Treas. U. S_ _
5,827.000 1,532,000 2,113,000
7,531,498
7,359,0431
7,717,678
8,138,179
297,000
487,000
To credit disb. officers_
9,232,000
19,521,457
113,000
19,038,171
21,020,418
711,000
20,864,931
386,000
Cash in Philippine Island
2,888,000
1,176,895
171,000
941,228
1,250,122
130,000
1,171,948
.5.000
7.000
Deposits In foreign dents966.000
528,283
616,260
481,774
521,732
Dep. In Fed'I Land banks
308,000
49,000
9.000
16,000
35.000
6,318,000 8,551,000 4,733,000
800.000
170,000
Net cash In Tress
37,000
573,000 1,858.000
28,000
220.000
and in banks
11,318,000
290,629.878 718,471.106 500,233 294 272,716,471
366,000
572,000
60,000
Deduct current liabilities
323,000
220.343,169 227,927.090 238,644,444 259,339,024
20,060,000 1,669,000 8,050,000
248,000
438,000
Available cash balance
396.000
70,286.709 490,544,016 261,588,850
125,000
427,000
13,377,447
1,000
11,000
1,956,000
459,000
544,000
28,000
118,000
*Includes Doc. 1, 86,813,063.14 silver bullion and 32,093,412
13,909,000 1,902,000
.61 minor coin. &a.
467,000
129,000
256,000.
not Included in statement "Stock of Money."
3,513,000
9,000
27,000
739,000
469,000
1,000
3,000
182.000
483,000
970,000
585,000
369,000
2,000
2,024,000 2,005,000 1,291,000
148,000
106,000
531,000
22,000
20,000
426,000
Total Dec. 10 1927__..88,8l3.000 19,363,000
Breadstuffs figures brought from page 3373.
22,329,000
-All
Total Dec. 3 1927
91.036.000 19,217,000 23.252,000 2,610,000 3,368.000
3,013,000 4,297,000
the .
statements below regarding the movement of grain
- Total Dec. 11 1928_ _66,192,000 29,306,000 45,676,000 12.668,000 4,700,000
receipts, exports, visible supply, &c., are prepared by us
Nyte,-Bonded grain not included above: Oats,
New York, 93,000 bushels: Boston, 110,000; Philadelphia, 98,000; Baltimore, 70,000;
from figures collected by the New York Produce Exchange. 808,000 bushels, against
Buffalo,
227,000 bushels in 1926. Barley, New 437,000: total.
York, 342,000
First we give the receipts at Western lake and river ports bushels; Boston, 228,000; Philadelphia, 136,000; Baltimore,
207,000: Buffalo.
for the week ending last Saturday and since Aug. 1 for 725,000; Buffalo afloat,632,000; Duluth, 15,000: Canal,800,000; on Lakes,872,000;
total. 3,957,000 bushels, against 4,160,000 bushels in
1926. Wheat, New York,
each of the last three years. ,
3,343,000 bushels; Boston, 1,068,000: Philadelphia,
1,763,000; Baltimore, 2,707,000;
Buffalo, 8,935,000; Buffalo afloat, 15,874,000;
Duluth, 250,000; Erie, 2,434,000; on
Lakes, 2,439,000; Canal, 580,000; total,
Receipts at- Flour.
39,373,000 bushels, against 37,154,000
Wheal.
Corn.
Oats.
bushels in 1926.
Barley. 1 Rye.
Canadian
bbls.196Ibs.bush.60 lbs bush. 56185.bush.3215,. bush.481bs.
.
'bush.56185. Montreal
Chicago
4,183,000
234,000
210,000 1,392,000 1,158,000 203,000
946,000
297,000
80,000 Ft. William & Pt. Arthur_13,232,000
426,000.
Minneapolis_
1,315,000
1,985,000
122,000
245,000
765,000 1,258.000
244,000
64,000 Other Canadian
Duluth
13,820,000
1,820,000
6,000
522,000
41.000 681,000 408,000
913,000
420,000
Milwaukee- - _
68,000
25,000
197,000
41,000
162,000
28,000
Total Dec. 10 1927____31,235,000
Toledo
319,000
3,453,000 1,975,000 2,102,000
24,000
38,000
2,000
54,000
Total Dec. 3 1927_ _30,458,000
Detroit
24,000
2,549,000 1,799,000 2,663.000
5,000
24,000
2,000
Total Dec. 11 1926_.35,476,000
Indianapolis.
33.000
239,000
7.758,000 2.294,000 6,091,000
80,000
8.000
St. Louis__ _
. 119,000
Summary
575,000
490,000
280,000
26,000
15,000 American Peoria
57,000
10,000
88,813,000 19,363,000 22,329,000 2,610,000
528.000
174,000
23,000
Kansas City_
3,368.000
Canadian
1.092,000 1,795,000
31,235,000
64,000
3,453,000 1.975,000 2,102 000
Omaha
427,000 1,103,000
88,000
St. Joseph.
Total Dec. 10 1927___120,048,000 19,363,000
106,000
314,000
30,000
Wichita
Total Dec. 3 1927_121,494,000 19,217,000 25,782,000 4.585,000 5,470,000
413,000
79,000
2,000
Sioux City_
Total Dec. 11 1926_101,668,000 29,306,000 25,801,000 4,812,000 6,959.000
34,000
275,000
50,000
53.434,000 14,962,000 10,791.000.
The world's shipments of wheat and corn, as
Total wk. '27 478,000 6,403,000 6,569,000 2,295,000
furnished by
Same wk. '26 507,000 8,897,000 4,216,000 2,681,000 1,349,000 651,000 Broomhall to the New
York Produce Exchange,for the week
1,840,000 911.000
Same wk. '25 501,000 12,658,000 6,878,000
4.085,000 1,135,000 450,000 ending Friday, Dec. 9, and
since July 1 1927 and 1926,
Since Aug.1are shown in the following:
1927
9,378,000280,669,000 82,475,000 70,135,000
1928
9,249,000 195,978,000 85,049,000 67,378,000 8.474,00026,395,000
5,779,000 18,524,000
Wheat.
1025
A nR2 OM 201 Ada MA 75 4R0 AAA 2A nos non in
nag Ann 1a ,
Corn.
rao MA
1927.
Total receipts of flour and grain at the seaboard ports
1926.
1927.
1926.
for
the week ended Saturday, Dec. 10, follow:
Week
Since
Since
Week
Since
Since
Dec. 9.
July 1.
July 1.
Dec. 9.
July 1.
July 1.
Receipts atFlour.
Wheat. I Corn.
Oats.
Bushels.
Barley.
Bushels.
Rye.
Bushels.
Bushels.
Bushels.
North Amer_ 10,305,000 243,017 000 236 460 000 Bushels.
Barrels.
Bushels.
Bushels.
Black Sea-- 296,000 8,720,000 26,204,000 302.000 2,010,000 1,399,000
Bushels. Bushels. Bushels.
New York___
295,000 2,584,000
62,000
Argentina.... 1,358,000 32,579,000 11,753,000 977,000 9,678,000 10.422,000
106,000 573,000
61,000
Portland, Me_
5,572,000 166,332,000 107,504,000
6,000
54,000
Australia - 264,000 21,328,000 9,304,000
50,000
Philadelphia__
53,000
721,000
19,000
54,000 446,000
32,000 8,240,000 4,144,000
55,000 India
Baltimore_ _ _ _
30,000
716,000
13,000
countr's 808,000 14,992,000 10,565,000
83,000 505,000
25,000 0th.
Newport News
689,000 12,813,000 1,094,000
3,000
Norfolk
1,000
Total
13.063,000 328,876,000 298.730,000 7,540,000
New Orleans*
50,000
190,833,000 120,419.000
271,000
176,000
42,000
Galveston71,000
79,000
BANK NOTES
Montreal _ _
-CHANGES IN TOTALS OF,AND IN
.
.
34,000 5,361,000
166,000 1.129,000 479,000 365,000
St. John, N.B
9,000
DEPOSITED BONDS, &e.
64.000
-We give below tables which
30.000
Boston
30,000
121,000
28,000
127,000
9.000 show all the monthly changes in national bank
Total wk. '27 511,000 9,963,000
bonds and legal tenders on deposit therefor: notes and in
515,000 1,442,000
Since Jan.1'27 21,623,000286,582.000 9,898,000 23,918,000 2,180,000 545,000
25,461,000 16,103,000
Week 1926.Amount Bonds
470.000 5,857,000
National Bank Circulation,
553.000
443,000 861,000
182,000
Since Jan.1'2624,258,000 291,757,000 7,751,000 41,606,000 35,311.000
on Deposit to
Afloat on
30,256,000
Secure Circula• Receipts do not include grain passing through New Orleans for
tion for National
foreign ports
Legal
on through bi Is of lading.
Bank Notes.
Bonds.
Tenders.
Total,
The exports from the several seaboard ports for
$
S
$
ending Saturday, Dec. 10 1927, are shown in thethe week Nov.30 1927-- 666,830,210
$
663,340.675
annexed Oct. 31 1927-- 666,873,290
39,060,424
702,401,099
statement:
663,167.030
39,825,664
702,992,694
Sept.30 1927--__ 666,985,790
662,742,593
40,537,019
703,279,612
Aug. 81 1927-- 667,143,790
663,747,178
41,052,614
704.799,792
July 31 1927.- 667,156,290
Exports from
Wheat.
Corn.
Flour.
661,550.768
Oats.
Rye.
42,967,269
Barley.
June 30 1927-- 666,991,130
704.518,037
661,288,545
42,857,722
704,148,267
May 31 1927-- 667,095,680
Bushels. Bushels, Barrels. Bushels. Bushels.
663,156,720
42,777.217
Bushels.
705,933,937
April 30 1927-New York
1,120,532
25,822 128,317
662,238,833
16,565 263,885 Mar.31 1927____ 665,724,930
39,074,404
Portland, Me
701,313.237
54,000
665,641,99
13,000
661.673,603
38.251.364
50.000 Feb. 28 1927-- 666,138.640
699,924,987
Boston
112,000
0
9.000
660,366,240
36,825,184
Philadelphia
697,191,424
Jan. 31 1927.-- 664,503,941
145,000
6.000
657.364.790
37.856.759
261,000 Dec. 31 1926___- 666.211.441
695.221.542
Baltimore
444,000
7,000
661,046,465
36.721,464
200,000 Nov.30 1926.- 666,278,18 0
697.767.926
Norfolk
1,000
0
662,764.613
37,927,974
700,692,587
Oct. 31 1926-- 665,492,880
Newport News
3,000
661,742,830
38,971,702
700,714,532
Sept.30 1926-- 665,830,440
New Orleans
330,000
1,000
42,000
4,000
660,555,797
39,178.467
699,734,264
Aug. 31 1926.... 665,889,940
Galveston
171.000
29,000
659,760.467
39.768,777
699,529,244
69.000 July 31 1926.. _ _
.
Montreal
1,120,000
66,000
661.434,195
538,000 224,000 June 30 1926 _ - _ 665,941,890
40.714.779
702,148,974
.
St. John, N. B
64.000
665,616,390
9.000
660,986,560
30.000
41,682,684
702,669,244
May 31 1926-- __ 665,465,140
Houston
16,000
52,000
11,000
660,677.175
42,697.987
703,375.161
Apr1130 1926- ___ 665,686,140
661,664,478
42,519,201
704,183,671
Mar. 31
Total week 1927
3,576,532
78,822 316,317
661,016,470
4.000 584.565 1.067.885 Feb. 27 1926_ - __ 665,568,140
44,211.319
705.227.781
Same week 1928
4,798,535
71.385 443.423
861.244,347
28.000 219.137 552.943 Jan. 31 1926_ __ 665,235.640
45,059.372
706,303,714
1926__-_ 665.363,590
661,298.333
45,050,979
708,349,31;
Dee. 31 1925____
Total cash In Treasury_
Less gold reserve fund
342,949,674
155,420,721
351,867,442
155,420.721
367,510,916
155,420.721
384.843,082
155.420.721
gommerciai andAtiscellianconsBum
The destination of these exports for the week and since
July 1 1927 is as below:
United StatesNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
Buffalo
" afloat
Toledo
" afloat
Detroit
Chicago
Milwaukee
Duluth
- afloat
Minneapolis
Sioux City
St. Louis
Kansas City
Wichlta
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Canal and River
555 272 12A
AAR 2A2 992
AA 1GA 9114.
'me ece AO.
$4,439,688 Federal Reserve bank notes outstandin
g Dec. 1 1927. secured by lawful money. against $5,186,208 on Dec. 1 1926.
THE CHRONICLE
3308
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 Nov. 30:
U. S. Bonds Held Nov. 30 1927 to Secure
On Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes.
Notes.
Bonds on Deposit
Nov. 30 1927.
Total
Held.'
592,595,850
48.527,540
25.708,820
Totals
FOREIGN
666,830.210
-MONTHLY
YORK
NEW
OF
TRADE
592.595,850
48,527,540
26,706.820
666,830,210
2s. U. S. Consols of 1930
28. U. S. Panama of 1936
28, U. S. Panama of 1938
STATEMENT.
Customs Receipts
at New York.
Merchandise Movement at New York.
Month.
Imports.
1926.
1927.
Exports.
I
1927.
1926.
1927.
1926.
$
$
$
$
8
176.319.795215.137.735 155.804.975153.410,759 24,850,299 26,628.880
January
February - 54.108.888 195,930.212 129.846.153 135,855,812 23,681,705 25.131.733
185.002.299234,703.468 150,680.298 147,798,478 26.675,480 29,523,243
March
188,933,508 193.961.303 184,037,393 164,810,083 28.635,472 24,280,726
April
183,149,501 161.807,859 139,497.479 124,551,637 24.059,482 20,333,749
May
165.089.895 175,031,076 127.325,100 112.535.945 27,940,184 25,280.529
June
158,169.597 164,794,382 138.264,513 132.903,105 28.620.038 24,619.552
July
August.... 166.332.013 161.973.351 142,681,7471116,821,090 30,852,625 29.183,549
September 172.707,698 182,914,678 126.772,0881151,629,613 32,593,222 32,000,997
t
,
ot
Total... 1529812,994 1686254,064 1274889,746 1240316,522243,908,487 238,982,958
Movement of gold and silver for the nine months:
Silver-New York.
Gold Movement at New York.
Month.
Exports.
Imports.
1927.
1926.
1927.
Imports.
Exports.
1927.
1927.
$
1,105.628
955.028
1,702.278
1,154.864
1,514,513
1,501,913
1.554,118
1,492,026
2,154.705
$
3,881,180
3,757.078
3,745.506
4.766.576
3,854,017
2,833,622
3.470.003
2,727.989
4,450.040
1926.
$
$
$
$
705,698 14,466,637 2.569.831
January_. 17.840.866
February. 14.060.641 10,707,020 2.084.371 2,012,359
March._ 1,512,363 3,201.1367 1,628.544 2.038,148
802,731
895.895 1,928,838
8,853.058
April
901,208
758.245
819.245
27.257.658
May
932.108 2.174,510
8.031,123 4,267.601
June
848,782 1.090.730 1,598.540
5,215,929
July
883,1318 21.154,974
682.466
August
8.107.889
972,617 24.166,981 21.675,322
1,714.31
Septem
Total-- 88,593,838 22,878,971 47,937.872 54,927.623 13.134,873 33,486.009
The following shows the amount of national bank notes
afloat and the amount of legal tender deposits Nov. 1 1927
and Dec.1 1927, and their increase or decrease during the
month of November:
National Bank Notes-Total Afloat
Amount afloat Nov. 1 1927
Net decrease during November
Amount of bank notes afloat Dec. 1
Legal Tender Nags
Amount on deposit to redeem national bank notes Nov. 1 1927
Net amount of bank notes retired in November
Amount on deposit to redeem national bank notes Dec. 1 1927
8702.992,694
591,595
$702,401,099
839.825,664
765,240
$39,060,424
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE RECEIVED.
Capital.
-The Douglas County National Bank of Omaha. Neb.._ $200,000
Dec. 8
Correspondent, Dr. J. M.F. Heumann,6110 Military
Ave., Omaha, Neb.
APPLICATIONS TO. ORGANIZE APPROVED.
Dec. 6
-The Northeast National Bank of Holmesburg in Phila200.000
delphia, Pa
Correspondent, Wilhelm F. Knauer,4200 Decatur St.,
Holmesburg, Philadelphia. Pa.
25,000
-The Northfield National Bank, Northfield, Mass
Dec. 8
Correspondent, William F. Hoehn, Northfield, Mass.
50,000
National Bank of Columbus, N. J
The First
Correspondent. Edwin H Lippincott, Columbus,N.J.
50.000
-The National Bank of Pico, Calif
Dec. 10
Correspondent. Charles A. Thomas, Pico, Calif.
TITLES.
CHANGES OF
-The Central National Bank of Albany, Ala., to "The
Dec. 8
Central National Bank of Decatur." Ala.. to conform
to change in name of place in which .he bank is located.
Dec. 10
-The Bergenfield National Bank, Bergenfield, N. J., to
"The Bergenfield National Bank & Trust Company,"
VOLUNTARY LIQUIDATIONS.
81.000.000
-The Union National Bank of Philadelphia. Pa
Dec. 5
Effective Dec. 3 1927. LW. Agent, O. Stuart White,
Third and Arch Sts., Philadelphla, Pa.
25,000
-The Como National Bank, Como, Texas
Dec. 5
Effective Oct. 25 1927. LW. Committee, B. B. Cain,
Sulphur Springs, Tex., Alf. Morris, Winnsboro. Tex.,
and C. H. McClure, Como, Tex.
25,000
-The First National Bank of Raymond, Mont
Dec. 6
Effective Dec. 1 1927. LW.Agent,F.H. Wendt,Raymond, Mont.
30,000
-The Farmers' National Bank of Buda, Texas
Dec. 10
Effecdve Nov. 15 1927. LW. Agent, Austin National
Bank, Austin Tex., No. 4308.
Absorbed by Austin National Bank, Austin, Texas.
CONSOLIDATION.
$100,000
-The Citizens' National Bank of Weatherford, Texas
Dec. 6
Parker County National Bank of Weatherford,Tex. 100,000
The
Consolidated to-day under the Act of Nov. 7 1918 as
amended Feb. 25 1927. under the charter and corporate title of "The Citizens' National Bank of Weatherford," No. 2723. with capital stock of $100.000.
BRANCH AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
-Bowery & East River National Bank of New York, N.Y. LocaDec. 5
tion of branch, vicinity of Fort Hamilton Parkway and Bay
Ridge Avenue, Brooklyn, N. Y. City.
For,. 125.
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Sons, New York:
per sh. Shares. Stocks.
Shares. Stocks.
$ per sh.
10 N. Y. Paris Non-Stop Flight
255 Andersen Meyer dr Co., Ltd.,
$1
Corp., cl. A. no par
1
pref
10 N. Y.
-Paris Non-Stop Flight lot
3,418 Andersen, Meyer dr Co., Ltd.
Corp., corn., no par
50
com. v. t. c., no par
50 Buckeye Nurseries, pref
1830
1,500 units Burdines, Inc. (Fla.),
50 Buckeye Nurseries, corn
unit consisting of share each pref.
5 lot
5 Corr Mfg.Co
$1 lot
and corn, and bankers purchase
11424 Dry Ice Corp. of Amer. corn.
warrant for corn. stock __ per unit 21
no par
84.5
375 Kansas Agricultural Develop.
$5,000 lot $2,000 Arnett Oil Co., par SI__-$100 lot
Co
Receipt for 5500 covering units of
250Suburban Acreage Dealers,Inc.,
the Producers Development Co.
$7,000 lot
pref
of Huntington, W. Va
85 lot
250 Suburban Acreage Dealers,
$1.000 lot 43 Brightson Laboratories, Inc_ _ _ ..$5 lot
Inc., common, no par
2,040 O'Rourke Engineering Conn.
.500 National Arenas Syndicate, Inc.
$100 lot
Co., common
pref
$12,000 lot
1,000 Brownie Corp. convt. panic.
700 Nattonal Arenas Syndicate,
$50 lot
cl. A, no par
Inc., class A corn., no par _86,000 lot
400 Brownie Corp., el. B , corn.
250 National Press Bldg. Corp..
$25108
V. I. c., no par
$7.000 lot
Prof
1,000 Hanes Rubber,corn., Dar $5.850101
50 Atlanta Birm. & Coast RR.5%
102
9,333 Trent Process Corp., Inc.,
Prof
254
(Del) no par
25 Belding Heminway Co, no par.._ 19%
40,000 West Va. C
Coal & Coke Co.,
290 Calif. Dairies, Inc, 87, pref, no
1E200
common, no par
97
par
15,000 West Va. Coal & Coke Co. lot
200 Calif. Petrol. Corp., par 325...... 23
6% pref. B
100 Celanese Corp.of America(new)
98
1,600 Scott's Preparations, Inc.,
no par
$600 lot
no par
30 Columbus Ky. Pow. & Lt. Co.
$100 lot
104% 37 Universal Turbine Co
64Z% pref series B
$1 lot
20 Amer. Motor Power Co
50 Commercial Credit Co.8% pref.
23 400 Buckeye Nurseries, Inc., pret.13300
B, par $25
200 Buckeye Nurseries, Inc.,com.1 lot
40 Commonwealth Power Corp.8%
$12 lot
200 Manhattan Transit Co
103
pref
$255 lot
500 Pine Lawn Cemetery
10 Community Power & Light $7
30. San Juan Sugar Co., corn. Is.
102
let pref, no par
$2 lot
ctf., par $10
1 Du Pont (E. I.) De Nemours &
83108
31431 24 San Juan Sugar Co., pref
Co., no par
15 Service Station Equip. Corp.
200 Electric Refrigeration Corp, no
$1 lot
common, no par
734
Par
5 Hartman Corp. A, no par
2234 30 Service Station Equip. Corp, pf-$1 lot
1934 38 Grant Motor Car Corp., pref $1 lot
200 Hartman Corp., D
25 Liquid Carbonic Corp., no par..- 6534 20,136 Sabha° Collieries Corp., par
$2108
$3
20 Louisiana Oil Refg. Corp. 631%
8634 3,000 Community Productions, me.
preferred
$2 lot
par $10
200 Mid-Continent Petrol. Corp,
$25 lot
2734 56 Morgan H.Grace Co.,Inc
no par
150 Northland Gasoline Co. of
61 Missouri PubUc Service Co., $7
Tuisa. Okla., full paid non-assess100
pret, no par
$150101
able
55 New Engl. Pub. Sem'. Co.$7 pr.
10334 25 Sugar Planters Corp. of N. Y.,
lien, pref, no par
$25
common, no par
55 New Engl. Pub. Serv. Co. $7 2d
10134 50 Sugar Planters Corp., pref., with lot
pref., no par
endorsements of $30 per share
10 Oklahoma Gas& El. Co.7% pt_10334
paid in liquidation
50 Otis Steel Co., no par
934
30Penn-Ohio Edison Co.6% pref 9534 300 Commonwealth Trading & Sec.
$5
Corp., pref., par $10
10 Rochester G. & El. Corp. 6%
pref. series D
10634 150 Commonwealth Trading & Sec. lot
Corp., corn., par $10
40 Schulze Baking Co. cony. panic
10 Colograph Laboratory. Inc- 39
pref., no par
11 Utah Metal & Tunnel Co.. par $I $18
74 14-100 Sinclair Consol. Oil Corp..
16% 5 John King Metal Co
lot
no par
5 Tennessee El. Pow. Co.,8% pref. 10134 200 Roland Steel Co., Inc., N. Y ,
$2
preferred
$60 U. S. Trucking Corp., pt. scrip. 51
400 Roland Steel Co., Inc., N. Y., lot
20 John Warren Watson Co., no par 19
common, no par
542 Western Dairy Products Co.,
5434 100 Roland Steel Co., Inc., N. Y.,
A, no par
preferred
81
455 Western Dairy Products Co.,D.
2454 200 Roland Steel Co., Inc., N. Y., lot
no par
common, no par
20 Youngstown Sheet & Tube Co.,
92% 200 Gas Equiptment Corp., par $1-$1 lot
no par
$70
286 Crusader Cos., Inc.. Cl. A
300 Permanent Industrial Exposi1,186Crusader Cos., com., no pail lot
1
tion of Newark. Inc., pref
140 Amer. Rubber Products Corp.,
7,112 Thayer-Wen Point Hotel
$12 lot
pref., no par
$1 lot
Corp.. corn., no par
565 Amer. Rubber Products Corp.,
875 Thayer-Wen Point Hotel Corp.
$10101
common, no par
$1 lot
preferred
$27 lot
350 Caro Realty Co
200 Seneca Button Co., pref
$10 lot
50 Caro Realty Co
An interest assigned to Frederick
_
300 Wills Sainte Claire, Inc., 1st pf. 1
Southack de Alwyn Ball Jr., Inc.,
400 Read Machinery Co., Inc.,
in a certain bond and mortgage
60
York, Pa., common
3100 lot
dated July 12 1922
1
$1 lot 86 Wingan Orchards, Inc
9Intermediary Finance Corp
3.400 Penn Seaboard Steel Corpn.,
-Bingham Mining Co.,
3,000 N. Y.
Inc., no par
$14 lot
$40 lot
par 10c
$16 lot 616 Selkirk Gold Mining Co., pref.,
200 Visayan Refg. Co
par $10
4 820
Sundry bills receivable aggregating
approximately 843,873.29... _31.000 lot 1,984 Selkirk Gold Mining Co.. lot
corn., par 310
18,000 Montana & Mexico Mining
$20 lot 200 South Utah Mines & Smelters,
Co., Inc., Del., par $5
par 55
$10
600 Perfect Window Regulator
$50 lot 25 William Radam Microbe Killer lot
Corp., common
Co., common
125 Central-Hudson Steamboat Co.,
$2 lot Receipt for 40 shares of beneficial
common
interest of E. E. Combs Business
250 Central-Hudson Steamboat Co.,
Trust No. 3
$9 lot
preferred
$5 lot
183 Oklahoma Petrol. & Gasoline
5 Amer. Rice Products Co., corn.
Co. 12% & gent, profit panto. pf _$2 lot
$55
Par $10
lot 10 Telepost Co., v. t. 0., pref. $10 $1
100 Amer. Rice Products Co., Prof.
13 Boone Oil Co., Inc., Del., par $5 lot
par $10
20 Bartlett Co.,Ine.,Matne. par $10
24 Saguenay Pulp dr Power Co.,pt. $21
lot 100 Interboro, Consol. Corp., corn
80 Saguenay Pulp & Pr. Co.. Cora.
$1 lot
no par
200 Bronx Exposition, pref
40 Synthide Products Co., no par-$15 lot 10 Interboro. Consol. Corp., pref._
100 National Conduit & Cable Co_ _62 lot 20 Carlisle Tire Corp., pref, par $25
$40 lot 20 Carlisle Tire Corp., corn., no par
727 F. F. Pease, Inc., no par
500 Monitor 011 Co.. Par $1
80 Ready Auto Supply Co.. Inc.,
$12 lot 500 Lance Creek Royalties Co.,
class B, pref
200 Rutley's,Inc., clan B,no par $150 lot
816
Dar El
200 Rutley's, Inc., cl. A. no par..$150 lot 6 Algro Corp., pref
lot
3 Algro Corp., corn
18.600 Gibraltar Mines Syndicate,
$3 lot 100 Island 011 dr Transport Corp.,
Dar $1
250 Coral Rock Realty Corp- _$225 lot
corn. V. I. c.. par $10
250 Republic Petrol. Co., par $1
2,000 Wayne Coal Co., par $&.....$52
lot 10 Brooklyn Rapid Transit Co
100 Caddo Cent. 011 & Ref. Corp.
350 Charles D.Durkee dr Co.. prof.,
no par
825 Broadway DeVel. Co., Inc._ _5 00 lot
par $IO
100 Quigley Fuel Sys., Inc.,pref.310 lot $200 Island Refg, Corp. 7s, April
15 1929
2,881 Hildick Corp., cl. B. no par),51000
lot 50 Texas Prairie Lands, Ltd
1,719 Hildick Corp., Cl. A, no par
140 Staked Plains Trust.Ltd
$0
558 Security Storage & Safe Deposit.
1
Co.. Inc
$2.500 Staked Plains Trust, Ltd., let
el. A liquidation ctts., $1,000 hav120 Fieridale Townsite Corp.,corn.
$50
ing been paid In liquidation
no par
120 Fiortdale Townsite Corp., Cl A. lot 45,000 United Zinc Smelting Corp ,
no par
$500 lot
preferred
2,612 Pennsylvania Forge Co.,com 0lot 10 Texas Land Syndicate
70 Pennsylvania Forge Co.. com $5 lot 20 Texas Land Syndicate No. 3,
par 500
50 Pennsylvania Forge Co.. corn--35 lot
.85 lot 8,680 Whiting Mining & Milling
70 Pennsylvania Forge Co., corn.
Co., par $5
760 Pennsylvania Forge Co., com 38 lot
.$86
3 H. B. ClaflIn & Co., oom
100 Steinmetz Electric Motor Car
$1 lot 200 Sweet-Nut Butter Co., corn.. lot
Corp., prof
Par $10
200 Steinmetz Electric Motor Car
31 lot 200 Direct Importing Co., 2d. prefCorp., corn, no par
$5 lot 5 Brooklyn Academy of Music
999 Yale Invest. Co.. corn
3,183 St.Helena Citrus Corp.,com $10 lot 50 Submarine Monitor Co., par 810
DEC. 17 1927.]
THE CHRONICLE
Bonds.
Percent.
Percent,
Bonds.
$63,500 Aiken Tow Boat & Barge
$15,000 Calif. Dairies, Inc., slabs.
Co., Pensacola. Fla., 1st 6s,
97
634s, May 1 1942
various maturities, with $3,030
$4,500 Empire 011 & Ref. Co., 1st
detached coupons
$250 lot
& col. trust 5%s, series of 1927,
94
$200,000 Wolff Securities Co., 5-yr.
due April 1 1942
coll. trust 6% notes, Jan. I 1929,
$500 Inland Power & Light Corp.
with Jan. 1 1925, and subsequent
lstcoll. trusts. 1.68,series C,due
coupons attached
April 1 1957
102%
$200 lot
$102,764.44 Judgment against Co57,000 Interstate Power Co., 1st 58,
'ma Lumber Co
series. due Jan. 1 1957
$100 lot
965
$500 Riding & Driving Club of
51,000 Illinois Pow & Lt. Corp. let
Bklyn.. 2d inc. 5s, July 1940,
& ref. 58, series C, Dee. 1 1956.. 98g
July 1918 and subsequent coupons
52.000 Indiana Elec. Corp., 1st 68.
attached
series A, due Nov. 1 1947
1043
575 lot
$500 Brooklyn Heights Seminary
$5,000 Julius 'Captor & Co., cony.
107%
Income 58, due 1926
deb. 534s. March 1 1947
35 lot
$23,500 notes made by Haynes
$100 Manitoba Pow. Co., Ltd.. 1st
Chemical Corp., dated Mar. 31
s. t. 5345,ser. A. due Jan. 1 1951_101
1925, to Oct. 27 1925
$100 lot
$5,000 Marland 011 Co., serial 5%
95g $2,000 bond covering real estate
notes, June 15 1929
holdings of Wingan Orchards,
$5,000 Milwaukee Elec. Ry. & Lt.
Inc., In Cumberland Co.. Pa_ _5100 lot
Co., gen. dr ref. 58, series A,
10434 11 notes aggregating $44,578.43 made
Dec. 1 1951
by Wingan Orchards, Inc
$50 lot
521,000 Mo. Pub. Sery. Co. 1st 58,
ser. A. Feb. 1 1947
9634 $49,800 Whitmer-Parsons Pulp &
Lumber Co., 1st consol. 8.s. due
$1,000 Narragansett Co.. coll. trust
10134
Sept. 1 1938. Ctf. dep
$6050
5s. series A. Jan. 1 1957
$62,250 Whitmer-Parsons Pulp &
$1,000 Niagara Falls Pow.Co. 1st &
lot
cons. 6s, ser. AA, Nov. 1 1950--103%
Lumber Co., Income 7s, Sept. 1
1943
$1,000 Oklahoma Gas& El. Co., 1st
10034 498 sits. Whitmer-Parsons Pulp &
Is, series A. March 1 1950
Lumber Co., v. t. c
$100 Rochester Teleph. Corp. 1st &
ref. 6s. series A. doe April 1 1946_102
$1,200 Whitmer-Parsons Pulp &
Lumber Co. 1st consol. 85, Sept.
$1,000 Standard Pow. & Lt. Corp..
1 1938. Ctf. of dep
deb. 6s. Feb. 1 1957
9934
5550
$13,000 Shur-on Standard Optical
$2.000 Whitmer-Pssons Pulp &
lot
Lumber Co., Income 7s, Sept. 1
Co., Inc., 1st closed 5. f. 6348,
40% flat
April 1 1940
1948
12 shs. Whitmer-Parsons Pulp &
$1,000 Southeastern Pow.& Lt.Co.
deb.(3s, series A,Sept. 1 2025_ - -10734
Lumber Co., V. t c
$210 Whitmer-Parsons Pulp &
523.000 Terminals & Transportation
Lumber Co.,c1. A,Ctf.of Indebt.
Corp.of Amer. 10-yearconv. deb.
78, May 1 1937
95
$4,500 Whitmer-Parsons Pulp &
Lumber Co.. inc. 78, Sept. 1 '43 8100
510,000 Terminals & Transp. Corp.
$1,500 Whitmer-Parsons Pulp &
of Amer., let & coll. tr. 5. f. 634s,
lot
97
Lumber Co..cl. A. ctf. of Indebt.
series A. May 1 1947
Interest in $17,000 5-yr. 1st lien and
100,000 francs. Republic of France,
colt trust 77 convt. gold notes
5% bonds, due 1937
53,250 lot
of La Porte Oil& Itefg. Corp_ _ 550 lot
$5,000 Lake Tarleton Club, 2d 55,
1034 Book account against Piedmont
April 1 1934
Corp. for $582,604.62
$160 lot
$1,500 Parker Syndicate,ctf.of int _525 lot
By Wise, Hobbs & Arnold, Boston:
$ per sh. Shares. Stocks.
per sh.
Shares. Stocks.
491
10 Quincy Market Cold Storage &
7 First National Bank
Warehouse Co., common
24
6 Federal Nat. Bank trust certif. _ _251
10 N. Y. Harbor Dry Dock Co.,
338
5 National Shawmut Bank
Inc., common
491
334
15 First National Bank
40
3 N.Y.Harbor Dry Dock Corp.,com lot
10 Butler Mill
6234 10 N.Y.Harb.Dry Dock Corp., pf
20 Nashawena Mills
41
250 Joint Stock Securities Co. of
11 Arlington Mills
Mass., common
934
9534
10 Quissett Mills, common
18
$13 lot 100 Hartman Corp., class B
253 Thorndike Co
5334-5334 10 Rivett Lathe & Grinder Corp.,
20 Wainsutta Mills
common
51 lot
5634
6 Nashua rag Co.,
Hamilton Woolen Co
2034 45 warrants Old Colony Inv. Trust_ 20
corn63
10 FranklIng Mining Co.. par $25_ _
11 B. B. & R. Knight Corp., class
A,v.t.O
1534 2 Puritan Motors Corp
12 New Eng. Southern Mills, pref. 334 100 Federal Adding Mach.,Inc., pf $3
'
0934 100 Fed. Adding Mac., Inc., corn_ lot
40 Continental Mills
26 Everett Mills
534 250 Century Oil Co., par 510
1
46 Hill Mfg. Co
834 500 Lord Electric Co.,8% pref
125 Joint Stock Secur. Co. of Mass_ 9
55-10 B. B. & R. Knight Corp.,
1534 10 American Zinc & Slate Co.,
class A, v. t 5
1414
2534 10 American Zinc & Slate Co.,corn.' tot
100 Whitman Mills
5 Coventry Co
30 Sharp Mfg. Co., pref
5034
$15 lot
217 Everett Mills
534 50 Tetra Co., pref
11034 100 Quincy Market Cold Storage dr
37 Indian Orchard Co
Warehouse Co., common
24
20 Hamilton Mfg. Co
Hamilton Woolen Co
2134 50 Quincy Market Cold Storage &
Warehouse Co., pref
61
100 U.S. Worsted Corp., lst pref-- 134
510 lot
634 20 Tetra Co., pref
1 Sharp Mfg. Co., pref
400. 250 Ajax Realty Corp., corn
)8125
400 Hamilton Mfg. Co
5
250 Ajax Realty Corp., pre!
lot
25 Sharp Mfg. Co., pref
400.-45o. 250 Farms Co., class A
10
200 Hamilton Mfg. Co
434 600 Lockwood Greene & Co.,Ine.,pf1
5 Saco-Lowell Shops. 50
100 Lockwood Greene & Co., Inc., $300
Worcester Consol. St. Ry., let
pref25
common, class B
pref., par $80
1634
lot
60 Plymouth & Brockton St. Ry.
.53 lot 250 Fall River Tube Co., Par $60.$J0 lot
52 lot 15234 Puritan Brick Co.. Par 550100 Mass. Consol. Rys., prig
534
16 Rivett,Lathe & Grinder Co..com
50 Malden & Melrose Gas Light
48
634 Rivett, Lathe & Grinder Corp., 1%
Co., par $25
common
10 U.S. Envelope Co., corn
23534
J lot
11034 ex-dlv. 520 American Protein Products
25c.
68 Boston Wharf Co
$10 lot 50 Wickwire Spencer Steel Corp.,
150 Hotel Bellevue Trust
common. V. t.
100 Walter M. Lowney Co., com.520 lot
25 Purdy Tow & Water Boat Co.,
96 Mass. Utilities Invest. Trust,
cony. panic. pref., par $50
45
par $25
$15 lot 10 Atlantic Coast Co
50 Tetra Co.. pref
75 Crowell & Thurlow EIS. Co.,
430 Chatham Associates Trust.- 5
par $10
IOU. S. Envelope Co., pref
11634
11 Continental Piano Co., pref....510 lot 200 Island Oil& Trans. Co., par $10
23 Columbia Graphophone Mfg. Co
103
17 Malden Electric Co., par 525
20 Cape Ann Otter-Trawler Co_
119 Wickwir• Spencer Steel Corp ,
$6
common, v. t o
$10 lot 500 Eastland County Royalty Syn- lot
dicate. Par 51
15 Boston RR Holding Co., pref.- 7334
Boston Belting Corp., pref.,
200 Amer.011 & Eng. Co., par 519.
50
30o. 50 Royalty Syndicate, par $10.
par $50
20 Houser Royalty Synd., par $10_
50 Nantasket Beach Steamboat Co_ 30
10 Boston New Mexico Oil Lease
10 Jones. 1)1cDuffee & Stratton
Corp., 1st pref
Syndicate
9634
3131 10 Farms Co.. class A
120'garland 011 Co
20
6734 212 Wickwire Spencer Steel Corp ,
27 Groton & Knight Co., pre!
334
common, v t 0
s
50 Kansas City Jt. Stk,14. Bank
Corp., corn_ 7
5 Roch. & Syracuse RR. Co., pref
200 Motion Pict. Cap.
3 Bach. & Syracuse RR.Co., corn_
50 J. F. Howard, Inc., pref. par 521E4
25J. F. Howard, Inc.. coin. Cl. A_ lot 5 Connecticut Mills, corn., Cl. A,
par 510
25 Quincy Market Cold Storage &
Warehouse Co., common
25
67 Manomet Mills
10 Saco-Lowell Shops, 1st pref.._ _ 834 1 New England 011 Co., common,
4
par $10
10 Saco Lowell Shops, 2d pref
$800
35 Converse Rubber Shoe Co., prof_ 224 $1,000 Lockwood Greene & Co.. lot
Inc., 78, March 1933
23 Merrimac Chemical Co., par
83ex-div. $1,000 Framingliam-Southboro &
550
Marlboro 7s. 1923, ctf. of dep...
110
14 Milton Bradley Co., pref
134 Internat. Products Co.. com_.51 lot 50 Farms Co., class A
20
100 Western Mass, Cos
30 Lockwood Greene & Co., Ine.,pf.
59)4-59g
5 Lockwood Greene & Co., Inc., $65
Bonds.
class B
lot
Per Cent.
$1,000 Canadian Dept. Stores, 1st
3,100 Mojave Tungsten Co., par
$6 lot
634a. March 1947
82
87
14 52.000 Lustron Synd., panic. ctf--52 lot
50 Missouri-Kansas Farms Co
$5,000 Puget South Elec. Ry, 5s,
150 Joint Stock Securities Co. of
g
February 1932
Mass., common
10 flat
100 Consolidated Laundries Co_ --- 154 $2,000 Lockwood Greene & Co.,
Inc., 7s, March 1933
4934 & int.
100 Lockwood Greene & Co.,Ino.,pf 134
$2,000 White River RR. 55, 1933,
22 Quincy Market Cold Storage &
deposit receipt
61
Warehouse Co., prof
$20 lot
5500 Luirtron Synd., panic. certifs.$2 lot
55 Quincy Market Cold Storage &
24
$6,000 Fstabrook Gold Dredging
Warehouse Co.. common
15
Co. 8s, 1927
84108
100 Athol Mfg. Co., common
$2,250 Montserrat Golf Club
100J. F.Howard,Inc., pf.,Par 525.158
Notes
$100 lot
50.1. F. Howard. Inc.. corn., Cl. A_ lot
Rights.
$ Per right.
6 Merrimac Chemical Co., per
83 ex-div. 18 Holyoke Water Power Co-1434-1434
$50
823 lot 100 West Boston Gas Co
734
50 Walter M.Lowney Co
I
3309
By R. L. Day & Co., Boston:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
50 National Shawmut Bank
338 . 150 Mlle Mining Co., par $1
1 American Trust Co
47134 25 First National Copper, par 55._
10 Bank of Commerce & Trust Co.,
25 Tex Kern Oil Co., par $5
I $55
rights on
17034 25 Mexican Consol. Min., par $103 lot
2 Lancaster Mills, corn
534 3 Edwards Perkins Lumber Co.,
23
1st preferred
8 Lancaster Mills, pref
25 Wamsutta Mills
5334 45 Boston & Clear Creek Mining..
22 Merrimack Mfg. Co., corn
153
200 Heywood Wakefield Co., corn_ 33
25
25 Merrimac Hat Corp., corn.,
60 Otis Co
50 Sharp Mfg. Co., pref
534 ; V. t. c., par $25
56
15 Sharp Mfg. Co., corn
134 : 1,050 Farmers Fund of Illinols_$1.150 lot
10 Pepperell Mfg. Co
9934 i 280 Western Massachusetts Con... 594
Sharp Mfg. Co., pref
50
534'1 Nathan D. Dodge Shoe Co., pref.
100 Sharp Mfg. Co., corn
1 I 5 Friable Stamtield Knitting, corn_
17 Great Falls Mfg. Co
734 ,8 1-3 U. S. Worsted Corp., corn,. I $70,
15 Lancaster Mills, pref
23%120 Geneva Cutlery Co., prof
lot
8.0 Ipswich Mills, pref
18
1 Home Bleach & Dye Works, pref.
100 Hamilton Mfg. Co
$45 lot 5 Stollwerck Chocolate., 2d pref._
100 Cord's Mills
10 Boston Belting Corp., Prof..
9
10 Nashawena Mills
61
1m
200 Ft. Dodge Des Moines & SouthMp
2 units FirstPeoples Truitt_ _27g ex-div..
ern RR., coin
1
31 25-100 U. S. Worsted Corp.,
5 New Bedford Gas & Edison Light
2d preferred
$15 lot
Co., undep., par $25
9834 10 Magee Furnace Co., 1st pref.__ 2
20 American Glue Co.. pre(
117
10 Plymouth Cordage Co
50 Coeur d'Alene Mining Co.,
10 Magee Furnace Co., 2d pref
9
134.
par $10
$134 lot 7 Springfield Fire & Marine Ins.Co.840
150 La Salle Copper Co., par $26.. 40c. 20 Midco 011 Corp., V. t e
$5 lot
17 Saco Lowell Shops, corn
134 25 E.E. Gray Co.,7% pref.,par$10
10 units Mutual Finance Corp.... 5134 50 Nathan D. Dodge Shoe, prof..) 7
$30
50 Washington Central Trust, pref 100
2 Narian ProDodgenshoe cpref . _ H ltt.
5 Tthan D ductio s In ., pref _9 loo
5
, .
8
15 Washington Central Trust, coin
50 Federal District Trust, pref_ __ 100
44 West Boston Gas Co., V. t. e.,
15 Federal District Trust, corn_ _ _
par $25
3234
20 Boston Insurance Co
875-878 100 North Boston Ltg.Prop., pref.,
50 Boston Belting Corp., pref.,
V. t. c., par $50
61
par $50
$10 lot 115 Pollock Pen Co
$234 lot
23 Saco Lowell Shops, coin
Rights.
1%
8 per Right.
100 Submarine Signal Co.. par 525 2
120 Old Colony Invest. Trust_ p194-20
_ er Cent.,
12 Saco Lowell Shops, 2d prof
64 Argo 011 Co., par 510
3U $813
2
,0r . Dodge Des. Moines &
Ft'
40 North Boston Ltg. Prop., pref.,
Southern RR. 7s. June 1933.... 72
v. t. c., par $50
61-614 58,000 White River RR.Co. 1st M.
1,000 Silver Dyke Mines Co., par $1 1
55, Jan. 1933, coupon Jtily 1 1926
50 Caracas Sugar Co., com.,
and sub. on
550 lot
par $5
0
53 lot $11,000 Trustees of Ritz-Arlington
2,500 Utah Southern 011 Co., par 55 1
Trust 1st 65, Sept. 1946
9834.99
400 General Mortgage & Loan
530.000 Estabrook Gold Dredging lot
Corp., part. pref., par 510
Co. 6s, June 1 1927
2
25 Adventure Consolidated Coppri
55.000 Troy Cold Storage & WareCo., par $25
house Co. 1st 75, 1952
I
70 Utah Consol. Mines Co., par $5_ $1 $5,000 Alabama Realty & Invest. 99
25 La Rose Mines, Ltd., par $l.....3 lot
Co. 1st 85. Apr. 15 1929; coup.
50 Consol. Nevada & Utah Corp.,I
April 1927 & sub. on
$8 lot
par $3
$5,000 Hotel Bellevue Trust deb.
J
60 J. G.Oddy Co., pref
30
60.3. G.Oddy Co.,corn
) 1r 10 5lisO. ctOte91 Bellevue Trust deb. & int.
81
7
s H l 4°
50 Saco Lowell Shops, 2d pref
corn, as bonus
434
3,500 Stewart Silver-Lead Co. of
52,000 Berkshire Hills Paper Co.
Idaho, par 25c
1st & ref. 85, Nov. 1941, sot.
$10 lot
24 Lampson Silver-Black Fox
AA
$275 lot
Co.. Ltd
$4 lot $1.000 Wickwire Spencer Steel Co.
250 La Rose Consol. Mines Co.,
, 78, Feb. 25 1930, class A
I
$225 lot
Me.. par $1
$4 lot $1.000 Y. D. Service Garage of
1,530 Mexican Northern Mining
"Worcester 1st 634s. July 1955._ 95
& Ry.Co
10c. $1,000 Y. D. Service Garage of
350 Heywood Wakefield Co., corn. 3334
Worceiter 1st 630, July 1955._ 95
57 Puget Sound Trac., Light &
52.000 Puget Sound Electric Ry.
Power Co., corn
3655. Feb. 1 1932
22
f lat
5,400 Stewart Silver-Lead Co. of
$860,000 New York Rys. Corp..
Idaho, par 25c
$10 lot
Inc., 65, 1965
1234 flat
50 Wiggins Terminals, Inc., pref.._ 30
53,000 Wayne Coal Co. 6s, 1937,
50 Watson WilliamsSons.
dep
515 lot
1
1,
By,Barnes & Lofland,shlilotadelphia:
Shares. Stocks.
$ per sh. Shares. Stocks.
8 petal.
$2,228.75 demand note of Geo. W.
10 Hunts Theatres, Inc., pref
B. Fletcher, dated Jan. 4 1918,
Par $10
6
together with $2,000 demand
108 8-10 Deemer Steel Casting Co_ 10
note of Geo. W. B. Fletcher.
57 5-6 Alabama Land & Min. Co
1
dated Sept. 26 1918, secured by
40 N.Y. Harbor D.D.Corp., pref.}
$45.
500 sins. Penn Wyoming 011 Co.,
10 N.Y.Harbor D.D.corp., com. lot
47 16675-100000 abs. Romax Oil
1 Penna. Academy of Fine Arta 27
Co., 14,000 abs. Petroleum Corp.
1 unit Pennsylvania State 011 Co_.51 lot
of Amer. and $1,875 promissory
20 American Cities Co. pref
$I
note of MacDuan 011 Corp.,
100 Equitable Loan Society. pref., lot
dated Apr. 25 1921. due July
with 75 shs, corn, bonus
25 1921
5100 lot 10 United Security Title Ins. Co. 900.
13 Enterprise Mfg, Co
7
.102
Federated Engineers Develop.
3 Phila. Elec. Co., corn., par $25._ 5634
Corp., preferred
2 Chester & Media Elec. Ry. CO-. 4034 2 Federated Engineers Develop. $1
lot
10 Union Traction Co
3734
Corp.. common
3 Phila. Traction Co
5834 2 units Commercial Advance Corp. 55
5 Second Nat. Bank of Phila
602
55 Castle Kid Co., pref
$170 lot
10 Mitten Bank Securities Corp..
One-third interest In S15,000 paid
par $25
25
on acct. of purchase price of 17
3 Bank of No. Am.& Trust Co___ _4524
lots In Ventnor Gardens, Vent5 Finance Co. of Pa., 1st pref
600
nor City, N. J
$50 lot15 Union Nat. Rank, ctf, of den-356
5 W. J. McCahan Sugar Ref. &
25 Union Nat. Bank, ctf. of dep .356
Molasses, pref
95
10 Bankers Trust Co., par $50.... 90
10 W. J. McCahan Sugar Ref. &
65 Bankers Trust Co.. par $50_
88
Molasses, coq93
2 United Security Life Ins.& Trust_251
10 W. J. McCahan Sugar Ref. &
6 United Security Life Ins.& Trust_249
Molasses, pref
9234,
15 Central'tr. & Say. Co., par 550.240
200 Hare dc Chase, Inc., pref
2 Cobbs Creek Title & Trust Co.,
with 260 abs. common
$225 lot
par $50
10134 50 Hare & Chase pref., with 50
4 Fidelity Phila. Trust Co
813
abs. common
$60 lot
16 Fidelity Phila. Trust Co
81134 4 Phila. Bourse, corn,, par $50__.- 4034
4 Pa. Co.for Insur. on Lives,&c _ _1011
5 Washington Silk Co., pref
$5 lot
Bank of No. Amer. dr Trust Co_45134 150 West Chester St. AY.. par 850 830 lot
22
7 Bank of No. Amer.& Trust Co...45134 10 13th & 15th Streets Pass. Ry..
16634
3 69th St. Term. Title & Trust
5 Camden Bridge Garage, Inc
80
Co.. par 550
126
70 Keystone Stocking Mills
10
10 Guar. Trust & Safe Dep. Co....471
10 Land Title Bldg. Corp.. par 550.250
2 Guar. Trust & Safe Dep. Co_
467
50 Phoenix Water Power Co., Prof..
24 Guar. Tr. & Sate Dep, Co
465
Par $10
$1 lot
6 Chelten Trust Co
450
25 Phoenix Water Power Co., corn,,
10 Belmont Trust Co
15534
par $10
$1 lot
50 Belmont Trust Co.. Par $50---153
100 Mfrs. Casualty Ins., par 810_ 29
10 Broad St. Tr. Co., par 850... 93
50 Eastern Fire Insurance Co
167
10 E.P. Wilbur Trust Co., Bethle10 Lukens Steel
15
hem,Pa
140
Bonds.
Per Cent.
2 Glenslde Bank & Trust, par 550_ _105
$500 General Public Utilities Co.
11 Blackwood (N.J.) Trust Co_
141
1st coll. tr. 634s, series A, 1956..10134
38 Royersford (Pa.) Trust Co
13534 $3500 Electric & Peoples 'Frac. Co.
12 Royersford (Pa.) Trust Co
4% stock trust, 1945
13534
61
7 Berke County Trust Co., Reading,
$2,000 Sesqui-Centennial Exhibition
par $10
43
participation certificate
810108
20 Farmers Bank & Trust Co., West
$70 Electric & Peoples Tree. Co.
Palm Beach, Fla
$35 lot
4% stock trust, reg. 1945
$46 lot
20 John G. Carruth & Co. Endur$5,000 Wayne Coal'
Co. 1st 13s,
ance Mills, Inc., pref., with 30
1937, ctf. of deposit
$30 lot
abs. coin.(bonus), no par
$130 lot $2,000 Whitmer-Parsons Pulp &
40 Aldine Mtge. & Guar. Co.,
Lumber Co.inc. 78. Sept. 1 1943,
par $10
1534
coupon No. 1 and all sub, coups.
50 Rondout Rubber Co., corn
$2 lot
attached
$10 lot
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
$ per sh.
1 Buff. Niag.& East.Pow., no par_ 30
1.085 Tucker Rubber Co.. no par__$1 lot
500 chaput Hughes, pat $1
12e.
15 The Cook Corp
..$1 lot
Shares. Stocks.
S per al.
6,755 Adargas Mines, par 1 peso.-.81 lot,
1 Buff. Mag. & East. Pow., pref.,
par $25
26
500 Night Hawk, par 81
t.6c.
3310
THE CHRONICLE
DIVIDENDS.
Name of Company.
Dividends are grouped in two separate tables. In the I
first we bring together all the dividends announced the '
Banks (Concluded).
current week. Then we follow with a second table, in Capitol National (guar.)
Coney Island (Bank of)
which we show the dividends previously announced, but Eastern Exchange (guar.)
which have not yet been paid.
First National (guar.)
First Security Co.(qW.)
The dividends announced this week are:
Mechanics (Brooklyn) (guar.)
Per
When
Cent. Payable
Name of Company.
Books Closed.
Days Inclusive.
Railroads (Steam).
Allegheny & Western
3
Jan. I Holders of rec. Dec. 20a
Baltimore de Ohio, common (guar.)
134 Mar. 1 Holders of rec. Jan. I4a
Preferred (quarterly)
Mar. 1 Holders of rec. Jan. 140
Boston & Maine, prior pref. (quar.)
13( Jan. 2 Holders of rec. Dec. 160
First preferred, class A (guar.)
1.5( Jan
2 Holders of rec. Dec. 160
First preferred, class B (guar.)
Jan, 2 Holders of rec. Dec. 16a
2
First preferred, class C (quar.)
154 Jan. 2 Holders of rec. Dec. 160
First preferred, class D (guar.)
23( Jan. 2 Holders of rec. Dec. 16a
First preferred, class E (guar.)
IM Jan. 2 Holders of rec. Dec. 166
Boston. Revere Beach & Lynn (quar.).. 13( Jan. 2 Holders of rec. Dec. 31a
•1% Feb. 1 *Holders of rec. Dec. 30a
Canada Southern
Cincinnati Northern
Jan. 20 Holders of rec. Jan. 13a
5
Extra
Dec. 30 Holders of rec. Dec. 23a
40
Cleve. Cin. Chic.& St. L.,corn.(quar.)_ 2
Jan. 20 Holders of rec. Dec. 300
Preferred (guar.)
13.( Jan. 20 Holders of roe. Dec. 30a
Detroit River Tunnel
3
Jan. 16 Holders of rec. Jan. 9a
Elmira dr Williamsport, pref
$1.61 Jan. 1 Holders of rec. Dec. 200
Great Northern, preferred
23( Feb. 1 Holders of rec. Dec. 27a
Lake Erie dr Eastern
2
Ian. 3 Holders of rec. Dec. 23a
e334 Feb. 10'Holders of rec. Jan. 16
Louisville & Nashville
Mahoning Coal RR., common (guar.)._ $12.50 Feb. 1 Holders of rec. Jan. 160
Preferred,(guar.)
$1.25 Jan. 3 Holders of reo. Dec. 230
Michigan Central
20
Jan. 28 Holders of rec. Dec. 300
Extra
Dec. 30 Holders of rec. Dec. 230
50
Mo.-Kansas-Texas RR., pref. (special). 1
Dec. 31 Holders of rec. Dec. 22a
New York Central RR.(guar.)
2
Feb. 1 Dec. 31
to
Jan. 25
Northern Central
Jan. 14 *Holders of rec. Dec. 310
'$2
Northern Securities
43( Jan. 10 Dec. 24 to Jan. 10
Philadelphia dr Trenton (guar.)
233 Jan. 3 Holders of rec. Dec. 200
Pittsburgh & Lake Erie
$2.50 Feb. 1 Holders of rec. Dec. 300
Toronto Hamilton dr Buffalo
3
Dec. 31 Holders of rec. Dec. 270
Extra
1
Dec. 31 Holders of rec. Dec. 270
Troy Union (annual)
6
Jan. 16 Holders of rec. Dec. 300
United N.J. RR.& Canal C.
234 Jan. 10 Dec. 21 to Jan. 2
(guar.)
Virginian Ry. (annual)
7
Dec. 31 Holders of rec. Dec. 19a
Public Utilities.
American & Foreign PowerPref. allot. ctts.. 25% paid (quar.)_ _ 43 Me Jan. 3 Holders of rec. Dec. 15a
Pref. allot. ctts., 35% paid (guar.).-61)(c Jan. 3 Holders of rec. Dec. 15
Byllesby (H. M.) & Co., corn. el. A & B
(quarterly)
50c. Dee. 24 Holders of rec. Dec. 20
Com.cl. A & B., 1-50 eh. com. A stk.) (f) Dec. 24 Holders of roe. Dec. 20
Preferred (guar.)
500. Dec. 24 Holders of rec. Dec. 30
Carolina Power & Light, $7 pref.(guar.) $1.75 Jan. 3 Holders of rec. Dec. 17
$6 preferred (guar.)
$1.50 Jan. 3 Holders of rec. Dee. 17
Central Ills. Light,6% pref. (quar.)_._ '13.4 Jan. 3 *Holders of rec. Dec. 15
Seven percent. pref.(guar.)
Jan. 3"Holders of rec. Dec. 15
Central & South West Util., tom.(qu.) 75e. Jan. 16 Holders of rec. Dec. 31
Cm.& Suburban Bell Teter,. (guar.)
$1.12 Jan. 3 Holders of reo. Dee. 20
Citizens Pass. Ry., Phila. (guar.)
$3.50 Jan. 1 Dec. 21 to Dec. 31
Connecticut Elec. Serv., con. pt.(qu.)..'11
Jan. 3 *Holders of rec. Dec. 15
Consolidated Gas, El. Lt. & Pr., Bait.
534% preferred (guar.)(No. 1)
1% Jan. 3 Holders of rec. Dee. 15a
Dixie Gas dr Utilities, pref. (guar.)
*31.75 Jan. 1 'Holders of rec. Dec. 24
Duke Power Co.. common
1
Jan. 3 Holders of rec. Dec. 15
East Bay Water. class A & B (quar.)_ _ _ •$1.50 Jan. 16 *Holders of rec. Dec. 31
Eastern States Power. pref.(guar.)
$1.75 Feb. 1 Holders of rec. Jan. 15a
Electric Bond & Share Co., pref.(guar.). 13( Feb. 1 Holders of rec. Jan. 14
Electric Bond & Share Secur. (guar.)._ _ 25c. Jan. 18 Holders of rec. Dec. 19
El Paso Elec. Co., pref. A (guar.)
154 Jan. 16 Holders to rec. Jan. 3
Empire Power Corp., 56 pref. (quar.)_ _ $1.50 Jan. 1 Holders of rec. Dec. 16
Federal Water Service, $7 pref.(quar.)_ _ $1.75 Jan. 1 Holders of rec. Dec. 20a
$634 preferred (guar.)
1.6234 Jan. 1 Holders of rec. Dec. 200
Gas & Elec. Securities, corn. (monthly). *50c. Jan. 3 *Holders of rec. Dec. 15
Common (payable in common stock)_ *175e. Jan. 3 *Holders of rec. Dec. 15
Preferred (monthly)
•5S1-3c Jan. 3'Holders of rec. Dec. 15
General Public Service, cony. pref. (MI.) *51.75 Jan. 2 *Holders of rec. Dee. 15
Gold & Stock Telegraph (quar.)
*134 Jan. 1 *Holders of rec. Dec. 31
Hackensack Water, pref. A (guar.)
4354c. Dec. 31 Holders of rec. Dec. 150
Haverhill Gas Light (guar.)
57c. Jan. 3 Holders of rec. Dec. 19a
Kansas Electric Power, pref.(guar.)Jan. 2 Holders of rec. Dec. 15
International Power, Ltd., 1st pt. (qu.). 134 Jan. 3 Holders of rec. Dec. 15
Kansas Gas & Elec., pref.(guar.)
13( Jan. 3 Holders of rec. Dee. 15
Kentucky Securities, common (quar.)... *131 Jan. 3 *Holders of rec. Dec. 22
Preferred (guar.)
*134 Jan. 16 *Holders of rec. Dec. 22
Manhattan Ry., 7% guar. (guar.)
13( Jan. 3 Holders of rec. Dee. 20
Massachusetts Ltg. Cos., common (qu.), 75c. Dec. 31 Holders of rec. Dec. 20
Six per cent preferred (guar.)
134 Jan. 16 Holders of rec. Dec. 27
Eight per cent preferred (guar.)
Jan. 16 Holders of rec. Dec. 27
2
Michigan Electric Power, pref.(guar.)
131 Jan. 2 H,olders of roe. Dec. 20
Middle West Utilities, pref. (guar.).134 Jan. 16 Holders of rec. Dec. 31
$6 preferred (guar.)
$1.50 Jan. 18 Holden of rec. Dec. 31
Minnesota Power & Light. 7% pref.(Mi.) 154 Jan. 3 Holders of rec. Dec. 15
$6 preferred (guar.)
$1.50 Jan. 3 Holders of reo. Dec. 15
Municipal Service Corp., pref. (guar.)._ 50e. Jan. 3 Holders of rec. Dec. 15
National Elec. Pow. Co.,7% Pt. (qu.)
13( Jan. 2 Holders of rec. Dec. 20
New England Pow. Co., pref. (guar.)... 13( Jan. 2 Holders of rec. Dec. 17
New England Pub.Sem,corn.(quar.)_ 45c. Dec. 31 Holders of rec. Dec, 15a
$7 preferred (guar.)
$1.75 Jan. 15 Holders of rec. Dec. 31a
Adjustment preferred (guar.)
$1.63 Jan. 15 Holders of rec. Dec. 31a
New Haven Gas Light (guar.)
•6234e Dee. 31 *Holders of rec. Dec. 16
Northeastern Power,common (quar.)_
15e. Jan. 3 Holders of rec. Dec. 15a
Class A stock (guar.)
$1.50 Jan. 3 Holders of rec. Dec. 15a
Northern Ohio Pow.& Lt.6% pf.(qu.). 13( Jan. 2 Holders et rec. Doe. 15
13( Jan. 2 Holders of rec. Dec. 15
Seven per cent preferred (guar.)
Ohio Electric Power Co.. pref. (guar.) _ _
131 Jan. 2 Holders of rec. Dec. 20
Ottawa Lt.. Ht. dr Power, corn.(guar.). 154 Dee. 31 Holders of rec. Dee. 15
Preferred (civar.)
13.4 Jan. 1 Holders of rec. Dee. 31
Ottawa Traction (guar.)
Jan. 3 Holders of rec. Dec. 15
1
Jan. 3 Holders of rec. Dec. 15
Bonus
1
Pacific Gas & Elec., corn.(guar.)
50c. Jan. 16 Holders of rec. Dec. 31
Pacific Telep. & Teleg., corn. (guar.)... "154 Dec. 31 'Holders of rec. Dec. 24
Preferred (quar.)
'134 Jan. 16 *Holders of rec. Dec. 31
Panama Power dr Light, pref. (quar.)_ _ •1yi Jan. 3'Holders of rec. Dee. 17
Peoples Gas Light de Coke (guar.)
*2
Jan. 17 *Holders of rec. Jan. 3
Porto Rico Rye., Ltd. Corn.(guar.)._
I
Dee. 31 Holders of rec. Dec. 15
Providence Gas Co. (guar.)
Jan. 2 Holders of rec. Dec. 15
al
Public Service Co. of Okla., corn.(q11.)
Jan. 3 Dec. 25
Jan. 3
2
to
7% prior lien stock (guar.)
Jan. 3
13( Jan. 3 Dec. 25
to
6% prior lien stock (guar.)
13( Jan. 3 Dec. 25
Jan. 3
to
Puget Sound Pow.& Lt., prior pf.(qu.)
134 Jan. 18 Holders of rec. Dec. 15a
6% preferred (guar.)
13.4 Jan. 18 Holders of rec. Dec. 150
Southern Calif.EdlsonCo.. orig.pf.(qu.)- 50e. Jan. 15 Holders of rec. Dec. 20
Preferred series C (guar.)
3454e. Jan. 15 Holders of rec. Dec. 20
Southwest Power Co., 7% pt.. (qu.)-134 Jan. 2 Holders of rec. Dec. 15
Superior Water, Lt. & Pow., pref.(MO 131 Jan. 3 Holders of rec. Dee. 15
13( Jan. 1 Holders of rec. Dec. 15
Texas-Louisiana Power. prof. (qu.). _
United Gas & El. Co.(N.J.), common.. $1.25 Dec. 31 Holders of rec. Dec. 310
234 Jan. 15 Holders of rec. Dec. 3I0
Preferred
United Gas Improvement (guar.)
Jan. 14 Holders of rec. Dec. 31
$1
United Public Serv. Co.,$7 td.(guar.)._ $1.75 Jan. 1 Holders of rec. Doe. 15
Western Massachusetts Cos.(guar.).
- *50c. Dec. 31 *Holders of rec. Dec. 21
Western Union Telegraph (guar.)
Jan. 18 Holders Of rec. Dec. 23
2
West Kootenay Power, pref. (guar.)._ _ _ s15.‘ Jan. 3 *Holders of rec. Dec. 27
•1M
IM
Banks.
Bowery East River Nat.(guar.)
Colonial (guar.)
Extra
4
3
3
Dec. 31 Holders of rec. Dec. 24
Jan. 2
to
Jan. 3 Dec. 21
Jan. 2
to
Jan. 3 Dec. 21
[VOL. 125
Per
When
Cent. Payable.
"131
5
134
5
20
3
2
*2
*3
6
3
5
e20
4
•134
Extra
Municipal (Brooklyn), (guar.)
Extra
Park, National (guar.)
Peoples National(Brooklyn)(quar.)_
Extra
Public Nat. Bank & Trust (stock div.)
Queensboro National (No. 1)
Seventh National (guar.)(No. 1)
Fire Insurance.
Hanover Fire (guar.)
234
Trust Companies.
Amer.Exchange Irving Trust (guar.). - 334
Bank of N.Y.& Trust Co.,(guar.).-- 434
Brooklyn (guar.)
6
Extra
3
Fulton (guar.)
.5254
Extra
*2
Mutual of Westchester Co.. (quar.)---. 3
Extra
2
o U. S. Mortgage & Trust
*e3311
Books Closed.
Days Inelusive.
Jan. 3 *Holders of rec. Dec. 19
Jan. 3 Holders of rec. Dec. 31a
Dec. 30 Dec. 21
to
Dec. 29
Jan. 3 Holders of rec. Dec. 31
Jan. 3 Holders of rec. Dec. 30a
Jan. 3 Holders of rec. Dec. 17
Jan. 3 Holders of res. Dec. 17
Jan. 1 *Holders of rec. Dec. 20
Jan. 1 *Holders of rec. Dec. 20
Jan. 3 Holders of rec. Dec. 16
Jan. 3 Holders of rec. Dec. 13
Jan. 3 Holders of rec. Dee. 13
Mar.31 Holders of rec. Mar. 1
Dec. 31 Holders of rec. Dec. 21
Jan. 4 *Holders of rec. Dec. 24
Jan. 3 Holders of rec. Dec. 15
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
3 Holders of rec. Dec. 16a
3 Holders of rec. Dec. 23
3 Holders of rec. Dec. 24
3 Holders of rec. Dee. 24
3 *Holders of rec. Dec. 19
3 *Holders of rec. Dec. 19
3 Holders of rec. Dec. 31
3 Holders of rec. Dec. 31
16 *Holders of rec. Dee. 31
Miscellaneous.
Abitibi Power & Paper, Ltd.. pref.(qu.) 134 Jan. 3 Holders of rec. Dee. 20
Aeolian Company, pref.(guar.)
134 Dec. 31 Holders of rec. Dec. 20
Aeollan,Weber Piano & Planola,pref.(gu) 134 Dec. 31 Holders of rec. Dec. 20
Air Reduction Co. Inc.(guar.)
$1.25 Jan. 15 Holders of rec. Dec. 3Ia
Albany Perforated Wrap.Pap.,com.(qu) *50c. Dec. 31 'Holders of rec. Dec. 24
'
Preferred (guar.)
*I% Dec. 31 *Holders of rec. Dec. 24
Alberta Pacific Grain Co., pref.(quar.). 134 Jan. 1 Holders of rec. Dec. 15
Alles & Fisher (guar.)
"50e. Jan. 2 *Holders of rec. Dec. 21
Aloe (A. S.) Co., common (guar.)
63c. Jan. 2 Holders of rec. Dec. 19
Preferred (guar.)
134 Jan. 2 Holders of rec. Dec. 19
American Bakeries, pref. (quar.)
134 Jan. 1 Holders of rec. Dec. 15
Class A (guar.)
75e. Jan. 1 Holders of rec. Dee. 15
Amer. Brake Shoe & Fdy., corn.(guar.)- 40e. Dec. 31 Holders of rec. Dec. 21
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec. 21
American Meter (guar.)
•$1.25
*Holders of rec. Dee. 21
Extra
*53
*Holders of ree. Dec. 21
Amer. Shipbuilding, corn. (guar.)
2
Feb. 1 Holders of rec. Jan. 14
Preferred (guar.)
134 Feb. 1 Holders of rec. Jan. 14
Amer. Type Founders, corn. (quar.).... 2
Jan. 14 Holders of rec. Jan. 50
Preferred (guar.)
1.34 Jan. 14 Holders of rec. Jan. 5a
Atlantic Macaroni, Inc.(quar.)
Jan. 1
1
Extra
I
Dec. 15
Atlas Plywood Corp. (guar.)
51 Jan. 16 Holders of rec. Jan. 3
Bancitaly Corp. (guar.)
56c. Dec. 31 Dec. 16 to Jan. 2
Ban k instocks Holding Corp.(No. 1).
25c. Jan. 3 Holders of rec. Dec. 15
Barnhart Bros. & Spindler
First and second pref.(guar.)
134 Feb. 1 Holders of rec. Jan. 23a
Bayuk Cigars. Inc., 1st pref.(guar.)._ •134 Jan. 15 *Holders of rec. Dec. 31
Convertible second pref. (guar.)
"134 Jan. 15 *Holders of rec. Dec. 31
Eight per cent second pref. (guar.)._ _ *2
Jan. 15 *Holders of rec. Dec. 31
Beardsley Manufacturing (guar.)
3734c. Jan. 3 Holders of rec. Dec. 16
Bingham Mines Co.(guar.)
$1
Jan. 5 Holders of rec. Dec. 200
Blaw-Knox Co. (guar.)
*75c. Feb. I *Holders of rec. Jan. 21
Christmas dividend
•50c. Dec. 30 *Holders of rec. Dec. 19
Stock dividend
*e10 Jan. 1 *Holders of rec. Dec. 30
Boyd-Welsh Co. (guar.)
750. Jan.
Holders of rec. Dec. 23
Bridgeport Machine. pref.(guar.)
1% Jan.
Holders of rec. Dec. 20
British American Oil(guar.)
20e. Jan.
pDec. 15 to Dec. 31
Bonus
20c. Jan.
pDec. 15 to Dec. 31
Brompton Pulp & Paper corn. (guar.)
50c. Jan. 1 Holders of rec. Dec. 31
Bruce (E. L.) Co.(guar.)
.
1323.fc Jan.
*Holders of ree. Dec. 21
Builders Exchange Bldg. Co.(Balt.)
3
Jan.
Dec. 25 to Jan. 6
Extra
9
Jan.
Dec. 25 to Jan. 6
Burkart (F.) Mfg.. corn. (guar.)
'3714c Jan.
*Holders of rec. Dec. 20
Preferred (guar.)
*55c. Jan.
*Holders of rec. Dec. 20
Cambridge Rubber. pref.(guar.)
Holders of rec. Dec. 20
134 Jan.
Canadian Locomotive, pref. (quar.)
134 Jan.
Holders of rec. Dec. 20
Canadian Salt (quar.)
Jan.
2
Holders of rec. Dec. 24
Century Electric, common (guar.)
13.4 Jan.
Holders of rec. Dec 15a.
Chandler-Cleveland Motors, prof
Janus ry divi end passed.
City Financial Corp., el. A.(qu.)(No. 1) 62340. Jan.
Holders of rec. Dec. 20a
City Ice & Fuel (Cleveland) (guar.)._ _ "75e. May
*Holders of rec. Feb. 10
City Investing, common (guar.)
234 Jan.
Holders of rec. Dec. 22
Preferred (guar.)
134 Jan.
Holders of rec. Dec. 22
Club Aluminum Utensil (guar.)
*50c. Jan.
*Holders of rec. Dec. 20
Colt's Patent Fire Arms Mfg.(guar.)._ _ 50e. Dec. 3 Holders of rec. Dec. 10a
Commonwealth Casualty
6
Dec. 3 Holders of rec. Dee. 20
Conduits Co. Ltd., 7% pref. (guar.)._ _
Dec. 18 to Dee. 31
154 Jan.
Consolidated Mining & Smelting
'
81.25 Jan. 1 Holders of rec. Dec. 31
Bonus
$5
Jan. 1 Holders of rec. Dec. 31
Continental Baking, common A (guar.). .51
Jan. . *Holders of rec. Dec. 23
Preferred (guar.)
*2
Jan.
*Holders of rec. Dec. 23
Continental Securities Corp.(guar.). _ $1
Jan. 1 Holders of rec. Jan. 3
Crown Finance, common
54
Jan.
Dee. 16 to Jan. 2
Common (extra)
$2
Dec. 2 Dec. 16 to Jan. 2
Preferred (guar.)
134 Jan.
Dec. 16 to Jan. 2
Davenport Hosiery Mills, pref. (qu.).
134 Jan.
Holders of rec. Dec. 20
Devoe & Raynolds,Inc.,com.A dr B (qu.)'600. Jan.
Holders of rec. Dec. 15
First and second preferred
•154 Jan.
Holders of rec. Dec. 15
Doehler Die-Casting. pref. (guar.)
*8734c Jan.
*Holders of rec. Dec. 20
Dome Mines, Ltd. (guar.)
25e. Jan. 2 Holders of rec. Dec. 31
Dominion Engineering Works, Ltd.(qu.) 50c. Jan. 1 Holders of rec. Dec. 31
Dow Drug (quar.)
*25e. Jan.
*Holders of roe. Dee. 21
Eastern Bankers Corp., common
30e. Feb.
Holders of rec. Dec. 316
Common (extra)
30c. Feb.
Holders of rec. Dec. 3I6
Preferred (guar.)
134 Feb.
Holders of rec. Dec. 3I6
Eastern Theatres, Ltd.. preference
334 Jan. 3 Holders of rec. Dec. 31
Electric Auto Lite, common (guar.) _ _
$1.50 Jan.
Holders of rec. Dec. 22
Empire Safe Deposit (guar.)
2
Dec. 30 Holders of rec. Dee. 23a
Fanny Farmer Candy Shops, pf. (qu.).... •60c. Jan.
*Holders of roe. Dec. 15
Faultless Rubber (guar.)
50c. Jan.
Holders of roe. Dec. 15
Financial dr Indust. Sec., corn. (quar.).. .750. Jan.
'Holders of rec. Dec. 20
Common (extra)
*35c. Jan.
*Holders of rec. Dec. 20
Preferred (guar.)
'134 Jan.
*Holders of rec. Dec. 20
Firestone Tire & Rubber, corn.(quar.)_ _ •51.50 Jan. 2 *Holders of rec. Jan. 10
Common (extra)
.fan.
*Holders of rec. Dec. 20
Six per cent preferred (guar.)
134 Jan. 1 Holders of roe. Dec. 30
Flour Mills of Amer., $8 pref. A (guar.) $2
Jan.
Holders of rec. Dec. 15
Fox Film Corp., class A & B (quar.)__
$1 Jan. 1 *Holders of rec. Dec. 30
Freeport Texas Co.(guar.)
'Si
Feb.
'Holders of rec. Jan. 14
Extra
•750. Feb.
*Holders of rec. Jan. 14
Garfield Safe Deposit
4
Dee. 2 Dec. 15
to
Dee. 27
Extra
2
Dec. 2 Dec. 15
to
Dec. 27
General Cable Co., cl. A (qu.)(No. 1).. *$1
Jan.
*Holders of rec. Dec. 24
Preferred (for September quarter). _ •134 Jan.
*Holders of rec. Dec. 19
Preferred (for December quarter)_ _ _ _ •134 Jan.
*Holders of rec. Dec. 27
General Fireproofing. corn. (quar.).._
*$1.75 Jan.
*Holders of rec. Dec. 20
Preferred (guar.)
134 Jan.
Holders of rec. Dec. 20
General Tire & Rubber, coin. (guar.)._ *75e. Doe. 2 *Holders of rec. Dec. 20
Common (extra)
Dec. 2 *Holders of roe. Dec. 20
"52
Gold Dust Co. (guar.)
•75c. Feb.
*Holders of rec. Jan. 17
Gorton-Pew Fisheries corn. (qu.)(No. 1) •75c. Jan.
*Holders of roe. Doe. 20
Grant (W. T.) Co., corn. (guar.)
*250. Jan.
*Holders of rec. Dec. 15
Great I.akes Towing, Corn. (guar.)
13.4 Dec. 3 Holders of roe. Dee. 150
Preferred (guar.)
134 Jan.
Holders of rec. Dec. 156
Gt. Nor.Bond dr Share Corp., corn.(qu.) $1
Doe. I Holders of rec. Dec. 16
Common (extra)
50c. Jan.
Holders of rec. Dec. 16
Preferred (guar.)
134 Dec. 1 Holderiikof rec. Dec. 16
Greif Bros. Cooperage, el. A (qual.).. 80c. Dee. 3 Holders of roe. Dee. 15
Gulf Oil Corp.(guar.)
3754e Jan.
Dee. 21 to Dec. 26
Hanes (P. H.) Knitting, pref. (guar.)... 134 Jan.
Holders of rec. Doe. 20
DEC. 17 1927.1
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Holt, Renfrew & Co., Ltd., pref.(qu.)_ _
1% Jan. 2 Holders of rec. Dec. 29
Huyler's of Delaware, pref. (guar.)... _
1% Jan. 1 Holders of rec. Dec. 20a
Independent 011 dr Gas (guar.)
25e. Jan. 30 Holders of roe. Jan. 16a
Indian Motocycle, pref.(quar.)
'194 Jan. 2 *Holders of rec. Dec. 21
Industries Development, common
.$2
Jan. 30 *Dec 28 to Jan. 2
Preferred
"2
Jun. 13 *Dec. 28 to Jan. 2
Insurance Secur. Co.(New OH.) (qu.)_ _ 3% Jan. 2 Holders of rec. Nov.23
Intercontinental Rubber (guar.)
25e. Dec. 31 Holders of rec. Dec. 246
Interlake Steamship (guar.)
$1.50 Jan. 1 Holders of rec. Dec. 15
Extra
Jan. 1 Holders of roe Dec. 15
$2
Quarterly
*31.50 Apr. 1 *Holders of me Mar. 17
Internat. Combustion Eng'ng, pf. (qu.)_ $1.75 Jan. 3 Holders of rec. Dec. 20a
International Match Corp., common... 80e. Jan. 16 Holders of rec. Dec. 24a
Participating preferred (guar.)
80e. Jan. 16 Holders of rec. Dec. 246
Island Creek Coal, common (quar.)____ $1
Jan. 2 Holders of rec. Dec. 22
Preferred (quar.)
$1.50 Jan. 2 Holders of rec. Dec. 22
Kaynee Co., pref. (quar.)
1% Jan. 1 Holders of rec. Dec. 200
Kayser (Julius) & Co., com.(guar.).--- 4
11
Feb. 1 *Holders of rec. Jan. 16
Kentucky Cash Credit Co., com.(qu.)_ _ 15e. Dec. 24 Holders of rec. Dec. 12
Common (1-10 share common stock)_ _
Jan. 25 Holders of rec. Jan. 16
Common (guar.)
15e. Mar.24 Holders of rec. Mar. 12
Preferred (guar.)
15e. Dec. 24 Holders of rec. Dec. 12
Preferred (extra)
150. Dec. 24 Holders of rec. Dec. 12
Preferred (guar.)
150. Mar.24 Holders of rec. Mar. 12
Preferred (extra)
15c. Mar.24 Holders of rec. Mar. 12
Kirshbaum (A. B.) Co., pref. (quar.)_
1% Jan. 3 Holders of rec. Dec. 20
Knott Corporation (guar.)(No. 1)
*60c. Jan. 15 'Holders of rec. Jan. 5
Knox Hat, Inc., pref.(guar.)
1% Jan. 1 Holders of rec. Dec. 15
Korach (S.) Co.(guar.)
$1.50 Dec. 31 Dec. 25 to Jan. 2
Laboratory Products, common (quar.)_ _ *30c. Dec. 3 *Holders of rec. Dec. 19
Laclede-Christy Clay Prod., pref.(qu.)_
1% Jan. 2 Holders of rec. Dec. 21
Lake Erie Bolt & Nut (guar.)
250. Dec. 31 Holders of rec. Dec. 21
La Salle Extension University. pref.(qu.) 1% Jan. 2 Holders of rec. Dec. 22
Lawyers Mortgage Co. (guar.)
3% Dec. 31 Holders of rec. Dec. 22
Lawyers Title & Guaranty (guar.)
234 Jan. 3 Holders of rec. Dec. 20a
Lawyers Westchester Mtge.& Title(qu.)
Jan. 3 Holders of me. Dec. 17
Extra
Jan. 3 Holders of rec. Dec. 17
2
Leonard, Fitzpatrick & Mueller Stores,
Preferred (guar.)
*2
Jan. 1 *Holders of me. Dec. 22
Leverich Realty Corp., COM. A & 13_ _
234 Dec. 21 Dec. 15 to Dec. 21
Preferred (quay.)
2
Dec. 21 Dec. 15 to Dec. 21
Liberty Baking Corp., pref. (guar.)._ _ _
Jan. 3 Holders of rec. Dec. 23
Lion 011 Refining, common (guar.)
50c. Jan. 27 Holders of rec. Dec. 30
Loenstein (M.) & Sons, pref. (quar.)__ _ *154 Dec. 30 *Holders of rec. Dec. 20
Loew'S Incorporated (guar.)
50c. Dec. 31 Holders of rec. Dec. 20
Extra
31
Dec. 31 Holders of rec. Dec. 20
Lone Star Gas Corp. (guar.)
50e. Dec. 31 Holders of me. Dec. 20a
Long Island Safe Deposit
4
Jan. 1 Holders of rec. Dec. 24
Lucky Tiger Combination Gold Mining 'Sc. Dec. 20 *Holders of rec. Dec. 10
Extra
Dec. 20 *Holders of rec. Dec. 10
MacAndrews& Forbes Co., corn.(qu.)_ _ 650. Jan. 14 Holders of rec. Dec. 310
Common (extra)
90e. Jan. 14 Holders of rec. Dec. 31a
Preferred (guar.)
134 Jan. 14 Holders of rec. Dec. 3Ia
Mack Trucks, Inc., 1st & 2d pref.(qu.)
1% Dec. 31 Called for redemption.
Magma Copper Co. (guar.)
750. Jan. 17 Holders of roe. Dec. 30
Mandel Bros.(guar.)
•6234c Jan. 16 *Holders of rec. Dec. 31
Marlin-Rockwell Corp., com.(guar.)... *50c. Dec. 31 *Holders of rec. Dec. 22
Common (extra)
•250. Dec. 31 *Holders of rec. Dec. 22
Maryland Cash Credit Corp.,com.(qu.) 15c. Dec. 24 Holders of rec. Dec. 12
Preferred (guar.)
150. Dec. 24 Holders of rec. Dec. 12
Preferred (extra)
150. Dec. 24 Holders of rec. Dec. 12
May Drug Stores (guar.)
3734e. Jan. 2 Holders of rec. Dec. 106
McCallum Hosiery
25e. Dee. 30 Holders of rec. Dec. 22
McCord Manufacturing, pref. (guar.)._ '$1.75 Jan. 2'Holders of rec. Dec. 20
Debenture stock (guar.)
•50e. Jan. 2 *Holders of rec. Dec. 20
McCord Radiator Mfg., class A (guar.) _ •75e. Jan. 3'Holders of rm. Dec. 24
McQuay Norris Mfg.(guar.)
400. Jan. 2 Holders of rm. Dm. 23
Extra
10c. Jan. 2 Holders of rec. Dec. 23
Merch.& Miners Transportation (qu.)_. 6234c.Dec. 31 Holders of rec. Dec. 15a
Metropolitan Paving Brick, corn.(extra) $1
Dec. 23 Holders of rec. Dm. 12
Midland Steel Products, com. (quar.)-- •31
Jan. 1 *Holders of rm. Dec. 22
Common (extra)
•48c. Jan. 1 *Holders of rec. Dec. 22
Preferred (guar.)
Jan. 1 *Holders of rec. Dm. 22
*32
Preferred (extra)
Jan. 1 *Holders of rec. Dec. 22
.
651
Mortgage Corp. of Rhode Island, pref._
334 Jan. 3 Holders of rec. Dec. 20
Mountain & Gulf 011 (guar.)
•20. Jan. 16 *Holders of rec. Dm. 31
Extra
'be. Jan. 16 'Holders of rec. Dec. 31
Mount Vernon-Woodberry Mills,Inc., pf 234 Dee. 31 Holders of rec. Dec. 17a
National Cash Credit Assn., corn.(qu.). 150. Jan. 3 Holders of rm. Dec. 12
Common (1-20 share common stock)._ (f) Jan. 3 Holders of rec. Dec. 12
Preferred (guar.)
15e. Jan. 3 Holders of rec. Dee. 12
Preferred (extra)
15e. Jan. 3 Holders of rec. Dec. 12
Prof. (1-20 share common stock)
(f) Jan. 3 Holders of rec. Dec. 12
National Cash Register, corn. A (quar.)_ *75c. Jan. 15 *Holders of rec. Dec. 30
Common class B (annual)
Jan. 3 *Holders of rec. Dec. 15
*53
National Credit Corp.(Balt.),com.(qu.) 250. Jan. 1 Holders of rec. Dec. 15
Common (quar.)
250. Jan. 1 Holders of rec. Dec. 15
Preferred (guar.)
234 Jan. 1 Holders of rec. Dec. 15
National Fuel Gas(guar.)
25e. Jan. 16 Holders of rec. Dec. 31a
National Licorice, common
234 Jan. 10 Holders of rec. Dec. 15
Preferred (guar.)
134 Dec. 31 Holders of rec. Dm. 15
)
National Refining, prof.(guar.
2
Jan. 2 Holders of rec. Dec. 15
National Tea, common (guar.)
"31
1 *Holders of rec. Dec. 14
Jan
New Bradford 011 (guar.)
"1234 Jan. 16 *Holders of rec. Dec. 31
New England Fuel Oil
25c. Jan 3 *Holders of rec. Dec. 20
N.Y. State Realty & Term.(annual)__ _ 6
Jan. 3 Holders of rec. Dm. 27a
NIpissing Mines Co., Ltd.(quar.)
734e. Jan. 20 Holders of rec. Dec. 31a
North American Car (guar.)
62340. Jan
1 Holders of rm. Dec. 23
Northwestern Yeast (guar.)
*3
Dec. 15 *Holders of rec. Dee. 12
Extra
*3
Dee. 31 'Holders of rec. Dec. 24
Novadel Process Co., common (guar.)._ 25e. Jan. 3 Dec. 21
to
Jan. 2
Preferred (guar.)
50c. Jan
3 Dec. 21
to
Jan. 2
Nunnally Co
"25e. Dec. 31 'Holders of rec. Dec. 24
Ohio Leather, pref. (guar.)
"2
Jan. 1 'Holders of roe. Dec. 20
Pref. (acct. accumulated dividends). _ sh3
Jan. 1 *Holders of rec. Dec. 20
Onomea Sugar (monthly)
1
Dec. 20 Dec. 16 to Dm. 20
Extra
3
Dec. 20 Dm. 16 to Dec. 20
Oswego Rayon Corp.. prof. (qua?.)
154 Jan. 3 Holders of rec. Dec. 15
Otis Elevator, corn. (guar.)
$1.50 Jan. 16 Holders of rec. Dec. 31
Preferred (guar.)
134 Jan. 16 Holders of rec. Dec. 31
Overman Cushion Tire, COM. A & B (qu.) 3734c. Jan. 1 Holders of rec. Dec. 23
Preferred (guar.)
154 Jan. 1 Holders of me. Dec. 23
Paige-Detroit Motor Car.. 1st pf. (qu.)_
Jan. 2 *Holders of me. Dec. 15
*Secon pref.-Jan. div. deferred
*paragon Refining-dividend deferred_
Park, Davis & Co.(guar.)
'25c. Jan. 3 *Holders of rec. Dec. 23
Extra
"25c. Jan. 3 *Holders of rec. Dec. 23
Park Utah Consol. Mines Co. (guar.) _ 20e. Jan. 3 Holders of rec. Dm. 15
Pelz-Greenstein Co., Inc., pref
$2.50 Jan. 1 Holders of rec. Dec. 30
Philadelphia Co.for Guar. Mtgs.(guar.) "2M Dec. 31 *Holders of rec. Dec. 20
Extra
*2
Dec. 31 "Holders of rec. Doe. 20
Phila. Dairy Products, prior pf.(guar.). $1.62% Jan. 8 Holders of rec. Dec. 200
Philadelphia Insulated Wire
Feb. 1 *Holders of rec. Jan. 16
*32
Extra
*50e. Feb. 1 *Holders of rec. Jan. 16
Pie Bakeries of Amer., Inc., pref.(cigar.) 1% Jan. 2 Holders of rec. Dec. 15
•14 Jan. 20 *Holders of rec. Dm. 31
Plymouth Cordage (guar.)
Prairie Pipe Line (guar.)
4
.2;§ Jan. 31 *Holders of rec. Dec. 31
Procter & Gamble Co.. 8% pt.(quar.)
•2
Jan. 15 *Holders of rec. Dec. 12
Pro-phy-lac-tic Brush (guar.)
50e. Jan. 16 Holders of rec. Dec. 31
Extra
31
Jan. 5 Holders of rec. Dec. 23
Q. R.S. Music Co., com.(monthly).. •150. Jan. 15 *Holders of rec. Jan. 3
•1% Jan. 3 *Holders of rec. Dec. 20
Regal Shoe, pref. (guar.)
Reis(Robert) az Co., 1st pref.(guar.)... 1% Jan. 1 Holders of rec. Dec. 23
Rice-Stix Dry Goods, common (guar.)._ 37340. Feb. 1 Holders of roe. Jan. 15
1% Jan. 2 Holders of rec. Dec. 15
First and second pref.(guar.)
Royal Baking Powder, com.(guar.)._ _
Dm. 31 *Holders of rec. Dec. 15
*2
•1m Dec. 31 *Holders of me. Dec. 15
Preferred (guar.)
Dec. 23 *Holders of rec. Dec. 15
Safety Car Heating & Ltg•(guar.)
*2
Extra
Dec. 23 *Holders of rec. Dec. 15
*2
Safeway Stores, Inc., corn. (guar.)
42.50 Jan. 1 Holders of rec. Dec. 20
Preferred (guar.)
"1% Jan. 1 *Holders of rec. Dec. 20
194
Name of Company.
3311
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
St. Louis National Stock Yards(quar.)__ "2
Jan. 3'Holders of rec. Dec. 24
St. Regis Paper, common (guar.)
50e. Jan. 2 Holders of rec. Dec. 15
Preferred (guar.)
Jan. 2 Holders of rec. Dec. 15
Schoeneman (J.). Inc., 1st pf. (quar.)..13-4 Jan. 2 Holders of rm. Dec. 15
Schulze Baking. pref. (guar.)
I% Jan. 1 Holders of rec. Dec. 15
Convertible preferred (guar.)
750. Jan. 1 Holders of rec. Dec. 15
Seagrave Corporation (guar.)
•300. Jan. 20 *Holders of rec. Dec. 31
Second Internat. Secur.Corp.,1st pf.(qu) 75c. Jan. 1 Holders of rec. Dec. 15
Second preferred (guar.)
75e. Jan. 1 Holders of rec. Dec. 15
Sefton Manufacturing, pref.(guar.)._ •194 Jan. 1 *Holders of rec. Dec. 22
Segal Lock & Hardware common
162-50 Doe. 15 Holders of roe. Nov. 30a
Preferred (guar.)
154 Jan. 15 Holders of rec. Dec. 31a
Seiberling Rubber, pref.(guar.)
*2
Jan. 1 'Holders of rec. Dec. 20
Shaler Co., class A (guar.)
*50e. Jan. 1 *Holders of rec. Dec. 22
Shreveport Eldorado Pipe Line (guar.)._ *50c. Jan. 3 *Holders of rm. Dec. 20
Silver King Coalition Mines Co. (qu.)_ _ •250. Jan. 2 *Holders of rec. Dec. 24
Extra
•10c. Dm. 24'Holders of rec. Dm. 19
Singer Mfg. (guar.)
234 Dm. 31 Dec. 11 to Jan. 2
Extra
534 Dec. 31 Dec. 11 to Jan. 2
Southern Acid & Sulphur, corn. (quar.)_ 75c. Dec. 15 Holders of rec. Dec. 12
Standard Coupler, pref. (annual)
•8
Jan. 3'Dec. 25 to Jan. 10
Steel Products Co.,class A dr R (guar.)_ 40e. Jan. 2 Holders of rec. Dec. 30a
Sundstrand Co.. common (No. 1)
$1 Jan. 16 Holders of rec. Dm. 31a
Preferred (Quar.)
13-4 Jan. 16 Holders of rec. Dec. 31a
Telling-Belle Vernon Co.,com.(guar.)_ "31
Dec. 31 *Holders of rec. Dec. 19
Preferred (guar.)
Dec. 31 'Holders of rec. Dec. 19
Thompson (John R.) Co.(monthly)_
*30e. Jan. 3 *Holders of rec. Dec. 23
Extra
*40c. Jan. 3'Holders of rec. Dec. 23
Monthly
*30e. Feb. 1 *Holders of rec. Jan. 23
Monthly
*30e. Mar. 1 *Holders of rec. Feb. 23
Traveler Shoe (guar.)
'3734c Jan. 3 *Holders of rec. Dec. 21
Tubize Artificial Silk, common (qua?.)_ _ 32.50 Jan. 3 Holders of rm. Dec. 20a
Preferred (guar.)
134 Jan. 3 Holders of rm. Dec. 20a
244 North Bay Shore Drive, Inc., pref._ 3
Dec. 31 Dec. 16 to Jan. 2
Union Metal (guar.)
50c. Jan. 1 Holders of rec. Dec. 20
Extra
200: Jan. 1 Holders of rec. Dec. 20
s$2
Preferred (guar.)
Jan. 1 'Holders of rec. Dec. 20
Union Mortgage (guar.)
Jan. 3 *Holders of rec. Dec. 31
"2
Extra
Jan. 3 *Holders of rec. Dec. 31
*2
Union Twist Drill, pref. (guar.)
194 Dec. 31 Holders of rec. Dec. 20a
United Electric Coal (No. 1)
•The Jan. 15 *Holders of rec. Dec. 31
United Shoe Machinery, com. (guar.)-- 6234e.Jan. 5 Holders of rec. Dec. 20
Preferred (guar.)
373-4c.Jan. 5 Holders of rm. Dec. 20
U. S. Bobbin & Shuttle, com.(quar.)_ _
50c. Dec. 31 Holders of rec. Dec. 14
Preferred (guar.)
Dec. 31 Holders of rec. Dec. 14
U. S. L. Battery, common (guar.)
50c. Jan. 3 Dec. 16 to Jan. 2
Preferred A (guar.)
250 Jan. 3 Dee. 16 to Jan. 2
Preferred B (guar.)
17 Mc Jan. 3 Dec. 16 to Jan. 2
U. S. Lumber (guar.)
134 Jan. 2 'Dec. 21
to
Jan I
Universal Leaf Tobacco, corn. (num.)__ •75e. Feb. 1 'Holders of rec. Jan. 20
Preferred (quar.)
*2
Jan. 2 *Holders of rec. Dec. 23
Universal Pictures Corp., 1st pref. (nu.) *2
Jan. 1 *Holders of rec. Dec. 23
Valvoline 011, corn.(in common stock)_ _ jr)
Jan. 17 Holders of rec. Jan. 14
V. Vivoudou, Inc., pref. (guar.)
Feb. 1 Holders of rec. Jan. 150
Washington 011 (guar.)
Dec. 20 "Holders of rec. Dm. 15
"El
Waverly 011 Works, el. A (guar.)
*373.4c Jan. 1 *Holders of rec. Dec. 22
Western Auto Supply, panic. pref. (qu.) 50c. Jan. 1 Holders of rec. Dec. 20
Western Canada Flour Mill, corn.(qu.)_ '35c. Dec. 15 *Holders of rec. Nov.30
Preferred (guar.)
"I% Dec. 15'Holders of rec. Nov.30
Western Electric Co., corn. (guar.)
*50e. Dee. 31 *Holders of rec. Dee. 24
Common (special)
4
113 Dec. 31 'Holders of rm. Dec. 24
Western Maryland Dairy Corp., pf.(qu.) $1.50 Jan. 2 Holders of rec. Dm. 20
Western Tablet & Stationary, pref.(qu.) 13-4 Jan. 1 Holders of rec. Dec. 24
West Coast 011 (guar.)
•31.50 Jan . 5 *Holders of rec. Dec. 23
Extra
•33
Dm. 30 *Holders of rec. Dm. 23
West Point Manufacturing (guar.)
2
Jan. 3 Holders of rec. Dec. 164
Will & Baumer Candle, pref. (guar.)
2
Jan. 3 Holders of rec. Dec. 16
Willys-Overiand Co., pref. (guar.)
Jan. 1 *Holders of rec. Dm. 24
194
•194
194
194
•194
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.
Per
When
Cent. Payable
Railroads (Steam).
Alabama Great Southern, ordinary
$1.75 Dec. 30
Ordinary (extra)
51.50 Dec. 30
Preferred
81.75 Feb. 13
Preferred (extra)
31.50 Feb. 13
Albany & Susquehanna
4% Jan. 1
Atch. Topeka & Santa Fe, pref
234 Feb. 1
Atlanta & West Point
4
Dee. 31
Atlantic Coast Line RR..common
33-i Jan. 10
Extra
134 Jan. 10
Bangor & Aroostook. corn.(guar.)
87e. Jan. 1
Preferred (qua.)
1% Jan. 1
Beech Creek (guar.)
50c. Jan. 8
Boston & Albany (guar.)
234 Dec. 31
Boston & Providence (guar.)
2% Jan. 1
Buffalo & Susquehanna. pref
Dee. 30
2
Canadian Pacific, common (guar.)
234 Dec. 31
Chesapeake Corporation (guru.)
75e. Jan. 1
Chesapeake & Ohio, common (guar.)... 234 Jan. 1
Preferred
3M Jan. I
Chicago Burlington & Quincy
Dec. 27
5
Chicago Indianapolis & Louisville, corn
2% Jan. 10
Common (extra)
Jan. 10
1
Preferred
Jan. 10
2
Chicago & North Western.common__
Dec. 31
2
Preferred
3% Dec. 31
Chicago R. I. & Pacific, com.(guar._
134 Dec. 31
Seven per cent preferred
3% Dec. 31
Six per cent preferred
Dec. 81
3
Chic. St. P. Minn. & Omaha, pl.(ann.).
Clnc. New On.Texas & Pacific, com____
5
4
De° 31
Dec 2
. 7
.
Extra
Dec. 27
3
Colorado & Southern, common
Dec. 31
3
First preferred
Dec. 31
2
Second preferred
Dec. 31
4
Consolidated RRs. of Cuba. pref.(guar.) 1% Jan.
Cuba RR., common
Dec.
31.20 Fem 2
3
Preferred
Delaware & Hudson Co. (quar.)
234 Dee. 20
Detroit Hillsdale dr Southwestern
Jan.
2
Gulf Mobile & Nor., Prof. (quar.)
1% Jan.
Prof.(Reel accumulated dive.)
Jan.
1
Hocking Valley,common (guar.)
2;4 Dec. 3
Illinois Central leased lines
2
Jan.
Joliet & Chicago (guar.)
1% Jan.
Lehigh Valley, common (guar.)
87340 Jan. 3
Preferred (guar.)
31.25 Jan. 3
Maine Central, common (guar.
1
Jan. 2
Mobile & Birmingham, pref
2
Jan. 3
Mobile & Ohio
334 Dec. 30
Extra
5
Dec. 30
Morris & Essex
2.1234 Jan. 3
N V Chicago dr St. L., COM.& pf.(qu.) 1% Jan. 8
New York •Sr Harlem, corn. & pref
$2.50 Jan. 3
N. Y. Lackawanna & Western (guar.).13-4 Jan. 3
N Y.KH & liartf.. pref.(qu.)(No.1) 1% Jan. 2
Norfolk & Western. common (quar.)____ 2
Dec. 19
Common (extra)
2
Dee. 19
Northern Pacific (guar.)
1;i Feb. I
Old Colony (guar.)
1% Jan. 2
Pere Marquette. common (guar.)
134 Jan. 3
Prior preferred (quar.)
13( Feb. 1
Five per cent preferred (guar.)
1% Feb. 1
Books Closed.
Days Inclusive.
Holders of reo. Nov.25
Holders of rec. Nov.25
Holders of rec. Jan. 13
Holders of rec. Jan. 13
Holders of rec. Dec. 15
Holders of rec. Dec. 300
Holders of rec. Dec. 19
Holders of rec. Dec. 15a
Holders of rec. Dec. 15a
Holders of me. Nov. 30a
Holders of rec. Nov. 30a
Holders of rec. Dec. 15a
Holders of rec. Nov. 30a
Holders of rec. Dec. 20
Holders of rec. Dec. 15a
Holders of rec Dec. la
Holders of rec. Dec. I20
Holders of rec. Dec. 12a
Holders of rec. Dec. 8a
Holders of rec. Dec. 17a
Holders of rec. Dec. 24
Holders of rec. Dec. 24
Holders of rec. Dee. 24a
Holders of rec. Dec. la
Holders of rec. Dec. la
Holders of rm. Dm. 2a
Holders of rec. Dec. 50
Holders of rec. Dec. 50
Holders of rec. Dee. la
Holders of rec. Dec. 9a
Holders of rec. Dec. 9a
Dec. 18 to Jan. 2
Dec. 18 to Jan. 2
Dec. 18 to Jan. 2
Holders of rec. Dec. 104
Holders of rm. Dec. 28a
Holders of roe. Jan. 16a
Holders of rec. Nov.26a
Dec. 21 to Jan. 10
Holders of rec. Dec. 154
Holders of rec. Dec. 15a
Holders of rec. Dec. 120
Dm. 13 to Jan. 4
Holders of rec. Dec.d23a
Holders of rec. Dee. 17a
Holders of rec. Dec. 174
Holders of rec. Dec. 15
Dec. 2 to Jan. 2
Holders of rec. Dec. 166
Holders of rec. Dec. 166
Holders of rec. Dec. 9a
Holders of rec. Nov. 15a
Holders of rec. Dec. 15a
Holders of rec. Dee. 146
Holders of rec. Dec. 54
Holders of rec. Nov. 304
Holders of reo. Nov.304
Holders of rec. Dec. 30a
Holders of rec. Dec. 10a
Holders of rec. Dec. 10a
Holders of rec. Jan. 10a
Holders of rec. Jan. 10a
3312
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Public Utilities.
$1.75
Alabama Power, $7 pref. (guar.)
$1.50
$6 preferred (guar.)
Amer.& Foreign Power, pref.(guar.) __ $1.75
Amer. Gas & Elec.. common (guar.) _ -__ 25e.
Common (one-fiftieth share corn. stk.) (f)
134
Preferred (guar.)
134
Amer.Power & Light, pref.(guar.)
Amer. Public Service. pref. (guar.)
134
American Public Utilities$1.75
Prior pref, and partie. pref. (quar.)
Amer. Superpower, corn. A & B (quar.)_ 30c.
Corn. A & 13 (pay. In cl. A corn. Kock) (3)
$1.50
First preferred (quar.)
234
Amer. Telep. & Telex. (guar.)
Amer Wat. Wks. AC Elec. $6 lot pl.(qu.) $1.50
12e.
Arkansas Natural Gas (guar.)
Arkansas Power & Light. pref. (quar.),_ $1.75
Associated Gas & El., class A (guar.)- -... 150e.
125e.
Class A (extra)
151.75
$7 preferred (guar.)
187 Sic
Original preferred (guar.)
Bangor Hydro-Elec. Co.. 7% pref. (qu.) 134
1)4
6% preferred (guar.)
2
13011 Telephone of Canada (guar.)
134
Bell Telep. of Pa..6 A % pref. (guar.)._
Binghamton L., H.& Pow.. 56 pt. (qu.). $1.50
Birmingham Elec. Co., $7 pref. (guar.). $1.75
$1.50
$6 preferred (guar.)
1)4
Boston Elevated Ry.. corn. (quar.)____
4
First preferred
Preferred
334
Brazilian Tr. Lt. & Pow., pref. (quar.)- 13-s
Bklyn.-Manhattan Transit$1.50
Preferred, series A (guar.)
51.50
Preferm.', series A (qMI%)
$1.25
Brooklyn nlon Gas(guar.)
California :lee. Generating, pref. (qu.). 134
Capital Trae.(Washington, D.C.)(qu.) 134
Carolina-Georgia Service Co.,$7 pf.(qu.) $1.75
Central Illinois Public Serv.. pref.(qu.) 111.50
Central States Elec. Corp., corn.(qu.)._ 25c.
lA
Preferred (guar.)
Chic. Nor. Shore & Mil., pr. lien (qu.),., 134
134
Preferred (quar.)
Chicago Rapid Tran., prior pref. A (qu.) 65e.
65e.
Prior pref. A (guar.)
65c.
Prior prof. A (guar.)
60e.
Prior pref. series B (quar.)
60e.
Prior pref. series B (guar.)
60e.
Prior pref. series B (quar.)
Cleveland Ry. (guar.)
134
50c.
Columbus Elec.& Pow., corn.(guar.). _ _
Common (stk. div. one-fortieth share) (m)
134
Preferred, series B (guar.)
134
Preferred, series C (guar.)
13.4
Second preferred (guar.)
Cons. Gas, El. L.& P., Balt.. corn. (g11.) 750.
Preferred series A (guar.)
2
Preferred series B (guar.)
134
Preferred series C (guar.)
1)4
Preferred series D (guar.)
134
Consolidated Gas Of N.Y., pref.(guar.)_ $1.25
Consumers Power,6% pref. (guar.)._
134
6.6% preferred (guar.)
1.65
Seven per cent preferred (guar.)
154
Six per cent preferred (monthly)
50e.
6.6% preferred (monthly)
55e.
Continental Gas & El. Corp., Corn.(qU.) $1.10
Prior preference (guar.)
154
Participating preferred (guar.)
134
34
Participating pref. (extra)
6% preferred (guar.)
134
w$3
Continental Pass. Ry. (Phila.)
Denver Tramway Corp., prof.(guar.) . 750.
2
Detroit Edison (guar.)
134
Diamond State Telep., 63.4% pf.(qu.)..
1
Duluth-Superior Tree., pref.(quar.)____
Eastern Texas Elec. Co., pref. (quar.)__
154
Electric Light dz Power Co. of
50c.
Abington & Rockland (guar.)
50c.
Extra
$1.75
Elec. Power & Light, pref.(guar.)
Prof. allot. Ws. full paid (quar.)...... $1.75
70o
Prof. allot. 40% paid (quar.)
13.4
Electric Public Serv., pref. (guar.)
134
Electric Public Util.. pref.(guar.)
Empire Gas & Fuel, 7% pref. (mthly.)..* 58 1-3c
* 662-3c
8% preferred (monthly)
Engineers Public Service $7 pref. (qu.)._ $1.75
50c.
Fall River Elec. Light (guar.)
.
Federal Light & Trac., common (qu.). 20c.
Common (payable in common stock). /15c.
134
Florida Power & Light, pref. (guar.)._ _
134'
Florida Public Service, pref. (quar.)____
Frankford dz Southwark Pass. Ry.(qu.). $4.50
General Gas & El. Corp., Corn. A (qu.)_. 03734e
851.50
Common class B (No. I)
$2
$8 preferred class A (guar.)
$1.75
$7 preferred class A (quar.)
$1.75
$7 preferred class B (guar.)
$1.50
Georgia Power, $6 pref.(guar.)
$1.31
Germantown Pass. Ry. (guar.)
3t. Western Pow. of Calif., 7% pf.(qu.) 13.4
Six per cent preferred, series A (quar.)., 134
2
Illinois Bell Telephone (guar.)
134
Illinois Power & Light. 7% pref. (qu.)._
134
6% preferred (guar.)
$1.50
Indianapolis Water. pref. (guar.)
International Telep. & Teleg. (guar.)... 134
$1.75
Interstate Power Co.. pref. (guar.)
IA
females Pub. Serv., Ltd., pref. (quar.)Kansas City Pow. & Lt.. 1st pf. A (qu. $1.75
Kansas City Public Service, pref.(guar.) $1.75
131
Kentucky Hydro-Elec., pref. (quar.)-lq
Laurentide Power (guar.)
75c.
',mg Island Lighting, common
134
Preferred, series A (guar.)
13.4
Preferred, series B (guar.)
Louisville Gas & Elec.(Del.) A & B (qu.) 4334c
134
Mackay Companies, common (guar.).1
Preferred (guar.)
$2
Manitoba Power (auer.)
.w
n20
I)4
$1.50
50c.
1)4
25c.
1)4
134
134
134
I)4
134
2
13.4
234
5
4
w
Railroads (Steam) (Concluded).
Pittsburgh & Lake Erie (in dwelt)
Pittsb. Ft. W.& Chic., corn. & pf.(qu.)_
Pittsb. McKeesp.& Youghlougheny_ __
Reading Co., 2d pref.(guar.)
St. Louls-San Francisco Hy., corn.(qu.).
Common (extra)
Preferred (guar.)
Preferred (guar.)
Preferred (guar.)
Preferred (guar.)
St. Louis Southwestern, pref. (guar.)._ _
Southern Pacific C.. (quar.)
Southern By., common (guar.)
Preferred (guar.)
Union Pacific. common (guar.)
Wabash. preferred B (guar.)
Western Ry. of Alabama
Per
When
Cent. Payable.
;r,tt'o,ttttc,ttttt'u.t.ttql'tttq;'t
..pa..0.g....og..g.0.. ood000d00000000ts000
Name of Company.
[VOL. 125.
CHRONICLE
Books Closed
Days Inclusive
Per
When
Cent. Payable.
Name of Company.
Books Closed
Days Inclusive.
Public Utilities (Concluded).
Memphis Pow.& Lt.,$7 pref.(guar.)... $1.75 Jan. 3 Holders of rec. Dec. 17 r
$6 preferred (guar.)
$1.50 Jan. 3 Holders of rec. Dec. 17
Metropolitan Edison, $7 pref. (guar.)._ $1.75 Jan. 1 Holders of rec. Dec. 15.
136 preferred (guar.)
$1.50 Jan. 1 Holders of rec. Dec. lb
Midland Utilities, 7% pr. lien stock (qu.) 1A Jan. 6 Holders of rec. Deo. 22
Six per cent prior lien stook (guar.)._
I)4 Jan. 6 Holders of rec. Dec. 22
I)4 Jan. 6 Holders of rec. Dec. 22
Seven per cent class A (guar.)
Six per cent pref., class A (guar.) _ _ _ _
134 Jan. 6 Holders of rec. Dec. 22
Monongahela %V. Penn. P. S.. pf. (qu.). 4334e. Jan, 2 Holders of rec. Dec. lb
Montana Power, COM. (guar.)
1 A Jan. 3 Holders of rec. Dec. 120
Mountain States Power, pref. (guar.)... 134 Jan. 20 Holders of rec. Dec. 31
134 Jan. 1 Holders of rec. Dec. 16
Nassau dr Suffolk Lighting. pref. (qu.)....
1)4 Jan. 2 Holders of rec. Dec. 200
National Elec. Power. pref. (guar.)
Nat. Power de Light, pref. (guar.)
$1.75 Jan. 2 Holders of rec. Deo. 15
National Public Service
Series A pref. & partic. pref. (guar.)._ $1.75 Jan. 1 Holders of rec. Dec. 17
Nevada-Calif. Elec., pref. (guar.)
134 Feb. 1 Holders of rec. Dec. 3IG
New England Power Assn., corn. (guar.) 50c. Jan.d16 Holders of rec. Dec. 31
Preferred (guar.)
$1.50 Jan. 2 Holders of rec. Dec. 15.
New England Pub. Ser., pr. lien pt.(qu.) $1.75 Dec. 15 Holders of rec. Nov. 30
Holders of rec. Dec. 16
2
New England Tel. & Tel. (guar.)
Dec. 31 Holders of rec. Dec. 10
Holders of rec. Dec. 16
Holders of rec. Dec. 15a New Jersey Pow.& Lt.. $6 pref. (guar.). 51.50 Jan. 1 Holders of rec. Dec. 15
N.Y. Central Elec. Corp., pref.(guar.). 134 Jan. 1 Holders of rec. Dec. 16
Holders of rec. Dec. 12
New York Steam co.. 7% pref. (guar.). 134 Jan. 2 Holders of rec. Dec. 154
Holders of rec. Dec. 12
134 Jan. 2 Holders of rec. Dec. 150
Holders of rec. Jan. 10
Six per cent preferred (guar.)
New York Telephone. pref. (guar.)
134 Jan. 16 Holders of rec. Dec. 20
Holders of rec. Dec. 12
Holders of rec. Dec. 15a Niagara Falls Power, pref. (guar.). __ 4334c Jan. 16 Holders of rec. Dec. 31a
Niagara Lockport & Ont.Pow, pf. (g11.) 134 Jan, 3 Holders of rec. Dec. 15
Nor. Amer. Co., corn.(qu.)(in com.stk.) 4234 Jan. 3 Holders of rec. Dec. 50
Holders of rec. Dec. 15
Preferred (guar.)
73c. Jan. 3 Holders of rec. Dec. ba
Holders of rec. Nov. 30
North Amer. Light & Pow., pref. (gu.). 134 Jan. 3 Holders of rec. Dec. 20a
Holders of rec. Nov. 30
Jan. 3 Holders of rec. Dec. 15
holders of rec. De'. 150 Northern Mexico Pow.& Dev., com.(qu) 1
134 Jan, 3 Holders of rec. Dec. 15
Preferred (guar.)
Holders of rec. Dec. 20a
3
Holders of rec. Dec. 120 Northern Ontario Light & Power
Jan. 25 Holders of rec. Dec. 31
Holders of rec. Dec. 14a Northern Penna. Power, $7 pref. (qtr.)._ $1.75 Jan. 1 Holders of rec. Dec. 15
Holders of rec. Dec. 15
56 preferred (guar.)
$1.50 Jan. 1 Holders of rec. Dec. lb
3
6% preferred (guar.)
Jan, 1 Holders of rec. Dec. 15.
Holders of rec. Dec. 31
North. States Pow.(Del.) corn. A (au.). 2
Feb. I Holders of rec. Dec. 31
Holders of rec. Dec. 31
134 Jan. 20 Holders of rec. Dec. 31
Preferred (guar.)
Holders of rec. Nov. 30
Northwestern Telegraph
Holders of rec. Nov. 30
$1.50 Jan. 3 Dec. 17 to Jan. 2
North West Utilities, prior lien pf. (au.). 134 Jan. 3 Holders of rec. Dec. 15
Holders of rec. Dec. 10
Nonillion Water Works, pref. (guar.) _
134 Jan. 1 Holders of rec. Dec. 16
Holders of rec. Dec. 10
134 Jan. 1 Holders of rec. Dec. 20
Ohio Bell Telep., pref. (guar.)
Holders of rec. Dec. 23
lA Jan. 1 Holders of rec. Dec. 15
Ohio River Edison, 7% pref. (quar.)
Dec. 21 to 'Jan. 15
Penn Central Light & Power, pref. (qu.) $1.25 Jan. 2 Holders of rec. Dec. lbcs
Holders of rec. Dec. 15
Penri-Ohio Power & Light. $6 pref. (qu.) $1.50 Feb.
Holders of rec. Dec. 12
Holders of rec. Jan. 20
Seven per cent preferred (guar.)
134 Feb.
Holders of rec. Jan. 20
Holders of rec. Dec. 12
Mc. Jan.
6.6% preferred (monthly)
Holders of rec. Dec. 20
Holders of rec. Dec. 100
Mc. Feb.
6.6% preferred (monthly)
Holders of rec. Jan. 20
Holders of rec. Dec. 10a
60c. Jan.
7.2% preferred (monthly)
Holders of rec. Dec. 20
Holders of rec. Dec. 10a
60e. Feb.
Holders of rec. Jan. 20
Holders of rec. Dec. 15a
7.2% preferred (monthly)
Pennsylvania Gas & Elec. 7% pref.(qu.) 134 Jan.
Dec. 21 to Dec. 31
Holders of rec. Dec. 310 Pennsylvania Power & Light, prof. (Q11.) 31.75 Jan. 3 Holders of rec. Dec. 16
$1.50 Jan. 3 Holders of rec. Dec. 15
$6 preferred (guar.)
Holders of rec. Apr!'28a
Holders of rec. Dec. 7a Pennsylvania Water & Power (guar.).- 823-ic. Jan. 3 Holders of rec. Dec. 16
3
Deo. 31 Holders of ree. Dec. 104
Holders of rec. Dec. 5
Peoples Gas Co., pref
134 Jan. 2 Holders of rec. Dec. 15
Portland Electric Power, 151 pref.(qu.) _
Holders of rec. Dec. 12
134 Jan. 2 Holders of rec. Dec. 15
Holders of rec. Dec. 15
Prior preference (guar.)
Holders of rec. Dec 310 Power Corporation of Canada
Holders of rec. Dec. 10
6% cum. lot pf.&6% non-cum.pf.(qu.) 134 Jan. 16 Jan. 1 to Jan. 2
Holders of rec. Dee. 10
Pub.Serv. Corp. of Long Iskl.. Pf.(qu.). 134 Jan. 1 Holders of rec. Dec. 18
50c. Dec. 31 Holders of rec. Dec. 24
Holders of rec. Dec. 150 Public Service Corp. of N. J., corn. (qu.)
2
Holders of rec. Dec. 156
Dee. 31 Holders of rec. Dec. 20
Eight per cent preferred (guar.)
Holders of rec. Dec. 20a
Seven per cent preferred (guar.)
154 Dec. 31 Holders of rec. Dec. 20
Holders of rec. Jan. 17a
50e. Dec. 31 Holders of rec. Dec. 20
Six per cent preferred (monthly)
Holders of rec. Feb. 21a Public Service Elec & Gas 6% pf. (qu.).
134 Dec. 31 Holders of rec. Dec. 2a
7% preferred (quarterly)
Holders of rec. Dec. 20a
134 Dec. 31 Holders of rec. Dec. 20
Holders of rec. Jan. 17a Radio Corp. of Amer.. pref. A (qUar.)--134 Jan. 1 Holders of rem Dec. la
7
IIolders of rec. Feb. 2Ia
Original preferred
Jan. 1 Holders of roe. Dec. la
75e. Jan. 2 Dec. 17 t() Jan. 2
Holders of rec. Dec. 10a Reading Traction
1
Jan. 16 Holders of rec. Dec. 31
Holders of rec. Dec. tro St. Maurice Power (guar.)
Holders of roe. Dec. fia Savannah El. & Pow., deb. ser. A (111.)- 2
Jan. 3 Holders of reo. Dec. ba
Holders of rec. Dec. 9a
Debenture stock series B (guar.)
Jan. 3 Holders of roe. Dec. ba
Jan. 1 Dec. 2 to Dec. 31
Holders of rec. Dec. 90 Second & Third Sts. Pass., Phila.(qu.)-- $3
Holders of rec. Dec. 9
Shawinigan Water & Power (guar.). _ _ _ 50e. Jan. 10 Holders of rec. Dec. 23
Holders of rec. Dec. 150 Southeastern Power & Light, Corn. (qu.) 25c. Jan. 20 Holders of rec. Deo. 31
Holden of rec. Deo. lba
Common vol. tr. etfs. (guar.)
25e. Jan. 29 Holders of rec. Dec. 31
Holders of rec. Dec. 150
$7 preferred (guar.)
31.75 Jan. 2 Holders of roe. Dec. 15
Holders of rec. Dee. 15a
$6 preferred (guar.)
31.50 Jan. 2 Holders of roe. Deo. lb
Holders of reo. Dec. lba
Participating preferred (guar.)
Jan. 2 Holders of rec. Dec. 15
$1
Holders of rec. Dec. 30
Southern Canada Power, pref. (quar.),.134 Jan. 16 Holders of reo. Dec. 24a
Holders of rec. Dec. 15
Southwestern Bell Telep., pref. (guar.). 134 Jan. 2 Holders of rem Dec. 20
Holders of rec. Dec. 15
Southwestern Light & Power, prof. (qu.) •134 Jan. 3 *Holders of rec. Dec. 15
Holders of rec. Dec. 15
Southwest Gas & Elec..8% prof.(qu.).. 2
Jan. 2 Holders of roe. Dec. lba
Holders of rec. Dec. 15
7% preferred (guar.)
13.4 Jan. 2 Holders of rec. Dec. 150
Holders of rec. Dec. 15
Springfield (Mo.) Gas& El.. pf. A (qu.). 81.75 Jan. 3 Holders of rec. Dec. 15
Holders of rec. Dec. 12a Standard Gas & Elec.(Del.). com.(qu.). 8730. Jan. 25 Holders of ree. Dec. 310
Holders of rec. Dec. 120
7% prior preference ((mar.)
dile. Jan. 25 Holders of rec. Deo. 310
Holders of rec. Dec. 12a Tennessee Elec. Power,6% let pref.(qu.) 134 Jan
3 Holders of rec. Deo. lb
Holders of rec. Dec. 120
7% first preferred (guar.)
13.4 Jan. 3 Holders of rec. Dec. lb
7.2% first preferred (guar.)
Holders of rec. Dec. 120
1.80 Jan. 3 Holders of reo. Dec. lb
6% first preferred (monthly)
Holders of rec. Nov. 30a
50e. Jan. 3 Holders of roe. Dec. lb
Holders of rec. Dec. 150
7.2% first preferred (monthly)
60e. Jan. 1 Holders of roe. Dec. lb
Holders of rec. Dee. 20a Twin City Rapid Tran., Minneapolis
Dec. 20 to Jan. 15
Common (guar.)
$1
Jan. 2 Holders of rec. Dec. 120
Holders of rec. Dec. 120
Preferred (guar.)
134 Jan. 2 Hokiers of rec. Deo. 120
w$4.75 Jan. 2 Holders of reo. Dec. lba
Union Pass. Ry.(Phila.)
Holders of rec. Dec. ba
3
Union Traction, Philadelphia
Jan. 1 Holders of rec. Deo. Oa
Holders of rec. Dec. 15a 'United Gas & Elec. Corp.. pref. (qu.)-134 Jan, 1 Holders of rec. Dec. 16
Holders of rec. Dec. 15a United Lt. & Pow, old com. A&B (qu.).
60c. Feb. 1 Holders of rec. Jan. 16
New common A & B (guar.)
Holders of rec. Dec. 12a
12e. Feb. 1 Holders of rec. Jan. 15
Holders of rec. Dec. 12a
Preferred A (guar.)
$1.62 Jan. 3 Holders of rec. Dec. 15
IIolders of rec. Deo. I20
Preferred B (guar.)
$1
Jan. 3 Holders of rec. Dec. 15
Holders of rec. Dec. 15a United Utilities, common
84
Dec. 22 0r:driers of rec. Deo. 12
Holders of rec. Dec. 150
134 Jan, 3 Holders of rec. Dec. 21
Preferred (guar.)
*Holders of rec. Dec. 15
Utah Gas & Coke, pref. dc panic. Pf.(qu.) $1.75 Jan. 3 Holders of roe. Deo. 15
*Holders of rec. Dec. 15
Utah Power & Light, 37 pref. (guar.)._ $1.75 Jan. 3 Holders of rec. Deo. 5
Holders of roe. Dee. 50
$6 preferred (guar.)
51.50 Jan. 3 Holders of ree. Dec. 5
Holders of rec. Dec. 20a Utilities Power & Light, class A (quar.)- *50c. Jan. 3 Holders of roe. Dee. 5
Class B (guar.)
v25c. Jan. 3 Holders of rec. Dec. b
Holders of rec. Deo. 13a
Holders of rec. Deo. 13a
Class 13 (extra)
e4ic. Jan. 3 Holders of rec. Deo. 5
v134 Jan. 3 Holders of rec. Deo. 5
IIolders of rec. Dec. 14
Preferred (guar.)
Virginia Elec. dv Pow.,7% Of.(guar.)
154 Deo. 20 Holders of rem Nov. 30a
Holders of rec. Dec. 15
Dec. 2 to Dec. 31
134 Dee. 20 Holders of rem Nov.300
6% preferred (guar.)
West Penn Electric Co.. class A (gill- $1.75 Dee. 30 Holders of roe. Deo. lba
Holders of rec. Dec. 120
Holders of rec. Dee. 122 West Penn Power Co..7% pref.(quar.)_
134 Feb. 1 Holders of rec. Jan. ba
Six per cent preferred (guar.)
134 Feb. 1 Holders of rec. Jan. ba
Holders of rec. Dec. 12a
West Philadelphia Pass. Ry
Holders of roe. Dec. 12a
w35
Jan. 2 Holders of roe. Deo. 15a
Winnipeg Electric Co. (guar.)
1
Holders of rec. Dec. 12a
Jan. 16 Holders of roe. Nov.30
Holders of rec. Dec. 15a
Preferred (guar.)
13.4 Jan. 1 Holders of rec. Dec. 6
Dec. 15 to Jan. 2
Banks.
Holders of rec. Dec. 5
America, Bank of (guar.)
3
Holders of rec. Dec. 5
Jan. 3 Holders of roe. Dec. 21a
Holders of rec. Dec. 30a Chase National (guar.)
33.4 Jan. 3 Holders of rec. Dec. 13a
Chase Securities (guar.)
Holders of rec. Dec. 10
$1 Jan. 3 Holders of rec. Dec. 13a
Chatham & Phenix National(quar.)_- 4
Holders of rec. Dec. 10
Jan. 2 Dec. 16 to Jan. 2
Holders of rec. Dec. 100 Chelsea Exchange (guar.)
2
Jan. 3 Holders of rec. Dec. 16
d4
Holders of rec. Dec. 27a Chemical National (bi-monthly)
Jan. 3 Holders of rec. Dec.4220
Holders of rec. Dec. 5
Commerce, Nat. Bank of (guar.)
4
Jan. 3 Holders of rec. Dec. 160
Extra
2
Holders of rec. Dec. 20
Jan. 3 Holders of rec. Dec. 16a
Holders of rec. Dec. 140 Commercial Exchange (qua?.)
234 Dec. 31 Holders of roe. Dec. 15
Fifth Avenue (guar.)
Holders of rec. Dec. 20
6
Jan. 3 Holders of rec. Deo.d310
3
Holders of rec. Nov. 30a Lebanon National
Jan, 3 Holders of ma. Deo. 20a
Manhattan Co.(Bank of the)(guar.).- 4
Holders of rec. Dee. 31
Jan. 3 Holders of rem Dec. 160
Holders of rec. Dec. 17
Old stock, par $50 (guar.) _
$2
Jan. 3 Holders of roe, Dec. I6a
National City (guar.)
Holders of rec. Dec. 16
4
Jan. 3 Holders of rec. Dec. 16a
National City Company (guar.)
3
Holders of rec. Dec. 16
Jan, 3 Holders of reo. Dec. 16a
2
Holders of rec. Nov. 30a New Netherland (guar.)
Jan. 3 Holders of roe. Deo. 20a
Holders of roe. Dec. 30
Special
1
Jan. 3 Holders of reo. Deo. 20a
Holders of roe. Dec. 30 Public Nat. Bank & Trust (guar.)
4
Jan. 3 Holders of rec. Deo. 20
Holders of rec. Deo. 15
Seaboard National (quar.)
4
Jan. 3 Holders of roe. Deo. 23
1
Holders of rec. Dec.
Holders of rec. Dec. 10a
Holders of rec. Dec. 15a
Holders of rec. Dec. 23a
Holders of rec. Dec. 9a
Holders of rec. Dec. 9a
Holders of rec. Jan. 14a
Holders of rec. Apr. 7a
Holders of rec. July 14a
Holders of rec. Oct. 154
Holders of rec. Dee. 14a
Holders of ree. Nov. 250
Holders of rec. Jan. 3a
Holders of rec. Dec. 27a
Holders of rec. Dec. Is
Holders of rec. Dec. 31a
Holders of rec Dec. 19
114
•
Name of Company.
3313
THE CHRONICLE
DEC. 17 1927.]
When
Per
.Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
IVben
Per
Cent. Payable
Rooks Closed.
Days /nebulae.
Miscellaneous (Continued).
154 Jan. 10 Holders of roe. Dec. 27
Canadian Car dr Fdy., pref.(guar.)
Canadian General Electric, pref.(rm.).- 134 Jan. 2 Holders of roe. Dec. 15
134 Dec. 31 Dec 21 to Jan. 4
(guar.)
Canfield Oil, corn.
Mar.31 *Holders of rec. Mar.20
*2
Common (guar.)
Trust Companies.
June 30 *Holders of rec. June 20
*2
Common (guar.)
Bence Commercial banana Trust Co.
Sept.30 *Holders of rec. Sept.20
*2
Common (quar.)
731 Jan. 3 Holders of rec. Sept. 15a
On old capital of 31.000.000
Dec. 31 *Hollea of rec. Dec. 20
*2
Common (guar.)
214 Jan. 3 Holders of rec. Dec. 156
On new capital of 32,000,000
to Jan. 4
134 Dec 31 Dec. 21
Preferred (guar.)
234 Jan. 1 Holders of rec. Dec. 20
Bank of Europe Trust(guar.)
*134 Mar.31 *Holders of rec. Mar. 20
Preferred (guar.)
Jan. 1 Holders of rec. Dec. 20
4
Extra
•1,4 June 30 *Holders of rec. June 20
Preferred (guar.)
rec. Dec. 15a
Jan. 3 Holders of
5
Bankers (guar.)
•15,4 Sept.30 *Holders of rec. Sept. 20
Preferred (guar.)
Dec. 31 Holders of roe. Dee. 19a
3
Equitable (quar.)
•19,i Doe. 31 'Holders of rec. Dec. 20
Preferred (guar.)
Dec. 31 Holders of rec. Dec. 16
4
Guaranty (quar.)
50c. Jan. dl Holders of rec. Dec. 10
Breweries, Ltd.(guar.)
Ceding
Jan, 3 Holders of rec. Dec. 15
5
Manufacturers(guar.)
Case(J. I.) Thresh. Mach.,corn.(guar.) 51.50 Jan. 2 Holders of rec. Dec. 150
Feb. 15 Holders of rec. Feb. 6
4
Extra
I% Jan. 2 Holders of rec. Dec. 150
Preferred (guar.)
of rec. Dec. 21a
Jan. 3 Holders
15
United States (guar.)
234 Jan. 1
Casey-Hedges Co.. corn. (guar.)
114 Jan. 1
Preferred (quar.)
Fire Insurance.
31 Holders of rec. Dec. 16
e50 Dec. 30 Holders of rec. Dec. 120 Celanese Corporation. 1st Pszt• prof._.- 33.4 Dec.
Continental (stock dividend)
*750. Jan. 3 *Holders of rec. Dec. 15
Celotex Co., common (guar.)
e400 Dec. 30 Holders of rec. Dec. 29
Hamilton (stock dividend)
•134 Jan. 3 *Holders of rec. Dec. 15
Preferred (quar.)
3 Holders of rec. Dec. 140
$1.50 Jan.
Rasta (guar.)
$1.50 Jan. 3 Holders of rec. Dec. 20
Central Aguirre Sugar (guar.)
50c. Jan. 10 Holders of rec. Dec. 24a
Central Alloy Steel, com. (guar.)
Miscellaneous.
1,4 Jan. 1 Holders of rec. Dec.13e
Preferred (luer.)
Dec. 151
$1.50 Dec. 31 Holders of rec.
Adams Express (quer.)
50c. Jan. 3 Holders of rec. Dec. 20a
$1.25 Dec. 31 Holders of rec. Dec. 154 Central Dairy Products (quar.)
Preferred (guar.)(No. D
Jan. 1 Holders of rec. Dec. 160
$1
(guar.)
50e. Dec. 31 Holders of rec. Dec. 15a Certain-teed Products, corn.(guar.)
Aetna Rubber, common
1% Jan. 1 Holders of rec. Dec. 16a
First and second pref.(guar.)
i% Dec. 31 Holders of rec. Dec. 15a
Preferred (quar.)
750. Dec. 31 Holders of rec. Doe. la
Certo Corporation (guar.)
Alliance Investment Corp., corn.(qu.)_ 37 Me Jan. 3 Holders of rec. Dec. 15
25e. Doe. 31 Holders of rec. Dec. la
Extra
.
I% Jan. 3 Holders of rec. Dec. 120
Allied Chemical & Dye Corp., pf.(qu.)
$1 Dec. 28 Holders of rec. Dec. 100
Dec 3 'Holders of rec. Dec. 150 Chenbrough Mfg., Cons. (guar.)
Aluminum Manufacturers. cont.(guar.) •500
31.50 Dec. 28 Holders of rec. Dee. 10a
Extra
Amalgamated Laundries. pref.(mthly.) 5811c Jan 2'2 Holders of rec. Dec. 115a
Chicago Electric Mfg., class A (guar.).- 50e. Jan. 1 Holders of rec. Dec. 210
58irc Febl'29 Hold,of rec. Jan. 15'280
Preferred (monthly)
6234c Jan. 2 Holders of rec. DecJilila
0
591. M'rl'28 Hold. of rec. Feb. 15 280 Chicago Fuse Mfg.(guar.)
Preferred (monthly)
1% Jan. 1 Holders of rec. Dec. 24e
581.c Apr 1'28 Hold. ofroc Mar. 15'28a Chicago Mill dr Lumber, pref. (guar.)_ _
Preferred (monthly)
Holders of rec. Dec. 20a
33 1-3 Jan.
581:c M'y1'29 Hold,of rec. Apr. 15'280 Chicago Yellow Cab (monthly)
Preferred (monthly)
Holders of rec. Jan. 20a
331-3 Feb.
Monthly
5(41e Jun 1•28 Hold. of roe May 15'28a
Preferred (monthly)
Holders of rec. Feb. 20e
33 1-3 Mar.
Monthly
134 Jan. 15 Holders of rec. Dec. 31
American Art Works,corn. et pref.(on.)
Dec. 30 Holders of rec. Dec. 12a Childs Company
$1
Amer. Bank Note, common (extra)
Dec. 30 Holders of rec. Nov.25a
Common (payable In no par corn. stk.) fl
In com.stock)
Dec. 30 Holders of rec. Dec. 150
/20
Common (payable
6214c Dec. 30 Holders of roe. Dec. 26
50c. Jan. 3 Holders of rec. Dec. 120 Chile Copper Co.(guar.)
Common (quar,)
Holders of roe. Jan. 1541
30e. Feb.
75c, Jan, 3 Holders of rec. Dec. 120 Christie, Brown dr Co.,cora.(guar.)
Preferred (guar.)
Holders of rec. Jan. 20
134 Feb.
Preference (guar.)
16a
134 Jan. 3 Holders of rec. Dec.
American Can. pref.(quer.)
Holders of rec. Dec. 156
75e. Jan.
(quar.)
Amer. Car& Fdy., common (quar.)_.. $1.50 Jan. 2 Holders of rec. Dee. 126 Chrysler Corp., common
Jan.
Holders of rec. Dee. 156
$2
Preferred A (guar.)
1,4 Jan. 2 Holders of rec. Dec. 12a
Preferred (quar.)
34 Jan. 2 Holders of rec. Dec. 15
common (monthly)
Cities Service,
1,4 Jan. 1 Dec. 22 to Jan. 2
American Chain, pref. (guar.)
I'M Jan. 2 Holders of rec. Dec. 15
Common (payable In com,stock)
75c. Jan, 1 Holders of rec. Dec. 15a
American Chicle, common (guar.)
34 Jan. 2 Holders of rec. Dec. 15
Preferred and pref. BB (monthly)....
134 Jan. 1 Holders of rec. Dec. 15e
Prior preferred (guar.)
50. Jan. 2 Holders of rec. Dec. 15
Preferred B (monthly)
13.4 Jan, 3 Holders of rec. Dec. 15
American Cigar, pref.(guar.)
8734c Feb. 1 Holders of rec Jan. 150
City Stores Co.. class A (guar.)
corn. A dr B (guar.)_ 300, Jan. 3 Holders of rec. Dee. 15
Amer. Cyanamid,
50c. Dec. 20 Holders of rec. Dec. 9
Clev. Builders Supply dr Brick
100. Jan, 3 Holders of rec. Dec. 15
Common A & B (extra)
50c. Mar. 1 Holders of rec. Feb. 15a
Cleveland Stone (guar.)
Holders of rec. Dec. 15
13.4 Jan.
Preferred (quar.)
50c. June 1 Holders of rec. May 156
Quarterly
Dec. 31 Holders of rec. Dec. 166
400.
American Druggists' Syndicate
50c. Sept. 1 Holders of rec. Aug. 15a
Quarterly
Amer. Encaustic Tiling, com.(guar.)._ 600. Dec. 23 Holders of rec. Dec. 100
- 134 Jan. 3 Holders of me. Dec. 21a
134 Dec. 31 Holders of rec. Dec. 15a Clued, Peabody & Co.. prof. (guar.).
Preferred (guar.)
31.25 Jan. 2 Holders of rec. Dec. 12a
16a Coca-Cola Co.(guar.)
$1.50 Jan. 3 Holders of rec. Dec.
American Express (quar.)
$2.50 Jan. 2 Holders of rec. Dec. 12a
Coca-Cola Internat. Corp.(guar.)
Amer. Furniture Mart Bldg., pref. (qu.) 134 Jan. 2 Dec. 21 to Jan. 1
Jan. 3 Holders of rec. Dec. 20a
1
Jan. 3 Holders of rec. Dec. 14a Colonial Steel
American Home Products, com.(mthly) 200.
25e. Dec. 31 Holders of rec. Dec. 106
Preferred (quar.)
13.4 Dec. 31 Holders of rec. Dee. 166 Commercial Credit Corp., com.(guar.). 4334c Dec. 31 Holders of rec. Dec. 10a
7% first prof. (guar.)
Dec. 31 Holders of rec. Dec. 136
$2
(quar.)
Amer. Locomotive, corn.
134 Dec. 31 Holders of rec. Dec. 10a
63.4% first pref. (guar.)
134 Dec. 31 Holders of rec. Dec. 13a
Preferred (guar.)
50c. Doe. 31 Holders of rec. Dec. 100
Class B pref. (quar.)
134 Dec. 31 Holders f rec. Doe. 16a
American Mfg. Co.. com (quar.)
Jan. 3 Holders of rec. Dec. 10a Commercial Investment Trust,com.(qu) 90c. Jan. 1 Holders of rec. Dec. 156
134
American Plano. pref. (guar.)
7% first pref. (quar.)
134 Jan. 1 Holders of rec. Dec. 150
8734 Dec. 31 Holders of rec. Dec. 160
Amer. Pneumatic Service, let pf.(qu.)
1% Jan. 1 Holders of rec. Dee. 156
63.4% first pref. (guar.)
50c. Dec. 31 Holders of rec. Dec. 166
50 preferred (guar.)
$2 Jan. 1 Holders of rec. Dec. 206
Commercial Solvents Corp.(guar.)
American Radiator. common (guar.)... $1.25 Dec. 31 Holders of rec. Dee. 156
Jan.
Holders of rec. Dec. 170
$1.50 Dec. 31 Holders of rec. Dec. 156 Conde Nast Publications, Inc., corn.(qu) 50c.
American Railway Express (quar.)
Jan. 2 Holders of rec. Dec. 14a
$1
500. Jan. 1 Holders of rec. Dec. 316 Congress Cigar (guar.)
American Rolling Mill, corn.(quar.)_
Holders of rec. Dec. 14a
250. Jan.
Extra
1% Dec. 31 Holders of rec. Dec. 154
Preferred (guar.)
Holders of roe. Dec. 15o
Jan. 3 Holders of rec. Dec. 10a Consol.Dalry Prod.new ak.(qu.r(No. 1) 50c. Jan.
$1
American Safety Razor (quar.)
The. Doe. 20 Holders of rec. Dec. 50
Ice (Pittsburgh). prof
250. Jan. 3 Holders of rec. Dec. 10a Consolidated
Extra
Consumers Co.. prior pref. See note (k)
Jan.
*Holders of rec. Dec. 15
*El
American Sales Book (quar.)
roe. Dec. 20a
Holders of rec. Dec. 20a Continental Can Co., Inc. pref.(guar.) 134 Jan. 3 Holders of
75e. Jan.
American Seating (guar.)
-Meehan Coal, pat.(guar.).- 1% Dec. 21 Holders of rec. Dec. 199
Jan.
Holders of rec. Dee. 150 Cosgrove
3
American Snuff,common (guar.)
31.25 Dec. 31 Holders of rec. Dec. 160
Holders of rec. Dee. I 5a Coty, Inc. (guar.)
134 Jan
Preferred (quar.)
$1
Dec. 31 Holders of nm. Dec. 16a
Extra
Dec. 31 Holders of rec. Dec. 24a
5
American Spinning
let pt.(qu.).. 1,4 Jan. 1 Holders of rec. Dec. 134
Amer. Steel Foundries, corn.(guar.)_ _ 750. Jan. 1 Holders of rec. Jan. 3a Crown Willamette Paper,
194 Dec. 31 Holders of rec. Dee. 160
Dec. 31 Holders of rec. Dec. 156 Crucible Steel, pref. (guar.)
134
Preferred (quar.)
334 Feb. 1 Holders of rec. Jan. 16a
Cuba Company, prof
2
Dec. 18 to Jan
50c. Jan.
American Stores Co.(guar.)
Holders of rec. Dec. la Cuban-American Sugar. com.(goal.)... 250. Jan. 3 Holders of rec. Dec. fia
134 Jan.
American Sugar, com. (quar,)
1,4 Jan. 3 Holders of rec. Doe. 3a
Preferred (guar.)
Dec. la
134 Jan. 2 Holders of rec.
Preferred (quar.)
31.50 Dec. 31 Holders of rec. Dec. 15
Holders of rec. Nov.30a Cuban Tobacco. Inc., common
12340 Jan,
American Thread, preferred
50e. Dec. 31 Holders of rec. Dec. 15
Common (extra)
Jan.
Holders of rec. Dec. 10a
pref. (quar,)
134
Amer. Tobacco,
23.4 Doe. 31 Holders of rec. Dec. 15
Preferred
50c. Jan. 1 Holders of rec. Jan. 5
Amer. Vitrified Products,com.(guar.)_
*40
Subj. to stockh•rs' meet. Dec. 16
Holders of rec. Dec. 206 Cuneo Press (stock dividend)
134 Jan.
American Wholesale, prof.(quar.)
Dee. 24 Holders of rec. Dec. 100
1
Davis Mills(guar.)
(Interim)._ 363-5c Dec. 2 Holders of coup. No.35
Anglo-American 011, Ltd.
Holders of rec. Dec. 10a Decker (Alfred) dr Cohn, pref.(guar.)... 1,4 Mar. 1 Holders of rec. Feb. 20a
1% Jan.
Armour & Co.(Illinois), pref.(guar.)
134 June I Holders of rec. May 19a
Preferred (quar.)
Holders of rec. Dec. 10a
134 Jan.
& Co.(Del.), pref.(guar.)
Armour
154 Sept. 1 Holders of rec. Aug. 20e
Preferred (quar.)
Dec. 16 to Jan. 3
134 Jan.
Armstrong Cork, common (quar.)
134 Jan. 1 Holders of ree. Dec. 15
Defiance Dairy Products, pref.(guar.)_
Jan. I
Dec. 16 to Jan. 3
Common (payable in common stock)._ 5
Jan. 2 Holders of rec. Dec. 15a
- 2
Detroit & Cleve. Navigation (guar.).
134 Jan. 3 Dec. 16 to Jan. 3
Preferred (guar.)
1% Jan. 15 Holders of rec. Dec. 27
(quar.)
Dodge Bros.. pref.
1 Holders of rec. Dec. 19
% Jan
Artloom Corp., Corn. (guar.)
Dominion Glass,com.& prof.(guar.)... 134 Jan. 2 Holden of rec. Doe. 150
134 Jan. 16 Holders of rec. Dec. 31
Asbestos Corp., Ltd., pref.(guar.)
1% Dec. 31 Holders of rec. Dec. 16
500. Dec. 24 Holders of rec. Nov.30a Dominion Rubber. prof.(quar.)
Associated 011 (quar.)
60c. Jan. 2 Holders of rec. Dec. 15
$1.50 Dec. 30 Holders of rec. Dec. 15o Dominion Stores (guar.)
Autosales Corp., prof
$1.25 Jan. 3 Holders of rec. Dec. 15a
Razor, class A (qu.)- 750. Jan. 1 Holders of roe. Dec. 10a Dominion Textile, common (guar.)
Auto Strop Safety
1% Jan. 16 Holders of rec. Dec. 350
Preferred (guar.)
134 Jan 1'21- Holders of rec. Dec. 206
Babcock & Wilcox Co.(quar,!
- 134 Jan. 1 Holders of rec. Dec. 15
1% Aprl'21 Hold. rec. Mar. 20'280 Douglas(W. L.) Shoe, pref.(guar.).
Quarterly
Jan. 2 Holders of rec. Dec. 3
Si
Draper Corporation (guar.)
250. Jan. 2 Holders of rec. Dec. 20a
Balaban dr Katz, corn. (monthly)
134 Jan. 2 Holders of rec. Dec. 19a
134 Jan. 2 Holders of rec. Dec. 20a Dunham (Jas. H.)& Co.. corn.(guar.)_
Preferred (quarterly)
154 Jan. 2 Holders of rec. Dec. 190
First preferred (guar.)
Jan. 1 Holders of rec. Dec. 3a
Locomotive, corn, dr pref
Baldwin
334
13( Jan. 2 Holders of rec. Dec 19a
Second preferred (guar.)
Bancroft (Joseph) dr Sons Co., com.(gu.) 6234c Dec. 31 Holders of rec. Dec. 15
Jan15'28 Holders of rec. Jan.1'28o
Orman International, corn. (guar.)._ $1
Jan. 141 Holders of rec. Dec. 31
34
Bankers Capital Corp., common
.
Apr15 28 Holders of rec. Apr.1'28o
SI
Common (guar.)
16 Holders of rec. Dec. 31
Jan.
$4
Common (extra)
Holders of rec. Dec. la
Jan.
Du Pont de Nemours & Co., com.(eztra) 334
$2
Jan. 16 Holders of rec. Dec. 31
Preferred (guar.)
114 Jan. 2 Holders of rec. Jan. 10a
Debenture stock (guar.)
Jan. 16 Holders of rec. Dec. 31
$4
Preferred (extra)
134 Jan. 1 Holders of rec. Dec. 31
Eagle-Picher Lead, pref. (guar.)
134 Jan. 1 Holders of rec. Dee. 30
Barnet Leather, pref. (quar.)
6234e Jan 1'2 Holders of rec. Dec. 200
Early & Daniels. common (guar.)
60c. Jan. 10 Holders of rec. Dec. 24
Beech-Nut Packing, corn. (quar.)
250. Jan 1'2 Holders of rec. Dec. 20o
Common (extra)
Beech-Nut packing, prof. el. B (final)._ $2.05 Jan. 16 Stk.call. for red. Jan. 16
$1.75 Jan 1'2 Holders of rec. Dee. 200
Preferred (quar.)
50e. Jan. 3 Holders of rec. Dec. 206
Belding-Hemingway Co. (guar.)
Eastern Bankers Corp., pref. (guar.).
- $1.75 Feb. 1 Holders of roe. Doe. 31
Canadian Paper, common (quar.). 13.4 Jan. 12 Holders of rec. Dec. 31
Belgo
(guar.)
3734c. Jan. 1 Dec. 18 to Jan. 1
Eastern Rolling M111
1% Jan. 3 Holders of rec. Dec. 2
Preferred (guar.)
12 Mc. Jan. 1 Dec. 16 to Jan. 1
Extra
50e. Jan. 3 Holders of rec. Dec. 15a
Benda Corp., clam A (guar.)
1% Jan. 3 Holders of rec. Dec. 226
Eastern Steamship Lines, pref.(guar.)
Dec. 31 Holders of rec. Dec. 20
30e.
Berry Motor (guar.)
87340. Jan. 18 Holders of rec. Jan. 56
Second preferred (guar.)
Bethlehem Steel Corp., prof.(guar.).-. 134 Jan. 3 Holders of rec. Dec. 2a
51.25 Jan. 2 Holders of rec. Nov.30a
Eastman Kodak, COMM= (guar.)
Dec. 29 *Holders of rec. Dec. 22
•10
Lake Oil
Big
750. Jan. 2 Holders of rec. Nov. 30a
Common (extra)
134 Dee. 31 Dee. 25 to Jan. 2
Bloch Bros. Tobacco, pref.(guar.)
134 Jan. 2 Holders of rec. Nov. 30a
Preferred (goal.)
$1.50 Mar. 1 Holders of rec. Feb. 15
Borden Company,com.(guar.)
Jan. 3 Holders of rec. Dec. 15e Eisenlohr (Otto) & Bros. Co.,Pt.(on.).. 134 Jan. 2 Holders of rec. Doe. 20a
(quar.)
$1
Borg & Beck
•$1.25 Jan. 1 *Holders of rec. Dec. 20
Electric Controller & Mfg.(guar.)
Jan. 2 Holders of rec. Jan. 1
e20
Stock dividend
Deo, 31 Holders of rec. Dec. la Elec. Stor. Battery. corn.& pf.(goal.).. $1.25 Jan. 3 Holders of rec. Dec. 10a
3
Boston Wharf
$1 • Dec. 31 Dec. 24 to Jan. 2
50c. Jan. 2 Holders of rec. Dec. 15a Electric Vacuum Cleaner (guar.)
Brill° Mfg.,class A (guar.)
Dec. 31 Dec. 24 to Jan. 2
$1
Extra
Brit. Col. Fish dr Pack., corn.(guar.)._ _ $1.25 3-10-'2 Holders of rec. Feb.2828
134 Jan. 1 Holders of rec. Dec. 20
Emerson Elec. Mfg., prof.(goal.)
% 3-10-'2 Holders of rec. Feb 28•2
/3
Preferred (guar.).
•50c. Doe. 24 *Holders of rec. Dec. 1
Emporium Corporation (guar.)
Holders of rec. Dec. 20
134 Jan.
Brunswick-Balke-Collender. pref.(qu.)_
23.4 Jan. 1 Holders of rec. Dec. 170
Endicott-Johnson Co., com.(guar.)
*Holders of rec. Dec. 20
*8734c Jan.
Buckeye Incubator, corn. (guar.)
1,4 Jan. 1 Holders of rec. Dec. 170
Preferred (guar.)
Jan.
*Holders of rec. Dec. 20
*2
Preferred (quar.)
$1.75 Jan. 2 Holders of rec. Dec. I5a
Equitable Office Bldg., corn.(quar.)-Holders of rec. Dec. 12
Bucyrus Company,common (guar.)._ 750. Jan.
134 Jan. 2 Holders of roe. Dec. 15a
Preferred (guar.)
Holders of rec. Dec. 12
1,4 Jan.
Preferred (quar.)
1% Dec. 3 Holders of rec. Dec. 10a Erie Steam Shovel
Budd Wheel, 151 prof.(guar.)
20iro. Jan, 1 Holders of rec. Dec. 150
Corn & com Mts. of deposit
Holders of rec. Dee. 13a
134 Jan.
Burns Bros., preferred (guar.)
5840 Jan. 1 Holders of rec. Doe. 154
Preferred Mrs. of deposit
Holders of rec. Dec. 276
50c. Feb.
Bush Terminal Co.,corn.(guar.)
134 Mar. 1 Holders of rec. Feb. 150
Preferred (quar.)
Holders of rec. Dee. 27a
Common (payable in com.stock)
1135 Feb.
Jan. 43 Holders of rec. Dec. 20a
Jan. 1
Holders of rec. Dec. 276 Evans Autoloading, el. A & B (guar.).-- 81
3
Preferred
*200. Dec. 31 *Holders of rec. Dec. 24
(monthly)
Holders of rec. Dec. 27a Ewa Plantation
134. Jan. 1
Debenture stock (guar.)
•400. Dec. 31 *Holders of rec. Dec. 24
Extra
Holders of rec. Dec. 15a
134 Jan.
Bush Terminal Bldgs.. pref. (guar.)____
750. Dee. 31 Holders of rec. Dec. 150
Fairbanks. Morse & Co., corn.(quar.)..
Jan.
*Holders of rec. Nov. 7
*6
Butler (James) Grocery, prof
20o. Jan. 2 Holders of rec. Dec. 22a
500. Dee. 3 Holders of rec. Dec. 166 Fair (The), corn. (guar.)
' Butte & Superior Mining (guar.)
20o Feb. 1 Holders of rec. Jan. 21a
Common (quar.)
-Products Coke Corp., corn. (guar.). 500. Dec. 20 Holders of rec. Dec. fla
By
1% Feb. 1 Holders of rec. Jan. 210
Preferred (guar.)
Holders of rec. Dec. 3a
$1.50 Dec. 1
Calumet dr Arizona Mining (guar.)
(No.1)•31.75 Jan. 1 *Holders of rec. Dec. 8
Federal Bake Shops, Inc..Pf (qu.)
Dec. 16 to Jan. 1
134 Jan.
Canada Bread, pref. A & B (quar,)
200. Jan. 2 Holders of rec. Dec. 170
Federal Motor Truck
3
Jan.
Holders of roe. Dec. 15
Canada Permanent Mtg.Corp.(guar.)_
2% Jan. 6 Holders of rec. Dec. 17a
Stock dividend
Holders of rec. Dec. 15
134 Jan.
Canada Steamship Lines, prof.(guar.).Banks (Concluded).
State (quar.)
United States, Bank of(guar.)
Jan. 3 Holders of rec. Dec. 16a
4
334 Jan. 3 Holders of rec. Dec. 20a
3314
THE CHRONICLE
Per
When
Cent. Payable.
[Vol,. 125.
Books Closed.
Name Of Company
Per
When
Books Closed.
Days Inclusive.
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Contin.ded).
Federal Terra Cotta, pref.(guar.)
Dec. 31 Dec. 22 to Jan. 2
2
Kentucky Rock Asphalt(No.1)
Fifth Ave. Bus Securities (qua:.)
260. Jan. 1 Dee. 24 to Jan. 1
160. Jan. 17 Holders of roe. Jan. 3a King Philip Mills
Finance Corp. of Amer., Corn.(quar.)
(quar.)
134 Jan. 43 Holders of rec. Dec. 200
15e. Jan. 16 Jan. 6 to Jan. 16
Extra
Preferred (quar.)
10
Dec.422 Holders of rec. Dec. 7a
439(c. Jan. 16 Jan. 6 to Jan. 16
Knox Hat, corn., class A
Financial Investing Co.. corn.
CU
Jan. 3 Holders of roe. Nov. 10
30c.
Kraft Cheese (quar.)
First National Stores (quar.) (guar.).-- 3799c Jan. 1 Holders of rec. Dec. 7
373.4c Jan. 1 Holders of rec. Dec. 10a
Jan. 3 Holders of rec. Dec. 20a
Stock dividend
Flatbush Investing Corp., corn.(No.1)
0199 Jan, 1 Holders of rec. Dec. 10a
199 Jan. 1 Holders of rec. Dec. I
Kresge (S. S.) Co., Corn. (qua?.)
Preferred
30c. Dec. 31 Holders of roe. Dec. 10a
394 Jan. 1 Holders of rec. Dec. 1
Preferred (qua:.)
Fleischmann Co.. common (quar.)
194 Dec. 31 Holders of rec. Doe. 10a
75c. Jan. 3 Holders of rec. Dec. I3a
Kuppenheimer (B.) & Co., common
Common (extra)
$1
Jan. 3 Holders of rec. Dec. 24a
50c. Jan. 3 Holders of rec. Dec. 130 Laconia Car, 1st
Foote Bros. Gear dr Mach., Corn.(qu.)- 30c.
pref. (quar.)
$1.75 Jan. 3 Holders of rec. Dec. 280
Jan 1'28 Dec. 21
Deo. 3:
to
Lambert Co.. corn. (guar.)
Preferred (quar.)
$1.25 Jan. 1 Holders of rec. Dec. 120
1( Jan 1'28 Dec. 21 to
Dec. 3'
Laurentide Co.
Forhan Co., common tquar.)
199 Jan. 3 Holders of roe. Dec. 15
250. Jan. 3 Holders of rec. Dec. 156 Lehigh Valley (guar.)
Coal Sales (quar.)
Class A tquar.)
$I
Jan. 3 Holders of roe. Dec. 10
40e, Jan. 3 Holders of rec. Dec. 150 Libby, McNeill
& Libby, pref
Formica Insulation (qua:.)
53.50 Jan. 1 Dec. 17 to Jan. 12
250. Jan1'28 Holders of rec. Dec It
Life Savers (quar.)
Extra
40c. Jan, 2 Holders of rec. Dec. I441
106. Jan 1'28 Holders of rec. Dec. IF
Liggett & Myers Tobacco. Prof.(qu.)Fulton Sylphon,common (qua:.)
134 Jan, 2 Holders of rec. Dee. 120
87.99c Jan. 1 Holders of rec. Dec. 17a Liquid Carbonic
Corp.
Preferred (quar.)
90c. Feb. 1 Holders of rec. Jan. 20a
$1.50 Jan. 1 Holders of rec. Dec. 17a Loose Wiles Biscuit, (quar.)
1st pref. (qua?.)_._
Gabriel Snubber Mfg., corn. A & 13(:1u.)
154 Jan, 1 Holders of rec. Dec. 170
8754c Jan. 1 Holders of rec. Dec. 13a Lord & Taylor,common (qua:.)
General Amer. Tank Car, Corn.(quar.)
234 Jan. 3 Holders of rec. Dec. 17a
SI
Jan, 1 Holders of rec. Dec. 156 Lorillard (P.) Co., Prof.
Preferred (quar.)
194 Jan. 2 Holders of rec. Dec. 15a
1( Jan. 1 Holders of rec. Dec. 150 Ludlum Steel (guar.) (quar.)
General Baking, class A (guar.)
50c. Jan. 3 Holders of rec. Dec. 20a
$1.25 Jan. 2 Holders of rec. Dec. 17
Mack Trucks, common (quar.)
Preferred (quar.)
$1.50 Dec. 31 Holders of rec. Dee. 166
2
Dec. 31 Holders of rec. Dee. I70 Macy (R. H.) &
Co., corn. (quar.)
General Elec corn.(quar.)
$1.25 Feb. 15 Holders of roe. Jan. 28a
1
Jan. 27 Holders of rec. Dec. 210
Common (payable
Special stock (quar.)
Feb. 15 Holders of rec. Jan. 28a
15e. Jan. 27 Holders of rec. Dec. 210 Mallinson(H. Ft.) In common stock)_ _ 15
General Motors, common (extra)
Co..
$2.50 Jan. 3 Holders of rec. Nov. 19a Manhattan Electrical prof.(quar.)--- 194 Jan. 2 Holders of rec. Dec. 21a
Six per cent preferred (qua:.)
supply (quar.)..._ $1.25 Jan. 3 Holders of rec. Dec. 2Ia
199 Feb. 1 Holders of rec. Jan. ea
Manhattan
Seven per cent preferred (quar.)
134 Jan. 3 Holders of rec. Dec. 160
1( Feb. 1 Holders of rec. Jan. 90 Margay 011 Shirt, pref. (guar.)
Corp.(qua:.)
Six per cent debenture stock (quar.)
50e. Jan, 10 Holders of rec. Dec. 20
139 Feb.
Marvel Carburetor (quar.)
General Railway Signal, corn.(quar.)__ - $1.25 Jan. 1 Holders of rec. Jan. 90
80c. Jan. 3 Holders of rec. Doe. 150
1 Holders of rec. Dec. 10a ' Extra
Preferred (quar.)
200. Jan, 3 Holders of rec. Doe. 1541
134 Jan. 1 Holders of rec. Dec. 100
Mathleson Alkali Works, corn.(quar.)_ _ $1
C. G.Spring & Bumper. pref.(quar.)
Jan. 3 Holders of rec. Doe. 160
2
Jan. 3 Holders of rec. Dec. 10,
Preferred (qua?.)
Glen Alden Coal (quar.)
134 Jan. 3 Holders of rec. Doe. Ho
52.50 Dec. 20 Holders of rec. Dec. 9a Mead, Johnson dr Co.. corn.
Glidden Company, prior pref.(quar.)--(quar.)__
750. Jan.
154 Jan. 2 Holders of rec. Dec. 15a
Common (payable in corn. stock)..... 110 Jan, 1 Holders of rec. Dec. 15
Goodrich (B. F.) Co., pref. (quar.)1 Holders of rec. Dec. 15
154 Jan. 2 Holders of rec. Dec. 90
NfeLellan St nes corn. A and B (quar.
Goodyear Tire & Rubber, lot pref.(qu.)_
). 250. Ian2'28 Holders of roe. Dec. 20
154 Jan. 1 Holders of rec. Dec. la
Medan (Fred) Co., prof.(guar.)
Preferred (quar.)
2
Jan,
134 Jan. 1 Holders of rec. Doe. la
Merchants & Mfrs.&cur., prior pf.(qu.) 51.75 Jan. 2 Holders of rec. Dec. 20
Goodyear Tire dr Rubber of Canada,
16 Holders of rec. Jan. 30
Participating preferred (qua?.)
common (quar.)
3734c Jan, 3 Holders of rec. Dec. 150
•$1.25 Jan. 2 *Holders of rec. Dec. 15
Merck Corporation, pref. (quar.)
Preferred (quar.)
$1 Jan, 3 Holders of rec. Dec. 17
134 Jan. 2 Holders of rec. Dec. 15
Mergenthaler Linotype (quar.)
Gossard(H. W.)Co.. corn.(monthly).
$1.25 Dee. 31 Holders of rec. Doe. 3a
3 1-3c
Extra
Gotham Silk Hosiery, corn. voting (qu.) 623.4c Jan. 2 Holders of roe. Dec. 210
250. Dec. 31 Holders of ree. Dec. 30
Dec. 31 Holders of rec. Dec. 1545 Merrimac Chemical (quar.)
Common non-voting (quar.)
$1.25 Dec. 31 Holders of rec. Dec. 100
6234c Dec. 31 Holders of rec. Dec. 15a
Extra
Goulds Pumps, Inc.,common (quar.)
$1
Dec.
Jan. 2 Holders of rec. Dec. 20
2
Metropolitan Paving Brick, pref.(guar.) 154 Jan, 31 Holders of rec. Dec. 10a
Preferred (quar.)
I Dec. 16 to Dec. 31
154 Jan. 2 Holders of rec. Dec. 20
Midvale Company (quar.)
Gemmel Chemical, corn. (quar.)
500, Jan, 1 Holders of rec. Dec. 150
Dec. 31 Holders of rec. Dec. 15
2
Mining Corp. of Canada
d1299c Jan, 2: Jan. 11
Preferred (quar.)
to Jan. 24
134 Dec. 31 Holders of roe. Dec. 15
NlIssour1-1111nois Stores (qua?.)
Great Lakes Dredge & Dock (extra).250. Jan,
8
Jan. 5 Holders of rec. Dec. 23
Montgomery Ward & Co., el. A (qua?.). $1.75 Jan. 1 Holders of rec. Dee. 20
Great Northern Iron Ore Properties_
1 Holders of ree. Dec. 12
75o. Dec. 28 Holders of rec. Dec. 6o
Morgan Lithograph Co., corn. (qua:,).. $1.25 Jan.
Great Western Sugar, corn. (quar.)
3 Molders of rec. Dec. 200
. 70e. Jan. 2 Holders of rec. Dec. 15a Mother lode Coalition
Mines
25e. Dec. 31 Holders of rec. Doe. 160
Preferred (quar.)
194 Jan. 2 Holders of rec. Dec. 15a Moto Meter Co., Inc., class A
Greenfield Tap & Die Corp.,6% pf.(qu.
(qaar.)-- - 900. Jan, I Holders of rec. Doe. 140
1.99 Jan. 2 Holders of ree. Dec. 15
Motor Car Security Co., common
8% preferred (quar.)
"35c. Jan. 10 'Holders of rec. Dec, 9
2
Jan.
Preferred
Greif Bros. Cooperage. class A iquar.)_ _ •800. Dec. 2 Holders of rec. Deo. 15
•70c. Jan. 10 'Holders of rec. Dec. 9
31 *Holders of rec. Dec. 15
Motor Wheel Corp., corn. (quar.)
Guantanamo Sugar, prof. (quar.)
50c. Dec. 20 Holders of rec. Dec. 10a
2
Jan. 3 Holders of rec. Dec. 160
Mountain Producers Corp.(quar.)
Gulf States Steel .1st pref. (quar.)
65e. Jan. ? Holders of rec. Dec.
194 Jan3'28 Holders of rec. Dec. 150 Murray Ohio Mfg.,
coin.(qu.)(No. 1)- - 250. Jan. d2 Holders of rec. Dec. 15a
Gurd (Charles) dr Co., Ltd., common_
50c. Jan. 2 Holders of rec. Dec. 15
20
Preferred (quar.)
Preferred (quar.)
$2
Jan. d
Holders of rec. Dec. 20
154 Jan. 2 Holders of rec. Dec. 15
Participating pref. ((Mari
HammermIll Paper, pref.(quar.)
190. Jan. 1 Holders of rec. Dec. 20
lig Jan.
Harbison-Walker Refract, pref. (quer.). 134 Jan. 3 Holders of rec. Dec. 20a National Biscuit. common (quar.)
$1.50 Jan, 19 Holders of rec. Doe. 310
20 Holders of rec. Jan. 10a
National Breweries, coin.(quar.)
Hathaway Baking,class A (quar.)
$I
Jan. 2 Holders of roe. Doe. 15
$2
Jan. 17 Holders of rec. Jan. 30
Preferred (quar.)
Hazel-Atlas Glass (quar.)
134 Jan. 2 Holders of rec. Dee. 15
50c. Jan. 3 Holders of rec. Dec. 17
National Candy, common (quar.) -Extra
4354c. Jan. 2 Dec. 13 to Dec. 19
1299e. Jan. 3 Holders of rec. Dec. 17
First and second preferred (quar.)._ _
Helme (George W.) Co., corn.(quar.)-- 51
Jan. 3 Holders of rec. Dec. 12a National Dairy Products, corn. (quar.). 134 Jan. 2 Dee. 13 to Dos. 19
Common (extra)
7
5e• Jan. 3 Holders of ree. Dec. 190
' Jan. 3 Holders of rec. Dec. I20
3
Preferred class A
Preferred (quar.)
134 Jan. 3 Holders of rec. Dec. 190
154 Jan. 3 Holders of rec. Dec. 12a National Enamel dr B (qua?.)
Hercules Powder, common (qua:.)
ds StPg.. Pref. (qu.)..134 Dec. 31 Holders of rec. Dec. 15a
2
Dee. 24 Dec. 16 to Dec. 24
National Lead, common (goar.)
Common (extra)
51.25 Dec. 31 Holders of rec. Doe. 160
3
Dec. 24 Dec. 16 to Dec. 24
Preferred B (quar.)
Hibbard. Spencer. Bartlett Co.(mthly.) 30c.
154 Feb. 1 Holders of rec. Jan. 1341
Dec. 30 Holders of rec. Dec. 23
Nat. Manufac. & Stores Corp.
Holland Furnace, common (qua:.)
k6299c Jan. 1 Holders of rec. Dec. 15
Cony. 1st pref. & class A (quar.)
Common (extra)
an. 1 'Holders of reo. Doe, 15
25e. Jan. 1 Holders of rec. Dec. 15
National Standard Co.(qua?.)
Preferred
750. Jan. 1 Holders of rec. Dec. 200
53.50 Jan. 1 Holders of rec. Dec. 15
National Sugar Refining (qua?.)
Hollinger Cons. 0. Mln.& Mill
154 Jan. 2 Holders of rec. Doe. IS
10e. Dec. 31 Holders of rec. Dec. 24
National Supply, common (extra)
Holly 011(quar.)
$2 Dec, 24 Holders of rec. Dec. 14a
"25c. Dec. 31 'Holders of rec. Dec. 15
Homestake Mining (monthly)
Preferred (qua?.)
$1.75 Dec. 31 Holders of rec. Dec. 210
50c Dec. 27 Holders of rec. Dec. 200 National
Hood Rubber, common (qua?.)
Surety (quar.)
234 Jan. 3 Holders of rec. Dee. 160
$1
Dec. 31 Dec. 21 to Jan. 2
National Tea, common (quar.)
Hoover Steel Ball (guar.)
$1
Jan. 1 Holders of rec. Dec. 14a
3
Dec. 22 Holders of rec. Dee. 15a Nelson (Herman)
Horn & Hardart Baking (qua:.)
Corp., corn. (quar.)
300. Deo, 31 Holders of rec. Dee. 15
•$1.25 Jan. 1 *Holders of rec. Dec. 21
Nelson (Herman) Corp.,stock dividend_ •e2
Extra
Jan. 16 *Holders of rec. Jan. 3
•50e. Jan. 1 "Holders of rec. Dec. 21
Household Products. extra
Stock dividend
'el
Apr. 18 *Holders of rec. Apr. 8
50e. Jan
3 Holders of rec. Dec. 15a
Hudson Motor Car (qua:.)
Stock dividend
*el
July 16 'Holders of rec. July 3
$1.25 Jan. 3 Holders of rec. Dec. 12a
Humble Oil& Refining (qua:.)
Stock dividend
Oct. 16 *Holders of rec. Oct. 3
•r1
4300. Jan. 1 Dec. 13 to Dee. 31
Extra
Nevada Consol. Copper Co.(quar.)
373.40.Dec. 31 Holders of rec. Dec. 160
d20c. Jan. 1 Dec. 13 to Dec. 31
Illinois Brick (qua:.)
New England Fuel 011 (qua?.)
•260. Jan. 3 *Holders of rec. Dec. 20
60e. Jan. 14 Jan. 4 to Jan. 15
Extra
New York Transportation (guar.)
50c. Jan. 16 Holders of rec. Jan. 80
40e. Jan. 14 Jan. 4 to Jan. 15
Quarterly
Nichols Copper Co., pref.(guar.)
134 Jan, 3 Holders of rec. Dec. 20
600. Apr. 14 Apr. 4 to Apr. 18
Quarterly
Northern Pipe Line
8
Jan. 1 Holders of rec. Doe. 9
60e. July 14 July 4 to July 15
Quarterly
Extra
Jan. 1 Holders of reo. Dec. 9
2
80e. Oct. 15 Oct. 4 to Oct. 15
Imperial Tobacco of Canada
Northwestern Provision. pref. (quar.)
154 Jan. 2 Holders of rec. Doe. 10
2
Dec. 30 Dec. 9 to Jan. 1
Interim dividend
Ohio Seamless Tube. pref.(qua:.)
134 Jan. 2 Dec. 16 to Jan. 1
134 Dee. 30 Dec. 9 to Jan. 1
Incorporated Investors(quar.)
Gil Well Supply corn.(guar.)
500. Jan. 2 Holders of roe. Doe. 124
75e. Jan.d16 Holders of rec. Dec.430
Omnibus Corp.. pref.(qua?.)
Stock dividend
2
Jan. 1 Holders of roe. Dee. 160
e2
Jan.d16 Holders of rec. Dec 430
Stock dividend
Orpheum Circuit, corn.(monthly)
l62
-3c Jan, 2 Holders of rec. Dee. 200
•
e2
July 15 *Holders of rec. July 1
Independent Pneumatic Tool (guar.).
Preferred (quar.)
2
Jan, 2 Holders of rec. Doe, 17a
- *al
Jan. 3 *Holders of rec. Dec. 30
Indiana Pipe Line (special)
Otis Elevator. pref.(quar.)
134 Jan15'28 Holders of rec. Dec. 310
$15 Dec. 22 Holders of roe. Dec. 2
Indiana Pipe Line (quar.)
Otis Steel, prior pref. (qua?.)
134 Jan. 1 Holders of roe. Dee. 1541
$1 Feb. 15 Holders of rec. Jan. 20
Ovington Bros. Co.. panic. pref
Extra
40c. Jan. 1 Holders of rec. Dec. 15
$1 Feb. 15 Holders of rec. Jan. 20
Owens Bottle,common (qua?.)
India Tire & Rubber, pref.(quar.)
750. Jan. 1 Holders of roe. Dee. 1130
154 Jan. 1 Holders of roe. Dec. 200
Common (extra)
Industrial Acceptance Corp., com.(qu.)
Si
Jan, 1 Holders of reo. Dee. 11341
50c. Jan. 3 Holders of rec. Dec. 16
First preferred (quar.)
Common (payable in corn.stock)
fb
Jan. 1 Holders of Teo. Dee. 160
194 Jan. 3 Holders of rec. Dec. 16
Second preferred (qua:.)
Preferred (qua?.)
134 Jan. 1 Holders of rec. Dee. 18
2
Jan. 3 Holders of rec. Dec. 16
Packard Motor Car, monthly
Second preferred (quar.)
250. Deo, 31 Holders of roe. Dee. 150
59 Jan. 3 Holders of rec. Dec. 16
Extra
Ingersoll-Rand Co., preferred
15e. Dee. 31 Holders of rec. Dee. 15e
3
Jan. 3 Holders of rec. Dec. 12a
Monthly
Inland Steel, pref. (quar.)
25e. Jan. 31 Holders of rec. Jan. 14a
194 Jan. 2 Holders of rec. Dec. 150
Monthly
Inland Wire & Cable(qua:.)
250. Feb. 29 Holders of reo. Feb. 154
•500. Jan. 2 *Holders of rec. Dec. 15
Pacolet Manufacturing, common
Insurance Securities Co., Inc.(quar.)- _ _
5
Dec. 31 Dee. 21 to Jan. 1
394 Jan.
Preferred
Intercontinental Invest. Corp., pf. (qu.) 199 Jan. 2 Holders of rec. Nov. 23
399 Doe.
1 Holders of rec. Dec. 150 Page
-Hershey Tubes. Ltd.. corn. (qu.). 75c. Jan, 31 Dec. 21 to Jan. 1
Internat. Business Machines (quar.)__..
2 Holders of roe. Dec. 20
$1.25
Preferred (quar.)
Int. Buttonhole Sew. Mach.(quar.)...... 200. Jan. 10 Holders of rec. Dec. 210
lot.
I ;f Jan. 2 Holders of roe. Deo. 20
Jan. 3 Holders of rec. Dec. 15a
Paraffine Companies, corn.(war.)
International Cement, corn. (quer.).--- $1
750. Dec. 27 Holders of roe. Dee. 170
Dec. 31 Holders of rec. Dee. 120
Common (extra)
Preferred
50o. Dee. 27 Holders of rec. Dee. 170
194 Dec.
Internat. Equities Corp., class A (qua:.) 8795C Jan, 31 Holders of rec. Dec. 12a Param. Famous Lasky Corp., corn.(qu.) $2
Jan. 3 Holders of rec. Dee. 15a
1 Holders of rec. Dec. 20
Parker Rust Proof Co., corn.(quar.)...
International Harvester, corn. (guar.)
3734c Feb. 21 Holders of rec. Feb. 10
- 134 Jan. 15 Holders of rec. Dee. 24a
Preferred (quar.)
Common (payable in corn. stock)
35e, Feb. 21 adders of roe. Feb. 10
f2 Jan. 25 Holders of rec. Dec. 240 Pedigo-Webe
International Nickel, corn. (qua:.)
r Shoe(qua:.)
62340. Jan. 2 Holders of rec. Dec. 15
50c. Dee. 31 Holders of rec. Dec. 15a
Extra
Internat. Paper, 7% pref. (quar.)
500. Dec. 22 Holders of rec. Doe. 15
134 Jan. 16 Holders of roe. Dec. 20a Penick & Ford,
6% preferred (quar.)
Ltd., pref.(qua:.)
154 Jan. 1 Holders of rec. Deo. 17a
134 Jan. 16 Holders of rec. Dec. 2110 Penney
Internat. Projector Corp., corn. (quar.). 250.
(J. C.) Co.. pref.(qua?.)
•31.50 Dee. 31'Holders of rec. Dec. 20
Jan. 1 Holders of rec. Dec. 21
Pennsylvania-Dixie Cement corn. (111.). 50e. Jan.
Allotment ctf. for common
250. Jan. 1 Holders of rec. Dec. 21
3 Holders of rec. Doe. 15a
Peoples Drug Store scorn. (qua?.)
Preferred (guar.)
256. Jan, 2 Holders of roe. Doe. 80
481.75 Jan. 1 Holders of rec. Dec. 21
Pet Milk, common (quar.)
Allotment cit. for preferred
75e. Jan. 1 Holders of ree. Dee.d12
$1.75 Jan. 1 Holders of rec. Dec. 21
International Salt (qua:.)
Preferred (qua:.)
134 Jan, 1 Holders of rec. Dee.612
Internat. Shoe, new corn.(qu.)(No. 1). 134 Jan. 2 Holders of rec. Dec. 15a Pettibone Mulliken & Co.
50e. Jan. 42 Holders of rec. Dec. 15
Preferred (monthly)
First and second pref.(qua?.)
194 Jan, 3 Holders of rec. Doe. 230
50c. Jan. ea Holders of rec. Dec. 15
Phelps, Dodge Corp.(quar.)
Internat. Silver, pref. (qua:.)
$1.50 Jan. 3 Holders of roe. Dec. 17a
Interstate Iron & Steel. common (quar.) 144 Jan. 1 Holders of rec. Dec. 120 Phillips Petroleum (quar.)
75c. Jan, 3 Dec. 15 to Jan. 2
Jan161+ Holders of rec. Jan. 9'2+
Intertype Corporation, 1st pref.(quer.). $1
Pick (Albert) & Co.. pref. (quar.)
194 Jan. 3 Holders of roe. Dee. 160
2
Jan. 3 Holders of rec. Dec. 15
Pittsburgh Plate Glans (quar.)
Second preferred
2
Dec. 31 Holders of roe. Dec. 156
3
Jan. 3 Holders of rec. Dee. 15
Iron Products Corp common
Pittsburgh Steel Foundry, pref.(qua:.).
$1
Jan. 2 Holders of rec. Dec. 156
Jewel Tea. pref.(quar.)
Preferred (qua?.)
194 Dee. 31 Dec. 18 to
Jan. 2
Jan. 3 *Holders of rec. Dec. 15
Plymouth 011
Jobns-Manville Corp.. corn. (quar.)_.. 75e.
•256. Dec. 30 Holders of rec. Deo. 22
Jan. 16 Holders of rec. Jan. d3a Pratt & Lambert,
Preferred (quar.)
Inc., corn. (quar.)
75e. Jan. 3 Holders of rec. Dee. 15a
154 Jan. 2 Holders of rec. Dec. I5a
Common (extra)
Joint Investors, Inc., prior pref
$1
Jan. 8
$3 Jan, 3 Holders of rec. Dec. 17
Porto Rico Amer. Tobacco, class A (au.) $1.75 Jan, 10 Holders of rec. Dec. 15a
Jones & Laughlin Steel, pref.(guar.)._
144 Jan. 2 Holders of rec. Dec. 150 Pressed
Holders of rec. Dec.200
Steel Car, pref.(qua?.)
Kaufmann Dept. Stores
194 Dec. 31 rNov. 23 to Dee. 12
Price Bros., common (guar.)
Preferred (qua:,)
50c. Jan. 3 Holders of roe. Dec. 151
134 Jan. 2 Holders of rec. Dec. 20
Preferred (quar.)
Kaynee Co.. common (extra)
199 Jan. 3 Holders of roe. Dec. 15
1234c. Ianl'28 Holders of rec. Dec. 200 Pure Oil,
Common (extra)
534% pref. (quar.)
134 Jan, 1 Holders of refl. Dee. 100
12340 Aprl'28 Holders of rec. Mar. 20e
6% preferred (quar.)
Common (extra)
1)4 Jan, 1 Holders of rec. Dec. 100
1299c rly 1'28 Holders of rec. June 290
8% preferred (quar.)
Kelsey-Hayes Wheel, corn. (quar.)
2
Jan. 1 Holders of rec. Dee. 10a
50e. Jan. 3 Holders of rec. Dec. 21a Quaker Oats .common
Kennecott Copper (qua:,)
(qua?.)
$1
Jan. 16 Holders of rec. Doe. 310
$1.25 Jan. 3 Holders of rec. Dec. 2a
Preferred (quar.)
114 Feb. 29 Holders of rec. Feb. 10
DEC. 17 1927.]
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
15( Jan. 1 Holders of rec. Dec. 15a
Real Silk Hosiery. pref. (quar.)
Jan. 16 Holders of rec. Jan. 5
3
Realty Associates, 1st pref
35e. Jan. 3 Holders of rec. Dec. 15 .
Buttonhole Mach.(guar.)
Reece
5e. Jan. 3 Holders of rec. Dec. 15
Reece Folding Mach.(guar.)
Reliance Manufacturing, pref. (guar.)._ *31.75 Jan. 1 *Holders of rec. Dec. 21
Remington Arms, Ilse., lot pref. (guar.) 15( Jan. 1 Holders of rec. Dec. 20
15( Jan. 1 Holders of rec. Dec. 10a
Remington Rand Co., 1st pref.(guar.)
Jan. 1 Holders of rec. Dec. 10a
2
Second preferred (guar.)
Remington Typewriter, 1st pref (guar.). 1% Jan. 1 Holders of rec. Dec. 15a
Jan. 1 Holders of rec. Dec. I5a
2
Second preferred (guar.)
200. Jan. 3 Holders of rec. Dec. 9a
Boo Motor Car (guar.)
20c Jan. 3 Holders of rec. Dec. 90
Extra
Reynolds(R. J.) Tobacco
51.25 Jan. 2 Holders of rec. Dec. 176
Common and common B (guar.)
51.50 Jan. 2 Holders of rec. Dec. 170
Common & common B (extra)
1% Jan. 2 Holders of rec. Dec. 14a
Republic Iron & Steel, pref.(guar.)
Richardson &Boynton co.,part.ef.(qu.) 75c. Jan. 3 Holders of rec. Dec. 15
$1.50 Jan. 12 Holders of rec. Dec. 19
Richman Bros., common (guar.)
Rubber Service Laboratories(quar.)___ _ 600. Dec. 20 Holders of rec. Dec. 10
Dec. 20
500. Dec. 20 Dec. 10 to
St. Joseph Lead (guar.)
25c. Dec. 20 Dec. 10 to Dec. 20
Extra
St. L. Rocky Mt.& Pac. Co.. corn.(qu.) 50c. Dec. 31 Holders of rec. Dec. 150
1% Dec. 31 Holders of rec. Dec. 15a
Preferred (guar.)
1% Jan. 3 Holders of roe. Dec. 16
St. Maurice Valley Corp.. pref.(quar.)
20c. Jan. 2 Holders of rec. Dec. 15a
Salt Creek Conga Oil, corn.(quar.)._
50e. Jan. 13 Holders of rec. Dec. 10a
Sangamo Electric Co., com. (quar.)
$1.75 Jan. 13 Holders of rec. Dec. 10a
Preferred (guar.)
'151 Jan. 3 *Holders of rec. Dec. 15
Savage Arms, lot pref.(guar.)
Feb. 15 *Holders of rec. Feb. 1
Second preferred (guar.)
2
Jan. 3 Holders of rec. Dec. 12a
Schulte Retail Stores, pref.(guar.) _
Schutter-Johnson Candy,corn.B (qu.)_ 25e. Jan. d3 Dec. 16 to Jan. 3
60e. Jan. 13 Dee. 16 to Jan. 3
Cony. preference A (guar.)
600. Jan. 2 Holders of rec. Dec. 22a
Scoville Manufacturing (quar.)
2
Jan. 3 Holders of rec. Dec. 20a
Seiberling Rubber, pref.(guar.)
Selfridge Provincial Stores, Ltd.,ord.- _ _ 11.4e. Dec. 1 Holders of rec. Nov. 11
1% Jan. 25 Holders of rec. Dec. 31
Shaffer Oil & Ref., pref.(guar.)
50e. Jan. 10 Holders of rec. Dec. 20a
Shattuck (Frank G.) Co. rqu.)
35c. Dec. 31 Holders of roe. Dec. 12a
Shell Union Oil, corn .
(guar.)
Sherwin-W'ma Co.. Canada, corn. (cm.). 134 Dec. 31 Holders of rec. Dec. 15
1.54 Dec. 31 Holders of rec. Dec. 15
Preferred (guar.)
1% Dec. 31 Holders of rec. Dec. 15a
Sherwin-Williams Co.. corn. (quar.)__
50e. Jan. 4 Holders of rec. Dec. 15a
Simmons Co.,common (guar.)
134 Dec. 20 Holders of rec. Dec. 10a
Sloss-Sheffield Steel & Iron. corn.(qu.)
1% Jan. 3 Holders of rec. Doe. 20a
Preferred (guar.)
Jan. 10 Holders of rec. Dec. 31
Smith (Howard) Paper Mills, pref. (qu.) 2
Dec. 20 Dec. 1 to Dec. 11
5
Solar Refining
20
Dec. 20 Holders of rec. Dec. 10a
Soule Mill, extra
50o. Dec. 31 Dec. 15 to Jan. 2
South Penn 011 (guar.)
50e. Jan. 3 Holders of rec. Dec. 10a
South Porto Rico Sugar, corn. (quar.)_ _
2
Jan. 3 Holders of rec. Dec. 10a
Preferred (guar.)
$1 Dec. 31 Holders of rec. Dec. 15
South West Pa. Pipe Lines (quar.)
$2 Dec. 31 Holders of rec. Dec. 15
Extra
Spalding(A. G.)& Brae., corn.(guar.)._ $1.25 Jan. 16 Holders of rec. Jan. 7
25e. Dee. 31 Holders of rec. Dec. 15
Sparks-Withington Co.. corn. (quar.)
134 Dec. 31 Holders of tee. Dec. 15
Preferred (guar.)
2
Jan. 1 Holders of rec. Dec. 200
Spicer Mfg., pref.(guar.)
$2 Dec. 31 Holders of rec. Dec. lea
Staban Securities Corp
1% Dec. 31 Holders of rec. Dec. 190
Standard Milling, corn. (guar.)
1% Dec. 31 Holders of rec. Dec. 19a
Preferred (war.)
Dec. 31 Dec. 16 to Dec. 303
SI
Standard Oil (Kentucky)(guar.)
620. Dec. 20 Nov.27 to Dec. 20
Standard 011(Nebraska)(guar.)
6230 Jan. 2 Holders of rec. Nov.25
Standard 011 (Ohio), corn.(guar.)
Jan. 2 Holders of rec. Dec. 17
51
Stanley Co. of America (guar.)
Jan. 3 *Holders of rec. Dec. 17
State Theatre (Boston), pref.(guar.)_. *2
e$2.50 Dec. 31 *Holders of rec. Dec. 15
State Title & Mtge. Co.(guar.)
15( Feb. 1 Holders of rec. Jan. 7
Steel Co. of Canada, corn. & pf.
'Si
Dee. 23 *Holders of rec. Dec. 13
Steel Products. Inc. (extra)
1
Dec. 28 Holders of rec. Dec. 13a
Sterling Products. Inc.(extra)
Stone(H.0.)& Co., common (quar.)_ _ $1.25 dJan. 3 Holders of rec.dDec. 15
Feb. 1 Holders of rec. Jan. 16
f5
Common (payable in corn.stock)_ _
134 dJan. 3 Holders of rec.dDee. 15
Preferred (guar.)
50c. Jan. 2 Holders of rec. Dec. I2a
Stromberg Carburetor (guar.)
The. Dec. 22 Holders of roc Dec. 10a
Smock (S.) & Co., Inc
Swedish-Amer. Inv. Corp., corn.(qu.)-$ 1.6234 Jan • 3 Holders of rec. Dec. 15a
Participating preferred (guar.)
1.6251 Jan. 3 Holders of rec. Dec. 15a
Jan. 1 Dec. 11 to Jan. 5
2
Swift & Co. (guar.)
•10c. Feb. 1
Teck Hughes Mines
*5c. Feb. 1
Extra
151 Jan. 10 Holders of rec. Dec. 310
Telautograph Corp., pref. (guar.)
75c. Jan. 1 Holders of rec. Dee. 2a
Texas Corporation (guar.)
15c. Jan. 3 Holders of rec. Dec. 10a
Texas Pacific Coal & 011 (guar.)
40c. Jan. 2 Holders of rec. Dec. 20a
Thompson Products, el. A & B (quar.).
Jan. 3 Holders of rec. Dec. 24
3
Thompson-Starrett Co. (quar.)
13( Jan. 3 Holders of rec. Dec. I6a
Tide Water Associated Oil, pref.(qu.)_ _
20c. Dec. 31 Holders of rec. Dec. 160
Tide Water Oil, common (guar.)
Timken Detroit Axle common (quar.)__ _ 15.0 Jan. 1 Dec. 21 to Jan. 2
Sc. Jan. 1 Dec. 21 to Jan. 2
Common (extra)
d20c. Dec. 23 Dec. 6 to Dee. 7
'untie Standard Mining (guar.)
300. Jan. 3 Dec. 6 to Dec. 7
Extra
St Dec. 20 Holders of rec. Dec. la
Todd Shipyards Corp.(guar.)
75c. Jan. 3 Holders of rec. Dec. 15
Torrington Company (guar.)
$1.25 Jan. 3 Holders of rec. Dec. 15
Extra
15( Jan. 1 Holders of rec. Dec. 15
Traymore. Ltd.. pref.(guar.)
Trice Products Corp., corn.(No. 1)
'6234c Jan. 2 *Holders of rec. Dec. 9
Feb. 1 Holders of rec. Jan. 17a
Truscon Steel, corn.(In corn, Mock)
16
Jan. 2 Holders of rec. Dec. 20
4
Ulen & Co.,8% pref
%% preferred
35( Jan. 2 Holders of rec. Dec. 20
Underwood Comput. Mach., pref.(qu.)_ 1% Jan. 1 Holders of rec. Dec. 15a
Jan. 3 Holders of rec. Dec. la
Underwood Typewriter, coin. (quar.)
51
1% Jan. 3 Holders of rec. Dec. la
Preferred (guar.)
154 Jan. 15 Holders of rec. Jan. 5
Union Biscuit 1st pref.(guar.)
Union Carbide & Carbon (guar.)
31.50 Jan. 2 Holders of rec. Dec. 5a
United Cigar Stores, common (guar.).-- 200. Dec. 30 Holders of rec. Dec. 9a
Common (payable in corn. Meek)
f131 Dec. 30 Holders of rec. Dee. 9a
United Dyewood Corp., pref. (guar.).
- 1% Jan. 3 Holders of rec. Dec. 13a
United Fruit (guar.)
$1 Jan. 3 Holders of rec. Dec. 3
1% Jan. 1 Holders of rec. Dec. 20a
United Hotels of America. pref. (quar.)_
1% Jan16'28 Holders of roe Jan.228a
United Paper Board. Prof.(guar.)
Preferred (guar.)
1 % Apri6'2.8 Holden) of rec.Apr 228
United Profit-Sharing, corn
00c. Jan. 16 Holders of rec. Dec. 150
United Securities, Ltd., pref. (guar.)
- 1% Jan. 2 Holders of rec. Nov. 25
U.S. Distributing Corp.. old & new Prof. 33( Jan. 1 Holders of ree.Dee. I20
0
400. Dec. 31 Dec. 16 to Jan. I
U.S. Gypsum,common (quar.)
Common (extra)
51 Dec. 31 Dec. 16 to Jan. 1
Preferred (guar.)
134 Dee. 31 Dec. 16 to Jan. 1
U.S. Industrial Alcohol. pref.(quar.)_
134 Jan. 10 Holders of rec. Dec. 310
U.S. Leather, prior pref. v. t. 0.(guar.). 134 Jan. 3 Holders of rec. Dec. 10,
U. B. Playing Card, common (quar.)
51 Jan. 1 Holders of roe. Dec. 210
Common (extra)
41 Jan. 1 Holders of rec. Dec. 21u
1% Dec. 30 Holders of rec Nov. 300
U. S. Steel Corp., aim.(guar.)
United States Tobacco,corn.(qua?.)_ _ 75e. Jan. 3 Holders of rec. Dec. 19a
Preferred (guar.)
134 Jan. 3 Holders of rec. Dec. Pm
Universal Pipe & Radiator, common
500. Jan. 2 Holders of rec. Doe. 15a
1% Feb. 1 Holders of rec. Jan. 16/04
Preferred (guar.)
$1.50 Dec. 31 Holders of rec. Dec. 16
Utah Copper Co.(guar.)
Vacuum 011 (guar.)
50o. Dec. 20 Holders of rec. Nov. 30
Edo. Dec. 20 Holders of rec. Nov. 30
Extra
Dee. 20 Holders of rec. Nov. 30
Special extra
$1
Valvoline 011, common (guar.)
1% Dee. 17 Holders of rec. Dee 120
Virginia Iron, Coal & Coke. pref
2% Jan. 3 Holders of rec. Dec. 160
I% Jan. 20 Holders of rec. Jan. 9u
Vulcan Detinning, pref.(guar.)
Preferred A (guar.)
1% Jan. 20 Holders of rec. Jan. 00
V. Vivaudou, corn. (pay in corn. stk.). 1234 Mar. 31 Holders of rec. Mar. 5
Jan. 3 Holders of rec. Dec 15
Wabasso Cotton, Ltd. (guar.)
$1
50o. Jan. 3 Holders of rec. Dec lb
Bonus
1% Jan. I Holders of rec. Dec. 21a
Wagner Electric Co.. pref.(quar.)
1% Jan. 1 Holders of rec. Dec.4224
Wahl Company, pref.(guar.)
27510 Jae. 3 Holders of rec. Dec. 15a
Waltt & Bond,Inc., class B (quar.)
Waldorf System,Inc.. corn.(guar.)
3751c Jan. 3 Holders of rec. Dec. 20
20e. Jan. 3 Holders of rec. Dec. 206
Preferred (guar.)
75e. Dec. 31 Holders of rec. Dee. 15
Walworth Company, pref.(guar.)
3315
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Condoled).
Ward Baking Corp.. corn. el. A (quar.)_
$2 Jan, 3 Holders of rec. Dec. 15a
Preferred (guar.)
1% Jan, 3 Holders of rec. Dee. 15a
Warner Gear, class A cony. prof. (guar.) *50e. Jan, 1 *Holders of rec. Dec. 15
Warner-Quinlan Co.. corn. (guar.)
50c. Jan. 3 Holders of rec. Dec. 15a
1% Jan. 3 Holders of rec. Dec. 154
Preferred (guar.)
Warren Bros. Co.. corn. (guar.)
Jan. 3 Holders of rec. Dec. 17a
SI
Jan. 3 Holders of rec. Dec. 17a
Common (extra)
$1
First preferred (guar.)
75c. Jan. 3 Holders of rec. De . 170
,
Second pref.(guar.)
8734c. Jan. 3 Holders of rec. Dec. 17a
Waukesha Motor (guar.)
•623sc Jan, 2 *Holders of rec. Dec. 15
Weber Hellbroner, common (guar.)
$1
Dee. 30 Holders of rec. Dec. 19a
151 Feb. 1 Holders of rec. Jan. 18a
Preferred (guar.)
Wesson Oil & Snowdrift Co.. corn.(qu.)- $I
Jan, 1 Holders of rec. Dec. 15
231e. Dec. 20 Dec. 16 to Dec. 20
Western Exploration
Westinghouse El. & Mfg., corn, (qu.)_ _ _ $1
Jan, 31 Holders of rec. Dec. 30
' Preferred (guar.)
Jan, 16 Holders of rec. Dec. 30a
$1
Westland 011 Corp
Dec. 23 Holders of rec. Dec. 136
$2
Weston Elec. Instrument, el. A (guar.).
50c. Jan. 2 Holders of rec. Dec. 17
Wheeling Steel Corp., pref. Cl, A (qu.)
2
Jan. 2 Holders of rec. Dec. 12a
Preferred class B (guar.)
254 Jan. 2 Holders of rec. Dec. 12
White Motor (guar.)
50c. Dec. 31 Holders of rec. Dec. 164
White Motor Securities, prof. (quar.)_
1% Dec. 31 Holders of rec. Dec. 15a
White Rock Mineral Springs. corn,(qu.) 50c. Jan, 2 Holders of rec. Dec. 15a
Common (extra)
$I Jan. 2 Holders of rec. Dec. 150
First preferred (guar.)
lff Jan. 2 Holders of rec. Dec. 15
Second preferred (guar.)
2% Jan. 2 Holders of rec. Dec. 15
Second preferred (extra)
Jan. 2 Holders of rec. Dec. 15
5
Wire Wheel Corp., pref. (guar.)
$1.75 Janl'28 Holders of rec. Dec. 20
150. Dee. 31 Holders of rec. Doe. 15
Woodley Petroleum (guar.)
Wrigley (Wm.) Jr. Co.(monthly)
280. Jan. 3 Holders of rec. Dec. 20a
Special (extra)
50c. Jan. 3 Holders of rec. Dec. 20a
Monthly
25c. Feb. 1 Holders of rec. Jan. 20a
Monthly
25e. Mar. 1 Holders of rec. Feb. 20a
Monthly
25e. Apr, 2 Holders of rec. Mar.20a
Yale & Towne Mfg. (guar.)
$1 Jan. 3 Holders of rec. Dec. tia
Yellow Truck & Coach, pref.(quar.)
134 Jan. 1 Holders of rec. Dec. 150
Youngstown Sheet & Tube, corn.(qu.).... $1.25 Dec. 31 Holders of rec. Dec. 14e
1% Dec. 31 Holders of rec. Dec. IA 0
Preferred (guar.)
• From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. I The
New York Curb Market Association has ruled that stock will not be quoted =dividend on this date and not until further notice.
a Transfer books not closed for this dividend. I Payable In preferred stock.
I Correction. e Payable In stock. f Payable in common stock. 0 Payable in
scrip. h On account of accumulated dividends.
0 Holders of Class A and Class B stock are given the privilege of subscribing to
the extent of the dividend to their respective stocks at $25 per share.
t North American Co. stock dividend is 2%%,or at rate of one-fortieth of a share
of corn, stock for each share held.
It Holland Furnace corn, dividend payable either in cash or in common stock.
1 Associated Gas & Electric dividends payable either In eaals or class A stock
as follows: 2 47-100 of a share of class A stock on original preferred; 4 32-100 of a
share of class A stock on 37 preferred; on class A stock one fortieth share class A stook.
m One-fortieth share common stock.
is Subject to approval by the Inter-State Commerce Commission.
o U. S. Mtge. & Trust stock dividend subject to stockholders' meeting Dec. 30.
p British American Oil dividend payable to holders of coupon No. 4.
o Knox Hat dividend Is payable in class A participating stock of the Long'.
Hat Stores Corp. at $100 per share.
r Payment date changed by company from Dec. 31 to Dec. 3 and holders of res.
date from Dee. 1 to Nov. 22.
s American Superpower stock dividend Is one-fiftieth share of class A corn,stock.
o Utilities Power & Light class A dividend optional, either In cash or claw A stook
at rate of one-fortieth of class A stock, and class B stock 33-500ths ot a share Of
class B stock.
w The following amounts to bededucted on account of third and fourth quarterly
installments of 1926 Income tax: Continental Pass. By., 50c.; Union Pass. /17..
75c.; West Phila. Pass Ry., 75e.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Dec. 10. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Mated in thousands Of dollars-that Is, three ciphers 10001 omitted.)
Net
Reserve
Capital. Profits Loans,
Discount, Cash
with
Net
Time Bank
Week Ending
In
Legal ! Demand
De- Circle
Dec. 10 1927. Nat'l, Oct 10 InvestState. Noy 15 monis, Vault. Deport- Deposits. posits. fon.
&c.
tortes.
Tr.Cos. Nov 15
(000 omitted.)
Member of Fed. Res.
13ank of N Y
6,000
Trust Co_ Bk of bianhat'n 12,500
Bank of America 6,500
National City__ 75,000
Chemical Nat'l_ 5.000
Natl3k of Comm 25,000
ChatPhNB&T 13,500
Hanover Nat'l. 5,000
Corn Exchange_ 11,000
National Park._ 10,000
Bowery & E Illy 4.000
First National. 10.000
Am Ex Irving Tr 32,000
Continental Bk. 1,000
Chase National 40,000
500
Fifth Avenue. _
1,000
Garfield Nat'l_
8,000
Seaboard Nat'l
Bankers Trust_ _ 20,000
US Mtge & Tr_ 3,000
Guaranty Trust 30,000
Fidelity Trust_ 4,000
New York Trust 10,000
Farmers L & Tr 10,000
Equitable Trust 30,000
Bank. Average. Average Average
$
$ 1
501 7,818
81,209
12.690
18,883 181,381 4,301 19,051
88,623 1,084 11,787
5,426
68,079 943,185 4,779 96,422
18,954 145,214 1,729 17,104
562 44,821
44,197 403,944
14,302 230,700 2,984 24,936
26,322 148,388 1,349 18,656
16,493 205,163 4,506 24,356
818 18.126
24,696 180.780
76,223 2,327 7,080
7,051
519 31,271
80,909 353,972
31.014 440,007 3,769 52,637
132 1,038
8.340
1.352
40,820, 654,348 6,453 77,942
799 3,036
27,278
3,261
504 2,359
10,918
1.89
804 17,042
12,071 141,749
956 39,951
41.373 375,119
960 8,265
5.497 64,467
33,980 487,301 1,417 52,395
47,0511
6311 5,335
3,459
23,533 187,266
786 18,766
715 15,134
21,3841 145,855
25,154 298,946 1,3471 31,658
Average. Averag deo
57.262 8,873
139,072 31,697
90,226 4,076
*960,160 137,341
128,923 .5,200
337,932 31,515
179.712 43,855
136,036 2,947
173,132 30.517
136,351 15,071
48,238 22,671
236,013 19,091
394,219 45,045
6,202
504
*602.229 49,790
24,589 1,228
16,103
658
130,3761 3.189
*339,866 44,413
59,0271 4,199
'456.569 64,745
40,252 4,142
136,806, 36,466
*113,568 19,954
*344,8071 26,494
____
98
347
6,148
4,678
2,967
6,832
___ i
49
44
Total of averages373,000 582.8125,933,427 44,732646,946c4,793,964 653,681 3,598
Totals, actual condition Dec. 10 5,907,975 47,394659,800c4,790.334 6S0,80523,643
Totals, actual condition Dec 35.970,470 42,501640,727 c4,813,3421680,90523,595
Totals, actual condition Nov 265,861,785 46,990 584,975c4,651,644687,62023.673
State Banks ,Not Me mbers of Fed'I Res've 'Bank.
1
5,000 6,292 106,5861 4,915 2,289
1,400 3,519
35,418, 3.967, 1.887
State Bank...
Colonial Bank _1
!
Total of averages 6.400
9,811
38.720 62563
29,403 6,316
142,0041 8.882
4,176
68,123 68,879
Totals, actual condition Dec. 10 141,819 8,428
Totals, actual condition Dee 3 141,022 8,506
Totals, actual condition Nov 26 143,445' 8,810
4.214
3,324
4,637
67.861 68,905
66,063 68.707
70,337 68,747
3316
THE CHRONICLE
Capital
Week Ending
Dec. 10 1927. Nat'l,
State.
(000 omitted.) Tr.Cos
Net
Profits
Loans,
Reserve
Discount, Cash
with
Net
Time Bank
Oct. 10 Invest
in
Legal Demand
De- CircaNov.15 meats, Vault. Deposi- Deposits. Posits. ion.
Nov.lo
&c.
tories.
Average. Average Average Average. Average Aerie
$
$
$
$
'Trust Compass Lea Not Membe rs of Fed 'I Res•e Bank
"Title Guar & Tr 10,000 21,171
68,782 1,788 4,411
41,322 1,870
Lawyers Trust. 3,000 3,602 24,705
926 1,92
19,021 1,682
• Total of averages 13,000 24,773
93.487
2,714
6,340
60.343
94,174
94,999
95,326
2,658 6.623
2,508 6,829
2,6591 8,918
61.206
61.843
62,700
Banks and Trust Companies in New York City.
-The
averages of the Now York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
3,552
'Totals, actual condition Dec. 10
Totals, actual condition Dec. 3
Totals, actual condition Nov.26
3,479
3,841
3,569
Loans and
Investments.
Gr'd aggr., av'ge392,400617,397 ,168,918 58,328057,462 4,922,430726,11223,598
Comparison withprev. Week__ +2,817 +1,0571+1,367 +32,617-30,315 -22
• Cird aggr.. avalcond'n Dec. 106,143,968 58,48&670,637 4.919,201 723,18923,643
'Comparison wit h prey. week... -62,523 +4.965'+19757 -22,047-30,064 +48
1
Gr'd
Gr'd
'Gr'd
Gr'd
Gr'd
aggr., ad' cond'n
aggr., actl cond'n
aggr., salcond'n
aggr.. act'lcond'n
aggr.. Gal cond'n
Dec. 36.206.491
Nov.266,100,556
Nov.19 6,095,269
Nov.128,014,540
Nov. 50,020,25
53.515650,880
58,459 596,530
53,856 654,186
56,872 632,648
54,680 835.026
4,941,248 753,25323.595
4,784,681 759,938 23,673
4,839.037 751,384 23,522
4,718,560751.373 23,584
4.722,193 739,830 23,648
Note.
-U. B. deposits deduc ed from Ret demand deposits in the general total
above were as follows: Average total Dec. 10, $1,162,000. Actual totals
$1,162,000; Dec.3.81,162,000; Nov.26,$11,943,000; Nov. 19,$47,193,000; Dec. 10,
Nov.12
$37.851,000: Nov.5,348,830000. Bills payable,rediscounts, acceptances and other
liabilities, average for week Dec. 10. 8806,353,000: Dec. 3, 3794,999,000;
Nov 26
$760,228,000; Nov. 19, $735,300,000: Nov. 12, $747,361,000; Nov. 5, 3710,961.000:
Actual totals, Dec. 10. $802,383,000; Dec. 3. $791,375,000; Nov. 26,
Nov. 19, $730,770,000; Nov. 12, 3747,738.000; Nov. 5, $20,012.880. $760,446,000;
* Includes deposits in foreign branches not included in total footings as
follows:
National City Bank, $251,425,000; Chase National Bank. $13,519,000; Bankers
Trust Co., $42,923,000; Guaranty Trust Co.. 375.322,000; Farmers' Loan
& Trust
Co., $3,476,000; Equitable Trust Co., $106,040,000. Balances carried
in banks in
foreign countries as reserve for such deposits were: National City Bank,$37,423,000'
Chase National Bank, $1,508,000; Bankers Trust Co., 5904,000;
Guaranty Trust
Co., $4,408,000; Farmers' Loan & Trust Co.. $2,476,000; Equitable
Trust Co..
35,157.000.
Week EndedAug. 13
Aug. 20
Aug. 27
Sept. 3
Sept. 10
Sept.17
Sept.24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov.26
Dec. 3
Dec. 10
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE
BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve Bank.
State banks.
'Trust.companies•_
Total
Reserve.
Reserve
Required.
$
Surplus
Reserve.
646,946,000 646,916,000 642,825,750
4,176.000 13.058.000 12,262,140
6,340,000 9.054,000 9,051,450
$
4,120.250
795,860
2.550
11.596,000 657,462,000 66^ 058.000 864,139,340
11,282,000 656,095,000 667,377,000 860,934,630
11,179.000 845.182.000 656,361,000 651,363,130
11,033,000 646,604,000 657,637,000 649,959,570
4,918,660
6,442,370
4,997,870
7,677,430
8,882,000
2,714.000
Total Dec. 10._._
Total Dec. 3._ _ _
Total Nov. 26_ _ _
Total Nov. 19.,.
•Not members of Federal Reserve Bank.
b This is the reserve required on net
In the case of State banks
and trust companies, but in the case ofdemand deposits Federal Reserve Bank, inmembers of the
cludes also the amount of reserve required on net time deposits, which was
as follows:
Dec. 10, $19,524,150; Dec. 3. $20,457,150; Nov. 26, 320,628,600;
Nov. 19, 320.367,100; Nov. 12, 320,372,520; Nov. 5, 320.012,880;
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve Bank.
State banks.
Trust companies._ _ _
1••
Total Dec. 10.. _ _ _
Total Dee. 3___ _
Total Nov. 26_ _ _
Total Nov. 19_
$
8.428,000
2,658,000
Total
Reserve
a
Reserve
Required.
*Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits
and trust companies, but In the case of members of the in the case of State banks
Federal Reserve Bank in-
cludes also the amount of reserve required on net time deposits, which was as follows:
Dec. 10, 319,610.430; Dec. 3. $20,523,180 Nov. 26. $20,515,050; Nov. 19, 320,209,020; Nov. 12, 320,003,550; Nov. 5, $19,980,510;
State Banks and Trust Companies Not in Clearing
House.
-The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATES BANKS AND TRUST COMPANIES IN GREATER
NEW YORK. NOT INCLUDED IN CLEARING IIOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
Differences from
Dec. 10.
Previous Week.
Loans and investments
1,418,391,500 Dec. 16,854,600
Gold
5,569,800 Dec.
7.700
Currency notes
27,187,700 Inc. 1,073,300
Deposits with Federal Reserve Bank of New York 113.324,100 Dec. 5,157,000
Time deposits
1 442,632,600 Dec. 23,309,400
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust companies in N. Y. City, exchanges & U. S. deposits1,364,389,400 Dec. 12,165,100
Reserve on deposits
188,783,500 Dec. 7,624,900
Percentage of reserve, 20.8%.
RESERVE.
-State Banks
---Trust Companies
Cash in vault
*340,350,800 17.64%
3105,730,800 15.81%
Deposits in banks and trust oos____ 10,723,500 4.68%
29,978,400 4.48%
$135,709,200 20.29%
*Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and =Et companies combined on Dec. 10 WA $113,324,100.
Reserve in
Depositaries.
$
7,177,325,100
7,115.836.600
7,069.889,000
7,107,725,500
7,179,503,300
7,276,682,800
7,290,010,700
7,304,600.300
7,406,023,400
7,315,962.900
7,307,457,600
7,322.436.700
7.369.553,800
7.421,396.900
7,501.257.200
7,526,722,000
7.601,347,100
7.587.309.500
$
5,931,055,300
5,879,977.900
5,845,207.700
5,901,639.100
5,916,180,700
5,990.245.100
5.885,011,200
5.897,049,400
5.971,040.300
5,903,829,300
5,952,316,500
5,960,174,600
6.030,524,900
6,056.967,900
6,148,900,500
6,183.811,700
6,266,367.500
6.286.819.400
$
80,989,500
79,489,400
78.875,900
78,364,200
82,029,500
83,361,800
81,144,800
82,314,800
83,304,200
86,248,900
82,589,900
84,457,300
83,515,500
87,395,500
85,950,800
88.031,600
86.962.900
89.085.500
$
768,301,300
763.24E000
751,445,000
765,329,800
763.460,100
771,680,400
760,449,500
760,172,600
774,359.100
770,304,400
777.194,400
773,177,400
791,129,000
778,567,000
802,801.300
800,450,800
818,811.500
811.488.000
CLEARING
NON-MEMBERS Capital.
Week Ending
Dec. 10 1927.
Members of
Fed'I Res've Bank.
Grace Nat Bank. _ _
State Bank
Not Member of the
Federal Reserve Rank
Bank of Wash Ms.
Trust Company
Not Member of the
Federal Reserve Bank
Meets 'tr. Bayonne.
1,000
Loans,
Discounts,
Net
Profits. Investmerits,
&c.
1,981
•
15,433
•
Cash
in
Vault.
Reserve
with
Net
Net
Legal Demand Time
Devoe,- Deposits. Deposits.
tortes.
Average Average. Average. Average.
$
8,944
1,354
95
4,039
•
•
500
701
9.674
394
Gr'd aggr., Dec. 10
1,500
Comparison with p ev. week
2.682
25.106
+25
489
+16
Gr'd
Gr'd
Gr'd
Gr'd
2.682
2.882
2.882
2,682
25.081
24.266
23.986
24,187
473
495
507
491
•
221
4,428
5,660
1,575 a13,372
+118 +1,025
9,699
-145
1,457
1.438
1,457
1,373
12,347
11,713
11,974
11,625
9,844
9,910
9,862
9,881
a United States deposits deducted, $2,000.
Bills payable, rediscounts. acceptances and other liabilities, $2,869,000.
In reserve, $20,110 decrease.
Excess
aggr., Dec. 3'
aggr.. Nov. 26
aggr., Nov. 26
aggr., Nov. 19
1.500
1,500
1,500
1,500
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.
$
659,800.000 659.800.000 642,267,570 17,532.430
4,214.000 12,642,000 12.178.080
483.020
8,623,000 9,281,000 9,180,900
100.100
$51,074,300 22.32%
Total Cash
in Vaults.
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Stated in thousands of dollars, that is, three ciphers (000] omitted.)
Dec. 14
1927.
Surplus
Reserve.
11,086,000 670,637,000 681,723,000 663,627,450 18,095.550
11.014.000 850.880,000 861,894,000 667,329,400 5,435,400
11,489,000 596,530,000 607,999,000 647,407,980 39,408.980
10,616,000 654,186,000 664,802,000 654,180,370 10,621,630
Total
Demand
Deposits.
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing
House by clearing non-member insitutions and which are not
included in the "Clearing House Returns" in the foregoing:
c Deposits .n foreign branches not ncluded.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the
actual condition at the end of the week is shown in the
following two tables:
[VoL. 125.
Changes from
Previous Week.
Dec. 7
1927.
Nov. 30
1927,
$
Capital
77,150,000 Unchanged
77.150,000
77,150,000
Surplus and profits_
97.638.000 Unchanged
97,638,000
97,638,000
Loans, disels & invest_ 1,116,755,000 Inc.
588,000 1,116,167.000 1,124,008,000
Individual deposits.... 710,625,000 Inc. 1,511,000 709.114,000 708,085.000
Due to banks
160.749,000 Dec. 10.907,000 171,656,000 166,093,000
Time deposits
280,170.000 Dec. 1.738.000 289.908,000 287,830,000
United States deposits_
1,169,000Unchanged
1,169,000
8,531,000
Exchanges for Ctg lEse
32,994,000 Dec. 8,904,000
39,898,000
42,402,000
Due from other banks_ _
88,839,000 Dec. 8,275,000
95,114,000
87,945.000
Res've In legal deposles
88,499.000 Dec
145,000
86,644,000
85,619,000
Cash in bank
10,232.000 Inc.
408,000
9,824,000
9,797,000
Res've excess In F.R.Bk
344.000 Dec.
722,000
1,086,000
245,000
Philadelphia Banks.
-The Philade phia Clearing House
return for the week ending 1 -ec. 10, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Two Ciphers(00)
omitted.
Week Ended Dec. 10 1927.
Members of
Trust
F R.System Companies.
.
1927
Total.
Dec. 3
1927.
Nov. 26
1927.
Capital
52.300,0
9,500,0
61,800.0
60,800,0 880,800,0
Surplus and profits.... 185.092,0
17,440,0 182.532.0 181.575,0 181,575,0
Las, disc'ts & invest
989,194,0
98,447,0 1,087,641,0 1,074,590,0 1,073,038,0
Exch. for Clear. House
41.107,0
628,0
41,735,0
39,993,0
44.383,0
Due from banks
95,124,0
632.0
95.758.0 113,412,0 115,358,0
Bank deposits
145,003,0
3,198.0 148.201,0 151.095,0 150,812,0
Individual deposits... 637.677.0
52.796.0 690,473,0 692,067,0 680,912,0
Time deposits
186,583,0
24,560,0 211,143,0 214.579,0 217,238,0
Total deposits
969.263,0
80,554,0 1.049,817,0 1,057.741,0 1,048,082,0
Res. with legal dePee8,738,0
8,738,0
5,520,0
5,500,0
Res. with F. R. Bank_
72.052.0
71,115,0
72.052.0
75.678,0
Cash in vault
12.837,0
2,946,0
15.783,0
14,448,0
14,389,0
Total res. & cash held_
84,889,0
11,684,0
91,071,0
96.573,0
95,567,0
Reserve required
71,766,0
10,052.0
79,100.0
81.818.0
80,072,0
Excess res. & cash in
vault
13,123.0
1,632,0
11,971,0
14,755,0
15,495.0
• Cash In vault not counted as reserve for Federal Reserve members
3317
THE CHRONICLE
DEC. 17 1927.]
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Dec. 15 and showing the condition
present the results for the system
of the twelve Reserve banks at the close of business on Wednesday. In the first table we the corresponding week last year.
as a whole in comparison with the figures for the seven preceding weeks and with those of
The Federal Reserve Agents'
The second table shows the resources and liabilities separately for each of the twelve banks. between the Comptroller and
Accounts (third table following) gives details regarding transactions in Federal Reserve notes
returns for the
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the
latest week appears on page 3279, being the first item in our department of "Current Events and Discussions."
THE CLOSE OF BUSINESS DEC. 14 1927.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT
Nov. 2 1927. Oct. 28 1927 Dec. 152926.
Dec. 14 1927. Dec 7 1927 Nov 30 1927. Nov. 23 1927. Nov 16 1927 Nov 9 1927
$
$
$
$
$
$
2
2
2
RESOURCES.
1,823.253.000 1,435,352.000'
1,585.009.000 1,530.667.000 1,476,253.000 1,569,165,000 1.568.188.000 1.503.631,000 1,809.809.000
told with Federal Reserve agents
56.229,000
42.028.000
40.072.000
47.006,000
41,168,000
41,594,000
49,238,000
46,190,000
47,952.0001
lold redemption fund with U. S. Treas.
1.550.637.000 1.649.881.000 1.665,281,000 1,491,581.000
Gold held exclusively agst. F. It. notes 1,632.961.000 1,578.857.000 1.525,491,000 1,610,759,000 1,607.354.000 689.435.000 603,971,000 634,385.000 622,656.000
487.463.000 586,044.000 831.911,000 588,007.000 603.856,000
Sold settlement fund with F It. Board
663.834.000 647.584,000 661.172.000 678,230.000 689.849.000 677,945.000 656.886.000 716,480,000
671,778.000
aom and gold certificates held by banks
2.830,717,000
2.792.202.000 2,826,735.000 2.804,986,000 2.859,938.000 2,889.440.000 2.909.921,000 2.931,797.000 2,956.552.000 121,331.000
Total gold reserves
135,793,000
125.764.000 128.540.000 134,904,000 132.687.000 137,195,000 131.570.000 134.856.000
Reserves other than gold
2.917.966.000 2.953,275.000 2,939,890,000 2,992,625.000 3,026,635,000 3,041,491,000
Total reserves
53,029.000
58,563.000
54,117,000
58,274,000
53,728.000
56,310.000
Non-reserve cash
discounted:
Bills
345,070.000 286,826.000 226.958.000 278.454.000
Secured by U. S. Govt. obligations... 347.586.000 294.813,000
147.387.000 149.294.000 131,955,000 131.469.000 140.478.000 184.187.000
Other bills discounted
494.973.000 443,907.000 477,025.000 418.295,000 367,436,000 460.641.000
Total bills discounted
381.125.000 379.998,000 354.740.000 326.710.000 333.807,000 336,413,000
Bills bought in open market
U. S. Government securities:
270.980.000 266.243.000 264,732,000 264,688.000 264,800.000 281,656.000
Bonds
94,800.000
52,529.000
51,428.000
55.611,000
58.105,000
59,245.000
Treasury notes
267.670,000 281.863.000 227,492,000 305,116,000 387,465,000 153.754.000
Certificates of indebtedness
Total U. S. Government securities...
Other securities (see note)
Total bills and securities (see note)
Gold held abroad
Due from foreign banks (see note)
Uncollected items
Bank premises
All other resources
Total resources
LIABILITIES.
F. It. notes in actual circulation
Deposits—
Member banks—reserve account
Government
Foreign banks (see note)
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
597,895,000
950,000
804,201,000 547,835,000
915,000
915,000
821,232,000
635,000
704.794.000
815,000
530,210,000
600.000
3,068,653.000 3,092.345.000 2,952,048,000
51,007,000
61,137,000
55.657.000
208.723.000
170,498.000
238.428.000
165.970,000
321,981,000
240.326,000
379,221.000
334,578,000
402,398.000
301.111.000
562,307.000
384.125.000
277,478,000
102,852,000
146.048.000
281,876.000
124,941,000
123.813.000
46.428.000
82,216.000
349.595,000
526.376.000
600.000
510,830.000
620,000
478,239,000
2,564,000
1.427,235,000
1,474,943,000 1.429.021.000 1,380,515,000 1,366,872.000 1,408.852.000 1.327.864.000 1.240,773,000 1.214.759.000
564.000
650,000
585.000
584,000
564.000
565.000
566.000
566.000
586.000
828.912,000 647.516.000 692.230,000 708,811,000 899.416.000 669.962.000 715,124.000 688,777.000 894.699,000
60.148,000
59,774,000
59./74.000
59.844,000
59.942.000
59.945,000
60.001.000
60.067.000
60.176.000
13,159.000
13,919.000
13.847.000
14,187.000
14,895.000
13.707.000
13,991,000
14.176.000
14.759.000
5.353.632.000 5.158.349,000 5,145,467,000 5,194,842.000 5.466,687,000 5,166,941.000 5,152,393.000 5.130.015,000 5,399.706,000
1,766,735,000 1,749,795,000 1,716,574,000 1,728,703,000 1.708,438,000 1.734,696.000 1,717,118,000 1.702.999,000 1,840,132,000
2,418,572,000 2.397,062,000 2,378,563.000 2,392.520.000 2,499.978.000 2,368,905.000 2,362.429.000 2.351.870.000 2,353,853.000
6.170,000
19,294,000
6,123.000
22,048.000
3,096,000
3,981.000
2,093,000
1.771.000
4.040.000
6,204,000
8.359.000
5.572.000
7.000.000
5,914.000
8.637.000
4.842.000
5.410,000
4.473.000
26.223.000
23,928.000
30,170,000
25,379,000
58,282,000
33,376.000
27,672,000
23,010.000
20.894.000
2.447,979,000 2.427.253.000 2,413,170,000 2,435,790,000 2,565,993.000 2,423,332,000 2,404,294,000 2.403.451,000 2,392.480,000
758637,726.000.776,000 602.517.000851,939,000 818.702,000 631,752.000 654,634.000 646.615.000 797,018.000
132,315,000 131.738.000 131,698,000 131.649,000 131,823,000 131,381,000 131,388,000 131,293,000 124,752,000
228,775.000 228.775,000 228,775,000 228,775.000 228,775,000 228.775,000 228,775.000 228.775.000 220,310,000'
25,014,000
18.882,000
18,188.000
17.005,000
17,138,000
17,786,000
17.524.000
18.271.000
19,052.000
5,353,632,000 5,158,349,000 5,145,487,000 5,194,642.000 5.466.667.000 5.166,941,000 5,152,393.000 5,130.015,000 5,399,706,000'
Total liabilities
Ratio of gold reserves to deposit and
66.8%
72.0%
71.1%
69.9%
87.8%
68.7%
67.9%
67.7%
86.2%
R. note liabilities combined
F.
Ratio of total reserves to deposit and
69.7%
75.3%
74.4%
73.1%
70.8%
71.9%
70.7%
71.2%
69.2%
F. R. note liabilities combined
Contingent liability on bills purchased
50,491,000'
182.795,000 188,595.000 194,888.000
201,112.000 187.587.000 188.1813,000 188.781,000 184,253,000
for foreign correspondents
$
$
$
$
$
$
5
s
S
Distribution by Maturities—
153.976,000 155.324.000 137,748,000 111,725.000 117.708.000 120,217.000 139.458,000 125.700.000 142,583,000
1-15 days bills bought in open market _
438.526,000 388.039,000 412,153,000 354,146,000 301.989.000 374.883.000 301,645.000 330.843.000 446.952.000
1-15 days bills discounted
158,000 183,000,000
83,122.000 165,540.000
59,932,000
5,064,000
48.165,000
1-15 days U. S. certif. of Indebtedness.
20.000
1-15 days municipal warrants
77,340,000
68.361.000
65.543,000
85,940.000
64,157,000
64.913.000
77,774,000
71,372,000
88,522.000
18-30 days bills bought in open market.
39,153,000
20,295,000
17.524,000
31,230.000
19,447,000
18,688,000
17.465.000
19,893,000
18,835.000
16-30 days bills discounted
days U. B. certif. of indebtedness.
16-30
155,000
100,000
100,000
16-30 days municipal warrants
97,685,000
69,884,000
62.167.000
59.583.000
78,603,000
97,578,000
31-00 days bills bought in open market. 107,092,000 115,489,000 108,980,000
31,467,000
42,924,000'
32,612,000
34,175,000
27,885.000
26,525,000
21.386,000
27,224,000
19,288,000
81-60 days bills discounted
51-60 days U. S. certif. of Indebtedness_
100,000
64,000
100.000
115,000
100,000
35.000
55.000
90.000
81-60 days municipal warrants
59.468.000
66,033,000
45.568,000
77.645,000
70,578,000
50,366,000
29,348.000
34,501.000
29,673,000
61-90 days bills bought In open market _
26,096,000
17.276.000
17.054.000
15.404,000
11.273.000
11,394,000
10,912,000
11,440,000
11,844,000
61-90 days bills discounted
1,000
01-90 days U. B. certif. of indebtednees.
01-90 days municipal warrants
7,049,000
3.901.000
2.781,000
3,144,000
2,978.000
2,130,000
2,141,000
2,065,000
1,862,000
Over 90 days bills bought in open market
7,182,000
5.288.000
6,052,000
8,532,000
7,582,000 221.925.000
7.577,000
6,843,000
8,480,000
Over 90 days bills discounted
6.842,000 153,754,000 148,046,000 123,655,000 161,594.000
221,505,000 221,921,000 222,428,000 221,994,000
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
2,994,086.000
F. R. notes received from Comptroller__ 3,017,610,000 2,975,476,000 2,948,575,000 2,934,163,000 2,919,310,000 2.916,360,000 2.921.890,000 2.928.021.000 805,711,000
794,750,000 800,190,000 819.870.000 820,040,000 814,120,000 811,745,000 800.395.000 803.235.000
F. R. notes bled by F. It.. Agent
2,222,800,000 2,175,288,000 2,126,705,000 2.114,123,000 2,105390,000 2,104.815,000 2,121,295,000 2.124,788,000 2.188,375.000
Issued to Federal Reserve Banks
flow Secured—
405,778,000 405.487,000
By gold and gold certificated
99,126,000 100,783,000
Gold redemption fund
Gold fund—Federal Reserve Board.... 1,080,105,000 1,024.417.000
828,502,0001 790,318,000
By eligible paper
405,468,000 415,467,000 414,574,000 403.328.000 400.993.000 400.994.000 306.274,000
95.537.000 104,828,000
97,318.000 106,509,000
109,775.000 108.481,000 101.819,000
961.010.000 1.045,217.000 1.049,793,000 1,002,985,000 1,102.307,000 1.126,722,000 1,024,250,000
789,538,000 688,383.000 674,931,000 919,193,000
801.551.000 716,423.000 679.014.000
2.411.511.000 2.320.985.000 2.277.804.000 2.285.588.000 2.245.200.000 2.273.167.000 2.296.192.000 2.298.184.000 2.354,545.000
-NOTE.—Ileginning with the statement of Ost. 7 1925. two new tams were added in order to Show separately the amount of balances held abroad and amounts due
to foreign correspondents. In addition, the caption, "All other earn rig assets," previously made up of Foreign Intermediate Credit Bank debentures, was changed to
of
of the
"Other securities." and the caption, "Total earning assets" to "Total bills and securities." The latter item was adopted as a more accurate descriptionitems total
included
the discounts, acceptances and securities acquired under the provialone of Sections 13 and 14 of the Federal Reserve Act, which. It was stated, are the only
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC. 14 1927.
Total
Two ciphers (00) milted.
Federal Reserve Bank of—
Total.
Boston.
Nets York.
Phila.
Cleveland. Richmond Atlanta. Chicago. Si, Louts. Minneap. Ran. City Dallas. San Fras,
RESOURCES.
$
$
Gold with Federal Reserve Agents 1,585,009,0 107,475.0
47,952.0 4.674.0
Gold red'n fund with U.S. Treas.
$
$
$
$
5
5
$
$
$
$
$
37.0 121,677,0204,036,0 34,151,0 141.570.0 257.787,0 47,267,0 45,395,0 57,052.0 30.324.0 198,228.0
340.04
1,726.0 1,874,0
1,872,0 3,007,0 1.572.0 1.787.0
15,502,0 9,594,0 2,420,0 3,276,0 1,848,0
Gold held excl. eget. F.R. notes 1,632,961,0 112,149,0
Gold aettle't fund with F.R.Board 487,463,0 25.842,0
671,778,0 33,023,0
DOM and gold certificates
355,5439,0 131,271,0 208,458,0 37,427.0 143,418,0 259,493,0 48,941,0 47,267,0 59,059,0 31,896,0200,015.0
155,545,0 31,773,0 48.138,0 27,168.0 3,155,0 71,828,0 19.192.0 18,393,0 27.339.0 15.939,0 43,351,0
438,433,0 25,895.0 39,037,0 8,585,0 8.279.0 58,248,0 12,015.0 6.176,0 7,203,0 7,397.0 31,707,0
Total gold reserves
Reserves other than gold
2,792,202.0 170.814,0
125,784,0 12,860,0
947,547,0 188.739,0 293,631,0 73,160,0 154,852,0 387,569,0 80,148,0 71,838,0 93,601.0 55,232.0 275,073,0
23,220,0 5,772,0 9,152,0 5,426,0 14,357.0 15,344,0 12.781.0 4.330,0 5.688,0 9,420,0 7,414.0
2,917,968,0 183,674,0
Total reserves
58.310,0 7,282,0
son-reserve cash
Bills discounted:
Sec. by U. S. Govt. obligations 347.586,0 26.898,0
147,387,0 19,828,0
Other bills discounted
970.767,0 194.511,0 302,783,0 78,586,0 169.209.0402.913,0 92,929,0 78,186.0 99.289,0 64.652.0 282,487.0
18.509,0
997.0 4,043,0 4,461,0 3,640,0 8.308,0 3,886,0 1,031.0 2,193,0 2.343,0 3,837.0
100.048,0 27,967,0 43,869,0 6,722,0 11.781,0 88,452.0
28.387,0 13,441,0 12,257,0 14,118,0 21.825,0 15,482,0
9,822,0
4,084,0
1,473,0
2.069,0
7.737,0
8,288.0
3,060,0 39,759.0
2,879,0 4,751,0
Total bills discounted
Bills bought in open market
V. S. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
494,973,0 46,724,0
381,125,0 50,579,0
128,433.0 41.408,0 58.126,0 20,840,0 33.606,0 83,934,0 13,906,0 3,542,0 16,005,0 5,939,0 44.510,0
104,433,0 32.677,0 19,702,0 49,881,0 2,302,0 60,323.0 4.387,0 20.129,0 8,822,0 22.238,0 5.854,0
270,980,0 15,021,0
59,245,0 3.335,0
287,870,0 17,897.0
50,009.0 17,072,0 34,611,0 6,091.0
9,205,0 6,744,0 9,424,0892,0
101.113,0 22,106,0 17,757,0 5,816,0
Tmal 11 0 ir1mr't Asunnitler
1107 50110 2621120
1602270
5,889,0 47,983,0 18,615,0 11,484,0 20,883,0 17,768,0 25,578,0
2,547,0 6,215,0 7,877,0 4,597,0 3.230,0 2,854,0 2,725,0
8,782,0 32,341,0 12,055,0 7.959,0 14.654,01 11,306.0 18.084,0
,
4.5 099 0 Al 7090 19 11000 1111080 AA 112001 282470 24 040 0 38 787 01 31 728 0 46 285 0
3318
T H 141 CHRONICLE
RE'SOURCES (Concluded)
Two ciphers (00) omitted.
Total.
2
950,0
Other securities
Total bills and securities
Due from foreign banks
Uncollected Items
Bank premises
All other resources...
Boston.
New York.
$
$
Phila.
[VOL. 125.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap.
Kan. City
S
100,0
S
S
S
3
S
$
590,0
260,0
Dallas. San Fran.
3
$
$
1,474,943,0 133,556,0
566,0
37,0
828,912,0 82,256,0
60,176,0 3,946,0
14,759,0
175,0
Total resources
LIABILITIES.
F. R. notes in actual circulation_
Deposits:
Member bank-reserve acc't
Government
Foreign bank
Other deposits
Total deposits
Deferred availability items
Capital paid in
3urplus
ill other liabilities
Total liabilities
tlemorande.
Reserve ratio (per cent)
Contingent liability on bills purchased for foreign correspond'ts
r. R. notes on hand (notes reed
from F. R. Agent less notes in
circulation)
393,193,0 120,107,0 137,620,0 83,320,0 51,366,0 230,796,0 56,640,0
48,301.0 63,394,0 59,901,0 96,749,0
213,0
47,0
52,0
25,0
20,0
67,0
21.0
15,0
18,0
17,0
34,0
225.011,0 72,372,0 75,326,0 66,874,0 29,772,0 94,232,0 38,570,0
16,287,0 1,749,0 7,119,0 2,843,0 2,904,0 8,774,0 3,957,0 15,357,0 45,045,0 34,638,0 49,429,0
2,774,0 4,476,0 1,827,0 3,520,0
5,897,0
193,0 1,275,0
435,0 1,357,0 1,331,0
769,0 1,419,0
556,0
481,0
871,0
5,353,632,0 410,906,0 1.627.907,0 389,976,0 528.218,0 236,544,0 258.268,0 744,421,0
196,572,0 145,063,0 214,971,0 163,859,0 436,927,0
1,766.735.0 145,713,0 368,618,0 149,036,0 221,624,0 77,930,0 146,122,0 253,911,0
55,524,0 61,264,0 67,135,0 48,055,0 171,803,0
2,418,572.0 158,428,0 953,246,0 136,960,0 192,513,0 73,511,0 66.930,0 350,130,0
84,516,0 57.046,0 91.207,0 68,399,0 185,656,0
4,040,0
63,0
72,0
77,0
660,0
191,0
215,0
671,0
235,0
551.0
89,0
316,0
4,473,0
900,0
363,0
974,0
465,0
513,0
252,0
198,0
668,0
208,0
145,0
179.0
169.0
20,894,0
339,0
685,0
9,920,0
373,0 1,217,0
348,0
142,0 1,101,0
650,0
542,0 1,221,0
140,0 4,555,0
2,447,979,0 159,539,0 964,212,0 137,875,0 194.903,0 74,302,0 67,485,0
758,776,0 77,815,0 188,542,0 67,725,0 72,011,0 61,690,0 29,020,0 352,570,0 85,639,0 58,281,0 92,696,0 69,024,0 191,450,0
84,721,0 38,716,0
132,315,0 9,408,0
40,199,0 13,232,0 13,959.0 6,253,0 5,136,0 17,970,0 5,330,0 13;841,0 40,976,0 33,500,0 47,219,0
228,775,0 17,606,0
61,614,0 21,267,0 23.746,0 12,198,0 9,632,0 31,881,0 9,939,0 3,012,0 4,240,0 4,274,0 9,302,0
7,527,0 9,029,0 8,215,0 16,121,0
19,052.0
825,0
4,722,0
841,0 1,975,0 1,171,p
873,0 3,368,0 1,424,0 1.135,0
895,0
791,0 1,032,0
5,353,632,0 410,906.0 1,627.907,0 389.976,0 528,218,0 236,544,0 258,268,0
744,421,0 196,572,0 145,063,0 214,971,0 163,859,0 436,927,0
69.2
60.2
72.8
67.8
72.7
51.6
79.2
66.4
65.8
63.7
62.1
55.2
77.8
201,112,0 15,074,0
55,795,0 19,295,0 21,305,0 10,451,0 8,241,0 27,737,0
8,643,0 6,030,0 7,437,0 7,035,0 14,069,0
456.125,0 41.049,0
152.367.0 29.640.0 31.275.0 18.319.0 31.160.0 59.518.0
7.848.0 5.903.0 10.1730 0164.0 56.709.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL
RESERVE AGENTS AT CLOSE OF BUSINESS DECEMBER
14 1927.
Federal Reserve
Agent at-
Total.
Boston.
New York.
Phila. Cleveland Richmond Atlanta. Chicago. St. Louis.
Minneap Kan. City
I
8
$
S
S
$
S
S
S
797,465,0 216,676,0 298,929,0 121,078,0 231,762,0 473.929,0
276,480,0 38,000,0 43.030,0 24,829,0 5,480,0 160,500,0 80,302.0 85,601.0 111,448,0
16,930,0 18,434,0 37.140,0
520,985,0 178,676,0 255,899,0 96,249,0 177,282.0 313,429,0 63,372,0
67,167,0 77,308,0
Two ciphers (00) omitted.
S
S
F.R.notes reed from Comptroller 3,017,610,0 238,362,0
F.R.notes held by F. R. Agent__ 794,750,0 51,600,0
F. R.notes issued to F. R. Bank_ 2,222,860,0 186,762,0
Collateral held as security for
F. R.notes issued to F. R. Bk.
Gold and gold certificates__ 405,778,0 35,300.0
Gold redemption fund
99,126,0 13,175,0
Gold fund-F.R. Board....... 1,080,105,0 59.000,0
Eligible paper
826,502,0 97,303,0
Total collateral
Dallas. San Fees.
S
$
74,546,0 284,512,0
17,327,0 56,000,0
57,219,0 228,512,0
205,150.0
40.000,0 29,831,0 18,077,0
7,450,0
17,303,0 40,000,0
19,917,0 11,200,0 14,036,0 4,320,0 5,993,0 2,767.0 2,317,0 12,667,0
728.0 3,192,0 3,521,0 17,960,0
115,000,0 110,477,0 150,000,0
117,500,0 255,000.0 37,500,0 32,000,0 53,860,0 9,500,0 140,268,0
200,485.0 63,759,0 74,875,0 67,513,0 35,813,0 144,118,0 18,184,0
23,174,0 24,501,0 28,129,0 48,648,0
510.552,0 185,436,0 278,911.0 101.661.0 177.383.0 401.885.0 65.451.0
68.569.0 81.553.0 58.453.0 246.876.0
2.411.511,0 204,778,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board,
giving the principal items of the resources
and liabilities of the 656 member banks from which weekly returns
are
those for the Reserve banks themselves. Definitions of the different obtained. These figures are always a week behind
items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page
2523.
for the latest week appears in our department of "Current Events and DiscussioThe comment of the Reserve Board upon the figures
ns," on page 3279, immediately following which
we also give the figures of New York reporting member banks for a
week later.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTIN
G MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT
AS A*T CLOSE OP
BUSINESS DECEMBER 7 1927. (In thousands of dollars.)
Federal Reserve
District-
Total.
Boston. New York
Phila.
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.
City
Dallas. San Peas.
Loans and investments
-total
3
$
$
s
s
21,620,747 1,529,431 8,218,557 1,194,830 2,100,237
693,311
626,056 3,173,200
731,507
391,931
638,217
Leans and discounts-total
438,286 1,885,061
15,272,664 1,048,057 5,867,370
s
$
$
s
$
s
$
$
784,422 1,392,418
524,636
501,165 2,294,205
539,160
262.696
423,016
339,476 1,296,043
132.919
6,363,720
8,776,025
10,652
53,833
375,728 2,804,688
661,677 3,008,849
7,445
414,475
362,502
15.402
603,355
773,661
3,056
163,043
358,537
5,132
18,826
118,752 1,028,883
377,281 1,246,496
4,593
212,767
321,800
2,345
91,635
168,716
3,757
122,628
296,631
2,725
85,201
251,547
6,348,083
481,374 2,351,187
410,408
707,819
168,675
124,891
879.085
192,347
129.231
215,231
U. S. Government securities__
2,805,805
Other bonds, stocks and securities 3,542,278
98,810
589,021
179,065 1,076,730
302,309 1,274,457
106,732
303,676
310,793
397.026
73,515
95,160
60,547
64,344
364.147
514,938
78,116
114.231
67,425
61,810
102,344
112,887
67,547
31,263
318,844
270,177
78,933
18,575
138,056
35,374
44,330
14,977
41.149
11,805
255,198
49,048
Secured by U. S. Gov't oblige's
Secured by stocks and bonds
All other loans and discounts
Invetrtments-total
5,153
342,562
948,328
Reserve balances with F. R. Bank.... 1,768,398
Cash In vault
289,558
102,992
19,240
52,077
8,177
31,122
6,126
((let demand deposits
Time deposits
Government deposits
55,481
12,859
33,313
10.017
114,555
23,480
13,954,881
6,467,518
5.590
961.123 6,153,137
493,335 1,542,090
653
1.460
779,190 1,075,919
274,556 888,863
485
445
403,391
242,060
118
344,296 1.895,639
244,895 1,192,036
343
749
446,726
234,619
109
249,864
135,071
49
496,896
160,809
90
309,359
113,266
247
839,341
945,918
842
1,205,894
3,669,807
58,918 134.562
166.766 1,358,546
57,879
177,962
99,467
268,865
59,216
137,481
88,055
133,637
224,751
517,125
58,095
167,451
53,129
110,089
172,199
264,493
Due from banks
Due to banks
821,192
79,880
125,542
231,200
74,081
136,192
Borrowings from F. R. Bank-total
304,032
21,595
104,446
12,389
33,838
11,921
20,734
39.351
4,577
7,436
4,853
42,892
Secured by U.S. Gov't obliga'ns_
All other
221,273
82,759
17,600
3,995
72,377
32.069
8,155
4,234
22,453
11,385
3,520
8,401
8,249
12,485
34,589
4,762
3,220
1,357
4,405
3,031
4,780
73
41,920
967
651;
36
86
46
71
66
33
96
31
ac
40
57
Number of rencirtlm, bankg _
24
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 Dec. 14, 1927
In comparison with the previous week and the corresponding date last year:
Resources
Gold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury_
Dec. 14 1927. Dec 7 1927 Dec. 13 1926.
S
340.0(37,000 300,068,000 323,155,000
15,502,000
13.200,000
12,354,000
Gold held exclusively agst.F.R.notes_
Geld settlement fund with F. R. Board_
Gold and gold certificates held by bank..
355,569,000
155,545,000
436,433,000
312,422,000
191,978.000
431,088,000
336,355,000
166,052,000
450,142,000
Total gold reserves
Reserves other than gold
947,547.000
23.220,000
935.488.000
23,658,000
952,549,000
23,670,000
Total reserves
Non-reserve cash
Bills discounted
Secured by U. S. Govt. obligations___
Other bills discounted
970.767,000
16,509,000
959,146.000
16.586,000
976,219,000
12,937,000
100,046,000
28,387,000
89,769,000
42.740.000
84,640,000
15.389,000
Total bills discounted
Bills bought in open market
0.S. Government securities
Bonds
Treasury notes
Certificates of indebtedness
128.433,000
104,433,000
132,509.000
119,651,000
100,029,000
109,189,000
50.009,000
9.205,000
101,113.000
48,682,000
8,551.000
114,917.000
1,322,000
9,588,000
202,685.000
Total U.S. Government securities-
160,327,000
172,150.000
213,595,000
Total bills and securities (See Note)_
393,193.000
424,310.000
422,813,000
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
Total resources
Dec. 14 1927. Dec 7 1927
S
$
213,000
225,041.000
16.287.000
5,897,000
Dec. 15 1926:
$
650,000
213,000
160,311.000 222,861,000
16,284,000
16,740,000
927,000
5,315,000
1,627,907,000 1.582,165.000 1,653,147,000
Liabilities
Fed', Reserve notes in actual circulation_
Deposits
-Member bank, reserve sect__
Government
Foreign bank (See Note)
Other deposits
3(38.618.001)
953,246.000
72,000
074,000
9.920.000
366,496,000
955,064,000
90.000
1.011.000
11.151,000
403,856,000
946,457,000
933,000
2,891,000
11,239,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
964.212.000
188,542,000
40,199.000
61,614,000
4,722,000
968,216,000
141.371.000
40,168,000
61.614.000
4,300,000
961,520,000
186,473,000
36,419,000
59,964,000
4,915,000
Total liabilities
Ratio of total reserves to deposit and
Fed'I Reeve note liabilities combined_
Contingent liability on bills purchased
for foreign correspondence
1,627.907.000 1,582,165,000 1,653,147,000
72.8%
71.9%
71.5%
55.795.000
52,972,000
15,107,000
NOTE.
-Beginning with the statement of Oct. 7 1925, two new items were added In order to
foreign correspondents. In addition, the caption "All other earning assets," previously made show separately the amount of balances held abroad and amounts due to
of Federal Intermediate Credit bank debentures, was changed to "Other
securities," and the caption "Total earning assets" to "Total bills and securities." The latter term was adopted
as a more accurate description of the total of the dieeounts, acceptances and securities acquired under the provisions of Sections 13 and 14 01 time Federal
Reserve Act, which,it w348 stated are the only items included therein.
DEC. 17 1927.]
TH i
Vaulters'
CHRONICLE
New York City Banks and Trust Companies.
azettz
Wall Street, Friday Night, Dec. 16 1927.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 3302.
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 Dec. 16.
Sales
for
Week.
Range for Week.
Lowest.
Par. Shares $ per share.
Railroads—
Buff Roch & Pitts pf_ 1
10 98
Buff & (keg
1
10 4634
Cin Sand & Cleve pf_50
10 704
Nat Rya of Mex 1st pf100 3,1
414
ii 63
Pacific Coast 1st pref100
100
500 37
2nd preferred
10163
Pitts Ft W & Chi pf_ _ 100
150105
South Ry M di0ctfs_ 100
TwlnCity1tapidTrafl 1 I 1,700 514
1
Preferred
1010434
Highest.
Range Since Jan.1.
Lowest.
Highest.
S per share. $ per share.$ per share.
Dec 10 98
Dec 13 4634
Dee 13 704
Dec 13 54
Dec 13 63
Dec 14 38
Dec 14 163
Dec 14 112
Dec 12 54
Dec 1410434
Dec 10 98
Dec 13 45
Dec 13 6534
Dec 14 334
Dec 13 45
Dec 14 25
Dec 14 147
Dec 16 80
Dec 16 45
Dec 14 99
Nov 110
Apr 60
D
704
Aug 64
Apr 70
June 40
Mar 166
July 112
Nov 654
Apr 10614
Mar
May
Dec
Oct
Nov
Nov
Nov
Dec
Feb
Mar
Industrial & Miscall.
400 96 Dec 15 9634 Dec 15 944 Nov 9634 Dec
Adams Express pret_100
Austrian Credit Anstalt_ 1,700 7534 Dec 13 77 Dec 12 7534 Dec 804 Nov
Autosales
* 7,708 8534 Dec 1 10 Dec 13 41$ Mar 11
Dec
Preferred
I 7,000 3934 Dec 16 4134 Dec 13 28
May 4234 Dec
300 1 Dec 10 1 Dec 1
Brit Empire Steel___100
Dec
34 Apr 2
British 2d pret____I
500 334 Dec 10 414 Dec 15
1 Apr 74 Dec
5,500 334 Dec 10 44 Dec 15 34 Dec 5
Bush Terminal Rts
Dec
Dec
Chase Nat Bank Rte.- - 4,770 40 Dec 12 46 Dec 16 40
Dec 46
10 133 Dec 13 133 Dec 13 116
Colorado Fuel & Ir p1100
Dec
Jan 133
Corn Power Its
62,200
14 Dee 10 1% Dec 15
14 Dec 11$ Dec
Conn Ry & Light----100
30 77 Dec 12 77 Dec 121 70
Sept 77
Sept
Continental Ins new_1025,000, 7434 Dec 15( 8634 Dec 151 744 Dec 864 Dec
101144 Dec 1611434 Dec 16 103
Cushman's Sons p18% *
Feb 12034 Aug
Devoe&Rayn'delst pf100
Jan 11434 Dec
5010934 Dec 1511034 Dec 15 101
3001 8734 Dec 18 88 Dec 16 85
Eisenlohr Bros pref__100
Sept 954 Feb
Dec
Equitable Off Bldg pt100
10181
Dec 14 181
Dec,14 1184 Feb 186
2
10
44 Dec 15 44 Dec 1
Mar
33$ Feb 8
FairbanksCo
100
1 1134 Dec 10' 1134 Dec 1 114 Oct 15
May
Preferred
General Cable class A..* 9,500 5534 Dec 10 604 Dec 16 5534 Dec 604 Dec
8010334 Dec 15 105 Dec12 9954 Jan 108% Mar
Gulf States SU let pt_ 100
Hershey Chocolate---* 6.3
3634 Dee 14 3834 Dec 10 3454 Dec; 404 Dec
*27,9
Preferred
7134 Dec 10 7434 Dec 16 7031 Dec 7434 Dec
Dec 12 9934 Dee101
Dec
1, Prior preferred__ - _100 2,500 100 Dee 12 101
2 106 Dec 16 106 Dec 16 103
Eel Hayes Wheel pf_l
July'10934 Aug
Jan 11034 Sept
110 Dec 1611034 Dec 16 105
Kuppenheimer pref__1
National Radiator
* 4,8
3834 Dec 10 39 Dec 14 364 Nov, 394 Nov
Dec 98
Dec
*
240 9734 Dec 131 9794 Dec 12 96
Preferred
May
1
3 117 Dee 14 118 Dee 151144 Jan 120
Nat Supply Pret
4 45 Dec 141 45 Dec 14 304 July 1 75
Jan
Norwalk Ti& Rub pf.1
Jan 11434 Oct
100
3 114 Dec 14 114 Dec 14 107
Outlet Co pret
2 Dec 16 1
Dec 2
Dec
134 Dec 1
Par Fern Pla Lasky rts__ 54,40
May
Penick & Ford pref_ _100
1010434 Dec 1210434 Dec 1210034 ApC106
100 50 Dec 11 - 50 Dec 16 47
Phillips Jones Corp____*
Jan,' 57% Oct
2 68 Dec 13 70 Dec 11 1 55
)
3
Prophylactic Brush Co.'
Feb, 71
Sept
700
I Dec 10
Dec 1
Dec
1g3 Dee
P801 New Jersey rts__ _
100
Pullman Co old
1017334 Dec 1617334 Dec 16 150
July,19534 May
10 10.1001 2634 Dec 15 2611 Dec 15 2634 Dec 2674 Dec
Reo Motor Car
Richfield 011 of Callf_25 8,5001 274 Dec 16 28% Dec 15 274 Dee 28% Dec
Roofs Ins Co rights__ 20,9001 194 Dec 12 2334 Dec 16 754 Oct' 24
Oct
Stand Gas & Elec rights_ 25,0001
% Dee 10 1
Dec 12
% Deci 1
Dec
7001 20 Dec 15 22 Dec 16 1634 Mari 2334 Sept
United Paperboard. 100
Univereal Leaf Tob......*1 7,7003 6334 Dec 10 694 Dec 16 6034 Nov 6934 Dec
Aug. 71
Dec
Warren Bros lat pref_50 6001 66 Dec 12 6834 Dec 16 43
Rights
8001 174 Dec 16 1834 Dec 16 174 Dee' 1834 Dec
1
2
114 Dec 15 1% Dec 15
14 June 24 May
Wells Fargo Co
554 Dec 12 56 Dec 13 5534 Nov 57
Nov
—
West Dairy class A-_• 2.1
,2,00 2534 Dec 12 264 Dec 12 25
*
Dec 2834 Nov
Class B
2010134 Dec 1610134 Dec 1610134 Dec 1014 Dec
West Penn El Pr
'No
3319
Bid Ask
Bid
Banks.
Banks—N.Y
America*
380 1392 Harriman.... 840
Amer Caton._ 222 230 Manhattan'.s587
Bowery East R 635 640 Mutual*
775
Vat' nal City:720
dronx Bon)._ 610
Bronx Nat_ __ 650 675 New Neth'cla• 650
Bryant Park* 220 250 Park
842
Penn Each_ _ _ 210
Capitol Nat.
Bank di Tr_ 310 320 Port Morris.. 600
715
Public
Cent Mere Bk
303 Seaboard
825
de Trust Co.y298
212 220 Seventh
230
Central
y542 548 State*
610
Chase
Right,._
270
43 2 4412 Trade*
y300
Chath Phenix
United
Nat Bk & Tr 565 575 UnitedStates* 570
Chelsea Each* 326 330 Yorktown'.. 200
Chemical.... 945 952
Brooklyn.
Colonial*. _ _ 1100
Coney Island* 425
Commerce
577 581 Dewey •
300
Continental_• 350
425
First
Corn Exch... 600 610 Mechanics'* _ 340
Cosmoplan*_ 400 450 Municipal*
430
Fifth Avenue_ 2225 325 Nassau
400
First
:3700 750 People's
800
Garfield_ _ _ 500
Globe Exch._ 250 556
Grace
325
*State banks.
Hamilton_
129
2 5 250 t New stock.
4
320 z Ex-dividend.
Hanover
o Ex-stock dividend.
All prices dollars per share. y Ex-rights.
Ask I Trust Cos. Bid
Ask
New York.
Am Ex Iry Tr. 404 409
Bank of N Y
7
728
& Trust Co 710 717
680 Bankers True 950 956
647 Bronx Co Tr_ 335 350
217 Central Unlo 1380 1400
__ County
405 415
724 Empire
440 447
835 Equitable 'tr. 406 410
237 Farm L & Tr_ 680 690
630 Fidelity 'Fr,, 355 365
Fulton
530 550
Guaranty Tr_ 596 602
577 Interstate.... 278 283
220 Lawyers Trust
Manufacturer 775 786
305 320
430 Murray Hill
Mutual
(West
280 300
i40
cheater)
346 N Y Trust
690 700
440 Terminal 'Tr_ 250 260
415 Times Square 188 194
_... Title Gu & Tr 798 805
US Mtg &
700 715
united States_ 2900 3000
Westchest'rTr 1000 1100
Brooklyn.
Brooklyn.... 1300
2400
Kings Co
'Midwood_ _ _ _ 270 286
iiL
New York City Realty and Surety Companies.
An prices dollars per share.
, Bid
Alliance Wity 52
Amer Surety_ 320
Bond &
G. 408
Lawyers Mtge 319
Lawyers Title
& Guarantee 315
Ask
60
330
415
324
Mtge Bond__
Nat Surety__
N Y Title &
Mortgage..
US Casualty_
321
Bid
165
330
540
375
Ask
Bid
175 Realty Aasoc's
(Bklyn)com 280
340
Ist.pref _
94
21 pref
546
89
Westchester
Title & Tr_ 580
Ask
285
98
92
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
/nt.
Rate.
June 15 1928_ 34%
Mar. 13 1928_ 34%
Dec. 15 1928... 34%
Bid.
Asked.
Maturity.
Rats.
Bid.
Asked,
9911n 99141( Mar. 15. 1928_ _
3% 991181
99 ,1
0
9911,a 1004s Sept. 15, 1930-2 3%% 1001n 1002s,
Mar. 15 1930-32 334% 1001,1 100on
99 n leo
0
Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchanges were 4.87%@
4.8795 for checks and 4.8834 @4.88% for cables. Commercial on bat.
sight, 4.87Si @4.87Si; sixty days, 4.8334@4.83 15-16 ninety days,
4.82 3-16@4.8254, and documents for payment, 4.83. Cotton for payment, 4.8634, and grain for payment, 4.86% •
To-day's (Friday's) actual rates for Paris bankers' franca were 3.93 3-16
@3.9334 for short. Amsterdam bankers' guilders were 40.3935 ig40.42
for short.
Exchange at Paris on London, 124.02 francs; week's range, 124.02 francs
high and 124.02 francs low.
The range for foreign exchange for the week follows:
Cables.
Sterling Actual—
Checks.
4.88 15-32
High for the week
4.88 3i,
Low for the week
4.87%
4.8894
Paris Bankers Francs—
3.9334
3.9334
High for the week
Low for the week
3.93 3-16
3.9354
Germany Bankers' Marks—
23.89
23.8974
High for tho week
23.88
Low for the week
23.87
Amsterdam Bankers' Guilders—
40.45
40.4634
HMI) for the week
40.42
Low for the week
40.39
par value.
The Curb Market.—The review of the Curb Market is
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.— given this week on page 3302.
A complete record of Curb Market transactions for the
Below we furnish a daily record of the transactions in Libweek will be found on page 3337.
erty Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
CURRENT NOTICES.
given in a footnote at the end of the tabulation.
—An analysis of Brown Shoe Co. has been prepared for distribution to
Investors by Mark Steinberg & Co., members of the New York Stock Exchange, St. Louis, Mo.
First Liberty Loan
Itaigh 102,0,1 10214,1 10214,2 10214,2 102 n 102sat
0
1010
,1
334% bonds of 1923-47_ Low- 102",, 102on 102in 102ts, 102
—Macauley & Co., 42 Broadway, N. Y., have prepared a quotation
Close 1020 102",, 10213,1 102111 102
,,
(First 34s)
101"as
and Staten Island Bank, Trust and Title
Total sales in $1,000 WW2.
69
20
8
20
396 sheet on Brooklyn, Long Island
11
Converted 4% Wilda OfIIIIill
------------10114,,
----- Stocks.
1932-47 (First 4s) _ - _ Low.
____
.
____
----—___. 101"31
—S. Weinberg & Co., 2 Rector St., N. Y., announce that Albert A.
___
Close
___
,,
___- 1010
Vreeland, formerly with the Times Square Trust Company, and Jacob
-__
_ __ _
Total sales M $1,000 units_ _ _
- 0g, 103 ,1 103",, 103 ,1 103u
Converted 44% bondsrligh 103",,
0 103",, M. Greene have become associated with them.
0
01, 103111
of 1932-47 (First 44s) Low_ 103",e 10310,1 103101, 103% 103
—Leon Cohen, formerly with Stein, Aistrin St Co. and A. G. Becker &
Close 10313,, 103 ,1 103 ,2 10314, 103 ,1 103"n
0
0
0
13
1
12
Total sales in 11,000 units__
41
9
20 Co. of Chicago, is now associated with W. J. Wellman & Co., 120 BroadSecond Converted 434% High
way, N.Y.. in their investment department.
bonds of 1932-47 (First Low_
—Frank 13. Crehore, formerly with Hemphill, Noyes & Co., announces
Close
Second 44s
11,000 on Us
Total sales in
the formation of Prank H. Crehore & Co., to deal in investment securities,
{High 100"s, 10 - sin
0
Third Liberty Loan
having offices with Frederic H. Hatch & Co. at 74 Broadway.
Low. 100",, 100",, 100",, 100",, 100",, 100 ,,
bonds of 1928_
10", 10",43%
0
—Herbert G. King, formerly with Phelps, Fenn & Co.. is now associated
Close 1001sn 100111, 100",, 100",, 10024, 10024,
(Third 434s)
147
538
569
551
Total sales in 11.000 otitis_ _ _
167
193 with Arnold & Co.,60 Broad St., N. Y., as manager of their bond departfHlgb 104
fourth Liberty Loan
104
104
1041,1 104
103
011 ment.
44% bonds of 1933-38_ Low_ 103
0n 103"st 10311n 10310,1 103Y, 103 2,
0
Close 104
—Hewitt, Brand & Grumet, 100 Broadway, N. Y., have prepared a
103"n 104
104
(Fourth 4Si el)
104
103on
Total sales in 51,000 units _ ...
151
311
68
89
11
217 special pamphlet calling attention to investment opportunities offered by
Treasury
High 115",, 115 se 1152on 11513,,
____ 11521:1
0
the stock of Insurance Companies.
Low_ 115 ,, 11518,1 11514,1 1151 ln
634s, 1947-52
0
---- 11541
Close 11511,1 115",, 115",, 115
—The Guaranty Co. of New York announced on Dec. 15 the appoint01,
--..._ 115 ,1
0
Total sales in $1,000 units __
32
____
350
11
69
i
ment of T. W. Hawes as Assistant Sales Manager. Mr. Hawes will be
1Ilig 11 110 , 110 ,, 11021,1 110",, 110",, 1101.:1
0
0
connected with the New York City Sales Department.
Low_ 1102ti 1101!,, 110 ,1 110111,, 110",, 1108,1
0
48, 1944-1954
Close 1100 110",, 110 ,1 11020,, 110",, 1108,2
,
0
—Samuel Ungerleider & Co., members of the New York Stock Exchange.
Total sales in $1,000 units__
49
336
11
38
239
1 50 Broadway, N. Y., have issued a statement outlining the possible effect
, ig fi 107"3 107"31 107",, 107171,
II
-- __ 107"r
on the stock market of the outflow of gold from this country to England.
107",, 107 ,, 10715,1 10717,1
-- -. 1071:i
0
5945, 1940-1956
(Close 1070
0
,, 10714, 107 , 107uss
---- 107Hr
—Prince & Whitely, members New York Stock Exchange, 25 Broad St.,
55
it
1
_ __
437
Total sales in 51,000 untts_ _,
11
IlIgh 1020
0
132 102 , 10214, 10211,, 102 , N. Y., are distributing an analysis of Vanadium Corp. of America.
,, 102.
0
1.ow_ 1020
0
1943-47
,, 102 ,, 102", 10211,, 10211,, 102",
8542,
—Colston, Heald & Trail, 100 Broadway,N.Y., have issued their DecemClose 1020
0
0
,, 10211,, 102 , 102 ,, 10224, 10214
ber bond list for distribution to investors.
12
322
7
1
Total sales in $1,000 units_ _ _
I
1.
—Hoagland, Alb= & Co., Inc.. 34 Pine Street, N. Y., have prepared
Note.—Tho above table includes only sales of coupon descriptive literature on Roosevelt Irrigation District.
—Russell, Baldwin & Co., members of the Boston Stock Exchange, has
bonds. Transactions in registered bonds were:
become the Boston correspondent for Eastman, Dillon & Co.
10211,1 to 102141 7 4th 4sts
103t7s, to 10380
0
103 lst3Sis
—Ripley, Loomis & Co., 74 Broadway. N. Y., have prepared for dis103ss, to 1036,1
3 Treasury 448
115ses to 115sn
5 1at4348
tribution a circular on Residuum Reclamation Corporation.
100"is to 100"se
4 36430
Daily Record of U. S. Bond Prices. Dec. 10 Dec. 12 Dec. 13 Dec. 14 Dee. 15 Dec. 16
3320
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SEVEN PAGES
For sales during the week of stocks usually inactive, see preceding page
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday,
Dec. 10.
Monday,
Dec. 12.
Tuesday, I Wednesday, Thursday,
Dec. 13.
Dec. 14.
Dec. 15.
Friday,
Dec. 16.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100
-share tots
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
Lowest
Highest
Per share
per share $ per share $ per share $ per share
per share Shares
Railroads.
Par $ Per share $ per share $ per share $ per share
192 195 8 1924 19318 192 1934 19112 193
3
19114 1927 19214 19412 30,200 Atch Topeka & Santa Fe_ _100 1614 Jan 6 200 Aug 25 122
4
8
Mar 172 Dee
*10512 108
10514 10512 10512 1055 •I0614 10612 1063 1063 1063 1063
8
8
8
4
4 1,000 Preferred
100 99 8 Jan 5 10634 Dec 16
3
9418 Mar 102 Dec
193 19312 192 1944 19212 1933 19234 193 218718 18718 189 18912 4,300 Atlantic Coast Line RR_
4
8
100 1747 Apr 6 20512 Aug 1 18112 Mar 26215 Jan
11614 1193 11712 119
8
118 1193 118 1193 1173 11852 118 119
8
8
4
35,000 Baltimore & Ohio
100 10612 Jan 4 125 Oct 4
834 Mar 10934 Sept
8112 8112 8114 81,
4 8118 8114 8112 8112 8112 8112 *8114 8112 1,000
Preferred
100 7314 Jan 3 83 June 7
6712 Jan 73% Aug
6912 6912 70
7012 7012 7012 70
71
1,700 Bangor & Aroostook
*6912 70
7014 7014
50 44 Jan 6 10312May 27
33 Mar 46 Fete
11012 11012 11014 111 *111 1113 11012 11012 1113 1113 *11034 112
4
4
4
80 Preferred
100 10112 Jan 10
977 Feb 103 Dee
8
56
5814 5618 5612 564 574 504 57 8 5618 564 5612 5612 3,600 Bkln-Manh Trac v t o _No par 53 Aug 3 122 June 22
5
707 Jan 20
8
544 Mar 777 Deo
8
*
83
8412 •83
84
84
84
84 18 8418 *84
84 12 *84
8412
200
Preferred v t a
No par 784 Oct 29 88 Jan 4
78 Mar 8984 Dec
158 163
5
4 16
1814 1818 19
18
18 4 163 1818 1712 187 47,500 Brunswick Term & Ry Sec.100
8
3
8
712 Oct 24 19 Dec 13
84 Mar 185 Nov
8
*5312 54
54
54
*5312 5412 5 2 5412 *51
53
*5112 53
30 Buffalo & &mg pref
4,
100 40 Apr 5 58 June 2
40 Dec 50 Mar
*7812 80
*78
78
80
7812 *77
77
*77
80
120 Buffalo Rochester & Pitta 100 7212Nov 7 115 Mar 10
793
4 77
693 Mar 874 July
4
"64
65
*64
65
*64
*64
65
64
65 •
65
*64
65
Canada Southern
100 59 Jan 18 65 Dec 8
58
Jan 61 June
20914 2123 211 214
4
21212 21712 214 2183 214 216
8
215 21814 135,300 Cat adieu PactIlc
100 165 Jan 6 219 Dec 2 14612 Jan 17014 Dec
207 2083 *208 2103 211 214
4
4
209 21512
2,200 2nd lust paid
- 215 215
20318 Dec 7 21512 Dec 14
_3
'9412
*9412
*9412 ____ *9412 ____ *9412 ---Caro Clinchf & Ohio
100 83 8 Jan 4 9514 Dec 8
0
'10512 ____ *10512 ___ •10512 10712 .10512 ____ *105
*10512 _Ccr tits stamped
100 9812 Feb 4 106 Oct 27
*
301 30812 3
.301 315 "301 314
309 309 *301 312 3
.305 312
100 Central lilt of New Jersey _100 285 Jan 4 348 June 1 iio" Mar 581 Jan
207 210
20414 206
206 2077 20412 2063 20412 206
8
4
20612 207
16,400 Chesapeake & Ohio
100 1510 Jan 25 21812 Oct 3 112 mar 178% Sept
4
*7
712 *7
712
714 73
4
72 712 •
758 4,300 Chicago & Alton
718
7
72
,
43 Jan 8 105
4
100
8June 21
44 Sept 11% Feb
11
11
"1034 1112 114 113
4
1112 113
4 114 115
8 11
1238 3.200' Preferred
100
712 Jan 5 185
8July 2
818 May
1814 Feb
4212 4212 "43
4312 43 43
43
"42
4212 43
*43
1,300 Chic & East Illinois
44
3012 Jan 10 51 July 11
30 Dec 37 Feb
72
7314 27314 7334 *7312 74
*7312 74
7312 7312 7312 7312 2,200 Prefared
100 43 Jan 6 847 Oct 10
8
3612 Mar 513 Feb
4
1318 1314 13
13
123 133
4
4 133 135
8
8 13
13
123 127
4
3 6,500 Chicago Great Western
100
812 Jan 6 2212N1ay 2
7 4 Mar 1218 Sept
3
283 29
4
29
29
283 307
4
8 295 3012 29
8
8
8
297
8 297 297 16,900 Preferred
100 2314 Jan 7 447
8June 2
1614 Mar 3108 Sept
1718 18
17
1712 1712 1812 175 1812 175 183
8
1812 36,400 Chicago Milw & St Paul_ 100
8
4 18
9 Jan 4 193
8Sept 15
814 Dec 1412 Jan
17
173
4 1714 175
8 175 1812 174 1814 177 1814
8
1734 18
8
22,800 Certificates
100
9 Jan 4 185
8Sept 18
Jan
7 Dec 14
04
3318 34
33
3312 3314 345
8 33 8 345
8 333 3418 34
5
8
343 28,800 Preferred
8
100 1808 Jan 3 343 Sept 13
4
144 Mar 24 Aug
33
334 33
33
33
343
8 3414 3438 335 34
8
3312 34
12,500 Preferred certificates_
8
100 187 Jan 3 3434 Dee 2
14 Apr 23% Aug
874 8912 877 894 8812 8918 8712 8812 8612 8714 8614 873 13,800 Chicago & North Western 100 784 Jan 27
8
4
9712.3ept 14
6514 Mar 83 4 Sept
0
•148 149 "148 149 •148 149 •148 149 •148 149 •148 149
Preferred
100 12414 Jan 3 ISO Oct 6 11812 Jan 1264 Apr
1063 108
4
107 109
10714 1083 10712 1085 10718 108
4
8
107 10814 20,800 Chicago Rock lel & Pacific. 100 6812 Jan 4 116 July 14
4012 Mar 7114 Deo
*10734 109
109 109
10914 10914 10914 10914 *108 110
10812 10812
400 7% preferred
100 1024 Jan 4 1113 Dec 1
4
96 Mar 108 Deo
1013 102
4
102 102 "102 10212 *102 10212 *10214 10212 *102 10212
300 8% preferred
100 9514 Jan 28 104 Nov 11
8314 Mar 98 No
*118 124 *118 124 "118 124 *11812 120 1'118 124
118 124
Colorado & Southern
100 84 Jan 3 1370
4July 21
52 Mar 9614 Oct
*77
80
*77
80
*77
80
*77
80 1 "77
*
77
80
80
First preferred
100 70 Jan 4 7712June 1
62 Mar 74 Oct
*7518 84
*7514 84
*7514 84
*7514 84
*7512 84
*7512 84
Second preferred
Jan 14 75 Oct 21
100 68
59 Jan 72 Sept
7012 7012 71
7112 7112 72
715 72
8
7378 73
72
7314 7,100 Consol RR of Cuba pref.,_.100 65 Aug 13 77 May 6
6804 Nov
724 Dec
*8512 88
*8512 88
*8512 89
8812 8312 *87
88
8812 8812
70 Cuba RR pref
100 7914 Apr 11 89. Dec 5
82 Sept 85 July
186 191
18612 189
18712 18914 186 18914 186 1873 18714 19012 10,800 Delaware & Hudson
4
100 171 18 Jan 28 230 June 6 15014 Mar 18312 Sept
*136 1383 136 138
4
13514 137
138 13912 1383 139
4
13712 1387
2 5,400 Delaware Lack & Western_ 50 13018 Oct 22 173 Mar 23 129 Mar 15311 Jan
*53
54
5213 5312 53
*5212 53
527 527
53
8
8 53
53
1,400 Deny & Rio Or West pref 100 4I18 Jan 5 °Panne 9
3712 May 47
Jan
61
623
4 61
82
61
625
8 61
617
8 613 62, 37,100 Erie
624 61
4
2
100 3912 Jan 3 694Sept 30
2212 Mar 42 Dec
613 627
4
8 614 62
62
63
6218 6212 6212 6212 6214 627
8 7,500 First preferred
8
100 520 Jan 4 6614 Aug 4
3334 Mar 5514 Dec
81
61
"5912 62
*61
52
604 6014 6014 6012 *61
62
1,500 Second preferred
100 49 Jan 4 6412 Aug 4
30 Mar 50% Dee
98
997
8 99 99
99
997
8 9812 993
8 983 993
4
8 99
993
4 7,100 Great Northern preferred_ _100 . 79 8 Jan 4 1037
0
88ept 7
6812 Mar 844 Dec
9714 987
8 9814 9814 983 983
4
4 99 99
99
9918 *98
2,500 Pref certificates
99
Mar
23 8 24
5
234 2414 233 2414 23 4 244 2334 2412 2354 2414 19,100 Iron Ore Properties _No 100 8518 July 28 101 Sept 15
4
3
18
par
II 2844Sept 20
18 Dec 27I Feb
59
80 '58
59
5815, 57
58
57
59
583
4 583 5914 2.400 Gulf Mobile & Northern. 100 3518 Jan 6 760
4
8Ju1y 21
2518 Apr 4114 Sept
*10912 11014 "109 110 *109 110
110 110 x108 108 •107 10812
200 Preferred
100 105 Jan 14, 11214 Apr 27
95 Mar 10912 Sept
•
15
1612 "15
1614 *15
1614 15
15
15
15
"123 15
4
200 Havana Electric Ry.
15 Dec 141 307 Jan 3
___No par
8
30 Deo 3118 Dee
•
72
74
"72
74 .70
74
*6912 74
•____ 7212
Preferred
74 Dec 7 8312July 21
9512 Dec 97% Dec
*39014 400 239014 3904 *37212 385 *37212 385 *37212 385 *37212 385
10 Hocking Valley
100 200 Jan 5 425 Oct 31 147 Mar 214 Sept
497 524 517 53 8 5218 52 8 50 4 527
8
8
7
7
3
8 513 514 5238 523 14,300 Hudson & Manhattan....
4
8
.100 4012 Jan 3 657
8May 10
340 Jan 41% Dec
8
86
88
88 88
86
88 I "86
87
88
87
•86
100 Preferred
88
100 78 Jan 6 9012May 10
673 Mar 80 Dee
4
13412 13512 13312 134
13312 13414 134 135
1343 135
8
1344 135
5.100 Illinois Central
100 1214 Jan 10 1393 Oct 3 11312 Mar 131 Sept
8
*132 138 "132 137 •132 137 *132 137 "132 137 "132 137
Preferred
100 1207 Jan 12 140 Oct 3 11512 Mar 12911 Sept
8
*82
83
*82 - 83 "81
83 4 82
3
82
82
82
"82
83
220 Railroad See Series A__1000 74 Jan 4 83 Oct 20
7114 Jan 77 June
*34
38
*38
39 "34
39
39
36
39 .
*36
40
200 nt Rye of Cent America_ 100 23 Apr 20 424 Oct 7
394
24 Dec 31 Feb
*693 72
4
"693 72
4
72
*67
"67
72 .67
72
*693 73 ---- -4
Preferred
100 62 Apr 29 744 Oct 7
62 Mar 66 June
33 8 34
7
34
3412 3412 347
8 323 34
*33
4
3312 32
3314
3,700 Interboro Rapid Tran v t o_100 304 Aug 31 5218 Feb 26
2412 Jan 53% Dec
*3
312
312 312
314 3 4
,
312
312 312 *3
320 Iowa Central
34 *3
1 Jan 17
100
812 Feb 3
1 Aug
311 Jan
6012 63
81 61
613
60 4 617
3
4 607 8218 603 61
8
4
604 614 10,100 Kansas City Southern
100 4114 Jan 4 7012July 18
3414 Mar 51% Sept
*72
73
"72
73
724 73 I *7212 73
723 72
300 Preferred
4
4 7212 7212
100 6478 Jan .7 73 Dec 13
0
60 8 Mar 68% Sept
993
8 9614 97 4 9612 977
97
3
8 98
9612 95
9614 29514 974 10,100 Lehigh Valley
50 8812 Oct 29 13712June U
7613 Mar 106 Dec
15312 154
15112 151121 1515 15158 15112 152 *152 155 *152 1534
8
700 Louisville & Nashville
100 1284 Jan 14 159, Oct 4 118 Mar 144 Sept
,
80
80
"80
82
80
80
81
81
80 8 81
3
170 Manhattan Elevated guar_100 80 Aug 2 90 Feb 11
8014 8014
84 Mar 9284 Ape
4484 4434 444 45
4412 4412 43
4412 4212 43
8
8 4,300 Modified guaranty
433 433
100 424 Dec 15 547 Feb 28
8
3818 Jan 61% May
*5
7
*5
7
*5
7
*5
7
*5
7
100 Market Street Railway__ _100
5
5
44 Nov 3
8June 23
67
44 July
10 Feb
*20
26
"20
26
•20
25
*20
25
*20
20
25 •
25
Preferred
100 18 Feb 10 2518June 22
1912 Oct 40 Feb
•
50
53
*50
53
50
50
*4812 52 "4812 52
50
50
400 Prior preferred
100 410 Feb 7 593 Aug 5
8
4
394 June 51% Feb
•12
18
*12
18
"12
16
"12
18
*12
•12
16
16
Second preferred
100 114 Oct 27 1712June 22
11% Oct 2212 Feb
38 3 2
314
3
,
314 312
312 312
312 312
314
4 2,400 Minneapolis & St Louts_ _100
34 3,
14 Jan 13
452 Feb 3
118 Dec
3% Jan
5212 5312 4978 5312 5014 5234 5212 537
521
5214 53
8 51
7,700 Minn St Paul ,k 58 Marle_100 27 Jan 6 5612 Dec 2
2578 Dec 5212 Feb
844 85
8412 86
84
8412 86
8412 841 *8412 88
88
1,600 Preferred
100 50 Apr 28 8812 Dec 3
50 Dec 79 Feb
8912 6912 89
6912 69 69
89
*683 683 *683 683
110 Leased lines
69
8
8
4
100 5314 Mar 25 71 Nov 25
60
Oct 66% Feb
42
43
4112 423
8 415 4212 42
8
423
8
4112 4218 12,800 Mo-Kan-Texas RR____No par 3112 Jan 6 5612June 17
4 415 42
294 Oct 47% Feb
108 1084 108 108
108 109
10914 10912 109 1091 1087 1084 7,300 Preferred
8
100 954 Jan 4 1094 Dec 14
82 Mar 9632 Dee
5114 53 4 513 525
4
,
8 517 523
8
8 515 521
8
4 521s 525
52
5212 13,200 Missouri Pacific
100 377 Jan 4 62 Apr 23
8
27 Mar 45 Sept
112 1143 11212 11312 11314 1135 1123 1133 1125 114
4
8
4
8
11318 1143 15,900 Preferred
8
4
100 904 Jan 4 1180 Nov 17
8
714 Mar 95 Sept
214 2 4
,
24
2
214 318
25
25.400 Nat Rye of Mexico 25 pref _100
8 3
27
3
8 314
27
14 Aug 25
314 Oct 21
14 Oct
412 Jan
•136 13712 136 135 *13513 13712 13513 13513 *13513 136
136 136
50 New Oil Texas & Mexico 100 121 Jan 8 1597
,,June 3 120 Ma 132% Jan
1603 16312 16112 18212 161 1623 16118 163
4
16114 163
4
16218 1643 62,900 New York Central
8
1001 1374 Jan 27 17112 Oct 4 117 Mar 14712 Sept
12614 12612 *12514 12614 *12514 12614 1257 126
12614 12614 12512 12612 2,300 NY Chic & St Louis Co_ _100 0110 June 14 24012May 26 130
8
Mar 204% Sept
1083 1083 •1073 1083 1085 1083 10878 1084 "10814 109
4
4
4
4
8
4
1084 1087s
600 Preferred
100 102 Mar 8 1097
8June 15
93 Mar 106 July
*16914 17412 *170 17412 "170 17412 174 175 •168 174 •170 175
40 NY & Harlem
50 1671 Nov 3 185 Apr 8 17012 Nov 205 Jan
:
5618 5714 5818 57
8
6814 5818 593
4 5914 607s 233,400 NY N H & Hartford
58
4 585 603
100 410 Jan 4 607 Dec 16
8
8
300 Mar 48% July
8
11318 1135 11312 11358 1131. 1137 1134 113 2 1133 11312 11312 1133
8
3
8
4 9,000 Preferred
,
1103 Oct 31 1143
8
8Nov 29
333 3 4 3312 33 8 334 343
4 43
7
34
7
4 33 8 3458 33
335 34
11,200 N Y Ontario & Western_ _100 234 Jan 15 4148ept 16 154 Mar 287 Feb
8
s
•5
6
6
5
6
712 8 8
300 N Y Railways pref ctIs_No par
6
*5
*
812 712 *612 712
6 Dec 14 15 4 Jan 14
0
Jan 2014 Feb
6
*48
49
52
4812 49
49
4912 494
*4812 4912 4912 491
500 Norfolk Southern
100 371.8 Jan 14 6412June 10
2778 Apr 4408 Sept
19314 195
191 193
19212 19412 19112 1944 193 1931 193 19314 6,600 Norfolk & Western
100 156 Jan 4 202 Nov 23 13914 Mar 1707 Oct
8
90
*87
90
*
*87
90
87
"87
89
*87
88
87
87
100 Preferred
100 83 June 23 90 July 25
8312 Nov 85 8 Aug
0
984 997
8 9812 9914 985 99
8
983 9912 10,900 Northern Pacific
ii 9812 9912 984 997
4
100 78 Jan 3 10218 Dec 3
65 4 Mar 8212 AuS
0
97
96
977
96
2 974 9714 97
974 96 2 97
963 964 2,800 Certificates
4
,
100 84 July 1 9978 Dec 5
25
243 24 4 *22
4
243 25
4
27
3
313
4 304 3114 4,800 Pacific Coast
3114 28
100 1514 Feb 3 2804 Dec 1 "ii" Oct 48
Jan
6412 65
644 65
4
645 6478 6412 647
8 643 65
6412 647
8
8 8.700 Pennsylvania
50 563 Jan 3 68 Oct 4
4
48% Mar 5718 Oct
•
33
*32
*33
35
•33
35
*32
35
36
35
35
*32
Peoria & Eastern
100 20 Jan 25 460
4July 20
157 Oct 2634 Jan
8
*126 130 •126 128
128 126 *12512 128 *126 127
300 Pere Marquette
12614 12614
100 1141 Jan 6 14012May 28
:
67 Mar 122 Dee
*9734 99
99
99
99
99
*973 99
•973 99
4
4
200 Prior preferred
•98
9912
100 93 Jan 22 99 Dee 1
79 Mar 96 July
•
97
98
*974 9712 *9714 9712 *9714 9712 •9714 98
Preferred
100 89 4 Jan 4 9712 Dec 9
0
703 Mar 91% July
4
*14312 148 *14312 148 *14312 146 *145 146
144 145
197 4 1494
448 94
:
700 Pittsburgh & West Va
100 12212 Jan 18 174 May 24
85 Ma 13514 Dec
106 10712 10612 10714 1053 107
1054 10618 10412 10612 14,000 Reading
1054 108
4
50 94 Jan 4 12344June 9
79 Mar 10114 Dee
*4312 44
43
12 4312 4312 4312 4312 434 424 43
*425 4312 1,000 First preferred
8
50 4012 Jan 13 4312 Dec 12
394 Dec 42 Apr
*443 46
4
8
46
8
100 Second preferred
*443 46
4
*4454 453s *444 4512 447 447 *45
50 434 Jan 12 50 Feb 16
40 Mar 45% Dec
*58
61
60
*57
80
*55
60
*58
60
*57
60
Rutland RR pref
100 43 Jan 7 69 May 27
42 Apr 6114 Aug
1075 1087
8
8
12 10818 108 10812 108 1085 107 108
9,400 St Louis-San Francisco_._100 10004 Jan 6 11714June 2
10618 108
4
85 Ma 103% Deo
•100 101
101 101 *100 101 *100 101
10018 10018 1003 1003
300 Preferred A
4
4
100 96 Jan 27 104 July 11
8312 Apr 9712 Deo
7818 8018 7814 79
775 8018 7818 7 8 7712 783
8
4 7814 784 5,100 St Louis Southwestern__ _.100 61 Jan 6 93 June 1
97
5712 Ma
74 Feb
•90
9012 9012 9012 91
92
x92
*90
92
915 *90
8
915
8
800 Preferred
100 767 Jan 8 92 Dec 1
8
72 Ma
804 July
307
8 30
30
305
8 293 302
4
4 3014 304 2912 293
4 2938 2912 4,700 Seaboard Air Line
100 2818 Mar 31 4114 Feb 1
2712 Ma
51 Dee
384 3812 3838 385
8 383 39 8 3812 393
8
3
8 3812 381
3,900 Preferred
38
3812
100 3212 Apr 28 45% July 2
3112 Mar 484 Feb
12314 1267 12334 12512 124 125
9
1223 1244 123 12378 12318 1245 38,400 Southern Pacific Co
4
8
100 1064 Jan 28 1267 Dec 1
8
9618 Mar 11214 Dee
14614 14712 146 14713 1464 14714146 147
1455 1463 1455 1463 18,100 Southern Railway
8
8
4
8
100 119 Jan 28 149 Dec
1030 Mar 13114 Sept
8
101 101
10012 10012 1004 1005 "10012 101 *10133 101
8
4
600 Preferred
100 4 101
3
100 94 Mar 10 101 Dec
8712 Apr 9512 Aug
9812 10012 *98
9912 993 1003
8, 99 10012 9912 991 *9914 1004 3,200 Texas & Pacific
4
8
100 537 Jan 7 1037 Nov 1
s
4212 Mar 61% Jan
8 3118 33
3218 327
4. 3112 314 3118 311 "31
3112 313
5,000 Third Avenue
3114
100 284 Aug 31 41 Feb
1312 Jan 43 Apr
1925 1945 193 194
8
193 1937 1923 19312 193 1933 19338 194
8
8
4
8.600 Union Pacific
4
100 15912 Jan 27 1974 Dec
4
14112 Mar 16882 Oct
8418 843 •
4 844 8514 •845 8514j 8414 85
8
844 • 853
1,200 Preferred
4 85
85
100 77 Mar 5 85 4 Dec 1
3
743 Jan 8114 Aug
4
6412 8718 643 66121 647 87141 65 4 66 2 653 6578 66
4
8
8
3
,
8812 14,600 Wabash
100 404 Jan 4 81 June
33 8 Mar 52
7
Jan
9318 9318 * 14 9312 935* 9341 *93
93
9312 93
92
93
800 Preferred A
9212
100 76 Jan 3 101 June
68 Mar 78% Jan
"90
93 '90
*90
93
3
90
93
93
93 "90
93
"90
Preferred B
100 65 Jan 15 98 June
57 Mar 72 Jan
5112 5312 5114 523
8 5118 5212 503 517
5012 514 29,600 Western Maryland
4
8 504 511
100 134 Jan 8 677
8June
11 Mar 16% Jan
52 8 53
53
7
5212 5212' 52
5212, 51
5212 2.300 Second preferred
513 "50
*51
4
100 23 Jan 7 6712June
160 Mar 24% Sept
s
35
3614 38
3641 36 4 3614I 36
37
36 4 36
3612 3612 2,000 Western Pacific new
,
,
100 2018 Apr 26 4712June 2
271 Dec 3914 Jan
:
61
6114 607 8173 6112 8112, 6112 8112 615 815
8
8 61
8
6112 1,300 Preferred new
100 55 Apr 26 768 Feb
8
72 Dec 863 Sept
4
*70
80
*70
72
80 I "70
72 '
80 ! *70
72
100 Wheeling & Lake Erie Ry -70
7 6
2712 Jan 3 130 Feb
18 Mar 32
Jan
82
*77
82
•77
77
"77
82
78
•77
77
200 Preferred
82
*77
11)0 474 Jan 7 97 May 1
37 Mar 5012 Jan
•Bid and asked pew&
F:5-411v1denda I Ex-rtghta:
3
New York Stock Record-Continued-Page 2
3321
For sales during the week of stocks usually Inactive, see second page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Dec. 10.
Monday,
Dec. 12.
Tuesday,
Dec. 13.
Wednesday, Thursday.
Dec. 15.
Dec. 14.
per share $ per share $ per share $ per share $ per share
Friday,
Dec. 16.
per share
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares
Industrial & Miscellaneous.
1,300 Abitibi Power & Paper_No par
140
No par
113
6,000 Abraham & Straus
100
11212
120 Preferred
100
192
300 Adams Express
100
13
1,500 Advance Rumely
100
3912
800 Advance Rumely pref
1
45 15,100 Ahumada Lead
8
1877
8 2,700 Air Reduction, Inc__ __No twr
No par
103 33,600 Ajax Rubber, Inc
4
114 2,600 Alaska Juneau Gold Min__ 10
25
700 Albany Pert Wrap Pap_No par
100
100
280 Preferred
1543 53,400 Allied Chemical & Dye_No par
4
12212
1 ,Allied Chemical& Dye pref _100
-Chalmers Mfg
100
1157
8 1,6001 A114
100
Preferred
2,2001Amalgamated Leather_No par
4
133 *123 13
8
80
400 Preferred
783 *78
4
No par
5,300 Amerada Corp
295
8 294 30
173 14,100 Amer Agricultural Chem_ 100
4
173
8 17
100
21,300 Preferred
627
8 6218 64
10
9712 97
9714 1,400 Amer Bank Note
50
340 Preferred
62
62
61
177
8 177 174 1,700 American Beet Sugar_No par
8
100
700 Preferred
38
45
4112
2112 2238 7,100 Amer Bosch Magneto_ _No par
23
4212 4212 435 20,200 Am Brake Shoe & F newNo par
8
100
Preferred
__ *124 125
1712 36,000 Amer Brown Boveri El_No par
1618 16
100
65
62
633
4 1,920 Preferred
25
8
713
4 705 734 170,200 American Can
100
200 Preferred
____ *1354 140
.No Par
4,300 American Car & Fdy103
103 1031
100
200 Preferred
128 *12712 -100
500 American Chain pref
102 102
102
No par
9,100 American Chicle
7152 7178 72
No par
40 Prior preferred
____ 10412 1041
141 18,400 Amer Druggists Syndicate_ 10
1412 214
*5112 531
200 Amer Encaustic Tiling_No par
53
100
1,100 American Express
17012 *168 170
68,900 Amer & For'n Power--No par
31
303
4 30
PER SHARE
Range Since Jan. 1 1927
-share tots
On basis of 100
Lowest
$ per share
Highest
Per share
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
$ per share $ per share
143 Nov 30
7024 May 98 Sept
43 May 72 Dec
11834 Nov 23
11312 Feb 20 10418 Mar 112 Dec
210 Nov 17
997 Mar 136 Sept
8
8 Dec 22 Sept
153 Feb 9
4
284 Dec 65 4 Sept
4
3
453 Nov 9
43 Nov
4
918 Jan
618Sept 6
19918 July 18 10714 May 1463 Dec
4
1334 Mar 25
71s Oct 16 Feb
Oct 22 s Dc
a
77 Ime
04 e
214 Feb 18
26128
7
32 Sept 6
964 Oct 102 Dec
102 Sept 21
Jan
16914Sept 6 106 Mar 148
4
124 Aug 4 1184 Mar 1223 Dec
7814 Mar 94 8 Jan
5
1183
8Sept 15
Apr 11112 Dec
11212 Apr 21 105
143 Oct 21 Sept
4
244 Feb 11
"12"2 124 *12
"1134
1214 12
108 Feb 1 102 July 115 Aug
783
4
*76
80
*76
80
75
75
*73
75
2414 May 327 Aug
8
375 Feb 7
8
8 2914 2912 2914 2934 2914
4 2918 297
2918 293
Oct 3438 Jan
9
183 Dec 12
8
1714 1712 167
8
183
8 1738 1778
173
8 17
17
3538 Oct 964 Jan
66 Dee 13
6112 6438 613
66
4
653
8 62
8 62
60 4 623
3
3458 Mar 46
Oct
98 Nov 29
93
9512 *91
*91
95
95
9512 9512 *91
55
Jan 5812 July
65 Sept 14
60
60
6014 603
4 593 60
4
* 4 63 260
603
2012 Sept 383 Feb
4
2354 Mar 14
18
177
8
1618 164 1714 1714 18
16
16
55 Nov 83 Feb
604 Jan 3
*41
49
*41
3612 3612 39
39
39
*36
16 May 343s Jan
26 4 Oct 4
3
20
22
213 22
4
2018 211
2212 22
22
46 July 25
3
4
427
8 413
4118 4212 4212 43 4 4258 4338 42
1128 Mar 12 11014 Mat 17114 Feb
*12212____ *12212 ____ *12278 __ •124
*122 125
3014 Mar 50 Aug
3912 Jan 5
13
1278 1338 1234 131
125 13
8
127 13
8
861a Mar 974 Jan
98 Feb 1
58
59
57
59
5714
5514 57
534 55
387 Mar 6318 Aug
8
7312 Dec 16
704
8 7158 7212 703 717
4
8
7012 697 717
70
13812 Dec 10 121
Jan 1304 Dec
___ 137 137 *137 ____ *13712
13812 13812
10914May 27
9112 Mar 1144 Jan
8 *1371053 210312 10412 10314 10428 103 10318 103
10414
134114June 8 12012 Oct13014 Dec
*129 ____ *12714 ____ *12714 ____ •12712 ____ 12712
103 Sept 19
8
8
10114 10114 10114 10114 1015 1015 *101 102 *100
31 Oct 51 Jan
7414 Nov 15
71
7012 7212 x71
4
6814 673 7012 70
68
88 Dec 97 May
108 Dec 6
8
*1064 ___- *10612 11012 *107 ____ *107 ___ *1043
1512 Nov 22
414 Jan
1038 Aug
1414
143 15
8
1412 1412 1478 1412 15
14
57I2Nov 30
5412 53
55
*53
55
*53
*51
55
*51
Jan
183 Nov 17 108 Mar 140
17014 171
17112 17112 170
170 17112 170 170
1414 Nov
31 Dec11
Jan
303
4 3018
4 30
2612 274 2712 2914 2914 293
Oct 942838 Feb
4
No par 8612 Feb 15 1093 Dec 14' 79
5,400 Preferred
4
109 1093 x108 10812 10712 108
4
10618 1063 107 10818 108 10812
7 May 1712 Feb
127 Oct 6
8
7 8 Apr 26
3
3,000 American Hide & Leather_100
4
4 115 1 18 *113 12
8
8
8
4
4
*1114 113 *1114 1112 115 115 •1112 113
334 May 6714 Feb
8July 20
100 48 Mar 1 667
5812 583
58
4 2,000 Preferred
4
5714 5712 5714 573 *5612 5712 57
57
57
23 8 Oct 305 Dec
5
8
8
4 8,800 Amer Home Products_ _No par 303 Jan 3 71 Nov 14
8
6712 67
67 673 267
677
8 6718 673
6612 67
6618 67
4
23,700 American Ice New
No par 253 Oct 21 32 Aug 22
4 3012 3012 3018 3014 3018 3012 3018 3112 304 32
3012 303
8113 Oct 8838 June
100 84 Jan 7 9612May 7
500 Preferred
8914 *8914 9014 9014 9014
90
90
8912 8912 8914
90
90
31 4 July 4634 Feb
8
,
4
5912 57
58
573 5814 5712 5814 13,500 Amer Internet Corp_ _No par 37 Mar 23 607 Oct 28
8
5812 5912 573 5912 58
97 Dec 154 Jan
8
4 June 4 10 Jan 3
7
712 26,700 Amer La France & Formite 10
64 77
8
612 7
514 6
518 53
4
5 4 53
3
4
944 Dec 103 May
100 6212June 7 9018 Jan 6
400 Preferred
65 65
65
65
65 65
65
65
*55
65
69
*66
100 204 Apr 5 7212 Nov 17
25
5g Oct524 Jan
8 65
8
6612 6414 6514 32,400 American Linseed
8 6814 6914 6714 6918 657 673
6812 705
673 Oct87
4
Jan
100 465 Mar 19 9212 Nov 4
8
864 864 1,700 Preferred
87
8812 8812 87
89
8912 *8714 8914 88
*
88
904 Mar 1197 Jan
8
1077 1085
8
8 9,200 American LocomotIve_No par 9914 Oct 22 116 May 18
8
8
10914 11012210714 1087 1067 1074 107 108
109 111
100 11912 Feb 23 127 July 23 116 Aug 12414 Dec
200 Preferred
4
126 126 *12518 12618 *124 12618 12412 12412 1243 12512 125 125
6514 Oct804 Aug
4,600 Amor Machine & Fdy_ _No par 734 Jan 3 187 Dec 2
17512 1863
18014 18014 178 178
178 17914 179 184 1 182 182
100 12518 Jan 6 24012 Dec 3 114 July 125 Dec
320 Preferred
245 248
234 239
23812 23812 239 249
235 240
*230 235
4314 Dec57 8 Feb
3
51,700 Amer Metal Co Ltd___No par 364 Nov .3 48 Dec 15
464 48
413
8 417 453
8
8 453 4714 46
4
4714
8 4114
4118 413
290 Preferred
100 108 Jan 6 11212May 17 11312 Apr 120 Feb
8
4
*11018 11012 11012 11012 11114 1113 *11212 11738 112 112 *11214 1173
8
5,000 American Piano
No par 223 Dec 16 4314June 9
223 221
8
2212 23
234 2212 23
24
237 24 1 23
8
24
4 5,1-140 Preferred
100 84 Nov 23 11014 Mar 24 -531 -7 ar 10412 Dec
*883 90
4
90
*8714 9014 *8614 9012 9114 904 9612 8612 90
503 May 7212 Sept
4
654 6414 657
62
6314 634 63 8 64
7
8 6512 663 16,800 Am Power & Light__ __No par 54 Jan 27 734 Oct 10
62313 63
8
25 11012 Jan 21 1477 Sept 16 10114 May 12238 Aug
3,900 American Radiator
134 13512 213134 1313 13212 133
8
8
4
1343 13412 13412 1363 134 134 1
773 Mar 90 Dec
8
300 Amer Railway Express__ _100 8712 Apr 4 1164 Nov 17
109 110 i .108 10912 *105 110 *107 110
1
1083 1083 *10812 110
4
4
397 Nov 74
8
Jan
4
36,700 American Republics___No par 3518 Jan 4 763 Dec 5
7112 73
74
7312 71
4
8
723
8 727 7614 723 75 1 72
71
42 Apr 703 Aug
4
8
57
*5634 57
3,500 American Salty Razor____100 42 July 23 647 Nov 21
5714 56
8
5812 56
*55 4 56 1 557 57141 57
3
_
No par 387 Oct 22 51 July 20
8
4138 4012 407
8 403 405
8
8 3,300 Am Seating v to
41
42
4014 41
4112 4112 41
528 Dec Iffa Mar
212 Oct 22
63 Jan 7
4
33
8 2,600 Amer Ship & Comm_ No par
27
8 318
34
314
278
278
3
314
3
3
3
4
American Shipbuilding____100 80 Jan 21 1223 Nov 28
8
*112 116 *11312 114 *112 115 *1137 11712 *112 119 *115 119
17218 17614 1754 1764 50,900 Amer Smelting & Refining_100 13258 Jan 25 18012Sept 15 la; Apr 152 Aug
17212 17412 17218 174
173 1737 17218 173
8
100 11914 Mar 16 132189
1287 1287
8
8
410 30 1127k Mar 12232 Dec
129 129
129 129
700 Preferred
*129 130 *129 130 *129 130
100 1193 Jan 17 1463 Nov 23 12154 Oct 165 Feb
8
4
100 American Snuff
144 144 *138 144 *138 141
•141 145 1 *141 145 i •141 145
9534 Nov 103 June
10 Preferred
100 9412 Jan 4 10612 Oct 13
106 106 *10212 106 .102 106
*104 106 *104 106 '•104 106
6713 65
4
40 May 47 Aug
69145
665 314,400 Amer Steel Foundries_No par 4112 Apr 29 723 Dec 13
8
6214 6118 6814 69
7284 65
60
16
15 t.23 11014 Sept 115 Feb
6z
10o4 N y 1
100 16514 Julv 5 12 4 m
Preferred
•11212 11418 *11212 11418 *11212 11418 *11212 11312 *112 11418 *11212 11418
6514 Apr 8714 NoV
100
12,100 Amer Sugar Refining
6914 7112 73
4 7212 74
69
8
6814 69
4
4
100 104 Nov 2 11612May 26 100 June 1104 Nov
8
8
400 Preferred
*10612 108 *106 10812 *106 10812 10814 10814 10614 10614 1063 1063
294 Aug 44 Dec
643 66
4
653 6612 20,300 Am Sum Tob v t a
4
8
8 63
65
No par 4112 Jan 3 6888 Oct 13
4
8 625 635
8 623 633
63
633
4
2512 July 414 Feb
*29
31
*29
31
30
30
30 1 ns
32
Amer Telegraph &30 Cab1e__100 26 Apr 1 363 Aug 24
30
30
30
8
8
8
3
100 1494 Jan 3 18512 Oct 11 13958 June 141 Dec
32,600 Amer Telep & Teleg
8
1793 1803 17914 1804 180 1827 182 1827 18014 1827 180 4 182
4
17412 175
50 120 Jan 7 189 Nov 10 11138 Mar 12434 Sept
8
2.600 American Tobacco com
17412 17412 17414 17512 175 1757 17414 17414 17212 174
8
50 11914 Jan 5 186 Nov 10 11018 Mar 124 Sept
4
8 5,800 Common Claw B
4
8
17512 17612 175 17514 1753 1767 174 1763 1723 17414 17412 1753
100 11018 Jan 4 11912 Dec 12 10618 Jan 113 May
11912 11912 *11712 11912 *117 11912 *117 11912 119 119
200 Preferred
*118 120
8
128 128 *125 129
Jan 135 Feb
1,700 American Type Founders_100 1197 Nov 7 146 Feb 18 114
8
128
1273 1283 1283 12934 129 129
4
4
128
8
4
100 10714 Feb 6 116 Sept 29 10212 Aug 10814 Dec
8
4
50 Preferred
8
11018 11018 *1103 112 1 *1103 1113 110 1103 *11018 1113 11018 1104
8
59
5912 613
6112 6012 6178 5912 607 16,500 Am Wtr Wks & Ele newNo par 48 Aug 8 7218Sept 24 60
58 1 58
57
997 Oct 28 10312 Dec 7
8
100 1st preferred
•10218 10312,2102 102 *101 102 *101/8 102 1 15101 18 10112 *10118 102
8
4 2112 215
4
8 3,200 American Woolen
100 11312June 7 33 Jan 5 19"-Kn.; Ili, Jan
/
1
4
213 217 *213 22 1 215 213
4
8
22
22 1 214 22
8June 1 8612 Jan 7
66 Apr 904 Dec
100 467
50
493 604 3,000 Preferred
4
81 50
5018 5018 50181 50
5018 504 503
50
400 Am Writing Paper ctfs_No par
94May 26 2414 Oct 19
4 20
1934 193
4 *19
20
*19
20
*193
4 193 193
4
1519
193
4
1 Aug -1 -Jan
400 Preferred certificates
48
45
4514
100 253 Apr 7 5714 Aug 23
4
4512 4512 4514 4514 *45
48 1 *44
12
*45
47
7
7
7
7
7
71
77
712 75
2 4.400 Amer Zinc, Lead & Suaelt
518 May 124 Feb
25
5
34Sept 6 1014 Feb 17
7'8 7141
73*
20 May 54 Dec
45's 423 4312 5,000 Preferred
423
4 4212 43141 43
4
25 35 Oct 14 5114 Feb 18
8 4018 41141 42
407 407
8
4112 Mar 517 Aug
2
5212 53 1 5212 5314 5218 527
81 .5218 5512 55
56 159,100 Anaconda Copper Mining_50 41'4Juue27 56 Dec 16
5214 53
347 June 44 4 Jan
8
3
4 59
6012 6018 6014 11,700 Archer, Deals, Midi'd_No par 38 Mar 12 6238510v 21
603
4 5914 6012 59
8 5812 593
5812 593
____ *113
Oct
190 Preferred
4
100 106 Jan 4 11312 Dec 14 100 Mar 108
4
1123 1123 15112 11312 *113 11312 11312 11312 •113
9014 May 974 Jan
500 Armour & Co (Del) pret
85s 86 1 85
8534 8518 85181 85
85
*85
86
100 79 Oct 22 9614 Feb 16
4
*843 86
1318 May 254 Feb
8
8 1014 1012 1014 1012 1014 1012' 1014 107
814May 4 157 Jan 7
8 105 114 12.600 Armour of Illinois Class A__25
1014 103
8
8
57
8. 614
54 6
1328 63
8
618 614
57
8 57
11,300 Class B
25
518May 5
53
4 6181
918 Jan 6 538 May 17 Jan
Apr 93 Feb
80
653 653
4
4 6512 6512' 65
6712 6712 67
65
68
4,300 Preferred
100 60 Apr 13 8614 Jan 27
67
66
18
4
5114 52141 52
53 1 51
5158 51
53
5314 55
Apr 313 Jan
14,200 Arnold Constable Corp_No par 21 Apr 1 5512Nov 19
503 51
4
1918 Jan 23 4 Oct
26
26 I *2512 2612 *253 29
3
32 June 24
4
26
26
26
26
500 Art Metal Construction_ _ _10 22 Jan II
*2514 26
45
4
45
*44
45
*44
463 Sept6312 Jan
4
4
*4414 443 544
4414 4414
200 Artloom Corp
No par 43'3 Nov 16 543 Jan 6
.4418 45
1
4
4
Preferred
100 10912 Nov 23 11412 Nov 22 108 Mar 113 Dec
*110 1133 *110 11334 *110 1133 *110 114 *110 '11112 *110 11112
8
51
3714 Mar 547 Jan
8
4 497 5018 50
8
11,700 Assoc Dry Goods
5014 5018 51 i 5012 5114 495 503
No par 3912 Feb 9 53 *Nov 18
50
96 Mar 1021/ Jan
100 1st preferred
100 9712Mar 3 111 Dec 2
111 111 *111 115 5111 115 *111 115 *111 115 *111 115
2d preferred
100 105 Mar 23 114 Dec 2 102 May 110 Dec
0114 118 *112 120 1 51112 120 *112 120 *112 120 *112 120
4434 Jan 80 Mar
4
397 397
8
8 39
39
470 Associated Oil
383 4018 *394 41
4
25 35 Oct 20 5014 Feb 19
3914 3914 383 39
*3814 3914 394 39 8 3,100 At G & W I S Ei Line_No pa
29
Oct 684 Jan
303 Mar 25 4312Nov 30
8
385 3912 *3813 3913, 3814 394 *3814 39
8
7
40 1 3812 3812 38
384 3912 3912 39
3
3912 3912 *38
3314 Oct 564 Jae
800 Preferred
100 2914 Mar 25 415* Nov 21
4
4
4
10812 110
97 Mar 1284 May
23,600 Atlantis Refining
100 104 Dec 9 1313 Aug 5
8
10514 106 ' 1064 10912 108 10912 1073 1083 1073 111
100 Preferred
100 11512 Feb 1 119 Aug 20 11518 Oct 120 June
*11712 118 1 117 117 ,•117 11814 *117 11814 *117 11814'•117 11814
6312 6312 6312 *6212 63 1 6212 63 1 63
63
8
54 Mar 64 Nov
900 Atlas Powder
6378 637 *62
No par 5612 Mar 17 70 June 9
4
103 103 *1023 104
4
4
4
4
4
94
30 Preferred
100 98 Jan 6 107 July 2
1023 1023 *1023 107 •1023 107 *1023 107
Jan 973 Dec
8
812
*73
8 812 *73
4 812
73
4 73
4 *73
73
200 Atlas Tack
3 812 *8
4
8
No par
714June 25 1218 Apr 7
73
4
Oct1712 Jan
41
44 43
4
412 458 2,000 Austin. Nichols&Co vteNo par
43
4 43
4
43
4 43
47
8 47
2
43
4 48
4
414 Mar 22 1014 Jan 3
74 Oct28
Jan
•__ __ 29 *____ 29 1 25
25 ; no
29
•24
26
24
25
1,400 Preferred
54 Nov 93 Jan
100 24 Dec 16 61 Jan 5
4512 4512 4512 445 4528 45
3
4518 447 45
8
8
455 45 4 45
8
2,100 Autostr Saf Razor A__ _No par 43 Nov 12 464 Nov 25
251 I 251 12 25212 252 252
252 252
252 253
2,900 Baldwin Locomotive Wks_100 1434 Jan 18 2653
251 25214 250
9278 Mar 1673 Dec
4Sept 6
4
4
Preferred
*12012 123 *12012 122 ,*12012 122 *12012 122 *12034 121 *1203 12112
100 116
ran 14 125',July7 105 Mar 11914 Nov
11018 8101* 11014 1103 *1103 ____ *1103 ____ 1107 1104
4
4
8
4
400 Bamberger(L) & Co pref _ _100 l068
*10912 111
4Mar3O 1107 Dee 16
8
51
51 , 1551 12 53 'Si
52
53
*51
53
*51
53
100 Barnett Leather
*51
No par 40 Jan 6 597 Feb 9
8
*194
____ 104
____ 104
____ 104
__._ 104
____ 104
Preferred
100 9514 Mar 31 10 i Nov 25 102
Apr 104 Ha;
8
8 254 2512 29,100 Barnsdall Corp class A
2512 2414 2514 2414 253
2412 244 245 2512 25
25 20 4 Oct 6 354 Feb 26
3
2312 May 3312 Jan
4
2512 *2412 2512 2412 2412 *233 2512 2412 2412 *2412 2512
300 Class B
25 204 Oct 7 3212 Feb 28
*24
2212 Oct 3912 Jan
104 106
1,800 Bayuk Cigars, Inc
No par 4938 Jan 25 109 Dec 6
107 10712 10712 10712 106 106 , 105 105 *103 106
39 Mar 55 8 Nov
3
70 First preferred
100 101 Jan 10 110 Aug 19
98 May 1023 Dec
•108 10814 *108 10814 10814 10814' 108 10814 .108 10814 108 10814
4
8
8 1412 1412 1412 1412 1412 143 *1412 15
4
2,700 Beacon 011
14 Oct 14
No par
1814June 7
*144 15 1 145 145
684 6814 *69
70 1 6912 707
6912 6912 6912 70
8
7012
20 5014 Apr 29 744 Nov 21
3,000 Beech Nut Packing
5214 Oct - - ; Feb
71-7
69
4
,
100 11412 Jan 17 119 Mar 12 11412 Apr 1145 Apr
8
90 Preferred
*11618 1 163 1164 11618 11618 11641 1163 11712 *11614 117 8 *11614 11714
4
2012 19
2014 1 1912 197
81 197 197
8
8 6,300 Belding ilem'way Co__No par
26 Dec 39 4 Jan
3
1512July 7 274 Jan 7
187 19 1 1918 194 20
8
81 563 5712, 5714 58
2
58
59
7,200 Best & Co
No par 493 Aug 25 594 Nov 16
8
4' 564 564 5612 567
5618 563
5914' 5734 583
4 58
4
4 544 56 1 56
3738 May
100 433 Jan 27 661/8enf 8
5312 5314 543
5914 78.300 Bethlehem Steel Corp
Sept
53
138 13812 13812 13812 13712
115
11114 11114 1114 118
113
113 113
*11114 113
195
*185 200 *190 195
4
134 *123 1312 123
4
13
40
39
3912 *39
39
312
8
312 312
3 8 37
5
*186 18712 187 18738 186
4
4
1078 1114 103 1114 103
114 *1
114 *1
511
25
*24
25
25
25
*9914 991, 9914 9912 9912
1493
4
149 150
1493 151
4
•1223 12312 x121 121 *121
4
8
4
115 1153 *H5 1167 115
1383 13812
4
11712 11134
112
113
196 *192
123
4 1212
3914 *38
372
34
7
1883 186
4
11181 1058
1141
1
4 24
253
9912 *9914
1523 151
8
12234 *12112
115 1 115
138 138 *138
139
11214
113 *112 115
112 *112 113 *112
192
194 *190 194
13
1212 1212 13
39
3912
3918 39
4
418 5
33
4
186
18912 185 185
1012
1012 11
11
114
114
114
1
*2312
24
24
24
*9914
*9914 100
100
15312 152 15312 15212
12212 *12112 12212 *12112
8
1153 *11412 1152 115
4
•Bid and asked prices; no sales on this day. 2 Ex-dividend.
83 Jan 27
6214 Mar 26
109 Aug 11
124 Jan 5
75 Oct 24
8
2218 Oct 22
4June 2
23
13412 Jan 26
712June 15
1 June 18
18 Apr 21
96 June 2
131 Jan 25
120 Mar 11
88 Jan 25
109 Feb 9
113
8Nov 11
75 Nov 1
275 Apr 28
8
818 Apr 6
2814 Apr 6
41 Jan 6
5612 Jan 4
1518 Oct 22
35 Dec 8
13 Jan 20
3312may
11714 Feb
54 Aug 2
40 Aug 1
4358 Mar 31
126 Jan 1
95 July 1
1213 Oct f
4
100 Nov 1
36 Jan 26
90 Jan 13
93 Apr 20
8
383 Aug
8
127 Jan I
187 Feb 1
8
3322
New York Stock Record-Continued-Page 3
For sales during the week of stocks usually Inactive, see third page
preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Dec. 10.
Monday,
Dec. 12.
Tuesday,
Dec. 13.
Wednesday.
Dec. 14.
Thursday,
Dec. 15.
Friday,
Dec. 16.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
PER SHARE
Range for Prato=
Year 1926
Lowest
Highest
Lowest
Highest
$ Per share $ Per share $ Per share
Per share $ per share
1175 1175 11714 11714 11714 1175 11712 11712 1173 118 $ per share Shares Indus. & Miscel. (Con.) Par $ per share 3 per share $ per share $ per share'
8
8
4
8
11712 118
2.300 Beth Steel Corp of (7%) _100 104% Jan 3 118 Dec 15
49
99 June 105% Dec
50, 50
52
50, 5112 .50
2
50
50
51
50 14 5014 6,100 Bloomingdale Bros___ _No par 34 June 15 52% Nov
30
11012 1103
28 June 42 Dec
41.11012 11134 .111 11134 11012 111
110 11012 *11012 111
230 Preferred
100 10912 Jan 20 114 Nov 14
94
94
9414 95
94
95
*92
933
4 9212 9212 933 94
4
390 Blumenthal & Co pref__ 100 44 Jan 17 95 Dec 12 10414 June 110 Dec
65
40 Dec 60
Jan.
658 6514 6512 65 4 68% 6718 693
3
8 663 675
8
8 66
66% 16,100 Bon Aml, class A
No par 5318 Jan 5 69% Dec 14
5312 Dec 5618 Dec
*514 6
*514 6
.514
514
53
514 514 *5
514
514
4
300 Booth Fisheries
No par
412Sept 2
8% Apr 14
418 Mar
•40
50
9% Jan
.41
50
*41
*41
50
50 .41
50
*41
50
1st preferred
100 36 Sept 20 5714May 27
•20
343 Oct 5112 Jan
4
21
21
21
203 203 •2038 23 .203 23
8
8
8
20% 20313
400 Botany Cons Mills class A._50 18 May 4 3012Sept 6
20 May 4118 Jae
243 25
4
2412 25
2414 247
8 234 2412 23% 2418 2312 2418 31,800 Briggs Manufacturing_No par
1912Sept 27 36% Feb 23
24
190 191
Oct 3712 Jan
191 191
190 19112 191 191
191 19512 197 1983
4 7,080 Brooklyn Edison. Inc
100 14812 Feb 11 20312 Nov 25 133 Mar 163 Sept
1443 1443 145 14714 14412 14412 144 14614 144% 1453 145 14714 8,200
4
4
4
Bklyn Union Gas
No par 895 Apr 4 15412 Aug 10
8
447 45
68 Mar 98 Dec
447 458 45% 467
8
8 453 463
4
4
8 453 467
8 4612 46% 13,900 Brown Shoe Inc
No par 3012 Feb 1 47% Nov 1
2912 June 48% Jan
3112 3234 315 315
8
8 3218 323
8 32
323
4 3212 3312 333 343 14,300 Brunsw-Balkc-Collan'r_No par 257
4
4
8July 11 38% Jan 10
24%
99
99
983 99
4
99
99
•99 10012 •9914 10012
99 99
900 Burns Bros new clAcomNo par 8512June 17 1251 Jan 20 121 Mar 39% Sept
•1712 173 *171 2 173
Mar 144 July.
4
1712 1714 1714
17
4 1712 1712 *17
1718
700 New chum B com
No par
1614 Mar 18 343 Jan 27
4
9912 9912 .9912 100
2612 Nov 44 Feb
.08 100
973 98
4
993 993 .98% 953
4
4
50 Preferred
4
100 90 June 20 100 Jan
97 Mar 10312 June
137 138
139 13912 139 1393 13912 141
4
139 14012 139 1403
8 4,700 Burroughs Add Mach__No par .290 Mar 2 141 Dec 3
7712 Apr 124 Deo
61% 617
8 613 62
4
6112 62
618 6214, 6212 623
4 6218 625
8 6,500 Bush Terminal new___ _No par 29% Jan 12 69 Nov 14
28
1684 Mar 3414 July
10818 110
10712 110
10818 1093 108 10912 10712 10818 10814 10912
4
550 Debenture
100 9114 Jan 5 111%Nov 30
86 Apr 93 Aug
117 117 *11612 117
11612 11612 11634 117 *11514 1163 11434 117
4
120 Bush Term Bldgs, pref
1001 1035 Feb 14 120 Aug 8
8
9912 Jan 104 Nov
4
4
4
4 18
418
4
4
4
418 4%
4% 412 5,200 Butte Copper & Zinc
5'
33 Mar 19
4
5181‘lay 2
4 Dec
•45
614 Feb
4512 4518 46
*45
.45
46
46% 46
46
4638 463
400 ButterIck Co
8
100 44 Oct 13 61% Feb 15
173 Mar 71 Sept
4
104 1014 10
10
10
10
10% 10
1014 1114 x10
1012 10,000 Butte & Suoerior Mining
73 Nov 2 11% Jan 7
10
718 may
733 733 .70
1614 Jan.
4
73
7014 70,
4
4 6914 6914 6912 7312 725 743
8
2,900 By-Products Coke
4
No par 66 Jan 29 9212June 2
53 June 90 Sept
81% 8212 8112 8514 8418 85 8 8212 8458 8.12 827
5
8 8212 8514 20,900 Byers & Co (A M)
No par 42 Jan 3 94 June 2
28 Mar 447 Noy
•111 11112 III 111
8
111 111 .111 11112.111 1113 .111 11112
4
20 Preferred
100 1053
4klay
4Sept 19
73% 75 4 725 7412 73
9812 Mar 102% Nov
3
8
733
4 73'8 7484 723 7313 7312 743 30,000 California Packing.....No par 6014 Apr 3 1113
4
4
1 753 Dec 10
4
6614 Oct 17912 Feb
2218 2212 2212 23% 2314 233
4 23 23,
,
2 23 g 233
4 23% 2438 26,800 California Petroleum
25 20 Oct 11 32% Jan 18
29% Oct 3818 Feb
•158
1% *153 13
13
4
4
13
1% 1%
1.400 Callahan Zinc-Lead
17
184
8
8
17
17
8
10
114 Sept 26
25 Jan 17
8
112 Mar
9512 98
2% Jan
9714 99% 10112 1067 1053 11012 1063 10912 10714 109 129,800 Calumet Arizona Mining
8
8
4
10 6112June 27 11012 Dec 14
55% Mar 73% Aug
1814 18% 1814 1812 18% 19
19
197
8 20
243
4 2212 235 73.900 Calumet dr Hecla
8
25 1414July 7 243 Dec 15
4
1812 Aug
13% Mar
51% 5134 5112 54
8
53% 55% 53 4 547
8 53
5384 53% 5412 32,800 Canada Dry Ginger Ale.No par 38 Jan 5 60%
Aug 10
3213 Oct 49 Sept
263 26312 225712 2587 25812 25812 25812 260
8
2593 260
4
26112 273
5,800 Case Thresh Machine
100 132 Jan 27 28314 Oct 7
6212 Jan 176 Aug
.122 128 :124 126 .123
.122
____ *12212
*12212
300 Case Thresh Mach pref _ _ _ _100 111 Feb 28 127 Dec 5
96
Jan 11812 Aug.
28
2812 2814 2812 2814 - - .1- 2858 2812 28
11 2838 28% 6,200 Central Alloy Steel __No par 24 Apr 1
2 2
8
28
33 Apr 28
2812 Oct 3314 Aug
*2112 25
*22
.2214 2412 *22
25
24 .22
2412 .22
2412
Central Leather
100
83 Jan 3 24% Nov 10
8
7 Nov 2012 Jan
Certificates
100
714 Jan 3 1512May 26
7 Dec
8% Nov.
;ii'ion;5i- :::: ;57- :::: 597
;5iPreferred
MO 54 Jan 14 94 Oct 4
43% Apr 883 Jan
4
Preferred certificates... 100 54 Jan 3 78%July 18
50 Nov
5412 Dee
;1.iT2 1313 ;1.5 - 1317
- 12 '13 -1212 ;15- 1312 13
1/
13
100 Century Ribbon Mills_ _No par
1012 Jan 26 16% Aug 30
1014 Oct 327 Jan
.85
89
•85
89
88% 883
87
4 87
87
.85
87
87
30 Preferred
100 70 Jan 24 883 Dec 13, 7814 Dec 90 s Jan
4
6518 65 4 65% 66
3
6512 66
65% 654 65
66% 663 6758 23,400 Cerro de Paso Copper_No par 58 June 27 683 Nov
4
4
301 5712 Jan 7313 Aug
5212 523
4 523 5312 5312 533
4
4 53% 55% 54% 553 x54% 55'8 23,800 Certain-Teed Products_No par 42 Jan 25 55 4May 11
3
3618 May 4912
.115 1183 .115 1183 .115 1183 •115 1183 *115 1183 .115 1183
4
4
4
4
4
4
1st preferred
100 106 Feb 1 11512Nov 15 100 May 10614 Jam
*6918 6934 6918 893
Nov
4 70
7014 .70
*7014 71
71
.7014 71
500 Certo Corp
No par 65 Dec 8 78% Aug 23
612 7
514 63
2
612 6%
612 6%
3,200 ChandlerClevelandMotNo par
*512 6
512 614
412Nov 15 14 Mar 22
812 Nov
1714 19
Feb26
1614 163
4 1618 163
4 14
15
1618 15
15
15
18,900 Preferred
No par
13 June 27 2614May 6
20% Dec 4514 Feb
82
82
8312 :81
81
82% 8214 83
813 8214 82
4
827 12,700 Chesapeake Corp
8
No par 643
4June 29 867 Oct 4
8
•133 135 .133 1347 134% 1347 •132 134
8
8
132 132 .132 133
200 Chicago Pneumatic Tool _ _100 12012 Jan 3 137% Mar 2
9413 Apr 1281* - 100
171 4012 4012 *4018 42
413 43% 42% 43% 4314 4414 425 425
4
8
8
950 Chicago Yellow Cab __.No par 38 July 15 47 Oct 19
43 Dec 49 Fels
52
52
5212 53
523 5312 523 53% 5212 54
4
4
52
53
3,500 Childs Co
8
No par 485 Mar 31 6538 Aug 25
4518 May 663 Jan
8
36% 37% 3718 375
8 37% 37% 37% 37% 3712 39
387 405 85,300 Chile Copper
8
8
3318June 27 405 Dec 16
8
30 Mar 36% Jan
Chino Copper
5 2218 Jan 7 24 Apr
16
-55- 69 -6E8 71 69'2 7034 7033 - - 1- ;55- -70- -57 69 _ - -4155 Christie-Brown tem ctfsNo par 34% Jan 5 7312 Nov 11 2912 Mar 26 Nov
.
76 2
2,
4
Oct 63% Jan
58% 583 593
58
4
8
6138 x5914 6018 6014 6118 224,600 Chrysler Corp
3
4 597 60 4 60
No par 3818 Jan 28 623
8Sept 6
2812 Mar 54% Jan
115 4 115 4 115 11512 1153 1153 115 11518 x11312 114 *11378 115
3
3
4
4
800 Preferred
No par 10238 Apr 11 116 Dec 5
93 Mar 108
Jar
*5114 52
. .5114 52
1.
*5114 52
*5114 52
*5114 52
52
52
100 City Stores class A
No par 4614 Mar 10 52 Nov 25
55% 58
5712 57% 5718 5712 57
5712 5712 58
58
59
3,500 Class 13
par 4112 Apr 5 59 Dec 16 _
78
78
773 78
4
77% 78
78
78
7718 7812 78
78
2,300 Cluett Peabody & Co_:No par 51 June 17 8412 Oct 28
2.300
V
60 Dee 6812 Jan
•121 1223 .121 122% .121 1223 121 121
4
4
123 123 *121
_
30 Preferred
100 11114 Jan 6 12514 Nov 15 103% Jan 116
126 126 :12414 12658 12412 1247 1243 1243 124 1247 1243 1283 12,500 Coca Cola Co
8
4
8
4
4
No par r91112 Apr 27 19912 Apr 22 128 Mar 1743 Sept
4 Dec
963 98% 97 1017
4
9838 10058 99
8 9812 102
99,
4 99 1013 59,100 Collins & Alkman new _No par 86 Aug 26 10312 Dec 1
4
*108 10812 108 108
-- 10818 10814 .10814 109
108 10814
700 Preferred
100 10212Sept 1 1083 Dec 6
4
9134 148; 138 2 Dec
7
-1.
773 79% 7918 807 *10812- 4
8 81
8312 804 833
4 804 82
8118 8212 95,700 Colorado Fuel & Iron
100 42% Jan 4 9653 July 12
273 Mar 493 Oct
8
8
96
973
4 96% 97% 9612 97
95
96
963
95
4 95
9612 7.200 Columbian Carbon v t cNo par Ws Jan 3 10114 Nov 11
55% Jan 703 131811
4
91% 9318 91% 9212 9118 92
90 4 91
,
91% 9238 905 91
14,700 Colum Gas & Elec new _No par 827 Feb II 9834May 27
8
85 8 Nov 91 Dee
5
10712 10712 108 108
107% 107% 10814 10814 10814 10814 10818 10818 1,300 Preferred new
100 9912 Jan 24 1083
4Nov 17
98% Nov 1015 Nov
8
63
6412 6412 65 4 65% 66% 67
3
6814 6812 695
* 67
69
45,400 Commonwealth Power _No par 4858May 25 783 Oct 7
4
24
24
2312 24
2258 237
8 23 2314 22
23
2212 223
4 3,200 Commercial Credit___.No par
14 June 29 2412 Deo 8
1612 Nov 4711 Jan
*2318 23 4 *2312 233
3
,
4 23 4 238 *2318 2312 233 233 •2318 2312
4
4
100 Preferred
4
25 17 June 10 24128ept 26
2114 Nov 2614 Jan
2412 2412 233 24
4
23
23 2 *2312 2412 2312 2312 *233 23
,
4
170 Preferred B
25 18%June 15 2412 Dec 10
20 Nov 27% Jan
883 883
4 883 895 *8818 88 4 *8812 89
4
8
4
,
8812 8812 8812 8812
200 1st preferred VS X%)
-- 100 69 July 8 895 Dec 12
8
8512 Dec 9912 Feb
57% 563 604 60, 617
57
4
8
g 6112 62
*60
62
60
6018 5,500 Comm Invest Trust__.No par 4118May 4 62 Dec 14
5412 Dec 72
10114 10114 1007 10114 10114 102 .103 10412 x10014 102 •101
Jan
8
____
350 7% preferred
100 9412Sept 20 102 Dec 13
97 June 104
Jan
594
*94
95
95
9814 9818 9814 •96
5 96
98
97
*93
500 Preferred (635)
100 863
8July 5 9814 Dec 12
16412 1663 1663 171
89 May 100 Jan
4
168 170% 16714 17133 1673 16812 1687 172
4
4
20,600 Commercial Solvents__ No par 145 Nov 17 203 Sept 16
48
48
47% 4814 484 4814 *4714 4814 4814 4814 :483 483
4
4
900 Conde Nast Publics_.No par 39 Aug 12 487
8Nov 26
29
293
4 283 29 2 28% 29
4
,
28% 285
8 28
2812 273 2812 107,400 Corigoleum-Nairn Inc_No par
4
174 Jan 28 29% 1)ec 1
1212 May 298s Sept
87
87% 8612 87% 8614 87 2 :827 86
8
,
82
14,000 Congress Cigar
8312 8214 83
No par 47 Mar I I
*14
3
8
*14
8812 Dec 7
2,
4012 May 67 Dee
*4
%
*14
*14
3
8
3
8
•14
Conley Tin Foil stpd„.No par
3
8
% Feb IL
5 Jan
8
% Dec
84
1 Mar
845
8 84
843
4 83 2 8412 833 84% 82
,
83
821s 8314 15,700 Consolidated Clear _ -.No Par 7414 Oct 29 8614 July 5
7
45% Apr 7814 Dee
•101 103
101 101 .101 103 •10112 103 al0012 10012 9912 10014
900 Preferred
100 697 Aug 11 1063 Aug 23
8
4
91 Mar 1071 July
s
4
8
5
8
.2
8
'4
.%
3
4
%
5
8
8
5
%
8 1,800 Consolidated Distrib'ersNo par
513
12 Oct 24
212 Feb 4
112 Aug
1163 118
4
117 1187 11718 11812 1165 1183 117 118
612 Jan
8
11712 1193 40,700 Consolidated Gas(NY) No par 94
8
8
8
Mar 9 12134 Nov 26
87 Mar 115% Aug
102 102
102 102
101% 102
102 102
1013 102
4
102 10218 2,400 Preferred
No par 93 Mar 18 10218 Dec 16
312 358
312 3 8
5
312 3%
312 35
312 35
3 2 38
,
8
9,100 Consolidated Textile_ No par
318 Mar 14
71sJune 18
41g l4ov
1' May
525 53
8
5214 53
5112 53% 5113 5314 5114 51 13 515 52
18,700 Continental Baking cl ANo par 3312 Apr 30 74% Jan 6
5012 Oct 93% Aug
54 6
3
55
53
4 6
57 18,600 Class 13
54 6
3
558 53
512 6
No par
4 May 19 1014 Jan 5
7% Oct 1518 Sent
9512 9614 95
95
96
95 4 95 2 96
3
,
96
96
90
96141 6,200 Preferred
100 72 Apr 1 973 Nov 26
4
87
Oct 9612 Aug
803 8114 8012 8312 8312 85
8
8333 8438 8314 8414 837 843 30,900 Continental Can, Ine_No par 58% Apr 9 85 Dec 13
8
8
70 Mar 9212 Jan
*12314 124
124 124
124 124 •12314 124 •12314 124 .12314 124
40 Preferred
100 120 Jan 17 126 Juno 10 117 Mar 126 AIR
260 26314 26014 261
263 26912 269 276
275 302
290 300
8,900 Continental Insurance_ _ _ 25 135 Jan 27 302 Dec 15 122
.
Mar 14414 Jan
105 11
8
11
1114 103 1114 10% 11
1012 107
4
1058 113 33,600 Continental Motors__ -No Par
87 Nov 2 13% Jan
8
9% May
137s Deo
65
6512 64% 6514 64% 65% 63% 647
8 64
64 12 6412 653 16,900 Corn Products Refining_ _ _25 467 Jan 12 68 Nov 6
8
8
30
355s Mar 515 Dec
8
•137 140 .137 141 •13712 141 •13712 141 •13712 139 .13712 141
Preferred
1 Nov 25 12212 Jan 13014 Dec
100 128 Jan 11 139,
11712 118
8
117 11918 1171g 11858 1165 11712 117 11812 x116 11712 12.200 Coty, Inc
par 56 Jan 3 11018 Dec 12
4412 Mar 82 Dec
873 87% 87
8812 8714 88'8 8612 8712 8512 87
4
88
883
4 9,000 Crucible Steel of America.
N .100 7612 Oct 28 96% Mar 4
64 Apr 823 Dee
4
•114 11418 11418 11412 •114 1143 •113 1143 *108 115 *108 112
4
4
200 Preferred
100 103 Jan 18 115 Sept 14
96 Mar 104 Dec
263 27% 2612 2818 2712 28% 275 283
4
295
8 285* 295 25,400 Cuba Co
8
4 28
No par
1812 Aug 19 3414 Jan 8
7
2814 Oet 53% June
7
.63
4 7
612 *6
.6
618 7
6
614
612
4,100 Cuba Cane Sugar
par
No
4% Oct 21
10% Jan 5
85 May
8
1112 Jan
•29
31
29
3012 3112 3212 323
2914 3012 30
2914 29
4 8,300 Preferred
100 28 18 Nov 4 50% Jan 4
3512 June 50% Dec
1912 1912 1918 1914
1918 193
8 197 203
8 1912 207
1934 203 33,300 Cuban-American Sugar
10 1878 Nov 4 2812 Jan 3
2014 Aug 30% Jan
•10014 103 .100 103 •10054 103 .1003 103 *100 103 *100 103
4
Preferred
100 9712 Nov 1 107 Aug 11
97% Jan 105 Nov
1134 1312 .13
1212 12 2 1212 1212 *1112 12
13 2 *1212 13
,
,
1,900 Cuban Dorn'can Sur newNo par
1012 Nov 10 18 Jan 21
1512 Sept 2014 June
54
5412 54
54
543
55 4 54
3
5434 5512 9,900 Cudahy Packing new
5418 5 4 54
43
60 431s Apr 8 58% Sent 26
5I 1s Nov 55 Deo
56
69% 6214 6513 6038 6512 141,000 Curtis Aer & Mot Co. No par 45%
577
3 56% 587
8 57% 6712 60
Nov 15 693 Dec 14
4
114 1143 •1143 117
118 118 •116 120 *116 120
117 117
4
4
700 Preferred
100 III Nov 12 118 Dec 14
•I33 139
137 137 .134 138
132 13512 13612 136'2 136 136
600 Cushman',Sons
No par 103 Apr 4 152 Oct
7712 Mar 108 Dee
11813 120
•11612 118 •11612 118
11612 11612 *11612 120
125 125
70 Cuslaman's Sons pre( (7)_ _100 107 Apr 12 125 Deo 17
14
99% Feb 10712 Aug
*49
51
•4812 50
.49
49
50
50
5012 49
50
50
400 Cuyamel Fruit
No par 30 Apr 28
32 Nov 51
Jan
4018 3914 41% 4114 43% 41
385 39 4 39
8
4212 404 417 82,000 Davison Chemical v t a_No par 26% Apr 28 5512 Oct 11
3
4318,Dec 14
23% Oct iii% Feb
.114 115
114 11412 114 11412 115 115
1145 115
8
115 1153
560 Deere es Co pref
4
100 10512 Jan 3 125% Nov 14 1047 Mar 110 Nov
8
•166 168
167 168
165 168
1663 1663 166 2 16612 166 166
,
4
4
1,600 Detroit Edison
100 13312 Jan 21 188
40
42% 41
40
3912 40
39
8 41
425
40
40
417 11,400 Devoe & Reynolds A__No par 3612 Aug 13 4272 Nov 28 12312 Mar 14112 Dec
Deo 14
31
Oct 1041s Feb
136 13714 13812 138% 139 13912 139 13914 138 138
138 13812
550 Diamond Match
100 115 Feb 28 1473
4Sept 20
187 1958
8
19% 187 1914
19% 197
19
8 19
20
8
19
1914 50,500 Dodge Bros Class A _ __.No par
1314 Oct 19 2712 Jan 5 --1-1-1. 1;; 47I Jan
2 44
69 4 703
3
8 70
703
71% 7014 7114 70
8 7014 71
717 34,400 Preferred certif
71
No par 5612 Oct 19 85 Feb 14
7911 May 90 July
1212 1252 123 138
4
13
8 1278 1314
1414
4 1212 137
1314 1414 37,600 Dome Mines, Ltd
No par
7 June 30 1414 Dec 15
8
Oct 20 Mat
Douglas Pectin
par 46 Jan 3 80 July 5
19 Mar 46 Nov
573 58
4
58', 58
58
58
58
2,100 Dunhill International ,0 par 49 Aug 3 6212 Oct 10
N0
V
8
116 11614 1157 116
116 116
1)55* 1155 115 11514 11514 11514
1,800 Duquesne Light 1st pref _ _100 11414 Mar 2 1175 Nov
8
8
18 11113
14
166 167
167 1673 *167 168
4
166 1673 166 168
4
168 169
2,800 Eastman Kodak Co.--No Par 12614 Jan 28 17514 Sept 20 10658 Mar ii81 Aug
Mar 13614 Dec
12814 130 .12814 130
130 130 •12814 130
12814 12814 130 130
130 Preferred
100 1194 Jan 10 13112 Oct 31 116 Apr 11712 Oct
8 255 264 251g 26 2 2612 2812 43.500 Eaton Axle & spring,.
8 2518 2612 253 263
4
2358 247
,
..No par 2114 Oct 28 293
4June 20
23
4
31612 318
313 318
316 31614 315 318 4 31814 321
3123 314
4
,
10,500 E I du Pont de Nem new _No par 168 Jan 25 343% Oct 4 154% Oct 323 Feb
Nov 181% Dec
117 118
11518 1157 11512 1157 116 117
8
116 116
117 117
1,200 8% non-vot deb
100 10512 Feb 5 117 Dec 14 1003 Apr 11018 Dec
4
1112 •10% 114 •107 11
*11
11
1112 11
11
•1118 12
8
400 Elsenlohr & Bros
25 10% Nov 21
16% Feb 15
10% Oct 5212 F
20 Feb
98% 10112 983 9918 988 100,
4
101 102
4 9912 10014 997 10012 15,300 Electric Autollte
No par 6312 Jan 13 102 Dec 10
613 Mar
4
15 8 14% 153
15
3
4 1512 157
1514 15 8 15% 183
4 1534 163 23,400 Electric Boat
5
8
No par
1311 Mar 2 2218 Aug 15
4 Mar 16 Dee
2912 31% 31
2812 2812 29 4
2714 2814 28
263 27
8
8
315* 209,000 Electric Pow & TA
3
1612 Jan 27 3158 Dec 16
No par
1514 Oct 3412 Feb
.121
.1193 ____ *12012 -- *121
__ __ ______
4
Allot ctfs tor pref 40% pd_ _ 1037 Jan 28 120 Nov 23
9912 Mar 115 Feb
.1077 1085 :10712 10712 107 107
106 10612 107 107% 10818 108%
8
1,100 Preferred
8
No par 96 Jan 14 109 Nov 25
8912 Mar 9814 Sept
73
8
8
77
8%1
s 914 47,300 Electric Refrigeration_.No par
7% 814
7% 8 4
,
78 84
4
53 Nov 4 37 Jan 3
33% Dec 7811 June
%
8
7518 733 7611 11,600 Elise Storage Battery No par 63141kfav
7514 76341 7514 7614 7518 7612 7518 7614 73
7912 Jan 6
7118 Mar 9a,.
• Bid and asked prices: no sales on this day, s Ex-dlvidend. ctEx-righte.
-Eg- 58 -Ea- 58 -E8-
New York Stock Record--Continued--Page 4
3323
For sales during the week of stocks usually inactive, see fourth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Dec. 10.
Monday.
Dec. 12.
Tuesday,
Dec. 13.
Wednesday, Thursday.
Dec. 14.
Dec. 15.
Friday,
Dec. 16.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ per share
Industrial & Misc. Par
Per share $ Per share Shares
Per share
712 712 *712 9
400 Elk Horn Coal Corp__.No par
*712 9
712 712 *712 912
*7 2 9
,
•1618 1912 *1618 1912 1612 1612 *15
1912
1912 *15
10 Preferred
50
1912 .15
*512 9
*6
9
8
9
8
*6
6
814
300 Emerson-Brant Class A.No par
818 8 4
,
3312 *32
*32
3312 *32
.32
34
.32
34
*32
34
34
Emporium Corp
No par
7612 773
78
8 79'2 8114 79
25,000 Endicott-Johnson Corp.__ 50
4 7718 695
797
8 7818 80 277
*122 12414 •123 1243 12414 12414 •12212 12458 *123 12458 *123 1245
4
8
100 Preferred
100
3412 35 4 35
35
345 357
8
8
3518 3514 357 3614 4,900 Engineers Public Serv.
8 35
,
36
__No par
107 107
*10612 107
10712 10712 107 10712 *107 108
108 10818
800 Preferred
No par
3234 323
4 323 323
4
4 3314 3314 3314 333 33314 333
4 3314 347
4
8 8,900 Erie Steam Shovel
5
32
3212 3178 3314 33
3314 33
333 23278 3314 3314 347 21,400 Certificates
8
s
5
•1083 1113 110 110 *1083 11134 *110 114 *110 113
4
4
4
1107 1107
500 Preferred
8
8
100
92
*9112 93
9212 92
93
8 1,800 Equitable Office Bldg_ _No par
93
9312 29112 9214 9114 915
7412 75 2 743 7512 7514 773
4
8 7512 763
,
7614 7514 76,
4 5,200 Eureka Vacuum Clean_No par
4 76
•19
1912 *19
1912 *19
19
1912 19
•19
1912 •19
100 Exchange Buffet Corp_No par
1912
3412 3412 *33
34
*33
335 335
34
*3312 34
8
34
8
34
400 Fairbanks Morse
No par
*107
*107 ____ *107 _
*107 ____ *107 108
107 107
100 Preferred
100
1073 10814 108 10812 10814 110
8
10914 1103 10714 108
1073 11014 41,700 Famous Players-Lasky_No par
8
4
*12118 12114 12118 12118 *12118 12114 12118 12118 *12118 12114 12118 12114
6001 Preferred (8%)
100
413 43
4
4012 4218
24214 44
4418 27,700 Federal Light At Trac
43
437
8 4212 4234 43
15
9614 983 *963 9812 9812 9812 983 583
*98
09
4
4
4
4 983 983
4
60 Preferred
4
No pa
•135 155 *135 155 *135 155 *135 155 *146 156 *140 156
Federal Mining & Smeit'g.100
*9412 9512 9412 9412 9412 .9412 9412 943
4
4,000 Preferred
4 933 94
100
4 9412 953
1914 1912 193 20
19
19
4
*1912 197
8 193 20
1912 20
4
2,900 Federal Motor Truck No pa
180 1863 18712 18912 186 1883 184 191
4
179 180
192 1953
4 7,800 Fidel Phen Fire Ins of N Y. 2
4
1112 1112 *1112 12
*1138 12
12
12
12
12
12
12
90 Filth Ave Bus
NO pa
1045 104 8 *10514 112
8
5
*104 105
10512 10512 *10514 112 *10514 112
200 First Nat'l Plc, 1st pref...100
8
8 2812 283
29
2914 287 293
4 28 4 2 8
*2818 2814 5,200 First Nat'l Stores
29
,
No pa
8 4 28
8
1614 1612 157 163
157 1618 157 1614 11,100 Fisk Rubber
8
8 157 1614 16
16
8
8
No pa
*9012 92
9112 905 905 *9012 9112
*9012 9112 *9012 9112 *90
8
200 1st preferred stamped_..100
8
4
4
*9512 973 *9512 973 *9512 973
4 9512 9512 *95
973 *95
4
973
1st preferred cony
4
10
8
8 677 687 26714 683
8
673 683
6712 44,500 Fleischman Cu new..._No pa
4
8 6714 6814 67
677
8 67
__
39
4212 42
38
433
38
4 4112 423
4118 43
4
8,100 Foundation Co
4 403 42
No pa
79
78
7912 787 7914 7812 79
79
8
7814 783
8
4 7812 805 18,200 Fox Film Class A
No pa
4
111 111 *1103 111 *1103 111 *1103 111
•11012 111 *1103 111
4
4
4
20 Franklin-Simon pref
10
100 10218 100 10212 1005* 1025 1023 10512 10414 10612 10314 1053 105,800 Freeport Texas Co
8
8
4
ATo pa
8
8 313 32
8
23112 3218 313 317
317 327
8 2714 31
2718 29
8
26,200 Gabriel Snubber A
No pa
913 914
9
95 1012 1078 1178 32,000 Gardner Motor
93
8
93
8 95
8
912 10
No pa
8 6212 63
6214 6314 6212 633
8
6212 63 2615 6212 6112 62
13,000 Gen Amer Tank Car._ _No pa
•110 11112 *11012 11112 *11012 11112+11012 11113 *110 111 *110 112
Preferred
10
7914 7812 797
777
8 76
7612
8 7714 78
7714 793
23,900 General Asphalt
8 7818 79
100
*11812 125 *119 12312'119 123 *11812 12312 *11812 122 *11812 122
Preferred
100
•13612 13712 *13812 13712 13712 13712'13612 13712 138 138 •133 137
90 General Baking pref. __No pa
74
74
7412 73
73
7312 73
737
s 7214 7214 7314 7414 6,700 General Cigar. Inc new_No par
*126 127 *127 129 *124
•126
*124
*124
Preferred (7)
100
583 585 *5812 585
8
8
58,
8
8 5812 583
59
8
1,500 Gen Outdoor Adv A.
8 5818 587 *58
...No par
8 55
5512 557
5514 555s 5612 55
4
5612 543 557
7,400 Trust certificates_ __ _No par
s 5412 55
8
133 1345 134 13614 13314 1347 1313 13378 1313 13314 13214 13438 84,500 General Electric New..No par
4
4
8
8
8 1138 1138
1138 1138 1138 1112 113 1112 1114 1114 7.100 General Electric special....10
113 113
8
33514 363
36
36
*3512 36
s 35 4 3514 36
36
,
*353 3 4 1,050 General Gas Ac Elec A __No par
4 63
•10712 1083 2105 105 4 *105 108 •105 108 •105 108 *105 108
4
,
200 Gen GM & Elec of A (7) No par
•122 126 •12218 126 *12214 126 *12214 126
•124 130 *122
Preferred A (8)
No par
105 105 *103 105 *103 105 *103 105 *105 106 *105 106
100 Preferred B (7)
No par
1263 12812 12714 129
4
12812 1297 128 1297 12814 1293 130 133 587,300 General Motors Corp new._25
8
4
8
8
1251* 1255 12512 12512 1253 1253 12518 12514 2,900 7% preferred
*125 125 4 125 125
8
,
8
100
•109
*109
*109
•109
•109
Gen Motors Corp 6%deb pf100
*108- __- 121 12212 12012 123
122 12312
1195 1213 11914 12012 11912 122
8
13,800 Gen Ry Signal new... No par
4
68
8 6912 71
70
6912 703
6818 6912 6812 6918 6653 713 15,200 General Refractories__ _No par
4
9712 9714 1003
997
*97
8 9912 10312 10378 10512 10234 10512 87,500 Gillette Safety Razor__No par
s 99
8
397 4012 40
403
8
4 4012 40,4 40
8 3918 4014 16,100 Gimbel Bros
403
4 393 403
No par
98
98
98
98
98
98
98
900 Preferred
9814
9814 *97
98 4 *97
,
100
1812 195
8
21
22
8 195 20 2 2012 207
21
213 82,700 Glidden Co
,
8
8 2012 22
No par
94
4
943
95
4 943 95
96
953 977 x95
4
8
9518 96
96
2,430 Prior preferred
100
7514 765
8 76
783
3 7712 783
4 7414 773
7514 7414 753 55,300 Gold Dust Corp v t a._ _No par
4 74
8
9312 993
8 94
8
8 92
95 4 935 947
,
93 4 9112 9314 923 933 46,900 Goodrich Co (B F)_ _ _ _No par
4
,
4
110 110
110 110
•10914 11
109 109 •109 10912 1097 11012 1,600 • Preferred
8
100
8 6014 6138 5918 603
5912 605
5918 5978 59
597
8 59
593 23,200 000dyear T & Rub_ _..No pa
.
4
95 8 9512 9512 9512 9512 9512 95 9512 9514 95,
3
8
4 953 953g 2,400 1st pref
No pa
*74
7412 7412 7514 7618 8034 8018 817 281
833
8 8212 843 26,600 Gotham Silk Hoslery No pa
8
7412 7412 7514 76
81
*74
4
8018 8114 811* 83
823 843 19,100 New
No pa
115 119
*114 115 *114 115
120 120
119 120
11978 1197
4,500 Preferred New
100
*7
8
8
8
*7
8
8
814 *7
7
814
400 Gould Coupler A
7
No pa
433
3914 40
8 415 433
421 54,400 Granby Cons M Sm & Pr.100
4
8
4012 435* 42
s 413 431. 42
36
37
.363
35
4 3612 365s 15,300 Great WesternSugarnewNo pa
373 236
53 373
4
3518 37
s 37
1213 122
4
12112 122 •119 121
122 122
•12014 122
210 Preferred
119 119
100
8
11714 1233 11812 12284 118 12138 117 1193 117 12018 11812 1261 234,400 Greene Cananea Copper.
4
._100
93
1
91
912 9 8
7
8
9 8 97
7
9
93
4
6,000 Guantanamo Sugar_ __ _No pa
9 2 93
,
914 912
4
102 *102 10512 10514 10514 x105 105 *105 106
10102 10512 102
110 Preferred
100
8 5312 557
4
5312 5414 523 543
4 5418 557 12,400 Gulf States Steel
8 541s 543
4 5312 543
100
4
*223 2318 *223 2318 *223 231s *2234 2318 *2234 235 *23
8
8
4
231
Hackensack Water
2
70
67
6912 6512 71
69
65
67
693
*6712 683
4 67
610 Hanna 1st pref class A__..100
2312 223 223
23
*2212 24
23
233
8 2312 231
4
4 23 23
1,300 Hartman Corp class A_No par
3
8
1912 1912 *195s 193
1918 193 1934 193 20
1918
4 193 207
8
5,000 Class B
No pa
Hayes Wheel
No pa
115 xiio- 110 118 ifi118 •iio- 115
1)76"
200 Helme (0 W)
/5
'127 ____ •12613 ____ *12612 ____ '127
'126
'1261
Preferred
100
29
293
4 30
3418 32
3258 32
*273 29
4
32
31
3134 3,700 Hoe(R)& Co
No pa
*3414 35
*3412 3512 *3412 35
*34
3412 34
*3312 34
34
100 Hollander & Son (A).
.No pa
72
72
*70
*70
72
*70
71
*70 4 72
7412 7414 74 4
,
,
800 Homestake Mining
100
*6512 65 4 65 4 65 4 65 4 6612 6512 655 265
3
3
3
3
8
65
6412 6518 1,900 Househ Prod.Inc.tem ctfAropar
4
16418 1563 15513 15912 15614 1583 153 15712 152 1563 154 15612 37,400 Houston 011 of Tex tern etts100
4
4
8 42
43
427 433
8
4212 427
8
4312 44
14.200 Howe Sound
3 4214 423
4 425 44
No par
7314 725 74
7314 271
8
71
7212 74 4 7214 7378 7312 76 144,75 Hudson Motor Car_ _ No par
,
313 3312 3312 35 4 3414 357
8
3
8 3312 347
8 3314 36,
,
4 3514 36 4 64,600 Hupp Motor Car Corp
10
263
4 2512 2612 2514 25 4 26
2612 2714 26
20
78 2618 2612 15,600 Independent Oil At Gas_No par
,
36
36
36
36
3512 36
363 363
3834 42
39
4
5,800 Indian Motocycle
4 37
No par
4,
*10014 105 *1001.1 1043 10014 10014 *10014 1043 *10614 105 *10014 105
4
10 Preferred
100
83
4 87
8
83
4 87
4
8
812 834
83
4 83
83
8 812
812 812 2,500 Indian Refining
10
818 8 8
,
81a 818 *818 812 *818 812
8
8,
4 *73
1,000 Certificates
4 8
10
•101 105 *101 105 *101 105 *101 105 *101 105 *101 105
Preferred
100
90i2 89
*89
92
*89
92
*89
8 89
9014 8812 885
90
1,000 Ingersoll Rand new..._No par
__
•114 118 *111 118 .111 118 •111 118 .111 118 *111 118
Preferred
100
55
55
55
54
55
55
5414 57
54
55
57
5712 9,100 Inland Steel
No par
•116 117 *116 117 *116 117 *116 117 *114 117 *115 117
Preferred
100
4 193 203
4
19 4 193
,
8 195 20
1912 20
8
193 207
4
8 21
213 18,900 Inspiration Cons Copper..
8
.20
193 207
4
4
8 203 21
2114 217
8 2914 203
4 2012 2012 2012 217 15,000 Interconel Rubber_ _ _.No par
8
1412 1512 15
8
4
4 133 147
1,512 143 1514
135* 133
4
15
1518 12,700 Internet Agricul
No par
585 60
8
61
6458 63
637
5.813 59
63
8 62
6218 6314 5,800 Prior preferred
100
102 10312 10234 104
9914 103
10214 105
9812 99
105 1085 19,400 let Business Alachines_No par
8
5713 683
4 58
4
563 5718 35712 58
5812 5714 58
583
4 58
8.300 International Cement...No par
10912 10912 •107 110 *108 110 •10812 109
11014 11014 2110 110
400 Preferred
100
8 5318 54
4 5212 537
5312 55 s 5314 54,
523 533
4
8
3
2 535 5514 173,300 Inter Comb Eng Corp_.No par
4
,
10314 1033* 1023 10314 *103 4 10312 10314 1033 10312 104
4
10414 10414
2,600 Preferred
100
2413 243
8
243 24412 241 243
42112 24478 24312 24412 24518 2493
4 9,000 International Harvester. _100
4
*1353 13614 13614 13614 1353 1353 •13412 13614 •13412 136
4
13412 13412
4
300 Preferred
.100
4
412 412
4 4 412
,
*412 43
4
418
334 4
4
412 1,500 let Mercantile Atarine____10
413
8 395 41
4178 41
8
40
403 4034 403 4114 4014 403 12,700 Preferred
4
8
4
100
4 89
8 8914 903
893
4 8812 89
8912 905
28812 89
8914 897
8 4,900 International Match wet _35
7112 7312 735 7512 7318 757
8
7114 73
8 725 7414
8
7258 7412 242,700 InternatIona. Nickel (The).25
8
76
77
755 7712 755* 763
4 75 4 7814 765s 773
3
7712 39,300 International Paper..
4 76
.No par
•10312 106 *10312 105 *10312 104
10312 10312 *10312 110 *10312 110
10 Preferred (6%)
100
8
8
11212 1125 11212 11212 11212 1125 11258 11258 1125 1125 109 11112 25,800 Preferred (7%)
8
8
100
74
*68
70 .70
7112 *64
70
71, *68
70
2
.64
70
10 International Salt
100
_
International Shoe__ _No par
_
160" 190 190 19112 *186 190 *186 190 •186 18934 •186 19014
600 International EGIver
100
•1243
4
•1243
4
12434 12434 *12434 ---•1243
4
*12612
10 Preferred
100
8
4
14812 14912 1493 1523 150 15134 1483 1503 1483 1493 149 15034 14,700 Internal Telep dr Teleg _ _ _ _100
s
4
4
4
33
32
27
35
*3014 3212 3212 3212 •31
27
27
33
5,500 Intertype Corp
No par
5812 57
575
8 57 5712 57
5612 58
•56
57
57
57
1,500 Island Creek Coal
1
81
8112 83
8212 8012 82
80
80 2 80
7712 81
,
8014 6,400 Jewel Tea, Inc
No par
12012 12012 12112 12112 *12012 1221z *1183 11912 *1183 11912
4
•12012 122
4
300 Preferred
100
1217 122, 122 122
8
12114 1213 •120 121
8
8
122 122
120 120
170 Jones & Laugh Steel pref. _100
8 283 297
8
8 2814 2814 28
2814 281s 297
2712 2812 28
28
7,400 Jones Bros Tea. Inc _ _ _ _No par
15
15
1512 1413 16
1412 15
8 15
1514 153
133 1412 10,100 Jordan Motor Car
4
No par
109 109
116 1•116 11612 116 11612 .11414 115
11414 11414
116
600 Kan City P&L 1st pf ANo par
• Bld and asked prices: no sales on this day. x Ex-dividend.
PER SHARE
Range Since Jan. 1 1927
On basis of 100
-share lots
Lowest
$ per share
712 Dec 10
1612 Dec 13
3 Oct 8
30 July 15
644 Jan 28
/
1
1164 Jan 5
/
1
211 Jan 11
/
4
931 Jan 8
4
241 Jan 3
4
3012Sept 9
10112 Jan 6
84°o Sept20
50 Aug 12
1518 Jan 25
3014 Nov 15
107 Dec 16
92 July 28
1147 July28
8
3712 Jan 17
9112 Feb 23
60 Feb 9
7512 Jan 28
1714 Nov 14
9312 Feb 3
10 Nov 30
9712 Jan 13
1914May 11
143 Oct 13
4
81 Jan 5
9412July 5
4618 Feb 1
35 Nov 9
50 June 28
109 Dec 3
3414 Jan 4
2718 Dec 16
612 Jan 27
46 Jan 3
106 Mar 1
/
1
4
65 Aug 27
10714 Aug 27
11812 Apr 5
52 Jan 26
116 Jan 5
543 Apr 11
2
37 Jan 18
81 Jan 27
11 June 21
34 Apr 1
100 Jan 3
11314 Mar 22
96 Jan 13
11314 Aug 19
11812 Mar 9
104 Mar 7
8218 Jan 14
38 Jan 14
95 4Nov 3
1
3712 Mar 24
91 Nov 2
1412Alay 2
86 Aug 1
42 Mar
42 Jan
14
95 Jan
481 Aug 31 1
8
9212Nov 2
571 Jan 12
8
58 Jan 12
104 Jan 26
4 Oct 27
3118 Jan 27
3518 Dec 10
11612 Feb 26
2914 Jan 27
7 Oct 18
957 Jan 24
8
40 Oct 11
22 Aug 2
56 Jan 31
2212 Oct 14
1812 Dec 7
1512 Feb 15
7612 Jan 14
11814 Jan 11
22 Jan 31
3114June 3
60 Jan 25
4314 Jan 3
6018 Jan 11
4July 11
341
484 Jan 24
/
1
16 Oct 20
175
8May 20
13 Mar 30
92 Jan 17
712May 12
714June 20
99 Oct 18
87,,Nov 15
10614July 2
41 Feb 15
111 Jan
1212June 2
11 Nov '
84 Apr 2
33 Mar 20
5318 Jan 1
4514 Jan 21
100 Oct 2
4018 Oct 29
101 Oct 101
1351 Jan 18
8
1263 Jan 12
4
312 Oct 28
3212 Oct 28
62 Mar 2
3814 Jan 3
ogierlay 18
8514July 22
9612 Jan 3
63 Sept 29
160 Jan 21
13512 Mar 21
109 Mar 21
12214 Jan 25
1912 Jan 31
4812 Mar 11
5312 Jan 3
11112July 25
117 Feb 2
103 Jan 3
2
1218July 6
109 Dec 15
Highest
PER SHARE
Range for Precious
Year 1926
Lowest
$ per share $ per share
151
8May 27
814 June
2714May 27
21 Mar
13 Apr 14
614 Dec
3712 Mar 16
8114 Dec 13
6512 Mar
125 Sept 15 114
Jan
3958 Oct 8
1914 Oct
10818Sept 20
924 Nov
/
1
2112 Oct
344Sept 26
/
1
344Sept 6
/
1
Oct
11353 July 22 100
9312 Dec 14
99 June
/
1
4
777, Nov 30
43 May
19/4May 21
144 July
/
1
4312May 11
375 Dec
8
112 Mar 2 10612 Nov
1143 Feb 24 10318 Jan
4
1243g Jan 12 115 Mar
28 Mar
47 May 3
100 Aug 25
86 June
41 May
187 June 16
61 Mar
97 Mar 12
307 Jan 10
8
23
Oct
1953 Dec 16 160 Apr
4
147s May31
14
Oct
10512 Dec14
96 May
30 Feb 7
28 Nov
1414 May
20 Apr 20
100 Sept 19
767 Apr
8
102 Sept 9
94 June
6914 Nov 23
3214 Mar
885 Apr 1
8
7314 Dec
8058 Dec 16
5518 Mar
115 Aug 5 106
Jan
10612 Dec 15
1952 Jan
2552 Nov
59 Aug 5
1214July 20
5 Nov
/
1
4
39 Mar
63 8 Dec 12
1
11212Sept 28
9912 June
50 Mar
964 Mar 2
/
1
947 Mar
1447 Mar 2
8
2
140 Oct 18 107 June,
48 Mar
747 Dec 9
8
136 Sept 22 109
Jan
51 Mar
597 Nov 16
8
265 Mar
587 Nov 10
8
8
1465
8Sept 7
79 June
115 Jan 5
11
8
Jan
4712 Feb 2
34 Mar
11018 Oct 7
95 May
12312Nov 22 10512 Apr
10518 Ilec 1
9214 Apr
141 Oct 4
12558 Dec 13 11312 Jan
10914 Dec 7
9814 Apr
15314Sent 6
6012 Mar
38 May
75 June 1
10912 Oct 1
59 Sept 17
Nov
10812July 14 100 Nov
22 Mar 10
151 June
8
101 June 14
4112 Ma
7814 Dec 13
3912 Nov
9612 Dec 7
11112 Dec 8
9412 Dec
65 Sept 26)
/
1
4
97 Nov 30
/
1
4
3314 Mar
841 Dec 16
4
8414 Dec 16
4712 July
122 Sept 29
1114 Nov 19
8
Oct
45 May 26
1618 Mar
445
8Sept 21
123 Sept 7 108T2 Mar
12612 Dee 16
93 Apr
4
1114May 31
57 Jan
8
10514 Dec 14
90 Mar
64 Feb 28
511 Oct.
8
27 July 7
7/12 Dec 8
45 June
271 Mar 29
/
4
26
Oct
291 Apr 18
8
245 Dec
8
2812 Mar 31
171 Dec
/
4
125 Oct 5
68 Mar
130 July 6 115 May
8.Iuly 8
417
1712 May
40 4 Oct 13
3
75 Oct 24
4714 Jan
703 Nov 7
8
40 Mar
175 Oct 10
5014 Mar
4414 Nov 26
27
Jan
911 Aug 2
/
4
40 4 Oct
1
17 Mar
3614 Dec 15
3234 Feb 1
195 Mar
8
1412 Dec
42 Dec 16
1021 Dec 8
/
4
95 Dec
1218Sept 8
71 Oct
4
12 Sept 8
712 Oct
112 Mar 11
90 May
9612 Apr 2
8014 Mar
120 May 5 102 Feb
5712 Dec 16
3412 May
118 Oct 17 1083 Mar
4
204 Mar
2512 Jan 12
/
1
12 Dec
25 Nov 26
918 Dec
1512 Dec 13
561 Dec
6612May 26
8
3518 Mar
1084 Dec 16
/
1
44 8 Ott
6518May 31
1
113 Dec 2 1011 Oct
/
4
331 Ma
84 Mar 1
/
4
1044 Dec 16
/
1
250 4 Dec 5 11214 Star
3
13614 Dec 12 118
Jan
6 Sept
8 4May 27
1
5518May 31
27 Mar
5312 Mar
9312Nov 11
32 Mar
757 Dec 14
/
1
4
8
8112 Nov 25
4412 Apr
106 Dec 7
112 Dec 6
/
1
4
89 May
75 Dec 5
75 Aug
239 Oct 27 135 May
198 Nov 16
128 Oct 17
1587
8Sept 14 111 KfiC,
3912June 18
1812 July
67 Sept 6
83 Dec 12
Jan
25
12512 Mar 15 11512 Jan
123 Oct 11 114
Jan
3218 Nov 22
9 Dec
12 Nov
2212 Jan 5
11612 Dec 12 10714 Mar
Highest
per share
161 Oct
8
3018 Oct
814 Dec
723* Feb
120 Sept
2412 July
9612 Aug
255 Nov
8
102 No,
13214 July
6818 Dee
17
Apr
591 Feb
4
115 Feb
12712 June
12412 Dee
4714 Dec
94 Dec
11134 Jan
Jan
105
341 Aug
8
20014 Jan
/
4
211 Feb
107 Feb
491 Feb
8
261 Jan
/
4
8414 Mar
107 Mar
5612 Feb
1791 Jan
4
85
Jan
109 Nos
14
36 Dec
42 Feb
91 Jan
/
4
85 8 Jan
1
109 Dec
9414 Aug
1408 Aug
120 Mar
5912 Feb
118 Dee
5818 Aug
397 Dee
2
954 Aug
/
1
1134 Dee
59
Jan
100 Dee
113 Sept
96
Jan
12214
Dee
105 June
93 Aug
/
1
4
49
Jan
787 Jan
8
11118 Jan
2514 Jan
- ais Feb
701 Feb
4
100 Feb
-------.
891 No
681 Nos
/
4
---- -2112 Jan
367 Deo
2
Ai4 July
343
4
104
/
1
954
/
1
9318
Dec
Feb
Dec
Jan
-Wi. Dec
!
2812 Not
30 Sent
46
Jan
88 Dec
119 Nov 3512 Aug.
-65- - et
6
48/8 Jan
71
Jan
45 Bevil
12314 Jan
292 Jan
34
Jan
241 Feb
/
4
100 Feb
13 Feb
1212 Feb
104
Jan
104
Jan
106 Sep 43 4 Dec
1
115 Feb
285 Nov
8
211 Feb
4
281 Jan
/
4
Jan
95
564 Dee
/
1
717 Jan
2
106
Jan
6412 Jan
iLiTs
129
121
8
461
8
66
/
1
4
4614
63
14
Dec
Dec
Feb
Feb
Feb
Jan
Auk
100
75
175
Aug
Jan
133
29
Jan
Jan-
Dec
)5e;
12712
120
1912
66
115
Nor,
Aug
Feb
Feb
No r
3324
New York Stock Record-Continued-Page 5
For sales during the week of stocks usually inactive, see fifth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday,
Dec. 10.
Monday,
Dec. 12.
Tuesday, 1Wednesday, Thursday,
Dec. 13.
Dec. 14.
Dec. 15.
Friday,
Dec. 16.
$ per share $ per share : $ Per share $ Per share
613 6214 6212 6414! 643 65 4 6312 647
4
8
3
8
2718 283
4 274 28141 2712 28
263 27
4
*85
90
82
834! 8212 8212 81
81
80
80
797 80
8
*78
80
78
78
23
23
*23
24
23
2212 2212
23
817 8234 8112 824 813 • 8214 813 823
8
81
8
4
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan.1 1927
On basis of 100
-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
$ per share $ per share Shares Indus. & Mace!. (Con.) Par $ per share $ per share
per share $ per share
18,700 Kayser (J) Co v I e___ _No par 49 Apr 29 653 Dec 13
633 6412 63
4
65
4
4
3314 May 518 Dee
2612 27
263 277
4
8 8.500 Kelly-Springfield Tire
25
912 Jan 27 3214 Nov 15
9 Oct 2112 Feb
1,400 8% preferred
82
*8012 82
81
100 35 Feb 2 102 Sept 2 I
4312 Oct 748 Feb
4
500 6% preferred
*75
7812 4
7812
100 44 Jan 19 9713Sept 26
75
45 Dec 7314 Feb
2438
*23
24
1,000 Kelsey Hayes Wheel_ _No par
24
19 Oct 19 27 July 11
493 Mar
813 833
4
8
4 8318 833 43,900 Kennecott Copper
4
No par 60 Feb 9 835 Dee 15
4
Nov64
---8---lKeystone Tire & Rubb_No pa?
12 May
14June 30
1 Mar 11
218 Jan
;54- - 8 ;55--------- ;55--.-8 *55----8 ;55
41646
ob Kinney Co
361
39
1
46
46
597
No par .98
4June 28 45 Jan 5
39 Nov 8218 Jan
90
9112 88
1,330 Preferred
93
89
9112 9014 917
8 8912 90
90
93
100 56 June 29 93 Dec 12
85 Sept 9914 Jan
5512 5512 554 5512 55
554 5414 5458 3,500 Kraft Cheese
55
554 5414 55
25 49 June 16 6278 Feb 25
56% Dec 68 Nov
7112 7212 713 73
4
8
7218 727
71, 7318 11,200 Kresge (88) Co new
2
8 713 72
7212 73
10 454 Jan 28 7714Sept
4234 Mar 82
Jan
41137 117 *114 11612 11612 11612 117 117 *1133 117
8
114 114
8
40 Preferred
100 11018 Feb 9 118 July 16 11212 Nov 1148 Feb
4
*15 4 1612 *15 4 1614 15 4 153
3
3
15
16
*13
15
1,200 Kresge Dept Stores. __No par
3
4
4 153 1618
10 June 28 18 Dec 1
154 Mar 133 Jan
8
*5212 60
*52
58
100 Preferred
54
55
455
*48
*48
60
55
55
100 45 Nov 7 80 Jan 4
7014 Mar 9314 Feb
95
95 96 9612 *94 97 97 97 97 97 95 95
600 Stress Co new
No par 69 Jan 28 10512Sept 8 485 Dec 545 Jan
*210 225 *205 225 1.205 225 *205 220 *205 220 *205 220
Laclede Gas L (St Louls)._100 1733 Jan 27 26712June 2 146 Mar 196 Dec
4
*9812 104
*99 104 I *99 104 *100 102 *100 10212 *100 10212
Preferred
100 95 Jan 5 130 May 7
86 Sept 10112 Dec
33
33
33
8
347
8 3314 333
343 12,200 Lego 011 & Transport_No par 2012 Jan 13 373 Nov 15
4 3212 323
4 3212 3414 34
4
194 May 2412 June
8 8312 84
823 837
8
8 824 847 15,400 Lambert Co
847 854 x8378 847
8
8312 84
2
No par 68 Jan 28 8812 Oct 26
3912May 72 Nov
1438 15
1438 15 I 1412 143
8 1412 14381 1412 1478 15
1614 13,600 Lee Rubber & Tire
No par
7 Jan 4 1614 Dec 16
614 Dec 14 Jan
39
393
8 383 39
3
8
4 383 383
4
4
4 383 383
4 383 3912 4,500 Lehn & Fink
No par 325 Apr 27 43 Nov 9
8
85* 383
303 Mar 4118 Jan
4
2412 26
26
28121 273 28
4 29
27
4
2814 27
283
297 36.000 I, fe Savers
8
No par 2014Sept 16 2978 Dec 16
1714 May 25 Dec
122 12214 1224 1224 *122 1233 *1224 124
12212 12212 *12254 124
4
700 Liggett & Myers Tobacco25 *8712 Feb 10 128 dept.3U
7218 Mar 103 Dec
12314 122 123141 12218 12314 12218 12218 12214 12278 123 1243 14,800 Series B
122
4
25 *863 Feb 10 128 Oct 4
8
71 Mar 7288 Dec
*135 137 *135 136 *135 136 *135 136 *135 136 1 1357 1357
8
100 Preferred
8
100 12434 Jan 27 1363 Dec 8 1193 Jan 12914 May
4
4
564 557
8 56
5513 54
*55
563
4 5514 56
5512 4.300 Lima Loe Wks
5414 55
No par 49 Oct 29 763 Apr 26
8
4
5312 Mar 693 Jan
63 4 6512 62 4 643
3
3
4 6514 673
8 6512 663
8 6512 6612 663 683 66,300 Liquid Carbonic certifs_No par 4584 Sept 19 6834 Dec 16
4
8
4312 Oct 584 Nov
6018 603
8
4 593 6014 583 6014 5812 5918 583 5914 588 593 43,600 Loew's Incorporated.,
8
8
8
,.No par 487 Jan 4 6378 Mar 17
8
8
3414 Mar 433 Dec
12 55
3
54 5 4
3
3
3
No par
54 54
512 512
52 52
5
,
5 Oct 17
,
2
512 553 4,200 Loft Incorporated
73 Jan 20
8
Oct 1114 Feb
6
*263 267
4
*274 2838 28
s 2634 28
27
2718 2712 1,100 Long Bell Lumber A_ No par 2512 Dec 6 43 Mar 7
27
L8
4134 Dec 5018 Feb
574 5614 5714 5518 57
53 8 5 4 55
7
5413 553
43
4 55
8
557 67,400 Loose-Wiles Biscuit new__25 x3512July 1 5714 Dec 12
121 121 *121
___ *121
____ *121
____ *121
____ *121
10 let preferred
____
100 118 Jan 4 123 Nov 21 112 "ifui 11914 Dec
-2d preferred
100 157 Mar 11 171 May 7 12014 Mar 175 Dec
-.la- 416- -59i2 11 2 -ill- 164 -551. -- 1- -56- - 3- -56- -2
-12 4 9
6
36 4
32.
0
3
64 - - - 566 Lorillard
25 2312May 2 473
8July 28
273 Oct 424 Feb
4
41131z 115 •11312 115 *11312 115 *1134 ____ *11212 115 511212 __ _
26.000Preferred
100 107 June 27 11812 Jan 13 11118 Apr 130 Aug
10
1012 1018 1012 1018 105
8 1014 1012 103 1012 1014 1012
s
_--Louisiana 011 temp etfs_No par
10 Oct 29 12 Aug 16
12 Mar 197 June
8
87 4 873
3
4 88
8814 8814 8814 8812 *8812 91
88
8814 8814
470 Preferred
100 8514 Dec 5 97 Feb 5
93 Dec 98 Dec
*26
2612 *26
264 2614 2614 2612 2612 2614 2614 2612 2612 1,300 Louisville G & El A_ _No par 235 Jan 3 28 May 10
8
223 Mar 2618 Feb
4
2618 265 2712 2714 2814 26524 277
26
4
2714 2714 275 12,300 Ludlum Steel
8 27
3
No par 20 Oct 28 3314 Mar 18
22% Oct 5814 Feb
4
523 5312 532 5518 553 575
8
4 57
5814 5312 584 5312 5434 11,500 MacAndrews & Forbes_No par 43 Nov 14 584 Dec 14
*
115 116
116 116 *116 117
116 116
117 118
117 117
1,100 Mackay Companies
100 105 June 27 134 Aug 24 122
Oct i5i- Feb
*
69
6912 *
69
6912 69 69
•6812 697 *69
300 Preferred
4
694 683 683
8
4
100 67 Aug 2 74 Aug 18
68 Mar 7318 Feb
108 10914 10814 10938 1083 109 4 10814 1093 1083 10912 10714 10854 39,300 Mack Trucks, Inc
4
3
8
4
No panj 8814 Jan 24 1183
4May 23
Jan
893 Nov 159
8
1113 11138 11138 11138 *11138 11112 *1113 11112 1113 1114 *1113g 11112
8
8
8
400 1st preferred
100! 109 Jan 25 11318July 19 10712 Nov 113 June
10638 10638 *1063 107 • 1063 1064 *1063 10654 *1064 1064 *1065 1063
8
*
8
400 2d preferred
8
4
100. 102 Jan 18 10712June 9 102
4
Oct 1083 Sept
. 235 245
4
242 242 ,*238 2485* *235 2483 *235 242
8
235 245
100 Macy Co
No par 124 Jan 6 '243l3 Nov 28
8612 Mar 131 Dec
2212 2314 23
245
8 245 2514 243 2514 2312 24
8
2334 24
8
23,800 Madison Sg Garden.
.No par 2012 Aug 3 283 Oct 14
8
_
504 51
504 5012 5018 504 4918 504 494 5112 507 5212 30,600 Magma Copper
8
No par 2912 Feb 9 5212 Dec 16
Feb
34 Apr
1834 1932 1914 2034 1952 2012 1712 2018
1818 35,000 Mallinson (H R) at Co_No par
174 183
1112 Apr 7 2034 Dec 12
4 17
123 Nov
2818 Jan
8
924 93
9114 9434 9414 95
9353 95
943 95
4
94
91
1,410 Preferred
100 663
4July 15 95 Dec 13
Dec 7814 Mar
71
4
25
30
*25
30
33
3012 304 32
*33
*32
37
300 Manati Sugar
39
100 27 Nov 18 46 Feb 7
27
Apr 5018 Jan
4
55
5812 *53
60
60 18 61
65
6912 7012 *6812 71
71
1,200 Preferred
100 48 Oct 24 77 Feb 23
55 June 82 Fob
4114 4114 4172 42
4154 417
8 4112 4112 4114 4114 41
41
90 Mandel Bros
No par 407 Oct 28 493 Aug 17
8
4
5412 5512 54
55
55
554 54
554 54
5512 2,700 Manh Elea Supply___ No par 43 Oct 25 132 Aug 5
543 *54
4
44
Oct 873* July
34
3418 3458 35 4 34
34
3514 3458 35
3438 6.200 Manhattan Shirt
5
3412 34
25 2414 Jan 18 3534 Dec 12
217 Oct 327 Jan
8
8
4 2 58
463
•465 58
8
*46 8 53
3
*465 58
*463 58
*463 58
8
8
8
Manila Electric Corp. No par 40 Jan 22 60 Oct 19
2712 Mar 453 Sent
8
1414 1434 15
1514 15
15
15
1514 143 144 1478 147
8 3.200 Maracaibo Oil Expl_ __No par
4
12 Oct 4 222 Jan 18
4
1611 Oct 28 Feb
3314 337
8 3314 347
8 33
54 3458, 33 8 3414 3312 3412 3378 35
5
58,200 Marland 011
No par 31 June 27 5812 Jan 17
8
4914 Mar 633 June
4958 4978 493 497
4
503
5238
8 50
8 50
5012: 50
8,100 Marlin-Rockwell
No par 27 Jan 10 557 Nov 30
8
2412 Oct 33 Mar
164 164 163 163 *1614 163
4
4
4' 1612 1813 163 163
8
800 Martin-Parry Corp.__ No par 153 Dec 3 245 Feb 24
s
8
4
17 May 23 June
127 12778 126 1274 12612 127581 12518 1287 126 1267 126 12712 6.000 Mathleson Alkali WorkeNo par 82 Jan 6 13254 Dec 6
8
8
6212 May 10618 Jan
119 120 *115 120 *115 120 1 11712 11712 *11712 120 •1153 1173
4
70 Preferred
4
100 103 Jan 7 120 Dec 10
87
87
8614 867
8 8612 8712 86
864 8518 86
86
8614 5.900 May Dept Stores new
691I Dec "7 8- Dec
25 663
4June 28 903
sNov 14
7
315 315
8
4 315 317
4
8 3112 31541 315 32
8
314 3414 3412 354 4,300 Maytag Co
No par 233 Jan 15 3514 Dec 16
8
19 Mar 244 Sept
••7914 82
54 8258 83 1 84 84 ' 7914 813 *80
81
2
85
79
1,000 McCrory Stores class A.No par 55 Mar 3 88 Sept 7
7014 Oct 117 Fob
885s 887
81 883 89 4/ 883 8914' *873 884 *873 8814 8814 923
4
4
3
4
No:par 5612 Mar 4 923 Dec 16
4
4 4,900 Class B
4
Jan
72 Mar 121
116 116 *114 1145 •112 1143 •112 1145 *112 11438 11414 1144
8
8
*
200 Preferred
100 97 Mar 9 11612Sept 4 105 Apr 110 Feb
*26
27
27
*26
*26
27
27
*26
*2612 27
*26
27
McIntyre Porcupine Mines._5 2412 Mar 14 28 4 Oct 6
2214 Oct 30 Feb
3
2514 2514 *25
2514 *25
2518 *25
2514 25
25
25
25
800 Metro-Goldwyn Pictures pf _27 243 Jan 3 2614 Feb 21
4
2214 Jan 2512 Nov
5
5
5
5
5
5141
47
5
8 5
5
1,600 Mexican Seaboard OIL.No Par
43
4
5
3 Aug 23
914 Feb 16
6 Feb
133 July
4
183 184 185 19
4
1884
4
187 1914
185 19
1854 1914
194 19% 13,500 Miami Copper
5 1318June 21
197 Dec 5
8
11 Mar 173 Oct
8
2714 275
8 274 285
8 2714 2758' 2718 2771 274 284 2714 284 21.400 Mid-Continent Petro.
.No par 2512 Oct 10 393 Jan 21
8
2712 July 37
Jan
-4104 107 *104 107 *104 107 i•104 107'104 107 •104 107
214
214
4.200 Mid-Cont Petrol pref
100 97 Apr 28 105 Feb 3
90 Mar 10414 Dec
2
218
2
2
214
24! 24 2 2
24 214 8,200 Middle States 011 Corp
10
138
13 Jan 3
8
112
4June 23
3 Nov
4
33
212 Jan
*111 12
8
112
112
1541
112'
112 4,100 Certificates
11
112
112
12 Oct
10
118 Jan 25
254June 23
13 Dec
8
223 225
54 225 226
225 23454 228 235
231 23414 230 23412 10,800 Midland Steel Prod pref._ _100 106 Apr 11 238 Nov 30 107 Mar 13312 Feb
2212 2212 2214 2212 2214 2212 '4.112 22
21
22
*2112 22
1.900 Miller Rubber ctfs
No par 1712 Nov 9 364 Apr 12
30 May 443 Feb
4
-4102 103 *102 103
10114 10212: 10212 105
105 107
1047 1057 13,100 Montana Power
8
8
100 8112 Jan 28 10912 Oct 18
693 Mar 8612 Nov
2
1137 11512 1133 115
8
8
1138 1183 11512 118
8
11514 1164 1165 118 170,800 Monts Ward & Co III corp_ .10 603 Feb 8 1185 Dec 13
8
8
Jan
8
56 May 82
6 4 64
3
64
74
63
4 7141
63
2 74
64 64
No par
64 67 14,900 Moon Motors
6 June 23 1212 Jan 6
8
94 Nov 374 Feb
33
8 34
3
34 3 4
3
312 3 4
3
34 3 8
3
33
2 37
2 2314
112 Oct 29
313 24,100 Mother Lode Coalltion_No par
4 8 Jan 3
3
4 Nov
74 Feb
814 812
83
8 812
84 83
4
818 812 *813 83
83
8 85 30,200 Motion Picture
8
612Sept
No par
4
16% Mar 18
103 Dec 2312 June
4
235 24
4
2312 24
22
2312' 2204 21
1912 2153 2012 21
15,500 Motor Meter A
17 Nov 16 3834 Apr 18
No par
333 May 5338 Feb
4
257 265
3
8 2612 26, 26
26
26 8 263
5
8 2614 264 2614 264 1,300 Motor Wheel
No par 203 Jan 3 2778 Mar 29
4
1918 Nov 33 8 Feb
7
733 74
8
7118 73
72 7278 71 73 7034 211s 71 7254 8,800 Mullins Body Corp No par 10 Jan 5 78 Dec 6 8 Nov 194 Feb
-410612 108
107 107 *10514 108
106 107
106 106
106 106
70 Preferred
100 80 Jan 14 109 Dec 6
83 Aug 944 July
494 5012 5012 5114 504 515
3
5
8 49 4 504 49 4 50
49518 50
9,400 Munaingwear Inc
No par 35 4May 17 53 Nov 21
3
343 Apr 383 July
4
4
213 2314 224 237
4
8 23 23
2312 2412 233 2414 234 24
12.000 Murray Body new
No par
4
1614 Oct 11 43 Feb 23
97 9814 973 99
8
9714 985* 9612 98
965 9712 9714 9812 93,300 Nash Motors Co
8
No par 6014 Apr 25 99 Dec 12
52 Mar 707 Dee
8
6
6
618 64 *6
614, *6
614 64
64
5 Feb 15
64 64 2,700 National Acme stamped..._ 10
712 Oct 31
127e Jan
5 Nov
4234 434 43
*43
44
43121 43
4338 43
443
1,700 Nat Hellas Hess
4 4218 43
No par 31, Sept 22 4612 Dec 1
.
*934 94
94
94
94 I 94
94
94
*94
95
100 8514Sept 16 97 Apr 19
94
800 Preferred
9412
179 181
17234 1743 1717 17312 25,200 National Biscuit
8
17612 18012 17512 181
1725 178
8
8
25 943 Jan 27 187 Dec 7
4
74 Jan 102 iie;
_ *141
4140
141 141
141 14114 *141
140 140
600 Preferred
100 130 Jan 10 142 Dec 8 126
Jan 13112 Apr
463 47
4
4612 47
4654 465
8
4 463 467
8 46
467
8 4618 467
8 7,100 Nat Cash Register A w We par 397 Jan 3 483
8
8Sept 19
Jan
3712 Oct 54
6214 6318 6214 627
8 613 6214 62
4
4
627
8 613 623
6212 17,900 Nat Dairy Prod
s 62
No par 5914May 2. 6878 Aug 4
•21% 22
•2218 2238 2258 225
22
4
2234 223 *215 23 I 22
8
8
900 Nat Department Stores No par 2014June 27 273 Mar 1
8
24
8
Oct 423 Jan
*90
9054 *90
9054 .90
90 4 *90
4
5
905 .90
1st preferred
9054 *90
905
4
100 8912July 26 9414 Jan 10
ssh Oct 97
Jan
5118 527
8 515 52181 5152 533
547 40,800 Nat Distill Prod ctfs. _.No par
2 51'4 52
8
8
17 Feb 8 60 Oct 14
4 5118 5312 53
1213 May 34
Jan
8
617 6214 6218 635
*
60
6112 6112 6014 61
2,400 Preferred temp ctfs_ _No par 43 Mar 22 693
6112'
'
56012 62
4
4Juoe 6
3712 Aug 733 Jan
8
28 I *26
28 I 2612 261 *2612 29 •
273 275
4
27
300 Nat Enam & Stamping ..
29
4 28
100 194 Apr 29 353
8June 6
2118 July 4018 Jan
94
•89
94
94
94 .90
94
4
*90
90
*90
91
Preferred
100 6918 Apr 29 9175 July 5
*89
4
76 July 893 Jan
130 13014 130 13038 *127 13018 2,600 National Lead
125 125
125 12712 128 173
100 .5115 May 31 2023
4May 16 138
Apr 181 Dee
413612 140
139 139 *13612 13912 *13612 140 •13612 140 •13612 140
100 Preferred A
100 11312June 2 13912 Nov 11
*113 114
114 114
115 115 *11414 116 *11512 116 *11512 116
300 Preferred B
100 1047
8June 7 115 Dec 13
8 2318 237
2112 22
2112 2314 225 233
49,500 National Pr & Lt etfs_No par
8
1914J one 23 26 Sept 27
8 2318 2414 2312 24
54
1614 Mar 388a Jan
92
92
92
93
947 96
9312 953
8
7,000 National Supply
8 9312 9412 z92
92
50 76 May 11 9654 Nov 26
5512 Jan 88 Dee
334
3263 33412 330 3383
4
32012 323
315 323
321 32312 323
4 3,930 National Surety
100 o218 July 21 338 14 Dec 16 208 Mar 237 Deo
170 170
171 17612 178 178 x178 17912 17412 175
172 17212 3,500 National Tea Co
No par 108 Apr 18 180 Dec 5 1164 Nov 238
Jan
185 193
8
8 1918 1912 194 19341 194 19 4 1914 20
2193 20
80,800 Nevada Consol Copper_No par
8
3
123
4June 29 20 Dee 15
8
113 June 1614 Nov
43
4318 3,100 N Y Air Brake
43
43
424 43
4358 4312 434 4312 4312 43
No par 3914 Oct 25 50 June 9
3611 Jan 4612 Sept
N Y Canners
No par
1318 Apr 21 2178 Jan 3
2018 Nov 843 Jan
4
Preferred
No par 43 Mar 30 72 Jan 13
7014 Dee 85 Apt
60
60
60
6212 6214 6214 62
62
60
60
6014 6014 1,300 New York Dock
100 34 Jan 14 653 Nov 29
8
32
Oct 4578 Feb
94
94 .91
94
*91
*91
*91
*91
94
94
94
Preferred
*91
100 7218 Feb 9 11318 Nov 16
09 May 77 Dee
*100 101
100 101
1013 1013 10112 102
x99 10014 100 1004
4
4
390 N Y Steam pref (6)___ _No par 9312 Feb 9 10212 Oct 6
9213 Dec 9212 Dec
•11112 1113 *11112 1113 11112 11212 1115 1115 *1097 11114 11114 11158
8
8
4
8
8
160 First preferred (7)_..No par 105 Jan 12 11412 Oct 1
9914 Apr 1053 Oft
4
*
2812 29
*2812 29
285 285 •285 29
8
8
*284 29
4
210 Niagara Falls Power pt new_25 273 Jan 31 293
283 2854
4
4
8May 2
2738 Mar 2918 Dec
60
593 6014 59
8
603
2 58
8 594 604 34,300 North American Co
8
5812 584 577 593
10 45 2 Jan 14 6412 Oct 4
3
42 Mar 67
Jan
5 534 *5314 54
4
5314 54
53
53 4 533
3
4
4 533 537
8 5354 5 4
700 Preferred
50 50 Jan 10 55 Aug 9
3
49
Jan 5214 Aug
103 4 10418 10438 1043 •1037 10412 *104 1047 *10312 105 *1037 105
3
8
8
8
300 No Amer Edison pref..No par 9658 Jan 6 105 Oct 4
8
9118 Mar 97 Deo
557
2 5412 543
4 54
*55 -___ *55
500 Northwestern Telegraph__ .50 473 Jan 15 56 Sept 13
5412 54
5414 5212 5212
4
33
3
8 33
7
7
4
*34 3 8
38 38
3s 4
7
38 4
3
17
8June 16
312 33
538 Feb 10
4 2,500 Norwalk Tire & Rubber....l0
44 Oct i6' Jan
98
4
9
9
912 *9
9
500 Nunnally Co (The)---No par
97
9 4 *9
3
*9
*9
913
9 Nov 29 13 Jan 19
1234 Deo 174 Jan
*3212 33
*3218 33
3212 3212 3212 3212 •3218 33
400 011 Well Supply
*323 33
4
25 3114 Jan 28 353
48ept 30
30 July 364 Oot
4
200 Preferred
108 108 *10634 10712 *1063 10712 10712 10712 10612 107
10612 1064
100 1023 Mar 1 110 June 3 10414 Apr 109
4
Oct
8 1314 1314
135 1312 134 135
8
*1312 133
4
4 135 14
1314 2,800 Omnibus Corp
13
11 Mar 25 1718June II
No par
12
Oct 2214 Feb
*90
93
92
93
92
*92
93
*90
93
93
2001 Preferred A
93
*
*90
100 81 Jan 19 9912May 23
88 July 9812 Feb
3
3
8
7518 7518 747 75 8 7518 7514 7518 75 4 7514 7514 7518 7518 3,700 Oppenbeim Collins dc CoNo par
Mt Feb 8 72 Nov 15
Jan 63 2 Sent
47
3
2614 2634 26
26
2512 2512 2514 2512 2,800 Orpheum Circuit, Inc
2612 26
27
27
1 2414 Sept 2 35 Apr 7
2712 Mar 3318 Nov
500 Preferred
10312 104 *102 104 .1034 104 *100 10312
5
1025 102 4 103 103
4
100 1023 Nov 9 10812June 2 101
4
Jan 105 Apr
4
149 1493 149 149
4,200 Otis Elevator
14812 149
151 1514 150 151
147 151
50 2103 Feb 2 1553 Oct 3 106 May 136 Dec
4
150 Preferred
12112 12112 *12014 12112 120 12014 *11914 121 *11914 121 *11914 121
100 108 Feb 16 1243 Aug 2 1023 Jan 10912 Aug
4
4
10,‘,
in, In.°
In
.
.
In,
10
972 101, 6,300 Otis Steel
101 1
10
714 Feb 10 1212June 6
No par
8 Oct 144 Jan
•
Bld and asked prices no salea on this day. s Ex-dIvklead8 a Ex-rIgiltS2
23*
11,4 TV84
11111iMINIMIllk
New York Stock Record-Continued-Page 6
3325
For sales during the week of stocks usually inactive, see sixth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Dec. 10.
Monday,
Dec. 12.
Tuesday,
Dec. 13.
Wednesday,
Dec. 14.
Thursday,
Friday.
Dec. 15. I Dec. 16.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100
-share lots
r'ER SHARE
Range for Previous
Year 1926
Lowest
Highest
Lowest
Highest
$ per share $ Per share $ per share $ per share $ Per share Shares Indus. & Miscel. (Con.)
Par $ per share $ per share $ per share $ per share
8512 8612 86
8612 86
8612 84
84
85
8612 3,200 Otls Steel prior pref
100 6112 Feb 8 91 Nov 23
63 Nov 74 Sept
8314 8412 *8414 843
4 8312 84
843
4 1,000 Outlet Co
834 8314 *84
No par 523 Jan 24 8434 Nov 23
4
44 May 554 Dec
837 8414 837 84% 83% 84
8
8312 83% 27612 7712 6,300.0wens Bottle
25 7518 Jan 18 85: Dec 1
4
533 Mar 90% Dee
4
116 116
1165 *116 1165* *116 1165 *116 116 8
*
1165*
8
,
201 Preferred
100 107 Jan 27 120 Nov 28 112 Mar 117 June
46% 463
4
4 463 463
4 4614 4612 *4638 463
4 46 4 4712 2,100 Pacific Gas - Elec new
3
25 31 Feb 18 4712 Dec 16
118
118
118
118
118 114
114
114
118
114 6,5001Facific 011
1 May 25
No liar
178 Jan 7 -nl- May -8318 -Feb
149 150
14812 14812 14712 149
1493 15014 150 151
4
1,270 Pacific Telep & Teleg
100 124 Mar 7 161 Oct 3 117
Jan 135 Sept
1143 115 *11312 115
4
113 113 *113 115 *113 115
30 Preferred
100 10312Mar 11 116 Oct 27 10112 June 107 Dee
5812 5714 5812 565* 573 X56'2 .57
57
7 573 139,600 Packard Motor Car
56
4
8
4
10 33 Apr 28 5812 Dec 12
318 Mar 4514 July
1712 17
17
1712 16
1718 1512 163
8 1618 17
85,700 Paige Del Motor Car_ _No par
77 Mar 22 1814 Dec 9
9
Nov 2812 Jan
44% 45
4412 4512 44% 45
4312 45
4418 453
4 8,300 Pan-Amer Petr & Trans_ _50 4'314 Dec 6 657 Jan 19
8
5618 Mar 761 Jan
:
43% 4512 4412 45
443 44% 43% 4434 44
8
453 59.300 Class B
8
50 4312 Dec 6 668 Jan 20
56% Mar 783 Jan
8
193 193
4
4 198 1912 193 20
4
20
203* 2014 21
7,200,Pan-Am West Petrol B_No par
7 Jan 24
1634 Oct 8 37
30
Oct 46
Jan
1412 17
1512 178 16
163
4 16
1612 1714 24,000 Panhandle Prod & ref_No par
17
8 'Apr 29 187 Jan 17
8
412 Jan 32 June
80
*76
*75
80
78
78
*78
80
*78
80
1001 Preferred
100 54 Sept 8 83 Nov 16
51
Jan 993 June
8
36
36% 3612 3712 375* 3814 3612 3712 37
37
10,600 Park & Tilford tern ctis_No par 20 Jan 27 465 Oct 10
185* Oct 2818 Jan
97 1012 10
7% 812
814 8%
8% 10%
1014 245,100 Park Utah C 01
1
6 Jan 3 1012 Dec 15
518 Sept
812 Feb
4
5
5
43
4
47
8 5
412 412
4% 5
2,200 Pathe Exchange
No par
4 Sept 23 12 June 17
23 4 23 8 2214 233
,
7
4 2212 2378 214 2214 21
22
6,900 Pathe Exchange A new_No par 20 Sept 22 4314June 17
22
2212 2234 2234 2214 2212 22
2212 22
227
8 228 23
4.300 Patino Mines & Enterpr____201 1812 Aug 1 27% Feb 2
4 24
2478 2412 2518 22% 24% 2218 23
2412 253
213 2212 16,100IPeerless Motor Car
4
50 20 Apr 29 32 Jan 8
233* Nov 3112 Nov
2212 23
*2212 23
2212 2212 *2212 23
2212 2278 *2278 23
700 Penick dr Ford
No par
1912Sept 29 277
81%lay 9
167 Jan 24 Dee
8
1312 *1512 16
1312
*1312 1478 *1312 1414 *1312 1478 *1314 1412
100 Penn Coal & Coke
50 104 Jan 19 2512May 27
7 Aug 19
Oct
233 24
4
*23% 23 8 2223 23
233 24
233 24
4
4
4
7
223 2312 3,300 Penn-Dixie Cement___ _No par 223 Nov 19 395* Jan 13
4
8
38 Dec 41 Dec
*9512 9712 *9513 9612 9612 9612 9412 95
947
*9412 95
*9412
600 Preferred
100 91 Sept 7 100 May 14
99 Nov 10012 Nov
Penn-Seaboard St'l vtc No par
118 Feb 14
14June 25
24
Oct
16212 16414 16134 163 162 16212 161 162% 16212 16412 163 16314 6,500 People's 0 L dr C (Chic)...100 126 Jan 14 16834 Nov 301 11758 Jan 131 Jan
Dec
135 14212 14234 1493 150 152
*135 145 *142 137
4
150 153
2,700 Philadelphia Co (Pittsb)_ _50 8514 Jan 18 153 Dec 16' 5918 Mar 91 Dec
44
*4612 47
46% *4612 47
47
47
47
47
*47
48
310 5% preferred
50 40 Jan 12 47 Oct 21
36
Jan 3914 Dee
,
*5214 523
4 52% 52 8 5214 52% 52% 52% 5178 52
8 3,200 6% preferred
523* 523
50 50 Jan 6 5312Sept 21
45
Oct 5114 July
4018 4118 4018 41
40% 41
39% 40% 3912 405
8 395 403 18,000 Phila & Read C & I___ _No par 373
8
8June 30 475* Mar 4
3614 Apr 483 Feb
8
*3912 42
42
*40
*3912 41
.393 41
38% 383 *3878 41
4
200 Certificates of int _ ___No par 3714June 30 47
363 June 4612 Jan
4
*1914 1912 1912 19% 1912 217
20% 21% 2014 208 207 2114 58,600 Phillip Morris & Co. Ltd. _ _10 IS Sept 27 4118 Mar 4
8
8
Jan 10
16 Apr 41 Dec
,
4118 4112 40 8 4218 41
4114 x4014 4012 393 41% 403* 4112 63,500 Phillips Petroleum
4
No par 3614 Oct 8 6014 Feb 16
40 Mar 578 Dec
40
4014 40
3912 3912 3812 4012 38
*40
4018 3812 39
1,500 Phoenix Hosiery
5 38 Dec 15 527 Aug 2
8
31 Mar 4614 Nov
103 103 *130 105 *103 105 *103 105 *103 105
*103 105
30 Preferred
100 103 Jan 5 1073
4July 9
94 Mar 103
Oct
,
13% 13% 1412 15 8 14 8 14% 13% 1414 1314 133
,
4 1314 13% 8,200 Pierce-Arrow Mot Car _No par
91 Oct 17 235 Mar 8
8
19 May 4318 Jan
*48
487
8 4812 52% 51
5112 49
49
50
50
483 49
4
6,400 Preferred
100 378 Oct 19 10212 Jan 3
761 Apr 12714 Aug
14
12
8
8
%
% %
%
%
%
5
8
5
8
% 4,200 Pierce 011 Corporation
14 Mar 25
25
118June 22
17 Jan
: Oct
1
*1612 177 *1614 18
*1614 18
8
*1614 17% •1614 18
*1614 18
Preferred
100 1312 Mar 24 24 June 21
111* Nov 2718 Jan
324
312 312
312
34. 3.2 7,500 Pierce Petrol'm tern ctfsNo par
,
312 312
314 312
3 2 312
212 Mar 22
512June 20
214 Aug
7
AD
32% 323
4 3218 3278 3218 3278 3212 323
4 328 341s 33% 343* 34,200 Pillsbury Flour Mills_No par 30% Nov 15 3712 Aug 25
10614 10614 *106 1063 1063 1063 10634 107 *10712 110 *108 110
4
4
4
700 Preferred
100 104 Aug 27 109 Oct 13
5318 5412 5412 5412 *5112 53
*5112 53
*5214 53
5234 1,600 Pittsburgh Coal of Pa
52
100 323 Mar 22 7412June 7
4
39 June 4212 Jan
92
9012 *89
90
*88
00
90
*88
*88
90 .88
90
400 Preferred
100 705 Mar 10 98 Sept 13
70 June 85
Jan
*96 100
98
*96
96
06
*96
*96
98
98
•96
98
100 Pittsburgh Steel pref
100 95 Nov 23 101 Jan 18
94 Mar 10018 Dec
*35
*35
37
39
*35
36
353 377 *35
8
4
*33
40
36 8
,
Pitts Terminal Coal
100 3012 Apr 2 55 June 7
39
Oct 63% Jan
78
*77
"7712 78
78
*77
*77% 78
*7712 80
*76
78
Preferred
100 74 Apr 29 83 Mar 17
8012 Oct 9214 Feb
8712 8712 89% 878 888 8418 874 82
87
83
8112 8214 8,300 Porto Rican-Am Tob cl A_100 65 Aug 19 9112 Jan 5
60
Jan
933 Dec
43% 44% 44
4912 49
52% 3712 527g 3712 423
4 3012 383 69,0001 Class B
No par 13 Aug 23 527 Dec 13
8
8
1204 1217 1203 12112 12018 12114 11918 120% 120 1213 11918 1203 19,700 Postum Co. Inc
8
8
No par 925* Mar 16 126 Sept 16
7513 Siit;
-Feb
*70
*6914 72
7018 7312 *71
72
7334, *70
73
*70
721
400 Pressed Steel Car new
100 3612 Feb 5 78 Aug 26
3418 May 44 Nov
8712 87
*813
87
8714 8714 873 872*1 *86
8
400 Preferred
873
8 8712 871
100 7612 Feb 5 9212May 12
771: Dec 958 Jan
3
258 25 8 25
268 25
25 4 2412 2412 243 253
3
4
4 24% 26
8,600 Producers & Refiners Corp 50 1634 Jan 5 3378May 16
11 Mar 205 Oct
*4114 433 *4112 423 *4112 423 *4112 43
4
4
4
*4112 43
*4112 43
Preferred
50 367 Jan 6 50 Feb 9
8
303 May 4134 Oct
4
4278 42'8 4234 42
42
423
4212 43 4 4212 4312 4212 431 16,900 PubServCorp of NJ newNo pa
3
32 Jan 6 467
8Sept 7
3114 Oct 333 Nov
•1023 1037 1037 103% 1033* 10338 103 10312 1033 10378 103% 1033
4
8
8
8 1,100 6% preferred
100 9812 Feb 19 105 Nov 12
9612 Apr 101
Oct
*117 11814 117 11918 *117 1197 *117 1198 11712 119
8
11918 1191
700 7% preferred
100 10812 Jan 5 12014 Nov 23 10318 Jan 110 No.
•13312 135 *134 136 *134 136
134 134 *13312 136 *134 140
100 8% preferred
10 125 Jan 10 13514Nov 11 115 Mar 1243 Nov
4
10912 1093 *10912 1093 1093 110 *109 110 *16912 110 *10912 110
4
4
4
800 Pub Serv Elec & Gas pfd 100 102 Jan 4 11012 Dec 1
97
Jan 10418 Sept
8178 813 817
81
8114 82
8
8 808 8112 803 8112 8112 82
4
17,100 Pullman Company new No pa
4
733 Aug 17 84% Dec 1
3012 30% *3012 31
3014 313
4
30
4 293 304 3012 31
307
4.800 Punta Alegre Sugar
5
27 Oct 22 467 Jan 3 -33- -Ain -4914 8
Dec
2512 2512 255 2612' 257 26
2518 25 4 255* 26
3
25% 257 13,300 Pure Oil (The)
2
25 Oct 15 331: Mar 4
2514 Oct 31
Jan
*112 116 *113 116 i*112 115 *112 114 *112 114
112 112
1001 8% preferred
100 1113 Jan 11 11512 Dec 7 106
8
Apr 1122 June
4
*5612 58
58
58
58
58
*58
583
4 5814 5814 *58
583
4 2,100 Purity Bakeries class A
4234 Nlar 31 63 Nov 3
2
47
Oct 493 Nov
8614 878 9018 923
81 917 933
8
4 9112 91% 9112 913
4 901s 91
6,7001 Class 13
No par 413 Jan 3 9878 Noy 21
4
5112 Nov 44 Dec
107 10712 10712 1077 10712 1077 10712 108
8
8
10712 10712 *107 1074
490 Preferred
100 10114 Jan 8 110 Nov 12
99
Oct103 Dec
8514 883
4 8518 87% 865* 88
8612 8812 863 925
8 9212 9538 206,800 Radio Corp of Amer__ _No par 4118 Apr 13 101 Dec 1
*
32 Mar 615* Nov
5512 5512 *5512 56
553 553 *5512 55% 5512 5512 55
4
4
56
300 Preferred
50 49 May 3 57 Nov 29
4458 Mar 537 Dec
8
43
*39
*393 42
8
•3812 42
*40
*3812 42
42
Rand Mines. Ltd
No par 40 Jan 5 46 Apr 25
323 Apr 415 Oct
4
Ray Consolidated Copper 10
38Sept26
1012 Ma
1634 Nov
-217
-2312 24
.
223 23 - 24
4
24
023
24
2,800 Real Silk Hosiery
1011j o Y 1 49 Apr 20
10 2
Novbl lv
u
371 Nov 5014 Oct
:
88
883
89 89
4 88% 88% 8814 89
x86
88
8312 88
440 Preferred
100 80 June 1 99 Mar 2
9314 Dec 100 Nov
7812 8012 8012 8214 8012 8114 79
79
80
79
79 18 803
4 6,400 Reid Ice Cream
No par 3812 Jan 24 8214 Dec 12
393 Dec 56
4
Jan
*110 8 111
,
110% 11038 1108 1108 *1103 1103 *1103 112 .1103 112
8
8
4
8
400 Preferred
100 97 May 17 11012Nov 3
9512 Mar 100
Jan
7% 712
7% 73
7
712
8
63
4 714 *7
7% *7
7% 2,200 Reis(Robt)& Co
No par
9 Jan 10
53* July 23
712 July
183 Feb
4
233 2414 24
4
2414 2378 2414 235* 2414 2314 233
4 2314 233 23,600 Remington Rand
4
No par 2012 Nov 4 4714June 9
96
96
96
06
96
96
94
95
94
9412 *943 95
4
1,000 First preferred
100 87121 7ov 4 10212 Apr 25
,
*97
*97
*97
99
99
99
*9714 99 '97
99
987 988
8
100 Second preferred
100 90 Oct 29 110 Apr 25
*10212 110 *10212 110 *10212 110 *10212 110 *1003 110 *102 110
4
Rem'g'tn Type 7% 1st pf _100 too Oct 15 11712 Feb 10 106 Apr
118
Oct
*100 111 *100 111 *100 111 *100 111
*9812 104
104 104
10 8% 24 preferred
100 104 Dec 16 126 Apr 25 105 Apr 11514 Aug
_ Replogle Steel
No par
9% Apr 30 1312 Jan 10
8
Oct 157 Jan
8
575g 584 5814 5912 59
-58'2 59
61
59
5912 5912 6112 11,200 Republic Iron & Steel
100 53 Oct 28 757 Mar 11
44 May 635 Jan
*
1041 10412 *104 105
1043 105 z104 104
4
104 104
104 104
700 Preferred
100 965* Jan 3 106 May 25
0114 Mar 99 Sept
8 1014 1112 103 12
1112 125
13
12
4
1112 1212 11
127 162.800 Reynolds Spring
*
No
4 Feb 21
13 Dec 10
414 Oct 105 Jan
8
157 15812 157 158
15712 1577 15712 1575* 15712 162 x15712 1583* 13,200 Reynolds MI)Tob Class pa
8
13 25 98% Feb 24 162 Dec 15
90 Mar 1217 Nov
8
8
168% 17212 169 1717 170 176 21743 181
4
178 1823 18118 18614 25,000 Rossla Insurance Co
4
25 74 Jan 13 194 Oct 28
7618 Dec 100
Jan
473 478 4712 478 4712 4712 4712 4712 47
4
*4712 48
4714 3,800 Royal Dutch Co(NY shares)_
4414July 27 541 Feb 9
473 Oct 573 Jan
8
4018 403* 40
4014 40
40% 40
41
41
42
4112 42
9,900 St Joseph Lead
10 36 May 23 437 Mar 4
365* May 4818 Feb
-- - - --'Safety Cable
No par
4218 Mar 5512 Nov
-act - 1 1- -(tOr2
65
63
64 4 6214 613 6212 17.000 Savage Arms Corporation _100 528 Jan 3 7414July 20
-(
31T8 64
4
4312 Oct 25 7212 Mar 5
6714 Nov 10212 Feb
2
2
2
2
2
2
2
2
218 214
24 214 5,100 Seneca Copper
33 Jan 10
No par
1 June 30
212 Dec 1014 Jan
6714 6712 6712 68
6618 6712 6618 68
56714 673
4 675 703
4 8,400 Shubert Theatre Corp_ _No par 65 Aug 13 747
8
52 Mar 705* July
54% 5414 5514 .5312 54% 53
5114 51% 51
5412 523* 533 55,100 Schulte Retail Stores__ _No par 47 Jan 18 57 Nov 23
4
4212 Mar 1381 Jan
Sept 8
:
11912 11912 1213 1213 122 122 *12114 1214
12112 12112 x119 119
4
4
80 Preferred
100 11614 Jan 22 123 Aug 5 11212 Jan 120 Sept
12% 13
12% 13
13
13
123 1314 13
4
133* 1318 1312 4,900 Seagrave Corp
No par
83
4Sept 9 1334Nov 18
1212 Mar 143 May
4
85 8 8
, 6% 8512 8614 8512 8714 85
87% 84% 863
8 863 8712 69,800 Sears, Roebuck & Co new Nopar 51 Jan 17
8
8
883 Dec 5
4414 Mar 583* Sept
9014 913
92
4 90
90
00
8912 903
90
4 90
92
947
8 6,800 Shatuck (F G)
No par 568 Jan 17 10112 Oct 17
47 Mar 695* Jan
*4214 433 *42,2 43% *42% 4312 4212 4212 *423 437 *4212 437
4
8
8
200 Shell Transport & Trading.£2 413 Oct 10 477 Feb 10
401 July 483* Jan
:
/
8 2512 25% 2514 253
25 8 25% x2533 257
3
4 2514 2534 2538 2534 10,700 Shell Union 011
No par 243* Oct 21 315 Feb 7
24 Mar 31 Nov
23% 24
23% 237
8 2378 2414 2312 2418 235* 24% 38,300 Simms Petroleum
2312 24
10 1414July 16 2412 Dec 16, 1518 Aug 285 Jan
8
59% 5914 613
4 6118 623
59
4 61
63 16018 62
60
607 69,400 Simmons Co
8
No par 3312 Jan 6 63 Dec 14
283* Oct 5412 Jan
Preferred
100 10714 Jan 4 1115* Oct 28 10512 Nov 10912 July
168
17 99% i72 167 1721 -1/ -111- 17 -1-7 4 -175* 1812 1- 4
173
-344,565 Sinclair Cons Oil Corp_No par 15 Oct 29
163 Oct 247 Feb
4
*993 99%
10013 1003* *993 10018 097 10018 10012 10312
223* Jan 20
100
4
4
2,300 Preferred
100 97 Jan 6 10312 Dec 16
90 Mar 9912 June
2614 2614 2514 26% 2314 20%
o
4 2514 2618 2618 263* 11,200 Skelly 011 Co
25 2418June 27 373 Feb 21
8
265 Mar 3718 June
8
117 117
117
116
*111 120
115 11514 •116 117
11712 1213
1,400 Sloss-Sheffield Steel & Iron 100 11014Nov 9 13414 Apr 6 103 Apr 14212
•1212 1314 123 123
4
Aug
4
*123 13
4 123 13
4
1234 123
4
4
1234 123
900 Snider Packing
No par
451, 45
115,June22 163 July 21
4
*45
4614 *45
96
*45
- ---*45
47
48
45
45
600 Preferred
No par
3614 3614 38% 37% 383
36% 36
36
4 377 387
8 3712 38% 37,500 So Porto Rico Sug new_No par 447 Nov 22 5214July 23
33 Aug 12 42 81\1ay 18
,
•13312 13614 *13312 1364 *13312 1363 *13312 1363 13312 13312 135 135
4
60 Preferred
100 1181:Mar 4 137 Nov 16 116 Oct 121 Dee
41% 4112 4114 4112 4114 4112 4112 415
418 43
43 12 4412 26,900 Southern Calif Edison
25 3158 Jan 3 4412 Dec 16
30 Dec 33 July
2418 25
2112 21% 213* 25
4 24
2414 2414 263 43,500 Southern Dairies ci A_No
235* 243
8
par
15 May 20 453 Jan 13
8
41
1114 10% 107
0
Oct 551 July
:
918 1012
8
812 8%
9
9%
918 10
No par
63 Oct 19 20 Jan 7
*10814 11012 *10814 11012+10814 11012 *10814 11012 *10814 11012+10814 11012 36.900 Class 13
171 Oct 353 Mar
Spalding Bros 1st pref ___ _100 103 Jan 4 11212Nov 19 101
Jan 105 4 June
•10% 1214 *1078 1214 *107 1214 9078 1214 *107 1214 *107 1214
3
8
Spear & Co
No par
8s4May13 15 July 29
*78
10 Dec 173 Feb
80
478
80
*73
80
4
*78
80
*78
80
*78
SO
Preferred
100 73 Feb 24 8212 Oct 29
2512 26
72 Apr 8212 Jan
2514 253
25
25
25
2514 254 25
25
25 8 1,400 Spicer Mfg Co
,
No par 2012 Jan 27 287
sMay 25
8
183 Apr 315* Feb
4
___ *111
*111 114% *Ill 1147 *111
*111
-___ 5111
Preferred
100 104 Feb 21
59% 59% 5912 597
Jan 10714 Dec
8 597 605* 60
593 60
8
603
8 60
603* 15,000 Standard Gas & El Co_No par 54 Jan 25 11112Nov 20 101
663
4June 16
644 6514 657 657
51 Mar 69 Feb
653 657/
4
*6412 65
4 6512 6512 *65
6512
700 Preferred
50 5718 Jan 3 6612Nov 17
8
535 Mar 575* Feb
99 10113 9812 100
10012 103% 10012 10212 997 101
983 9912 9,700 Standard MillIng
100 7014 Jan 4 1043 Dee 9
8
101 10112 10134 102
101 103
6718 Oct 921: Feb
10112 10112 102 103
103 103
310 Preferred
100 84 Jan 5 103 Dec 9
80 Mar 90 Feb
555 55
5412 5518 5518 5514 7,100 Standard 011 of Cal
55
54% 54% 543 5514 55
newNo par 503 Apr 28 603 Jan 19
4
3914 39 8 3914 393
523* May 635* Sept
4 39% 393
4 394 3912 394 397
,
3914 393 24.400 Standard 011 of New Jersey
4
_25 35% Apr 29 413 Feb 5
8
* 3118 313
373 Dec 463 Jan
8
8
8 3118 313* 3118 313
3114 3115 315
31
4 3118 31% 33,900 Standard 011 of New York _
_25 293
4June 27 3418 Jan 18
3212 Dec 3314 Dec
214 214
,
214 214 *24
25
24 2 4 *214 212
2%
23*
900 Stand Plate Glass Co__No par
2 Mar 29
43
8June 9
312 Nov
1212 1212 *12
12
107 Feb
8
127 *12
8
*12
127 *12
1212 12
8
127
*
20 Preferred
100 10 Mar 16 157
8June 10
45 Feb 45 Feb
13612 137
% 135 1364 x135 13634 134 1343 13414 13414 1343 1343
4
4 2,900 Sterling Products
No par 9012 Jan 4 14312Nov 5
75 Mar 964 Nov
813 8212 811 82% 804 8118 81
4
8112 82% 8112 83
8314 15,500 Stewart
-Warn Sp Corp_No par 544 Mar 15 8712 Nov 30
61 Nov 927 Jan
4214 403 413
4
41
4212 4112 43
43% 43% x41
4114 41
3,000 Stromberg Carburetor_No par 2618June 1 60 Sept 9
8
47 Dec 7714 Jan
61
594 6114 5912 603* 5512 6014 139.000 StudelirCorp(The)
57% 5 % 5814 593* 59
8
newNo par 49 June 23 6312Sept 12
47 May 62 Sept
4
124 124
*12318 12414 123% 1231 4 1224 1233 *1225* 124
1223 1223
.1
4
390 Preferred
100 118 Feb 10 12512Nov 26 11412 Feb 12212June
33
4
4%
412
44
43
8
414
412
412,
43*
3% 33
4
45* 21,000 Submarine Boat
No par
21 Feb 28
818May 12
112 July
35* Feb
.
Bid aid asked pricee; no sale, on thin day: a Ex-rights
Ex-dIrldend. b Ex dividend and ex rIghts.
$ per share
8434 85
83
*82
83 8 837
8
,
•116 116 8
,
46
4614
118
118
148 149
*114 115
5612 58
4
163 1712
433 44%
4
43% 4438
1934
*19
*1414 143
4
80
*75
3612 37
73
4 7%
5
*2312 24
4001
-aiTs
New York Stock Record-Continued-Page 7
3326
For sales during the week of stocks uuaIly
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Dec. 10.
Monday
Dec. 12.
Tuesday.
Dec. 13.
Wednesday. Thursday,
Dec. 15.
Dec. 14.
Friday,
Dec. 16.
Sales
for
the
Week.
a.ctive. see seventh page preceding.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
-share lots
On basis of 100
Lowest
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
per More
$ per share
$ per share
$ per share
3018 Mar 4138 Jan
8
30 Mar 2/ 347 Jan 17
8
99 Aug 11 1015 Dec 9
i" Kai 51 "hie
613 Feb 18
318 Dec 16
8
1912 Apr 347 Sept
18 Oct 27 28 May 18
8
858 Apr 175 Sept
8
7 Apr 27 135 Feb 3
1411 Jan
4 Nov
6 Jan 14
24Sent 17
8
8
105 Oct 207 Feb
1514Nov 22
6 Oct 21
1478 Jan
Apr
11
1112 Mar 9 1714 Nov 15
1058 Dec 16 Feb
818June 10 1314 Jan 13
5312 Nov 57% Dec
45 Apr 19 58 Jan 17
Oct 52% Nov
39
49 Jan 3 81%Sept 20
Oct 1913 Jan
12
8June 8
12 Apr 29 187
154 Jan 25 40 June 7
1612 Aug 12 2312Sept 18
_
43 Aug 8 5012 Nov 19
Jan
8
265 Dec 34
2414 Jan 11 36 Aug 5
424 May 5012 Sept
4
47 Jan 26 653 Dec 10
----,---.
1688 Oct 13 I918June 9
4June 1
85 Oct 5 903
27 Nov 394 Jan
19 July 25 2918 Jan 13
8714 Nov 103 Jan
85 Nov 19 9018Sept 12
3
8
447 Mar 85 s Nov
78 Jan 3 142% Aug 3
954 Apr 116% Sept
3
92 4 Oct 4 11758 Dec 16
s
108 Apr 16 119 Dec 13 103 Mar 1183 Sept
54 July
3 Mar
3
3 4 Apr 30 1038Nov 17
Jan
15 Aug 27
10 May 4 50 Dec 14
3
43(4 Nov 63 4 Jan
8
46 Jan 29 687 Dec 14
120 Jan 5 125 Dec 8 11534 Sept 123 Jan
35 May 7114 Jan
3812 Jan 25 7314June 1
4
7712 Mar 1003 Dec
9918 Jan 26 15412Nov 18
8
3714 Jan 583 Sept
8June 27 5612 Jan 6
395
93 Dec 9514 Dec
94 Jan 3 12312 Dec 13
5
32 8Nov 4 3818July 26
104 July 29 109 June 24
Me; 174 Dee
159 Jan 25 20012Nov 5 Hi" 3
5812 Jan 6 60 4 Oct 17 5512 Mar 59 July
Jan
4
493 Dec 58
49 Jan 19
364 July 12
Apr 126 Nov
98
1134 Jan 26 150 Sept 12
90 Mar 984 Dee
3
9714 Nov 18 103 8 Apr 26
1358 Mar 344 Dee
2418Sept 22 5714 Mar 29
52 Mar 9013 Dee
4
813 Jan 27 96 May 7
Aug 30 246 May 20 150 May 2484 Aug
19011
100 112 Mar 14 125 Nov23 10014 Mar 118 Dee
200 Preferred
122 122 .122 123
12214 1224 .122 123 .122 123
*122 123
4July 7
1414May 5 223
4 6,600 US Distill, Corp new_ _No par
183
1812 1812 1812 1812 1812
184 19
19
19
19
19
100 81 May 5 9614Sept 2
600 Preferred
9012
8 90
8
*894 9112 895 895
8913 92
7 934 *8912 92
92
457 Jan -if); Feb
11,900 U 8 Hoff Mach Corp vtcNo par 44 Oct 13 6338MaY 19
8 484 52
4 4838 483
8
4734 4818 475 473
4838 4812 48
4812
3
45 8 Mar 8413 Dec
Dec 16
4
8
4
1034 1063 10514 1063 10418 10612 105 1067 10614 1103 109 11112 99,000 U S Industrial Alcohol._. 100 69 Mar 30 11112 Aug 29
4
9914 Apr 1144 Nov
100 10714 Apr 4 119
Preferred
1
120 130 .120 /30
*117 120 .117 130
119 119 •117 125
_
14 July 21 2512 Nov 14
No par
2318 2,900 US Leather
2318 23
4 225*
4
223 2314 22% 223
224 2214 224 23
_
4June 30 5612 Dec 16
No par 273
2
5612 34,800 Class A
5414 533 5514 55
52
5214 53
3 534 54 2 54
543
,
100 89 July 15 10612 Nov 4
3,000 Prior preferred
105 105
*102 1043 *10212 10414 10414 10414 •204 10412 10413 105
4
Mar "Hie -.hi;
8
43,500 US Realty & lmpt new.No par 54 Apr 6 697 Dec 12
6638 6818
68
69% 66% 68 4 674 69 4 67
,
,
6814 6912 68
504 May 8814 Jan
100 3714June 16 6718 Feb 28
4 5614 5758 81,600 United States Rubber
563
5618 57% 56
8 5312 5614 563 58
4
5314 545
Jae
8
3
100 85 4June 16 1113 Apr 8 10113 Mar 109
let Preferred
8
10414 1047 19.600
104 105
10212 10512 105 106
9912 99 101
99
8
Oct 497 Jan
30
8
4 4714 4814 10,600 US Smelting. Ref & Min_50 333 Jan 13 487 Dee 6
4
46
47
4512 4614 45% 46% 4534 46% 453 473
Jan
Oct 50
42
3
50 45 8 Jan 18 5112 Dec 16
800 Preferred
*5114 511
5114 514
51
51
51
51
.51
514 51
50%
Apr 16012 Dec
United States Steel Corp100 x150148ept 22 176 May 31 117
8
11138 Jan 28 16012Sept 16 1137 Dec 117 Dee
4
14238 14514 145 14712 14554 141- 146 14738 14714 150 738,000 New WI
s
1417 144
100 129 Jan 28 139 Dec 1 12412 mar 13054 Dec
138 13812 13812 13812 2,300 Preferred
138 13812 13814 13814 138 138
138 138
564 Jan 67 Dec
_NO par 67 Jan 4 974 Dec 10
500U S Tobacco
4
963
4
963 *95
4
963 *95
4
963 *95
95
97 .
974 9718 .95
100 123 Jan 14 127 Nov 28 112 Mar 123 Dec
____ ......I Preferred
___ *127
•127
*127
127
*127 ____ 15127
.
Apr 116 Nov
93
10 111 Feb 11 /4134 Dee I
Utah Copper
.120 137 .120 137 *135 137 .135 137 .135 137
120 137
•
2758 Dec 37 Feb
3014 3.700 Utilities Pow & Lt A__No per 27 Jan 8 34 May 19
30
8
8 29 4 29% 295 30
,
2914 2914 2912 294 293
*29
29 Mar 43 Aug
8
No par 37 Jan 20 593 Dec 16
4
3
5514 5712 573 58 4 5814 594 5814 593 83,100 Vanadium Corp
554 56
5
54 8 56
1212 Apr 22 Feb
1
5 4Sept 2 1438 Feb 8
No par
300 Van Raalte
812 812
73
12 7 2 *74 812 .74 812
7
,
74 *712 812
58 Aug 75 Feb
110 1st preferred
1001 43 Dec 9 64 Feb 11
4 4412 4412
4412 *43 444 4412 4412 .4412 443
*43
45
*43
434 July 52 Aug
48 Jan 3 6358June 6
No part
8 7,300 Vick Chemical
60% 6018 6114 6012 6118 6014 605
60
5958 5918 60
59
*
8
3
4
14 5278 523 53 8 48,100 VIctor Talk Machtne_No part 32 July 13 545 Dec 5
4 52
8
534 5458 527 5438 52% 53% 5212 533
No pall 87 Oct 14 11138 Dec 5
4
109 10912 10918 11012 109 11014 108 10912 10812 1083 109 10912 7.8
1001 964 Oct 7 10212 Dec 6
8 4,000 7% prior preferred
10114 1015
14
102 10214 1024 10212 102 102 102 10214 101 101
Oct -2513 Feb
712May 23 151253ept 13
No part
8
143 15,100 Virg-Caro Chem
3
13 4 144 14
134 1334 14
1458 1418 1412 144 14%
al% Oct 69 Jan
1001 2614 Apr 4 484 Dec 13
4,800 6% preferred
4612 47
4714 464 47
4618 48 4 4712 4812 *47
464 467
,
Oct 9818 Jan
83
1001 73 June 8 91 Nov 15
8912 8912 1589
90000 7% Preferred
*894 90
90
90
89
90
89
90
40 May 6012 Noy
36 Dec 15 61 Jan 4
Virginia Iron Coal & Coke_
36
36
40
40
*36
5136
1536
40
40
•36
70 July 85 Dec
100 6912 Aug 10 7612 Aug 22
60 Preferred
38
2321 6912
6
36
694 :4
6
6912 .65
6912 .65
6912 6912 *65
*6912 74
26 Mar 364 Dec
No part 204 Dec 14 3914June 20
19,400,Vivaudou(V).
3
2114 2112 204 2118 2012 20 4 2038 21
8
217 2212 2118 22
3
94 4 Jan 11012 Dec
100 95 Dec 15 11812June 20
200 Preferred
8
*9518 977
95
£5
*96
98
96
5196
8
98
977 *95
1596
10 Sept 15 Dec
100 164 Jan 5 80 Aug 26
200 Vulcan DettnnIng
28
2712 28
27
28
8
275 29
2712 29
28% 28 4 28
3
Apr 105 Dec
88
100 90 Jan 4 125 Aug 27
30 Preferred
MI 101
.91 101
9112 9218 *91 101
.91 101
.9112 101
54
10 Class A
1001 16 Jan 27 59 Aug 26
2414
2414 2414 2414 .23
2412 .23
2414 •23
1523
2414 *23
Jan 23 Dee
17
-No par 184 Dec 2 25 Feb 7
5,100 Waldorf System
1934 20
194 20
20
20
20
8
15197 20
20
20
20
1214 June 2314 Jan
No part 17 Dec 12 244 Apr 1
1,600 Walworth Co ctfs
8
5
151712 1814 17
1712 /7 8 184 1814 184 1712 1712 175 18
Jan
99 June 195
/50 Ward Baking Class A_ _No par 894 Apr 13 11514 Oct 3
111 115
4
110 1143 *111 115
.115 11612 11612 1163 .111 115
4
3
2114 Oct 85 8 Feb
5
174June 14 33 8 Feb 18
_No par
Class B
8 5,30
8
8 277 277
2712 28
2712 2813 2812 287
8 284 28% 2734 277
884 Oct 1104 Jan
No part 84 Apr 9 10014 Nov 21
500 Preferred (100)
9814
984 .96
99 .96
8
*9812 10014 10014 10014 997 10018 99
12 June 6914 Sept
454 Jan 6
- 101 20 July
2212 10.500 Warner Bros Pictures A .
2214 22
4 22
223
2212 22
23 2318 2212 2314 22
_
No par 24 June 6 3412 Dec 10
8
4 324 327 37,3001Warner Quinlan
8
334 3318 34% 2325 333
8 33
343
4
333 344 33
2.5001 Warren Bros
No par 85 Jan 14 180 Nov 30
7
63 8 Apr 69 -bee
16918 16918 x169 169
168 17312 170 174
164 1687 168 168
8
-..4 1912 2114 13,100 Warren Fndry & Pipe_ _No pail 18 Oct 20 27 June 1
1912 1913 1914 1912 1914 1912 1912 1953 1912 193
---68 Oct 24 7512 Aug 9
1.700 Weber & Rellbr, new c_No p
12 7012 7012 71
694 69
1568
70
70
70
70
71
*70
4Nov 16 10338 Aug 9
100 1013
4001 Preferred
12
4
*10214 10234 /0234 1023 102 /0'24 10212 10212'102 102% 103 103
&Ws
3,300 Western Union Telegraph_100 1444 Jan 8 172 Nov 17 1345* Mar
8
8
4
8
8
169 1704 1685 1717 1693 1717 169 I697 270 171
7
169 8 170
8 4612 4718 17,000 Wanglute Air Brake NewNopar 40 Oct 28 5012Sept 15
4618 467
8 4618 47
4612 4714 464 467
464 47
5
4
65 May 791k Feb
gels 9112 8934 907
8 8953 9012 9018 911, 38,400 Westinghouse Elec & Mfg _50 67 s Jan 4 943 Dec 2
9112 9014 9138
90
4
50 82 Mar 26 10378 Dec 3
784 Oct 873 Feb
10 /at preferred
99
99
*98 101
*98 103
*98 103
.98 103
4
133 May 1912 July
400 Weston Elec Instrum't_No par /1 Sept 2; la% Feb 15
1312
1313 *13
13/4 1312 513
•1313 14
1312 14 .1312 14
.
30 July 14 3434 Apr 20
No pa
2714 Jan 3212 Oct
100 Class A
31
3212 *3/12 3212 231
12 *3213
8
*3112 323 .3112 3212 *3112 32
881s Jan 984 Oct
/30 West Penn Elee et A vtf No par 977 Jan 4 111 Aug 22
4
109 109 *10614 1093 108 108
*10812 109 •1084 109 *108 109
100 102 Jan 4 112 Sept 13
_ May 10212 Dec
480 Preferred
11112
s
4
11114 11114 /11 /113 1107 1114121 1114 11118 11112 1113*
111 Jan 15 118 May 27
9512 Mar 115 SePi
710 West Penn Power pref__ _ _1
126 11658 11638 110,
116 126
11612 11638 11618 117
11612 117
100 10012 Jan 20 1093 Dec 13
4
95 Mar 103 Dec
/50 6% Preferred
5
3
109 109 *10812 ____ 10812 109 4 5110812 ____ .108 8 ____ 10918 10912 4.100 White Eagle Oil &Refg_No pa
Apr 2934 Feb
21 Dec 16 274 Feb 15 108
2112
21
2112 213
8 215 215* 2112 22
2112 214 2112 215
50 3014Nov 3 583 Feb 28
2518 Apr 90 Feb
8
8
3718 23614 3738 367 3914 28.100 White Motor
37
4
363 38
373
37
4
363 37
211 Jan 26 41,,Sept 21
511s Oct 38% Feb
3,000 White Rock Mtn Sp cif _No p
4
4
3
3734 37 4 3734 3832 2353 37 .363 37
4
*363 3712 3638 3738
1
2113 k1ar24 5314 Aug 10
2,400 White Sewing Machine_No pa
39
394 383 3978 39
39
39
4012 39
39
39
39
46 Feb 18 59 Jan 17
46% Oct
200 White Sewing Mach pt_No pa
4
4
543 543
4
*543 55
3
5412 544 *54 4 55
*5412 55
*5413 55
3% Jan
113 Dec
18 Oct 25
___ Wickwire Spencer ctf __No par
112 Feb 14
Jan
34
_00
18
'fit; foitoo Willy-Overland (The)__ _ 1 _5 8712J ct 1 ? 2434 Mar 3 8812 may 99 Feb
7
17 ; 1/3E8 -- -14 -16 2 Ii" "ii"
3
1E 8 1512 1612 -Iiis 11 - -- 3Oct
13 ° e 13 96 Aug 22
un
4 /,400 Preferred
94
9458 945* 944 943
9 % 9418 94
•9212 94
94
923
* 4
8
10 May 5 17 8 Feb 21
6 May 143 Dec
5
1212 1318 11,000 Wilson & Co Inc. new _No
4
4 113 1214
113
1158 1112
4
4 /1
8
105 10% 103 103
8
No
14 May 305 Dee
164May 6 3278 Feb 23
2213 1,300 Class A
8 22
8 204 204 2012 217
8
8 205 205
203 203
8 20% 203
8
8
42 May 813 Dec
100 58 Apr 7 84% Feb 23
1,500 Preferred
66
66
65
64
64
64
64
6512 64
•64
65
64
11734 Jan 11 19812 Dec 5 1204 Dec 128 Dee
8
8
14
190 1917 1923 1937 20.100 Woolworth (F WI Co
8
8
8
1925 1943 193 1943 19158 193
1924 194
4
100 2038 Jan 27 46 June 7
19 Nov 445 Jan
8 3,000 Worthington P & M
7
30
7
4
312 303 30 8 30
4 30
30
•28
•28
2814 283
30
100 44 Dec 9 11112June 9
44 Nov 80 Feb
900 Preferred A
5012 51
51
*48
50
4712 4712 4814 4814 50
47
48
37 Oct24 5412June 7 3714 Nov 66 Feb
4512 4512 1.100 Preferred B
44
44
4412
12 44
4314 43
44
8 43
7
428 427
4
24% Apr 6 9434 Dec 13
2412 Mar 393 July
86 154,100 Wright Aeronautical__ No
80
844 90
91
9434 83
7513 7712 77% 7812 87
No par 5038 Jan 4 723 Dec 15
4
Apr 59% Feb
47
714 8,200 Wrigley(Wm Jr)
4 69
723
71
4
703 72
8
685 70
66% 69
3
1565 4 67
4
701 Jan 8 8412 Aug 24
6013 Mar 7212 Aug
200 Yale & Towne
75
*73
75
75 .73
7312 4.777g 75 .73
73
74
*73
4
25 Jan 14 40 Aug 10
21) May 391 Sept
3 343
4 3412 35 182,200 Yellow Truck & Coach CI B_1
8 33
8
317 3212 3218 33% 335* 3412 3312 343
100 8318 Aug Z3 995
8July 20
9113 Apr 1074 Sept
4
2883 884 1,700 Preferred
9012 91
91
91
9012 91
90
90
89
88
*
69 MAY 9514 Aug
8
941 955 25,500 Youngstown Sheet & T_No par 801a Oct 24 9714 Mar 24
9212 95
933
2
4 9218 9312 924 933 :92
92% 923
Bank & Trust Co. Stocks.
604 Oct26 582 Dec 6
20 Bank of Commerce
575 575
*568 571 *566 573 *577 581 51578 581 .577 580
Bank of Manhattan Co___100 556 Oct 29 613 Oct 6
578 .570 578
*569 572 *570 575 .570 576 *566 576 .568
100 528 Dec 8 615 Sept 26
510 Chase National Bank
539 546
535 536
532 53412 533 534
530 535
5344 536
ct
0e 17
19 Chat Pben Nat Bk & Tr 100 495 0 t 25 575 Dee 14
575 575
570 570
568 575
555 565 *565 568
555 555
100 593
615 Dec 2
Corn Exchange Bank
612
•607 613 *607 810 .605 610 .605 611 *608 612 •608 411
50 Equitable Tr Co of N Y__ _100 390 Oct 24 428 Oct 4
41/
410 410
407 407 .406 411 .406 411
406 410
•
Hanover National Bank__ _100 1270 Oct 26 1290 Oct 26
1310.1280 1310.'1275 1310
•1270 1300 *1270 1310 *2275 1305 .1270
100 669 Oct 28 739 Oct 4
750 National City Bank
722 728
725 730
72512 729
725 728
726 729
725 730
100 593 Nov 2 655 Oct 3
80 Natio:Mal Park Bank
648 649
636 641) .634 640 *632 838 .634 640 640 640
$ per share $ Per share $ per share $ per share $ per share $ per share Shares Indus. & Miscei. (Con.) Par
No par
2,700 Sun Oil
32
32
32
32
32
8
307 3118 *3112 314 32
304 31
•
100
200 Preferred
8
8
5
8
8
4
4
1003 1003 1003 1003 *1007 1017 *10018 102 .100 8 101 .1005 1015
4
4
No par
2,500 Superior Oil
*314 313 *314 34 *
3,8
314
,
34
8
314 33
,
34 3 2
100
500 Superior Steel
2112
23 .21
.21
22
.21
4
213 2212
22
*20
50
7
4
8 113 12 8 15,300 Sweets Co of America
8 101 115
10
9
9
912 1014 1014 103
9
414 414 1,100 Symington temp ctfs__ _No par
4
43
438 .4
44 412 *4
3
412 *37
*4
8 48
1318 1.100 Class A temp etfa_ __ _No par
13
1312
13
13
134 1312 1312 1358 13
*1214 13
2,600 Telautograph Corp_ __ _No par
17
16
8
1618 155 155g •1513 16
*1514 153
7
7
4 15 8 15 8 /6
No par
8
1012 1012 103 1012 /012 1034 103 1053 1012 1138 1118 1112 14,800 Tenn Copp & C
8
25
4
4
8 523 533 23,600 Texas Corporation
8
528 5318 525 537
53 53
8
5213 52% 523 5314 52
4
3
8
2
763 7814 755 7714 753 7712 264,400 Texas Gulf Sulphur new No par
7718 7918 77 4 79
77
8
785
8 13/2 134 14,000 Texas Pacific Coal & Oil. _ _10
137
8 1318 138 13
1338 133
13
4 /318 135
1314
4 2512 2612 79,600 Texas Pao Land Trust new..1
4
8
3
8
8 245 25 8 243 2538 243 253
8
2412 2514 245 255
,
No pa
700 Thatcher Mfg
8
2018 203
204 2012 *2014 21
21
2112 2112 *21
2112 21
No par
4812 1,100 Preferred
48 .47
*47
48
48
48
4812 48
48
48
48
No par
4
*323 3312 2,100 The Fair
4
3312 33
335* 323 33
*3212 3312 *3212 33 2 33
,
25
6312 3,300 Thompson (J R) Co
.62
64
6318 64
4
633 1560
1560
65
64
4 64
653
8
8 1614 1612 1614 1612 1638 165 21.000 Tidewater Assoc 011___No par
163
16
4 1612 165
,
164 16
100
90 x883 884
.
4
4 8914 8912 90
8812 893
8812 8812 8812 8812
100
3,2001Tide Water 011
22
2278 222
224 22
2214 22
2212 2212 2218 2212 *22
100
900 Preferred
8614 8612 874 877 .8614 88
4
8612 8712 863 863
88
88
par
8
8
8
4
8
12718 12914 1275 1333 1315 13414 1287 13214 13034 1343 13212 13414 125,5001Thnken Roller Bearing_No
11418 1167 11538 11758 154,700 Tobacco Products Corp-100
114 1164
o
11538 117
8
111 1117 11112 115
100
4
8
8
117 1184 1174 1187 1183 1183 14,900 Class A
11614 11612 11612 11812 11712 119
118 912 58,500 Trans/1'100 temettnewNo par
91
9
3
94 9 8
94 914
938 94
95*
9
4
464 473 27,800 Transue & Williams St'l No par
4718 491
50
4814 48
46
47
4534 4712 46
69,100 Underwood Typewriter_ _ _ _25
8
6512 688 6653 6818 655 87
8 64'2 66
64
6458 6418 647
100
90 Preferred
4
1243 125 .12312 125 .12412 125
*125 ____ 125 125 *125 /26
1,400 Union Bag dt Paper Corp MO
4714 47
48
3
484 49 4 4714 4712 48
4612 4612 465 49
39,400 Union Carbide & Carb _No par
4
8
1475 1493 14812 150
8
14514 1467 145 14712 14614 1507 1475 151
25
4512 16,000 Union 011 California
4514 45
44
4212 4238 4212 43
45
43
4
423 43
500 Union Tank Car new____100
8
4
.121 1213 *12112 1247 12312 12312 12112 12112 .120 12112 .121 123
344 3412 9.900 United Cigar Stores new__ _ _10
3412 35
4
343 358 35
3518
3314 3312 35
33
100
Preferred
8
8
10812 1085 1085* 1085 1084 10812 10812 10812 .10712 10912 10812 10812 1,00
100
6,000 United Drug
19112 19212 19112 19212 192 193
8
190 19112 190 1917 191 193
541
604 1,500 let Preferred
7 60
7 597
6018 60
60
59
59
597 60
5912 597
*
100
110 United Dyewood Dref
43
43
44
4212 4212 .42
4212 45
46
*44
46
11145
No par
8
3 139
1424 142 1457 146 14712 13,600 United Fruit
13812
1384 139 r137
*138 139
270 Universal Pictures 1st pfd.IOU
10012 10012
100 100
4 9914 100
993
9812 9812 *99
99
99
4 5,500 Untversal Pipe & Rad_ _No par
2512 2514 253
2653 *25
26
*254 2614 2514 26
255* 26
100
500 Preferred
9112 92
*8812 94
94
*88
89
89
94
*89
94
*91
8 6,100'U S Cast Iron Pipe & Fdy_100
4
8
2158 2173 216 21712 217 21912 2183 21958 21834 2283 217 2195
•Bid and asked prices, no sales on this day. a Ex-right..
s Ex-dividend.
3327
New York Stock Exchange-Bond Record Friday Weekly and Yearly
Jan. 1 1909 Me Exchange method of guonng bonds was changed and prices are now "and interest"-except for income and defaulted bonds
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 16.
Price
Friday.
Dec. 16.
1
Week's;
Range Or
CO kl
Last Sale.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 16.
Price
Friday.
Dec. 16.
Week's
Range or
Lan Sale.
n
Range
Since
Jan. 1.
Ask Low
Bid
High
High No. Low
High No. Low
Ask Low
High
Bid
U. S. Government.
934 gg
955
8
8
Greek Government s f sec 7s 1964 M N 955 96
963
4 85
First Liberty Loan
1952 A 0 1003 Sale 1003
99 100 4
8
5 1001 14
. Haiti (Republic) e f 6s
1
/
4
%
3D 1017 Sale 10110241021742 524 001%10215
8)8% of 19324947
1 101 106
Heidelberg (Germany) ext 7!4s50 J J 10212 Sale 10212 10212
/
4
1 100114102
/
4
CODV 4% 011932-47
JD 1011742 __ 1011%101112
9812 30
9712 1017
4
2
042 Sale 1031 1031322 96 10211ss10315s, Hungarian Munle Loan 734a 19453 1 9812 Sale 973
,,
Cony 44% of 1932-47
3D 103
9434
6
93 99
/
1
4
/ 9414 944
1
4
Externals!75 . . Sept 1 1946 J J 92
.103
2d cony 44% of 1932-47
3D 102n. ---- 1021442Dec'27 ---- 10217
98
9814
Hungarian Land M Inst 7345 '61 M N 9814 Sale 98
98 4 19
,
Third Liberty Loan
8 10214 27 100 105
% 1972 1002%10117n Hungary (K1ngd 01)s 1 7 34s 1944 F A 10214 10212 1017
%
MS 1001 Sale 1001%1001
4K% of 1928
92
/ 994
1
4
8
/
1
9714 184
Italy (Kingdom of) ext'l 78_1951 J 0 967 Sale 964
Fourth Liberty Loan
92
/ 98
1
4
8
954 36
/
1
4
4
1037 Sale 10377,, 104% 828 031%1041% Italian Creel Consortium 75 A1937 M S 943 Sale 947
%
1933-1938
AO
4)8% of
86
91
97
95
1947 M S 94 Sale 94
Extl sees 1 7s ser B
2116
,,
1947-1952 AD 11510,s Sale 1155 1157% 720 1104
/
1
Treasury 4788
91
90 101
/
1
4
94
Italian Public Utility ext 78_1952 J J 9312 Sale 9312
.1107742 659 106744111
1944-1954 3D 110322 Sale 11017
Treasury 45
47
92
8814 92
1s
4
Japanese Govt £ loan 4s._.1931 J J 913 Sale 9135
/
4
1946-1956 MS 107114 Sale 107722 107712 511 103%108
/
4
Treasury 3((e
987 102
8
10112 102
1954 F A 10118 Sale 101
30
1943-1947 3D 1027542 Sale 10215u102"n 356 10038.1023
%
Treasury 345
-years f 61-Is
98 1027
5
8
9914 21
Leipzig (Germany) s f 78_1947 F A 99 Sale 987
State and City Securities.
9
97 1004
98
4
10114 21 100 10114 Lower Austria (Prov) 7lis_1950 J D 973 Sale 9712
/
1
4
10115 1013 1007
-44s Corp stock.1960 M
8
8
NY City
934 100 4
3
4
9918 54
-year 65_1934 M N 994 Sale 983
8
44s Corporate stock____1964
S 1047 10512 10412 Nov'27 _-_- 1024 10512 Lyons (City of) 15
9314 101
99
/ 29
1
4
8
8
8
/ Marseilles(CitY of) 15yr 68_ .1934 MN 987 Sale 9834
1
4
4388 Corporate stock____1966 AD 1047 ____ 10258 Mar'27 ---- 1025 102
41
30
35
3614 35
_
3514 30
/
1
4
8
8
Corporate stock__1972 AO 10514 1057 1045 June'27 ____ 102 10514 Mexican Irrigat Asstng 4)45 1943
323 50
4
_8
4K. Corporate stock....1971 JO 1095 ____ 10915 June'27 ---- 10712 10912 Mexico (U 5) extl 58 of 1899 £'45 Q J ____ ____ 35 Sept'27
314 50
/
1
3914 40
39 Sale 3712
1945 ____
Assenting 58 of 1899
/
1
4
Hs Corporate stock_Ju1y1967 3, 10914 110 10918 Dec'27 ---- 106 10912
31
31
44
/
1
4
39
Sale 38
2539
Assenting 5s large
8
/
1
8
4345 Corporate 8tock____1965 3D 1084 1097 1085 Nov'27 ---- 10655 10914
344
/
1
21
5
8
2712 Sale
2712 80
Assenting 4s of 1904
8
2 1063 109
5
Mis Corporate stock____1963 MS 1087 Sale 1087
8 1087
8
_
27
/ 27
1
4
/
1
4
2738 Jan'27
11990685597 MN 99 1013 10118
4
J J 283 29
10114 28
99 1011
4
Assenting 48 of 1910
/
4
4% Corporate stock
76
20
3112
4
29
4
/
1
4
99 101 Assenting 48 01 1910 large_ ---- 28 Sale 273
4% Corporate stock
MN 10118 Sale 10115 10118
20
28
/
1
4
4
_ 263 Sale 2612
Assenting 48 01 1910 small__. _
987 10112
8
2718 552
5
4% Corporate stock
MN 10012 10114 1007 Nov'27 __-3514 461s
4112 26
/
4
_-1936 MN 10014 __98 4 July'27 ____
983 983
4
3
Trees 6s of'13 assent (large)'33 1.7 411 Sale 4014
4
48 registered
2515 4815
40
/ 33
1
4
1957 MN 1083 1087 10812 Nov'27 --- 1057 10838
403 Sale 3914
8
5
8
Small
% Corporate stock
4
94
89
8
903 126
3
3
8
4
8
434% Corporate stock _ -1957 MN 1083 __-- 1083 Nov'27 -- 105 4 1083 Milan (City. Italy) ext'l 63-4s '62 a 0 90 Sale 897
99 1041s
/
1
4
834%Corporatest..MaY 1954 m N 9314 9334 9318 Dec'27 ---4 39
89
/ 934 Montevideo (City of) 75___ _1952 J D 10218 10212 10212 1023
1
4
/
1
4
Netherlands 6s(flat prices)._1972 M S 10814 Sale 10712 10812 13 10512 108
89
/ 93
1
4
1
3)4% Corporate et_ _Nov 1954 MN 9314 Sale 9314
9314
/
4
5
1954 A 0 1023 Sale 10212 1023 110 1021 1045
102 Nov'27 ---- 102 102. 8
/
1
4
4
4
/
1
4
5
New York State Canal 48.--1960 --30
-year external 65
95 4
3
94
1961 J J
95 4 48
,
/
1
1044 Oct'27 __ 10435 1044 New So Wales (State) ext 58 1957 F A 95 Sale 9412
/
1
Canal Imp 4s
128
94
9515
95
1945 33
4
10538 Oct'27.
Canal Term 4 48
Apr 1958 A 0 943 Sale 9438
External a I 571
3
105 105 8
/
1
4
._1963 MS
Highway improv't 4148.
4 12 1014 104
11212 June'27 _--- 11212 11212 Norway 20-year extl as
1943 F A 102 10215 1024 1023
77 10114 104
103
Foreign Gov't & Municipals
1944 F A 10212 Sale 1024
20
-year external as
4
25
95
/ 28 100 1041
1
4
92
/ 974
1
4
94
/ 9512 9412
1
4
Antionuta (Dept) Col 75 A.-1945 j
1952 A 0 10212 Sale 10215 102
30
-year external 68
9834 102
/
1
4
64
8 101
External et 78 ser B
1945 j
923 974
8
8
9412 Sale 9412
1965 -I D 10012 Sale 1003
95
40
-year a f 51 Is
992 10312
4
4
,
9212 9614 Oslo (CIty) 30
External sf78 series C.
1945 J3 9414 Sale 9414
9412 19
-year a 1 65_1955 M N 10214 Sale 10112 102 4
97 100
/
1
4
94
/ 64
1
4
4
Ext sf 78 tr rots 1st 5er-1957 AD 94 Sale 94
997
8 13
4
1946 F A 993 Sale 993
93
95
/
1
4
Sinking fund 514a
99
/ 53
1
4
Argentine Govt Pub Wks 68-1960 AD 9912 Sale 994
4 12 100 10414
9755 100 I Panama (Rep) extl 5H8-1953 J D 10318 104 10315 1033
4
Argentine Nation (Govt of)
10212 19 100 1033
/
1
4
1961 J D 102 Sale 102
Extl sec a f 61Is
93 4 964
8
4
10014 151
Sink fund 6s of June 1925_1959 3D 10015 Sale 9914
9434 25
973 10014 Pernambuco (State of) extl 78'47 111 8 9414 Sale 933
4
4 10912 18 102 10954
Eati s f (Js of Oct 1925-1959 AD 1004 Sale 993
9734 101
4 10014 64
Peru(Rep of) exti 85(of'24).1944 A 0 10918 Sale 1083
_ 103 1CM12
Sink fund Is series A
1957 MS 101 Sale 10012 101
84
8
97 10112
/
1
4
1944 A 0 1093 1091 10912 Dec'27
Extl 8s (ser of 1926)
995 10715
8
External 88 series 13...Dec 1958 3D 100 Sale 9912 100
78
1083
4 27
97 1003
/
1
4
/
4
1940 M N 1061 1067 106
8
Eat' sink fd 71-45
9534 10715
Esti sf65 of May 1926...1960 MN 9914 Sale 991
/
4
1064 156
/
1
/
1
973 100
4
998 72
Exti e f sec 71 is (of 1926)_1956 M S 1064 Sale 106
.
9812 105
995 265
5
/
1
4
External s f as (State Ry).1960 MS 99 Sale 9914
103
/ 203
1
4
103 Sale 103
983 99 4
Extl a 1 sec 7s
1959 NI
4
3
8134 23
/
1
4
7612 85
991
Esti 6s Sanitary Works_ ..1961 FA 99 Sale 99
44
98 100
Poland (Rep of) gold as .._1940 A 0 80 Sale 80
911 682
8812 93
15
9955 62
Ext1 as pub wks(May '27)1961 MN 9914 gale 994
98 100
987
:
Stabilization loan a 1 7a 1947 A 0 881 Sale 88128812
9314 EH%
61
92
Argentine Treasury 55 4.-..1945 M S 92 Sale 91
21
89
92 4
3
Esti Sink fd 5 88
S 10314 106
ATI
5
4
Australia 30-yr 58_ _ _July 15 1955 f
98
/ 129
1
4
9814 Sale 9712
967 98
8
/ Porto Alegre (City of) 56_1961 3 D 105 Sale 10E
1
4
1939 2
7
9918 1024
1007
97
/ 277
1
4
4
External Mot 1927._ Sept 1957 MS 973 Sale 9712
963
8
4 814
Esti guar sink fd 7 Ha
1966 1 J 1007 Sale 10012 9
Austrian (Govt) 81 7
2 111 116
1943
/
1
/
1
4
D 103 Sale 10334 1044 125 10114 106
Queensland 'State) exti s f 781941 A 0 11414 115 11412 1143
8
4 104 103
4 1067
Bavaria (Free State) 6148... _1945 F A 96 Sale 95
/
1
4
96
0 5 Sa
0 10 7 0ale 1063
A
9235 1001
56
6
8
/
4
25
-year external 138
13 103 5 107
3
/
1
4
105
106
Belgium 25-yr ext 8 f 7 Hs 5_1945
46
4
D 11414 Sale 11375 11412 76 111 1148 Rio Grande do Sul exti 8 f M.1942 49
19
14 1024 1061s
1941 FA 109 Sale 109
1051
20
-year s f 88
10912 18 108 1105 Rio de Janeiro 25-yr a f 8s
s
1948 A 0 10512 Sale 105
24 10214 106
1051
25
-year external 6)88
1949 MS 1033 Sale 103
10312 102
8
963 10518
25-yr eat' 85
1947 A 0 10512 Sale 105
4
891s 94
Externals f (Is
90 1 216
1955 33 99 Sale 98
/
1
4
9914 92
925 100
8
1952 A 0 9015 Sale 90
Rome (City) extl 6 Hs
27 10212 106
External 30
-year s f 75-1955 3D . 1063 Sale 10618 1064 90 10212 107
8 105
8
/ Rotterdam (City) males__ _1964 M N 10412 105 1045
1
4
20 10712 114
/
1
4
112
Stabilization loan 7s
10412 124 19135 105- Sao Paulo(City)s f 8s._Mar 195218 N 11112 113 111
1956 MN 10414 Sale 104
7
Bergen (Norway) s f 8s
9618 97 4
8
/
1
4
1945 MN 1133 Sale 1134
973
4
1133
4 12 110 11412
Extl 5 f 6348 of '27
1957 M N 9712 Sale 964
15
-year sinking fund 68_1949 AD 10112 102 1014 10112
9914 102
1
San Paulo (State) eatl a f 88.1938 J J 1063 Sale 106
106 2 17 10415 107
,
5
8 104 108
/
1
4
Berlin (Germany) 610
/
1
4
8 107
1950 AO 9712 Sale 963
4
9712 46
953 1004
4
External sees 1 85
1950 1 J 107 Sale 1063
/
1
/
1
Bogota (City) ext'l 5 1 88-1945 AD 10414 1043 10412 10412
98 1014
4
10112 31
4
External s 1 76 Water L'n_1958 M 5 10114 Sale 101
9 1023 10512
Bolivia (Republic of) 8s
9318 98
/
1
4
1947 MN 10312 Sale 10312 104
9513 95
9512 28
5
62 1025 10512 Santa Fe(Prov. Arg Rep)73_1942 M 5 95
103
/ 76
1
4
Extl sec 75 tam
97 1047
/
1
4
s
.1 9414 Sale 9415
1958
94
943
4 36
98
Seine. Dept of(France) extl 76'42 1 J 10312 Sale 103
32
4
97 1023
8
98
Bordeaux (City of) 15-yr 69_1934 MN 9914 Sale 9834
9338 10034 Serbs, Croats & Slovenes 88_1962 M N 98 Sale 973
9914 37
go4 9984
Brazil (V S of) external 85.-1941 3D 107 Sale 107
4
10712 64 104 1084 Solssons (City of) esti 613_1936 M N 963 Sale 963
9713 12
4
49 1031s 105
External f 6 Hs of 1926-1957 AO 93 4 Sale 9312
/ 104
1
4
3
937 245
8
1939 .1 0 104 Sale 103
89
98
Sweden 20-year as
1
1
8 1041 21 1021 105 4
2
7e (Central Railway)
1952 3D 97 Sale 963
8
4
9712 188
/
4
M N 1043 1047 1043
94's 9912
External loan 5,48
4 99's
/ 24 1114 11414
1
4
/
4
4
4 10712 10 1023 10744 Sanaa Confed'n 29-yr 8 I 8s 1940 J 1 11212 Sale 11212 112
734 (coffee seeur) L (flat)_1952 AO 1031 107 1083
,
47
102
Bremen (State of) Intl 7s.„1935 MS 10112 Sale 10114
/
1
4
2
9934 105
/
4
Switzerland Govt ext 570_1946 A 0 1037 Sale 10312 1031 37 102 106
7
79 s
/
1
4
857 126
8
Budapest(City) extl s f 6s._.1982
75
85
92
764 29
/
1
Tokyo City 58 loan of 1912 1952 M S 754 744 75
D 85 Sale 85
Buenos Aires (City) esti 63481955 J
86
9013
8
8
1017
8
10012 101 10118
9914 10214
8814 96
Eat] s f 51-4s guar
1961 A 0 873 Sale 8718
4
/
1
4
/
1
Buenos Aires (Prov) exti 75_1957 3D 964 Sale 96
97
98 s
7
964 76
/
1
95
967 Trondheim (City, 1st 5345. 1957 M N 96
5
9714
97'2 97
25
Extl a f 73 of 1926
1956 MN 9612 Sale 9614
94
99
97
9415 97 Upper Austria (Prov) 7s_ _ _ _1945 J D 97
963
4 50
971 97
/
4
17
90
j 893 90
Bulgaria (Kingdom) a f 75_1987
/
1
4
8 108 112
1381, 941 Uruguay (Republic) extl 88.1948 F A 10914 Sale 10812 10914
/
4
893
4
4
98 sale 9712
94t2 9714
98
Caldas Dept of(Colcrabia)734s'46 j
30
4
1960 MN 963 Sale 963
96
983
4
8
9714 128
External eft%
10214 15 10014 102
Canada (Dominion of) 58-1931 AO 10214 Sale 102
92
974
/ Yokohama ,City) exti 88-1961 J D 9414 Sale 9414
1
4
943 119
4
/
4
10
-year 548
1929 FA 102 Sale 1011 10218 12 1011 1027
Railroad
/
4
s
1952 MN 108 Sale 107
68
/ 109
1
4
77 104 10912 Ala at Sou 1st cons A 56-1943 J D 108 108 1043 July'27
4
102 5 1004
8
4141
1013 110
8
1938 FA 10114 Sale 101
1004 101
9815 1014 Ala Mid let guar gold 58-1928 M N 10014 ____ 10012 Nov'27
/
1
1954 .1
10612 Bale 10612 10611 22 1034 108
Carlsbad (City) 8 f 88
/
1
4
Mb & Snag let guar 3 34s
1946 A 0 8942 9042 90 Dec'27
87
/ 911
1
4
4
Cauca Val (Dept) Colom 73046 AO 9814 Sale 9712
983
4 34
9115 Nov'27
1998 A 0 9215 _
96
99
/ Aileg & West let g gu 48
1
4
84
/ 91le
1
4
Cent Agri° Bank (Germany)
2
973
5
8
Alleg Val gen guar g 45
1942 M 13 973 Sale 973
9514 97 4
8
8
Farm Loan s f 711
851
1950 M 5 9912 Sale 9915 100
7
45
8512
9712 103 ., Ann Arbor lst g 48
79
18 854
July 1995 Q 1 8512 ___
981 188
Farm Loan s f as Int W...1960 J
9212 Sale 913
4
9112 95 4 Atch Top & S Fe
925
8 39
3
92 4 9192
5
/
1
4
-Gen g 45_1995 A 0 97 Sale 97
/
1
4
Farm Loan s f hat ctf w 11960 A 0 9214 Sale 911
5
%
/
4
9815
93
9
923 288
8
92
9 42
9
3
8
91.8 95 4
3
A 0
Registered
Chile (Republic) ext.! f 88_1941 F A 10914 109 10914
9
1091
/
1
4
/
1
4
13 10614 110
8714 93
Adjustment gold 48__July 1995 Nov 1. i5i4 gide
20
-year external 5 f 75_1942 M N 1004 Bale 1003
/
1
8
1013
72
994 1024
/
1
Stamped
July 1995 M N 9314 94 9318 934 34 8755 944
10984 18 1064 110
25
-year external s f 88_
1948 M N 109 Sale 109
gs 8 4
9
M N 8812 ___ 8912 Sept'27 ---Registered
External sinking fund 65..1960 A 0 9112 Sale 9135
93
913 147
85
89
Cony gold 48 of 1909
9312
1955 .1 D 93 Sale 93
93
3
ExternalS f 65
9184 113
1961 F A 9112 Sale 9112
87
/ 934
1
4
89
Cony 40 of 1905
93
/
1
4
933 93 Dec'27 -4
19553 D 93
953
4 71
Chile Mtge Bk 6345 June 30 1957 3 D 953 Sale 951
86
9212
/
4
4
7
Cony g 45 Issue of 1910-.1960 J D 92
93
9714
921x
3
/ 93 4 9212
1
4
S f 846 of 1926 _ _June 30 19813 D 98 Sale 97
994 10014
2
997
98
71
8
90
9814
997
East Okla Div 1st g 4a _1928 M 13 9978 100
Chinese(Hukuang Ry)58.- -1951 J D 2514 2512 2514
26
10
8812 921
24
9212 Nov'27 -Rocky Mtn Div 1st 48_1965 1 J 94
304
/
1
5
95
Chrlstlanla (Oslo) 30-yr.1681954 M
1023 Bale 10214
5
10238
4
904 94
99 4 1025
3
5
Trans
7
-Con Short L let 48.19583 J 93 8 ____ 94 Nov'2 ---Cologne(City) Oerniany6 3451950 M 8 96
974 103
964 17
/
1
93 10114
/
1
4
96'x 9618
Cal-Ariz Ist & ref 4 Sis A 1982 M 8 10314 ____ 103 Nov'2 -Colombia (Republic) 68-1961 J .1 9112 Sale 9114
1043 107
4
/
1
4
914 9314 Atl Knoxv At Nor let g 5a
/
1
4
913
4 63
8
1946 .1 D 1073 ____ 107 June'27
-year a f 5348_1944 J J 1003 Sale 10012 101 . 5
Copenhagen 25
98 100
4
Aul---9914 10112 AU & Charl A L 1st A 430_1944 .1 J 984 ____ 9812 Aug'2
External 58
/
4
1952 J D 957 Sale 9512
96
8
10314 1061
159
9514 98.,
1st, 30
-year 58 aeries 13
1944 J 1 106 4 _: l- ^.
Cordoba (City) extl a I 75. _1957 F A 96 Sale 96
89
90
96
2
in -8
Atlantic City 1st cone 4a
954 97
1951 J 1 9012 - - ice;
Cordoba (Prov) Argenttnan 1942 J
93 4 MO
3
9914 Sale 9812
37
99
8
9812 33
9612 100
AU Coast Line 1st cona 4sJuly '52 M 8 983 Sale 983
8
1
%
N 945 Bale 9413
Coate Ries (Repub) extl 75-11
8
4
95
983 1024
28
934 9712
General unified 4345
1964 J D 10214 104 10212 Dec'27
Cuba 58 of 1904
9112 96
101 Bale 101
101 ____
99 104
/
1
4
L & N coil gold 4B____Oct 1952 MN 944 95 9412
9518 59
External 58 of 1914 tier A.1949 F A 101
7872 84
/
1
4
____ 1024 Oct'27 ____ 1004 10218 At! & Day let g 4s
1948 J .1
External loan 4KaeerC..1949F A 964 97
/
1
70
7734
9714
2
9714
93
/ 9784
1
4
2d 48
3212 11
7
5
6
1948 J .1 8212 9414 92%
19533 J 1013 Sale 1014 103
Sinking fund 634e
1
/
1
4
a
14 1011a 10438 AU & Yad let g guar 48
824 8914
2
8.112 " 14
1949 A 0
-Col) 7a '46 J D 9312 Sale 934
Cundinamarca (Dept
1011 1051a
/
4
1
4
9212 96
93 4 12
3
Austin & N W 1st gu 5 55_1941 J J 102 ;11. 102 Nov'27
4
. /
9 14 13 6
8
Csechoelovakia(Rep of) 8a_1951 A 0 10814 Sale 108
934 99
1
9814 57
10812 34 105 110
9718
Salt & Ohio 1st g 4a___ _July 1948 A 0 9714
1952 A 0 1084 Sale 10815 10814 27 10414 109
Sinking fund 85 eer B
92
96
96
.
li 96
6i
Registered
July 1948 Q J
External s f 7 He Reales A _1945 A 0 10518 Sale 1054 10514 51 1043 1084
97 1001
/
4
10030 155
/
1
10018
8
20
-year cony 434s
1933 M 83
Dania', Cons Muniotp 88 A-.1948 F A 11044 11114 11044 1107
8
8 20 109 s 112
/
1
4
3
94i4
8
Refund ez gen bs series A 1995 J D 1095 Sale 10412 1047 115 100 1054
1946 F A 1103 Sale 11035 111
Berice B f 84,
8
/
1
4
15 10914 1111
/
4
lat g 58
1948 A 0 10918 Sale 10918 10914 39 104 III
Denmark 20-year extl 85._ 1942
10515 Sale 105
/
1
4
/
1
4
1053
8 27 1033 1057
8
/
1
10
8
-year 6s
1929 J J 10212 Sale 1024 10212 45 100 103
Deutsche Ilk Am part ctf 65_1932 M
9712 Sale 9712
99
/ 21
1
4
5
1111 52 107 8 11215
/
4
97
Ref & gen as series C
995
s
1995 J D 11114 Sale 111
Dominican Rep Cum Ad 5Hs'42 M
105 105
/ 9914
1
4
/
1
92
/ 984
1
4
964 14
10014 12
96
P L E & W Va Sys ref 48 1941 M N 963 97
984 10114
4
1st sea 530 of 1926
1940 A 0 100 Sale 99
10014
5
/ 50 1014 1073
1
4
98 101
4
/
1
8 107
Southw Div 1st 56
5
1950 J J 1073 Sale 1065
Dresden (City) external 78_1945 M N 10014 1003 100
10014 13 100 1044
4
82
90
89
/ 152
1
4
Tol & Chi Div 1st ref 4a A.1959 J J 89 Sale 89
Dutch East Indies extl 68_1947 J J 105 10514 105
/
1
4
/ 131 100 10515
1
4
Ref & gen 58 series D
8 1024 10535
10514
4 105
2000 M 5 10514 Sale 1043
-year external lis
40
1962 M
1044 Sale 104
/
1
54 10214 10575 Bangor & Aroostook 1st 58_1943 1 J 104
/ 105
1
4
98 105
___ 105 Nov'27 ____
30
-year external 5
1963M S 103 10414 103
/ 103 s
1
4
/
1
4
7
863
4 23
5 100 8 10412
84
884
Con ref ts
8
1 8712 8612
1951 J .1 852 -year external Min
30
1953 M N 1037 1044 103
/ 10412 37 1003 10412 Battle Crk & Slur 1st gu 38 1989 J D 6218 ____ 661s
1
4
8
64
68
5
684
8
1948 3 J 10814 Bale 10814
El Salvador (Repub) 8a
109
95
8 10514 10912 Beech Creek 1st gu g 44
964
1936 J J 9715 ____ 9512 Aug'27 ____
Finland (Republic) int, 65_1945 M
9814
93
95
95 Sale 9412
44
9412 954
Registered
.1 J 97 ____ 9412 Mar'27 ___
External sink fund 73-1950 M
100 Sale 100
10014 37
99 10114
__-_ 10114 Nov'27 __-984 102
2d guar 5 to
1956M5 9812 Sale 984
Externalsf6348
9812 32
81
955 10075 Beech Crk Ext 1st g 3388-1 9 A 0 100's ---- 8512 Aug'27 -854
8
36'I 3
19
51
Finnish Mun Loan 6348 A 1954 A 0 9712 Bale 9712
91
935 Nov'27
8
96
3
98
93
/
1
4
9912 Big Sandy let 417
External 634.series 13_ --1954 A 0 9712 Sale 974
9712
78
8434
4
-134
954 9912 Bost & NY Mr Line let 48_1955 3 D -93 -iii14 8835 Nov'27
/
1
944 F A 85
Oct'27
French Repub 25-yr ext'l 82-1945 58 S 11012 Sale 110
958 97
4
1104 210 10814 11214 Burns & W let pi gold 4.....19383 J 97
/
1
/ 9814 97
1
4
101 1041
Oct'27
20-year external loan 7;0_1941 J D 11412 Sale 11412 11515 63 105 1164 Buffalo R dr P gen gold 55_1937 M S 10518 ___ 104
4
/
1
1949 J D 1055 Bale 105
23
External 75 of 1924
99
/ 1063 198
1
4
8
944 100
Conseil MO
1957 M N 9814 Sale 9814
99 10712
8
95
German Republic ext'l 78-1949 A 0 10638 Sale 108
9712
M N jails ________ 9712 Oct'27
1067 324 105 10912
8
3
9 101 102 4
10112
10112
Gras(Municipality) go1954 M N 102 Sale 102
/
1
4
1023
4
/
1
7 1004 104
BurlReir922e2
C R & Or 1st Si
rit Brit & Ire!(UK of) 546_1937 F A 10614 Sale 10618
8 105 11014
11012
10612 121 10315 1071 Canada Sou cons gu A 58
19 4 A 0 11012 ____ 1104
82
3
/
4
95 101
1004 32
/
1
1929 F A 117 Sale 1173
/
1
4
10.year cony 53-4s
8 11712
4
8 116 4 11912 Canadian Nat 4 Hs_Sept 15 1954 M El 10012 Sale 10014
994 101
8
100'2
8
Greater Prague(City)7148-19521M N 105 Sale 1043
.Feb 15 1930 F A 1003 1001 10038
8 105
/
1
4
19 103 107
5-year geld 4345.
1007 160 100 101
8
/
1
1957 J J 1004 Sale 10038
30
-year gold 434s
2=4
3328
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 16.
New York Bond Record-Continued--Page 2
11
Price
Friday.
Dec. 16.
Range
Since
Jan. 1.
Week's
Range or
Last Sale.
Canadian North deb sI 7s_.1940.7 D
26
1948 J .1
-years deb 6515
10-yrgold 434s_ _ _Feb 15 1935
A
Canadian Pac Ry 4% deb stock__ J J
1946 M S
Col tr 4Ks
Carb & Shaw 1st gold 48-1932 61
Caro Cent 1st cons g 48
1949.7
Caro Clinch &0 1st 30-yr 5s 1938.7 D
1952 J D
let & con g 6s series A
Cart & Ad 1st gu g 4s
1981.7 D
Cent Branch U P 1st g 48._1948 J D
Central of Ga 1st g Es_Nov 1945 F A
1945 M N
Consol gold 58
F A
Registered
-year secured 6s June 1929 J D
10
Ref & gen 534s series B_--1959 A 0
1959 A 0
Ref & gen 58 series C
Chatt Div pur money g 4s-1951 J D
Mac & Nor Div 1st g 58-1946 J J
1947J J
Mid Ga & Atl div 58
1946.7 J
Mobile Division Es
1961 J J
Cent New Eng 1st gu 4s
Central Ohio reorg 4348...1930 M S
Central RR of Ga coil g 58-1937 M N
19 7 1 J
,(
3 1
Central of NJ gen gold 58
Registered
1949 F A
Cent Pao 1st ref gu g 48
F A
Registered
Mtge guar gold 3Ks_ _Aug 1029.7 D
Through St L 1st gu 4s___1954 A 0
1960 F A
Guaranteed g 56
Charleston & Savn'h 1st 7s 1936 J J
Ches & Ohio fund & 1mpt 59.1929 J .1
1939 M N
1st consol gold 58
1939 M N
Registered
1992 1W
General gold 410
Registered
M
1930 F A
20
-year cony 4Ks
1940
Craig Valley 1st Ss
J
Potts Creek Branch 1st 45.1946 J .1
R& A Div 1st con g 48.-1989 1
1989
2d consol gold 48
.7
Warm Springs V 1st g 56-1941 M S
Ask Low
Bid
High No,
11611 18
116 Sale 116
9
12178 Sale 12112 12178
14
101
101 Sale 1005
9038 154
8
90 Sale 895
73
101 Sale 10038 101
2
96
/
1
4
96%
8838 89is 88
885
. 10
104 10412 10438 10438 25
43
109 Sale 10834 109
1
9438
943 96 943.
8
3
Sale 8712
873
4
8712
_
10738 ____ 106 Nov'27
24
1063 10712 10678 107
8
10212 Sept'27
1011
/
4
102 Sale 102
10212 47
1
10714 108 10714 10714
4
1033 105 105 Dec'27
92 Oct'27
1063 ____ 1Q71 Oct'27
s
10218 ____ 04 Oct'27
0518 Oct'27 - •
106
86% 863 8612
4
873
s 21
1005 ____ 100 Nov'27
8
10134 10212 101 Nov'27
5
11812 11878 11914 11914
3
/
4
118 Sale 1181, 1181
8
9612 101
953 Sale 953
92 Oct'27
/
1
4
99
9938 99 Dec'27
5
9514 94
94 1s
94
4 96
104 Sale 10414 1043
/
4
1
1103 ____ 191 Aug'27
8
7
101 10114 10114 10114
19
10712 Sale 0712 1077
1
1058 ____ 055. 10558
1031s Sale 1031. 10312 15
10C34 Nov'27
9912
8 70
1005. Sale 10014 1005
2
10112 10234 0112 10112
911 9312 92% Nov'27
_
9314 __-_ 9314 Dec'27
91 Dec'27
91
.
10112 ____ 1001 Feb'27
Chesap Corp cony 58 May 15 1947 MN
Chic & Alton RR ref g 3s1949 A 0
Ctf dep stpd Oct 1927 lot--------Railway first lien 3Ks_ _ I950
Ctfs den Jan '23 & sub coup
Chic Burl & Q-III Div 3;0_1949
Registered
J J
Illinois Division 48
1949.7 J
General 48
1958 M S
1st & ref 434s sm. B
1977 F A
let & ref 5s series A
1971 F A
Chicago & East III 1st 6s
1934 A 0
C & E III Ry (nelo co) con 59_1951 MN
Chic & Erie 1st gold 55
1982 M N
Chicago Great West 1st 48_ _1959 M S
Chic Ind & Louisv-Ref 65-1947 J J
1947 J J
Refunding gold fs
Refunding 45 Seriee C__ _ _1947 J J
1966 M N
General 58 A
May 1966 J J
General 68 B
Chic Ind & Sou 50
-year 48_ _1956 J J
Chic L S & East 1st 4Ks.._ __1969 J D
C M & Puget Sd ist gu 46._ _1949 .1 J
U S Tr certifs of deposit..........
Ch M & St P gen g 4s Ser A_e1989
Registered
Q
General gold 370 set 13-81989 J J
Gen 434a series C___May 1989.7 J
Registered
Gen & ref set A 4 Ks_Jan 2014 A 0
Guar Tr certlfs of deposly_
Fen ref cony set B 5s Jan 2014 V-A
Guar Tr certifs of deposit_ _
1st ser 6s
1934
Debenture 411s
1932 .1 D
Bankers Tr certifs of deposit _
Debenture 4s
1925 i 15
US Mtge & Tr Ws of dep._
25
-year debenture 4s
1934 J-'i
Farm L dr Tr Ws of deD--__
9934 100
73%
7312
7212
7212
6114
6112
61
6114
91%
9112
8714 Aug'27
9818 9812 9814
9814
98 Sale 98
9818
10218 Sale 10215 1025,
1003 Sale 1093. 1093
8
s
10718 ____ 10712 Dec'27
9238 Sale 9214
933.
11012 112 111 Dec'27
73
72 Sale 7134
1163. ____ 117 Dec'27
1053. ____ 106 Nov'27
92
9114 May'27
10538 Sale 10514 105%
/
1
1107 Sale 1104 111
8
9614 Sale 9614
9614
10214 ____ 10112 Nov'27
70
695 ____ 6934
8
695 ____ 6914
8
7014
913 Sale 913
4
4
9214
8958
895
8
80
8034
803
4
4 102
101 10214 1013
97 Nov'27
e
71- frir;1- - 71
7114
7134 71
71
713
4
6958
6912 Sale 6912
7018
6912 7012 6912
103 Sale 10312 104
/
1
4
7014
70 Sale 70
70 Sale 70
705,
7018 Sale 703
4
703
4
7034
7018 71
70
70
693 ____ 70
4
6912 Sale 69%
70
Chic & N'west gen g 3345_.i987 MN
Registered
Q F
General 4s
1987 MN
Registered
Q F
Stpd 48 non-p Fed In tax '87 MN
Gen 4K s nod Fed Inc tax 1987 MN
Gen 5s stpd Fed Inc tax__ _1987 MN
Sinking fund 613
1879-1929 AO
Registered
AO
Sinking fund 58
1879-1939 A 0
1879-1929 A 0
Registered
19331W N
Sinking fund deb 5s
Registered
MN
10-year secured 7s g
1930 J D
16-year secured 6Ks g---1936 MS
may2037 J D
1st ref g 58
May 2031 J D
let & ref 4519
Chic R I & P Midway gen 48.1988 .7.7
J J
Registered
1934 A 0
Refunding gold 48
AO
Registered
1952 MS
Secured 4 345 series A
Ch St L & NO Mem Div 48-1951 J D
Ch St L & P lilt cons g 56.- _1932 AO
Chic St P M & 0 cons 6s_ -1930 in
Cons 118 reduced to 334._l930 in
1930 M
Debenture 54
Stamped
Chic T H& So East 1st 55-1960 J o
Deo 1 1960 M
Incguse
Chic Un Sta'n let gu 434s A-1963 J J
1963 J J
let 58 series B
1944 J D
Guaranteed g 56
1963 J J
let 611s aeries C
Chic & West Ind gen g 65_4,1932 M
1952 J J
Comm'50
-year 45
1962 MS
1st ref 53.4s set A
Choc Okla et Gulf cons 5s
1952 MN
1937'.7
Cln H & D 2d gold 434s
C St L & C 1st g 4s__ _Aug 1036 Q F
Aug 1936 Q F
Registered
1942 MN
Cm Leb & Nor gu 45 g
1928 J J
S & CI cons 1st g Ss
Clearfield & Mah 1st gu 594943'.7
Cleve Cin Ch & St L gen 4..1993 J D
Registered
1931 J J
-year deb 4148
20
1993 J
General 58 Series B
Ref di Impt 68 series A_..1929 .7.7
1941 ▪ J
65 series C
1963 J
55 series D
994 Sale
/
1
73
7312
7212 ---_
6114 Sale
611 Sale
/
4
91
911
85 86
783 85
4
97
9712
961
/
4
9712 98
4
1113 11212
11514
102 -- -/
1
4
1021
/
4
10118 10112
2
40
34
185
iiE
6
7
5
39
24
8
5
72
16
173
31
178
31
7
139
5
163
20
165
8478 14
848
83 Oct'27 -9714 13
9614
96 Nov'27
07
Itg3
4 22
15% 11514
2
025, Dec'27 -0234 May'27
01% 1011
/
4
1
0011 Oct'27
0258 102% 10
10212
102% --- 01 Sept'27 -10534 Sale 0512 1057
43
/ 1131 11
1
4
/
4
1124 Sale 12
/
1
11212 113
1214. 112% 19
10412 Sale 0414 10434 73
93 Sale 92
/
1
4
93% 27
92 Nov'27
91%
96% Sale 95
9634 165
937 Oct'27 --„
97 Sale 9 4
973* 584
63
91% 9212 9114 Dec'27 10214 10312 02 Oct'27
10318 Sale 0318 1031, 28
9658
9614 May'27 100 10038 0318 Dec'27 -100 101
00 Nov'27
10318 10334 035
8 1 42 23
9612 963 963
4
9678 10
4
101 Sale GI
10134 25
4
10512 1053 055, Dec'27 _ 105 Sale 04% 105
26
11818 11812 181: 11813
2
10518
-- 0514 Dec'27 _9134 Sale 913
4
4
923 280
104% 10514 0434 10512 59
10618
0618 Dec'27
:
991 100 00 Dec'27 _
97% 9834 98 Dec'27
97is
9614 June'27
9212 9312 92% Nov'27
1(0 Nov'27 _
100
1007 - - 9912 July'27 _8
9714 Sale 96%
9712 36
93% May'27 100%
IGO% Nov'27 _
1137 ---- 1057 Nov'27
8
8
1027 Sale 1025s 10278 37
107% 108 107% 107%
2
IC43 Sale 1043. 10434 11
4
Due Feb. e Due May. p Due Dec.
327
27
1
8
64
14
Low
High
114' 117
117% 1221
/
4
9714 101
8318 9012
953 10112
4
95% 9812
83
/ 893
1
4
4
102 105%
107% 109
90% 94%
8912
83
10411 106
102 10714
10034 102%
10138 10314
10412 10712
102 105
885 92
8
10118 10712
103 104
102 1051s
7812 89
99 100
9912 10234
112 11914
112% 120
911 963
/
4
4
90% 9214
9734 99
8938 95%
10112 105
11814 11938
99% 102
/
1
4
103% 108
10212 10614
9,7 1031z
/
1
4
945s 10034
99% 101%
98 10112
8
893 9218
86% 9314
8534 91,3
99% 1001/
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 16.
Price
Friday,
Dec. 16.
Range
Since
Jan. 1.
Week's
Range or
Last Sale.
Cleve CM Chic & St Louis(Con j j Bid
19c
High No.
Ask Low
Cairo Div 1st gold 48
9618
9614
9614 10
1
CM W & M Div let g 48_1991 J J 91%_ 918
917
1
St L Div 1st coll tr g g 4'7_1990 MN 93 14 - 93
93
Registered
M N ____Dec'2791% D'27
1st g 45___1940 M S 97 _ __ 97 Nov'27
Spr Col
R
W W Val Div 1st g 4s____1940 J J 963* ..:__ 9612 Apr'27
..' C C & 1 gen cone g 6s__ _1934 1 J 10812 ___ 10834 Nov'27
1
ley Lor & W con 1st g 55-.1933 A 0 10312 Sale 10312 10312
Cleve & Mahon Val g 5s___1938 J J 10118 ____ 10012 Apr'27 Cl & Mar Mt gu g 4 Ks_ _ _ _1935 141 N 9934
100 Nov'27 Cleve & P gen gu 4Ks ser B.1942 A 0 10152 10412 9818 Ang'26
1942.7 J 101% ____ 10214 Nov'27
Series A 4148
1948 MN 90% ---- 9014 Oct'27
Series C 334.
1950 F A 90- 8918 Nov'27
Series D 3345
1
Cleve Shot Line 1st gu 47104961 A 0 1045 1061- 105
8 - 2
105
16
Cleve Union Term 5118
1972 A 0 110 Sale 10912 110
1973 A 0 10614 Sale 10618 1063
1st s f Ss ser B
8 31
Coal River Ry let gu 4s_ _ _1945 J D 939212 Nov'27
Colorado & South 1st g 48._1929 F A 9934 ga.1- 9934
- e997g 12
Refunding & exten 4Ks. _1935 44 N 100 Sale 100
10018 19
Col & H V 1st ext g 4s
1948 A 0 9718 98 9718
9718 11
Col & Tel let ext 49
1955 F A 9438 96 94 Sept'27
Conn & Passum Riv 1st 48 1943 A 0 8918 ____ 8818 Mar'27
Consol Ry deb 45
1930 F A 9234
961 Nov'27
/
4
1
1954.0 J 79 Sale 79
Non-cony 48
79
1
7838
Non-cony deb 4s____J&J 1955.7 J 7838 Sale 7838
Non.conv deb 48_ ___A&O 1955 A 0 761 80 80 Dec'27
/
4
/
1
79 Dec'27
Non-cony debenture 48_,,1956J .7 784 80
83
Cuba Nor Ry 1st 5118
1942 .1 D 97 Sale 9634
97
35
Cuba RR 1st 50
98
-year 58 g_ _1952 .7 J 9734 Sale 9734
4
1936 „I D 10838 Sale 10814 1084
1st ref 710 ser A
4
1936.7 D 101 102 101
let lien & ref 68 ser B
101
Day & Mich 1st cons 410_1931 .1 J 100 ____ 10014 Nov'27
Del & Hudson 1st & ref 48_1943 M N 963 Sale 965
9718
4
30
1935 A 0 --------101 Dec'27
-year cony 55
19371W N 106 Sale 106
10618
15
-year 5115
10
19303 D 10534 106 106
-year secured 78
10618
9614 Apr'27
D RR & Bdge 1st gu 45 g
1936 F A 9714
Den & R 0 let cons g 45_ _..1936 J .7 9318 Sale 93
9312
1938.7 .1 9614 97 9614
Consol gold 434s
9612
1928 J D 100 10014 100 . 10014
Improvement gold 55
Den & KG West gen 5s_Aug 1955 MN 8634 Sale 86
8714
Des M & Ft D 1st gu 48---1935 1 J 2714 31
33 Sept'27
Temporary ctfs of deposit__
2618 Sale 267
2714
8012 80 Dec'27
Det dr Mac_ lst lien g 4s-- 1995 lb 80
1995.7 D
Gold 48
70 Oct'27
Detroit River Tunnel 410_1981 M N 102 10214 102
102
__ 103 July'27
Dul Missabe & Nor gen U-1941 1 .7
/
1
4
Dui & Iron Range 1st 58---1937 A 0 105- 103 Dec'27
10314 104
A 0 --------104 Nov'27
Registered
Dul Sou Shore & AU g 55_ 1937._
1 8734 885 8712
8
883
4
East Ry Minn Nor Div 1st 48248 A 0 9444
93% Dec'27
T Va & Ga Div g 55__1930 J 1 10034
- 0034 Dec'27
Cons 1st gold Ss
110
-- 2
1966 MN 10934 1101- 10
Elgin Joliet & East 1st g 58..1941 M N 106 10614 061: 10612
El Paso & El W 1st Ss
1965 A 0 108 10934 109
109
Erie 1st consol gold 78 ext_.1930 M S 10584 10612 1054 10618
1st cons g 45 prior
1996.7 J 90 Sale 8914
90
Registered
/
1
4
1997 1 .1 85 Sale 8578
85
/
1
4
1st consol gen lien g 4s_ __ _1996 J .1 85 Sale 841
8518
Registered
82
1996.7 J
82
Penn coll trust gold 48_ _1951 F A i( 1- 1Ci - 011
1
10112
50-year cony 45 series A_1953 A 0 8714 Sale 8214
88
Series B
1953 A 0 8714 Sale 8714
877
s
Gen cony 4s series D
1953 A 0 ____ 88 135 Sept'27
Ref & impt 58
1967 M N 9814 Sale 9814
99
Erie & Jersey 1st 0 f 65._ 1956 J J 11434 Sale 1145g 11478
Genesee River 1st s f 56-1957 .1 J 11434 115l 11434 11518
Erie & Pitts gu g 3348 B_ _1940 J .1 92
94 917 Nov'27
Series C 334.
1940.7 J 9034 sitai, 913 0 t017
o0
- 994 1 '28
1
Est RR esti 5 f 75
99%
1st ext g 517-1930 JJ 1003 101 003
4
4 100%
1954 M N
J J 10212 -- -- 10215 10212
ild5
Fla on nt grP n
CCesol&en s
Florida East Coast 1st 41181959 J D 9914 Sale 9914
9914
1st & ref 55 aeries A
1974 M S 87% Sale 87
8914
Fonda Johns & Glov 4346_1952 MN 52
5314
5312 53
Fort St U D Co iota 41111-1941 J 3
97 Nov'27
/
1
4
_ 2
5
Ft W & Den C let g 510_ _1961 .7 D 108 4 _!1083
574 5 ..
4 1083
4
Ft Worth & Rio Grist g 4s-1928 J J 9914 9912 9914 Nov'27
Frem Elk & Mo Val let 65.-1933 A 0 10614 10912 10712 Oct'27
95 10012
71
7312
71
7312
61
6814
67
60
8658 9112
8714 8714
94% 99
931: 99
97% 103
10518 110
106 107
2
803 9414
105 11112
6914 7412
11378 118
10314 106
91
9114
99% 105 8
3
106% 11112
92% 9658
9658 10112
5535 7014
5534 7014
85
93
8314 8 5
s
74% 803
4
94% 102%
95 97
57
72
56% 72
55% 70%
55 4 70%
3
/
1
10314 1064
56% 71
56
71%
561: 7034
5612 7034
561: 7014 GII&SAM&Plet 58
1931 MN
56% 7014
2d extolls 58 guar
1931 J J
°sly Hous & Hend 1st 5s
1933 A 0
7818 8578 Ga & Ala Ry Mt cons 5.2_0et 1945.7 J
7412 83 Ga Caro & Nor 1st gu g 56_1929 J J
9012 9814 Georgia Midland let 3s
1946 A 0
92
96 Or R dr I ext 1st gu g 4148-1941 J J
90% 9814 Grand Trunk of Can deb 78_1940 A 0
105 113
1936 M S
15
-year 8 II 68
10814 11514 Grays Point Term 1st193
1947 J D
10114 1053 Great Nor gen 78 series A-1936 J J
4
101 10234
Registered
J J
10014 10318 ' 1st & rel 4 Ks series A_---1961 J .1
1001s 10214
1952.7 J
General 5348 series B
100% 10278
1973.7 J
General 56 series C
101 102
1976 1 J
General 434s series D
105 1074
/
1
19773 J
General 4348 series E
11112 114 Green Bay dr West deb ctfs A___ Feb
102% 114
Feb
Debentures etre B
9713 1057 Greenbrier Ry 1st gu 45-....1940 M N
8
87
/ 96 Gulf Mob & Nor 1st 5,44-1950 A 0
1
4
8612 92
1950 A 0
1st M 158 series C
9214 97% Gulf St S I lst ref & ter g 58.61952 J J
92% 93% Hocking Val 1st cons g 4Ks-1999 J J
943 973
4
4
8914 9114 Housatonlc Ry cons g fis--153 j N
19 9 M J
Registered
9
7
10114 102% H & T C let flint guar
19373 J
100 104
Waco & NW Env 1st 6s.._1930 M N
96
9614 Houston Belt & Term 1st 55_1937 1 J
99% 103% Houston E & W Tex 1st g 51.1933 M N
995 101
8
1933 M N
1st guar 55 red
93% 10412 Bud & Manhat 55 series A-1957 F A
8714 97
IF A
Registered
9714 103
Adjustment income 58Feb 1957 A 0
10312 106
Illinois Central 1s1 gold 4.11-.1951 i 7
10112 105%
1951 J J
11614 118
/
1
4
1951 2 J
3As
red
105 106
Extended let gold 3148.....19 1 m 0
1, A 13
51
865 9314
8
1st gold 3.sterling
10312 105%
Collateral trust gold 45-1952 A 0
10314 10618
A0
Registered
97% 100
let refunding 48
1955 M N
9514 99
19523 J
Purchased lines 370
9518 9614
.7 .1
Registered
9014 93%
Collateral trust gold 44_1953 MN
100 10012
MN
Registered
9913 9912
Refunding Ss
1955 MN
89 9814
15
.
-year secured 610 g-- _1936 J J
92 9312
Aug 1 1966 F A
40
-year 4K s
1950 J D
Cairo Bridge gold 48
98% 10012
Litchfield Div 1st gold 38.1951 1 .7
105% 113
1013 10314
4
Louisy Div & Term g 3K5.1953 J J
105 1084
Omaha Div 1st gold 38_1951 V A
/
1
102% 10514
St Louis Div & Term g 36.1951 J J
1951 .7 J
Gold 314s
Springfield Div let g 3Ks.1951 J J
Western Lines 1st g U _1951 F A
47
13
4
186
4
12
472
-8
2
13
1
2
11
3
103
1
340
5
45
96
oii
6
9
64
1
1
27
437
8
1
Low
High
9312 99
91%
86
93
87
87% 9118
91% 9714
91
9712
/
1
4
106% 109
102% 10310
10012 10012
985 100
8
100 flit;
89 90
/
1
4
8918 891
4
101la 106
108 110%
10312 106%
885 93
8
98 10018
96% 10014
91% 9718
90% 94
8818 88%
9518 9614
7014 7944
6914 79
74 80
691s 79
95% 98
9413 98
107 11018
99% 10214
98% 1004
/
1
9318 97 4
7
101 154
103 10614
10512 108
96 98 4
1
89 4 94
4
94 97
98% 100%
73% 89 8
7
33 36
26
35
.
4
701 801
62 70
9714 10216
10344 104 4
0
1014 10414
103 104%
7518 8834
94 9414
1003 102%
4
/
1
4
106 110
102 107 8
7
104% 10918
4
106 1093
8118 90
79 8612
7312 851s
82
72
9814 103
78% 8813
79 88 .1
1
8418 135
9114 99
11112 116
11158 11518
9014 9178
89 91%
95% 1031
4
9978 101%
101% 103
9734 101
87 10118
65
50
94
9714
1063 1088
4
8
975g 9958
106 15814
/
1
4
10138
1011 ____ 10138
3 10012 10144
/
4
10012 10112 100 Dec'27
100 102
14
100 10014 10112 Dec'27
9614 1013
4
100%_ 10014 Nov'27
98 10014
10038 1103 1003. 1003*
5
4
9844 100%
78
15
773* 78 78
7214 79
gra 100
. 100 Dec'27
11614 1163
100- - 11614 116% 17 11414 1174
- 4
109 Sale 109
10914 19 10544 109%
983e ____ 97 Sept'27 _ _ _ _
97
97
12
11518 Sale
.
12! 113 11612
--------1143. Oct'27
1156
114 11414
102 10253 102
4
10234 26
97 1023
1123 Sale 11234 114
4
31 108 114
1063 109 10814 1083* 15 10014 10918
4
10012 Sale 10012 101
46
944 10112
/
1
100 Sale 100
10034 117
9914 101
857
___ 8578 Nov'27 --8318 88
25 s26 26
80
26
2
21
/
1
4
__ 94% Nov'27 _ _ _
93 94
1061 10738 107
9434-/
4
1 105 108
107
10312 104 1031
10312
5 100% 10412
10814 10914 10634 Nov'27
10634 108
97% 108
1065. Sale 1065, 1065s
9534 95 4
3
1100i2 -_-_-_-_ 1014 M10 22
981s 10012
2 ar017
.
10312 _.i 104 Dec'27-_ 1003 104
:
8
1013 10312 10314 Nov'27
10214 103%
4 -9912 10112
10112
101 Dec'27 --10012 101 101 June'27 _- 10012 101%
101 104 10212 Nov'27 __- 1.001s 10934
10112 Sale 101% 10214 36
/
1
4
98 102
--------9714 June'27
9714 974
1
927 Sale 9212
8
140
93
84 931
4
9812 ---- 9724 Nov'27
94
973
4
9212 98 57l Sept'27
87% 92%
9i12 ____ 901: Nov'27
87
90%
9114 ____....__
7
5
8814 89 4
1
Apr'27
5 1 June'27
7
5
75%
73
94 Sale 94
9012 95
96
15
847 ____ 88 July'27
4
89%
88
9814 984 974
4
3
93% 98 4
4
9814 54
89
9018 893 Nov'27
9013
86
--------9334 Dec'27
8712 883
s
93 Sale 93
93%
88
9334 13
91 Nov'27
8611 91
/
4
iio Sale 110
"
1105 jai 1065s 112
8
11334 Sale 1133
4 1141: 17 11158 11412
10134 Sale 10118 10218 42
8
963 10234
9212 64%
95.18 ---- 9418 5ept427
8058 ____ 8034 Oct'27 -_-_-_-_
761s 80%
897 85 Nov'27 .._.86
82% 85
80
8012 ____ 80
76
80
3
7612 805
8
8012 ___ 8058 Dec'27 -90 Sale 90
8512 90
90
1
00
88
88
88 Oct'27 _11014 02
88
/
1
4
90
0234 Oct'27
3329
New York Bond Record-Continued-Page 3
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 16.
Price
Friday,
Dec. 16.
Week's
Range or
Last Sale.
o.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 16,
Price
Friday,
Dec. 16.
Range
Since
Jan, 1,
Week's
Range or
Last Sale,
High No. Low
Ask Low
High
Bid
High
High No. Low
Ask Low
844
864 87%
8612 ____ 8658 Nov'27
1954 M N
Naugatuck RR let g 4s
511 Central & Chic St L & N()9912 1014
8
1017
8
8
1945 J J 1017 Sale 1017
4
8 60 10318 1093 New England cons be
8 1085
Joint lot ref 58 series A___1963 JO 10814 Sale 1073
8712 8912
8
1945 J J 895 ___ 8918 Aug'27
Consol guar 4s
8
963 102
10078 114
1963 JO 100 Sale 100
lst & ref 44.8 ser c.',
8512 8512
8512 Sept'27
8
1045 10812 NI J June RR guar lot 45__ _1986 F A
10838 Nov'27 1951 3D 10838
Gold 55
9612 102
4
8814---10312 10312 N 0& N E lot ref & imp44.sA'52 .1 J 10114 1013 102 Nov'27
10312 Nov'27
3D
Registered
92
8718 92
0234 92
New Orleans Term let 4s..,.1953 J J 92
8.5 85
1051 JD 1068014 8412 85 Sept'27
Gold 440
100 10214
10118 10212 10218 Dec'27
, *si 0 Texas & Mex n-c Inc 58..1935 A 0
934 93
8
Ind Bloom & West 1st ext 48_1940 AO 9314 9612 933 Sept'27 -102
11 100 10212
1954 A 0 10114 10214 10114
8
933 971
1st 511 series 11
.
965 Nov'27 4
1950 J J 963
Ind III & Iowa 1st g 48
103 105
4
1043
10412 Sale 104
let 5,8 series C
84
904
8
907 Nov'27
4
Ind & Louisville let gu 48_1956 J J 893 90
4
8 1043 10614
5
9r A A
1954 F O 10514 Sale 105 - 10578
let 544s series A
1 10112 103.,
8
Union Ry gen 5s Bar A 1988 j j 10258 ___ 10258 1025
Ind
8
997
97
8
997 Dec'27
4
1 1017 10314 .9 & C Bdge gen guar 4 4.5 1945 J J 993
8
J 1023 104 103
3
0
10712
8 1965
Gen & red 5s series B
4
1003 10418
____ 10218 Dec'27
101
29 10538 108. v y B & M 11 1st con g 58_1935 k 0
,
Sot & Grt Nor 1st Os sec A._1952 J J 10714 Sale 10714
,
8
10834
14 1063 1097
4
81
57
83% 9 . N Y Cent RR cony deb 6s 1935 M N 1083 Sale 10814
975
ser A July 1952 Aprl 97 Sale 97
Adjustment 68
11014 1104
11014 Nov'27
M N
4
8112 883
Registered
4
883 Oct'27
Apr1
_
Int Gt Nor (ccild) Ad) 68 strsl
98
90
9712 29
1998 F A 9712 Sale 9714
6
9814 103
8
Consol Is series A
J 10114 1018 10114
1015
- 71956
let 58 series B
14
8 81
8
1043
977 105
4
75
Ref & impt 444s series .4.2013 A 0 1033 10414 10414
8612
8612 20
M
8412 84
1972
84
lot Rye Cent Amer lot 5s
11012 172 10514 111as
11018 Sale 110
2013 A 0
8
9112 975
Ref & Mut 5s series C
8 35
955
1941 MN 9512 Sale 95
let coil tr 6% notes
10512 10512
1054 Jan'27
A 0
90
925
Registered
8
9112 62
1947 FA 90% Sale 9012
ref 64.5
lot lien &
8018 8712
8
8714 34
1
41
5812 N Y Cent & Had Riv M 344.s '97 J I 87 Sale 867
41
41
8
fowl. Central 1st gold 58- -1938 ID 405 43
78% 85%
4
853 Nov'27
1997 J J 8512
40
55
Registered
4012 49
4012
43
41
Certificates of deposit
09
9614 99%
33
M
1934 „A N 9812 Sale 98
13
2112
1312 56
Debenture gold 48
1951 MS 1314 Sale 13
Refunding gold 45
96
96
9528.... 96 Feb'27
4
_
913 97
Registered
lames Frank & Clear 1st 45_1959 3D 9614 ____ 97 Dec'27
944 99
1
99
1942 J J 9712 9834 99
-year debenture 4s
103 103
30
103 May'27 1938 13 103
Ka A & G 11 1st gu g be
7918 854
5
854
85
86
8
855 9058
Lake Shore coil gold 34.8_1998 F A 85
AO 8912_ 10058 Dec'27 - - _ _
1990
Kan & M Ist gu g 4s
4
783 83
8212 8412 83 Nov'27
1998 F A
Registered
8 10212 20 100% 10212
8 oi
1928 MN 1005 f- 8 1023
KCFIS&Mc005g6s
,
79% 85 4
8612 85 Nov'27
9638
Mich Cent colt gold 340..1998 F A 85
8
96
92
K C Ft S & SI Ry ref g 48..1936 AO 96 Sale 96
8
787 8214
8212 ____ 8118 July'27
A
1998 F
9912 10214
Registered
___ 101 Dec'27 KC&M R& 11 1st gu 5s_ _ _1929 AO 101
9454 98
_
37
1937 A 0 9714 ____ 98 Nov'27
79
734 7934 N Y Chic & St L 1st g 4a
Kansas City Sou let gold 38_1950 AO 7812-_ 7812
9612
94
8
8
1937 A 0 955 ____ 943 Sept'27
10212 14
Registered
994 103
8 Apr 1950 J J 1017 10214 102
Ref & impt 5e
994 39
9618 9914
1931 PA N 994 Sale 9878
95
8 25
945
25
88
-year debenture 45
8
J 94 Sale 937
Kansas City Term let 48____1960
4
10312 14 102% 1033
8
1931 MN 10312 Sale 1027
8
8112 933
2d 68 series A BC
8
933
6
8
933
Central gold 48_ __1987 J J 9314 94
Kentucky
4
10714 50 104% 1073
10
Refunding 5455 series A_ _1974 A 0 10714 Sale 107
9014
8518 9458
Kentucky & Ind Term 440_1961 J1 9012 ____ 9014
10738 87 104% 107%
8812 2212
Refunding 540 series B.1975 J J 107 10714 107
J 9314
9212 Nov'27
1961
Stamped
2
942 101%
3
j 97
_
96% 9712 NY Connect lot gu 440 A 1953 F A 101 10112 10112 10112
4
____ 963 Dec'27
1061
Plain
10414
7 1033 105
4
6 101 10334
lot guar 54 series 13........J53 F A 103 10412 10414
4
1033 Sale 10312 1033
4
Lake Erie & West 1st g Ss_..1937 J
4
10334 10312 Nov'27 -- 10018 10312 N Y & Erie 1st ext gold 45 1947 M N 9212.... 963 Oct'26
1941 J J
2d gold be
- 1160 4
1933M S 100 101 10014 Nov'27
8012 8738
3d ext gold 444s
8738 14
8
___ 873
Lake Shr & Mich S g 34411-1997 ID 873
1
2
993 1017
4
4
1003 102 1003 Oct'27
8612
8612 30
4th ext gold 5s
80
81997 JD 8614 8714 8612
Registered
9914
9914 9914
9914 ____ 9914
26
984 101
5th ext gold 45
MS 997 Sale 994 100
8
1928
Debenture gold 45
Dec'27
9912 102
101
A
M N
j D0 100
30
928
11946
N Y & Greenw L gu g 5a
9912 35
8
973 100
8
1931 MN 995 Sale 993
8
-year gold 48
25
8
4
813 85%
2000 M N 8518 ____ 845 June'27
9914 9914 NY & Harlem gold 334s
MN 974 ___ 9914 Oct'27
Registered
82% 8214
8212 Nov'27
8
M N 803
4
10412 1073
Registered
Leh Val Harbor Term 58___ _1954 FA 10618 107 107 Dec'27
9812 1013 N Y Lack & W lot & ref So __1973 M N 10314 ____ 80 July'26
4
Lab Val N Y 1st gu g 4 As_ _1940 i.e 10034 ____ 101 Dec'27
ioi" 10;4
4
__ 1073 Nov'27
4
m s
6
1973 M N 1073
9212
8614 9312
First .5. ref 43.8
Lehigh Val (Pa) cons g 48_2003 MN 92 Sale 92
106 106
106 Feb'27
1 0714
1930
9018 NY LE&W Ist7sext
84
0018 Nov'27 -MN
Registered
4
8 1005o
2 10014 1011
1932 F A 10118 102 1005
97 10212 N Y & JerseY 1st 5s
7
10212
2003 MN 102 10212 102
General cone 44.8
91
91
91
_
Apr'27
_
98
N Y & N E Bost Term 43_1939 A 0
97
MN 98
____ 98 Nov'27
Registered
Si
74
873.
85 92-4 8512 Nov'27
2 10312 11212 N Y N H & Ii n-c deb 4s.......1947 M S
11114
Lehigh Val RR gen 58 serles_2003 MN 11114 Sale 111
72% 81
8012 80 Dec'27
Non-cony debenture 3348_1947 PA S SO
s
Leh V Term Ry 1st gu g 50..1941 AO 1053 107 1055s Nov'27 - - _ 1024 10612
8
68% 77%
774
2
7714
Non-cony debenture 34.8_1954 A 0 773 78
AO 103 10412 10312 Nov'27 -- 10218 10312
Registered
F6
86
76
86
2
9212
90
Non-cony debenture 48_ 1955 J I 8518
9212 Nov'27
Leh & N Y let guar gold 48_1945 M S 934 94
764 864
.863
8 22
1956 M N 85% ____ 8514
4
Non-cony debenture 48
6 1093 116
11514
Lea & East 1st 50-yr 55 go....1965 AO 11514 116 11514
8
683 774
12
5
774 Sale 7718
77
19563 .7
8
863 9212
Cony debenture 3448
Little Miami gen 4s Ser A__ 1962 MN 9212 ____ 9212 Oct'27
8 1144 92 10512 115
4
1948 1 J 1143 Sale 1145
Cony debenture (is
1 1083 10912
4
_ 10912 10912
1935 AO 10912
Long Dock consol g 68
103 111
110 Nov'27
J J
8
995 10112
Registered
10112 ____ 10112 Oct'27 -Long 'Hid 1st con gold 58July 1931 Q
8
11 1027 106
10514
1940 A 0 10514 gale 105
98
Collateral trust 65
,
98 4
__ 9814 Oct'27
8
977
1
let consol gold 4o....July 1931 Q .
10912 10912
10912 Oct'27
A 0
2
9478
924 9818
Registered
4
9614 943
1938 3D 948
General gold 48
6912 8012
9
8012
1957 M N 8012 Sale 7914
9318 9614
Debenture 48
9614 Sept'27 1932 ID 9618
Gold 45
8814 91%
4
8
93
89
Harlem R& Pt Ches 1st 48 1954 M N 9112 923 913 Dec'27
4
8
1949 MS 913 923 03 Dec'27
United gold 4s
8
764 513
81
8
16
99 10112 N Y 0& W ref 1st g 4s_June 1992 NI S 8118 Sale 803
4
1934 3D 100 1013 10014 Nov'27
Debenture gold 58
8118
73
4
79
79 Sale 79
9818 10014
General 45
8
1937 MN 100 10014 997 Dec'27 -20-year pm deb be
90% 9041.
N Y Providence & Boston 45 1 952 j D 9118 ____ 904 Sept'27
1945 A O
9412 11
95
88%
Guar refunding gold 45__ _1949 MS 934 9414 93
89% 9612
9612 Nov'27
5 100 10114 N Y & Putnam let con gu 40 1933 A 0
10114
101 10114 10114
Nor Sh B 1st con gu 5s_Oct'32 Q
.
8
913
87% 941
8
7
NY Susq & West 1st ref 55_1937 J J 905 Sale 00%
6
93
8
895 93
8
943 93
Lou & Jeff lidge Co gu g 48_ _1945 MS 93
4
728 81%
4
4
813
813 Sale 81
1937 F A
24 gold 4448
3 106 107
1937 MN 10612 107 10612 10612
Louisville & Nashville bs
7118 80
8 73
817
7912 Sale 77
1940 F A
General gold 58
4
953 9912
1940 ii 98% 987 985
9914 37
8
8
Unified gold 48
9818 101
10018
1943 M N 100 10214 1004
Terminal let gold 58
95
96% May'27
J J
984
Registered
1 101 1023
4
10214
Collateral trust gold 58___1931 M N 10214 Sale 10214
7812 9158
8
913 168
1 10318 108
NY %reties & B let ser I 440'46 J J 90 Sale 89
104%
1930 MN 1043 105 1145
8
-year secured 78
10
934 100%
9914 Sale 99,
8 45
997
4
2 105 110
Nord Ry ext'l s 1 64.8
1st refund 5448 series A..2003 AO 10912 Sale 10912 10912
4
903 97
8
8
965
1961 F A
6 1053 1084 Norfolk South 1st & ref A 50_195° A ° 964 Sale 963
4
10812
2003 AO 108 Sale 108
1st & ref 58 series B
1004 1024
22
- -- 10214 Nov'27
4
993 10512 Norfolk & South let gold 55_1941 MN 1021
s
8
105
2003 AO 1043 105 1047
1st & ref 444e series C
1
4
4
1043 1061
4- 8
4
1023 10458 Norfolk & West gen gold 68_1931 M N 1053 1063 10638 Nov'27
4
4
1930 J J 1023 10312 1023 Nov'27
N 0 & M 1st gold 6s
_ 10912 Dec'27
10818 110
10314 1033
8
Improvement dr ext 68_1934 F A 10914
4
1930 1
4
1023 103% 1035 Dec'27
2d gold 85
10512 107 10612 Nov'27
_ 106 107
1932 A 0
8
933 9658
New River 1st gold 6s
Paducah & Mem Div 46_1946 FA 9514 -- 96% Nov'27
8
9818 29
8
923 9918
N & W Ry 1st cons g 48_1996 A 0 977 Sale 9778
8812 69
8
685
8
683
4
St Louis Div 2d gold 3s 1980 MS 683
9612 9712 97 Dec'27
8
927 97
10014 103
Registered
Mob & Montg 1st g 434s.1945 Si S 101% -- 10212 Nov'27
9612
8 21
963
93
1994 A 0
,
8712 947
8
Div'l let lien & gen g 42_194° J3 9614 96:4 9614
9312 11
South Ry joint Monon 48_1952 i.e 9312 Sale 927
158 200
200 Nov'27
7
9312 9812
10-yr cony Os
9812
8
9812
All Knoxv & Cln Div 4e_ _1955 MN 985 99
8
8
927 963
96%
8
8
2
2
91 M S
1 949 J D 963 _ _ _ _ 963
993 10074
4
4
Pocah C & C joint 41.1
4
Loulsv Cm & Lex Div g 444531 MN 1003 -- 1003 Nov'27
_ _ 10658 Sept'27
105% 107
1934 .1 .1 10214 10412 1023 Nov'27
4
1023 10318 North Cent gen & ref 5a A 1074 M S 1074
4
Mahon Coal RR let be
4
97 1013
10134 Nov'27
2
1975 N1 S
7812
66
Gen & ref 4348 series A
7512
7512
7412 75
Manila RR (South Lines) 48_1939 MN
9912 101 Nov'27
9412 101
7
1959 MN
82
7312 84
North Ohio let guar g 58_ _1945 A 0 99
s
8
833 8314
835
1st 45
914 98
97% 83
97
, Q
Dec'27
100 10112 North Pacific prior lien 48_ 199 „I I 9712 Sale 9714
Manitoba SW Coloniza'n Sit 1934 3D 101 10112 101
96
903 96%
9612 9612 Dec'27
8
88 Sept'27
1941 J J 91
Registered
88
87
Man GB&NW lst 340
7318 56
653 73 2
8
,
4
8 10112 1013
Gen'l lien gold 3a_ __Jan 2047 Q F 72 Sale 72
Mich Cent Det & Bay City 55.31 S M 1015 10212 10112 July'27
8
633 70
Jan 2047 Q F 7014 7212 70 Nov'27
4
953 Sept'27
1940 j
9514 97
Registered
4
953 Mich Air Line 45
96 106
8
8
104
.1
963 998
4
Ref & Impt 440 series A_ _2047 J J 1037 1045 104
963 Nov'27 - 4
4
Registered
98
98
9938 _ _ _ _ 98 May'27
J .1
9
1952 MN
91
4
853 91
Registered
90 Sale 90
let gold 34.0
8
11614 136 111 11612
4
8
1929 AO 993 100
997
8
983 100
4
Ref & impt 68 series B___2047 J I 116 Sale 1157
993
4
-year debenture 48
20
11514 11514
11514 Oct'27
J 1 11118
5
1940 AO 963 993 9914
9914
95
4
9914
4
Registered
Mid of N J let ext .58
5 10312 11012
10014 101%
1003 Nov'27
4
Ref dr Impt 5s series C__2047 J .1 108% Sale 10812 108%
Milw L S & West Imp g ba...1929 FA 101
8 10918 24 10314 111
8
975 9758
8
8
Ref & Bunt 58 series D___2047 J .1 1083 109 1085
973 Dec'27 - _
8 99
Mil & Not let ext 440(1880) 1934 3D 973 3
109 4 110
8
1097 Dec'27
1934 3D 9814
9512 98
_
Nor Sac Term Co 1st g 68..1933 J J 1094
9712 Oct'27
Cons ext 440(1884)
4
103 1063
4
0
-- 4
10 3- 1063 Dec'27
9214 9712 Nor Ry of Calif guar g 5s_1938 A 0
-- 9712 Dec'27 - Mil Spar & N W 1st gu 48_1947 MS 971
10212 10318
10212 10312 10212 Nov'27
3
43
43
43
North Wisconsin let 65
57
8Minn & St Louis let cons 53_1934 MN 4218 47
81% 88
8712 Dec'27
2
MN 43
30
9 3
1 948 1 1 8612 88
4314
43
Og & L Chem let gu 4s g
55
Temp ale of deposit
4812 43
94% 94%
8
955 Nov'27
9
1614
Ohio Connecting Ity let 4s 1943 Si S 93 4
8
154 23
8
,
1st & refunding gold 45___1949 MS 157 Sale 157
1 102 10412
104
8 3
37
1 9 6 Ao
1 93 .1 D 1033 10512 104
1214
1214 1514 Ohio River RR 1st[So
8
127 1214
Ref & ext 50-yr 58 ser A _ _1962 Q F 12
10114 10412
10212 106 10412 Dec'27
71
92
& 5551 con g 48 int gu'38 J J 9112 Sale 9112
8614 92%
General gold 59
M St 1'
15
8852 97
9614
I
8812 Dec'27
63
86
Registered
8812 Oregon RR dr Nay con g 48_ 1946. D 954 Sale 9578
4
2 1063 11012
9812 11
cons
Line let co 855.1946 J J 11012 -- 11012 11012
96 100
Ore Short L
let consSo1938 J J 9814 Sale 9814
106 1102
j 10012 Sale 997
11012 Sale 11012 1104
let cons 58 gu as to int____1938
8 10012 68
Guar eons 55
964 10012
9814 100
8 67
997
11
4
93l
993 Sale 9958
4
9712 1023
Guar refunding 4s
-year coil trust 644s-19m MS 10214 Sale 10218 10214
10
8
867 94
9312 23
i.e 10212 103 103 Dec'27
29
19 3 J
9814 10314 Oregon-Wash let & ret 4s_ _ _1961 1 D 9312 Sale 9314
let & ref 6s aeries A
93
88
90
10
1949 MS 9418 95
10
95
95
8214 96
Pacific Coast Co 1st[Os.
..1946. D 90 Sale 90
1
-year 540
25
935 9512
4
-. 9514
9514
1
9838 Oct'27 - -97% 984 Pac RR of Mo let ext g.4s 1938 F A
9514
let Chicago Term si 4s__.1941 MN 96%
102 1023
4
4
1023 Oct'27
lot So...1949 ii 987
9978
103
9978
1
8
9512 100
25 extended gold 58
M144144ippl Central
98 100%
9212 32
_ _ 10034 Oct'27
Paducah & Ills lot 5 1 44.9._1955 1 .I 10012
8614 93
I
1938 J J
Mo Kan & Tex lot gold 4s_ _1990 JD 9214 Sale 9214
8712 97
8 89
947
106 101 10514 Paris-Lyons-Sled RR 65
1958 F A 94% Sale 9412
8
105
flit pr lien As set A_1962 31 1043 Sale 10414
Mo-K-T
9812 1034
1962 ii 91 Sale 91
10112 24
5
91
8512 9314
Sinking fund external 70_1958 M S 10112 Sale 101
-year 45 series B
40
9514 1023
4
17
1932
10114
8
8
8
1025 Sale 1023
8 1023 140 1025 104
Paris-Orleans RR 5 1 7s._ _1954 Si S 1003 Sale 1004
4
-year 68 series C
10
3 10114 10312
set A Jan_1967 AO 10914 Sale 10812
162
102
10912 l'aullsta Ry let & ref a f 79..1942 M S 102 Sale 102
10912
96
Cum adjust 58
954 10012
1
5
10018
1970
_ _ 10018
104
8
1033
97% 104
Pennsylvania RR cons g 4s 1943 M N 9938
Mo Pee let & ref bs ser A...1965 FA 16312
9414 99
9
MS 823 Sale 8214
99
377
83
8
4
987 Sale 984
7412 83
Consol gold 48
General 45
8
943 98
1977 M
10212 400
4
4
4
4
1013 Sale 1013
973 1025
45 steri stpd dollar_May 1 1948 M N 985
_ 983 Dec'27
8
94 AI
8
1st & ref 58 tier F
8
1
9414
9414
8
927 95
Consolidated 4455
1064 15 1017 10714
10614 Sale 10614
9412 96
Mo Pac 3d 78 ext. at 4% July 1939 SIN
9914 106
_
June'27
J A
8 68
44.e series A__ _ _19 F D 1043 Sale 10412 1047
111r prior lien g 58-1945 13 102
973 99
4
973
1961
8
4
General
Mob &
J
92 Nov'27
4
11414 21 1064 115
4
9914
General be aeries B
1968 J D 1133 Sale 1133
Small
994 9914
8818 9514
109 10514 107%
1945 j j 913 94
8
857 Oct'27 _
1930 A 0 1057 Sale 10514
8
106
4
10-year secured 75
let m gold 48
1945 .1
1936 F A 113 Sale 113
Oct'27 100
4
11312 58 1113 11312
-year secured 64.s
Small
15
8
857
8612
82
11118 1113
F A 11118
4
Registered
11118 Nov'27
9514 Nov'27 --- _
924 0614
4
Mobile & Ohio gen gold 4s_ _1938 M S 953 - 3 1003 10512
10512 106 102 106
10512
8
40-year secured gold 5s_ ..I964 NI N 10512 Sale 10518
Montgomery Div lot g 68_1947 F A 105 Sale 105
89
89%
Pa Co gu 344s coil tr A reg_1937 NI S 907 _ 893 Dec'27
SI S 99 Sale 99
44.5
197not
8
8
995 168
4
95 100
Ref & k
914 9812
86
897
Guar 3448 coil trust ser B.1941 F A
s
0- 897 Dec'27
90 - 1
8
Mob & mar lot gu gold 411_1091 M S 96% 97% 9718 Dec'27
85
87%
1937 J J 113 _
11214 Oct'27
4
11014 11312
873 Oct'27
Guar 344s trust ate C____1942 J D 894 90
Mont C let 1111 68
8414 90
11112 Mar'27
.1
1
Guar 344s trust ctfs D____1944 J D 88%
90
11112 11112
Registered
-- 90
974 994
1937 J
3
-25
10318 10614
Guar 15 -year gold 45___1931 A 0 9918 Sale 994
_ 10534 Nov'27
9918
1st guar gold be
9314
88
Guar 45 series E
-12 86 Dec'27
804 88
-- 934 Nov'27
4
933
Morrie & Essex 1st gu 34.5- -2000 JO 86 18
95% 102
10114 78
1957 A O
10014
5 10014 10112 Pa Ohio .14 Det let & ref 4448 A'72 M N 10114 Sale 10114
8
Chatt & St L 1st 58_1928 A 0 10014 1003 0014
Nash./
8514 9174
6
FA 1033 10612 10334 Nov'27 -- -- 1025 104
48_1940 A 0 915 92
8
1037
Peoria & Eastern 1st cons
8
8
NFla&SlstgugSo
4
913
91%
41 4 53
,
45 Dec'27 _
April 1990 Apr. 4414 45
Income 4s
30 Sept'24 - - _ _
Nat Ity of Mex pr lien 4445_1957 J J
8 28
125
4
123 Sale 12
ic Peoria At Pekin Un 1st 54.8_1974 F A 10634 107 10634 10634 1 103% 108
Assent cash war rct No 4 on
10512 58 103% 107
4
1977 AO
Pere Marquette let set A 58_1956 J J 1043 Sale 10434
_ 8712 Aug'25 - -Guar 70-Years I 40
94%
89
943
1956 J J 92- _ 9434
2012 19
17
1st 48 series B
8
207 Sale 19
25
Assent cash war rct No 5 on
953 99
8
3812 July'25
Phila Balt & Wash 1st g 4s__1943 SIN 98% 100 9812 Nov'27
Nat RR Mex pr I 444s Oct_1926 ii
10 11012 11414
11414
11414
8
974
1937 F A 114
General 5 series It
2
4
193 Sale 19
7 -1/ 1114
193
Assent cash war rct No 4 on
4114 44
4
4114
4114 Sale 4114
Philippine Ity let 30-yr 81 48
28 Apr'26
-1951 ;Co
let consol 48
1064 10814
3
8
113
8
8
113 Sale 113
Triii Pine Creek registered 1st 68.1932 I 0 10634 - - - - 10634 Nov'27
Assent cash war rct No 4 on - -
--_-
2
____
-
--_-
__
3330
BONDS
N. Y.STOCK EXCHANGE
Week Ended Dec. 16.
New York Bond Record-Continued-Page 4
Prize
Friday.
Dec. 16.
Week's
Range or
Last Sate,
Range
Since
Jan. 1.
BONDS,
N.Y.STOCK EXCHANGE,
Week Ended Dec. 16.
V13
s.
Price
Friday.
Dec. 16.
Week's
Range or
Last Sale,
Range
Since
Jan, 1.
Bid
Ask Low
High No. Law
High Union Pacific (Concluded)
Rid
Ask Low
High
High No, Low
PCC&StLgru 4346A
1940A 0 102 Sale 102
3
99 e 1023
3
102
4
Gold 4348
1967 3 J 100 Sale 100
gess 1014
100% 69
Series B 43e guar
1942 A 0 10212
4 10012 10212
10212 10212
1st lien & ref 59
June 2008 MS 115 Bale 11438 114%
6 1084 1164
Series C 4 Ms guar
1942 MN 102
9718
.
100% 1011
101 July'27
10
-year secured 68
1928 J J 101 10118 101
32 101 1023
101
a
Series D 48 guar
1945 M N
96
9912 9814 Nov'27
9814 1.7 N J RR & Can gen 46.._ _1944 M 8 98
99
984 Dec'27
9414 993
s
Series E 330 guar gold.-1949 F A 97 ---- 973 Sept'27
965 98
8
Utah & Nor 1st ext 4s
e
J
1933
983 Nov'27
4
9834
97
Series F 4s guar gold
1953 3 D 97 -- 974 Apr'27
97 1003 tandalia cons g 45 series A_.1955 F A 97% ____ 973 Dec'27
14
.
9212 9754
4
Series 13 4s guar
1957 M N 974 ___ 97% Nov'27
96% 973 Vera Cruz & P assent 434s_.1934
.
1912 2034 1914
7
193
4
4
183 27%
Series H con guar 48
1960 F A 97 ____ 965 Aug'27
8
frginia Mid re series F__1931 1W- 10112
075s 1004
8
1 1003 101
101
4
101
Series I cons guar 43412...._1963 F A
10511
10434 Nov'27
954
General ta
1938 M N 1034
_ 1024 10312
10312 Dec'27
/
1
Series J cons guar 4345_-_-1964 MN
100 10414 /a & Southw'n let gu 193-2003 J J 106 1084 1024 Nov'27
- 10414 Dec'27
_ 101% 102%
General M 5s aeries A_ _1970 J D 113% at 114
23 1063 11412
4
114
let cons 50
-year 5a
1958 A 0 10012 101
6 94% 100
99% 100
Gen mtge guar 58 series 13_1975 A 0 1133 Sale 1133
4
4
8 52 1063 115
4 1147
Virginian Ry let 58 series A_1962 M N 10914 Sale 10914
109% 117 10212 110
Registered
A 0
112 112
Oct'27
112
Wabash 1st gold 58
1939 M N 10434 Sale 10412 1047
8 33 103 105
Pitts & L Erie 2d ic 5s_ __Jan 1928 A 0
994 Dec'27
99 101
2d i i45Se series A
ite g
gold
1939 F A 1033 104 104 Dec'27
4
100% 10
4
Pitts McK er Y 1st gu 6e._.1932 J J
106 May'27
105% 106
1975M S 106 Sale 106
1064 20 10318 1074
241 guar 68
1934 3 J 1067
1013 Nov'26
8
4
Ref & gen 58 series 13
3 A 1043 Sale 104
F i
8
104% 108
9918 1041
1
Pine Sh & L E 1st g 58
1940 A 0 104.___ 104 Dec'27
10012 194
Debenture B 65 registered-1193796
0612
9
8314 Feb'26
let consol gold 58
1943 J .1 10312 1044 10012 Apr'27
1004 10011
1st lien 50-yr g term 48.-1954 J 3 89% -- 88% Nov'27 _
IA
Pitts Va & Char let 48
1943 M N 95 ___. 95
Oct'27
95
96
Det & Chl ext 1st g 512---1941 J J 10414
-- 103 Sept'27
103 105
Pitta Y az Ash let cons 5.9
1927 MN 997100 July'27 100 100
0
Des oines D3 44 g 45.-1939 J J 914 93 92 Nov'27
m44 0 11st
884 93
11
let gen 45 series A
19483 D 965 - 4- 97
3
97
92 4 97
9f
3
3
1941 A 0
873 Nov'27
4
83 4 875
5
4
1st gen 58 series B
1962 F A 1075 11012 10818 1084 12 104% 10814
8
Tol & Chic Div g 48
1941 NI B 92 8 ____ 94
7
2
9514
90
9514
Providence Secur deb 4s____1957 M N 7814 ___. 774 Dec'27 _
79
70
Warren 1st ref gu g 3343
2000 F A 8212 ____ 824 Nov'27
80
83 4
1
Providence Term lot 48
844 8418 Wash Cent let gold 4s
1956 M 13 863
844 July'27
4
1948 Q M 90% 93 92 Nov'27
874 92
Reading Co Jersey Cen cell 48.'51 A 0 9618 967 95
8
92 100
963k 159
Wash Term ist gu 330
1945 F A
9018
85
904 14
904
Registered.
A 0
9512 9512
1st 40
-year guar 48
9618
96 Nov'27
874 96
Gen az ref 4348 series A_ _1997 J J 1033 Sale 10512 (3114
8
9%
3
27 19
98 104
W Min W & NW 1st gu 58-1930 F A 99%
984 100
- 100 Nov'27
Rich & Meek let g 45
1948 MN
8212 Nov'27
7912 824 West Maryland let g 48
1952 A 0 863 Bale 8614
8
764 87
867 110
8
/
1
4
Richm Term By let gu 58. _ _1952.8 J 104 --- 103
Oct'27
1015 103
2
1st & ref 534s series A
1977 J J 10134 Sale 10134 102% 7070
994 103
Rio Grande June let gu 5e_1939 J D 10114 87 10114 10114
83
100 102% West N Y & Pa 1st g 53
1937
10312 Sale 103
3 1014 104
10312
Rio Grande Sou let gold 48_1940 J J
512 714
_
Aug'27
734 73
Gen gold 4s
4
'I O 923 Sale 923
A I
3
4
4
7
88
927
92 8
2
Rio Grande West let gold 48_1939 J J 9458 Sale 94 8
904 94% Western Pac let ser A 5s__ _ 194
3
735
4
24.2
'3
94 M 8 10012 Sale 10014 10052 149
6 AI £3
984 101
1st con & coil truat 48 A_ _1949 A 0 88 Sale 874
8918 71
89's
84
let gold Os series B
s
1027 Aug'27 _
10218 1044
R 1 Ark & Louis 1st 4413...J934 311 8 99 Sale 9818
34
94% 99
West shore let ea guar
99
236
2 61
31
.1 92
3
92 4 92%
3
8
93
861s 9312
Rut
-Canada lat gu g 4s
19493 J 85
9514 9714 87 Dec'27
8212 87
Registered
9112 Sale 9118
1
9118
917
2
86
Rutland let con g 434s
1941 3 J
9714
9118 9714 Wheeling & Lake Erie
9714
St Jos & Grand lel let g___1947 J J 90 ---- 8812 Dec'27
863 894
4
Wheeling Div let gold 58-1928 J J 10018 10014 10018 Nov'27 _
99 4 101
3
St Lawr & Adir lat g 58____1996 3 J 100% -_-- 10018 Sept'27
9614 10018
Ext'n & impt gold 58
1930 F A 99 100 1004 Aug'27
9912 10012
_
2d gold fis
1996 A 0 1061
_- 10714 Dec'27
10518 10714
Refunding 434s series A__19 6 4.4 8 965 Sale 965
904 9634
19 6 M S
6
8
1
8
9652
Eit L & Cairo guar g 48
19313 3 98 29814 974 Nov'27
0614 9814
Refunding(*series 13
102 103 1011 Nov'27
1004 101%
/
4
St L Ir Mt& S gen con g 5s__1931 A 0 10112 1013 10112 102
22
4
99 102
RR let consol 45
1949 M S 93
934 93
7
93
8714 0314
Stamped guar 58
1931 A 0
1003 Sept'27
8
Wilk & East 1st gu g 5a
1942.8 D 78
78
7812
8
794
7214 80%
Unified & ref gold 4s
4
1929 J J 993 Sale NI:
973 99% Will & 8F 1st gold 5s
8
99 4 39
3
1938.3
1033 -- 104 Aug'27
4
104 1043
8
Registered
J .1
984 9812 Winston-Salem S B let 4a___1960 3 J 91% Sale 91%
86% 924
2
91%
Riv & G Div 1st g 4s
96i8
37
1933 M N 96 A999 2
9512
9318 97
9.217
Wis Cent 50-yr let gen 48. _ _1949 J .1 88 Sale 8818
8914
8812 13
80
et L M Bridge Ter gu g 58_1930 A 0 10114 Sale '10114 10114
3 100 101%
Sup dr Dui div & term let 48'38 M N 924 Sale 927
8
92 8 15
7
887 92 s
. 7
St L & San Fran (reorg co)48 1950 3 J 917 Sale 92
8412 91
92 7 352
8
s
Wor az Con East let 4348.. _1943
Oct'27
92
89
92 4
1
Registered
1
9128
J J
- 915
9114
8
87
INDUSTRIALS
Prior lien series B 56
40
1950 3 J 103'l Sale
99 4 10412 Adams Express coll tr g 4a....1948 M 8 934 Sale 9314
3
3
95
1s
89
9314
Prior lien series C 68
19283 J 101 Sale 101
29 100 102% Ajax Rubber let 15-yr s f 88_1936 3 D 1074 Sale 10712 10814
101
7 1051s 109 s
1
Prior lien 5348 series D.1942.8 J 102% Sale 10234 1031a 62 10112 1035s Alaska Gold M deb
68 A
- 95M
926
3
478 Sept'27
6
3
54
Cum adjust aer A 6s. _July 1955 A 0 10112 Bale 101
10112 123
99 102
Cony deb Os series
3
M
3
5
3 Nov'27
54
1
Income series A 68_ _July 1960 Oct. 9914 Sale 99
9514 9934 Allis Chalmers Mfg deb 55_1937 M N 1014 Sale 1003
994 191
s
4 101% 68
99 4 1017
3
Bt Louis & San Fr By gen 68-1931 .1
104% 1054 MpIne-Montan Steel let 78_1955 151
_
10511 Nov'27
1 104%
94% 944 94
7
943
8
91
97
12
General gold 58
1931 J J 1007
10012 1015
8
30 10012 1014 Am Agric Chem Ist ref a f 7348'41 F A 1043 Sale 10411 105
8
4
974 105
29
Bt L Peor & N W 1st gu 58-1948 1 .1
1 10412 11178 Amer Beet Bug cony deb 68_1935 F A 813 8314 82
1103
4 1103
4
8912 98
82 8 20
4
5
St Louis Bou Ist gu g 4s_ _ _ _1931 MS
- 975 Aug'27
8
9618 981t American Chain deb a 1 68_1933 A 0 10412 Sale 10412 1043
4 21 101 105
Bt L B W 1st g 413 bond 011_1989 MN
8612 93
92 9212 92
92%
Am Cot 011 debenture 541_1931 M N 10012 10112 10018 Dec'27
95 10014
2d g 4a Inc bond etfa_Nov 1989 .1 .1 84% 8512 843 Dec'27
8
85
81
Am Dock & Impt guile
1936
J 10514 105 8 10512 Dec'27
3
1054 10614
Consolgold 45
1932.8 D 9712 Bale 98
941s 9812 Am Mach & Fdy s f 68
9812 642
1939 A 0 10412 1053 10412 10412
2 10312 1053
4
4
1st terminal & unifying 513-1952 3 J 10214 Bale 102
10212 38
95 10212 Am Republic Corp deb 63_1937 A 0 102 Sale 102
99 103
10214 49
St Paul & K C Sb L 1st
F
9738. 9778
97%
924 9812
194
'
01017 Sale
et Paul & Duluth Ist 584348_1941 F A 1017 97% 10218 Nov'27 11 101% 1024 Am Sm & R 1st 30-yr 5s ser A 47 A 0 109 8 Sale 10112 10212 67 10012 10312
1931
A
8
let M 6a series B
109
10914 26 107 19
/ 915
1
4
18t consol gold 49
19683 D 944 -- 9418 Oct'27
9418 Amer Sugar Ref 15-yr Bs_ __1937 J J 1057 Sale 10512 106
91
8
53 104 106
St Paul E Gr Trunk 430_ _ _ _1947 1 J 1004
- 10014 Nov'27
98 10014 Am Telep & Teleg coil IT 412_ 1926 3 '
939 i8 8 993 Sale 995g
4
1
997 153
2
9814 100
St Paul Minn et Man con 48.19333 1 9812 99 985
4
5
984
9412 983
Convertible 4s
4
9914 0014
99
5
9914
9314 1094
1st consol g 68
1933 J .1 108 109 10734 Nov'27
10714 108%
20
-year cony 430
1933 IA S 10118 10214 102 Nov'27
984 102
Registered
9 106% 108
108
3 J 108
108
30
-year coil It 58
1946
D 10514 Bale 105
105 4 116 102 1054
3
6a reduced to gold 434s_ _ _1933 J 2 10018 10112 101 Nov'27
994 10118
35-yr e f deb 5s
1960
8
J 1053 Sale 105
106% 150 101 107
Registered
J J 99
99 Nov'27
9812 994
20
-year 81 5 Ha
1943 M N 10914 Sale 1083
4 1094 119 1055 109 4
4
5
Mont ext let gold 48
954 98% Am Type Found deb fla
1937.8 D 9814 Sale 9814
9852 10
1940 A 0 106 Sale 106
108
3 102% 107
Registered
J D 981s -„,- 9512 June'27
954 9512 Am Wat Wits & El col tr 58-1934 A 0 1003 Sale 100%
8
32
101
98 10114
Pacific ext guar 48 (sterling)'40
934
91
935 96 9314 Oct'27
2
Deb g 6s ser A
1975 M N 108 Sale 107
57 100 4 108
108
3
BC Paul Un Den 1st de ref 513_1972 J J 1084
4 10514 1081/ Am Writ Pap 1st g 68
-- 10812 10812
19473 J 9414 Sale 9314
9412 15
83
95
B A & Ar Pass 1st gu g 4s_ __1943 J J 944 Sale
57
885 95
8
9
4
Anaconda Cop Min let 613_ 193 F A 1051s Sale 105
95
98
5
3
105% 146 103% 1057
8
Banta Fe Pres dr Phen 5s____1942 M S 102 -- 1024 July'27
102 10314
/
1
4
15
-year cony deb 78
1143 Sale 1104 11612 562 10618 11612
4
Say Fla & West 1st g 68_ _ __1934 A 0 1083
4
108% 1094 Andes Cop Min cony deb 78_1943 1 J 12718 Sale 1114 12812 245 10314 12812
4
- 1083 Nov'27
let gold 58
1934 A 0 10212 19412 10212 Nov'27
10212 104
Anglo-Chilean 78 without war.'45 M N 963 Sale 964
4
864 97
64
97
Soloto V & N E 1st gu g 48..1989 M N
97
91
9812 96% Nov'27
964 Antilla(Comp Azuc)7)48___1939 J J 96 Sale 954
931s 100
4
9514
Seaboard Air Line g 48
1950 A 0 834 85
85 Nov'27 _
8118 85
Ark & Mem Bridge & Ter 58_1964 M
10212 104
4 10014 111
024 10212
Gold 4s stamped
1950 A 0 83 Sale 8212
11
804 8418 Armour & Co 181 real eel 4348'39 J D 92 Sale 9112
8312
921 111
934
88
Adjustment 58
Oct 1949 F A 7812 Sale 784
250
81
784 8812 Armour & Co of Del 534e._I943J J 8814 Sale 8814
864 954
82
89
Refunding 48
1959 A 0 707 Sale 70%
8
69% 763 Associated 011634 gold notes 193 M D 103 Sale 02 4 103
715
s 26
4
945
7
S
3
21 100 4 1044
5
1st & cons(is series A
1945 M S 95 Sale 9414
232
9414 99 8 AUanta Gtul L let 58
3
9613
10314 ---- 0318 Sept'27
/
1
4
/
1
4
102 103
All & Birm 30-yr let g 45,11933 M S 9378 Sale 93%
39
94
903 95
Atlantic Fruit 7s etts dep
4
1934 3 D
1558 20
20 Nov'27
Seaboard All Fla let gu Ss A.1935 F A
9412 Sale 9414
95
73
9312 98 8
3
Stamped eth3 of deposit
11
20
18
18
18
Jan'27
Series B
1
1935 F A 95 Sale 0412
93
14 974 AU Gulf az W I SS col tr 58-1957
95
1939
i 725 7314 7212
3
4
67
73
76%
28
Seaboard & Roan 68 extd_ _ _1931 J J 101 Sale 01 Nov'27
100 101
Atlantic Beta deb 58
013
4 10214 14 10012 10312
So Car dr Ga let ext 534s____1929 M N 1C218
100% 10218
10218
- --- 0218
B&N Ala consgug 5s
1938 F A 1053
_ 10318 105% Baldw Loco Works let 511.--1940 MN 108 Sale 07
s-- 05% Nov'27
106 108%
108
Gen cons guar 50-yr 5e...1963 A 0 11412 11512 133 Nov'27
_ 11014 114
4
Baragua (Comp Az) 734s...1937 3.8
_ 1067 063 Nov'27
10612 1094
8
4
So Pac coll 4s(Cent Pac coil) k'49 J D 94
8814 9 4 Ramsdell Corp 6s with warr-1940 Jo 1004 Bale 9914
944 944
5
9413 25
100 4 306
3
9614 106 4
3
Registered
J D 88 --- 90 Nov'27
90
86
Deb 6.1 (without warrant)-1940 J
895 Sale 897
8
g
9014 18
89
944
20
-year cony 48
150
June 1929 M El 997 Sale 99%
8
98% 1004 Belding-Hemingway 6s
997
1936 J J 9815 9914 9832
98 4 65
3
94
99
let 4348(Oregon Lines) A_1977 M B 10312 Sale 0312 104 8 55 10014 104% Bell Telep Pa 53
Berke B._1948 33 107 Bale 1063
of
4 107
10 102 4 107
3
20
-year cony 5s
1934.8 D 10212 Sale 0212 10212 17 100 103
1st & ref 513 series C
1960 AO 10912 Sale 10918
10912 22 1024 109 4
1
20
-year gold Se
1944 M N 10212 1023 0212 10212
4
1 100% 10314 Berlin City Elec Co 634s____1951
4
D 943 Sale 944
9212 98
72
95
Ban Fran Terml let 48__ _ _1950 A 0 944 Sale 9412
9018 95
943
Berlin Elec El & Undg 6345_1956 A0 94 Sale 9312
4 le
9212 973
64
95
4
Registered
A 0 8818 91
93
91 July'27
87
Beth Steel 1st & ref 53 guar A '42 MN 10112 Bale 10112 10212 16 100 102%
So Pac of Cal 1st con gu g 58_1937 MN 10512 108
0614 Oct'27
1044 107
30-yr p m & Imp ef 5s....-1936 3, 101% 10212 1003
98 102
4 102
/
1
4
39
So Pac Coast ist gu g 48_ _ _1937 J 1 974 9814 9718 Nov'27
9418 98
Cons 30
-year 6:3 series A-1948 FA 104% Sale 104
/
1
1043
4 87 1014 1054
Bo Pac RR 'etre(4a
Registered1955 J 3 973 Sale 97%
9338 9812
4
9814 123
Cone 30
-year 534s ser B...1953 FA 1017 Sale 10112 102
8
974 1024
1
80
9414 97
J J
97
Oct'27
Bing az Bind deb 614e
1950 MS 95
93
954 95
9512
9512 35
Southern By let cons g 5.3...1994 J J 11312 Sale 1318 1133
4 95 10613 115
Booth Fisheries deb s f 68_ _1926 AO 10214 10112 10114
--- 10118 Feb'27
Registered
J J
103 Dec'27
4
1031 1103 Botany Cons Mills 634e..1934 AO 84 Sale 8312 8412 17 80 92
/
4
4
Dove!& gen 413 aeries A-1956 A 0 92 Sale 917
471
934 Bowman-Bill Hotels 7a____1934 M
86
8
93
10314 Sale 1023
4 10314 14 102 104
Develop & gen 813
1956 A 0 120 Sale 19 4 12014 83 113% 125
3
Brier Hill Steel let 5348____1942 AO 1047 Sale 1047
8
14 1031s 106%
2
105
Devel & gen 654e
1956 A 0 12614 Sale 2614 1267
s 36 1194 128
B'way & 7th Av lot o g 58-1943 Jo 69
6912 7912
7078 6912
1
6912
Mem Div 1st g 5s
1996 J 1 1114 113
1212 Nov'27
4
- 10614 1123
CUs of dep stmpd Dec '26 Int
72% 76
7434 Sept'27
St Louis Div 1st g 48
3
1951 J J 93% 0414 93%
9414
89 s 95
3
Brooklyn City RR 1st 58____1941
95 Sale 94
867 9511
8
954 38
East Tenn reorg lien g 58_1938 M S 10112 --- 0118 Nov'26
Bklyn Edison Inc gen fla A_ _1949 JJ 106 Sale 10512 106
27 1034 106%
Mob & Ohio coll tr 4s
8
1938 M S 963 Sale 96
92 ikits
General 6e series B
962
8 26
1930
10318 1033 10312 1033
5
5 102 4 1054
4
4
Spokane Internal let g 58-1955 1 i 874 Sale 8712
84
9114' Bklyn-Man R T see 68
874 10
1968 J J 963 Sale
4
954 101%
9714 56
Sunbury & Lewiston 1st 48_ _1936 J J 93% -- 9312 July'27
9212 9312 Bklyn Qu Co & Sub con gtd 513'41 MN 633 Bale 9612
4
66
6112
637
2 24
66
Superior Short Line 1st 58_21930 M S 99%
9978 Nov'27 _
994 10012
let fis stamped
1941 J
7312 Dec'27
_
70
80
Term Assn 01 51 L 1st g 4346_1939 A 0 10C% Sale 1007
1
8 100%
98% 101
Brooklyn 11 Ti let cony g 48-2002 J J
8812 Nov'26 _
let cons gold 5s
1944 F A 10514 10614 105% 1057
7 102% 105 8
7
3-yr 7% secured notea___ _1921 1.8 105 __ _- 13612 Nov'26
8
_
Gen refund s f g 48
1953 J 3 92% 923 923
4
4
5
93
Bklyn Un El 1st g 4-5e
8714 9
3
1950 FA 93 Sale 9214
14 -Hi, 98
93
Texarkana & Ft S lot 5348 A 1950 F A 10614 Sale 10614 1063 111 1027 1074
8
4
Stamped guar 4-5s
1950 FA 9211 93
92 Dec'27
89
974
Tex & N 0con gold 58
1943 1 J 10212 103 1024 Dec'27
9978 10212 Bklyn Un Gas 1st cons g 5s..-1945 MN 1007
8
10628 Dec'27
1023 107
s
Texas & Pac Ist gold 56
2000 3 D 112 Sale 112
19 105 4 112
112
3
lit lien & ref 68 series A_1947 MN 116% Sale 116% 116%
3
4 1134 1161
4
2d Inc 58
(Mar'28 ep on)Dec2000 Ma 100 110 100 Aug'27
100 100
Cony deb 5348
1936 33 237 Sale 233
237
55 156 237
Gen & ref 58 series B
1977 A 0 103 Sale 103
9812 1034 Buff & Sum Iron s f 58
10314 47
1932 3D 93
944 9318
9312 10
92
94
La Div B L let g 58
1931 1 J 101%
8 10112 27
- 1013
99 10112 Bush Terminal 181 48
1952 AO 923
8
907 971s
$
9212
9212 29
Tex Pac-Mo Pan Ter 5348..1964 M S 1067 10712 10712 10712
8
1 10414 10712
Consol 58
1955 33 1003 Sale 10012 10118 14
9512 1011
4
8
Tol & Ohio Cent let gu Se.. _1935 J 1 10218 -- 102
Oct'27
100 10242 Bush Term Bldgs 5s gu tax-ex '60 AO 10514 1053 10434
9914 1064
4
10614 41
Western Div let g Efs
1935 A 0 1014 105 1004 June'27
10014 102
By-Prod Coke let 5348 A__ _1945 MN 102 1027 102
8
12 1004 103
103
General gold 5s
1935.8 D 10112 105 102
102
10018 103
Cal & E Corp unit & ref 5/3-1937 MN 104 Sale 10314
5 10118 104
104
Toledo Peoria & West let 45..1917 1 .1 1212 19
15 Nov'27
_
15
15
Cal Petroleum cony deb a f 581939 FA 953 Sale 95 4
4
9112 96
/
1
4
3
54
96
Tol St L & W 50-yr g 4s___ _1950 A 0
935
8
7
89
93%
/ 9/
1 31
4
Cony deb f 5348
4
1938 MN 10012 Sale 100
95 1024
10012 52
ToIWV&Ogu 4348 A
1931 1 J
994 Nov'27
99% Camaguey Bug late f g 7e__ _1942 AO 100 Sale 100
99
96 1014
1004 17
let guar 4345 series B
1933 J .1 100 ---- 100 Nov'27
994 100
CanadaSSLlstOd
1941 AO 10114 Sale 10118
99 102
1013
2 23
let guar 48 series C
1942 M 9
95% Dec'27
_
94
957 Cent Dist Tel let 30-yr Sa_ _ _19433D 10434
s
3 1024 105
1043
4
1043
4
Tor Ham & Buff let g 4e..._ _1946 J D 933 943 94 Dec'27
_
4
4
90
95
Cent Foundry isle f 613.May1931 FA 99
96
9934 99 Nov'27
995
4
Ulster & Del let cons g 5s_ _ _1928 1 D 63% 6414 60%
5
564 71
63%
Cent Leather let lien s 1 68_ _1945 33 1047 10518 1047
8
3 101 1054
8
10512
let refunding g 45
1952 A 0 334 3512 3412
1
344 43
344
Central Steel 1st g f 88
1941 MN 12112 sale 12112
2 11818 125
12112
Union Pacific let RR & Id gt 4a'47 J .1 9812 Sale 9814
9478 100
Cespedes Sugar Co 1st at 7348'39 MS 100 100% 10012 1011s
98% 111
9814 1034
2
Registered
J .3
1
-- 9818
9818
937 984 Chic City & Conn Rya 5sJan1927 AO 694 7514 70 Dec'27
8
72
53
1st lien & ref 4s
120
June 2008 M B 9714 Sale 9714
4
98
913 99
Ch
L & Coke 1st gu g 58_1937 3.8 10318 103% 103% 103%
1 102 10354
4 use may. of Due June. 8 Due AM.
-64
10234 10411
fof
110 111
0734
5
3331
New York Bond Record-Continued-Page 5
11,
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 16.
`C
111
7,
Price
Friday.
Dec. 16.
Week's
Range or
Last Sate.
Range
Since
Jan. 1.
BONDS
N. Y.STOCK EXCHANGE
Week Ended Dec. 15.
3
111
Price
Friday.
Dec. 161:
Week's
Range or
Last Sale,
Range
Since
Jan, 1.
HISS
Low
High
Ask Low
Bid
High
Nigh No. Low
Ask Low
Bid
10112 10512
1954 J J 10512 ____ 1054 Nov'27 _
Kings County Lighting 5a
4
743 89
4 27
883
1927 F A 8614 Sale 854
3 11214 119
Chicago Rys let 58
119
___ 119
1954 1 J 119
First & ref 6 4s
.
8
923 • 961
9614 179
1947 J J 9614 Sale 94%
6
Chile Copper Co deb Ss
105
8
977 10512
4
2 101 103 8 Kinney (G11)& Co 74% notes'36 J D 105 10512 1043
,
Mein Gas & Elec let & ref 68 56 A 0 102% Sale 102% 10234
8 47 102 1057a
1057
4
1936 J D 10514 Sale 1043
15 10414 1051
. Kresge Found'n coll tr (3e
105
4
Jan 1 1961 A 0 105 1053 105
2
530 ser 13 due
9914 10312
10212
8512 854 Lackawanna Steel let 58 A 1950 M 8 10212 Sale 10218
- 1047 Oct'27
844
s
14 1001.4 103
Clearfield Bit Coal 1st 4s___1940 J J
102
Lac Gas L of St Lref&ext 53_1934 A 0 10114 10112 101
96 102
101
-52
8
8
Colo F & I Co gen Sf 5s _ ___1943 F A 1003 161 101
1054 22 1033 108
1953 F A 10512 Sale 10514
Coll & ref 54e series
9312 99%
8 13
973
3
Col Indus let dr coil 53 go_ __1934 F A 97 Sale 97
971s 10114
10114
Lehigh C & Nay sf 430 A....1954 J J 10118 __ 10114
9913 100
277
9938
99%
8
Columbia G & E deb 5s_ __ _1952 PA N 993 Sale
8
101 1023
Valley Coal let g 58_ _1933 J J 10114 10212 102 Dec'27
9635 984 Lehigh
_
s
Columbus Gas let gold 58_ _ _1932 I .1 973 9812 98 Dec'27
10012 10012
10012 Nov'27
J J
Registered
82
77
1
79
8014 79
Commercial Cable let g 4s__2397 Q 3 79
9512 97
0
,
let 40-yr gu int red to 4 7' _1933 J J 957 ____ 9512 Aug'27
5
99 4
93
14 9812
8
99
9812 99
Commercial Credit e f 85_1934 M N
101 104
10114 Dec'27
1934 F A 10114
1st & ref 51 53
9013 951?
14
94
1935 2 .1 93 Sale 93
1
Col tr 5 f 54% notes
3
99 4 10112
102
1944 F A 102 Sale 102
let dr ref 51 be
106% 10 10414 1083s
Computing-Tab-Rec s f 6s _ _1941 J J 10614 Sale 10614
994 105
4
1954 F A 1003 ____ 105 Nov'27
let S, ref 58
964 9818
_
8
99 1014
Conn Sty & List & ref g 445 1951 J J 987 10014 9818 Oct'27
10118 Nov'27
1964F A
let & ref 5s
9434 10014
9
9914
9918
1951 .1 J 9914 100
Stamped guar 44s
4
997 101
101 Nov'27
1974 F A
1st & ref 5 f as
98% 10218
28
Consolidated Cigar 8 f 6s_ _ _1936 A 0 102 Sale 101% 102
37
37
37 May'27
_
Lea Ave & F F 1st gu g bs_ _1993 MS
8 120 1244
Consolidated Hydro-Elec Works
12215
Liggett & Myers Tobacco 70_1944 A 0 12214 1224 12214
9514 101
3
9634
9618 9612 96
1174 11718
of Upper Wuertemberg 75_1958 3 J
11718 Sept'27
A 0
8638Registered
76
8314 44
9 1024 10814
Cons Coal of Md 1st & ref 58_1950 J D 83 Sale 83
1951 F A 1.0412 Sale 10412 105
Se
8
99 10511 1073
s 107
10114 10412
Como!Gas(N Y) deb 540_1945 F A 1064 Sale 1063
10412 Nov'27
F A
Registered
81118
75
891 191
4
Cont Pap & Bag N111186 4s_ _1944 F A 88 Sale 853
11712 775 1031 11712
4
Carbonic Corp 6s___1941 F A 11713 Sale 11714
8 10014 1024 Liquid
102
Consumers Gas of Chic gu 58 1936 J D 102 103 102
Sale 10618
10612 270 101 1074
Loew'e Inc deb 8s with warr_1941 A 0 10612
19 102 1135
8 105
Consumers Power let 58_1952 M N 105 Sale 1047
95 1014
9912 186
4
Without stock pur warrants..... 99 Sale 983
99
97
18
99
9812
1946 1 D 985 99
Container Corp let 65
11712 Sale 11712 11712 14 115 120
1944 A
9912 10212 Lorillard (P) Co 78
8
1003 Dec'27
Copenhagen Telep ext 6s__ _1950 A 0
9518 1004
8 43
98 7
8
1951 F A 9813 987 98
58
1 1014 10318
4
Corn Prod Refg let 25-yr 815s'34 M N 1.1)Y 104 11212 10212
3
96 4 974
97 Dec'27
F A
Registered
4
4
933 1043
4 52
1043
Crown Cork & Seal let s I 6e 1942 F A 10412 Sale 104
99
97
97 7 116
Sale 97
9718
1937 J J
Deb 5345
995s 104
42
104
.1951 3 J 10212 Sale 10214
Crown-Willamette Pap 65.
99% 1044
10412 28
91 12 994 Louisville Gas & Elec(KY)58252 86 N 10412 Sale 1038
9312 60
Cuba Cane Sugar cony 78_.1930 J J 9314 Sale 9212
99
94
97 Dec'27
8
963 97
Louisville Sty let cons 5e __ 1930 J J
9518 102
904 55
0
,
Cony deben stamped 8 7 _1930 J .1 9614 967 954
4
25 10712 1083 Lower Austrian Hydro Elec Pow
12
Cuban Am Sugar let coll Se.1931 M S 10712 Sale 10713 108
8718 9512
88
4
1944 F A 8712 883 8718
later 6411
98% 102
3
4
Cuban Dom Sug 1st 794s...1944MN 993 Sale 99 4 1004 29
97 101
4 28
1003
9 10013 103% NIcCrory Storee Corp deb 543'41 J D 10012 Sale 10014
3
Comb T & T lst & gen 5s..1937 J J 10338- 1035s 103%
4
10518 13 1025 109 4
4
933 t(912 Mental Sugar 1st s f 744s_ _ _1942 A 0 105 106 104
14
99
4
66' 983
49
2
Cuyamel Fruit let s 16s A _ _ _1940 A 0 9812 6714 737
70
Y)cons g 43_1990 A 0 69 Sale 69
90 10134 Nlanhat RY(N
10112 Dec'27 -5812 65
16
Davison Chemical deb 63481931 J J 10114
62
20131 D 62 Sale 62
2d 48
98 10218
10112 10218 19
OenGaa&ELlee&refsrgSa'5l MN 10112 Sale
9354 9912
9912 Dec'27
3
10214 Manila Elec Sty & Lt ef be_ _1953 M S 98 4 99
9814
8
4
1013
M N 10112 Sale 10114
Stamped as to Pa tax
Mfrs Tr Co etre of partic in
437 81
5114 13
9 1044 106
DerY Corp (I) G) let s f 7e_ _1942 M S 5114 Sale 4912
A I Namrn & Son let 65_ _1943 .1 D 106 Sale 10513 106
10138 10338
Detroit Edison let coil tr 55_1933 J J 10214 Salo 10212 103
9912 24
9614 101
Sale 99
9 10214 10414 Market St lty 7s ser A April 1940 Q J 9911 Sale 10912 10912
104%
1st & ref Os series A_July 1940 NI S 105% --- 104
8 10511 110
Nietr Ed let & ref g 6e ser B..1952 F A 10912
4
2 100 10414
e
Gen de ref 5s series A
1949 A 0 1085 Sale 1053 Dec'27,____ 10218 10578
1353 J J 10312 10418 10312 10312
let & ref 58 series C
8 17 10714 109
1083
let & ref as series IL _July 1940 NI S 10812 Sale 108
80
76
79 Dec'27 ____
80
81 23 10138 1058 Mete West Side El(Chic) 4s_1938 F A 7918 961 95
8 1057
4
943 105
Gen& ref baser 13
6
1955 .1 D 105% Sale 1053
97
921/ 9714 Nliag NIIII Ntach 75 with war_1956 J D 9512
9718
4
Del United let cons g 4)4s...1932 J J 97 Sale 963
8712 9612
3
89 4 12
J D 89 Sale 89
warrants
Without
8214 96
89% 620
8
Dodge Bros deb 68
3 10311 10512
1940 PA N 893 Sale 8714
10514
0
8938 Mid-Cont Petrol 1s1 6 45--194 M S 10514 Sale 105
81
2
8112
Gold (Jacob) Pack let 88_1942 NI N 8114 Sale 8114
9714 1013
s
8
1013 120
4
10112 Sale 1003
8
797 Midvale Steel &0 cony s 1 Es 1936 SI
48
4
76
Dominion Iron & Steel 58_1939 NI S 76 Sale 75%
16
9818 101
8 101
_ _ 1003
430'31 J J 10012
MIlw El Ry & Lt ref & eat
4914 79
18
76
76 Sale 73%
8
8 36
Certificates of deposit
9914 1053
1951 J D 103 Sale 1034 1037
General & ref 58
98
95
3
95
9512 05
Donner Steel let ref 721
98 10314
1942 J J 95
10314 63
1961 J D 103 Sale 103
let & ref 558
10614 121 10313 10612
Duke-Price Pow 1st Be ser A '66 M N 106 Sale 105%
9 1014 105
8
1043
104
1943 J J 10414 Sale
987 10112 Montana Power let 59 A
10118 321
Duquesne Light 1st 410 A 1967 A 0 10012 Sale 100
NIontecatini Min &
4
29 1023 108
8
East Cuba Sug 15-yr 51 g 7 m2 37 m S 1037 Sale 103% 1C4
9812 102
.
994 56
,
1937 .1 J 99 Sale 98 2
Deb 75 with warrants
947 95
4
Ed El III Ilkn 1st con g 4s__ _1939 J J 9738 ---- 973 Dec'27
1
8
953
92
4
943
4
943 95 4 943
4
,
Without warrants
4
8
1 1067 1123
4
4 1121
Ed Elec 111 let cons g Ss_ _ _ _1995 J 3
9
r -- 1123
95% 100 2
,
8 10012
4
3
Montreal Tram 1st dr ref 5s__1941 J J 100 8 1003 1003
9912
94
9612 24
Mee Pow Corp (Germany)6 48'50 M
95% 1003
9414 96 4
1124- , 95%
4
10010 Dec'27
Gen & ref a f 58 series A__1955 A 0 99%
96 10014
8
9814
9812 9814
Elk Horn Coal let at ref 630.1931 J
96
108
3
89 4
83
87
3
894 99 4 Morris & Co 1st s 1 44s _ _1939 J .1 87 Sale 8518 Oct'27
1
8
903
8
907 90%
Deb 7% notes (with warets'31 J
90
83
83
83
83
Mortgage-Bond Co 48 ser 2.1968 A 0 81
9938 102
9
102
Equip Gas Light let con 55 1032 M
- - 102
5s
10114
9654 99
2
4
983
1932 J J 9818 985e 0838
-year 58 series 3
10-25
4
983
95
7
9912
4
Federal Light & Tr let 5a_ _1942 M
983 Sale 984
9811
92
18
95
19341 D 92 Sale 92
Murray Body 1st 6 tis
99
36
95
99
let liens f 55 stamped _
9812 Sale 984
1942 M
10112 103
Oct'27
10212
4
let gu g 55_1947 MN 1023
8
4
let lien 6s stamped
10412 1043 10418 10412 44 102 1047 Mutual Fuel Gas ext 4% 1941 PA N 102 8 -- 103 June'27
1942 M
10154 103
3 ____
2
97 10414 Nlut Un Tel gtd 59
8
1023
30-year deb 65 tier 13
4
1003 10412 102
1954 J
88% 974; Namm (A 1) & Son-See Mfrs Tr
4
97
Federated Metals e f 7s
1939 J D 9512 Sale 9512
49
6212
27
56
54% Sale 54%
1951 J
64
9212 10812 Nassau Elec guar gold 4s
1001
Flat deb 7s (with warr)
1812
1946 J J 199,8 Sale 9912
98% 104
_
8
1037 Nov'27
National Acme I st f 7;0_1931 J D
9112 99
924 15
9214 Sale 92
Without stock purch warrants.
4 21 100 104
1033
Nat Dalry Prod 6% notes_ 1944) MN 10315 1033* 10314
19 115 120
11812 1187
Flak Rubber lets 8s
1941
8
1 1013 104
10014
1
8512 9012 Nat Enam & Starring 181 58.1929 J D 100 Sale 100
901
Ft Smith Lt & Tr let g 55_ _ _1936 M 8 90
9114 8913
,
4
993 100 2
94
1001
3
4
1947 F A 100 4 ____ 993
54 Nat Radiator deb 634s
9812 105
28
1047
8
Frameric Ind & Deb 20-yr 730'42 J J 1047 Sale 104
4
963 10014
10014 June'27
_
Nat Starch 20-year deb 5s-1930 J J
1. 106 110
4 1073
4
Francisco Sugar 1st s f 748.1942 M N 1073 10912 1073
8
5 1033 10514
105
105
MN 105
Tube 1st f
4
4
943 1013 National
1001 116
Fr neb Nat Mall SS Linea 78 1949 J 0 100 Sale 100
8
2 1025 10114
10614
-- 10614
Newark Consol Gas cons 55.1948 J D 108
_
s103 e Sept'2
3
Gas & El of Berg Co cons 5581949 .1 D 1405
8
4
10715 14 103 1073
8
8
22 1023 1033 New England Tel de Tel 58 A 1952 J D 10634 108 1063
109
Gen Aephalt cony 68
1939 A 0 10814 1084 10818
8
952 10212
109
8
1961 MN 1017 Sale 10112 102
lst g 44sseriem B
106 11212
_ 9438 Nov'2
9412
Gen Electric deb g 330
1942 F A
4 96
993
9358 100
4
4
4
943 New Orl Pub Serv 151 55 A.....1952 A 0 983 Sale 983
91
44
1033
102
Gen Elec (Germany)7eJan 15'451 J 10338 Sale
935s 100
77
993
8
First & ref 55 series B....1955 J D 993 Sale 9914
7 10114 106
115
11414
115
81 deb 6348 with warr. _.1940 J
5
13
9934 102 4
10014
3 113 13814 N Y Air Brake let cony 68..1928 M N 10014 10012 100
2
993
2
993
Without warrts attach'd '40 .11 D 997 foo
8453 88%
3
88 8 10
9914 10214 N Y Dock 50-year let g 0_1951 F A 88% Sale 8812
161.
8
1937 F A 10212 Sale 10212 1027
Gen Mot Accept &bee
8 22 115 117
8 1167
ref 634s A.1941 A 0 1164 Sale 1163
3
9912 103 8 NY Edison let &
Geni Petrol 1st s 1 58
10214 35
1940 F A 102 Sale 102
10512 44 102% 10534
1944 A 0 10514 Sale 105
First lien & ref 58 B
3 10014 10212
4
1053
____ 1053e
Gen Refr 1st f g asser A _ _1952 F A 106
26 106 110
110
_ 10934
4
NY Gas El Lt & Pow g 5s...1948 J D 1093
4
4
Good Hope Steel & I sec 7e_ _1945 A 0 1003 Sale 1003
4 17 1014 108
1003
9214 9712
9712 18
9712 Sale 973
991,, 1034
Purchase money gold 4s_1949 F A
70
108
4
Goodrich (II F) Co 1st 63'4e_1947 J J 1073 Sale 10718
.
102% 1023
_ 10438 10812 NYLE & W C.& RR 5;0_1942 MN 102 105 10238 Oct'27
8
1097 Oct'27
Goodyear Tire & Rub 1st 88_1941 M N
8
103
3 10112 1033
103%
NYLE&W Dock & Imp 5s 1943 1 ..1 10334
1197 12212
8
11014 Aug'27
10-years 1 deb g SsMay 1931 F A
_ 1003 1024
8
1930 F A 10038 10214 1004 Dec'27
95
8
793 1097 11114 N Y & Q El L & P let g 5s
8
1st M coll tr 5s
1975 M N 943 Sale 9412
8712 Dec'26
4
917 9712 NY Rye let RE & ref 48
1942 J J
107
8
1013 Sale 10113 1017
8
Gotham Silk Hosiery deb 63_1938 J
Oct'27
54
Certificates of deposit
9714 10234
Gould Coupler lets f 6s._ ...1940 F A 76 Sale 76
7712
212 3
214 312 212 Oct'27
-year ad.) Inc 55,.. __Jan 1942 A O'
30
6812 87
__ 1004 Dec'27
Granby Cons NI S & Peon 68 A'28 M N 10014
512 512
8 512 Mar'27
57
Certificates of deposit
leol4 102
Stamped
s
1928 M N 10014 _ _ 1003 Nov'27
11,8 307
8
1212 149
N Y Rye Corp Inc 6s___Jan 1965 Ai; 1112 Sale 1118
17 10014 102
98
4
GI Cons El Power(Japan)76_1944 F A 973 Sale 973
8514
74
8 28
753
75% Sale 7414
Prior lien 68 series A.____1965 J J
54
93 5
9438 9912
let & gen e f 6 4s
93 Sale 93
19501 J
22 102 109
109
Sale 108
M N 10812
947 N Y & Richm Gas let
91
4
10612
Great Falls Power lets 543_1940 M N 1054 1067 1053
4
8
81
4714 591,
44
51
49
4
Gulf States Steel deb 530_1942 J D 9718 Sale 9614
9738 23 10234 10612 NY State Rye let cons 430_1962 M N 503 Sale 6118
6118 82
4
64
let cons 830 series 11___1982 MN 64 Sale
9712
94
9134
4
Hackensack Water let 43...._1952 J J 9112 Sale 913
s
10812 22 10514 1087
NY Steam let 25-yr Ileser A.1947 MN 10814 Sale 10814
8612 92
Hartford St lty let 45
1930 NI S 95 ____ 9018 Nov'27
98% 102
8
4
NY Telep 1st & gems f 430_1939 MN 1013 Sale 10112 1017 123
QOs 95
Havana Elec consol g 5s _ _1952 F A ____ 96
Dec'27
96
11112 43 109 112
11118 112 111
95
30-year debeo s fee...Feb 1949 F A
8
987
6
83
Deb 530 series of 1926 _ 1951 86 S 82 Sale 82
5 75 107% 1101s
8 1087
108% Sale 1083
-year refunding gold 68_1941 A
20
82
33
903*
103
1027 Sale l027
Hershey Choc let & coil 548 1940 J
9614 103
34
103
4
19461 D 101 102 1013
4
Hoe(R)& Co let 6)4s ser A_1034 A 0 98 Sale 98
4 72 10112 1035 NY Trap Rock let 6s
993
2
10218 18 10014 1045
8
98 10212 Niagara Falls Power let 59..1932 I J 1023 Sale 10212
Holland-Amer Line 6s (flat) _1947 M N 10C38 Sale 10014
10012 24
4
/
2 10314 1061
* 10538
Jan 1932 A 0 1055e - - - - 1055
Ref & gen 68
3 237
9112 104
Hudson Coal let s f 58 ser A _1962 J D 94 Sale 93
94
8 10014 10434
10412 1044
6
Hudson Co Gas let g 5s _ 1940 Si N 1053 ____ 1053
4 10534
984 Niag Lock & 0 pr 1st 58 A__1955 A 0 10412 -93
4
,
80 s 9514
9
8112
8
8
Nor Amer Cem deb 6 4s A. _1940 NI S 803 Sale 803
1C9 102 106
Humble Oil& Refining 5411_1932 J J 1027 Sale 10238 103
8
9814 10214
8 10214 179
No Am Edison deb be ser A_1957 M S 102 Sale 1015
1937 A 0 10018 Sale 100%
Deb gold be
8
1CC3 203 10138 103
954 103
10212 45
10212 Sale 10214
,
97 100 8 Nor Ohio Trac & Light 88___1947 M
77
Illinols Bell Telephone bs
1956 J D 10538 Sale 10538 106
22 100 103
8 103
8
Nor'n States Pow 25-yr 5s A_I941 A 0 1023 Sale 1023
4
1940 A 0 100 Sale 100
Illinois Steel deb 430
4 28 1023 100
1003
12 10411 10712
4
1053
let & ref 5-yr 68 series 11_1941 A 0 10512 Sale 10516
9654 101
14
Header Steel Corp 8175
100
1946 A 0 100 10012 9914
98 101
4
993 10012 100 Nov'27
99 10234 North W '1' 1St fd ir 4 t4sgtd.1934 J
98
31
Indiana Limestone let sIôs_1941 MN
99
114 11714
4
4 1163
4
Ohio Public Service 710 A._1946 A 0 1163 11714 1163
98 100
3
Ind Nat Gas & ()II 55
1936 M N 993 Sale 9913
8
9938
1 11354 11612
11514
1947 F A 11514 118 11514
let & ref 78 series B
98
Indiana Steel let 55
1952 P4 N 105 Sale 105
10512 10
9938
4
27 1033 1073
8
4 1071
1948 J .1 10712 Sale 1033
10312 10512 Ohio River Edison 1st 8s
10012 May'27
Ingersoll-Rand 1st 58 Dec 31 1935 J J 10218
931
9812
90
23
1944 F A 9314 Sale 93
12 10012 10012 Old Ben Coa 1st 68
1945 MN 1033 Sale 10314
Inland Steel deb 5345
4
104
1 101 104
1943 F A 10312 104 10312 1031
Inspiration Con Copper 6 45.1931 M S 10112 Sale 10034
10112 66 101 18 10414 Ontario Power N F let 5a
2 10014 10318
9814 10138 Ontario Transmission 5s __ _1945 M N 10318 Sale 10318 1O3's
Interboro Metrop coil 445_ _1958 A 0
Apr'25
11
20
9212 98
9512 19
8
Oriental Devel guar 6s
1953 M S 9412 Sale 953
Interboro Rap Tran let 58_1966 J J 773 Sate 77
8
778 153
9312 964
65
96
4
7512 797 Otis Steel let 86 68 ser A_1941 M
96 Sale 943
225
Stamped
77 Sale 77
4
773
4
993 1041e
103'2 27
Sale 1(1234
4
8
753 793 Pacific Gas,!', El gen & ref 58.1942 1 J 103
10
-year (Is
1932 A 0 7738 Sale 7713
7838 52
11)
54
99 102
102
10
77
-year cony 7% notes_ _1932 NI
9812 Sale 9812
8238 Pac Pow & Lt 1st & ref 20-yr 58'30 F A 101% Sale 10114
987s 113
963, 9914 Pacific Tel & Tel let 5s
10412 16 10114 10512
1937 J J 10412 Sale 10414
Corp 1st 20-yr 55.1932 MN 8918 9212 91 Dec'27
_
Int Agric
Ref mtge 53 series A
1952 MN 10614 _ _ _ _ 10638 10612 20 10112 10812
Stamped extended to 1942_ ___ M N 8112 Sale 8112
8138 9212
8315 20
41 102 10618
8414 Pan-Amer P & T cony a f 83_1934 M N 10312 Sale 10234 103
Inter Wrenn Marine s f 6s 1941 A 0 1053 Sale 105
69
10512 55
8
3 10412 107
10512
1st lien cony 10-yr 75
1930 F A 10514 10513 10514
,
95 8 108
International Paper 58
8
1013 Sale 10114
1947 .
101 12 42
1
91 1004
9514 74
Ref s f Os ser A
97 10218 Pan-Am Pet Co(of Cal) cony 68'40 J D 9314 Sale 9318
8 58
1043
1955 M
10512 Sale 104
98 102
8 69
1017
Paramount-Bway let 545_ _1951
J 10112 Sale 10118
6s
973 105
Cony deb
11612 Nov'27
1941 A 0
85
9311
9714 11612 Park-Lex St leasehold 6 45_ _1953 J
4 37
893
4
883 Sale 8814
Stamped
11618 Nov'27
80 1001
4
4
80 3 110
9818 116 ‘. Pathe Exch deb 78 with war.1037 M N 80% Sale 80
lot Tele')& Teleg deb g 44s 1952 J
8
963 287
964 Sale 96
100 10512
963, Pat & Passaic G & El cons 58.1949 M
10512 Nov'27
92
Jurgens Works 6s(flat price)_ 1947 J J 10614 1063 10618 10614
4
3
9712 101
88
983
9712 Sale 9712
Kansas City Pow & Lt 58.,..1952 86 S 10514 Sale 105
10514 15 10112 11114 Penn-Dixie Cement 63 A _1941 M
11312 115
8
let gold 445 series El
4
1013
1957 J J 1013 Sine 10114
4
5 103 1057 Prop Gas & C let cone g 6s 1943 A 0 11418 11478 115 Nov'27
8
5 1015 10512
Refunding gold be
1947 M S 10512 __:: 10512 10512
9812 102
Kansas Gas & Electric 6s_ _ _1952 M S 106 Sale 10514
106
21
99 4 9914
,
9914 Apr'27
Registered
M S
1033 10612
4
Kayser (Julius) & Co let sf 78'42 F A 1063 10714 10712 Oct'27
4
10414 96 10318 10514
Philadelphia Co coil tr 1381 A_1944 F A 104 Sale 10312
Cony deb 530
1071, 245 10634 10812
1947M 8 10612 Sale 106
10414 132 10012 105
-year cony deb 5 Ke_1938 M
15
10312 Sale 103
4
95 1073
51
Keith (B F) Corp let 68_ _.1946 M 8 1005 Sale 1002 101
8
8
0.85 101
8
1003 211
Phlia Elec Co let 44e
1967 86 N 100 Sale 100 .
9638 101
Kelly-Spring1 Tire 8% notes_1931 M N 10812 Sale 10814
10838 23
9912 10314
34
103
8
99 10914 Phila & Reading C & I ref 58_1973 1 J 1017 Sale 1017g
Keyston Tele') Co let be_ _ _1935 J J 9612 99 9612 Nov'27
911/ 10714
42
98
8
93
8
973 Pierce-Arrow Mot Car deb 83243 M
98 Sale 957
10412 Sept'27 _ _
1937 A 0 10418
Kings County El & P g 58
991/ 10411
1
10414
10414 10712 10414
8
1997 A 0 1304 -- 1307
1 10312 10418 Pierce 011 deb s I 85. _Dec 15 1931 J
130%
Purchase money 6s
10412 10 10214 1051g
4
4
823
5 12414 13078 Pillsbury Fl Mills 20-yr 613._1943 A 0 10412 Sale 10334
Kings County Elcv let g 45_1949 F A 8234 Sale 823
99 100
9912 Nov'27
Pleasant Val Coal 1st g s f 5s_1928 J
9912 101
8114 86
2
83
F A 83 Sale 82%
1949
Stamped guar 4s
91% 9512
9514 95
Focah Con Collieries 1st e f 58;57 J J 99
6
9512
8012 86
3332
THE CHRONICLE
New York Bond Record-Concluded-Page 6
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 16.
t
Price
Friday.
Dec. 16.
Week's
Range or
Last Sale.
3 tZ
3
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 16.
[VOL. 125.
:I v
.
22 h
4:ci.
Western Union coil tr cur 58.1938 .1 J
Fund & real est g 434s....1950 MN
15
-year 61 8 I?
/
4e
1936 F A
25
-year gold bs
1951 .1 D
Weirhouse E dr M 20-yr g 58.1946 M S
Weetphalla Un El Pow 645.1950 .1 D
Wheeling Steel Corp 1st 548 1948.7 3
White Eagle 011 & Ref deb 548'37
With stock lunch warrants__ _. M 5
White Sew Mach Os(with war)'36 J J
Without warrants
- --.
Wickwire Sum SO 1st 75_ _1935 J J
Wickwire Sp St'l Co 78 Jan 1935 MN
Willys-Overland 8 f 845_1933 M 6
Wilson & Co 1st 25-yrs f 65_1941 A 0
Winchester Arms 74s
1941 A 0
Venture Sheet Ar T 20-yr As 19433 .1
Price
Friday
Dec. 16.
Week's
Range or
Last Sale.
Bid
Ask Low
1043 Sale 1043
4
8
10114 Sale 1005
8
11214 Sale 11214
10412 Sale 10412
104 Sale 104
9712 Sale 9714
1013 1C2 10112
4
4,
e..
3
al c%
Range
Since
Jan. 1.
High No. Low
High
105
4 1013 1064
s
10114 28 95 1014
/
1
113
9 11114 114
105
23 1003 10612
8
10412 79 101 1054
9812 87 93 4 9912
3
1017
8 15 96 4 10212
5
/Rd
Ask Low
High No. Low
High
Port Arthur Can & Dk 68 A-1953 F A 1045 10512 10438
s
1043
4 13 1033 105 4
8
3
1st M 68 series B
1953 F A 10412 106 105 Nov'27
_ 10438 1054
/
1
Portland Elec Pow 1st Os B_I947 M N 10318 1033 10312 1044
4
7 100 104 8
3
Portland Gen Elec let 5e__.1935.7J 101 102 10112 10112
3
99 1024
/
1
4
9412 Sale 94
Portland Ry 1st & ref be_-1930 M N 977 9814 98 Nov'27
9512 27
94 961s
94
/ 98 8
1
4
5
7
126 Sale 126
Portland Ry L& P let ref 58_1942 F A 98 Sale 98
126
1 973 148
4
9812 13
913 984
s
1007 Sale 10012 1007
8
Registered
8 34 99 4 10375
F A
3
9614 Oct'27
9614 961
.
33 Sale 3270
1st lien A ref 6s series B___1947 M N 10314 103', 10312 104
3312
2 25
58
14 10018 1043
s
26 Sale 254
let & refund 7348 series A_1948 M N 10714 Sale 10714
263
4 20 20
52
10712 10 1061 10818
/
4
102 10212 102
Porto Rican Am Tob cony 681942 .1 J 1033 Sale 1033
10212
6 1013 104
4
4
4 10714 244
99 1075
8
10118 Sale 1003
Pressed Steel Car cony g fo.. _1933 J J 977 Sale 9778
4 10112 122 973 102
4
8
/
1
4
9812 34
12 99
93
106 Sale 106
Prod 1 Ref f 88(with war)_1931 J D 1145
10618 16 1041,1085*
8
/
1
4
- 114 Dec'27
110 1145
5
105 Sale 103
Without warrants acttahed
1053. 54 1033. 10115.
J D 111 111 III Dec'27
14
110 11314
Pub Seri Corp of N sec 65_1944 F A 10718 Sale 10634 10714 50 1033
4 108
Sec g 5558
1956 3 J 1043 Sale 10412 1047
4
8 49 10112 1053
4
Pub fiery Elea & Gas lat 54
81959 A 0 10518 Sale 10518 10512 34 1045 10614
/
1
8
1964A 0 105 10518 10434 105
lst&refS34e
163 104 1063
4
let & ref 5s
All bond prices are "and interest" except where marked"f".
19653 D 105 Sale 10434 105
116 1044 10514
Punta Alegre Sugar deb 75-1937.1 J 106 Sale 105
Standard Oil S
1053
4 27 105 11112
Par
bid Ask
Railroad Equipments
Ma
Aid
Pure Oil s f 53% notes
1937 F A 10014 Sale 100
10012 70
98 1004 Anglo-Amer 011 vot stock.£1 *19
/
1
4
/
1
1914 Atlantic Coast Line 65-__
4.90 4.75
Remington Arms fiti
1937 M N 97 Sale 97
9
98
98
95
Non-voting stock
£1 *1814 19
Equipment6 Hs
4.40 4.30
Rem Rand deb 51 with warr'47 M N 043 Sale 95
/
48
4
Atlantic Refining
94
953 122
4
98
100 10812 10912 Baltimore 1 Ohio 63
4.90 4.80
Repub I& El 10-30-yr bs s 1-1940 A 0 10218
2 1004 108
Preferred
- 10212 10212
100 117 11814
Equipment 434s & Ss...._
4.35 4.25
Ref & gen 54 series A...1953 J J
/
1
6
Male 1027
8 10318
2
98% 10314 Borne Scrybuser Co
25 *57
Buff Roch & Pitts equip 6s. 4.70 4.50
58
Rtdnelbe Union 7e with war_1947 J J 11114 Sale 10834 11012
45 1064 126 4 Buckeye Pild6 Line Co._ 60 *57
3
58 Canadian Pacific 434e& 6s. 4.50 4.35
Without elk porch warts_1946 J
984 Sale 983
8
98 10412 Cheeebrough Mfg Cons25 •117 120 Central RR of NJ 65
99
4.90 4.80
Rhine-Main-Danube 75A-1950 M S 1014 Sale 10112 10112 59
5 100 4 1C412 Continental 011 v to
3
10 *183 1812 Chesapeake & Ohio 68
s
4.95 4.80
Rhine-Westphalia Elea Pow 78'50 M N 101 Sale 1004
Cumberland Pipe Lin8._100 90
/ 1007
1
8
8
987 105
8
93
Equipment6411
4.50 4.40
Direct mtge 68
1952 M N 925 Sale 9212
8
Eureka Pipe Line Co._ __100 65
92
93 4 49
98
3
67
Equipment53
4.35 4.25
Rime Steel 1st f 7s
1955 F A 96
964 9612
Galena Signal Oil com__ _100
933 98
967
7
4
8
412 4 Chicago Burl & Quincy 135._ 4.90 4.80
/
1
4
Bobbins& Myers lets f 78._1952 .1 D 45 Sale 45
3
344 65
45
Preferred old
100 40
45 Chicago & North West 138_ 4.90 4.80
Etochester Gas1 El 7s ser B.1946 M S 111 11112
1118 11118 23 11058 115 8
5
Preferred new
100 28
33
Equipment61
/
4
s
4.50 4.35
Gen mtge 51 series G-1948 M
/
4s
10612
105 10714 Humble Oil A Refining-25 *6514 6512 Chic R I & Pac 41 & 5s.
-- 07 Dec'27
/
4s
4.45 4.30
Roch & Pitts C&Ipm 5.1946 M N
9212 Sept'27
9212 Illinois Pipe Line
90
100 178 180
Equipment65
5.05 4.95
Rogers
-Brown Iron gendcref is'42 M N
*6912 60 Colorado & Southern Os___ 5.05 4.90
39 Sept'27
247 497
8 Imperial Oil
5
Stamped
MN
42 Sept'27
Indiana Pipe Line Co.
24
50
..50 •75
Delaware & Hudson 65
76
St Joe Ry Lt & Pr 1st bs_ __ _1937 MN
4.95 4.85
98
955 9814 International Petroleum..
8
984 16
.t *3618 3614 Erie 41 & be
/
45
St Joeeph Stk Ycla 1st 4 Hs _ _1930 J J 9812
4.60 4.35
9812
1
975 9812 National Transit Co. 12.50 •21511 22
9812
8
Equipment Os
St L Rock Mt & P 58 stmpd.1055 J J
5.05 4.95
755 8113 New York Transit Co_-_100 38
7912 11
8
40 Great Northern tis
St Paul City Cable cons 58_1937 J J 784 7912 794
5.00 4.90
9614 973 9534 Nov'27
944 963
4
4 Northern Pipe Line Co100 91
93
Equipment be
San Antonio Pub Serv 1st 68_1952 J
4.45 4.30
1094 Sale 083
17 1054 10912 Ohio OR
4 109
/
1
25 *6512 66
Hocking Valley be
4.45 4.35
Saxon Pub Wks(Germany) 7s'45 F A
99 4 Sale 99 4 10014 42
3
3
Penn Meg Fuel Co
99 104
25 .3214 323
Equipment6a
4
Gen ref guar 6He
4.90 4.80
1951 M N 952 Sale 9514
4
9314 9912 Prairie Oil & Gas
953
4 23
25 •485s 49 Illinois Central 41 & W.- 4.30 4.20
/
4s
Sohulco Co guar 6Hs
1946
J 10312 Sale 03
104
34
993 1043
s
100 1823 18312
4 Prairie Pipe Line
Equipment68
4
Guar s f6Hs series B
4.85 4.75
1946 A 0
7
99 10412 Solar Refining
100 175 179
Equipment 78 & 634e... 4.40 4.30
Sharon Steel Hoop lat 8s ser A '41 M .8 103 Sale 02 8 10312 44
5
10712 10912 Southern Pipe Line Co...50 *21
2112 Kanawha & Michigan Os... 5.00 4.90
Shell Union 011sf deb 5s_ _ -1947 M N 10814 1082 08 Dec'27
9814 Sale 9814
9512 993
9812 163
25 .3714 38
4 South Penn 011
Kansas City Southern 54
Siemens & Halske 5 f 75
/
1
5. 4.90 4.70
1935 J .1 103 10315 03
10318
Southwest Pa Pipe Linee.100 *74
10014 105
Louisville & Nashville 134.-. 4.85 4.75
78
Deb s f °Hs
1951 M S 1037 Sale
8
100 105
Standard Oil (California)
Equipment6 Hs
*5518 5512
S f 6345 allot ctfs 50% pd_1951 M S 1033 Sale 0312 1034
4.40 4.30
4
0255 1034 143
Standard Oil(Indians)„.25 *804 8012 Michigan Central 5s& 65... 4.50 4.30
9812 106
Sierra & San Fran Power 58_1949 F A
4
1013 Sale 0178 1025
8
6
5
95 102 8 Standard 011 (Kansas)._ _25 •1512 153 MionStPASSM 41
Silesia Elec Corp sI 674s
8.1858 4.70 4.50
4
/
4
194 F A
6
95 Dec'27
9215 9814 Standard 011(Kentucky).25 *12214 12212
_
Equipment 8 Hs A 7s.
Silesian-Am Exp col tr 75
- 4.75 4.60
1941 F A
961 10112 Standard Oil(Neb)
/
4
8
4 80
25 *40
Missouri Pacific Cal 0MB- - 5.10 4.80
42
Simms Petrol 6% notes ___.1929 MN 983 Sale 9814. 983
10612 Sale 05
9715 1064 Standard 01101 New Jer-25 53912 3955 Mobile & Ohio 58
Sinclair Cons 01115
. 4.45 4.35
-year 78.1937 M 8 9912 Sale 9814 1065s 184
9912 49
975 1022
8
4 Staodard 011of New York.25 *3114 315 New York Central 434s 168 4.30 4.20
let lien col 68 ser D
8
1930 M S 97 Sale 9614
9454 994 Standard Oil (Ohio)
9714 80
25 77 773
Equipment(is
let lien 61 series B
4
4.90 4.70
/
4
e
1938 J D 95 Sale 94
9514 149
Preferred
9214 10238
100 119 120
Equipment75
Sinclair Crude Oil 3-yr 68 A.1928 F A
4.40 4.30
10014 Sale 00
10014 38
98 10118 Swan & Finch
25 •18
Norfolk 1 Western 44
19
Sinclair Pipe Line 5 f 58
/
1
5--- 4.30 4.20
1942 A 0 9312 Sale 9314
932
7
9112 95 s Union Tank Car Co
100 121 123 Northern Pacific 78
5
Skelly 011 deb 53.4s
4.45 4.35
1939 M S
4
9514 58
4
4 Vacuum Oil
5
937 953
25 •1425 14312 Pacific Fruit Express 78--_ 4.45 4.40
Smith (A 0)Corp 1st 6 Hs_1933 MN 943 Sale 942
s
14 10114 103
1021
Washington 011
10
South Porto Rico Sugar 7s._1941 .1 D 102 Sale 02
- - Pennsylvania RR eq fo & 65 4.50 4.35
8
7 107 110 4
11014
3
PROM & Lake Erie 634s...__ 4.40 4.30
South Bell Tel& Tel ist 581941 .1 J 1097 11014 10
105 Sale 045
16 10213 1055
8 105
8
Public Utilities
Reading Co 4 Hs1 5s
Southern Colo Power 6s A 1947 .1
4.30 4.20
22 10015 105
American Gas & Electric- • *12112 12212 St Louis az San Francisco be. 4.50 4.40
Erwest Bell Tel 1st & ref Ii....1954 F A 10414 Sale 1044 105
10612 Sale 0612 1065
4
8 60 1023 1065
6% preferred
8
••10814 1083 Seaboard Air Line 51
/
4
Spring Val Water let g 58
31 tis 5.00 4.75
4
1943 M N 10012
Nov'27
9912 10012
/
1
4
Deb (is 2014
-- 00
MAN 1074 10814 Southern Pacific Co 4345..- 4.30 4.20
Standard Milling 1st be
1930 M N 101 Sale- 01
1011 19 100 103
/
4
Amer Light & Trac corn. 100 175 176
Equipment7s
1st & ref 54
-- 4.40 4.30
/
1
8
1945M
1031
101 1033
4
100 116 120 Southern Ry 44 158
Preferred
Wand 011 of N deb 5s Deo lb'48 F A 10312 ____ 01
/
1
s
4.45 4.35
10312 Sale 03
/ 1034 122 1013 10112 Amer Pow & Light pref.-100 108 10812
1
4
8
Equipment68
Stand 011 ofNYdeb4l4s..1951J D
5.00 4.85
9712 164
94
Deb 682016
9754
MIS 10712 1084 Toledo & Ohio Central
Stevens Hotel 1st 68 ser A...1945 J .1 974 Sale 9714
5.00 4.85
10012 Sale 00
1004 20
99 102
/
1
Amer Publle Util com__100 58 62
Sugar Estates (Oriente) 70_1942 M S
Union Pacific 78
4.40 4.30
1005 Sale 00
8
10012 16
9812 101
7% prior preferred____100 95 97
Superior 011 lets 178
'rob
Stocks
1929 F A
1013
s
99 4 103
5
3
100 90
Panic Preferred
Syracuse Lighting let g 58-1951 J D 10118 Sale 0118
- American Cigar corn.... 00 132 138
10618 _-_ 0618 Nov'27
1023 1064 Associated Elec 5/
4
6'46A&O 104 165
/
1
1
4
Preferred
100 102 105
Associated Gas & Elec com.• *21
Tenn Coal Iron & RR gen 58_1951 .1 J
British-Amer Tobac ord. li *Z12 2612
22
/
4
0478 105
2 103 1055
Original preferred
e
Tenn Copp & Chem deb 6s 1941 A 0 1041
Bearer
554
55
26
i 10114 26
9814 10114
86 preferred
Tennessee Elec Pow 1st 611_1947 J D 101 Sale 1005
*95
90 101
98 Consul Cigar Pref.
10714 Sale 107
8
1073
EOM preferred
s 38 1051 10712
• *100 101
Third Ave 1st ref 45
Imperial Tob of G B A Irei'd *2412 26
1960
J 674 68
672
71
8
63
685* 66
• *104 105
$7 preferred
Ad1 Inc 55 tax-es N Y Jan 1960A 0
but Cigar Machinery new100 81
83
66
/ 66
1
4
5818 Sale 5712
Blackstone Val CI&E com_50 *128 131 Johnson Tin Foil de Met.100 65
584 148
Third Ave Ry Ist g 58
75
19373 J 9912 993 997
4
Com'w'Ith Pr Corp pref _100 103 10312 Mengel Co
97 100
8
1
994
Tabo Elec Pow 1st 7s
100 57
59
1955 M S 974 Sale 98
984 49
945 995
s
4 Etc.() Bond & Share pref.100 10912 110
Uni,,n Tobacco Co corn.. 27
a% gold notes_ --JulY 15 1929 .1 .1 9818 Sale
28
984
957 994 Elect Bond & Share Secur--• •8014 803
5
005* 59
Tokyo Elec Light 8% note8.1928 F A
Class A
4
83 86
993 Sale 9938
8
974 100
995 125
8
Lehigh Power Securities_
Toledo Edison 1st 75
Universal Leaf Tob p1.-100 122 130
*2012 21
1941 M S
4
1082
5 17 1073 1094 Mississippi Riv Pow pref.100 x106 108
Toledo Tr L & P 54% notes 1930 .1 3 10812 Sale 10814
Young (J 8) Co
100 110 115
/
1
1007 101
8
005
8 1005
4
983 10114
2
First mtge 58 1951_ _..113 1031 1 104
8
Trenton0& El Ist g bs
Preferred
100 102 106
1949M S
____ 105 Nov'27
1022 105
8
MAN 984 9914
Deb Ss 1947
Sugar Stocks
Trumbull Steel 1st 51 6s..-1940 M N 105
10028 Sale 9812 10012 79
96 1017
4 National Pow & Light peel. *11114 1113 Caracas Sugar
Twenty-third St Ry ref to__ _1962
50 *1
4
3
5014 53
52 8
50
7
6718 North States Pow com.100 132 134 Cent Aguirre Sugar corn.-20 *129 130
53
2
Tyrol Hydro-Elec Pow 71
/
4
6_1955 MN 9812 987 983
9714 10214
8
8
99
100 10812 11012 Fajardo Sugar
3
7% Preferred
UJIgawa El Pow s f 7s
100 5159 161
1945M
9914 Sale 99
95 100 4 Nor Texas Elec Co com _100 10
9912 14
3
/
1
4
20 Federal Sugar Ref corn 10030 35
Undergr'd of London 430_19331J .1 9518 Sale
954 Nov'27
941 96
/
4
Preferred
100 48
Preferred
53
Income Os
55
100 50
19481___ _
94
994 Ohio Pub Seri, 7% pref.10 110 111
0
Godchaux Sugars. Inc
Union Elec Lt& Pr(Mo)58.1932 M S 994 -- 994 Nov'27
4
t *2
1024 -- 10214
10214
Pacific Gas & El let pref.-25 *2614 263
2 10114 103
Preferred
Ref ext 68
4
25
100 20
1933 M N 10214 Sale 10214 10212
Power Securities corn
• •12
8 10114 103
Holly Sugar Corp com___• *35
14
Un E LAP (111) 1st g 54 ser A'54 J J
39
8
/
1
10312 Sale 103
4
Second preferred
10312 16 1013 105
• *53
57
Preferred
Union Kiev Ry(Chic) If _
100 80
85
1945 A 0
904
--- 9014
81
4
C8•11 trust 68 1949.__JAD 97 9812 National Sugar Refining-100
9014
Dillon 011 1st lien a I 58
1931 J 3 1013 102 102
129 132
9044
1014 10212
Incomes June 1949-F&A 92
95 New Niquero Sugar
100 50
30-yr tls mules A....Mar 1942 F A 10912 110 10912 Dec'27
55
10912 10 107 110
Puget Sound Pow A Lt.-100 35
36 Savannah Sugar com
1st lien f 58 series C Feb 1936A 0 997 Sale
• 120 125
8
96 100
4
2
100 91
8% preferred
993
4
Preferred
93
United Drug 20-yr 68.0ct 15 1944 A 0 10712 Sale 993
100 116 118
100 109 111 Sugar Estates Oriente p1.100 48
7% preferred
4 23 1064 10812
United Rys St L lst g 45.-- _1934 J J 854 Sale 10712 1073
53
85
76
8512
5
1st & ref 51 1949..J&D 103 104
/
4
8512 133
Vertlentes Sugar pf
United SS Co 15-yr 65
100 60
70
1937 MN 9458 Sale
9712 South Cal Edison 8% pf-25 *41
90
943
4 19
Robb Stks (Clete'd e uoter6)
44
Un Steel Works Corp 6 Hs A _1961 J D 9212 Sale 9412
91 106
9114
Stand G & E 7% pr pf _ _100 510912 111
40
924
Falls Rubber corn
t *412
Without stock pur warrants-- J D 947 Sale 9212
5
93
9812 Tenn Elec Power 1st pref 7% 108 109
943 147
4
Preferred
19
Series C with warrants
25
J D 9314 943 9212
4
913 1057
4
. Western Pow Corp pref_100 10312 105 Firestone Tire.4 Rub com.I0 *196 202
9314 72
Without stock pur warns_ J D 9212 94
93 Dec'27
9212 9812
Water Bonds.
6% preferred
United Steel Wks of Burbach
100 108
Arkan Wat 1st be'56 A.A&O 99
7% preferred
100 107 8
Esch-Dudelange f 7s_ _1951 A 0 10312 Sale 103
,
9914 10413 BIrm WW 1st 5HaA54.A.40 104
10312 146
General Tire & Rub corn_.25 *151 180
U S Rubber let & ref be ser A 1947.7
96 Sale 941s
967
88
96as 589
s
let M 56 1954 ser B__J&D 101
Preferred
Registered
100 106
J J
8'54AJ&D 103
7
953
934 95 4 City W(Chatt)51
4
3
/
4
95 4
3
Goody'r TAR of Can p1.100 r105 106
10-yr 71 secured notes_1930 F A 1051s Sale
/
4
%
10478 10538 50 1024 1063
J&D 9911 10012 India Tire & Rubber new.-1 *18
let M 58 1954
4
US Steel Corp(Coupon Apr 1963 MN
2314
1083
4 10918 119 1064 10918 City of New Castle Water
•12
Mason Tire A Rubber com-t
if 10-60-yr 5eiregist. _Apr 1963 MN
4
10814 10814
J&01 96
1 1068 1085
5s Dec 2 1941
4
Preferred
Universal Pipe & Rad deb 681936 J D
98
100 10
12
9018 90
90
8714 901s Clinton WW 1st 5o'39..F&A 9612 9712 Miller Rubber preferred_100 94
1
Utah Ltd,Trac lat & ref 50._1944 A 0 973 Sale 9712
96
9812 48
4
9355 9812 Com'w'th Wat let 534sA'47 10212 103
Utah Power & Lt 1st fo
/ Mohawk Rubber
1
4
24
100 17
1944 F A 1013 Sale 10158 102
4
9738 102
5sOct2'39A10
Connellsv W
15
95
Utica Elec L & P 1st sfg 68_1950 J J
Preferred
_
60
100 57
4
103 105
E St L & 1st Wat 58'42.313 9614
Selberling Tire & Rubber-- t *38
Utica Gas & Elec ref & ext fo 19573 .1 1033 -- 104 Aug'27
39
1063 -.313 1(23
10614
2 1021s 1064
1st M (is 1942
4
Preferred
Vertieotes Sugar 1st ref 78..1942 J D 100 8 Sale 104
104
100
99
/ 10012 29
1
4
983 10114 Huntington 1st 88 '54.MIS 103
4
Indus. & Mises!!
Victor Fuel hits f 5s
1954.7 J 55
57 55 Dec'27
64
65
1954 98
5e
American Hardware
Valron Coal & Coke 1st g 58_194961 S 91
99
75
25 *71
92
91
91
91
95 4 Mid States WW 6e'36 MAN 103
5
5
Babcock 38 Wilcox
Va Ry Pow ist & ref 58
100 125 130
1934J J 1013 Sale
4
8 10214 51
8 Monm Con W 1st58'56AIAD 9412 9512 Bliss(E W)Co
985 1025
8
Walworth deb 645(with war)'35 A 0 9412 Sale 1015
t •19
20
89
9412
964 Monm Val Wt 51 '50-313 101 102
6
0412
/
4s
Preferred
1st sink fund is series A _.1945 A 0 96 Sale 9612
50 *60 65
9612 16
Muncie WW 55 Oct2'39 A01 95
9118 97
Borden Company com
Warner Sugar Rein let 78_ _1941 J D 1033 106 106
50 •136 140
8
10614
917 10718 St Joseph Water bs 1941A&O 98
8
3
99 Childs Company pref _100 119 123
Warner Sugar Corp 1st 75_ _ _1939 J J 8912 Sale
8912
784 9812 Shenango ValWat bg'58A&O 944 9512 Hercules Powder
893
11
4
Wash Water Powers f 55_ _ _ _1939 J J 1(.33
100 190 200
10338
4
1023 10314 So Pitts Wat 1st 58 1960 J&J 101
4
Preferred new
100 119 121
Wenches Ltg g 58 stifled gtd 19503 D 10612 ---- 105 Nov'27
/ Dec'27
1
4
1024 1057
1st Si 55 1955
8
FAA 100
-Internet Silver 7% pref 100 125 128
West Ky Coal let 75
1944 MN 1045 Sale 10412 10434 24 10112 10518 Ter
8
W W 68 '49 AJ&D 10212
Phelps Dodge Corp
100 125 180
West Penn Power ser A 55._ _1946 M S 10318
- 10318 1045
1st
8 11 10018 10618
bs 1958 ser
..F&D 9712
Royal Baking Pow com.100 250 205
Ist 58 series E
1063 Al 8 1045 lOSli 1047
8
8 105
31 10014 10514 Wichita Wat 1st 6e'49_IeldeS 102
Preferred
100 103 107
1st 54s series F
1953A 0 106 Sale 10534
106
let M be 1956 ser B__F&A 9712
5 10412 106114
Singer Manufacturing-100 430 438
1st sec Co series0
19563 D 1044 Sale 10314
105
23 100 105
•6
612
Singer Mfg Ltd
i
West Va C & C ist 65
1950J J 6013 Sale 53
44
6012 109
80
•Per share. t No par value. 0 Basle a Purchaser also pays accrued div demi.
Western Electric deb 58.....1944 A 0 1033 Sale 10334
4
104
47 10115 10434
Nominal. z Ex-dividend. y Ex-right., r Canadian quotation. s Sale pr cc.
Quotations of Sundry Securities
Ii14
5
es_
mai sale
8914
1141;
_
BOSTON STOCK EXCHANGE-Stock Record se.641,',11.g.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday.
Dec. 10.
Monday.
Dec. 12.
Tuesday,
Dec. 13.
Wednesday. Thursday,
Dec. 15.
Dec. 14.
$ per share S per share S per share 3 per share $ per share
4185
1833 1843 1833 1833 1833 1833
4
4
1844 1844 •z1843
4
4
9612 95 4 9612 95 4 9614 95
95
964 96
3
96
3
101 101 *2101
_ _ 102 102 .x101 103
115 115
115 115 **110 114
..r100114 114
115 116
108 108 •:107 108
107 107
109 109
•x108 109
55
55
5512 5512
5512 5514 56
55
54
54
_
_
Friday.
Dec. 16.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100
-share lots
Lowest
Highest
3333
PER SHARE
Range for Previous
Year 1926
Lowest
Higheal
Railroads.
S per share Shares
Par.
18312 18312
100 171 Jan 7 188 May 27 159 Jan 175 Dee
578 Boston & Albany
13
9512 96
100 81 May 10 9812 Dec 9
t 700 Boston Elevated
77 May 85 July
13
102 102
30 Preferred
100 984 Apr 27 1031
:June 9
89 Feb 103 Dec
112 112
100 109 Mar 30 120 Nov 19 11212 Dec 122 Jan
178 lat PrefelTed
____ -_
_
324 2d preferred
100 101 Jan 20 110 Sept 8
9813 Jan 112
Jan
5512 56
835 Boston & Maine
100 514 Mar 7 70 July 6
35 Mar 581: July
Preferred
100 56 Jan 22 6912July 13
82 Apr 611 Dec
:
;tiO If ;io If ;io "if ;io lif ;io If ____
Series A lot P713I
4
100 763 Jan 15 87 June 1
59 Apr 86 Dec
.120
__ •120
__ •120
_ _ .120
*120
Series B let pref
100 118 Oct 24 139 May 3 84 Apr 130 Dec
____ ____ ____ _____ _
.110 114 •110 114 •110 114 *110 114 .110
Series C lst prof
100 97 Sept 17 116 May 26
74 Apr 1.0 Sept
__ •155
*155
__ 155 155 .155 ------------5 Series D Ist pref
*155
100 154 Aug 24 165 Apr 21 105 Jan 165 Dec
110 110
110 110 •110 11212 10814 10814
-11 .109 111
.109 1
94 Apr 1074 Dee
10412May 6 113 May 21
48 Prior preferred
202 20212 202 205 •____ 200
202 203 202 202
185 187
879 Boston & Providence
100 185 Dec 16 212 Oct 25 x17513 Mar 207 Dec
12
•__ 35 •____ 35
31
34 ._ _ __ 34 .____ 34
--------38 East Mass Street Ry Co___100 25 Feb 4 43
28
Oct 61
12Sept 16
Jan
•x____ 75
75
75 *a_ _ 75
75 75
--------241 1st preferred
75
75
100 64 Feb 8 81 Oct 7
Jan
5913 Apr 71
72
72
71
72 •:7212 73
70
75
--------220 Preferred B
75
100 60 Mar 14 78 Oct 7
56 May 69 Jan
*534 55
53
*5312 55
5314 *5312 55
_ __ ___ _
.
•5314 55
25 Adjustment
100 12 Apr 1 5912Sept 17
40 Apr 4914 Jan
*64
65
*6312 64 8 *6112 64% ---, -7
6312 6312 65 65
25 Maine Central
100 4713 Jan 13 74 Mar 29
49 Sept 60 Feb
56
5814 58
2 597 5618 5714 564 57
597
a 61
2 5812 607
33,409 NY N H & Hartford
3173 Mar 48 3 July
100 4113 Jan 6 61 Dee 16
3
____ .:10312.___ .:105 ____ •x105 ____ .x105
.105
Northern New Hampahlre..100 924 Jan 13 106 Nov 9
81 Apr 9813 Dee
___ 141 143 •139 141
.143 __-- *143 ____ •143
137 137
296 Norwich & Worcester pref_100 127 Jan 4 14612Nov 5 120 Apr 132 Dee
.x1333 ____ 134 134
3
.x13418
1333 133 8 133 13314 131 133
3
3
505 Old Colony
100 122 Jan 4 13612 Oct 4 111
Jan 125 Sept
643 65
3
4
3
64 3 6518 643 65
3
647 647- 6412 65
643 65
8
3
1,397 Pennsylvania RR
50 63 July 1 684 Oct 4___ ...„.. _
120 120
*120 121 .120 121 •120 121 *120 121
113 Vermont & Massachuaetts_100 107 Jan 8 121 Nov 10
119 119
99 4 Mar 107 3
Dee
Miscellaneous.
.
0312 3 s *
7
34 37
s *
312 37
8 *
312 3 8 • 12 3 3
Amer Pneumatic Service
7
3
214 Jan 3
7
2 Nov
5 4July 30
3
5 Jan
22
*2212
. *2212 2234 22
4 22
2212 --------295 Preferred
2112 213
50 154 Jan 12 261
:5ept 14
18 Dec 2414 June
3
1
*
1794 1803 179 18033 17934 1825 182 18318 1813 1834 1811 4 18214 4,612 Amer Telephone & Teleg__100 1494 Jan 3 18512 Oct 11 13912 June 15034 Feb
3
109 •---- 106 •90 105 .90 106 .90 105
____ ____ ___ _ _ Amoskeag Mfg
Jan
4812 July 71
No par 48 Jan 17 116 Nov 18
8912 89 89
897 90
8
--------239 Preferred
8914 8914 8914 8914 89
7212 Nov 78 Feb
3
No par 73 2 Jan 10 99 Nov 17
*48
483 *4912 50
4
+50
50 •50
50
45 Assoc Gas & Elec class A--- 363 Jan 25 5014 Dec 5 ____
4912 4912
__
__ _
4
_....
Atlas Plywood tr etre
5212 -Apr ii34 ian
5314June 9 59 Feb 10
10 Atlas Tack Corp
712 Oct 4 12 Apr 7
814 Oct 1714 Jan
No par
-- -154 Aug 25 2012 Jan 3
Beacon 011 Co corn tr etre_ _ _
1418 May 2012 Jan
95
94
95
9412 94
95
-95
95 •94
944 94
94
300 Bigelow-Hartf Carpet_ _No par 77 Feb 17 96 Nov 3
74 Nov 981: Jan
*AO .20 •.10 .20 ..10 .20 *AO .20 •.10 .20 ____ ____ ___
Coldak Corp.. class A 'I'
6 Jan 3 ____ ____ _ _ __
.10 Dec 8
106 106
10712 10712 106 1063 •2104 10612 --------136 Dominion Stores, LtdNo par 67 Jan 26 10712 Dec13
106 106
4
57 May 71 C_Dec
*3
*212 312 *212 312 •212 312 --------80 East Boston Land
3
3
32
10
114June 27
354 Feb 3
312 Jan
113 Dec
.134 2
2
2
13
13
4
13
4 *13
4 2
*IN
2
270 Eastern Manufacturing
7 4 Mar 17
3
3
4
4
5 112 Dec 3
312 Mar
7 3 Oct
3
8812 8912 89
91
89
9014 9014 92
90
91
8912 90
3,840 Eastern SS Lines. Inc
45 Jan 4 9314Nov 29
44 Nov 8813 Jan
46
46
46
48
47
.46
49
4712 48 .48
48
48
380 Preferred
34 Nov 45 Jan
No par 35 Feb 15 48 Nov 23
4
4
10412 1043 .104 1043 10411 105
10512 10512 *10412 107
105 105
353 1st preferred
4
100 873 Feb 17 10512 Dec 14
9014 Oct 9913 Jan
.111: 1212 *1112 1212 1112 1112 *1112 13121 *1112 1212 --------50 Economy Grocery Stereo
10 June 1 15 Sept 13
14 Nov 26 Feb
255 258
253 254
255 257
25514 25512 254 25512 255 2553
4 1,436 Edison Electric) Illum
100 217 Feb 18 267 May 23 x207 Jan 250 Feb
*3412 3522 34
*34
35
3512 *3414 3512 *3412 35
Federal Water Serv corn
27 Apr 26 3612 Oct 29
3112 3112 3112 3112 --------125 Galveston-Houston Elec__100 2212 Apr 20 38 Nov 4
32
•32
33
*32
32
33
14 June 27
Oct
.1512 1612 *1512 161 *1512 1612 *16
1612 1614 1614 --------5 General Pub Serv Corp corn.. 113 Jan 11 1712 Oct 8
11 Dec 17 Jan
4
20 .x20
201
: 20
201 ..20
•x20
2012 *16
19 Feb 2 22 Sept 22
1614 --------50 Germ Cred & Inv let pref._
3412 3412 3412 343
343 343
2 343 35
4
2
4 343 347
4
343 35
4
1,645 Gilchrist Co
No par 3414June 28 38 Mar 15
3414 -Apr 4038 Jan
9714 100
9912 9921 9914 10314 1037 105
2
1033 10514 8,483 Gilette Safety Razor
4
No par 8412 Mar 22 10914 Oct 1
8812 Mar 11312 Feb
1212 12
12
12
1132 1214
11
11
1212 1212 1212 1212 1,975 Greenfield Tap & Die
7 Oct 15 1314 Nov 28
25
10 May
14 Sept
123
.12
4 12
123 .12
*12
4
12 .12
1254 --------5 Hathaway Baking Corn
123
4
12 Jan 17 13 Mar 14
4414 4414 4414 4422 44
44
44 44
4338 44
437 44
8
426 Hood Rubber
2July 6 47 Jan 3
45 14 Dec 683 No par 323
4 Feb
.95
_
*95 _ _
*95 _ _
*95 _ _
*4312 44
_--- -_-- ____ _ Kidder.Peab Accep A pref_100 94 Apr 26 95 4July 12 x93 Apr 96 July
3
*912 _IA
912 9z
.912 - 8 *912 - 8
97
97
914
914 ____
38 Libby, M.:Neill & Libby___ 10
612 Aug
.
1114Sept 8
7 A ug 2
10 4 Dee
1
*713 7 3
714 7 3 •714 73
3
3
74 71
139 Loew's Theatres
4
73
4
714
714
712 _--25
6 Jan 3 10 Jan 18
6 July 124 Jan
111 111
11042 111
11012 111
110 111
110 11012 110 113
3,755 Massachusetts Gas Cos.....100 84 Mar 25 124 Nov 14
80
Apr 9412 Nov
8012 .80
81
80
81
.80
81
8112 8012 8112
81
81
160 Preferred
100 70 Jan 3 817 Nov 21
65
Jan 7013 Feb
10712 10712 10712 10711g *z106121071 10612 10612 10612 10712 *106 10712
245 Mergenthaler LInotype_No par 10312Nov 18 116 Oct 4 2104 June 2110 May
*324 33
: *314 312
312 31
312 31
33: 312
312 312
491 National Leather
433 Jan 20
2 Aug
10
412 Jac
214 Mar 24
3314 3214 3323 32
303 307
4
2 31
323 g3114 32
4
31
313
2 7,589 Nelson (Herman) Corp
5 2312 Feb 14 33 Dec 13
1512 Jan 2912 July
4
..05 .10 ..05 .10 ..04 .10 ..05 .10 '
1.05 .10 -___ ____
New Eng 011 Ref Co tr etre__ .15 Nov 28 .25 May 7 .20 Ja
.95 Apr
•____
3 *____
3 •___
3 •_ _
3 *-- _ 3
Preferred tr etre
100
5 Mar 30
312 Jan 11
3 July 1013 Jam
10012 10012 *1005g 102
10034 1003 11111114 1003 102 102
4
____
4
34 New England Pub Serv $7 pre
91 Jan 18 102 Dec 1
,,,x104 105 .:104 105 •:104 105
104 104
106 106
104 104
56 Prior preferred
974 Jan 26 106 Dec 15
95 Sept 101 - ep'
S
....._
.25 •____
.2
.10 .10 *AO .15 -------.25 *- _ _ _
100 New Eng South Mills_ _No par .10 Dec 14
34 Feb 23 .50 Dec
8 Feb
*4
412 .4
412 *4
412
414
414 *4
512 -------60 Preferred
100
2 Apr 1
2 Dec 28
8 3 Feb 28
7
Jan
137 13712 138 138
13712 138
13812 139
138 139
360 New Eng Telep as Teleg__ _100 11513 Jan 4 140 Aug 10 1107s Apr 11834 Feb
13812 139
•z901
--_ *2•9014 --- .x9014 - •:9014 -_- *9014
No Amer Urn 1st pf full paid__
90 Jan 5 95 Feb 29
89 Feb 96 Fet
447 rx47 ..z47 50
50 •z47
47
____ -._
48
47
47
..
30 1st pref 50% paid
40 Jan 6 50 Oct 1
14 4 Dec 27 Feb
3
3912 4014 40
3914 39
3911 3914 39
39
40
3912 40
4,725 Pacific Mills
100 3512 Mar 28 44 Sept 9
3512 July 55 Jam
.20
23
+20
23 .20
23
*20
23 .20
20 3 ____ ____ ____
3
Plant(Thos(1), let pref _ _100 15 June 22 423 Jan 3
8
40 Mar 6814 Jam
16
•15 4 16
3
.1512 16
16
*1512 16 *x1513 16
____ ____
15 Reece Button Hole
10 xI414Sept 15 1612 Feb 10
15 Feb 1714 Aug
*114
11
•114
13
4 *114
Is
*114
Reece Folding Machine_ __10
13 *x114
4
1 Mar 4
13
4
152 Jan 11
113 Dec
2 No
.128 130 *129 130
129 129
127 127 .x124 127
127 127
190 Swed-Amer Inv part pref_ _100 10512 Jan 5 132 Oct 27
98 May 110 Ans
126 126
12414 12414 1243 12512 12412 1247 +124 12514
124 125
4
2
403 Swift & Co
100 115 Jan 3 13012Sept 26 111
Apr 11814 Der
93 93
89
91
89
90
89
90
87
8712 85 85
505 Torrington Co
25 66 Jan 3 95 Nov 29
54 Mar 72 Beni
4
414
4
4
34 4
3
34 4
3
4
4
4
4
1,675 Tower Manufacturing
33 Dec 13
4
9 2 Jan 31
3
*1912 21
.1912 21
*1912 21
*193 20
4
1912 2012 --------125 Traveller Shoe Co T C
16 Aug 9 2112Nov 28
•1012 11
*1012 11
*1012 11
*1012 11
1012 1012 ____
75 Union
Drill
i Jan 1513
1413 Jan 24
5
913SePt
6418 6412 64 6412 6412 641 6414 6412 64 6412 6414 _--- 1,692 UnitedTwistMach Corp__25 50 Jan 2 77 Nov 29 47 Mar 5314 -11.4
643
4
Shoe
3
Aull
3114 3112 *.--- 3112 3012 301
30
30
+30
3112 *30
3112
65 Preferred
26 28 Jan 3 3112 Nov 28
28
Jan 30 Juni
8912 897
2 8912 90
2 8912 897
8912 8912 8914 8912 8914 8914
470 US & Foreign Sec let pref f pd 83 May 3 92 Oct 5
82 Nov 135 Pet
let pref 75% paid
74 Apr 39 86 Sept 8
60 May 90 Mg
9
9
9
914
*7
9
9
91s .812 9
83
8 8 2 1,225 Venezuela Holding Corp
7
412July 5 11 Apr 30
193 193
4
•191 20
:
20
4 20
2012 193 20
20
4
193 20
4
615 WaidortSys,Inc,new eh No par
19 Oct 1 274 Feb 23
17 Jan 22 4 Gal
8
61
•60
*60
6112 *60
61
*60
61
60 60
--------25 Walth Watch cl B com.No par 4012 Jan 21 61 Nov 19
29 Jan 41 Del
1
86 *285
:85
90 .185
86 *z85
86 •x85
86
--__ -Preferred trust Ws
100 61 Jan 3 85 Nov 19
4814 Nov 61 Der
*105 ---- *105 ---- *105 ___ *105 ____ •105
____ -___ ____
Prior preferred
100 10012June 14 118 May 20 101 Sept 112 Der
18 .:1714 1814 *z1712 1814 +1712 1814 rr 0
18 +117
18
2C Walworth Company
1714 Aug 11 2434 Apr 1
1234May 23 Jet
,
--166 168
16612 175
167 169
170 175 *165 170 x15812 169
1,410 Warren Bros
4N0v 30
44 Mar 69 Del
50 6518 Jan 13 1793
66
66
65
65
*66
68
66
68
67
67
--------185 1st preferred
Apr 46 Dpi
39
50 44 Jan 5 69 Dec 3
.72 ---- -....,- ---- --- ---- .68
_ _ *____ 72
_ _ -- - _ ____ - _
2d preferred
42 Apr 47 Feb
50 45 Jan 17 72 Dec 6
+18 ---- •18 ---- •18
18 -18 .18 ------------75 Will & Baumer Candle com___
:Nov 12
10 4 Aug 1713 Js*
3
14 Jan 12 181
Mining.
*____
.25 •___.7
.25 .--.25 +____
.25 •____
.25 •____
.25
Adventure Consolidated
1 Nov 29 .05 Mar .40 Jul*
25 .06 Jill) 14
2
2
2
Us
17
8
17
8 2
24
24 212
214 212 4,720 Arcadian Consolidated
212 Dec 15 .25 Mar
IN Aug
25 .20 July 18
57
578 6
573 6
6
6
6
6
612
614
7
5,285 Arizona Commercial
914 May
1234 Jar
5 July 11 104 Jan 8
5
56
5612 5612 57
56
56
*55
61
60
6114 60 4 6114 3.846 Bingham Mines
3
29 June 55 4 Jet
10 30 Jan 3 6114 Dec 15
3
1818 1814 1814 1812 1812 19
1918 20
2214 23
203 2312 28,013 Calumet & Heels
4
1314 June 183 Aug
3
25 1413June 27 2312 Dec 16
.
Carson Hill Gold
Jar
1 .10 Jan 7 .60 Apr 29 .10 Dec 50
4 17
1612 163
4 163
4 167 17
1612 163
--1924 20 4 8.987 Copper Range Co
2
-3
Jar
13 May 20
25 117eMay 20 20 4 Dec 16
3
2
2
*2
214
2
2
2
2
2
212
212 212 3,945 East Butte Copper MinIng_10
214 Oct
4 Fet
113 Oct 14
2 4 Jan 4
3
•.50 .75 ..30 .70 •.30 .70 ..50 .75
.75 .90 *.50 .85
390 Franklin
114 Jar
25 .05 Feb 1 .90 Dec 15 .25 Nov
*Asp .75 4
..50 .75 •.50 .75 ' .50 .75 . .50 .75 •
1
.
1
.
.50 .70
Hancock Consolidated
14 Julj
1 July 1 .27 Dec
25 .15 Apr 8
1234 .12
4
123 •12
123 •12
4
1234 12
•12
124 •12
70 Hardy Coal Co
1212
1 12 Dec 15 1814Bept 9 '14 Mar 2114 Jar
'Ark .18 ..50 .75 •.50 .75 •.50 .75 •.50 .75 •
.50 .75
Helvetia
2 Jar
25 .32 Oct 17 .85 Jan 6 .76 Oct
59
5712 5812 57
57
5712 5612 5612 56
56
56
563
4
986 Wand Creek Coal
1 47 Feb 26 87 Sept 6 --- ---- --- - _.
smelt
_ _ _ *107
__ *10612-- *107
_ •107
r _ *107
_ _ __ __
Preferred
994 Jan 1116 July
1 10413Sept 23 107 Apr 18
13
1314 1312 133 1
2 2
I14 13 33s 1332 -134 13
1514
141
514 4,858 Isle Royale Copper
9 June 14 Aug
12
25
9 July 13 1514 Dec 15
4
13
4 •13
2 21s •13
13
4 218
*13
4 24 *13
8 21s *13
4 214
100 Keweenaw Copper
273 Sep
Jar
25
7
1 July 21
2 4 Feb 4 .50
*114 IN .114
IN
14 112 *114
13
4 .114
112
112
112
325 Lake Copper Co
IN Jul,
Oct
4Nov 19 .60
26 .80 Jan 7
13
+.80 .95 1%80 .95 •.75 .90 •.80 .95 •.75 .90 +.75 1
La Salle Copper
1 Nov 11 .80 June
212 Mai
26 .50 Mar 2b
IN
13
4 2
174
13
4
17
3 •13
4 17
8
IN
2
*13
4
17
3 1,450 Mason Valley Mine
233 Sepi
111 Jan
4
214 Dec 7
5 .70 Oct 11
4
..25 .50 ..25 .50 *.25 .50 •.30 .50
.30 .45
.30 .50
230 Mass Consolidated
25 .05 Sept 29 .85 Jan 3 .15 Dec .75 Julj
.70 .74 •.65 .70
.55 .70
.70 .70
.60 .75
.70 .70 2,214 Mayflower-Old Colony__ _25 .25 May 3
112 Jan 11 .40 Dec
112 Jar
4812 4834 483 4914 49
4
49
4912 52
483 49
3
4912 51
3,497 Mohawk
25 343
8June 22 52 Dec 15
30 Mar 48
Ow
29
2912 30
2714 28
2812 29 2 29
27
3
251
283 29
4
2,845 New Cornelia Copper
181* May 24 Aug
5 1812June 24 30 Dec 13
+.03 .05 ..03 .05 ..03 .05 •.03 .05
.05 .05 --------7,000 New Dominion Copper
.05 May 26 .06 Feb 1 .05 Jan .20 JUIN
4..-.15 •-- 15 .---- 15 .____ 15 *____ 15
,
New River Company
100 15 Nov 7 1972May 12
18 Dec 25 Fel
58
58 *---- 61 •__ 61 *--- 57 .______
57
b7
20 Preferred
100 56 Nov 5 75 Feb 8
45 July 72 Fel
612 612
612 612
612 612
612 612
614 614
614 614
415 Nipissing Mines
6
5 Aug 16 104 Feb 2
5 July 1013 De
41I8
138
114
112
112
Ps
1
1
•1
118
1
1
1,565 North Butte Mining
7
10 .50 June 28
3111 Jan 5
3 3 Sep
2 Apr
0.61 .99 ..61 .99 ..61 .99
'.61 .99 *.61 .99 .
.70 .99
Ojibway Mining
25 .40 Oct 5
14 Jan 26 .50 Jan .50 No
12 .11
*11
12
•11
12
12
1134 1212 1214 1212 1,570 Old Dominion CO
*II
25 • 94 Oct 27 15 Apr 1
13 Dec 20 .1111/
14
*14
15
14
14
14
14
1312 1312 1312 1312
14
590 P'd Crk Pocahontas Co No par
11 Jan 4 1812 Aug 19
1013 Mar 15 Jaz
14
14
1414
14
14
1434 143
4 1412 16
1534 164
14
911 Quincy
4
25 131 July 13 1912 Apr 22
15 May 25 Jul*
12
28
2814 29
2812 2812 28
*28
283
4 29
307
2 30
3012 1,395 St Mary's Mineral Land
25 Dec 334 Fet
25 1812June 28 307 Dec 15
2
•17
8 212 *13
4 212 *VS 23
2 •17
2 2 3 .2
3
21:
2
2
40 Seneca Mining
93: Jar
1 July 2
312 Jan 14
2 4 Dec
1
.45 .45
.45 .45
•40 .45
.
.35 .45
.50 .55
.50 .50 2,295 Shannon
10 .15 May 9 .55 Dec 15 .16 Dec 80 Jar
...30 .60
.30 .30 *.30 .50
.35 .35 •.30 .45
.30 .30
600 Superior & Boston Copper_10 .15 Mar 23 .50 Sept 8 .20 Nov
11 ( Mai
/3
4
47
2 47
4
2
4
14 43
43
4 43
47
8 5
---- -Oa 08
6312Utah-Apex Mining
778 Feb 24
4 4 Oct 113 Fet
3
41s July 14
4
5
13
2 17
2
2
132 17
134
17
2
4
13
13
4
17
s
13
11
4
4
1 s 6,6501Utah Metal & Tunnel
-72 Feb 2 .25 Dec 2% Mai
1 .78 Oct 31
112 •al
1
112
1
1
112
114
13
3
13
4
13
4
315 Victoria
*al
2 Aug 24 .40 May .76 Fet
25 .50 July 11
.10 .10 '
0.10 .20
.15 *.10 .12
.10 .10 -- - _ ____
177 Winona
•.10
25 .03 Mar 9 .70 June 8 .10 Sept .40 Jull
Wes on this day. a Assessment paid. b En-stock dividend
• Bid and asked orloes
New stook. x En-dividend. y Ex-rights. a El
-dividend and rights.
3334
[VOL. 125.
THE CHRONICLE
Friday
Sales
Lasi Weat's Range for
Week.
Sale
of Pricer.
Stocks (Conducted) Par. Price, Low. High. Shares.
Outside Stock Exchanges
Boston Bond Record -Transactions in bonds at Boston
Stock Exchange, Dec. 10 to Dec. 16, both inclusive:
Bonds
-
Friday
Last Week's Range Sales
for
of Prices.
Sale
Price. Low. High. Week.
Amer Tel & Tel 5s__ _1946
Amoskeag 6s
93
Chic Jet Rys U S Y 55_1940
Dixie Gas Co 63.4s.. _1937
East Mass Street RR
4 445 ser A
1948
5s ser B
1948 79%
European Inv 7348.._ _1966
German Cable 75
1946
Hood Rubber 75
1937
K CM & B 55 income_1934
Mass Gas 4%s
1929
1931
434s
1946
5345
New Engl Tel & Tel 55 1932
Pneumatic Scale 85.. _.1936
P C Pocah Co 75 deb _ _1935
Swift dr Co 55
1944
Sheridan Wyo Coal 65_1947
Western Tel & Tel 55_ _1932 101%
Range Since Jan. 1.
Low.
High.
$1,000 105
Dec 105
105 105
Nov 95
93% 94 173,000 92
102% 102% 2,000 100% Jan 102%
99% 9944 5,000 99% Sept 100
Dec
Nov
Dec
Sept
75
82
10034
106
104
101
100%
101%
104%
103
104
120
103%
99%
102%
Oct
Oct
June
Oct
Jan
Jan
July
Aug
Dec
Dec
June
Aug
Apr
Mar
June
7,000 64%
72% 73
79% 10,150 69
77
1,000 99
99
99
7,000 104
103 104
103 103% 7,000 101
1,000 98
100% 100%
100% IN% 3,000 99%
loo 100
5,000 98
104% 10434 1,000 10342
102 102% 6,000 10034
500 103
103 103
108 108
1,000 100
102% 102% 2,000 100%
96
96
3,000 96
10114 101% 3,000 100
Aug
Jan
Feb
June
Apr
Jan
June
Feb
Mar
Jan
Dec
June
May
Dec
May
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Dec. 10 to Dec. 16, both
inclusive, compiled from official sales lists:
Bonds
killer Gas & Elec 55_ _2007
10434 10454
9934
3°11501 Trac N J 1st 5s 1932 8914 89
61
1
;Jlec dr Peoples tr ctfs 45'45 61
6334
50
5034
1nter-State Rys coll 4s1943
9634 9
(eyatone Telep lst 55_1935
634
1
..eh Coal & N cons 4 %s'54
10134 101%
66
65
1
'eoples Pass tr ars 45 1943
10234 10242
1
'hila Co sptd s f & red 55'51
_1967
9834 98%
5s WI
__
1nilla Elee(Pa)1st 5 f 4s'66 9334 9334 9334
1967 100% 10144 100%
434s DWI
105 105
._.1960 105
1st lien & ref 55.
1966 108% 108 108%
1st 5a
107 107%
1st lien & ref 5345..1947
106 106
'hila Stec Pow Co 5445 '72
99% 99%
'hila Sub-Cos Gas 434s '57
107 107
'Dila & Read Term deb.'41
6434 6434
Jnited Rys & El(Balt)4s'49
7411.4 litalmaysi let no, ioxy
11)0 Inn
.
Ot8t&STA-Tnt
0
W0g,
....10WOMW -400.4.4
Almar Stores
* 1534
1534 1534
Alliance Insurance
10 80
73
81
AmericanMilling
11% 11%
American Stores
* 6544 6544 66
Bell Tel Co of Pa pref_ 100 117
116% 117
Budd (E G) Mfg Co
300
28
30
Cambria Iron
50 42
42
42
Camden Fire Ins Co
31% 31
31%
Consol Traction of N J_100 62
57
62
East Shore Pub 634% pref_
99
99
Electric Storage Batt'y.100
74% 76%
Estey Welte"A"
2
2
234
2
2
Fire Association
10 74
73
77
Frankford & Southwork 50
242 242
Germantown Pa138 Ry_ 50
72% 72%
Giant Portland Cem pf _50 41% 41% 41%
Green dr Coates Pass By 50
65
65
Horn & Hard't(NY)corn*
5394 54
Preferred
108% 109
Insurance Co of N A___10 85% 83
85%
Keystone Telephone_
50
2% 2%
Lake Superior Corp_ _100
242 234
234
Lehigh Coal & Nay
50 106% 106% 107%
Lehigh Pow Sec Corp com * 20% 19% 20%
Lit Brothers
10
25
25%
Manufactured Rubber _ _10
1
42
1
Mfrs Cas Insurance
27% 28%
Mark (Louis) Shoes Inc..*
21% 22%
Minehtll & Schuyl Hav _ _ 50 57
57
57%
Northern Central Ry_ 50
87% 87%
North Ohio Power Co_ __ _*
14
1734
Penn Cent L.& P cum pt.*
79
7934
Pennsylvania RR
50
6434 65%
Pennsylvania Salt Mfg_,50 98% 97
99%
Penn Traffic
234
I% I%
194
50
Phila City Pass Ry
104 104
Pniladelphia Co (Pitts)_ _ 50
145 145
5% preferred
50
47
47
6% preferred
50
52% 53
Phi% Dairy Prod pref
93
92
93
Phila Electric of Pa
5634 583.4 5734
Phila Elee Pow recta.. _ _25 2234
19% 2234
Mi.of Depos with Dxl &Co 55% 553.4 56%
Phila Rapid Transit_ _ _ _50 54
5444 54
7% preferred
50 5034 50
5031
Philadelphia Traction
50 58
5734 59%
Phila & Western
__ _50 1134 1134 1134
3breve El Dorado Pipe L25 22
Ry20% 22
Ranley Co of America_ _ _* 5434 5444 5842
tono-Belmont Devel__ _1
1
1%
Ponopah Mining
24i
1
2
Union Traction
50
37
3734
United Cos of N J._ _ _100
226% 226%
Jnited Gas Impt
50 11334 113 115%
'J 8 Dairy Prod class A..* 37
34
37
,tictor Talking Mach corn.*
5234 5494
109% 109%
6. cumul pref
*
•
102% 102%
7% eumul pref
Warwick Iron & Steel_ _ _10
42
44
41
40
,Vest Jersey & Sea Sh RR50 40
4034
42
42
eork Railways preferred.50
.
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0.
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42.0
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44 Poommoo mE.
=000=0
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.
000000 00000000000N0 0000000000
0
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price, Low. High. Shares,
Range Since Jan. 1.
Low.
High.
10
May
Feb
48
11
Nov
6244 Oct
112% Jan
Dec
28
40% Mar
Dec
31
4334 May
99
Dec
63% May
2
Dec
2
Dec
51
Mar
242
Dec
72% Dec
41
Dec
65
Dec
50% Apr
108% Dec
51% Jan
2% July
142 Jan
105
Oct
1534 Jan
23 May
% Feb
27% Dec
12% May
53
Mar
81% Mar
14
Dec
7542 Aug
5934 Jan
74% Apr
134 Apr
104
Dec
8734 Jan
4034 Jan
4934 Jan
90
Sept
46
Feb
9
Jan
53% Nov
52
Apr
50 June
53
May
1034 Oct
16
Oct
5444 Dec
1
Aug
Sept
I
36
Jan
Feb
210
8934 Feb
2834 Feb
3234 July
8734 Nov
9634 Aug
% June
40
Jan
3
754 Mar
18% Oct
81
Dec
11% Nov
7334 Jan
117% Nov
31% Nov
42% Dec
31% Dec
62
Dec
Dec
99
80% Nov
2% Dec
2
Dec
77
Dec
242
Dec
72% Dec
93
Jan
65
Dec
56% June
109
Dec
87% Dec
5
Jan
352 July
119% Jan
21% Nov
28% Oct
1% Apr
28% Dec
24% Nov
57% Nov
8734 Dec
17% Nov
80
Oct
68% Jan
105% Nov
1% Jan
104
Dec
145
Dec
47
Nov
54
Sept
93 June
58% Sept
2234 Dec
56% Dec
5542 June
5234 June
69
May
1534 May
2534 Jan
9041 Feb
2% Aug
2% Apr
393.4 Mar
226% Dec
11834 Sept
Dec
37
5454 Dec
109% Nov
102% Dec
Feb
2
47% Mar
4234 Aug
95
62
54
4834
63
9
834
62
7934
9594
8734
98%
103
103
10334
103
9
474
104%
63
MIX
Nov
105
Dec
90
May
69
52
May
Oct
98
101% Dec
Jan
71
10234 June
9334 Dec
9334 Nov
100% Dec
109
Oct
109
Oct
107% Oct
106
Sept
9034 Dec
Dec
107
79
mar
um
nee
Feb
Jan
Jan
Jan
Feb
Mar
Aug
Jan
Dec
Feb
Oct
Jan
Jan
Feb
Jan
July
Feb
Jan
Tuna
•No par value.
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange De 10 to Dec. 16, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Lad Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
• 47% 47% 49
Arundel Corp
20344 205
Atlan Coast L (Conn)_50
Balt Commercial Bank.100 15334 15334 153%
173% 173%
Baltimore Trust Co_ _50
9
10
100
9
Baltimore Tube
41
42
Benesch (I) & Sons corn.
27
25
27%
Preferred
Range Since Jan. 1.
Low,
4,285 31%
47 200
10 13734
20 12934
300
9
95 28
50 27
High,
Jan 49
Nov 265
July 153%
Feb 175
June 13%
Apr 42
Nov 42
Jan
Nov
Nov
Nov
Nov
Feb
Apr
Black & Decker Corp_ _ _
25
Boston Sand dr Grave1.100
Central Fire Ins
10 38%
Voting trust certifs....10
Century Trust
50
Ches & Po Tel of Balt pf100
Citizens National Bank.10
Commercial Credit
25
Preferred
Preferred B
25 24
6% %
1st preferred_ _100
Consol Gas, E L &
67%
8% preferred ser A..100 128
7% preferred ser B...100 115
100
644% pref ser C
6% preferred ser D _ _100
534% pref ser E____100 108
Consolidation Coal._ __100 30
Preferred
100
Continental Trust
100 365
Crook (J W) pref
Drovers & Mech Bank.100
Eastern Rolling Mill_ _ _* 24%
Equitable Trust Co_ _ _ _25 107
50 27214
Fidelity & Deposit
Finance Co of Amer A _ _ _• 11%
Finance Service corn A_ _10
Preferred
10
Home Credit corn
50
7% preferred
Houston 011 pref v t c_ _100
Mfrs Finance corn t_ _25
1st preferred
25
2d preferred
25 20
Maryland Casualty Co...25 194
Maryland Trust Co__ .100
Mercantile Trust Co_ _50
Merch & Miners Transp_ _* 5634
Merchants Nat Bank__.10 32%
Monon W Penn P 8 pt
.25
Morris Plan Bank
10
Mortgage Security corn..' 15
Mt V-Woodb Mills v t_100 21%
100
Preferred
New Amsterd'm Cas Co_10 75
Northern Central By._50
Old Town Nat Bank_ _ _10
Penns Water & Power...* 68%
Silica Gel Corp corn v t_....•
Std Gas Eq pf with warr100
Un Porto Rican Sug coin.* 50
Union Trust Co
50
United Rys& Electric.
..50 19%
U S Fidelity dc Guar_ __ _50 369
Wash Balt & Annap__ _50 15
50 1734
Preferred
West Md Dairy Inc corn..'
Prior preferred
53
Rights
Atlantic Coast Line
2254 25
77
78
38
3834
3852 38%
235 235
1173.4 11734
53% 54
22% 24
24
24%
24
24%
89
89
67
68
127 128
114% 115
11354 114
111% 111%
106% 108
30
30%
85
85
365 365
51
51
400 41)0
24
26
105 107
270 277
114( 1144
mg 16%
9% 9%
25
25
46
46
97
97
26
26
19% 20%
20
20%
188 194
230 230
425 425
45% 47%
32% 32%
25% 26
15
15%
15
15
21
21%
99
99
74% 76
8834 88%
5
5%
67% 6834
19
20
78
80
50
50
319 340
1942
18
360 370
13% 15
1744 1744
4844 51%
5234 53
Low.
457 II% July
Nov
100 72
Jan
151 28
6 33% June
Jan
28 170
Jan
5 115
143 49
Jan
743 1434 June
355 1944 June
127 18% June
10 7144 Aug
June
70 51
31 127 June
20 11234 May
5 110% May
Nov
12 111
5,082 102% Nov
776 2934 Nov
Apr
8 84
Mar
30 240
July
45 50
Oct
10 395
1,266 20;4 Nov
Feb
310 71
1,980 135% Jan
9% Jan
125
230 16% Oct
9% July
140
5 23% Mar
Aug
5 39
Jan
150 86
310 25
July
215 18
Sept
150 16% Apr
1,985 98% Jan
17 198% Apr
Feb
37 400
433 3734 Apr
376 26% Mar
4 2334 Mar
155 1344 July
4% Dec
200
107 1594 May
10 7814 Jan
568 52% Jan
June
47 81
210
434 Dec
830 47% June
Jan
260 15
Oct
105 75
50 3634 May
Feb
32 240
202 16
Oct
Feb
691 205
8% Jan
165
Sept
100 17
Nov
120 45
Feb
165 50
High.
Oct
27
Sept
81
38% Dec
Sept
39
Nov
245
Sept
118
5944 Sept
Feb
29
24;4 Dec
24% Dec
Dec
89
Oct
71
130% Aug
117
Aug
114% Aug
111% Dec
Dec
108
3634 June
90
May
Nov
370
Oct
52
425 June
2642 Dec
Feb
115
Sept
278
Sept
12
18% Jan
Jan
10
Jan
25
Dec
46
9942 June
Jan
44
2234 Sept
Jan
22
Nov
195
Dec
230
Nov
430
Aug
48
34% Nov
Nov
27
15% Dec
19
Oct
Nov
25
Nov •
102
Dec
77
Dec
89
12;4 Jan
73% Oct
20% Sept
Mar
90
51
Sent
Dec
340
24 June
Nov
376
Nov
29
24% Feb
53% June
5334 Dec
Nov
52
Dec
1,000 97%
100 100
500 101
101 101
10134 10144 3,000 99
100 10144
10134 10134
200 10144
10134 10134
101% 101%
400 101
10144 101%
700 93%
1013.4 10134 2,500 10134
500 101%
101% 101%
9154 91% 2,000 87
1,000 99%
101 101
37,000 99
104 105
101 102% 5,000 101
40,000 94
98% 99
10534 10534 1,000 102
101% 10134 7,000 9834
100% 100% 2,000 9834
1,000 4742
47% 47%
9944 9944 3,000 98%
102% 10244
1,000 10134
10334 103 34 4,000 103
9842 98%
2,000 98%
99% 99%
2,000 99%
98
9834 2,000 91
Mar
Dec
June
Dec
Dec
Oct
Apr
Dec
Dec
Jan
Apr
May
Dec
May
Mar
Jan
Jan
Dec
July
Mar
Feb
Dec
Dec
Jan
100
101%
101%
10134
10134
10144
10144
10134
10134
9244
101
115
102%
99
105%
1013.4
100%
55
934
102%
104
10234
99%
102
Dec
Jan
Sept
Dec
Dec
Dec
Dec
Dec
Dec
May
Dec
Oct
Dec
Dec
Dec
Dec
Dec
Apr
Dec
Dec
Feb
Nov
Dec
May
90
500 90
1,000 93;4
95%
112
13,500 10434
100
2,000 100
2,000 100%
101
1,000 99%
9942
7434 9,000 70%
55
18,000 50%
84
3,100 75%
9734 3,000 96
90% 31,000 65
99
1.000 9634
104%
3,000 10074
Dec
Jan
Oct
Dec
Mar
Jan
Jan
Nov
Jan
Oct
June
Feb
Jan
90
9542
112
102
102
99%
7934
60
85
1013.4
93%
99
105
Dec
Dec
Dec
Oct
July
Aug
May
Apr
Dec
June
Nov
Oct
Oct
51% 52
Bonds.
Alabama Cons C&I 58.1933
Allan Coast Line ctf 58__ _ _
1961 -lois;
Balt City 4s 3s
4s 2nd WS
1957
1955
4sPL
4sPL
9151
1961
4sJF
4s 2nd sew ser
1943
4s 2nd school ser_ .1939
Bait Sparrows P&C 4346'53 9114
Ball Traction it 55_1929 101
Black & Decker640_1937
Central States Util 68_1949
Commercial Credit 65_1934
Consolidated Gas 55..1939
1954
General 434s
Consol (3,El&P 4345_1935 100%
Danville Trac & P 5s. _1941
Fairmount Coal 1st 55.1931
Ga Sou dr Florida 58_ _1945 10234
Houston 011634% notes'35
Islands Edison Co6401951
Md Electric Ry 1st 55_1931 99%
1st & ref 634 ser A_1957 98
Md & Penna
Consol 69 sec A._1963
Monon Valley Trac 55.1942
Public Service Bldg 58 1940
So Woods Pres WW 630'39
Titusville Ir Wks 1st 78.'29
United E L& P 4345..1929
United By dr E 1st 48.1949
1949
Income 4s
Funding 55
1936
1949 97
1st 6s
Wash Ball & Annap 5s1941
Wash & Vandmere 434s '47
West Md Dairy 6s.. _ _1946
West Va Ohio River Bridee
1952
6348
Range Since Jan. 1.
90
9542
11142
100
101
99%
74
543.4
83
97
90
99
10442
10034 10034
2,007
48
3,000 10034 Nov 10034 Nov
*No par value.
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange Del. 10 to Dec. 16, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Prize. LOW. High. Shares.
Range Since Jan. 1.
Low.
Adams Royalty Co corn_
20
21
550 18
434
All America Radio el A..5
4% 544
4%
375
99% 100
Am Fur Mart Bldg p1,.100
87 93u
18
Natural Gas
19
Amer
1844 19
550
American Pub Serv pref 100 99
99% 99%
188 94
Am.Pub.UtI.Co.parpfd _100
89% 89%
34 73
American Shipbuilding _100
115 117
600 99%
4% 4% 2,410
Amer States Secur Corp A*
434
2%
Class 13
5
5
5
1,800
3
Warrants
200
%
42
14
Armour & Co(Del) pref 100 85
85
86
420 79
100 67
65
Armour & Co pref
67% 1,120 5934
Associated Investment Co•
3644 36%
50 32
Auburn Auto Co cons...25 119
117% 119% 17,250
Balaban & Katz v t c_ _ _25
59% 61
1,760 67%
5814
101
101
Preferred
100
10 100
Bastian-Blessing Co(com)• 2354 23% 2342
410 23
Beav.Bd,pref vot tr ells 100
38
38
20 3534
Bendix Corp cl A
10 55% 5344 55% 10,604 36%
Borg & Beck cern
10 81% 77
82
16,525 53
Brach & Sons(E J) corn..' 18% 1634 1834 1,675 1614
Butler Brothers
20 21% 21% 22% 3,365 17
Camp,Wyant&Can. Fdy _• 34% 31% 35
3,935 29
Cent D Pa Corp "A" pt..* 24%
24
24%
880 23%
64
Celotex Co corn
65
64
285 63
Preferred
100
8854 88%
235 8334
Aug
Dec
Nov
Jan
Jan
Jan
Apr
Apr
July
Oct
Apr
Sept
A tfri
ji t
Feb
June
May
Jan
Jan
Dec
Jan
Nov
Nov
Oct
Oct
High..
3234
10%
100
19
104
90
124
514
5%
I
9742
8634
3834
11234
83
106%
26
46
56
82
3514
24%
35
29%
86%
92
Feb
Mar
Sept
Nov
May
Oct
Nov
Oct
Nov
Jan
Feb
Jan
Feb
Sept
Jan
May
July
June
Sent
Dec
Jan
Oct
Dec
May
June
June
DEC. 17 1927.]
THE CHRONICLE
Bonds
Allied Owners 1st 6s...1945
6% gold debentures
Cal et SoCh Ry 1st 55.1927
Cairo Br&Fer 20-yr6%a'47
Chicago City Ry 58_ _.1927
Ctrs of deposits- _1927
Chic City & Com Rys 5s'27
Ch. of Rocks Kgwy Bdge.,
1947
64s
8734
9514 953.4
94
9534
93
95
17
17
6934 70
984 9934
103 1044
114 2
194 2214
1534 1534
164 18
27
27
9834 1014
66
66
1014 10234
1834 19
3
34
3834 3914
16834 169
8
814
89
8934
4634 4614
119
19
54
54
2934 2934
33
3314
124 134
9914 9934
10734 10834
56
59
564 59
33
3394
107 108
184 19
214 214
4214 434
255 265
4334 45
13234 13234
36
3634
41
4154
2614 27
1234 1314
94
94
103 10334
53
52
6434 5494
43
43
110 110
314 44
934 994
3834 4034
2234 254
5334 59
734 104
45
4
594
120 124
118 119
9314 9434
125 12534
9514 102
9514 96
10434 10534
101 101
32
3214
100 10034
984 984
3754 3834
674 76
204 23
137 137
2834 27
103 103
34 34
384 39
35
39
314 33
131 131
99
9934
94 10
28
28
10794 10834
1334 1334
20
204
20
20
494 504
158 159
158 158
120 120
3931 404
245 250
11094 112
2314 2334
2594 264
1314 16
30% 31%
10494 10414
844 8714
85
85
33
33
25
2534
1004 10294
90
91
4914 4914
81
8314
914 911
1244 1254
254 28
15
18
63
65
86
66
9414 95
53
53
1394 1394
1974 1914
20
21
844 88
5
5
11
1114
11314 11834
121 121
314 33
56
56
734 8
14
154
534 54
6634 73
164 17
33
35
41
44
9834
967.4
87
99
874
873.4
70
50
85
123
268
430
1,225
560
65
16,000
100
605
10
171
205
60
80
290
4,580
852
2,725
140
252
10
10
10
125
4,905
140
790
4,985
5,530
570
60
4,195
50
1.840
405
190
100
1,05Cc
220
378
4,095
22
60
80
200
17
20
1,135
390
800
4.100
10.700
6,125
455
13,240
985
752
430
810
75
151
235
1,220
290
30
4,255
26,170
152
15
840
55
6,450
1,515
16,785
142
25
80
1,890
340
125
1,350
500
85
1,410
148
33
15
370
210
380
500
4,970
1,490
1,100
100
11,700
25
55
130
190
270
250
11,200
450
925
3,270
400
3.775
10
130
40
300
25
200
3.305
200
1,250
14,550
120
9,520
95
670
800
15
18,435
900
743
5,710
9814
9534
89
99
8934
88
71
5.000
5,000
13,000
2,000
25,000
10,000
58,000
10054 10034
1.000
Range Since Jan. 1.
Low.
High.
853 Jan 9514 Dec
8514 Jan 9514 Dec
8534 Jan 9534 Nov
18
May
1554 July
Nov
5634 Jan 71
924 Jan 9934 Dec
9834 Jan 10434 July
2% Jan
4 Jan
334 Jan 234 Dec
10 June 19
Dec
Mar
13
Nov 28
264 Nov 3614 Jan
9834 June 1014 May
July 72
Feb
63
10134 Dec 1044 Feb
5
Apr 22 June
34 Feb
6 June
33
July 414 Nov
Jan 173
Nov
138
04 Apr
834 Aug
694 Feb 90
Dec
Sept
4634 Oct 53
May
117
Feb 121
Nov
4994 May 55
25
Mar 32
Sept
20
Apr 35
Oct
11
Jan 154 May
924 Mar 10034 Nov
1004 Mar 11334 Sept
Dec
3834 Jan 59
2434 Jan 59
Dec
2114 Mar 3514 Aug
105
Feb 11034 July
Jan
19
12
Dec
214 Nov
534 Feb
31% May 56
Jan
140
Mar 27334 Dec
3974 Sept 4634 Nov
100
Jan 133
Dec
1734 Oct 364 Dec
34
Sept 4334 July
2614 Dec 2934 Oct
1134 Sept 1934 Mar
9314 July 98
Jan
9414 Jan 104
Nov
5034 Apr 534 Nov
41
Feb 63
Feb
36
Jan 50
Aug
105
Feb 110
Sept
2' Oct9
Jan
11% May
894 Jun
Apr 4014 Dec
37
16
May 254 Dec
41 Jcmay 59
Dec
734 Dec 1034 Dec
45
Dec 4534 De(
108
Apr 125
De(
110% Jan 119
De(
9094 Oct 95
Not
Not
11734 Jan 127
38
Apr 102
No
9134 Nov 96
Sept
9791 Jan 10734 Sept
964 Mar 10334 Sept
32
Dec 3314 NON
9914 Nov 101
No
96
Sept 974 Oct
37
Nov 39
Not
58
Jan 76
De(
11
Jan 2414 Sept
13014 Feb 1394 Aug
22
Sept 2814 Oct
De(
9394 Jan 103
214 Apr
44 Jar
36
Oct 394 Sept
304 Jan 39
De(
Aug
2294 Jan 34
12694 Nov 1314 De(
Oct
9434 Mar 101
8 June 10
No
2134 July 29
No
104
Nov 10894 De(
1194 Mar 17 Jun(
19
Jan 21
Fet
194 Jan 28 Jun(
40
May 5534 Oct
14094 Jan 1614 No
132
Jan 16134 Oct
11234 Apr 12054 De(
3294 Jan 43
Aug
175 June 250* Sept
107
Jan 113
May
2334 Dec 4811 Fet
1934 Mar 274 Oct
8
Nov
16
De(
29
July 394 Sept
1004 July 10914 Aug
52
Jan 884 Dec
8494 Aug 89 Jun(
254 Jan 33 Jun(
Mat
2434 Nov 28
9434 Jan 10294 Des
87
Sept 91
Dec
4934 Dec 52
Oct
5434 Mar 8734 Dec
514 June 1034 July
1154 May 130
Sept
1834 May 2734 Oct
8
Oct 16% Dec
40
Apr 65
Dec
3914 Jan 663.4 Dec
87
Jan 974 June
50
Jan 57
Sept
1214 Mar 17 June
15
May 24
Aug
16
Feb 2314 Sept
82
Nov 1104 Sept
294 Sept
54 Dec
84 Jan 174 Jan
67
May 11894 Dec
11254 Mar 121
Nov
2794 Nov 33
Dec
3454 Mar 56
Dec
7
July
1694 Feb
1
Oct
814 Feb
5
Feb
794 July
51
Jan 73
Dec
144 Nov 2914 May
2514 . Mar 40
Aug
3734 Aug 4674 Oct
9854
9574
74
974
75
8194
524
Dec 99
Dec 9534
Jan 89
June 100
Jan 8994
Aug 88
Jan 734
99
Nov 10094 Dec
Oct
Dec
Dee
Aug
Dec
June
June
Bonds (Concluded)
Chicago Railways 5s_ _1927
let M ctf of dep 58_ _1927
55 Series A
1927
1927
5s, Series B
Adjust income 48 _1927
Commonw Edison 55_1943
1st M 414s ser "C"_1956
Forem Td(S 1E45948B-1937
Great Lakes Util Corp
1942
1st 548
HousGG Cost a#3481931
Lake St Elev 1st 5s...1928
Northwestern Elev 58_1941
Pac. Coast Cem.68"A"'42
Swift & Co 1st s f g 58_1944
Un.PubServCo 2-yr 6s 1929
Un.PubUtilColst 6sA 1947
2yr 53413
1929
Union Elevated RR 5s.1945
Union Gas Util 694s. _1937
Ranee Since Jan. 1.
Low.
High.
874 88% 20.000 7414 Jan 8714
88
30.000 744 Jan 88
85
68
4.000 58 June 71
68
68
47
17,000 35
Jan 514
4834 45
29
29
1,000 1434 Apr 30
1,000 10214 July 1074
107% 107%
102 102
1,000 954 June 102
100 100
5,000 100
Dec 100
Dec
Dec
May
June
June
Dec
Dec
Dec
28,000 9534 Dec 95%
1,000 96
Jan 110%
2,000 9714 Feb 9914
10,000 84% Jan 90%
4,000 9814 Nov 9814
4,000 101% Jan 102%
Aug 100
15,000 99
37.000 98% June 101
28,000 96% July 9914
5.000 82
Mar 89
7.000 97% Nov 974
June
May
Dec
Dec
Nov
Sept
Dec
May
May
Dec
Nov
954
90%
98%
99%
9791
95% 954
10714 107%
99% 9914
904 9014
9854 9815
102% 1024
994 100
99% 100
99% 994
89
89
97% 974
No par value.
-Record of
San Francisco Stock and Bond Exchange.
transactions at San Francisco Stock and Bond Exchange
Dec. 10 to Lee. 16, both inclusive, compiled from official
sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sate
of Prices.
Par. Price. Low. High. Shares.
485
American Trust Co
Anglo R.- London P Nat Bk. 234
Bancitaly Corporation.... 137
295
Bank of California, N A
Bank of Italy
244%
Calamba Sugar, pref
California Copper
Calif Cotton Mills
Callf-Oregon Power pref
11034
734
California Packing Corp__ _
24
California Petroleum, corn_
57
Caterpillar Tractor
Coast Co G & E, 1st pref.. 9954
425
Crocker First Nat Bank
97%
East Bay Water "A"pref
Emporium Corp, The
3334
4414
Ewa Plantation Co
Fageol Motors, pref
27
Federal Brandeis
Fireman's Fund Insurance_ 118
Foster & Kleiser, corn
Great Western Power, pref 10434
Hale Bros Stores
3134
Hawilan Com'l & Sugar__ _ ......
Hawaiian Pineapple
. 4414
Hawaiian Sugar
Home Fire & Marine Ins__
4054
Honolulu Cons Oil
38
Hunt Bros Pack "A" corn. 23
Hutchinson Sugar Planta'n
Illinois Pacific Glass "A".. 47
Key System Trans, pr pref 104
Preferred
Langendorf Baking
L A Gas & Electric, pref... 10394
Magnavox Co
50c
Magnin I, common
2254
Nor Am Investment, pref_
North American 011
3774
Oahu Sugar
Onomea Sugar
Pac Lighting Corp, corn... 77
8% preferred
102
Pacific Tel & Tel, pref
Paraffine Co's Inc, corn_ _ _
83
Piggly Wiggly WStates"A" 23
Pig% Whistle, pref
314
Pioneer Mill
Richfield Oil
S J Lt & Pow, prior pref.__ ______
6% preferred
Schiesigner, B F,"A," corn
2254
Preferred
92
Shell Union Oil, corn
2534
Sherman & Clay, 7% pref_
97
Sierra Pacific Electric, pref
Southern Pacific
Sperry Flour Co, corn
64
Preferred
994
Spring Valley Water
Standard On of Calif
554
Texas Consolidated 011_
Traung Label & Litho Co__
Union Oil Associates
434
454
Union 011 of California.._ _
Union Sugar, corn
14
Preferred
25
US Petroleum
Waialua Agricul Co, Ltd_
West Amer Finance, pref
Yellow & Checker Cab__ __
814
Zellerbach Paper 6% pref_ 114
9:ollorhefoll Onrneare•Inn
A,
48234 495
230 236
135 14214
295 299
24014 2494
8954 8934
2.50 2.75
62
62
110 11054
73
75
224 24
5414 59
99 100
425 450
9654 97%
3154 34
443.4 444
654 654
2514 28
115 120
14
1434
104 105
32
31
51
5194
44%
44
41
41
42
39
364 38
2234 23
14
14
414 4714
104 11
5
5
1234 1234
1034 10334
45c
50c
21
23
984
98
3735 38
334 3454
42
4254
73
79
1014 102
115 115
7714 84
2234 23
16
16
314 3254
254 2834
112 113
994 10054
2294 23
92
94
254 254
984 97
94
94
12314 1244
64
61
994 10036
10714 109
5454 5534
50e
50c
24
24
4134 44
4234 4554
10
14
25
24
1.35 1.35
46
46
611 64
8
8%
111 114
Al AZ
s&
217
576
72,808
148
26,295
15
880
20
45
6,228
4.245
47,220
90
10
155
2,710
40
150
24,670
2,695
440
275
2,100
355
318
10
4,600
1,030
375
530
20,080
195
so
100
45
5,100
4,265
50
1,040
365
55
17,571
570
50
22,517
124
140
200
83,705
30
31
1,220
70
4,512
100
15
35
850
20
60
8,521
1,200
100
10,200
10,209
1,980
85
400
50
000
100
182
is 1111
Range Since Jan. 1.
Low.
.Wg.x , 41>s.4›,,
m0›,
.
,ix,..tl›...›4-,.utv0 0
0... 0.4....x4.q4.4.4,
x.
04.›.444.,.................›..,, ,
..1.
0
MIcilq$M4451gCtIgAa4ggit4liggq.4Mg3siNgagagAqgagl4g$Vg.g4ggv.,Uggav,t..4Agg
Central In Pub Serv pref..*
Central Ind Power pref _100 954
Centlfs of deposit__ _100
Central Pub Serv (Del)._*
Central S W Utll com____* 70
Preferred
* 994
Prior lien pref
* 1034
Chic City & Con Ry pt She
* 20
Participation pref
.
Certificates of deposit. 8
Chicago Elec Mfg "A"._* 17
Chic N S & Milw corn_ _100
100
Prior lien pref
Preferred
100
Chic RapTran pr pref A 100
Chic Rya part ctf ser 1 _100
Part ctfs series 2....100
Club Aluminum TJtenCo_* 3914
Commonwealth Edison_100 189
Consumers Co corn
5
834
100
Preferred
Crane Co corn
25
100
Preferred
50
Cuneo Press A pref
Decker (Alf)& Cohn,Inc.* 2934
Eddy Paper Corp (The)- -* _ _33
El Household Util Corp_10 1234
EmpireG & FC07%pf 100 9914
100 10734
8% preferred
Evans& Co, Inc, cl A _ _ 5 59
5 59
Class B
Fair Co(The)com
Preferred
100
Foote Bros(0 & M) Co_ _5 184
10
Gill Mfg Co
Gossard Co (H W)corn _ _* 43
Great Lakes D & D __ _100 260
Greif Bros Coop'ge A corn * 4314
Hart,Schaffner & Marx 100
Hupp Mot Car Corp com10 3634
25 4134
Illinois Brick Co
InlandWire&CableCo cm10 2614
Kellogg Switchb'd com_ _10 13
Preferred
100
Ky Hydro-Elec pref. _100
Kentucky Util Jr cum pf 50
Kraft Cheese Co com_ _ _25
Kup'helmer & Co(E) Inc..5 43
Class"B" preferred _ _100
La Salle Ext Unit, com _10
434
Libby. McNeill & LI b by _ 10
McCord Radiator Mfg A.* 4014
McQuay-Norris Mfg
*
Marvel Carburetor (Ind) 10 5834
Meadows Mfg Co corn_ _ _* 1034
Preferred
50 4534
Middle West Utilities_ _ __* 12234
Preferred
100 11834
* 944
6%preferred
Prior lien preferred_ _100 12514
Midland Steel Prod corn.*
Midland Util6% pr lien10
0
. 1. 0 10514
7% prior lien
Pref 7% "A"
100 101
Mpis Honeywell reg
• 324
Preferred
100 100
Miss Vail Util pr lien pr..* 964
Monsanto Chemical Wks * 3834
Morgan Lithograph corn_• 76
Mosser Leather Corp corn.*
100
Nat Carbon pref
Nat Elec Power A part_ * 27
7% preferred
160
National Leather coin_ _10
314
National Radiator
* 384
National Standard com _ _• 3834
North American Car corn •
North States Pow com_100
Nor West Util 7% pl._100
94
Novadel Process Co corn__
Preferred
* 28
Okla Gas & Elec pref _ _100
Omnibus voting tr ctfs_...*
Penn Gas & Elec "A" corn*
Pick, Barth & Co part pf_*
Pines Winterfront A com..5 50
Pub Serv of Nor III com_.•
Pub Serv of Nor Ill com.100
7% preferred
100
Q-R-S Music Co corn _ _ _ * 404
Quaker Oats Co com
• 250
Preferred
100
Real Silk Hos Mills com 100
10 2614
Reo Motor Car Co
Ryan Car Co(The) com_25 16
..
Sangamo Electric Co.. 8 31%
Preferred
11150
* 864
Sears, Roebuck corn
Shaffer Olt& Ref pref _ _100
So Cities Util class A com *
So Colo Pr Elec A com.25
So'w G & El Co 7% pf _ _100 1004
Southwest Pr & Lt pref_.*
25
Steel & Tubes Inc
-Warner Speedom * 8274
Stewart
Studebaker Mall Ord com 5
94
100 126
Swift & Company
15 25
Swift International
...8
Tenn Prod Corp corn.
Thompson (J R) coin_ _25
United Biscuit class A_ •
United Lt & Pr cl A pref_ •
*
Class B preferred
.
Common class A new. 8 134
.
Common class B new. 8
United Pap Board com _100
20 88
U S Gypsum
Univ Theatres Cone cl A..5
• 11
Wahl Co corn
Ward(Montgomery).1sCo 10 1174
Class A
•
.
Warner Gear cony pf _25 3214
Waukesha Motor Co corn *
Williams 011 0 Mat cont *
8
*
114
Wolff Mfg Corp corn
Wolverine Portland Cem 10
Wrigley(Wm Jr) Co corn * 7094
-Amer Mach part pf * 164
Yates
YellowTr & Coach Mfg BIO 35
Yellow Cab Co Inc (Chic)• 43
3335
Friday
Last Week's Range Sales
ofPrices.
Sate
For
Price. Low. High. Week.
... ..,
.
w
.
. .
.
0
22?-,%i420tgitipeEt848WW=VJE4=S58=0,S=ntittg2=0.tgganz.s N2=%g8
128
4
A4 A g
A A A
AA AA=
AAAA °A
4:g xLsx
2
: xxx x xs
,
.=r;:gg
Sates
Friday .
for
Last Week's Range
ofPrices.
Week.
Sate
Stocks (Continued) Par Price, Low. High. Shares.
High.
499
Dec
2 234 Nov
4
146
Dec
299
Dec
Apr
687
Nov
90
5.00 Jan
62
Dec
110% Dec
7514 Dec
33
Ja
59
Dec
100
Dec
500
Dec
99
Aug
39
Mar
45
Jan
8
Oct
28
Dec
1211
Dec
15
Oct
10594 Aug
33
Dec
5354 Sept
Sept
56
45
July
42
Dec
4254 Feb
2614 Jan
1494 May
4714 Dec
65
Jan
3114 Jan
1214 May
104% Oct
75e Feb
2814 Jan
98% Dec
48
Feb
39
June
44 June
79
Oct
103% July
118
July
1394 Mat
2494 Oct
164 July
3254 De(
2894 Dec
11334 NON
103
Sept
2314 Jung
94
Aug
3174 Feb
9714 Apt
94
NON
12554 Dec
6534 De(
101
Dec
110
Dec
604 Jar
95e Feb
24
Dec
5634 Jar
5634 Jar
19
Jar
27
Mat
2.00 Mai
47
Oci
934 Jar
934 Jar
114
Dec
44
•No par value.
-Record of transactions
Pittsburgh Stock Exchange.
at Pittsburgh Stock Exchange, Dec. 10 to Dec. 16, both
inclusive, compiled from official sales lists:
Stocks--
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares
Allegheny Trust Co__ _100
Am Vitrified Prod corn. _50 2014
Preferred
100 85
Am Wind GI Mach com.100
Ant Wind Glass Co pf _ _100 85
Arkansas Nat Gas corn_ _10
934
Bk of Pittsburgh (N A).50
Blaw-Knox Co
25
Carnegie Metals Co_ _ _ _10 16
Conley Tank Car pref _100
Consolidated Ice com_ _50
Preferred
so 30
Devonian 011
10
Dixie Gas & Util corn...,*
Preferred
100
Duquesne Light 7% p1_100 115
First National Bank _ _ _100
Harb-Walk Ref corn __ _100 181
•
Houston Gulf Gas
50
Indep Brewing prof
Jones & Laug Steel pref.100
Lone Star Gas
25 54%
250% 25054
19% 2014
85
85
18
20
87
85
9
9%
190 190
100 103
12
15%
10414 10414
6
6
234 32
734 74
94 1054
84
84
115 11614
350 355
179 181
11% 1154
414 4%
121% 1214
5334 5514
10
380
10
75
50
2,355
105
190
7,300
50
100
645
100
170
10
45
15
500
140
142
25
5,257
Range Since Jan. 1.
Low.
218
18
80
14
85
674
175
70
11
103
24
14
7%
74
834
115
290
131
6
2
118
3731
Jan
Nov
May
Nov
Dec
Apr
Jan
June
Sept
Mar
Jan
Jan
Nov
Aug
Dec
Mar
June
Mar
Feb
Apr
Jan
Jan
High.
250%
27
92
52
109
914
200
105
154
105
6
32
15
1114
117
11714
355
181
124
434
122%
594
Dec
Jan
June
Jan
Jan
July
Feb
Dec
Dec
Jan
Dec
Dec
Jan
Oct
Sept
Nov
Dec
Dec
Apr
Dec
June
Nov
3336
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
May Drug Stores Corp_ _ •
Nat Fireproofing corn _100
Preferred
100 21
Peoples Say de Tr Co_ _.100
Pittsburgh Brew corn_ 50
Preferred
ao
Pittsburgh Oil & Gas
5
334
Pittsburgh Plate Glass_100 225
Pittsburgh Screw & Bolt.•
Pittsburgh Steel Fdry pref
84
Salt Creek Consol Oil.._10
634
Stand Plate GI pr pref.100
Stand Sanitary Mfg corn.25 108
Tidal Osage Oil
21
Union Steel Casting corn.*
United Eng & Foundry_ _
52
United States Glass Co_ _25 16
Waverly Oil Works,el A. •
West Air Brake new
47
West Pa Rys pref
100
Zoller (William)
Preferred
2135 21%
7
7
21
2234
605 605
gg 3%
9
9
3% 3%
225 22534
5035 52
84
84
634 635
25
25
108 110
21
21
34
34
53;4
52
16
16
3335 3335
47
47
101 101
32
3535
96
9634
Bonds—
Zoller (William)
10135 10135 $9,000 10135 Dec 10131 Dec
50 1735
700
6
375 19%
4 400
185
3
175
9
1,056
3
170 200
325 33
25 80
213
534
50 25
1,540 7835
100 17
50 32
1,846 5135
550 11
50 33
30 40;5
10 9734
270 27
120 96
July
June
Oct
Feb
July
Sept
July
Oct
June
Jan
Oct
Dec
June
Apr
Nov
Dec
Sept
Sept
Oct
Mar
Dec
Dec
22
9
3035
605
4;4
11%
3%
270
56%
84
8
68
114
2635
40
53
1735
43
49%
101;5
3534
96%
Dec
Feb
Mar
Dec
Jan
Jan
Feb
Jan
Sept
Dec
Feb
Feb
Dee
mar
Apr
Dec
Nov
Feb
Sept
Nov
Dec
Dec
•No par value.
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange Dec. 10 to Dec. 16, both inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Aetna Rubber corn
•
28
26
Amer Multigraph, corn_ .•26
25
26
Allen Industries
•
1434 1434
Preferred
•
32% 3234
Bessemer Limest & corn_ * 3735 3735 38
Bond Stores"A"
io
1
1
Buckeye Incubator, corn.
• 4734 4735 49%
Bulkiey Bldg, pref
100 71
71
71
Byers Machine"A"
• 40
4035
40
Central Alloy Steel, pref100 10834 108 10935
City Ice & Fuel, aim
• 3634 3434 3634
Cleve Sidra Sup &Br.com• 31
3034 3134
Cleve Elec Mum, pfd..100
113 113
Cleveland Ry, corn_ __100 107
106 107
Cleve Sec P L, pref
10
1% 2
Cleve Worst Mills, corn 100
24
24
Dow Chemical corn
• 108
108 108
Preferred
100
10434 10434
Eaton Axle
•
26
26
Faultless Rubber, coin. •
3935 3934
Fed. Knitting Mills, corn.* 3435 31
3435
Firestone Tire&Rub,com 10 200
18334 200
7% preferred
100 10734 107 10734
Gen Tire & Rub, corn_ _25 120
120 190
Glidden,con)
•
2035 2034
Pr, preferred
100
95
9535
Graseill Chem,corn_ _100
135 135
Preferred
100 107
107 10834
Guardian Trust
100
399 399
Halle Bros, preferred_ _100
10334 10334
Harbauer.common
• 15
15
15
India Tire & Rubber, corns
1635 2334
Industrial Rayon "A"_ _• 1835 17
19
Interlake Steamship,corn.•
130 133
Jaeger Machine, cora_ _ _ _• 3035 2934 3034
Jordan Motor, pref. AN
52
52
Kaynee, corn
• 3235 3235 3235
Preferred
100
101 101
Kelley Isl. L & T, com.100 5474 5234 6434
Met.Paving Brick, corn_ •
33
Preferred
100
105 105
Miller Rubber, pref _ _ _ _100 9235 9234 9435
Mohawk Rubber, corn. _ ..• 24
24
2434
Murray Ohio Mfg, pfd..100
99
99
Myers F E &Bros
• 34
34
36
Preferred
100 103% 103 10335
National Acme.com
10
634 634
National Refining. corn.25 35
3435 3555
National Tile. corn
• 3335 3335 3334
"1900" Washer, corn_ _ _ • 2835 28
.
2834
N Ohio P AC L,6% pfd_100
91
91
National Pump
•
40
40
Ohio Confection
• 27
27
27
Ohio Bell Tel, pref
100
11235 11234
Ohio Brass"B"
• 10635 102 10634
Ohio Seamless Tube,com •
.
44
43
Packard Elec
•
49
49
Packer Corp
•
3735 38
Paragon Refining, corn_ _25
935
934 1034
Preferred
100
10735 10734
Peerless Motor,com _
50
23
2335
Richmand Bros. corn_ _ _• 287
.
272 287
River Raisin Paper, corn _•
835
834 835
Neberling Rubber, coin. • 39
3834 3934
Preferred
104 105
10o
Bherwin-Williame,com _25 70
68
70
Preferred
10835 109
100
Rand.Tex Prod, A pfc1.100 62
61
62
Steens Motor,com
•
334 351
relling-Belle Vernon, com• 46
45
4635
Thompson Prod, com_ _100 25
2434 25
Trumbull Sten,com
• 1034 1034 11
Preferred
100 9234 9034 9454
Union Metal Mfg,corn. •
49
48
Union Mortgage,com _ _100
8
8
2nd preferred
1934 1934
100
Union Trust
100 29835 28434 29835
Well'n-Seaver-Mor, pfd 100
89% 8934
Y'grat'n RhootlaTuha DM MO
10854 109
•No par vat,.
60
937
150
240
35
Range Since Jan. 1.
Low.
High.
17
1935
10
3034
3134
35
43
68
3.5
10635
2334
2435
108
June 26
Aug
Apr 2834 Oct
Aug 1634 Oct
Sept 34
Oct
Aug 3934 Nov
100
Dec
235 Feb
268
Jan 53
Apr
50
Jan 77 June
289
Apr 42 Sept
133
Feb 109% June
2.072
Jan 3634 Dec
700
Mar 3334 June
20
Feb 113
Nov
381 gog Jan 107
Dec
203
135 Sept
2
Nov
35 21
Mar 36
74 70
Mar 108
Dec
20 100
Feb 10634 Mar
100 2334 Nov 27
July
95 35% Mar 45 June
816 28 Sept 3435 Dec
2,008 117
Jan 200
Dec
389 99
Feb 107% Oct
648 120
Dec 190
Dec
100 1534 Sept 2134 Mar
815 84
Jan 100 June
31 127
Aug 135
Dec
206 10234 Apr log Nov
9 260
Jan 410
Oct
11 9935 Apr 104
Nov
100 1235 Jan 1535 Nov
185 15
Dec 3135 Jan
6,663
434 Jan 1934 Nov
20 109% Feb 133
Oct
460 2735 Feb 3235 May
20 45
Aug 63
July
150 23
Jan 3335 Nov
10 96
Apr 101
Dec
201 51
Nov 5434 Dec
93 22
Jan 3335 Nov
15 10135 Mar 10535 Nov
541 85
Nov 106
Feb
60 15
Mar 2634 Dec
5 94 June 99
Dec
5,824 34
Dec 36
Dec
120 103
Dec 10334 Dec
50
435 Mar
7
Oct
618 3334 Nov 4134 Jan
325 33 June 38
Aug
110 25
Apr 29
Oct
10 7935 Apr 92
Dec
50 40
Nov 42
Nov
50 2434 Sept 28 Sept
35 105% June 114
Mar
1.842 76
Jan 110
Nov
27 25 June 45
Dee
75 35
Aug 49
Dec
214 3735 Nov 3834 Dec
1,990
6
Apr 1035 Dec
20 66
May 109% Dec
125 218
Oct 32
Jan
909 14234 Mar 290 Sept
210
6% Apr
835 July
789 21
Jan 4034 Nov
311 96
Jan 105
Dec
540 44
Feb 70
Dec
183 104
Sept 109
Dec
138 25
Feb 74
Oct
50 32
Aug
835 Jan
225 36
Mar 49
Sept
530 2034 July 2734 Sept
1,017
934 Nov 14
Aug
1,153 70
Nov 100
Nov
135 40
Apr 49
Dec
20
6
Nov 6134 Mar
58 1934 Dec 82
Mar
109 218
Jan 29834 Deo
87 84 May 98
Feb
163 10614 July 111
May
Cincinnati Stock Exchange.—Record of transactions
at Cincinnati Stock Exchange Dec. 10 to Dec. 16, both
inclusive, compiled from official sales lists:
Stocks—
Friday
Saks
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
Am Laundry Mach com25 111;5 109% 111%
Amer Products pref
25
25
Amer Rolling Mill cam._25 97% 95
99
Preferred
100 11334 114% 11534
Amer Seeding Mach pf_ 100 50
50
50
Amer Thermos Bottle"A"• 1435 1335 1435
Preferred
50
45
44
100
Atlas National
535 535
21135 215
Baldwin corn
100
1
Rights
lila
134
New preferred
109 109
100
Buckeye Incubator
• 48% 48% 4935
Cent Ware & Rettig A._20
2% 234
[VOL. 125.
Friday
•
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High. Shares.
Range Since Jan, 1.
Low.
High.
3,708 9935 Jan 11134
199 21% Jan 2735
3,558 44
Jan 9935
139 108% May ng g
15 16
Oct 50
25
7
Jan 14%
63 34
Mar 45
5 525
Dec 535
70 186
Jan 240
1
169
Dec
llis
106% Jan 110
1,477 44
Jan 53
25
1
Jan
23(
Dec
Aug
Dec
Nov
Dec
Dec
Dec
Dec
Nov
Dec
Sent
Apr
Dec
Stocks (concluded)
Central Trust
100
Chaml)Coated Paper pf100
Churngold Corp
•
Cin Car Co
50 32
CNO&TP
100
CM Gas& Elea
100 100
Cin Gas Transportation 100
CN&CLt&Traccom 100
Preferred
100
Cin Street Ry
50 5035
Cin & Sub Tel
50 11235
Chi Union Stock Yards.100 155
City Ice de Fuel
• 38
C6ca Cola"A"
• 3234
Col Ry Pr 1st pref
100
Cooper Corp new pref. _100
Crown Overall pref. _100
Dixie Ice Cream
50
Dow Drug corn
100
Preferred
100
Eagle-Picher Lead corn..20
Fifth-Third-Union Tr...100
First National
100
Formica Insulation
•
French Bros-Bauer pref 100
Gibson Art corn
• 4535
Globe Wernicke corn.
..100
Preferred
100 9935
Gruen rights
Gruen Watch com
• 51
Preferred
100 11234
Hatfield-Reliance corn.. _• 19
Preferred
100
Hobart Mfg
• 4335
Jaeger Machine
•
Johnston Paint pref. _100
Kahn 1st pref
100
Kodel Radio"A"
54
Preferred
20
Kroger corn
10 14334
Lunkenheimer
• 28
McLaren Cons"A"
• 1774
Mead Pulp special pref _100
Mead common
•
Nash (A)
100 11335
National Pump
40
Ohio Bell Tel pref
100
Paragon Refining corn.
935
.25
Procter & Gamble com_ _20 240
Pure Oil 6% pref
100
8% preferred
100
Rapid Elec
3635
Richardson corn
100
Rollman preferred
99
U S Can corn
• 52
Preferred
100 101
U fil Playing Card
10 146
US Print & Litho com.100
•
7
US Shoe corn
Preferred
100
Vulcan Last corn
100 56
Preferred
100
Western Paper"A"
• 20
UM 1.a Fay Dans.. onun
•
Range Since Jan. 1.
Low.
High.
25934 261
245 255
Jan 265
Nov
110 111
64 110
Jan 12534 Jan
45
4534
178 3435 Jan 47
Nov
31
32
2.555 2134 Feb 32
Dee
445 450
40 225
Aug 450
Dec
100 10134
585 9635 Jan 10134 Apr
135 135
50 11234 Jan 140
July
9834 98%
34 91
Mar 9935 July
7535 7551
5 70 May 78 May
49
5035 1,722 4034 Jan 5034 Dec
11234 113
439 9034 Jan 11635 Oct
150 160
129 136
Jan 160
Dec
3434 36
789 2274 Jan 3935 Dec
3235 3235
120 2735 Jan 36
Dec
108 108
20 96
Jan 108
Dec
9734 98%
21 9734 Dec 103 May
31 100
10134 10134
Jan 105
Feb
5834 5834 •
10 5354 Jan 5834 Sept
3935 40
770 3334 Sept 4234 Dec
126 126
2 126
Dec 126
Dec
2334 24% 2,784 2335 Dec 31 May
360 360
11 30234 Jan 380
Dec
370 372
163 325
Jan 372
Dec
2434 2434
85 19 June 2834 Sept
9034 9034
8 90
Sept 95
Jan
4435 46
2,227 3935 July 46
Dec
9635 96%
18 85
Jan 101
Sept
9935 100
44 85
Jan 100
Dec
11
5
5
534
Dec
534 Dec
51
5135
291 4435 Feb 58% Dec
23 9934 Jan 116
11234 11435
Apr
19
20
610 1351 Jan 2034 Dec
101 101
10 100
Dec 105
Mar
4335 44
417 2655 July 45
Dec
29% 30
139 28
Apr 3434 June
100 101
11 9934 Jan 10234 Feb
100 10234
8 99
Jan 10254 Feb
54
6334 2,695
Nov
934 Jan 80
61
60
11 2035 Jan 7934 Nov
141 144
176 118 June 145
Dec
2751 28
61 2634 Apr 30
Apr
1734 1834
456 15
Nov 2035 Dec
106 10635
94 98% Jan 124
Apr
6335 6435
120 61
Sept 6431 Dec
113 11335
28 100
Jan 125
Mar
3934 40
314 38
Nov 41
Sept
11235 11235
10 10634 June 114 May
034 1034 1,017
6
Apr 1035 Dec
23435 240
1,368 177
Feb 240
Dec
134 9834 Nov 101 June
9834 99
20 111 May 11434 Oct
11234 11235
3454 3731 1,126 3334 Dec 38
Nov
10 135
172 172
Jan 172
Dec
75 98
9834 99
Dec 10034 Sept
52
217 38 June 52
48
Dec
95 97
101 • 10234
Jan 10234 Dec
406 85
142 146
Jan 146
Dec
122 55
7034 71
Jan 79
Aug
85
5
Jan
1334 7
9
Aug
58
10 38
58
July 58
Den
55
6034 2,910 31
Aug 6034 Dee
If `0135 Jan 10634 Dec
10634 10634
20
20
650 22
Jan 29 May
A1
A1
IA
Al
Tan
At
Man
•No par value.
St. Louis Stock Exchange.—Record of transactions
at St. Louis Stock Exchange Dec. 10 to Dec. 16, both
inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Bank—
Boatmen's Bank
100
First National Bank...100
Merchants-Laclede Nat100
Nat'l Bank of Corn....100 176
State National Bank _ _ .100
16735 16735
325 325
290 290
170 177
190 190
9
10
40
459
10
150
251
279
150
164
Mar
Jan
July
July
Jan
169
325
290
177
190
Oct
Dec
Den
Dec
Dec
Trust Company—
American Trust
100 190
Mercantile Trust
100
Mississippi Valley Trust100
St Louis Union Trust_ _100
180
565
340
455
190
575
360
455
170
91
55
10
16334
427
285
370
Mar
July
June
July
190
594
360
455
Dec
Dec
Den
Den
27
27
13
1835 Mar
50
105
100
136
495
13
185
30
51
10
265
15
10
10
320
50
125
28
60
465
287
2,096
7
10
20
2
600
10
270
85
208
147
175
194
1,269
25
275
10
480
110
550
363
185
10
145
605
125
I cq
32
Feb
10035 Mar
19 Sept
15
Aug
Nov
23
114 May
19
Nov
34
Aug
97
Nov
Oct
102
3034 July
Feb
111
Oct
18
Mar
28
8 June
45 June
Dec
30
4 May
69 May
Dec
15
Dec
103
Dec
56
Feb
108
28 June
Dec
99
July
165
1835 Jan
106
Aug
Nov
37
9854 Oct
21
Nov
Feb
100
35 Sept
2974 Aug
1934 June
74
Oct
30
Dec
34
Dec
2534 Feb
32
Aug
July
36
11454 Mar
35
Dec
Jan
96
Aug
28
1835 Jan
Feb
68
*154 Jan
Street Railway—
St Louis Public Service..•
Miscellaneous—
20 35%
Aloe common
Preferred
100 104
Baer, Sternb & Cohen cm •
Burkart common
•
Preference
• 24
Century Electric Co_ ..100
Chicago Ry Equip pref —25 20
E L Bruce corn
•
100 9835
Preferred
Emerson Electric pref._100
Ely & Walker DO com _25
100
1st preferred
Elder com
•
Fred' Medan Mfg corn_ __• 29
Fulton Iron Works corn..
5
Preferred
100
Hamilton-Brown Shoe-25 30
Hydr Press Brick corn_ _100
435
Preferred
100 7734
Independent Packing corn • 15
Preferred
100 103
International Shoe corn..
• 59
Preferred
100
Johansen Shoe
•
J Schoeneman pref...100
Laclede Steel Co
100 190
McQuay-Norris
•
Mo-Ills Stores pref._ _100
Mo Portland Cement_ _25 3734
Moloney Electric pref._100
Nat Candy corn
* 22
2nd preferred
100
Pedigo-Weber Shoe
• 3934
Polar Wave I & F Co_ _ __• 3234
Rice-Stix Dry Goods corn • 23
Scruggs-V-B D G2nd pf100 7934
Scullin Steel pre(*
.
Securities Inv corn
Sheffield Steel corn
• 35
Skouras Bros "A"
• 35
South Acid dr Sulp corn_ _* 47
Southw Bell Tel pref.._100 119
St Louis Amusement"A"• 38
St Louis Car pref
100
Stlx, Baer dr Fuller
• 2835
Wagner Electric com — ...• 3235
Preferred
100 9234
W•I••• ••••••
•
3534 35%
103 104
22
22
18
19
2335 24
135 135
20
20
44
44
9835 9834
106 106
31
32
116 116
2034 2035
29
29
11
11
59
59
30
30
435 435
77
7734
15
1634
103 105
58
59
10934 110
3434 3434
100 100
190 190
23
24%
110 110
3734 3734
100 10031
22
23
102 102
3934 41
31% 3234
2135 23
7935 7934
32
3335
34
34
3234 35
35
37
45
47
11834 119
35
36
100 100
2834 29
3135 3234
9234 9234
7A*.e
71
3074
Oct
37 May
104
Dec
2294 June
25 Sept
26 Sept
Oct
162
2634 Apr
Dec
45
9834 Deo
III June
3834 Apr
Dec
116
2034 Nov
3134 Apr
1334 June
Oct
60
Mar
40
Jan
7
82 Sept
Feb
25
Oct
110
Oct
61
Aug
111
Aug
36
Dec
100
Dec
190
24% Dec
Dec
110
Apr
54
10244 Mar
Deo
28
107 JUDO
4234 Dec
Apr
34
2434 Sept
82 June
Mar
39
Feb
40
Dee
35
48
Jan
Dec
47
Dec
119
Mar
46
Apr
102
3154 Jan
3954 May
9235 Dec
86 54 Ma.
DEC. 17
1927.]
THE CHRONTCLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
MiningConsol Lead & Zinc Co A •
14
11% 14
205
Range since Jan. 1.
Low.
11
Nov
High.
Jan
10354 10344 $1,000 103
Jan 104
99
99
4,000 PS h Sept 101
Miscellaneous Bonds.
1935
Houston Oil 6445
1941
Scullin 65
17
Nov
Apr
Bonds (Concluded)
3337
Friday
Last Week's Range Sales
Sale
of Prices.
for
Par Price. Low. High. Week.
Street Ry. Bonds
East St L & Sub Co 5s 1932
St L & Sub Ry g m 5s_1923
United Railways 4s_ _ _1934
-D
4s C
1934
91
85%
85%
94
91
85
8544
9434 $3,000
91
1,000
8544 297,000
85% 5,000
Range Since Jan. 1.
Low.
86%
81
75%
7554
High.
Jan
Apr
Mar
Mar
9451
91
8554
8444
Dec
Dec
Dec
Dec
*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 (Dee. 10) and ending the present Friday (Dec. 16). Ii is compiled entirely from the daily
reports of the Curb Market itself, and is intended to include every security, whether stock or bonds, in which any dealings
occurred during the week covered:
Friday
Sales
Last Week's Range for
Range Since Jan. 1.
Sale
of Prices.
Week.
Par. Price. Low. High. Shares .
Low.
High.
Week Ended Dec. 17.
Stocks-
3041 35% 10,600
159 160
500
159 162
250
27
27
100
80
80
80
100
1
1
100
21
19% 21
6,900
16
15% 16%
7,700
34
36
600
127 1334e
127
3,500
104% 104% 10634
2,000
1,750
5534 5744
93.4
93.4
44
43
26
71e
62%
38
118% 118
43
2744
900
64%
40%
120
40%
12%
15%
81%
116%
116%
900
63%
31
38
3
036
544
5344
9454
165%
107
8654
64
8734
119%
1234
35
10,600
41
11,000
200
3031
5
800
1,700
5834
10044 5,700
4.100
172
11844 2,300
500
87
400
66
88
200
130
6,700
3,700
13
644
36
35%
13%
54
6844
199%
118
47
1644
225%
7
37
36
1436
54
70
201
11834
47
17
24434
700
1,000
3,100
800
100
600
100
200
100
300
1,650
8%
20%
1536
10%
4544
62
950
14
76
8
31%
38%
3834
100%
6234
20%
11
16744
6444
1534
4544
117
95
110
11836
12
17
9734
1
3034
654
11
9%
22%
16
13
46%
64
95c
15
78%
851
3834
40
3834
10434
64
2134
12%
17445
67
17%
47
117
9636
11844
120
1234
17
100
144
3034
734
1244
744 Nov
1,100
17,700 12% Jun
200 12
AD
11,500
954 May
4,200 3944 Jan
July
800 53
1,500 400 May
Dec
2,500 14
11,000 5234 Apr
444 Mar
22,000
8,100 2744 No
300 38% Fe
100 3844 Dec
Jan
2,500 51
400 4034 Fe
1,300 20 Jun
4,500
634 Oct
2,220 15954 Apr
3,700 2534 Jan
9,500 1134 Nov
200 37 Jun
100 106
May
800 60
Feb
900 7444 June
130 110
Fe
4,000 1034 May
100 17
Apr
Apr
400 97
400 750 Apr
500 2334 Aug
454 May
13,100
800
4% May
1254 12%
200 11
10 176
200 200
30 114
119 120
754
100
7% 7%
2034 23% 4,300 1844
40% x4344 8,600 3434
225 3236
44
4444
1,000 5034
53
5444
100 107
11134 111%
16% 1834 5,800 1434
600 9834
102% 10344
2,100 2234
25
2536
7
200
9% 951
17
434
1936 67.700
3,100 51
83
85%
200 46
ss% 90%
24,900 553,4
122% 126
300 41
42% 4234
100 1634
1644 1634
1641 1634 2,200 12
33
300 2751
33
142 14454 1,080 119
600 1534
16% 17%
1,600 5444
5434 55%
1,400 18
2436 28%
100
17% 1734
200
2744
900
38
38
35
36% 13,000
58
71
2,800
13% 1451
600
26%
43
934
126
25
21
4644
55
186%
23
1436
2031
4834
57
18
2354
14
18
38
35
58
1234
Nov,
Mar
Mar
Oct
No
Aug
Jun
Apr
Jo
Aug
Oct
No
Jan
Jan
Fe
Apr
Jan
Aug
Oct
Sept
Aug
June
Dec
Dec
June
Jan
Mar
Dec
Dec
Dec
Nov
44
400 33
Aug
10
400
8% July
1,800 108% Nov
135
100 2334 Aug
25
600 1744 July
2241
48
900 3944 Oct
200 46% Oct
5634
1,275 151
195
Oct
2,700 19
2541
Sept
854 July
1634 18,800
2,400 18
2144
Sept
Nov
1,700 48
50
58
800 48 June
100 1644 May
18
200 1934 Aug
23%
.NNVO. *.MNN000oN.N4MNN
..,
.
.
25
26
2,900
40
4144 10,900
6
6
100
121
121
10
5134 5234 26,500
3,500
9434 9554
8%
800
834
35
3544
300
106 10634
100
5,700
3836 3944
171
. 134 11,800
300
353" 36%
434
200
444
23
24
6,300
1536 16
1,900
2934 30
200
Sept
June
Dec
Nov
Nov
Dec
Mar
Feb
May
Mar
Mar
Apr
Dec
June
June
July
Sept
Nov
Feb
Jan
Jan
Apr
Jan
0(0M".m^MV....NN..0 CO
.0N.NVVO..0N..MCONVN.M.Nno,
.
„
.
. . .
..
.
.
N.
.
25
100% 100%
4044 4245
200
7544 7844
1,300
2544 26
24,400
34
2,800
3534
27% 30
000
43
200
4334
100
69% 69%
100
2834, 2844
1,000 47
51%
4
100
544
5
100
5%
1,500 3741
.50
144
1,500
2%
500 50c
50c
2.800 32
59%
5936 5,500 29%
144
1,100
2
520 15041
160%
100 25
30%
3936 38,310 20
300 3734
40
31% 6,100 27
600
18
9
3
5% 2,200
74
74
100 61%
2,500 9544
114 120
4,250 115
183 x203
100 99
107% 108
200 14%
18% 18%
562 620
720 339
500 17%
22% 23
50
534
5%
47
144
50c
57
57
1%
153%
30%
30%
39
29
15%
High.
CO
124 125
325
10
10% 5,200
14% 15
200
134 143% 103,400
100
50c 50c
100
236 254
200
53
55
18
22%
1,900
800
33
36%
5% 5% 2.300
220 230
220
25
105 105
3251 35% 15,900
158 16434 9,400
78
7841
200
244
400
236
1,500
34
35
300
1634 17
1141 1634 3,800
200
2534 2534
700
2534 2534
25% 2534
300
Dec
Dec
Mar
Nov
Nov
Jan
Nov
Nov
Jan
400
Babcock & Wilcox
100 124
Bahia Corp, corn
• 10%
Preferred
25 14%
Bancitaly CorporatIon_25 *13644
Held Hall Electric com_ •
25
Class A
Bend's Corp class A corn 10 55
Bliss (E. W.)& Co., corn.' 2234
Blumenthal (S) & Co oom • 33
544
Blyn Shoes Inc com
10
Hohack(H C)Co com_100
1st preferred
100
Bohn Aluminum & Brass.' 3436
50 16444
Borden Co common
•
Borg & Beck
Bridgeport Machine coin.*
Brill Corp class A
•
• 1651
Class B
Class
* 15
Brill° Mfg corn
Class A
•
-Amer Tob ord bear_ £1 2534
Brit
Ordinary registered_ _El
Broadway Dept Store 1st
Met with warrants...100
Brockway Mot Trk, eoin_• 4244
Bucyrus Co,com cite dep25 7834
10 30%
Bucyrus-Erie Co
3434
Cony preferred
Budd (Ed G) Mfg coin_.' 30
Bullard Mach Tool
• 43
Burt (F N) Ltd coin._ _.25 69%
20
Butler Bros
Campbell Wyant & Cannon
Foundry
• 34
Canadian Indus Alcohol...* 39
_25
Carnation Milk Prod_ 25
534
Case Plow Wks el B v t c.•
Caterpillar Tractor
• 5744
Celanese Corp of Am oom-• 9534
100 z167
First preferred
• 116
Celluloid Co corn
• 8651
$7 preferred
•
Celotes Co common
100 88
7% preferred
Central Aguirre Sugar-50 130
Centrifugal Pipe Corp...' 1244
C M & St P(new co)25
New common WI
4144
New preferred w I
Chicago Nipple Mfg el A 50
190
Childs Co, pref
Cities Service. common.20 52%
100 94%
Preferred
10
Preferred 13
• 3534
City lee & Fuel (Cleve)..
•
Cleve-Cliffs Iron
Club Aluminum Utensil__' 3944
144
Colombian Syndicate_ __I
Columbia Graph. Ltd rets.
Consol Dairy Products__ •
• 24
New
• 16
Consol Laundries
Consolidation Coal corn 100 2951
Copeland Products Inc7
Class A with warrants_ •
il
Courtaulds Ltd
Crowley. Milner & Co corn' 36
Crown-Willamette Pap v tc 1444
Cuban Tobacco corn v to.•
10 6834
Cuneo Press corn
Curtis publishing corn _• 199%
• 11834
cum preferred
$7
•
Davega Inc
•
Davenport Hosiery
Deere & Co common __.100 230
2,000
700
6,200
9,600
6,800
1,800
Low.
1
50c
151
1544
59
66
2
40c
534
5,400
2,400
40
400
100
1,000
4,400
100
6,000
NNNNMM
10%
14% 12%
9734 94
114%
115
12% 11%
28% 26%
341. 341,
400
944
10
2,700
4436
400
40%
100
4334 27,000
98%
250
1,800
12%
10
7944
15% 3,700
250
83%
125
125
10%
100
1444 5,400
99% 25,300
115
330
1,900
12%
8,500
29
500
3516
8
8
4334
40
36%
96%
11%
79%
15
81%
1
1%
50e 98c
166 16744
15% 16
74% 74%
74%
1023s 106%
234
336
500 50c
9
10%
1
A
4
Igit8EgU tggang13135V6374E2811Stri 2AzgatgaSS;t5.17,6S - S836- 5.078u6;Wrs6&E sas3waagaisas565s6Bh535g33 -e,I,d@da$ 6aab6wzaa6,D4626.4. Za
4Z<Z.-0
z
4". ,11=la"P -4k.oPv:IP -.
0alaqw,
... , 102.t2 Z"'g'"PA"ct,P,Z<PwAf=A ZZZ 2 0
'..44:1ZZP''
4 4PZcEZ '
4 Zot2 cpal22Z— Act Z2Z<gl 4,g,ctanZXPZZZ'
Z
1
4
x x
xx
x
xi xxxxxx
x x
xxxx m
x
xx x xxxxxx x xx
xx xxxx xxxx xxxxx x
x ONOMM,MNO0W0....M.MMt,pmM0eMgM0...t..0 No.0m,-octom..000t.NcoN,.mul.4.04.0 nna00..14 W.OMNNotoMONOV..
xxxxxxx x
xxxxxxxx x m xx
31%
De Forest Radio y t c_ _ ...•
1%
31
Dec 35% Dec
Vot trust etts-etf dep__
98c
123
May 163
Nov Dixon (Jos) Crucible Co 100
124% Feb 163
Doehler Die-Casting
Nov
•
22
July 27
Dec Dominion Bridge. new_.
61
Jan 80
Dec Dominion Stores Ltd_ _ ...• 102%
1
Dec
3
Jan Dubiller Condenser Corp..•
354
19% Nov 22
Nov Du Pont Motors
•
15
Oct 1651 Nov
Durant Motors Inc
•
934
33
Dec 4234 Jan Durham Dup Razor pr pref
with cl B nom stk pur war•
6734 May 14544 Nov
101% Mar 106% Dec Duz Co CIA vot tr ctts__ •
55% Dec 111% Apr
Class A
•
Eastern Dairies corn
* 4944
5
Aug 21
Jan Estey-Welte Corp class A •
144
.
21
Jan
5
Aug
Class B
*
40% July 48% Sept Evans Auto Loading el A.5 5844
26
Jan 40% Dec
Class B common
5 5834
25
Oct 4344 Dec Fageol Motors Co oom__10
84 June 98% Dec
Fajardo Sugar
100
11% Nov
14% Sept Fan Farmer Candy Shops*
78
May 81
Jan Fansteel Products. Inc_ _ _• 3744
Jan 20% May Fashion Park Inc com____* 40
9
79
July 92% Sept Fedders Mfg Inc class A...• 31%
89% Jan 125
Dec Federated Met stk tr etfs.•
July Film Inspection Mach_ •
10% Dec 11
5
344 Mar 18% Jan Fire Assn of Philo
io
4454 Feb 9934 Dec Firemen's Fund Ins_ _100 118
109% June 115% Dec Firestone T & R com___10 x200
Nov
6
Oct 13
7% preferred
100 108
11
May 29
Dec
Foote Bros G dit M cora. •
31416 Oct Ford Motor Coot Can_100 600
334 Oct
Forhan Co class A
•
Dec 43% Dec Foundation Co43
14
Feb 31% May
Foreign shares class A.*
8%
620 Sept
144 Jan Fox Theatres el A com___• 21%
50
Sept 64% Dec Franklin (H II) Mfg Corn*
38
Dec 4534 Jan
Freshman (Chas) Co
• 10%
100
July 120
Dec
Fulton Sylphon Co
• x46
Gamewell Co corn
• 63%
113
July 132
Nov Garod Corporation
• 95c
•
10
Dec 1044 Dec General Alloys Co
14% Dec 15
Dec General Baking class A-.
5 76
Dec
85% Jan 145
Class B
•
834
50e Sept
244 Aug Gen'l Bronze Corp corn..* 3634
2% Dec Genl Elec(Germany)com_
244 Dec
3834
55
Dec
40
Jan
Common trust rcts
1534 Oct 24% Apr Gen'l Fireproofing. com__* x101%
8
Mar 3834 Dec General Ice Cream Corp...• 6244
344 Nov
9% Apr Geni Laundry Mach corn _• 21
210
Nov 235
Feb C G Spring di Bumper com• 1234
94
Aug 105
Dec Glen Alden Coal
• 168
13
Feb 3534 Dec Gobel(Adolf) Inc corn
* 6644
101
Jan 164% Dec Gold Seal Electrical Co..' 16
59
May 7834 Dec Gorham Mfg common_ _ _.• 47
2
Oct
534 Mar
Preferred
100 117
33 June 4734 Jan Grand(F&W)5-10-254)St• 96
1544 Apr 2234 Feb Grant(W T)Co of Del com• 110
744 Feb 16% Dec GO ALI & Pao Tea let pf_100 11834
20
Jan 2634 Sept Greenfield Tao & Die_ __-• 1234
2344 Feb 26
July
Greif(L)& Bros common.*
2341 Feb 26
July
Preferred class X.._.100
Griffith (D W)class A.....
154
100% Dec 113
Sept Hall(W F) Printing. _10
36
Sept 45
Mar Happiness Candy St el .A.4
7
.
67
Sept 7834 Dec Hazeltine Corp
• 1144
2144 Aug 26% Oct Hellman (Richard) boo
31% July 36
Oct
Warrants
20
Apr 34
Nov Hercules Powder com _ _100
34
Aug 4934 Oct
Preferred
100
6134 Aug 6934 Dee Heyden Chemical cm new*
1834 Apr 2834 Dec Hires(Chas E)el A com__• 23
Holland Furnace
• 43
Dec Hood Rubber common_*
3034 Dec 35
22
Jan 4334 Nov Horn de Hardart com____• 5444
2634 Nov 3144 Dec
Preferred
100 11151
3% Feb 13
Mar Huyler's of Del, com_
•
2744 Feb 5841 Dec
7% preferred
100
44
May 120% Oct Hygrade Food Prod corn.' 25
131
May 173
Sept Imperial Tobacco of Can.5
9%
60
Sept 12934 Nov
Industrial Rayon class A.• 19
8234 Sept 93
Oct Insur Co of North Amer_10 85%
6234 Oct 85
Jan Internat Cigar Mach's_ _.• 9034
Oct 91
85
Mar Johns
-Many Corp corn...' 124%
9734 Jan 130
Dec Joske Bros Co corn v t c_ •
1834 Jan Keiner-Williams Stmpg •
1034 May
Kemsley,MIllbourn&Co_ ..• 1636
20
Mar 273.4 Nov
Kinnear Stores Co corn..' 33
2754 Mar 4234 Oct Kroger Grocery & Bak'g10 144
4
Oct 49
Apr Kruskal & Kruskal. Inc..' 16%
117
Apr 124
Nov Lackawanna Seour, new..'
4034 Mar 5834 Feb Land Co of Florida
• 2434
8734 July
9534 Dec Landover Holding Corp
754 May
854 Oct
Class A stamped
1
2334 Jan 3544 Dec Larrowe Milling
• 2734
102% No% 10634 Dec Lefcourt Realty pref
38
3436 Nov
4134 Nov
Lehigh Val Coal Ws new.. 35
134 Dec
354 Jan Lehigh Val Coal Sales__50 65
32% Nov 4144 Nov LeMur Co, corn
• 1434
1% Jan
5
Dec Leonard Fitzpatrick &
1834 Nov 2534 Dec
Mueller Stores com....•
1444 Nov
2244 Apr Libby McNeil & Libby _ _10
9%
2444 Nov 36
Jan Libby Owens Sheet Glaos25 135
Lit Brothers Corp
10
6 • Oct 22
May Magnin (I) & Co. Inc.com•
24% Jan 37
Dec Marmon Motor Car, corn • 47
35% Dec 38
Nov Marvel Carburetor
10
9
Nov
14% Dec Maryland Casualty
25 19434
40
Apr 66
Feb Mavis Corporation
• 25%
30
Jan 70
Dec
Mavis Bottling Cool Am.' 16
170
June 221
Sept May Drug Stores Corp_ _.• 21
113
June 118% Dec May Hosiery Mills $4 pref.. 49%
4454 July 58% Aug
McCall Corporation
•
16
Nov 3034 Apr McCord Rad & Mfg v to_* 18
70
Jan 24936 Nov
McQuay-Norris Mfg com _• 2334
Range Since Jan. 1.
CONNert..0.4. M.MOOMMMVF-VMMNOW.OMMO,OW
P-N00.NN
.
M. M..MM
N.t-NI-0
.
O CO M ,
MMN
.
.N. P.
.
.
k.
Indus. & Miscellaneous.
Acetol Products Ino A___°
Ala Great South, ord_ .50
50
Preferred
Alles & Fischer Corp coin.*
Alliance Insurance Co--10
Allied Pack senior pref 100
Allison Drug Store class A•
•
Class B
Alpha Port Cement com_ •
•
Aluminum Co corn
100
Preferred
100
American Arch Co
Am Brown Boveri El Coro
Founders' shares
•
Founders sharesv t 0-*
•
Amer Chain Co corn
Amer Cyanamid cam A.20
20
class B
Preferred
100
Amer Dept Stores Corp.'
Amer Hardware Corp_.100
American Hawaiian SS_ _10
100
Amer Mfg Co com
American Meter Co
•
American Milling Co_ _ _10
Amer Rayon Products--•
Amer Rolling Mill com_.2$
100
Preferred
Am Solvents& Chem v t c•
Cony partio preferred.'
American Thread pref.„5
Amsterdam Trading Co
American shares
Anglo-Chile Nitrate Corp.•
Atlantic Fruit & Sugar..--•
Atlas Plywood
•
Atlas Portland Cement.. •
Auburn Automobile corn.*
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
3338
Range Since Jan. 1.
Low.
High.
Mead Johnson & Co corn.' 5834 58% 64%
3,850 39% Jan 65% Dec
Melville Shoe Co corn_
•
114% 117
450 59
Feb 124% Sept
Pt without warrants_100 109% 109% 109%
Sept
Sept 110
130 108
Mengel Company
100 61
July 64% Dec
64% 2,150 27
58
•
Mesabi Iron
Dec
3
2% 2%
1,800 55c June
Metropol Chain Stores___• 54%
Nov
54%
Feb 58
54
1,300 30
Met 5 & 50e Stores cl A_ •
9
1% Jan
15
9
100
Sept
734
July 24
Sept
Common class B
900
5
6.34
8
Preferred
100 47
47
Feb 63% Aug
48
350 30
Nov
Midland Steel Prod
• 98
95 102%
3,800 391.4 Apr 104
Nov
Midvale Co
38
39
100 23% Jan 42
Nov
Mirror (The) 7% pref _100
100 76
May 94
87% 8734
Monsanto Chem Wks corn
3934
3834
500 37% Nov 3834 Dec
38
Moore Drop Forge Cl A__* 45
44
Jan
45
200 25% Apr 60
Mar
Mu-Had Radio
1
10c
10e
4,300 10c Dec
•
9
National Baking com
7% June 10% May
834 9% 1,600
Dec
100 93
87
93
575 77
Feb 93
Preferred
Dec
National Candy new
22% 23
200 21% Nov
23
Nat Dairy Prod pref A.100
105% 105%
10 102
Sept 105% Dec
July
9
Apr
Nat Food Products cl B_ •
4% 5% 3,800
2
10
National Leather
334
3% 3%
900
44 Jar
2% Apr
3434
Nat Standard Co
3734 33%
800 3034 Jan 38% Dec
National Sugar Refg_._100 129% 123 131
Nov 155
1,000 115
May
Weisner iiros I ne corn _ _* 6334 63
400 36% Feb 71
6334
Sept
Dec
Nelson (Herman) Corp_ _ _5 -3134 33
1,500 2334 Feb 33
Newberry (J J) Co, pref 100 105
104% 105
50 9734 Mar 105% Sept
94 Apr
10
10
16
Jun.
New Mex dr Ariz Land_ .1
700
New On Grt North RR 100 36
36
36
100 19% Jan 41% Apr
N Y Auction com cl A.__*
17
1734
Dec 20
500 17
Aug
Nichols & Shepard Co
34% 4,300 21
Oct 35
Nov
28
29% 20% 36% 30,800 15% Nov 36%
Niles Bement-Pond corn *
Dec
100 90
90
Preferred
90
25 90
Dec 90
Dec
Ohio Brass class B
104 105
250 76
Jan 109% Nov
•
Pacific Steel Boiler
12% 1234
9)4 May 14% Nov
100
Apr 112
Palmolive Peet Co com-__• 9434 94% 96
900 69
Sept
•
Parke Davis dt Co
39
Nov
39
300 27% Mar 40
Ponder (David) Groe cl A *
4934 50
July 52
Nov
200 41
Class B
35
35
19
Apr 36
Nov
300
104% 105%
Penney (J C) Co cl A pf 100 105
330 99 June 13034 June
Peoples Drug Stores
45
1,100 28% Apr 46% Dec
46%
100
Pepperell Mfg
98 101%
330 98
Dec 106
Dec
Phelps Dodge Corp_ __100
125% 127
July 132% Mar
100 110
Phillip Morr Cons Inc corn'
8% 10
8,600
8% Dec 20% Jan
25
Class A
13
14%
1,400 13
Dec 22
Jan
Pick (Albert) Barth & 0o
Common vot tr ctf
• 10
10
Oct 1434 June
1034 1,300 10
Pref class A (partic pref)• 20% 20% 20% 4,100 19% Oct 28% June
May 24 June
Pierce Butler & P Mfg__25 24
24
24
200 20
Piggly Wiggly Corp com__• 26% 25% 26%
3,100 25% Oct 29% Oct
Piggly Wiggly Western
•
States Co class A
2334 24%
600 23% Sept 25% Sept
Pitney Bowes Postage
Oct
Meter Co..
7
7
300
5
8% Nov
181
Nov
Pitts & L E RR com___ _50 182
182
300 161
June 187
100
Jan
Pitts') Plate Glass
223 223
10 198
Oct 269
14
14
Potero Sugar common____* 14
500 13% Nov
14% Nov
55% 55%
Pratt & Lambert
500 48
Mar 58% Sept
100
Price Brothers
79
80%
300 77% Dec 8014 Dec
Procter & Gamble corn __20
234% 233%
Feb 238% Dec
175 178
Prudence Co 7% pref__100
10334 10334
50 102% Jan 106% Oct
8% 9
Pyrene Manufacturing_ _10
300
8
Oct 14% Jan
100 251
249 251
20 185
Feb 251
Dec
Quaker Oats, corn
100
112 112
20 107% Feb 112
Preferred
Dec
39% 40%
200 36
Oct 4374 Aug
Q R S Music
160 235
Jan 320
Sept
Realty Associates com-_ • 284% 284% 291
25% 26% 11,600 19% Mar 27% Oct
Reo Motor Car
Republic Mot Trk v t
2
May
3% 3%
700
5% Jai.
* z2S6 /275 1287
Apr 287
Jan
20 153
Richman Bros Co
May 3534 Aug
4,700 20
Richmond Radiator corn.' 28% 2834 31
•
40
41
800 3731 May 45 June
7% convertible pref_
Dec 79% Apr
Rolls-Royce of Am pref 100
45
250 45
50
50 21934 Mar 108
Aug
106 106
Royal Bak Powd pref__ 100
100
150 68
Sept 85% Nov
Ruberoid Co
78
80
Nov
•
Safeway Stores corn
320 32234
160 232
Feb 325
July 140
Mar
134 134
50 124
Safety Car Heat & Lig_100 134
Apr 63
Dec
• 57% 56
900 37
58
St Regis Paper Co
Sanitary Grocery Co com-• 220
150 210
Aug
220 221
July 244
Dec
Schiff Company common.*
28
28
100 28
Dec 28
Dec
7% cum cony pref. .100
114 114
25 114
Dec 114
21
Schulte Real Est Co
400 13)4 Oct 22% Dec
2231
Scoville Mfg
51
53
150 51
Dec 58% Nov
Seeman Bros common....'
35
1,200 25% May 36% Dec
35%
Nov
Seiberling Rubber Co corn • 3934 38% 39%
Apr 41
3,100 23
Selfridge Prov Stores Ltd
£1
Dec
5% June
500
4
Ordinary
4
434
434
Serve! Corp (Del) corn A_•
13c 29c
2,000 10e Nov
10% Feb
Serve! Inc (new co) v t 0- •
Nov
434 Nov
3% 3%
3% 17,900
3
50
Dec 23
July
Sharon Steel Hoop
21
21
200 21
Dec
Dec 849
Schaffer(WA)Pens corn 100 820
665 849
620 665
74
74%
300 56
Feb 74% Dec
Shredded Wheat
18% 20
3,400
13% Mar 21% Sept
Silica Gel Corp corn v t c_• 19
Dec
432 445
50 360 June 445
Singer Manufacturing 100
Snia Viscosa Ltd__ _200 lire
1134 Oct
400
Jan
9
5
9
Deposit rots Chase N Bit
Nov
139 139%
Oct 140
50 122
Spanish Riv P & P corn 100
5,400 15
38
Sparks-Withington Co_ --• 3634 34
Aug 39)4 Dec
Sept
3,700 19% Jan 37
Stand Comm'l Tob com--• 32% 32
3434
434
6% Oct
100
3% Apr
Standard Publishing cl A 25
434
350 80 June 114,4 Dee
Stand Sanitary Mfg com.25 108% 108 112%
Feb
* 5534
100 54% Dec 90
5534 56%
Stanley Co of Amer
99
100 98% Nov 101
July
99
Stein-Bloch Co 7% pf _100
• 50% 4734 50%
475 42
Feb 52% May
Stern Bros class A
18
Dec
18
1,400 15
Jan
18
* 18
Class B com v t c
13
934 Nov
Sept
1,500
• 10% 10% 1134
Stinnes(Hugo) Corp
• 19%
1734 193-4 6,100 1214 May 21% Oct
Stutz Motor Car
Apr 132% Oct
127 128
200 109
Swedish-Amer Inv pref_ 100
100 124% 124% 12534
650 115% may 130 Sent
Swift & Co
15 2434 25% 25% 2,900 18% Mar 2814 Oct
Swift International
22)4 Nov
Syrac.Wash.Mach.B. corn*
15% 15% 15%
300
1)4 July
May
8 90
Mar 320
Teitz (Leonard) warrants__ ______ 220 220
May
12
500 10% Nov
14
12%
Timken-Detroit Axle__ .10 12%
100
103 103
20 86
May 113% Oct
Preferred
4% Aug
334
334 3% 3.700
Mar
3
Tobacco Prod Exp Corp..'
June
•
200 45
51% 5135
Apr 55
Todd Shipyards Corp_
Trans
-Lux Day Pict Screen
10,200
85£ Jan
3%
434
3% July
Class A com
•
Trice Products Corp corn.' 28% 28% 29% 4,200 27% Oct 32% Dec
3,400
1034 11
9
Oct 1434 Aug
Trumbull Steel com____25 11
100 9034 9034 91
Nov
70 74% Jan 100
Preferred
10 33% 33% 3374
1,500 24
Truecon Steel corn
Jan 34% Nov
Dec
450 485
1,250 145
Jan 485
Tubize Artificial Silk cl 13.• 470
900 1734 Jan 24% June
Tung-Sol Lamp Wks cl A_• 2034 20% 21
May
* 10% 10% 10%
100
13
Common
8% Feb
Mar 68% Dec
United Biscuit class A____• 683.4 6534 6831 4,800 38
18% Dec
• 15% 13% 1834 16,400
Class B
7
Jan
United Bise of Am com__* 3834 36% 3934 14,100 314 Nov 39% Dec
113 11534
1,200 105% Nov 115% Dec
Cony 7% cum pref__100
Dec
31% 35% 15,200 23
Apr 37
United Elee Coal Coe v t a* 34%
53%
Oct
700 4631 Nov 57
United Eng & Fdy new w 1 52% 52
600
1034 10%
9% Aug 13% Apr
United Profit Sharing com• 10%
300 51
64% 6434
Jan
7734 Nov
United Shoe Mach corn_ _25 64
66% 69% 4,000 32 June 69% Nov
US L Battery corn nese_ •
10% Dec
200
10
10% 10%
8% June
7% pref class B
100 35
Dec
35
35
Dec 35
115 Dairy Prod class A_ •
100 64
July 90% Dec
U S Finishing Co com.100 90% 9034 90%
Dec
18,100 51% Sept 86
20 84% 80% 86
•
U 84 Freight Cowl
325 83% Nov 110% Sent
86
87%
S GYPsam eem
200
9% 9%
Nov
13% Feb
9%
6
Rubber Reclaiming..'
US
100 26% Dec 45% Mar
Universal Pictures
2634 2634
1834 Oct
14
300
534 Apr
14
Van Camp Packing pref_50
Dec
300 56
57
Dec 57
56
56
Vulcan Last Co
[VOL. 125.
THE CHRONICLE
Friday
Sates
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
I0
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Cana dad). Par. Price. Low. High. Shares.
MLitt de Bond Inc class A.• 26
25% 26%
Class B
19
118% 19%
Warner Brothers Pictures.' II%
11
12%
Warner Gear Co class A
31% 33
Watson(JnoWarren)Co wi• 20% 20% 22%
Wesson Oil&S D corn t c• 6934 69
70
Preferred
• 101)4 101% 101%
Western Auto Supply pref* 29% 29
29%
Wheatsworth Inc corn....
32% 30% 33%
WhItman(Wm)Co7% pf100
82
82
Williams 011-0
-Mat Htg..*
7% 8%
Worth, Inc, cony Cl A.._* 22%
22% 2234
Yates Am Mach partic pt.*
1434 15
Yellow Taxi of N Y
14% 1534
Youngst Sheet & T pf_ _100 108)4 107 108%
43% 4334 4334
Zellerbach Corp
Rights
Amer & Foreign Power....
Associated Gas & El
Atch Top & Santa Fe
Buff. N ag & Eastern
Loews Inc
McCall Corporation
Warren Bros
White Sewing Mach deb rte
1%
2
15%
1034
5
5%
1% 2
2)4 334
1% 2%
14% 16
1% I%
17% 18%
10
11
Public Utilities
-Am Dist Tel of N J, p1_100 115
115 117
Amer Gas & Elea corn... • 122
116% 123
Preferred
10334 108 108%
Amer Lt & Tr corn new 100 17434 174 176
Preferred
100
115 115
Amer Nat Gas corn v t e_ _• 19
19
19%
Amer Pow & Light pref _100 108% 108 109
Amer Superpower Corp A •
39
39%
Class B common
• 39% 39% 40
First preferred
•
100 100%
Participating pref_
_25
28% 28%
Arkansas Lt & Pr 7% p1100
107 107
eiesoc Gas & Elec class A.
• 49% 48
52
Bell Telep of Pa 634 %pf100
116% 11634
Brazilian Tr Lt & P ord_100
216% 216%
Brooklyn City RR
10
3% 4
4
Buff NUR & East Pr corn.'
30% z32
Preferred
25
26% 26%
Central Pub Serv corn...* 21% 19% 21%
Cent S W 11111 corn... _100 70% 70
70%
7% cum pref
•
97
97
Prior lien stock
10414 1043-4104%
Cent States Elec. corn....'
28% 28%
Seven per cent pref_ _100 102
100 102
Cincinnati Street Ry_
50
50
50%
Cities Serv Pr & Lt $O pf.' 9534 9434 9534
7% preferred
100 105% 105% 106
Columbus El & Pow corn.* 65% 65% 65%
Liom'w'Ith-Ecilson Co .100 171% 169 171%
Com'wealth Power Corp
Preferred
100 103% 103% 103%
Con Gas E L & P Balt com• 6731 67% 6731
Consol Trac of N J100 62%
5834 62%
Eastern States Pr corn B • 12% 12% 12%
Elec Bond & Share pref. 100 110% 109% 110%
Elec Bond & Share Secur_• 80% 74% 80%
Elec Invest without wart* _• 454 42
45%
Elec Pow & Lt 2d pref A__• 104% 10334 10433
Option warrants
134
1134 13%
Elec Railway Securities_ •
634 634
hAnpire Gas & P8% rot
108 108%
.100 108
100
7% preferred
z99% 100
Empire Pow Corp part stk• 32% 32
33
Federal Water Fiery el A •
34% 35
Florida Pow & Lt 37 pref_• 106)5 106% 107
General Pub Ben/ corn. __• 15% 15% 15%
Ga Pow (new corp) $6 pf.' 103 /103 104
(nternat Utilities class A.• 49% 49% 51
Class 13
•
93.4 10%
Participating preferred.' 98% 98% 100
Jersey Cen L & P 7% pf 100
107% 10734
Lehigh Power securities..• 20% 19% 20%
Long Island Ltg Common.'
167 170
7% preferred
100
111% 112%
Marconi Wire Tot I an .1
2% 2%
2%
Marconi Wire! Tel Lend_ 1
7% 8%
834
Mass Gas corn
100 110)4 110% 110%
Middle Wen Utilities corn •
121 12434
Prior lien stock
100 125% 125 125%
$13 preferred
• 94
94
9431
100
118 118
7% Preferred
Mohawk & Bud Pow corn • 31%
2934 31%
2d preferred
•
106 106%
Warrants
631
634
Mohawk Valley Co.... • 46% 45% 46%
M't'n States Pr 7% pf.100
101
101
M't'n States Tel & Tel.100
153 153%
Municipal Service
• 14%
13
1434
Nat Elec Power class A• 26% 26% 26%
Nat Power & Light pref..'
11134 11134
Nat Pub Serv corn class A' 22% 22% 23%
Common class B
• 27
2634 29%
Warrants
234
235 6
Nev-Calif Elec corn_ _100 34
34
34
New Eng Pow Assn corn •
75
75
New Engl Telep & Teleg100
137 137
N Y Teiep 6)4% V0_100
115 11534
Nor Am Util Sec 1st pref.*
89% 8931
Northeast Power corn....' 21%
20
21%
Northern Ohio Power Co.' 17%
1634 1734
Nor States P Corp corn..100 135
130% 136)5
Preferred
100 109% 109% 109%
Ohio Bell Tel 7% pref_ _100
113% 113%
Pacific Gas & Ri 1s1 pf.2o
26% 26%
Penn-Ohio Ed7% pr pf 100 107% 107% 107%
• 95
$6 preferred
95
96
Warrants
1334 13%
Penn Ohio &cur Corp._ _ ..• 12% 12% 13%
PennG & E cl A part etk.•
20
20%
Penn Pow dr Lt 87 pref_..*
109 111
Penn Water de Power__ _ _• 69% 66% 79%
Phil. Elea Co common.
.25
56% 57
Power Securities corn....'
12
12%
Preferred
•
53% 54
Providence Gas Co
50 110
110 110
Puget Sound P&L com_100 35% 35% 35%
Rhode Island P.S. pref. •
30% 30%
Rochester G & E pref C 100
105 105%
Sierra Pacific El com......100
27
27
100
Preferred
92
92
Sou Calif Edison pref 8_25 25% 25% 2534
Southeast Pow & Lt corn.' 43% 41% 44%
Common voting tr. Ott.'
43
43
$7 preferred
•
109 110
Participating pref
• 89% 87
91
Warrants to nor corn etk• 14
13
14%
Southwest Bell Tel pref 100 118% 118% 118%
S'west P & L 7% pref__100
111 111%
Stand Gas& El 7% pl_100
III
Ill
Standard Pow & Lt com.25 30%
2834 31
Preferred
•
103 103
Tampa Electric Co
•
63
63
Toledo Edison 7% pf_ _100 111
111 111
Range Since Jan. 1.
Low.
7,200 22%
2,300 1534
2,600 11
1,100 315-4
4,500
1934
2,300 6034
200 95
700 2134
1,700 3034
10 82
400
1,100 2234
200 134
1,500 10
55 106
25 2934
I
High.
Nov 26% Dec
19% Deo
June
Dec 3331 Jan
Dec
Dec 33
Oct 2536 Sept
Sept
Apr 77
May 102% Sept
Aug
Apr 46
Dec 3334 Dec
Dec
Dec 82
July
1634 Feb
Dec 22% Dec
Jan
Nov 27
May 3434 Jan
Nov 112
Apr
Feb 4334 Dec
600
42,800
82,200
15,400
1,175
14,100
60(
1,300
5
11£
,
2%
1%
11
1
16%
4
Dec
Dec
Dec
Dec
Nov
Dec
Dec
May
5%
2
3%
2%
16
2%
19
20
Dec
Deo
Dee
Dec
Mar
Nov
Dec
Aug
150
11,400
1,100
800
25
900
910
1,100
2,500
300
200
30
14,700
10
25
4,300
1,500
100
1,600
200
50
200
100
455
200
2,000
500
100
220
109
6831
95%
16'36
112
18%
97%
27%
28%
9334
26%
97%
35
112%
107
3%
254
25%
17)4
57%
93%
98
17%
9234
50
90
100%
65%
139
Aug
Jan
Feb
Aug
Oct
Nov
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Dec
Mar
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Nov
Aug
Nov
Dec
Jan
117
125
10834
186
126
19%
109
43
43
10034
29%
108
52
117
225
654
40
26%
23%
71%
99%
104%
30%
102
5034
95%
106%
80
172%
Dee
Nov
Dee
Sept
Apr
Dec
Dec
Nov
Sept
Dec
June
Nov
Dec
Nov
Dee
Jar.
Sept
Dec
Dec
Nov
Jan
Dec
Oct
Nov
Nov
Nov
Nov
May
Nov
500 91)4 Jan
700 50% Jan
400 563.4 Oct
600 11
Oct
720 10534 Mar
34,600 8614 Mar
17,800 32% Feb
520 89% Mar
9,300
6% Jan
100
6
Feb
2,300 104)1 May
300 97% June
2,000 26
Jan
2,500 30 14 Aug
200 102% Aug
1,000 11)4 Jan
1,000 94
Mar
2,200 24
Apr
10,200
3
Jan
525 89
Apr
25 100
Apr
20,000 15
Jan
50 140
July
100 107% Jan
99,100
iie
Jan
3,000
3% Jan
100 103
Aug
6,700 100
Feb
100 108
Feb
550 90% Oct
350 105)1 Jan
5,100 20% Jan
75 94
Jan
400
6
Aug
1,300 37
Feb
10 99
Nov
20 137
June
1,400
834 May
2,000 23)4 Feb
50 101
Jan
6,600 IS% Jan
1,700 14
Jan
600
1% Mar
100 25
Feb
50 4531 Feb
10( 115
Jan
225 r112% Apr
100 84
July
10,400 14% Apr
0,800
934 Jan
7,000 109% Jan
100 100% Jan
10 104
June
300 24% Feb
23) 97)4 Jan
260 80)4 Jan
500 104 Jan
4,700
841 Feb
900 19
Jan
50 106
Jan
1,800 45
Mar
700 46% Mar
200
6 June
200 40
Sept
25 86
Mar
1,200 28,
Apr
200 30
Nov
200 103 June
100 2434 Aug
20 88
Feb
500 25% Oct
9,900 29% Mar
100 28
Jan
300 101% Jan
1,600 67% Jan
11,200
8% Jan
100 113% Jan
120 104
Jan
100 104
Jan
4,200 22
Jan
50 98% Feb
100 49
Jan
50 10634 Aug
10334 Deo
Oct
71
625i Dec
14% Oct
Oct
110
80% Sept
45% Dec
10434 Dec
13)1 Dec
Apr
8
11141 Sept
101
Dec
June
39
36
Oct
107
Dee
18
Oct
104
Dec
Dec
53
11% Dec
100
Dec
107% Dec
Oct
22
174
Oct.
113
Sept
2% Dec
9% Oct
124
Nov
125% Dec
126% Nov
95)4 Nov
11834 Dec
3234 Aug
Dec
107
Oct
7
'33.4 Aug
May
102
153% Deo
1434 Dec
29)4 Nov
11134 Dec
24% Sept
Dec
30
Dec
6
36% Oct
Aug
94
14034 Dec
115% Mar
91% Nov
Oct
25
18% Oct
17634 Dec
Nov
110
11434 Dee
27% Oct
11031 Nov
Dec
96
19% Sept
Sept
15
23
Aug
Dee
III
74% Oct
58% Sept
1334 Nov
Nov
56
123
May
38% Oct
30% Oct
105% Dec
31% Oct
Dec
92
26% Oct
Nov
46
43% Nov
110% Dec
Dec
91
14% Nov
Nov
119
115
Nov
11134 Oct
32
Nov
103
Nov
64)4 Sept
11134 Nov
THE CHRONICLE
DEC. 17 1927.]
Friday'
Sales
Last Week's Range for
of Prices.
Week.
Sale
Public Utilities
(Concluded)
Pa? Price. Low. High. Shares.
Range Since Jan. 1.
500 25
2934 2934
Union Nat Gas of Canada •
50 11314 113% 115% 11,500 89
United Gas Impt
134 13% 19,900 1214
1334
United Lt & Pow corn A.
1,700 14
19
19
19
Common class B
94
500 85
Preferred class A
94
95%
2,600 1314
Utilities Pow & Lt class B.
204 20% 21
.100
.
12% 125,1
Utility Shares Corp, corn 5
2
1% 2
2,000
134
Warrants
456 458
50 180
Wash Ry & El corn_ _ _100
102 102
10 102
Western States G & E p1100
Former Standard 011
Subsidiaries.
Anglo-Amer Oil(vot eh) _ £1
Voting stock ctf dep.£1
Non-voting shares_ __ _£1
50
Buckeye Pipe Line
Chesebrough Mfg Cons_25
Continental Oil v t o___ _10
Eureka Pipe Line
100
Galena-Sig Oil, corn_ _ _100
Preferred new
100
Old preferred
100
Humble 011 & Refining_ _25
100
Illinois Pipe Line
Imperial 011 (Canada)._ _•
Indiana Pipe Line
50
National Transit. ___I2.50
100
New York Transit
Northern Pipe Line
_100
25
Ohio 011
25
Penn-Mex Fuel
Prairie 011 At Gas
25
100
Prairie Pipe Line
100
Solar Refining
25
South Penn Oil
Standard Oil (Indiana) 25
Standard 011 (Kansas) _25
Standard 011 (Kentucky)25
Standard 011 (Neb)
25
Standard 011(0) new com 25
Preferred
100
Vacuum Oil
25
18%
1815
44
654
180
60
22%
384
66
33%
49
183
17514
80%
154
1224
41
77
142%
Sept 30
Feb 119
Marl 1534
Jan 20
Jan 9714
Jan 23%
Feb 1434
Apr
414
Jan 470
Dec 102
Dec
Sept
Oct
Nov
May
Oct
Oct
Oct
Nov
Dec
19%
19
2,600 17% July 2134 Jan
1934 194
100 18% Mar 21% Feb
18% 18%
200 17% July 2036 Jan
Nov
57
Jan' 60
57
200 45
119% 119%
200 764 Jan 126
Oct
18% 18% 16,600 16% Oct 2234 Jan
66
50 47
Jan 684 Dec
66
1,300
44 Dec 134 Feb
44 5%
28
30
180 25
Dec 593( June
July 6114 Jan
4034 41
110 40
Mar 68% Nov
644 65% 6,600 54
17634 181%
1,000 123% Jan 182
Nov
60
614
2,700 3734 Jan 88% Sept
77%
76
400 61
Jan
9414 Nov
20
3,100 13% Jan 34
2234
Nov
334 3334
200 34% Jan 444 Nov
92% 92%
Jan 100
50 71
Nov
634 66
Apr 87% Nov
7,400 52
Apr 38% Nov
324 33%
1,800 12
48% 49
8,400 48% Dec 554 Jan
182 186
2,20 132
Jan 190
Nov
2 132
17514 1754
Jan 193% Nov
1,50
37
37%
3434 Apr 414 Jan
64% May
7634 804 35,80
8136 Nov
50
154 15%
154 Dec 20% Jan
2,10 1114 June 130
12214 124%
Nov
42
40
1,30
40
Dec 499-4 Feb
95
73
Apr 87;4 Apr
7614 7714
119 119
10 117% Apr 122
Feb
140% 145% 11,500 954 Jan 149% Nov
Other Oil Stocks,
Amer Contr 011 Fields„__ _5 85c
800 90c 67,300
Amer Maracaibo Co
•
34
24 334 12,300
Argo Oil Corp
234
100
10
Arkansas Natural Gas_ _10
9
9% 94
400
Atlantic Lobos Oil corn_ •
134
100
1%
Barnedall Corp stoek purch
warrants (deb rights)54 54
1,800
British-American 011
•
37
37
200
Cardinal Petroleum
90 10e
8,000
10
90
Carib Syndicate new corn__
18
18
204 5.600
Creole Syndicate
• 10
914 10
21,400
Crown Cent Petrol Corp..• 65c
50c 76c
5,600
Darby
8%
100
84 84
Petroleum* 74c
Derby 011 & Ref, corn....
74c 74c
1,300
e
Preferred
7
64 64
100
2
Gibson Oil Corporation 1
114 24 8,200
Gulf 011 Corp of Penna._25 x104
100 3604%
7,200
Houston Gulf Gas
• 1134
114 11%
3,300
Intercontinental Petrol._10
234
2
235 26,600
International Petroleum _• 364 354 37% 49,900
Kirby Petroleum
•
14
114
300
Leonard 011 Developm3_25
54
54 6
4,000
Lion Oil Refining
•
20% 21
2,100
Lone Star Gas Corp.
.._25 54% 54
5514
2,000
Magdalena Syndicate.__1
134
1,400
134
154
Marray 011
50
474 50
1,200
Mexico Oil Coro_ __ _10 39c
*
39c 70c 179,200
Mountain & Gulf 011
134
14
100
1
Mountain ProducersCorp10 25% 25% 26% 8,500
Nat Fuel Gas new
29% 4,400
• 2814
28
New Bradford 011
5
514
400
534
514
New York 011
11% 114
25
700
5%
Pander", 011 Corporation.•
4%
514 25,30
Pantepec 011 of Venezuela• 1034
94 10% 9,100
Pennock 011 Corp
5%
1,200
5% 6
Red Bank 011
124 14
25
2,600
Reiter Foster Oil Corp_ ..•
3.400
64 7
Richfield 01101 Cal com.25
25% 284 13,300
Preferred
25
27
2.500
25
Royal Canad'n Oil Sy nd__*
150 150
1,000
Ryan Consol Petrol
334 6
2,800
Salt Creek Consul 011_ __10
6% 64
600
Salt Creek Producers...10 324
32
33
14,50
Tid-Osage 011 non-vot stk• 19
19
21
2,20
Voting stuck
18% 19
3,70
• 21
Transcont'l 0117% p1.
884 90
.100
90
Venezuelan-Mex 011.
*
16
17
1,00
Venezuela Petroleum..
434
444 4%
1,300
Wilcox (H F) 011 & Gas_. 204
194 21
3,40
Woodley Petrol Corp.__ •
534 634
40
636
"Y" Oil& Gas
2% 24
25
20
550
24
1
634
75e
Aug
Dec
Aug
Apr
May
211.
734
24
934
34
Jan
Jan
Dec
July
Nov
34 May
714 Feb
4()
Dec
203.4 Jan
70
Dec 40e June
14% May 26
July
9% June
1414 Jan
50e De
3
Jan
4
Oct 12
Mar
74e De
24 Jan
64 De
16% Apr
1
Sep
336 Jan
86% Mar 105% Nov
124 Apr
83-4 July
80c June
24 Dec
28% June 39
Dec
114 Oct
29-4 Jan
54 Nov
10% Feb
20
Oct 2714 Feb
Dec 5934 Nov
52
90,3
Oct
2% Jan
12
Mar 52
Sept
103448 Apr 700 Dec
July
134 Jan
22% Apr 2634 .b b
,
23 June 31% Sept
4% Oct
54 Apr
9% Mar
1314 June
14 Sept
94 Apr
7
Sept
124 Mar
54 Dec 134 Jan
Dec 2434 Jan
7
34 Sept
154 la,
15
Apr 28% Dec
21% Oct 27
Dec
Sc Sept 35c
Feb
334 Dec
7
Jan
6
May
Jan
8
33
2734 Ma
Dec
15
Apr 23% Mar
17
Apr 2
634 Feb
6334 Jan 90
Dec
7 Aug
17
Dec
4% June
734 Jan
194 Dec 3234 Jan
434 Nov
8
Jan
134 May
6
Jan
Mining Stocks.
Amer Commander M & Ml
70 16,000
3c
6c
American Exploration. _.1
1%
1% 2
7.900 30c
Arizona Globe Copper_ __1
30
40 17,000
3c
3e
Beaver Consolidated
114
1
114
14
100 65c
Bingham Mines
10
100 45
59
59
Bunker Hill & Sullivan _10 140
800 454
1354 140
Carnegie Metals
10 1634
14
700 114
16%
Central American Mines__
850
5,300 50,3
600
Comstock Tun & Dev...40e
200 200
1,000 13c
Consol Copper Mines__ _1
434 634 20,600
24
6%
Copper Range Co
25 21
21
19
1,900 12
Cresson Consul GM & M_1
2
1% 2
134
1,100
Divide Extension
1
40
4c
313
2,000
Dolores Esperanza Corp,_2 60c
50c 63c
3,300 350
East Butte
10
234 2%
2%
1,300 750
Engineer Gold Mines Ltd_b
2
1,100
2
234
1%
Eureka Croesua
1
313
4,000
3,3
30
First Nat Copper
3,000
Sc
5 15c
120 18e
First Thought Gold Mines 1
le
2c 12,000
20
Golden Centre Mines
234
24 24 7,700 59c
Golden Cycle Min & Red.1
134
1% 14
100
Golden State Mining ..10c
2o
9c
70
90 17,000
Goldfield Consol Mines_l
8c
1,000
4o
8c
Goldfield Florence
4e
1
4e
2,000
3c
Hawthorne Mines Inc. .1
2c
3,000
lo
20
Heels Mining
25e 164 16% 16%
2,000 12%
Hollinger Cons Gold M
300 16%
1734 1734
Iron Cap Copper
10
200
134
21314 2131
Isle Royale Copper Co_ _25 154 14% 15%
500
934
Jerome Verde Devel Co_ 50c 15e
1,000 15e
15c
150
Jumbo Extension M1,24-.1
10
2o
20
2,000
Kerr Lake
5 500
45e 500 40,300 450
1
Kirkland Lake G M
200
234 214
134
Mason Valley Mines
5
14 14 2,500 650
Mining Corp of Canada__5
3)4
314
41( 2,000
New Cornelia Copper_ - _5 284 264 30% 15.500 1814
100 18534 180% 18734
New Jersey Zino
590 178
Newmont Mining Corp_10 1274 123% 129% 30,206 67%
11
1,100 1034
N Y & Hondur Rosario M
1034 12
6
64
Nipisaing Mines
54
614 634 3,500
• 224 22% 2414
Noranda Mines, Ltd
4,400 19%
10
134
North Butte
1,100 800
14 1%
1
1
93c
Ohio Copper
11, 32,400 400
High.
Low.
Sep
1134
Jun
236
Ma
go
Jan
24
Jan 59
Fe
158
July 16%
Dec
114
De
20e
July
6%
May 21
No
234
Jun
70
Ma
70c
Slay
234
July
5%
July
70
Aug
18c
Aug
40
Aug
314
May
114
May
19e
July
19e
June
8e
June Ile
Feb
18
Sept 224
Feb
334
June 1534
June 4Ic
6c
July
Dec 95c
Apr
314
July
234
Jan
414
June 30%
June 193%
Jan 129%
De: 13
Aug
10%
Jan
28%
June
334
Mar
114
Mar
Sept
Aug
Nov
Dec
Sept
Dec
Dec
Dec
Dec
Dec
Aug
Jar.
May
Dec
Jan
Feb
Dec
Jan
Oct
July
Sept
Mar
Mar
Jan
Sept
Feb
June
Dec
Feb
Mar
Feb
Nov
Dec
Nov
Dec
Mar
Dec
July
Fen
Oct
Jan
July
3339
co?
Friday
Last Week's Range for
Mining Stocks
Sale
of Prices.
Week.
(Concluded)
Par Price. Low. High. Shares.
Parmac Porcupine Mines 1
Premier Gold Mining..._1
1
Red Warrior
Shattuck Denn Mining.._•
Silver King Coalition M __ 5
South Am Gold & Plat. _1
Standard Silver & Lead_ ..1
_1
Teck- H wales
Tonopah Belmont Devel 1
1
Tonopah Mining
United Eastern Mining A
United Verde Extension 50e
1
Unity Gold Mines
5
Utah Apex
Wenden Copper Mining-1
5
Yukon Gold Co
16e
11%
12
2%
104
2831
5
14
70c
20c
24
Inc
11%
12
2%
9e
10
1
2
45e
28%
56
416
99c
69c
20c
1,000
214
3,000
16c
7,000
134 23,200
12
300
400
234
9c
2,000
1034 2,100
1
600
2
1,200
45c
4,000
16,200
30
900
56
800
5%
22,300
4,500
780
Range Since Jan. 1.
Low.
10e
134
12c
234
734
2%
9c
54
1
114
35c
2234
20c
44
75e
20e
High.
June 460 July
Jan
2314 Aug
Aug 390 Feb
Aug
14
Nov
June
12
Dee
Dec
Jan
Dec 27e
Feb
Jar
11% Nov
Sept 231. Jan
334 Jan
Aug
June 530
Jan
Jan 34% Dec
June
13,
Oct
June
7% Feb
Jul!
,
34 Jan
Sept 90e Nov
Bonds
Sept 1014 Dec
A bbotts Dairies 6s____1942 1014 101 1014 526,000 100
Adriatic Electric 7s___1953 93% 93
94% 32,000 92 June 969-i May
Alabama Power 414s_ _1967 95% 934 954 384,000 954 Dec 95% Dee
1956 102% 102 10234 13,000 984 Mar 1024 Aug
1st ref 5s
Nov
76
Jan
Allied Pack 1st Mcolltr80'39 47
45
473-4 42,000 30
Nov 66
Jan
Debenture 6s
1939
46% 4734 44,000 40
June 101% Nov
Aluminum Co s f deb 5s '52 10135 10131 101% 154,000 99
Nov 9514 Oct
Amer Cyanamid 5s_ __1942 95% 94% 954 227,000 94
2014 1084 108 10834 221.000 101% Jan 1094 Nov
Amer G & El 6s
Am Natural Gas 648_1942 100% 9915 10014 29,000 994 Oct 10034 Dec
American Power & Light
Mar 108% Nov
_
68. without warr. _.2016 107% 10731 108 115.000 100
Amer Radiator deb 448'47
99
99% 14.000 94% June 99% Nov
Jan 106
Nov
Amer Rolling Mill 68.1939 1054 105% 106
35,000 103
July
1936 103% 10214 1034 30,000 10034 Aug 107
Amer Seating 6s
June 102% Jan
American Thread 65_ _1928
1014 1014 6,000 101
37,000 10114 Oct 102% Sept
Anaconda Cop Mines 1929 10131 101% 102
Feb 9931 Dec
Appalachian El Pr 58_1956 994 994 9934 170,000 95
Arkansas Pr & Lt 50..1956 98% 983-4 99 137.000 9314 May 99.4 Dec
Associated G &E 540.1977 101% 101% 102 566,000 101% Dec 103% Dec
Dec 105
Dec
1946 104
5145
103 105 475,000 103
Dec 9714 Jan
27,000 83
Assoc'd Sim Hard v 64633 644 8314 85
190
Atlantic Fruit 8s
1934 23,000 15% Sept 204 June
19
May 96% Jan
Batavian Petr deb 4145 42 94% 943-1 944 146,000 92
Bates Valve Bag 110. _1942
53,000 9734 Dec 99
Dec
with stock purch warr..
974 99
99
July 10314 Jan
Beacon 01113s, with warr'36
101 1014 3,000 97
96
96% 4,000 9534 Mar 9914 July
Beaverboard Co 88. .1933
Feb 10434 Dec
Bell Tel of Canada 55.1955 10434 103% 104% 70,000 101
Nov
1st M 5e ser B June 1 '57 104% 104 1044 141.000 101% June 107
Berlin City El 84%
Mar
1929
98% 99% 2,000 984 Dec 101
notes
Boston Consol Gas 50.1947 1024 10214 102% 35.000 10014 June 0039-4 Oct
Boston & Maine RR 5s '67 98
98
9836 152,000 93% Aug 98% Dec
Oct
139
1933
103% 103% 4,000 100% Jan 104
Oct 92% Feb
3,000 36
Brunner Tur & Eq 7140 '55
39% 40
Burmeister & Wain Co of
Jan 974 Apr
11,000 94
96% 97
Copenhagen 15-yr 138 '40
Feb 114
Dec
Canadian Nat Rye 76.1935 113% 11331 1133-4
5.000 111
Jan 104
Nov
Carolina Pr & Lt 5e 1956 103% 103% 10334 21.000 100
Cent Hud G &E 1st 581957
10434 1043-4
5,000 1014 Jan 10434 Dec
Chic Milw & St P (new to;
June 964 Nov
-year 5s w I
1976 9534 95% 9531 221,000 91
50
Convadiwi
64
637-4 644 1534000 544 Mar 643.4 Nov
Oct 9934 Oct
99% 12,000 99
Chic Pneum Tool 5140 1942 99
99
May 8714 Dec
Chic Rys 50 ctfs dep._1927 86
874 10.000 74
86
Cincinnati St Ry 548_1952
1003-1 1004 11,000 9834 Sept 10034 Sept
June 9134 Feb
Cities Service 5e
1956 91
9014 91 121,000 88
9934 Jan 10334 Nov
1966 1034 103 103% 91,00
Ile
Sept • 9614 June
Cities Service Gas 53681942 953.1 95
954 307.000 93
C73.4 Dec 9834 Nov
Cities Serv P& L 5 4,3 1952 97% 9751 973-4 259,000
Cleve Elec Ill 55 A..._1954
10534 105% 3.00 104 May 105% Sept
Aug 10034 Dee
Cloy Term Bldg 6e._ .194. 99% 993-4 99% 3,000 98
Columbus Ry PA L4 46'57 954 954 954 48,000 944 Aug 9514 Dec
90
May 98
Jan
Commander Larabee 138 '41 92% 92% 94
25,00
Commerz udd Privat
93
Dec 9414 Nov
1937
944 9434 9,00
Bank 534s
Commonw Edison 41401957 1014 10114 101% 33,00
9514 Apr 10134 Dec
'one G E L ,k P Bait
Cs series A
1949 1084 108 10814 15,000 10634 Nov 10834 Dec
1965
Dec
5s series F
2,000 1013.4 Feb 105
10434 104%
98
May
Consol Publishers 6348 1936 98
98
18.000 9734 Feb 101
,1onsol Textile Ss__
95
May
1941
95
954 18,000 8934 Jan 99
8
Conti G & El 6148"A"'64 103% 103% 104% 4,000 102 June 10434 Dec
Continental 011 5qe__1937 99
99
99
27,000 9734 Nov 994 Nov
Cont'l Sec Corp 5s "A"1942
99 100
with warrants
84,000 97
Sept 101
May
Cosg Meehan Coal 614s'54
95% 954
1,000 9314 Jan 98
Sept
'uba Co 6% notes .1929 974 974 974 42,000 9634 Apr 9834 June
Cuban Telephone 714s '41 1114 1114 11114 18,000 11034 May 114
Aug
Jan
7udahy Pack deb 54s 1937 97% 9714 9731 16.000 944 July 98
July 10134 Sept
1946 101
100% 101% 15.000 97
tetroit City Gas 5s B_1950 1034 10314 1034 60,000 9914 June 104
Dec
1947 107% yr% 10736
9.000 1064 Jan 10714 Mar
60, series A
Nov 105
Aug
Detroit Int Bdge 648_1952 100
loco
loosi 226,000 100
July 10134 Sept
25
-year 51 deb 7s_ 1952 100
100 190% 156.000 100
Dixie Gulf Gas 645-1937
Sept
With warrants
9914 9934 994 27,000 994 Sept 100
Jan Dm si Aug
4,000 99
East Term Off Bldg 6348'43
100 100
Eitingon-Schild OB..- -1938
9814 Apr
5,000 9634 July
97% 9734
53
Nov
9714 Jan
Elec Refrigeration 65.1936 694 6434 71 212.00
Sept 964 May
93% 9434 184,000 92
Empire Oil& Refg 540'42 94
Fairb'ke. Morse & Co 5042 964 964 96% 13,000 9534 June 974 Mar
Aug 94
Aug
89% 36.000 83
Federal Sugar 138
1933
87
Sept
Firestone T & R Cal Is 1942 9134 9634 964 208,000 9514 Nov 97
First Bohemian Glass Wks
let 7s with etk pur war'57 91
8934 91% 7,000 894 Dec 9714 Mar
Fisk Rubber 54s
1931 9834 98% 984 62,000 9644 June 9934 Oct
Florida Power & Lt 58.1954 974 9714 97% 170,000 9234 June 9734 Dec
97% 19.000 954 June 974 Sept
Gait (Robt) Co 5148. _1942
97
Dec 933.4 Nov
Galena-Signal Oil 75..1930 904 8914 904 84.000 89
944 Jan 100
Nov
Gatineau Power 50___1956 994 9934 99% 42.00
May
138
23.000 98% Jan 114
1941 10214 102% 103
Feb 147
Sept
Gen Amer Invest 55..1952 1363-1 134 1364 42,000 100
Jan 160
Gen'l Ice Cream 645.1935
1,000 113
Nov
156 156
Gen Laundry Mach 614237
9,000 100
Sept 10014 Oct
100 100
General Vending Corp-130 with warr Aug 15 1937 9831 .074 9834 57,000 ./9736 Dec 984 Oct
Ga & Fla 60 series A...1946
9614 14,00
93
Sept 98
96
Jan
Georgia Power ref 50._1967 99% 994 1004 364,000 9534 June 9934 Dec
974 Mar 101
Goodyear T & R 50___1928 10034 10034 1004 19,00
Aug
95
Goodyear TAR Cal 549'3i 10034 1004 1004 31,00
Jan 101
Nov
Grand Trunk Ry 648_1936 11134 11134 111% 6,000 1084 May 1114 Dec
Gulf Oil of Pa 55
1937
June 102
10131 10134 12,000 99
Nov
Sinking fund deb 50_1947 10134 101% 101
37,000 9834 June 10134 Nov
Gulf States Util 5,1- -.1956 9834 9811 98% 18,000 9434 June 984 Dec
Hamburg Elec Co 7s__1935 994 994 100
Dec 102
52,000 99
Aug
Hanover Credit Inat 681931 944 944 9514 47,000 9334 Nov 9834 Oct
blood Rubber 53.4* OctI 536 963-4 964 964 31,000 9234 May 9614 May
Hygrade Food Prod fle 1937 142
142 145
65,000 11514 Nov 145
Dee
III Pow & Lt 5345 B._1954
10234 104
10,000 9934 May 104
Dec
1ndep Oil& Gas deb 6a 1939 95% 94% 954 164,000 9334 Oct9914 May
Indian'p's P & L 5e ser A'57 1004 100 1004 195,000 9614 June 1004 Dec
Internat Match deb 50.1947 99
9834 9934 712,000 9834 Nov9934 Dec
Apr
Int Pow Secur Meer E.1957 954 954 95% 38,000 924 July 97
Internal Securities 50_1947 95% 95% 9511 135.000 95
Aug96
Oct
Interstate Power 5e___1957 96% 9614 97
59,000 944 July 9734 May
Debenture 68
July 9934 Oct
1952 984 9834 984 34,000 97
Invest Cool Amer 5a A .947 97
97
974 32,000 97
Nov 994 Oct
Investors Equity Co Se
15,000 100 June 105
1947
103 105
with warrants
Dec
964 974 74,000 95% Oct 974 Dec
Iowa-Nebraska L&P 55 '57 97
91
Nov 9634 Sept
team Hydr-E1 75____1952
914 45,000 91
3340
Bonds (Continud)
THE CHRONICLE
Friday
Last Week's Range Sales
Sale
of Prices.
Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
Bonds (Concluded)
[Vol.. 125.
Friday
Last Week's Range Sales
Sale
of Prices.
for
Par Price, Low. High. Week.
Range Since Jan. 1.
OW
W
OION
.W.
1.07W.
W
WO-4C44W-4
00.0.00W
.
.0
W
D.W
.10.N2
W.
4 0,CncOJN
,
W
Cn
,n.7=00NW.
Low,
High.
Jeddo-Highland Coal 68'41 104% 104% 105
Dec Warner Broe Piet 6343 1928 92
July 105
16,000 101
8034 July 11134 Feb
893-4 92
Kernsley. Mil!bourn & Co
Warner-Quinlan Co 68 1942 101% 101 102
Dec
9334 Aug 102
Ltd S f deb6sSept 11942
16055 162
17,000 109% Aug 171
Nov Webster Mills 8348---1933
96
913.4 Apr 9934 Oct
9634
Keystone Trier 5s_..1955 90
90
90
7,000 90
Apr Western Power 53-48_1957 993-4 9934 9934
Mar 94
Oct
9636 June 100
Koppers G & C deo aa..1947 99% 99
99% 225,000 95% Aug 99% Nov
Westvaco Chlorine 5345'37 102
102 1023-4
9834 Mar 10336 Nov
Laclede Gas Light 5s__1935
100% 101
July 101% Jan Wisconsin Cent RY 53_1930 9831 9854 9831
4,000 100
Jan
96 June 99
Lehigh Pow Secur 6s. _2026 106% 105% 107 137,000 95;4 Jan 107
Dec Youngst Sheet & T 56_1978
101
Dec 10155 Nov
1013-4 101%
Leonard Tletz Inc 7%s '46
With 8th purch warrants 12554 124% 126
7.000 108
Mar 133% May
Foreign Government
Without 8th pur warrants 103% 103 103% 23,000 99;i Apr 103% Dec
and Municipalities
Libby, McN & Libby 5a '42 9634 96
96% 93,000 96
Nov 973-t Sept agrieul Mtge Bk Rep 01 001
Lombard Elec Co 70_1952 93% 93% 93% 29,000 91% June 96% Oct
20
-year sink fund 7s 1946
9755 9736
95% Mar 9934 Oct
Lone Star Gas Corp 50 '42 100
100 100
31,000 95
20
July 101% Nov
-year 76_ _ _Jan 15 1947 9734 9736 9731
9634 Apr 9934 Oct
Long Island Ltg es__ _1945
104% 105
4,000 102% Jan 10534 Oct
20 yr es__ __Aug 1 1947 89% 8936 9136
8934 Dec 9234 Oct
Manitoba Power 5368.1951
102% 103% 19,000 98
Jan 103% Nov Baden (Germany) 7s_ _1951
97% 9734
9534 Nov 10234 Jan
Mansfield Min&Sm(Germ)
Bank of Prussia Landown78 with warrants_ _1941
102 105% 31,000 98
Nov 11254 Jan
ers Awn 6% notes_1930
95
9534
94
Dec 9934 Mar
Without warrants
95
97
20,000 92
Nov 101% Jan Brazil(US)6365 Oct 1557 93
93
93%
9234 Oct 9334 Nov
Mass Gas Cos 5%e..1946 10454 104 104% 9,000 10334 Feb 105
Oct Brisbane (City) 5s...._1957
94
93 June 96% Mar
9411
Merldtonale Elec Co(Italy)
Buenos Aires(Prov)7tys '47 10134 10136102
9734 Jan 102% Dec
93% 94
30
-year s f 78 per A__1957 94
18,000 91 June 95% May
Is
1938 9954 9954 100
9534 Jan 10234 Nov
Midwest Gas 78
9954 8,000 95% Mar 9100
99
1936 99
Jan
75
1952
98
9454 Feb 9954 Nov
99
Milwaukee G L 4348_1967
100% 101% 37,000 93
Oct 101% Dec Cent Bk of German State &
Mo Kan Tex 454s D....1978 99% 99% 100% 92,000 99% Dec 101
Dec
Prov Skis 1st 68 ser A1952 92
9134 92
913-4 Dec 963-4 Aug
100 100% 44,000 96;y July 100% Dec
Montana Power deb 50 '62
Bs
1981 91
91
Dec 95
Dec
91
9134
Montgomery Ward 50_1946 101
100% 10136 21,000 97% Mar 10134 Nov
Danish Cons Munic 5%8'55 9954 99
9934
9734 Jan 10034 Oct
Montreal L H & P55 A '51
10156 101% 6,000 99% Jan 102% Nov Denmark(KIng'm)5;40.
55 10034 1003410034
9934 Oct 10234 Aug
Morris & Co 7Sis
1930 98% 97% 98% 103,000 89% Nov 104% Mar
60
1970 1003-4 100 10054
Apr
Mar 102
100
Morris & Emex RR 354s'00 8636 86% 8634 6,000 86% Dec 8634 Dec German Gone Muni° 7s '47 97% 9736 9734
Jan
9555 Nov 102
Narragansett Co col 55 1957 101% 101% 101% 196,000 98% July 102% Dec Hamburg (State) Ger 60'46 94
94
9436
9134 Oct 9934 Apr
Nat Dist Prod 650_ -1935 10134 101 10154 4,000 98 May 103
Nov Indus Mtge Bank of Finl'd
NatPow&Lt65A.2026 10734 106 108 112.000 98% Feb 108
1st mtge coll a f 76..1944 10036 1003-4 10034
Dec
9934 Jan 102
Jan
Nat Pub Serv 6340_1955 103% 103% 103% 34,000 97% June 104% Sept Irish Free State 5s_ __.1960 97
97
Dee
97
97
Dec 97
Nebraska Power 65. _2022
108% 110
8,000 102% Jan 110
Dec Medellin (Colombia) 79 '51 9236 92
Feb
91
9236
July 96
Nevada Cons 55
1941 9856 9754 98% 7.000 92 June 102% Jan Mendoza (Prov) Argentina
New Eng 0& El Assn 56'47 9936 98% 99% 115,000 9836 Oct 100
Dec
1951 963-4 9634 963-4
734s
95 June 9954 Jan
NY P& L Coro lst 4Hs'67 96
95% 96% 442.000 95% Dec 96% Dee Montevideo (City) 60_1959 9254 923.4 9331
9134 July 9434 Feb
Niagara Falls Pow 68_1950 106
105% 106
4,000 104% Apr 107
Jan Mtge Bk of Bogota 78_1947 9235 92
9155 Dec 953.4 Aug
9236
Nichols & Shepard Co 60'37
Mtge Bank of Chlie 68.1931 9615 963-8 9631
July 9934 Feb
94
with stock purch warr'ta 120% 115% 122% 126,000 98
Mtge Bk of Denmark 5s'72
Feb 124% Nov
9636 9636
9654 Nov 98% Nov
North Ind Pub Serv 581966 10034 100% 100% 10,000 9614 June 101 Dec
Mtge Bk of Jugoslavla7s'57 8331 8234 8434
82 June 9234 Apr
Nor States Power 6348 1933 13036 125% 131% 210,000 110
Apr 131
Dec Nuremberg (City) 6s _ _1952 91
91
9134
91
Dec e9534 Oct
636% gold notes_ _1933
10354 104
19,000 102% Mar 104% Dec Prussia (Free State)6 hs'51 9634 9634 9655
95
Nov 10036 Feb
Nor Ger Lloyd 6s_._1947 94
94
94% 32,000 94
Nov 94% Nov
Ext165 (of'27)001 15 '52 9236 9230 9234
9134 Nov h96% Nov
Norwegian Hydroel 5%8'57 95
95
12,000 95
96
Nov 96
Dec Rio Grande do Sul (State)
Ohio Power 58 set B-1952
101% 102
4,000 9734 Feb 102% Nov
Brazil ext 75(of 1927)'66 97
97
96
July 9834 Jan
9754
4%s series D
1956 96
96% 15,000 89% Feb 9654 Dec
96
Extl a f 7s (of 1927).1967 063-4 9655 97
96
Aug 9734 June
New
95% 95
96% 61,000 94% Nov 96% Dec Russian Govt 6%a- _1919
1535 1536
12 June 2034 Sept
70 series A
1951 106
106 10654 7.000 105
Jan 107% Aug
8348 ells
1919 1531 1555 16
1134 July 203-5 Sept
-Ohio River Edison 53_1951 1003 100% 100% 25,000 97
Jan 101% Oct
1921
534e
1536 1534
1134 July 20% Sept
Pac Gas & El 1st 4;40.1957 9836 9854 99
14,000 96% Oct 99
5348 certlficates__1921 1534 1554 15%
Dec
12 June 2034 Sept
Paramount Famous Lasky
3anta Fe (City) Argentine
Corp s f (is
1947 9936 99% 100
92,000 9934 Mar 100
Republic ext1 70__ _1945
Nov
9236 93
9134 June 9534 May
Park & Tilford 63
1931
100 100
2,000 9534 Mar 100
Oct Nixon State Mtge Inv 7645
99
97 Nov 10234 Feb
9934
Penn-Ohio Edison 60_1950
6;is
1946 96
96
96
Sept
9334 Nov 101
Without warrants
103% 102% 103% 72,000 95% Jan 103% Dec 3erbs Croats & Slovenee
Penn Pr & Lt 5s B. _1952
103;4 103% 6,000 99
Jan 103% Nov
(King)ext sec 78 set B '62 8555 8555 8534
8435 Nov 9234 Apr
First & ref 55 D____1953 10334 103% 103% 4,000 9934 Jan 103% Dec
3witterland Govt6558.1929
July 10234 Sept
101
10134 101%
Phila Electric 5558_ __ _1953
nn tz r...,. 0.13.‘ Tan
107 1075i 4,000 106% Jan 107% Dec Ill.nms f,I•.., ...• r. 1 nxn nn 1, nnl, nnm,
Phlla Else Pow 5%0_1972 105% 105% 108
58,000 102;4 Feb 106
Aug
Phil& Sub-Counties CI&E
• No par value. k Correction.
Listed on the Stock Exchange this week, where
1st & ref 4%a
97% 9754 1,000 9414 July 99% Dec additional transactions will be found. m Sold under the ruin. n Sold for cash.
1957
New
r Amer. Cigar corn, is ex-33 1-3% stock div.: sold at 14836 on Jan. 3 1927 with
9954 99% 5,000 98% Nov 995s Dec
Plaints Petroleum 5548 '39 95
95
9554 32,000 94
Oct 100% July stock dividends on. a Option sale. I Ex-rights and bonus. u Cumberland MO
Pirelli Co (Italy) 7s__1952
98% 98% 3,000 95% July 102% Apr Line ex special My. of 33% and regular div. of 2%. w When issued. z Ex-div.
Pitts Screw & Bolt 5348'47
99
99% 8.000 99
Dec 101
Aug y Ex rights. z Ex-stock div. p 15,000 Midwest Gas 78 sold at 101 on Sept. 7
Potomac Edison 50._.1956 99
99
99% 26.000 95
Mar 99% Dec "under the rule." o Sales of National Power & Light pref. were made on Sept. 30
Potrero Sugar Co 1st 78'47 9836 98
9814 53,000 98
Nov 99
Nov at 10934 "under the rule."
Power Corp of NY 5548'47 99% 99 100% 74,000 97% July 100,4 July
a Mealy Western class A sold on Oct. 17 at 2534 "under the rule"
Pub Ser El & Gas4%8 1967 9954 99% 99% 42,000 98% Nov 99% Dec
e Nuremberg 68 sold Oct. 17. 81.000 at 96 for cash.
Queenaboro G & El 5348'52 104
14,000 100 may 104% Nov
103% 104
General Vending 65 sold at 9354 Dec. 15 "for cash."
Reliable Stores6% notes'37
98% 98% 15,000 98% Oct 9855 Oct
Rem Arms 535% notes '30 95
95
95% 8,000 93
Nov 97% Apr
h Sales of Prussia fis of 1952 Nov.4 at 100 under the rule and on Nov. 11 at 9834
Richfield 011 of Cal 68.1941
9834 98% 66,000 91% Apr 99% Mar "under the rule."
St Louis Coke & Gas 651947 97
96% 97% 88,000 9834 Oct 9734 Dec
I United Biscuit 68 1942 sold at 10155 Dec. 16 "under the rule."
Banda Falls Co 58
1955
102% 102% 2,000 97% Jan 10234 Dec
Schulte R E Co 6s_ _1935 9936 98% 99% 38,000 9234 Mar 102
Nov
fls without warrants 1935 88% 88% 89% 27,000 85
Mar 9134 Sept
CURRENT NOTICES.
Serve] Corp 68
1931 17% 17% 18
13.000 le
Nov 74 May
Shawinigan W & P 4 Mei'67 96% 96% 96% 355,000 9534 Oct 9634 Dec
Shawsheen Mills 7s
1931 9934 99% 100
3,000 943-4 Mar 101% Oct
- new publication has been added to the increasing list published
A
Shell Pipe Line 5s_ _ _1952 98
98
46,000 98
98
Nov 9834 Dec by various Wall Street Investment
banking houses as a means of diffusing
Shubert Theatre 65.._1942
95% 95% 83,000 95% Dec 97% Nov
Sloss-Sheffield S & I 68 '29
102% 102% 13,000 101% Jan 103 June knowledge ofsecurities among investors. Bonner, Brooks & Co.,120 BroadSnider Pack 6% notes_1932 104
84,000 99 June 112 June way. N.Y. announce the "Wall Streeter," a monthly bulletin which will be
10354 104
Solvay-Amer Invest 581942 98% 98% 99
4,300 96 June 99% Jan available for general distribution. The firm has enlarged its statistical deSoutheast P & L 68_2025
without warrants
107% 106% 108% 192,000 98% Jan 10834 Dec partment to take care of the new publication, and to satisfy the demands of
Sou Calif Edison 50.--1951 102% 102% 103
54,000 97% Jan 10334 Dec investors for information or analyses of securities.
Refunding mtge 50_1952 102% 102% 102% 71,000 10034 Sept 103% Dec
-E. H. Hutton & Co., members New York Stock Exchange, 61 BroadRefunding mtge 68_1944
103 10354 3,000 102% Nov 103% Nov
Sou Calif Gas 5s
1957 100% 100% 100% 2,000 99% Nov 10055 Dec way. N. J., have announced that beginning Dec. 15 the Travellers Bank.
Southern Dairies 6s.
.1930
99% 99% 13,000 96;4 Sept 100 June 20 Place Vendome,Paris had become their Paris correspondent and that they
Southern Gas Co 6363_1935
2,000 101% Jan 111
105 105
Sept will furnish this bank with New York Stock Exchange quotations of a
S
-west Gas & El 58 A _ _1957 98% 98% 99
19,000 94% May 102
Jan
Southwest L & P 5s__ _1957 9631 96% 96% 6,000 93
July 9635 Dec special list of about 100 securities at frequent intervals over a special
Southwest P .5c L 68_ 2022
7,000 99% Jan 109
Nov cable.
107% 108
Staley (A E) Mfg 68_1942 99% 98% 99% 179,000 98% Dec 99% Nov
-The "Quotation Record of Curb Stocks," showing price range for
Stand Invest 58 with war'37 108
Sept
Mar 111
27,000 100
10655 108
Stand 011 of NY 650_1933 104% 104 10434 45,000 104
Sept 105% Feb 1926 and 1927, yields, number of shares outstanding, rating, ticker abbreStand Pow & Lt 68_ _ _1957 993-4 99% 100% 113,000 9954 Nov 100% Dec viations, issues called for redemption, earnings per share 1927 and 1926.
Stinnes (Hugo) Corp
and much other information of value to investors, has been issued by Peter
75 Oct 1 1936 without war 93% 93% 94% 87,000 90
Nov 94% Oct
McDermott & Co., 7 Wall Street, New York.
Nov 9434 Oet P.
7a 1946 without warrants 9355 93% 94;y 74,000 89
Oct
Stutz Motor 7558
1937 96
-Robert M. Woolfolk, Arthur C. Waters, Allen C. Huggins and John
1,000 88
96
96
Jan 103
Sun Maid Raisin 630-1942 98
37,000 9434 May 99
Bent May, Jr., have formed a partnership, under the name of Woolfolk, Waters
98
97
Sun 011 5348
1939
101% 102% 4,000 99% may 102
Sept
Swift & Co Si Oct 15 1932 10034 100% 100% 72.000 99
Jan 100% Sept & CO., with offices in the Hibernia Building, New Orleans, to engage in a
Texas Power & Light as'56
99% 100% 72.000 95% June 10034 Nov general brokerage business in stocks and bonds and in the distribution of inNew
Dec vestment securities.
Oct 100
2,000 98
99% 100
100
Trans-Cont Oil 78._ _ _1930 113% 113;y 115% 104,000 97% Jan 119
Aug
Harry M.Addinsell of Harris, Forbes & Co., has been elected a trustee
Trans
-Lux Daylight Plc Set
5,000 98
98
98
Co 6360 with warr_1932
Nov 101% Aug of the Teachers Insurance and Annuity Association (Carnegie Foundation)
Apr to fill the vacancy caused by the death of Howard F. Beebe. Charles E.
92
93% 94
Tyrol Hydro-Elec 78_1952 94
44,000
JUR
, 98
Ulen & Co 654s
98
1936
Dee 101 May Mitchell, president National City Bank; George Whitney, of J. P. Morgan
3,000 98
98
Dec
United Biscuit 68
70,000 100
100 4101
1942 101
Dec.1101
& Co., and Mr. Addinsell constitute the Finance Committee.
United El Serv (Unee) 70'56
Without warrants
91
91% 2,000 89 June 9434 Oct
-A. M. Lamport & Co., Inc., 44 Pine St., N. Y., have prepared for
With warrants
103% Apr
97% 9734 98% 15,000 93
Jan
general distribution "A Natural Gas Primer" which asks and answers
United Gas Utilities
98% 5,000 98
6558 with wart._ _ _1937 98% 98
Dec 98% Nov numerous important questions regarding natural gas in all of its productive
United Indus634s..194l 93
93
Jan phases.
95
Nov 99
37,000 90
United Lt & Rya 550_1952 99
Dec
98% 99 853,000 9834 Dec 100
-Harris, Mooney & Co., Ill Broadway. N. Y., announce that Arthur
Un Porto Ric Sug 6365.1937
16,000 100
100 100
Oct 10034 Nov
United Steel Who 6555 1947
S. Roberts, formerly of Syndicating Bond and Share Corp., and Edward
With warrants
July W. Dugan, formerly with P. F. Cusick & Co., are now associated with
Dec 99
89% 8935 90% 83,000 89
Feb
US Rubber 655% notes '29
100% 100% 8,000 99% June 102
100% 100% 2,000 98% July 103
Jan their firm.
Serial 634% notes_ _1930
100% 101
13,000 9754 June 103
Feb
Serial 655% notes__1931
Prince & Whitely announce the opening of an Albany, N. Y., office in
10035 10031 3.000 97% June 103% Apr
Serial 636% notes_ _1932
Building under the management of Robert A.
100 10035 9,000 9734 June 103% Apr the Home Savings Bank
Serial 655% notes._1934
Serial 614% notes_ _1935 1003-4 100% 100% 2,000 8734 June 103% May Hall, who was formerly associated with Bankers Trust Company of Albany
6,000 97% June 103% May and the Albany office of Redmond & Co.
10034 101
Serial 636% notes_ _1936
7,000 97% June 103
Feb
100% 101
Serial 636% notes__1937
-Jas.H. Oliphant & Co., members New York Stock Exchange,61 BroadJan
15,000 97 June 103
100% 101
Serial 636% notes_ _1938 101
Mar way. New York, have recently published the 22nd edition of their annual
19.000 97 June 104
10034 101
Serial 654% notee._1939 101
97% June 10434 Ma: publication "Mundy's Earning Power of Railroads."
5,000
101 101
Serial 634% notes 1940
Apr
U S Smelt & Ref 5%8_1935 103% 103% 103% 7,000 101% Jan 104
Farr & Co. have reviewed the annual report of the Central Aguirre
Utilities Pow & L 534s_'47 92% 92% 9356 139,000 92% Dec 94% Aug
4,000 104% Jan 106% Apr Sugar Co. of Porto Rico for the year ended July 31 1927, in their current
1937 106
104% 106
Valvoline 011 68
Van Camp Pack 88
1941
7915 7955 2.000 79% Dec 88% Feb circular.
Investment awl
II
LJ
;
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the first week
of December. The table covers 13 roads and shows 3.02%
decrease from the same week last year.
First Week of December.
1927.
Buffalo Rochester & Pittsburgh. _
Canadian National
Caadian Pacific
Duluth South Shore & Atlantic__
Georgia & Florida
Mineral Range
Minneapolis & St Louis
Mobile & Ohio
Nevada-California-Oregon
St Louis Southwestern
Texas & Pacific
Southern Railway System
Western Maryland
Total (13 roads)
wet decrease (3.02%)
1926.
$
294,658
4,863,992
4,516.000
70,928
24,500
3.738
235,214
304,542
6,534
439,700
803,629
3,538.843
348,270
Increase. Decrease.
$
395,432
4,787,563
4,203,000
84,523
34.100
4,480
260,806
376,535
5,098
528,679
768,926
3,866,348
615,532
$
16,450,548 15,931,020
$
100,774
76,429
313,000
13,395
9,600
742
25.592
71,993
1,437
88.979
34,703
327,505
267,662
425,569
Jarful intelligence.
Gross
Earnings.
3341
Net after
Taxes.
Fixed
Charges.
Balance,
Surplus.
$
Federal Lt & Traction Oct'27
577.318
233,170
80,398
152,772
'26
552.807
233,658
71,542
162,116
10 mos ended Oct 31 '27 5,694.296
2,124.329
749,249
1,375,080
'26 5,377,706
2.039.375
684,502
1,354,873
Honolulu Rapid Tr
Sept '27
*83,412
129,988
810.953
19,035
*86,419
'26
129,427
111.885
17.562
9 mos ended Sept 30 '27
*752,689
.1306.810
897,353
209,457
26 .
757,629
1267.848
892.839
175.009
Honolulu Rapid Tr
Oct'27
1088.097
129,055
810.953
18,102
'27
*88.871
129,472
812,035
17,437
10 mos ended Oct 31 '27
*837.903
1335,865
8108.486
127,379
'28
*844,238
1297.318
8104,975
192,343
Jamaica Pub fiery Co
Oct '27
56,358
22.589
6,076
16,512
'26
54,791
23,739
6,166
17.573
12 mos ended Oct 31 '27
682,460
274,329
73.549
200,780
'26
647,244
254,256
74.912
179,344
•'name other income. b After rentals. .1 Before taxes. k Includes taxes.
FINANCIAL REPORTS.
906,842
480_473
Financial Reports.
-An index to annual reports of steam
In the table which follows we also complete our summary railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
of the earnings for the fourth week of November.
on the last Saturday of each month. This index will not
Fourth Week of November.
1927.
1926.
Increase. Decrease. include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
$
$
$
$
14.375,262 15,364.329
Previously reported (9 roads)
989,067 Nov. 26. The next will appear in that of Dei. 31.
91,411
Duluth South Shore & Atlantic....
112.994
21,583
Central Aguirre Sugar Company.
Mineral Range
4,276
6.030
1,754
(28th Annual Report-Year Ended July 311927.)
Nevada-California-Oregon
12,242
8,109
4,132
The remarks of President Charles G. Bancroft, together
Total (12 roads)
14.483,191 15,491,462
4,132 1,012,404
Nn. Apenmme (6.51%)
with the income account and balance sheet for the fiscal
1 noR 979
page.
In the following table we show the weekly earnings for year 1927, are cited on a subsequentYEARS ENDED JULY 31.
CONSOLIDATED INCOME ACCOUNT
a number of weeks past:
1926-27.
1925-26.
1924-25.
1923-24.
Current
Year.
in
2d
3d
4th
let
2d
ad
4th
let
24
3:1
4th
let
2d
3d
4th
let
2d
3d
4th
let
2d
3d
4th
let
week June (13 roads)
week June (13 roads)
week June (12 roads)
week June (13 Fonda)
week July (13 reads)
week July (13 roads)
week July (12 roads)
week July (12 roads)
week Aug (13 roads)
week Aug (13 roads)
week Aug (13 roads)
week Aug (13 roads)
week Sept (13 roads)
week Sept (13 roads)
week Sept (13 roads)
week Sept (13 roads)
week Oct (13 roads)
week Oct (13 roads)
week Oct (13 roads)
week Oct (13 roads)
week Nov (13 roads)
week Nov (13 roads)
week Nov (13 roads)
week Nov (12 roads)
week Dec (13 roads)
Previous
Year.
$
14,674,837
14,637,922
14,923,185
20,190,921
14,345,693
14,389.046
14,414,724
13,239,045
14.138.182
14,932,688
15,091.947
22,276,734
15.183,418
15,308,827
15,644.304
22,053,886
18,141,807
17,643,939
18,908,764
25.561.495
17,108.500
18,207.050
18,510,545
14,483,191
15,450,548
Week.
$
15,168.759
15,244.341
15,384,889
20.377,221
15,229.606
14,585,975
14,660,548
15,025,966
15,019.916
15.366,857
15.557,505
21,502,193
15,164,097
15,508,092
16,950.922
23.859,874
16.817.404
17,907,644
18.681,245
25.777.820
17.815.452
17.976,471
17,602,795
15.491,482
15,931.020
Increase or
Decrease.
%
-
$
-494,123 3.25
-606,420 4.00
-461,704 3.00
-186,300 0.92
-883,913 5.81
-196,928 1.35
-245,822 1.67
-1.786,921 11.89
-881.733 5.86
-434.169 2.82
-455.558 3.00
+774,541 3.67
+19,322 0.13
-201.265 1.21
-1.306,817 7.71
-1.805.988 7.57
-875,597 4.01
-263.705 1.48
-1,774,481 9.50
-216.125 0.84
-706.952 3.97
+230,578 1.29
-1.092.250 6.21
-1,008,272 6.51
-480,473 3.02
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive
They include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table:
Gross Earnings.
Net Earnings,
Month
1926.
1925.
Increase or
Decrease.
1926.
1925.
Increase or
Decrease.
2
Nov.. 559,935,895 531,199,465 +28.738.430 158,197.448 148,132.228 +10,085,218
Dec-- 525,411,572 522,467.600 +2,943,972 119.237,349 134,504,698 --15.287.349
1927.
1926.
1927.
1926.
Jan - 485,961,345 479,841,904 +6,119,441 99.428.246 102,281.496 --2.853.250
Feb.. 467.808.478 459.084,911 +8.723,587 107,148,249 99,399.962 4-7.748.287
Mar-- 529.899,898 529,467,282
+432,616 135,691,649 134,054,291
4-827.358
April. 497,212,491 498.677,065 -1,464.574 113.643,768 114,417,892
--774,128
May - 517,643,015 416.454,998 +1,088.017 126,757,878 127,821,385 -1,083,507
June 518,023.039 539.797,813 -23,774,774 127.749,692 148,646.848 --20,897,156
July.- 508,413.874 550.710.935 -48.297.061 125,438.334 160,874.882 ---35.436.548
Aug.. 556.406.662 579,093,397 -22,686,735 164,013,942 179,711,414 ---15.897.472
Sept - 524.043.987 590,102,143 -26.058,156 179,434,277 193,233.706 --13.799,429
582,542,179 805,982,445 -23,440,268 180,919,048 194,283.539 --13.364,491
Oct
-Percentage of Increase or decrease In net for above months
Note.
has been:
1926-Nov.,6.79% Inc.; Doc., 11.36% Inc. 1927-Jan., 2.79% dec.; Feb. 7.80%
inc.; March. 1.21% Inc.: April, 0.67% dec.; May, 0.83% dec.; June, 14.0i% dec.;
July, 22.03% dec.; Aug., 8.73% dec.; Sept., 7.14% dec.; Oct., 3.87% dec.
In Nov. the length of road covered was 237.335 miles in 1926, against 236,369
miles In 1925; in Dec. 1926, 236,982 miles against 237,373 miles. In 1927-Jan..
237,846 miles, against 236,805 miles in 1926; In Feb.. 237,970 miles, against 236.870
miles in 1926; in march, 237,704 miles. against 236,948 miles In 1926; In April.
183 mum. against 237.187 miles in 1920; In May. 238,025 miles. against 237,275 238,miles
In 1926; in June, 238,425 miles, against 237,243 miles in 1926; In July. 238.316 miles,
against 237,711 miles In 1926; in Aug.. 238,672 miles, against 237,824 miles in 1926;
In Sept., 238,814 miles, against 237,854 miles In 1928; in Oct.. 238,828 miles. against
238,041 miles in 1926.
Sugar, molasses & cane
$7,653,532 $5,719,040 $5,613,645 $4,642,767
esies
Miscellaneous receipts.. _
407,007
299,916
310,294
362,157
Total income
58,060,539 86,018.956 $5,923,939
Agricul. & mfg. expenses 5,235,569
4,753.897
4,205,721
$5,004.925
3,862,556
Net earnings
Depredation,etc.
Res.for income tax
$2,824,970 $1,265,059 $1,718,218 81,142.369
258,875
233,132
167,893
152,264
218,918
118,816
180.000
369,631
Net income
Dividends(cash)
$2,347,177
1,262,984
$913,111 $1,370,325
1.037.964
903.000
Balance.surplus
$1.084.193 def.$124,853
Previous surplus
7,550.327
8,128.044
Divs. rec. Cent. M.Co._
145,000
145.000
Sundry adjust. & credits
4,620
Total surplus
Adjust,of tax res.
Res. for insur. etc
Stock dividends
88,779,520 $8,152,811
42,579
2.484
(20%)600,000
$620.474
903.000
$467.325 def.$282.526
7,648.972
7,892.784
87,000
58.000
1,639
88.204,936 $7,668,258
51,218
25.674
19,285
P. & L. surp. July 31- $8,736,940 $7.550.327 $8.128,014 87.648.973
Shs.ofcap.stk. outst'd'g
(Par $20)
180.000
180.000
150.000
150.000
Earns. per sh. on cap.stk
$13.04
$5.07
$9.14
$4.14
CONSOLIDATED BALANCE SHEET JULY 31.
(Central Aguirre Sugar Co., Luce & Co., S. en C. Ponce & Guayama RR.,
and the Santa Isabel Sugar Co.)
1927.
1926.
1926.
•
AssetsReal est.. bidge..
Capitalstock.... 3.600,000 3.600,000
roll'g stock,&ca 8,084,577 8.133,544 St. Isabel Sugar
Cash
126,241
38,621
stk
14,828
Accts.& notes rec 466,811
570,835 Notes payable._ _ 850.000
1,625,000
Mat'l & supplies_ 618,626
465,626 Accounts payable 186,262
190,746
Growing crops... 1,259,172
1,085.721 Due af81. cos._ _ _
4,094
Sugar &molasses's 2,212,647 2,116,992 Drafts in transit_
135,303
67,500
Investments - _ - 758.401
771,384 Mortgage payable
141.000
Accrued interest _
7,596
9,577 Income, &c., tax
Construc.dtimpts.
reserve
249,655
229,471
(not completed) 142.678
74,508 Reserve for reducInsurance fund_
80,251
.57,672
tion of rentals_
54,000
78,000
Deferred charges_
124,756
166,247 Insurance fund
100,251
57,672
Claims for taxes_
55.749
63,816 Surplus
8,736,940 7,550,327
Total
13,916,505 13,554,544
Total
13,916,505 13,554,544
a Real estate, roadway and track, mill, buildings, rolling stock,'portable
track, steam plows, livestock, carts, implements, &c., $10,085,973; less
reserve for depreciation. $2,001,396. b Less provision for shipping
expenses -V. 124. p. 3500.
Canadian Car & Foundry Co., Ltd.
(18th Annual Report-Year Ended Sept. 30 1927.)
INCOME ACCOUNT FOR YEARS ENDED SEPT. 30.
(Incl. Can. Car& Fdy., Ltd., Can. Steel Foundries, Ltd., and Associated Cos.)
1926-27.
1925-26.
1924-25.
1923-24.
Aggregate sales (abt.)_ _ _ Not avail. 55,000.000 $6,427.510 820.426.876
Combined profit
$1,332,887
714,825
256.388
1.928.312
Interest earned
93.009
132,089
232,485
219,327
Total income
$1.425,896
Depredation
402,000
Bond interest
355,440
Prov. for inc. tax, etc._
50.000
$846,914
402,000
385,054
Net profit
Pref. divs. (cash)
$59.860 del.$329,772
b525.000
c918,750
Balance, surplus
Previous surplus
$618,456
a525,000
$488,873 $2,147,639
402,000
437,000
416,645
451,417
135,000
81,124,222
d787.500
$93,456 def.$465,140df.$1248.522
$336,721
2,190,209
2.655,348
3,903,870
3.567.148
P. & L.surp., Sept. 30 52,283,665 $2,190.209 $2.655.348 33.903,869
Earns, per share on 49,750 abs. (par $100)
corn. stk. outst'd'g. _ _
$1.88
Nil
Nil
312.04
a 7%. b 7. c 12%. d 10Ji•
-Gross Earnings- -Na Earnings
CONSOLIDATED BALANCE SHEET SEPT. 30.
Current
Previous
(Incl. Can. Car. & Fdy. Co., Ltd., Can. Steel Foundries, Ltd., and Asso. Cos.)
Current
Previous
Companies.
Year.
Year.Year.
Year.
1927.
1926.
1927.
1926.
S
5
Assets$
Liabilities-$
$
$
Oct '27 4,549,169
Electric Pr & Lt
4,352,560 *2,108.004 *1.926,397 Real estate.plant,
Preference stock_ 7,500,000
7,500,000
12 mos ended Oct 31 '27 52,307,101 49.117,002 *23,442,005 *21,117,167
good-will, patOrdinary stock.. 4,975,000 4,975,000
Oct '27 11,321,000 11.705.000
ems, &c.
Western Union
23,308,984 23,263,193 Funded debt__ _ _ 5,006,091
1,421,000
5,378.779
1,470,000
12 mos ended Oct 31 '27 109,781,000 112.188,000 12,805,000 12,958,000 Scrip redemp.fd._
583,484
370.604 Secured loan.... 500.000
500,000
Gov't bonds
100,000
7-yr.6% neg.scrip 644,401
675.292.
Earnings of subsidiaries only.
Investments _ _ _. 1.845,091
• After taxes. c
2,512,853 Acct's, &c.,pay'le 469,919
739,675
Material,supplies
Gross
Interest accrued.
Na after
94,510
98,938
Fixed
Balance,
.kc
2,000,972
1.982.271 Dividends pay'le. 131.250
Earnings.
Taxes.
131,250
Charges.
Sur plus.
Acc'ts. rec. (lees
Deprec'n reserve_ 6.908.455 6,506,454
.
res.)
837.570
879,201 Special reserve__
500.000
500,000
108.511
Atlantic Pacific URI Co Oct '27
54.603
19,253
35,349 Cash In banks_ ... 494,248
272,964 Oper'g., &c., res. 241,156
172,479
'26
66,409
25,084
8,120
16,964 Deferred charges.
84,117
88.990 Profit and loss. _ _ 2,283,865 2,190,209
452,083
12 mos ended Oct 31 '27 1,156,679
150,527
.301,556
'26
536,842
233,682
76.233
157,449
Oct '27 *2,987,808
749.256
Boston Elevated Ry
Total
669,835
29,254,446 29,368,078
Total
b79,421
29,254,446 29,368,078
'26 *3,018,697
671,009
668,276
52.723 -V.123, p. 3033.
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:
[VOL. 125.
THE CHRONICLE
3342
Manati Sugar Company.
(Annual Report-Fiscal Year Ended Oct. 31 1927.)
STATISTICS FOR YEARS ENDING OCTOBER 31.
1923-24.
1924-25.
1925-26.
1926-27.
Output of raw sugar
78,447
89,706
(tons 2,240 lbs.)
95,102
97,676
4.658 cts.
2.827 cts.
Receipts per pound
2.424 cts.
3.043 cts.
3.165 cts.
2.351 cis.
Cost of produc. (per lb.) 2.256 cts. 2.000 cts.
$928,495
$955,915 $2,624,295
Operating profit
$1.689,837
INCOME ACCOUNT FOR THE YEARS ENDED OCTOBER 31.
1923-24.
1924-25.
1925-26.
1926-27.
540.526
617,830
Production (bags)
670,750
655,475
Sugar sales (f.o.b. basis) $6,229,368 $5,126,142 $5,249,038 $7,865.320
285,534
395,453
153,792
Molasses sales
276,452
34,304
24,190
35,605
31,638
Miscellaneous income-- _
Total income
$6,537,458 $5,304,124 $5,680,095 $8,185,158
5,560,863
4,724,180
4,375.629
Oper. exp.,f. o. b. basis- 4,847,621
Profit from operations $1,689,836
Account prey, fiscal yrs.
43,242
Sec. taken in liquidation
of claim pertaining to
prey. years business_
194,991
Tunas RR.profit
$928,495
21,221
155,642
191,164
BALANCE SHEET OCT.31 (INCL. TECH FOOD PRODUCTS CO.).
1926.
1927.
1927.
1926.
$
Liabilities$
Assets$
$
Preferred stock..._ 6,100,100 6,100,100
Plant dr franchises,
less depreciation12,257,538 12,373,516 Common stock... 5,962,250 5,962,250
150.459 First mtge. bonds.. 2,571,000 2,590,000
Cash
124,705
xNotes & sects, rec 718,758
510,795 Mtges. pay.8,395
54,730
47,709
Inventories
260,061
331,807 Sundry accts. pay..
51,800
51,420
1,823 Accrued interest_ _
Accrued interest_ _
2,163
Investments
901,798
993.860 Accr. State taxes
23,801
9,171
420,422 (estimated)_ __ _
Deficit
485,023
14.750.046 14,782,681
Total
14,750,046 14,782,681
Total
x Includes loan secured by goods in storage warehouses.
TECH FOOD PRODUCTS CO., PITTSBURGH, PA., STATEMENT OF
INCOME AND EXPENSES, YEARS ENDED OCT. 31.
1924.
1927.
1926.
1925.
Ice cream sales, storage
and miscell. income.. _ $1,759,250 $1,741,379 $1,770,603 $1,681,689
1,269.237
Oper.,adm.& sell. exp__ 1,422,666
1,380,723
1,351,939
Depreciation, taxes, &a_
117,250
112,442
109.341
110,046
$955,915 $2,624,295
24,920
529
152,844
Total income
$1,928,070 $1,296,522 $1,109,288
DeductionsInt, other inc. & charges
$565,919
$422,879
$570,160
(net)
15,000
20,000
Inc. domes.& torn taxes
55,903
55,093
Disco. & exp. on bonds_
69,463
10,326
25,147
Adjust.of manssupp._ _
17.410
3,044
8,705
Accts. rec., uncollectible
Tax pd.appl.to prev.yrs
454.000
471,000
Depreciation reserve_ _ _
480,000
297.687
502.210
Other reserves
401,924
245,000
122,500
Preferred divs.
500,000
Common divs.
Net income
$295 201
$224,141
$280.099
$279,834
TECH FOOD PODUCTS CO. BALANCE SHEET OF OCTOBER 31.
Assets1927.
1926.
Liabilities1926.
1927.
118,153 Plant, less deprec. 5876,828 5887,384 Common stock... 5700,000 5700,000
44,726
Cash
35,615
117.093 Accounts payable_
65,166
458.240 Mtges. pay
8,395
$2,767,368 :Notes & accts. rec 660,662
912,901
103,396
Inventories
94.910 Surplus
962,042
U.S.obligations_
100,000
$439,669
Total
$1,706,052 $1,657,626
Total
51,706,052 $1,657,626
135,000
x Includes loans secured by goods in storage warehouses.
50,341
-V.123,P.3176'
Surplus for year
$369,112 def$439,231 def$909,372
Earns. per sh.on 100,000
shs. (par $100) cons.
Nil
Nil
$3.30
stk. outstanding
Er OCTOBER 31.
BALANCE SHE
1927.
1926
1927
Assets$
Property & plant _ 23,162,982 22,745,844 7% pref stock.... 3,500,000
Common stock_ _ _10,000,000
Capital stock Cane
15.000
Harvester Corp.
15,000 First mtge. bonds_ 6,535,000
Purchase money
Atlantic Sugar Ref.
mtges. on Cuban
155,920
mtge. bonds_
438,590
lands
Bala. pending on
477,875 Adv. against sugar
47,547
sugar contracts_
137,000 Notes payable_ _ _ 2,000,000
110,974
Notes receivable_ _
75,702
781,913 Drafts outstanding
Materials & supp.- 731,647
Accts. payable and
Cos. colonlas,growaccrued charges_ 370.870
ing cane,&c___ 276.111
Adv. to Colones_ _ 3,120,320 3,908.798 Unpresented coup.
17,149
on 1st m.bonds_
93,117
87,485
Accts.receivable__
Corn. dtv. scrip._
55
Cuba Sugar F'&E.
1,320
1,320 Accrued interest on
Corp. cap. stock
40,844
541,124
mortgage bondsSugar on hand_ _ _ _ 830.174
Depreciation res've 5.191,979
7,710
Molasses unliquid.
391,707 Colones'accts. rec. 331,080
336,518
Cash
773,821
23,850 Surplus
17,149
Depos.for bond lot
48,725
Growing cane_
3,533
bonds pur_ _
1st in.
5,345
320
Sinking fund
1,473
630
Special deposits
523,334
589,606
Deferred charges
142,623
692.000
239,175
245,000
500,000
$323,559
$9.41
1926.
3,500,000
10,000.000
6,879,500
Mexico Tramways Company.
(13th Annual Report-Year Ended Dec. 31 1926.)
EARNINGS YEARS ENDING DEC. 31 (MEXICAN CURRENCY).
Car Earnings1926.
1925.
1923.
1924.
Passengers
$7,483,549 $7,635,802 $8,932,977 $9,500,688
Monthly tickets
1,586,366
1,660,838
1,415,932
1,622,709
Chartered cars
61,846
39.379
49,252
45,857
Freight
371,576
403,013
339,050
351,874
Baggage and parcels_ _ _ _
225,789
110.495
107.628
127,340
Funeral
201,182
182,887
211,723
230.337
94,228
Omnibuses
78,081
241,563
Total
Miscellaneous earnings
$9.774,254 $9,837.469 $11,552,658 $12,147,585
119.245
157,027
159,565
139,712
Total earnings
$9.931,281 $9,997,033 $11.692,369 $12,266,830
Expenses-Operation.
$6,506,747 $6,482.819 $6,594,912 $6,574,719
4,546,062
Maint., taxes & depr_ 3,346,029
4,942,878
4,044,469
Net earns, from oper.
in Mexico
$78,504 def$530,255
$154,579 $1,146,049
BALANCE SHEET DEC. 31.
[Including its subsidiary companies. Mexico Electric Tramways. Ltd..
Compania de los Ferrocarriles del Distrito Federal de Mexico, S. A., and
362,327 Compania de Omnibus de Mexico, S. Al
1925.
1926.
1926.
1925.
23,850
Assets55
20,177,000 20,177,000
Prop.,plant&equip.17,772,150 17,679,491 Capital stock
Funded debt
21,925,087 21.936,767
42,975' Rights, franchises,
good-will, &c_ _ _10,270,193 10,263,255 Accrued bond in4,589,133
terest
x8,960,593 8,533,646
412,585 Cost of invest. in
Mex.14.&Pr.Co.22,213,262 22,213,262 Accounts payable
404,709
Inv. In other cos...
and accrued
97,168
96,668
1,142,139 1,012,045
Stores in hand and
charges
In transit
472,505
564,267 Sinking fund re346,892
385,163
Accts. receivable....
59,543
53,783 serve
26,305 Reserve for depreDef.chgs.&deb.bal.
22,931
dation, amortiSecure.at mkt.val. 179,779
811,930
304,402
zation of fran387,178
Total
29,275,090 29,916,281 Cash
29,275,090 29,916,281
• Total
chises and other
Mexican Govt.-V.124.p. 786.
y6,405,068 6,805,821
assets
Amount due_..__ 1,842,257 1,827,588
Paper money on
Mexican Light & Power Co., Ltd.
76,519
76,519
hand
Bond int. unpaid_ 5,378,675 4,672,123
(15th Annual Report-Year Ended Dec. 31 1926.)
Sink. fund invest_ 223,388
222,079 Total (each side)-58,995,051 58,812,171
x Includes $5,334,475 on 6% 50
-year mtge. bonds of Mexico Tramway
EARNINGS FOR YEARS ENDED DEC. 31 (MEXICAN CURRENCY).
Co., accumulated to date but only payable out of future surplus revenue in
Fed. Govt. & Municipal Earns
1926.4.
$551,725
$621,691
$610,458 accordance with terms of supplemental trust deed. y After deducting loss
Public lighting
832,643 of $1,280,515 for two years ended Dec. 311926.-v. 125. p. 1052.
Office lighting
894.422
933,572
Light, service in Pachuca
43,325
45,349
42,830
Ry.-Algoma Central
443,097 Algoma Central & Hudson Bay
Power
477,533
468,005
Terminals, Ltd.
20,213
14,285
Heat
30,087
Commercial Earnings
(Reportfor Fiscal Year Ended June 30 1927.)
8,151,898
7,398.659
Lighting
8,701.168
7,604.991
7,044,143
8.202,652
Power
INCOME ACCOUNT FOR YEARS ENDED JUNE 30.
487,159
719,194
598,344
Heat
Including Algoma Cent. & Hudson Bay Ry. and Algoma Cent. Terminals, Ltd.
1923-24.
1925-26.
1924-25.
1926-27.
$19,619.611 $18,442,340 $16,875,794 Railway
Total
receipts
$1,762,560 $1,357,915 $1,017,857 $1,760,288
163,039
94,410
127,187
Miscellaneous
589,365
Steamship receipts
459.249
477,754
353,843
375,806
442,000
2,800,000
83,340
$19,714,021 $18,569,527 $17,038,834
3,735.866
4.645,005
4,080,246
4,364,690
5,539,274
5,397,341
Gross earnings
-Operation
Expenses
Maint., taxes and deprec
$9,529,742 $9,091,940 $8,938,278
Net inc. from oper
-The gross earnings In 1926 amounting to $19,714,021, include
Note.
uncollected accounts for services rendered to the municipal and Federal
Government departments during the year 1926, representing a sum of
approximately $955,000.
BALANCE SHEET DEC.31 (INCLUDING SUBSIDIARY COMPANIES).
1925.
1926.
1925.
1926.
Liabilities
$
Assets$
Ordinary shares_ _13,585,000 13,585,000
Properties, plant,
equipment, &c_52,525,235 53,282,249 7% cumul pref.shs 6,000,000 6,000,000
42,310,026 42,310,026
Funded debt
Rights,franchises,
good-will, &c _ _ _24,912,785 22,926,735 Accrued bond int_ 4,116,861 4,116,861
Interest on income
Cost of invest't In
bonds
x3,532,758 2,826,206
303,393
& adv. to subsid. 209.900
Accounts pay'le &
Stores in hand and
947,688
accrued charges.. 998,321
876,057
1,056,061
In transit
907.300 Reserve for depreAccounts receivle. 826,985
143,231
ciation, &c
20,696,056 17.595,430
Deferred charges-- 689,949
5,108.144 3,804,549
Securities
744,296
1,687,546
Cash
Accts.due by Govt 4,222,415 4.393,402
Total
91,239,022 87,381,211
91,239,022 87,381,211
Total
x Of Mexican Light & Power Co., Ltd., accumulated to date but only
future surplus revenue in accordance with terms of trust
Parable out of
deed.
-V. 125, p. 2146.
Pittsburgh Brewing Company.
-Year Ended Oct. 31 1927.)
(Annual Report
INCOME ACCT. YEARS END. OCT. 31 (INCL. TECH FOOD PROD. CO.
1925-26.
1923-24.
1926-27.
1924-25.
Sales& earns.,all sources $2,347,510 $2,202,628 $2,277,041 $2,221,419
1,803,172
1,815,506
1,857,167
Operating, &c., expenses 1.966,544
Net earnings
Deduct-Interest
State and Fed'! taxes.
Depreciation.&c
Miscellaneous
Balance, deficit
$380.965
154,600
7.792
186,621
96,553
$387,122
156,010
16.402
179.555
104,314
$419,874
159,780
19,115
283,742
170,144
$418,247
170,900
11,402
291.274
147,113
$64,601
$69,159
$212,007
$202.442
Gross revenue
$2,221,809 $1,835,669 $1,371,700 $2,349,653
1,741,822
Railway working exp.... 1,619,404
1,416,428
1,236.511
379,185
Steamship working exp.
372,716
374,065
332,430
76,149
General management80,413
76,333
78,883
32,574
Taxes
35.879
36.884
34,222
Net profit
Other IncomeInt. A. E. T. bonds
Int. on inv. & dep
Amt. written back being
in excess of tax & bond
requirements
Miscellaneous
$113,397 loss$68,040 loss$310,346
Gross income
Miscellaneous expenses_
Joint net
Int. on A. C. & H. B.
Ry. bonds(5%)
Rent A. C. Terminal- -
$119,924
45,000
50,086
45,000
63,562
45.000
59,242
45,000
61,934
1,036
267
1,179
731
80.000
5,955
4,517
$223.263
2,613
$38,112 def$117,457
3.179
2,757
$219,527
12,238
$220,650
$35,355 def$120,636
$207,288
504,000
249,636
504,000
249,636
504,000
249,636
504.000
249,636
Net deficit
$546,348
$532,984
$874,272
$718.280
ALA( MA CENT. & HUD.BAY RY.CO. BALANCE SHEET JUNE 30
Assets1927.
1926,
Liabilities1926.
1927.
$
Prop., invest. In
Preferred stook_ __ 5,000,000 5,000,000
affil. cos., bond
Common stock_ _ _ 5,000.000 5,000,000
discounts., &c_ _23,473,865 23,284,869 1st m.5% bonds_10,080,000 10.080,000
Investments
229,651
155,287 2d in. 6% bonds- 318,800
318,800
Mat'ls & supplies- 517,671
492,357 Creditors' & credit
Debtors' and debit
balances
1,441,457 1,427.029
balances
410,165
326,443 Accr. rent Algoma '
Cash
388,327
392,221
Cent.Ter. Ltd... 1,514,456 1,414,602
Profit & loss debit
Accr.Int.ist m.bds. 6,291,600 5,787.600
balance
9.364,426 8,831,441 Govt. grants in aid
of construction:
1,659,722 1,659,722
Cash grant
Land grant (after expenses)._ 1,459,782 1,238,446
Tot. (eachside)-34.384,106 33,482,619 Depreciation
1,618,288 1,556,419
Note.
-The rental of Algoma Central Terminals, Ltd., and the interest
on the 1st mtge. bonds are payable as set forth in the scheme of arrangement.
Contingent Liability.
-In respect of -prior to scheme-participation in
Charbonnages du Kent Syndicate.
-25.000 francs.
THE CHRONICLE
DEC. 17 1927.]
ALOGMA CENTRAL TERMINALS, LTD., BAL. SHEET JUNE 30.
1926.
1927.
Liabilities1928.
1927.
Assets$100,000 $100,000
Capital stock
;property,invest.in
-year
1st m.5% 50
MM. cos., bond
4,992,713 4,992,713
gold bonds
discounts, &c.._$4,157,999 $4,149,722
996,881 Accrued int. on 1st
Invest, at cost.- _ 1,045.807
1,514,456 1,414,602
m. bonds
Accr. rent of prop. 1,514.458 1,414,602
54.184 Creditors' & credit
55.603
D'tors'& debit bal.
158,593
202,336
balances
50,519
35,639
Cash,int.& divs.rec
$8,809,505 $43.865.909
$6,809,505 $6,665,909 Total
Total
-The interest on the 1st mtge. bonds is payable as set forth in the
Note.
-V.123, p. 3176.
scheme of arrangement.
United Rys. of the Havana and Regla Warehouses, Ltd.
-Year Ended June 30 1927.)
(Annual Report
INCOME ACCOUNT FOR YEARS ENDED JUNE 30.
1923-24.
19242-5.
1925-26.
1926-27.
Receipts£1,013,159 £1,104,381 £1,356,973 £1,253,340
Passenger
3,460
5,786
Private trains2,160
193,024
199,438
177,157
150:323
Mail and express
1.077,856
1,392,972
1,029,749
976,828
Sugar traffic
1,256.725
1,429.340
1,180,192
1,076,810
Omer& goods
36,242
44,621
47,223
45,264
Live stock
467.067
548,865
409,244
368,859
Sundry receipts, &c
Total receipts
Expenses
Maintenance
Transportation
Miscellaneous
£3,633,503 £3,950,106 £4,969,617 £4,296,094
3343
Boston & Providence R.R.-Lower Dividend Rate.
The directors have declared a quarterly dividend of $2.12% a share,
reducing the annual rate from $10 to $8.50. The dividend is payable Jan. 3
to holders of record Dec. 20. The reduction in the dividend was ordered
because of the refusal of the New York. New Haven & Hartford R.R. Co.
to pay the United States corporate income tax on the rental it pays to
Boston & Providence R.R.-V. 116, p. 2255.
-Smaller Div.
Boston, Revere Beach & Lynn RR.
The directors have declared a quarterly dividend of 1)4% on the outstanding $850,000 capital stock, par $100, payable Jan. 2 to holders of
record Dec. 31. From 1923 to Oct. 1 1927 incl .the company paid quar[For record of dividends paid since 1897 see
terly dividends of 1M %.
our "Railway and Industrial Compendium" of Nov.26 1927, page 21.1.
The stockholders will vote Dec. 17 on approving an issue of $1,000,000
of bonds and 1.700 additional shares of capital stock, par $100. The proceeds are to be used for the electrification of the road, for funding the
floating debt of the company, &c. These issues are also subject to the
approval of the Massachusetts Department of Public Utilities.
The directors of the company are: Gardner F. Wells. (president); George
W. Wells, (vice-president and manager); Albert W. Hemphill, (treasurer);
-V.
Daniel P. Abercrombie. Charles A. Collins and Water F. Simonds.
125, P. 3194
.
Central Vermont Ry.-Floods Force Company into
Receivership-Receivers to Issue Certificates to Provide Funds
Needed to Rebuild Bridges and Make Other Repairs.
Harlan B. Howe, U. S. District Judge, Dec. 12 appointed George A.
Gaston, New York, and John W. Redmond, Newport, Vt., receivers
of the company by an order entered at Burlington. Vt., and authorized
the receivers to continue the business pending the further order of the
Court.
The application for the appointment was made by the Canadian National
£2,730,770 £2,981,345 £3,059,235 £2,688,548
Total expenses
£968,761 £1,910.382 £1,607,546 Rys., which is the largest creditor and the owner of two-thirds of the
£902,733
Net revenue
£100,302 stock of the company. In the bill of complaint filed by the complainant
£117,403
£49,683
£74,098
Int. dr dive. on investts_
it is alleged that owing to the recent floods the Central Vermont is not in
Coupons due & accr. on
Hav.Cent.RR_
85,448
87,268
87.268 a position to pay its current bills and expenses for repair to the railroads
85,470
bds.of
made necessary by the damage caused by the floods last month at or
Profits from Regis ware46.232
32,642 near its line of railroad.
28,178
17,147
houses, &c., property_
21,497
Receivers Gaston and Redmond said that it was planned to issue re153
188,281
848
Gain in exchange
656
617 cerivers' certificates for the funds needed to rebuild bridges and make
662
431
Transfer, &c., regis. fees
in respect
other repairs to the right-of-way so that the road might be restored to
Annual paym't
deb.4,000 deb.4,000 deb.4,000 operation with all expedition.
of lease of Mariano Ry. deb.4,000
Federal Judge Lowell at Boston has appointed George A. Gaston and
Gross income
£1,052,312 £1,153,300 £2,179,438 £2,012.656 John W. Redmond ancillary receivers for the property in Massachusetts.
DeductionsFrom $2,500,000 to $3,000,000 will be the total amounted needed by
£449,205
£450,146 the company to reconstruct the line owing to the damage in tne flood,
E448,461
Int.on Un. Rys.deb.&stk £436,447
according to the receivers.
Int. on Cuban Central
86,209
84,694
82,998
debenture stock
87,131
Bondholders to Receiver Par and Int. for Their Holdings.
27,311
Int.on Western deb.stk.
The Canadian National Rys. announces that it has arranged that holders
S.F.(Un. Rys., West.Ry.
By. refunding mtge. 5s
43,425
44,096
47,080
42,569 of the outstanding $13,838,300 Central Vermontupon presentation at the
Cuban Cent.)---and
177,713
177,713
177,713
177,713 of 1930 may receive 100 and int. for their bonds
Div.on 5% cum. pt. stk.
City, prior
Ordinary dividend----(2%)131,136(630426,195(73)491,763 (7)458.979 banking offices of Dillon, Read & Co., 28 Nassau St., N. Y.
to June 30 1928.
Prov. for payment under
By.. which is a subsidiary of the Canadian National
The Grand Trunk
149,029
153,828
101.655
rolling stk., hire agreet
155,306
While the Canadian National
19,556
36,416
310.025
262,475 System, is the guarantor of the issue. for the payment of these bonds,
British & Cuban taxes
10,811
10,868
10,793
Ann.stamp duty on stk_
10.870 System itself is not directly responsible that it intends to stand behind
it has, in its announcement. indicated
may
def £763 defE212,956
£461,203
Surplus for year
£367,467 the guarantee of its subsidiary and to enable any bondholders who full
to receive payment in
£319,547
£958,003
£223,602
Total prof. & loss, Burp_
E846.800 want to liquidate their holdings immediately,
at this time -V. 125, p. 2584.
BALANCE SHEET JUNE 30 (EXCHANGE TAKEN AT $4.86 TO £).
-Final Valuation.
Chicago, Burlington & Quincy RR.
1927.
1926.
1927.
1926.
Liabilities
Assets
The 1.-S. C. Commission has placed a final valuation of
Ordinary stock.... 6,548,494 6.548,494
Property account
prey. June 30.._22,200,957 21,630,184 Ordinary shares_ _
30
30 $566,179,438 upon the properties of the C., B. & Q. RR.
570,773 Def. ord. stock___ 513,805
Add-Expend.year
92,213
512,939 system and affiliated companies used for common carrier
5% cum. pref. stk_ 3,554,262 3,554,262
Discount on debenpurposes as of June 30 1917. The"U.S. Daily" says:
352,144 5% lrred. deb. stk.
684,517
ture issues
8,376,826 8,537,810
Commission on de(1906)
The total includes $499,132,255 as the value of the property used by the
do retained to
179,100
Burlington. A value of a496,100.000 is placed on the property both owned
benture sales._ _ 179,100
cony, old bds_
32,200
1st mortgage 5%,
44,200 and used by the Burlington, as of the valuation date. The cost of repro4% red. debs
1,281,091 1,281,455 duction new of the Burlington's common carrier property, exclusive of lands,
bonds and Com4)4% red. debs. to
is found to be $490.007.919 and cost of reproduction less depreciation, $388'mon stock of Habearer
888,075
899,308 829,568. The Commission held that nothing should oe included in the
vana Cent. RR.
554% Cuban Cent.
Co.(held for 4%,
final values on account of the earning power of the Burlington properties.
deb. stock
1,146,242 1,146,242
debentures as seThe value of the owned and used property of the principal subsidiaries
1,795,260 1,794,394 4)4% Cuban Cent.
of the Burlington was given by the Commission, as follows: Colorado &
curity)
debs. to bearer_ 502,800
Premiums upon
542,400 Southern, $33,975.000; Fort Worth and Denver City, $18,270,000; Quincy.
225,737
225,737 4)4% Western deb.
cony. (1906)_ _ _
Omaha & Kansas City. $5,800,000 and Wichita Valley. $695.000.
stock
574,974
575.374
Exp.of hire-purch.
The Commission's report stated that the Burlington had outstanding on
99,536 Sundry red. debs._ 6320,822
agreement
99,536
269,226 date of valuation a total par value of $286,452,800 in capital'stock and
Share cap. issuable
Investments at
long-term debt. The book investment in road and equipment, includin amalgamation
8,313
8,313 ing land, on date of valuation, was $461.509,295, which would be reduced
958.173 1,023,940
coat
754,034
22,219
867,867 Prem.on cap. issue
Materials, &c
23,756 to $426,697.973 by readjustments indicated by the Commission's accounting
Cuban Roll. Stock
-V. 125, p. 1321.
examination.
Sundry debtors
Co. pay'le under
and debit bal1,302,930 1,035,886
15-yr. 7)4% hire
Chicago Rock Island 8c Pacific Ry.-Bonds Ready.
ance!
purch. agreem't_ 699,588
781,893
Cash in Havana
Definitive secured 435% gold bonds, series 'A" due Sept. 1 1952, are
290,065 *Sundry creds.,&c. 2,630,985 2,496,891 now ready for delivery at the office of Speyer be Co., 24-26 Pine St., N. Y.
1,332,540
and London._
Debenture interest 204,004
202,956 City, in exchange for and upon surrender of its interim receipts. (For
106,156
Dividends
106,652 offering, see V. 125, p. 1188).-V. 125. p. 3055.
Reserve account._ 1,199,617 1,199,817
-40% Extra Dividend.
Gen.renewal res've 286,035
Cincinnati Northern RR.
-The
638,259
Insurance account
80,000
80,000
have declared an extra dividend of 40% and the
Equal,of diva. acct 200,000
9
300,000 directors
Net rev. acct. bal. 223.603
319,547 regular semi-annual dividend of 5%. The extra dividend is
Total (each side)_29,634,997 28,069,624 Cap.cred.(1926-27) 234,854
payable Dec. 30 to holders of record Dec. 23 and the regular
-There is a contingent liability in respect of the guarantee of
•Note.
-year bonds of the American Cuban Estates Corporation, .dividend is payable Jan. 20 to holders of record Jan. 13.
£111,300 5% 10
_jr,13,p. 3177.
Control of this company is held by the Cleveland, Cin£902,508
1,499,373
328,887
£977,144 £1,078.461
1,607,975
1,624,258
372,798
379,946
£879,019
1,486,480
323,049
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
-3,400 clerks, messengers, office
Union Pacific RR. Increases Wages.
boys, telegraph operators, dic., receive pay increases of from $3 to $7 per
month. This applies to line from Omaha to Ogden including Kansas City,
-New 'York "Times"
Kansas Division, Denver and Colorado Division.
Dec. 11, Sec. 2, P. 3.
-Extra gangs' pay reduced
Chicago Burlington ct, Quincy RR. Cuts Wages.
-"Wall St. Journal" Dec. 14.
3c. an hour to 35c. per hour.
-Class 1 railroads on Nov. 30 had 352,168 surplus freight
Car Surplus.
cars in good repair and immediately available for service, the Car Service
Division of' the American Railway Association announced. This was an
increase of 50,775 cars compared with Nov. 23, at which those there were
301.393 cars. Surplus coal cars on Nov. 30 totaled 148,860 an increase of
21,926 within approximately a week while surplus box cars totaled 158,304,
.
an increase of 22.685 for the same period. Reports also showed 20,551
surplus stock cars, an increase of 2.732 above the number reported on
Nov. 23 while surplus refrigerator cars totaled 11,540, an increase of 2,465
for the same period.
Matters Covered in "Chronicle" Dec. 10.-(a) Loading of revenue freight
continues to decline, p. 3135.
-Report.
Algoma Central Terminals, Ltd.
See Algoma Central & Hudson Bay By. under "Financial Reports,'
-V. 123, p. 3177.
above.
cinnati, Chicago & St. Louis Ry.-V. 125, p. 2804.
Cleveland, Cincinnati, Chicago & St. Louis Ry.The Consolidated first mortgage 5% bonds of the Cincinnati, Sandusky
& Cleveland RR., due Jan. 11928, $2.57l.000. of which are outstanding,
will be paid at maturity at the office of the New York Central RR., 466
Lexington Ave., N. Y. City, upon presentation. Under the refunding and
improvement mortgage et the Cleveland, Cincinnati, Chicago & St. Louis
Ry., dated June 27 1919, there are bonds amounting to $2,571.000. reserved to purchase or retire the above issue of CincLnnati. Sandusky &
Cleveland RR. bonds.
2%
Plans to Issue 815,000,000 4% Bonds.
-S. 0. Oommission for authority to issue
The company has asked the I.
$15,000,000 impt. mtge. 4)4% bonds. While no arrangements have been
made for the sale of the bonds, the company is negotiating with J. P.
Morgan & Co. for their sale and unless the market situation shall substantially change. It expects to sell team at 97.54. Proceeds from the
sale will be used to reimburse the compay's treasury to the extent of $12,172,000 for expenditures made for additions and betterments and not yet
capitalized, and the balance will be used in refunding certain bonds of
subsidiaries.-V. 125, p. 3055.
Great Northern Ry.-Comments on Valuation.
-The
following is taken from the Dec. issue of the "Semaphore"
a magazine issued by the corn pany-S. 0. Commission fixing a valuation upon
The recent decision by the I.
certain property of the Great Northern as of June 30 1915, is a matter of
considerable interest to the stockholders and also to those who own bonds
of the company, and has raised the question as to how the value of the
The $192,000 lit mtge. 5% bonds of the Hutchinson & Southern By. present Great Northern property compares with its present capitalization.
due Jan. 11928, will be paid off at office of The Atchison, Topeka & Santa There are several thousand holders of bonds and some 43,000 stockholders
Fe Ry.,5 Nassau St., New York Oity.-V. 125. p.3194. who are the owners of this property. The average holdings of each shareholder is 58 shares ofstock, and the increase in number of shareholders which
-Preferred Dividends.
Boston 8c Maine RR.
has taken place in the last few years is the result of the investment of a large
The directors have declared regular quarterly dividends of 1 5i% on the number of small holders. Thirty-two thousand of the 43,000 hold less than
7% prior preference. 13t% on the preferred "A," 2% on the preferred 100 shares each. All of these owners of the property will be interested in an
% on the preferred "D". and 1)4% analysis of the actual values that are behind the securities they hold.
"B". 1)4% on the preferred "0",
on the preferred "E"stocks, all payable Jan. 2 to holders of record Dec. 16.
First, it should be understood that the I.-8. 0. Commission valued only
Like amounts were paid on the respective issues on Oct. 1 last. (See V. the physical property of the Great Northern Ry. used for transportation
125. p. 1576, and also V. 125, p. 3054).-V. 125, p.3194.
purposes within the United States on June 30 1915. To compare the value
Atchison, Topeka & Sante Fe Ry.-Bonds.-
3344
THE CHRONICLE
of all of the assets of the Great Northern with the par value of its stock and
bonds now outstanding, it is necessary to add to the Commission's figures
the value of the new property created since June 30 1915; also other assets
which are the property of the company, but are not the kind of assets which
the Commission fixes a valuation upon for rate making purposes.
These assets include stock of the Burlington and the S. P. Sr S., which, of
course, have large value, but as those railways are themselves being valued
by the Commission, this physical valuation is not considered as a part of
the Great Northern. They also include Great Northern lines In Canada and
all other subsidiaries, the latter of which are not carrier properties. All of
such assets, of course, must be included in any statement of the value of the
property which belongs to the stockholders of the Great Northern Ry.,
and are items about which there is no dispute. The following tabulation
shoes the value per share of Great Northern stock, based upon the final
value of the Commission.
I.-S. C. Commission valuation as of June 30 1915, as announced by the
Commission Nov. 9 1927:
a Road ani equipment—Great Northern Ry.
$383,580,815
b Road and equipment—subsidiaries valued
7,921.525
e Miscellaneous physical property
14,783,183
Additions and betterments June 301915. to Dec.31 1926_ _ _ _ _ 110,313.302
Investment in other transportation companies, including Can •
adian Lines, C. B.& Q.,S. P.& S.and bus companies
206,355,293
Investment in subs.incl. lumber,coal & land companies
19.575,590
Total investment Dec.31 1926
Par value of Great Northern bonds
Par value of Great Northern stock
1742,529,708
332.315.215
248,934,950
Total oar value Great Northern stock and bonds
$581.250,165
Excess of property value above capitalization
$161.279.543
Deducting the par value of the outstanding bonds from the total assets
leaves $410,214.493. which is represented by $248,934,950 of stock, or the
equivalent of $165 per share.
The foregoing statement is based upon the valuation of the physical
property as found by the Commission, but we do not think that the Commission's value is adequate and efforts will be made to have certain feature'
of the report reviewed further.—V. 125, p.2384.
Greenbrier Cheat & Elk RR.—To Acquire Road from
West Virginia Pulp it Paper Co. and Lease Property to Western
Maryland.—
gee Western Maryland Ry. below.
Gulf & Ship Island RR.—Tenders.—
The New York Trust Co., trustee, will until Jan. 6 receive bids for the
sale to it of 1st mtge. ref. & term. 5% gold bonds, due Feb. 1 1952, to an
amount sufficient to exhaust $142,154.—V. 123, p. 3178.
Michigan Central RR.
-50% Extra Dividend.—
'1 he directors on Dec. 14 declared an extra dividend of 50%
on the outstanding $18,736,400 capital stock, for $100, pay
able Dee.30 to holders of record Dec. 23.
The directors have also declared the usual semi-annual
dividend of 20%, payable Jan. 28 to holders of record
Dec.30. A similar regular semi-annual distribution was made
on July 20 last. Previously the company made semi-annual
payments of 173.% each. Control of this road is held by the
New York Central RR. (See also our "Railway and Industrial Compendium" of Nov. 26 1927,- page 81).—V. 125,
p. 2669, 909.
Missouri-Kansas
-Texas RR.—Dividend of $1 on Pref.
"A" Stock—Bonds Called.—The directors on Dec. 12 autha dividend of 1% ($1 per share) on the pref. "A"
orized
stock, payable Dec. 31 to holders of record Dec. 22. The
last previous dividend paid on this stock was 14% on
Nov. 1 to holders of record Oct. 15.
The declaration of the $1 disbursement on this stook at this
time was made, the directors announced, in order that the
quarterly dividend dates may be adjusted to run hereafter
from Jan. 1 1928, from which date dividends on the pref.
"A" stock become cumulative at the rate of 7% per annum.
[From Feb. 2 1925 to Feb. 11926, incl. quarterly divs.
of 1X%were paid on thisissue; thereafter 14% quart.—Ed.]
Al! of the outstanding prior lien mtge. 69' gold bonds, series "0" due
0
Jan. 1, 1932, have been called for payment Feb. 1 next at 1023 and hit.
at the Central Lnion Trust Co.,80 Broadway, N. Y. City.—V. 125, p. 3056;
V. 124. p. 3768.
Norfolk Southern RR.—Securities.—
The I. S. C. Commission on Dec. 5 authorized the company to Issue
$1,966,000 1st & ref. mtge. 50
-year gold bonds, and $404,000 of 1st lien
equip.
-trust notes, to be pledged as security for a short-term note of $1,500,000; $1,466,000 of said bonds upon being released from such pledge, to be
sold at not less than 953 and hot. See offering in V. 125, p. 2804.
Rock Island-Frisco Terminal Ry.—Permanent Bonds.—
Permanent 1st mtge. 4%% gold bonds, due July 1 1957, are now ready
for delivery in exchange for outstanding temporary bonds at the Bankers
Trust
10 Wall St., N. Y. City. (See offering in V. 124, p. 3348.)—
V. 125, p.382.
Co..
Seaboard Air Line Ry.—Adjustment Bond Interest.—
The directors have declared and ordered paid on Feb. 11928. the regular
23 % installment of interest on the adjustment mortgage (income) bonds
represented by the Aug. 1 1925 coupons (Nos. 61 and 62) for $12.50 each.
—V'. 12.5. p. 3057.
[VOL. 125.
and under lease, and (b) for authority to assume obligation and liability
in respect of the 1st mtge. bonds proposed to be issued by the Greenbrier.
These proposals of the applicant are steps in a plan for eventual unified
operation of tao short-line railroads as a part of the Western Maryland
system.
the short lines involved in the plan traverse rugged, mountainous territory south west of Cheat Junction. Ownership of these railroads is
divided Pet ween the West Vir,inia Pulp & Paper Co. and the Greenbrier,
which is a corporation of the State of West Virginia. The two lines were
formerly owned by the Greenbrier.
The plan for operation of the Greenbrier lines as a part of the Western
Maryland system contemplates the following steps: (a) Conveyance by the
Paper Company to the Greenbrier of the line of railroad from Spruce to
Cheat Junction; (b) the issue by the Greenbrier of 81,585.000 of new 1st
mt4e. h• bonds. $946,000 of which are to be delivered in exchange, dollar
for dollar, for the 1st mtge. 6°! bonds now outstanding, and the remainder
to be delivered, at par, in payment for the railroad properties proposed
to be acquired from the Paper Company;(c) cancellation of the old bonds,
and release and discharge of record of the mortgage whereby they are
secured; (d) purchase by the Western Maryland from the Paper Company
of all the Greenbrier's outstanding stock; (e) assumption by the Western
Maryland of the obligation to pay, when and as due, the prin. and int.
of the proposed new bonds; and (f) a lease to the Western Maryland of the
erreenbrier's properties, including the line proposed to be acquired.
Provision for the conveyance by the Paper Company of the SpruceCheat Junction line to the .ireenbrler is made In a contract entered into by
those parties on May 12 1927. The Paper Company agree' to convey the
title to the line, and to surrender to the Greenbrier the outstanding $946.000
of 6.„ bonds, in consideration of the issue to the Paper Company of $1,585.000 of 5V bonds secured by a new 1st mtge. on the properties of the Greenbrier andindorsed by the Western Maryland in such manner as to obligate
that company punctually to pay the principal of the bonds and interest
thereon, such interest. hewer er, not to begin to accrue until the expiration
of three years after the sale of the OreenbrIer's stock to the Western Maryland.
Under date of March 3 1927. the Paper Company, the Greenbrier.
and the Western Maryland entered into a contract providing for the sale,
subject to our approval, of all the Greenbrier's stock to the Western Maryland for the sum of $1,585.000, and for payment of the purchase price
through the assumption by the vendee of payment of the bonds, prin. and
int. to be issued by the Greenbrier in pursuance of the contract first mentioned. such assumption to be accomplished by indorsement of the Western
Maryland's undertaking upon each of the bonds. Prior to the sale of the
stock, the Greenbrier is to divest Itself of the title to the line from Cass to
Spruce, which, together with the shop at Cass, all rolling stock except
work equipment, and current assets, is to be taken over by the Paper Company. The Greenbrier is to retain title to the line from Spruce to Berge°.
all passing tracks, telegraph and telephone poles and liner, a yard at Spruce.
and other terminal facilities. The Paper Company covenants that at the
time the stock is sold the Greenbrier will have outstanding no funded debt
or other obligations except the bonds proposed to be issued. Unpaid
interest on the outstanding bonds, accrued in the sum of $861.794, is to
be waived and extinguished. and all other current liabilities are to be paid
at or prior to the sale of the stock. Thereafter the l'aper Company will
convey to the Greenbrier. without additional expense to that company.
such land, owned by the grantor, as may be required for changes in right
of way to improve edstin; grades and curves and for the development of
spur lines, &c. Provision Is also made for the grant of water rights to the
Western Maryland and for the substitution, for surface-bent rails in tracks
of the Greenbrier lines, of rails in good condition to be taken from tracks
owned and to be owned by the Paper Company, such rails to be replaced
in turn with surface-bent rails so removed, or otherwise. In no event is
operation of the line from Cass to Spruce to be abandoned by the Greenbrier without prior authorization from us.
The proposed changes in the properties and assets of the Greenbrier
will necessitate corresponding adjustments in the accounts of that company.
From a theoretical balance sheet prepared on the basis of assumed consummation of the various proposals, the Greenbrier's capitalizable assets and
capitalization may be stated as follows:
Investment in road
11.731,239
Capital stock
256,000
Proposed bonds
1.585.000
Net,excess of capital liabilities over capitalizable assets
$109,760
It is proposed that the Greenbrier make a new 1st mtge. of Its properties
to American Exchange Irving Trust Co. of New York, J. Y., as trustee.
The proposed lease of railroad properties from the Greenbrier to the
Western Maryland is to be for a term of one year, and thereafter until
terminated by either party upon 60 days' prior notice in writing. The
essee agrees to pay to the lessor, as rent, the sum of $1 per annum, and to
pay all taxes and assessments levied upon the leased premises and upon the
income and capital stock of the lessor, to indemnify the lessor against
claims for loss and damage, and to pay all necessary operating expenses,
including the cost of maintaining the properties in their present state of
iare
pair.it the Western Maryland does not intend immediately to begin
operation of the lines proposed to be leased, with its own organization
and motive power, is apparent from a so-called "development contract"
entered into by the Paper Company,the Western Maryland,and the Greenbrier under date of March 3 1927. Under the provisions of this agreement.
the Paper Company is given trackage rights for its logging trains over the
Greenbrier lines in connection with the former company's activities at Cass.
Unless the Paper Company sooner abandons its timbering operations along
the lines, these trackage rights are to continue in effect until July 15 1944.
As compensation therefor, the Paper Company is to pay to the Western
Maryland $3 for each loaded car moved over any part of the lines from
Cheat Junction to Bergoo,—a locomotive to count as two cars. Upon
written request of the Western Maryland for a period not exceeding 10
years from the date of our approval herein, if the company's timbering
operations along the lines so long continue, the Paper Company will move,
as the agent of the Western Maryland,loaded and empty cars of that carrier
along the Greenbrier lines to and from Cheat Junction. For these services
the 'Western Maryland will pay to the Paper Company proportionate
amounts of train-movement costs as specified in the contract. This agency
of the Paper Company may be terminated by the Western Maryland at any
time upon reasonable notice.
An appropriate certificate and order will be issued. Commissioner
Eastman, dissenting in part said:
It seems to me that when the Western Maryland has acquired all the
capital stock of the Greenbrier, Cheat Sr Elk, leased its property, a isl
guaranteed all of its bonds these carriers will to all intents and purpo,.
be consolidated into a single system for ownership and operation, and hence
that we are without authority to approve this transaction under the provisions of paragraph (2) of section 5. I am in accord with the report and
order with this exception.—V. 125, p. 3057.
Toronto, Hamilton & Buffalo Ry.—Axtra Dividend.—
The directors have declared an extra dividend of 1% in
addition to the regular semi-annual dividend of 3%, both
payable Dec. 31 to holders of record Dec. 27. In 1925, a
20% stock distribution was made. Control of this company
PUBLIC UTILITIES.
is held by the New York Central system and.the Canadian
American & Foreign Power Co., Inc.—Stockholders
Pacific Ry.—V. 125, p. 2805.
Offered I nits of One Second Preferred Share and Four Common
Western Maryland Ry.—Control of Greenbrier, Cheat Stock Purchase Warrants.—The program of expansion and
& Elk RR.—
development which this company has under way and obliThe I.
-S. C. Commission on Nov. 28 Issued a certificate authorizing gations incurred in connection with
properties heretofore
the Greenbrier, Cheat & Elk RR. to acquire a Line of railroad in Randolph
acquired make desirable the raising immediately of large
and Pocahontas Counties, W. Va.
Authority was also granted to the Greenbrier, Cheat & Elk RR. to Issue amounts of new capital. To that end the board of directors
$1,585,000 1st mtge. 5% gold bonds.
Acquisition by the Western Maryland Railway of control of the Green- has decided to obtain $126,151,400 of subscriptions for units
brier, Cheat & Elk RR., by purchase of capital stock and under lease was of securities of this company, and to offer holders (1) of
also approved and authorized and the Western Maryland was authorized
stock, series A (2) of common stock, including as
to assume obligation and liability in respect of the $1,585,000 1st mtge. 2d pref.
holders thereof those who.can become entitled to common
5% bonds to be issued by the Greenbrier.
stock by exercising their rights under the pref. stock allotThe report of the Commission says in substance:
The Greenbrier on July 7 1927, filed an application for a certificate that ment certificates now outstanding, and (3) of option warthe present and future public conveninece and necessity require the ac- rants and due bills for option
warrants first the right to subquisition by it of a line of railroad extending from Cheat Junction, in Randolph County, In a southwesterly direction to a point called Spruce, in scribe therefor. Each such unit shall consist of:
Pocahontas County, a distance of approximately 39 miles, all in the State
of West Virginia. By an application filed on June 20 1927, the Greenbrier
asks authority to issue $1,585,000 of 1st mtge. 5% gold bonds. On the
date last Mentioned, the Western Maryland filed art application (a) for
authority to acquire control of the Greenbrier, by purchase of capital stock
(a) One share of 2d pref. stock, series A,entitled to cumulative dividends
at the rate of $7 per annum,and
(b). 4-option warrants (or clues Pills therefor) to purchase common stock.
Each such option warrant will entitle the holder thereof at any time,
upon sun ender of such warrant, to purchase one share of the common stock
1)Ec. 17 1927.]
THE CHRONICLE
for $25. This company in lieu of cash will accept one share of its 2d pref.
stock, series A. at $100 in making such payment for 4 shares of its common stock.
The purchase price shall be $100 for each such unit, plus accrued dividends, payable in casn or New York funds.
For (1) each 3 shares of 2d pref. stock, series A. and for (2) each 3 shares
ofcommon stock, and for (3) each 3 shares ofcommon stock covered by any
pref. stock allotment certificate now outstanding if no default exists thereunder on Dec. 23 1927, and for (4) ea.cn 3 option warrants (or due bills
therefor), or for (5) each combination of 3 of any one or more classes of
these securities, the holder of record thereof will be entitled to subscribe
to one such unit.
The holders of record so entitled to subscribe shall be holders of record
(including as to common stock so covered by pref. stock allotment certificates not so in default the holders of record of said pref. stock allotment
certificates) at the close of business on Dec. 23 1927.
The purchase price shall be payable as follows:
-At the time of subscription, 40% of the purcnase price
First Installment.
of $100 per unit, plus dividends.
-The balance.$60 per unit, of the purchase pr ice
Subsequent Installments.
to be paid when and as called for by this company in installments of not
more than 10% of the total purchase price of $100 per unit, plus divs.• no
installment, however, to be called in such way as to require payment in less
'
than 3 months after the due date of the last previous installment.
Each payment made under a 2d pref.stock, series A,allotment certificate
shall be accompanied by an amount equal to tne amount of accrued dividends
(at the rate of $7 per share per annum, which may be computed at the rate
of $.01944 per share per day) to the date of receipt by this company of such
payment on the integral number of shares of 2d pref. stock, series A. which
the holder of such allotment certificate shall by such payment become
entitled to have issued, and delivered to him or lodged with Bankers Trust
Co.. New York, as depositary, Dividends on such shares of 2d pref. stock.
series A,so to be issued upon payment of the first installment, 40% of the
purchase price, will accrue from Oct. 1 1927.
The right to subscribe will be evidenced by subscription warrants and
fractional subscription warrants in form determined by the company, and
such units of securities will be evidenced in the first instance by allotment
certificates in form determined by the company.
Those desiring to avail of the privilege of subscriptions() extended to them
must forward to the company at 2 Rector St., New York.. directly or
through their bank, so that the same will be received by the company on
or before 3 o'clock p. m. on Jan. 25 1928.
(a) Toe subscription warrant with the subscription on the reverse side
thereof, duly executed by them. and
(b) Cash or New York funds covering the first installment, that is $40 for
each unit covered ay the subscription wa rant. plus accrued dividends.
The circular letter further states:
This company's extensive program of expansion in foreign countries along
modern American lines is largely of a constructive nature. It involves
dealings with many interests, private and governmental, and also many
transfers or mergers of properties and also rebuilding and interconnecting
of plants and systems in order to render the ma.dmum of public service at
minimum cost. A program of this character would involve serious delays
In the United States, and under the laws and customs of the many distant
foreign countries in which this company's properties are located even
greater delays and difficulties are inherent; also when new properties are
acquired it is prudent to accumulate reasonable surplus before ommencing
full and regular dividends. Under these circumstances, and although the
actual earnings on an annual basis may exceed tha current dividend requirements of the 2d pref. stock, series A, the full current dividend will probably
not be paid in the beginning: however, the 2d pref. stock, series A,is cumulative. All dividends accrued to Oct. 1 1927 on all shares of the 2d pref.
stock, series A, now outstanding have been paid.
All the presently outstanding shares of common stock of this company
are listed on the New York Stock Exchange. It wiii be necessary, in advance of the issuance of option warrants, to apply for listing by the Stock
Exchange of a Corresponding number of shares of common stock of this
company. Accordingly this company nas provided heren for the issue of
appropriate due bills for tame option warrants. Any due bills delivered
under any abetment certificate will be exchangeable for option warrants
on or before April 11928. provided, however, that if this company shall not,
on or oefore April 1 1928, have secured the approval of the Stock Exchange
with respect to the listing of the common stock that could be purchased
under such option warrants, tnis company may at its option defer the delivery of sucn option warrants until any date not later than Dec. 31 1928.
Electric Bond & Share Co. without cost to this company, has agreed to
take the balance of said $126,151.400
of subscriptions for such units of said
securities of tnis ccmpany, of the kind, at the price and upon the basis
stated, not subscribed for on or before 3 o'clock p. m. on Jan. 25 1928 by
those to whom they are offered.
-V. 125. p. 3195.
American Telephone & Telegraph Co.
-To Receive
Special Dist, ibution from Western Electric Co., Inc.
-See
that company under "Industrials" beh.w.-V. 125, p. 2260.
American Water Works & Electric Co., Inc. (of Del.)
William C. Robinson of Pittsburgh has been elected to the company's
board of citrectone and also to that of the Wear, Penn Electric Co.. a subsidiary.
-V. 125, p. 3057.
Associated Electric Co.
-To Retire a Substantial Portion
1
2% Bonds.of 5)
The company purposes to retire a substantial portion of the original
issue of $65,000,000 of cony, gold bonds, 5.! " ‘._ series, due 1946 (see ,
,
122, p. 2037). The Associated 'as & Electric Securities Co. has already
acquired a large amount of said bonds and desires to acquire a further
substantial amount giving in exchange therefor preferred stock of Associated
Gas & Electric Co. For that purpose the Securities company has arranged
with the Chase Nat. Bank. 07 Broadway, ... Y. City, as its a•sent, to
receive deposits of bonds for its account.
Holders of bonds who deposit the same with the bank on or before Jan.
4 1928. up to but not exceeding a total principal amount of $10.000.000,
will be permitted to retain the April 1 1928, coupon on said bonds and will
receive $6 dividend series preferred stock of Associated Gas & Electric Co.
at the rate of 11 shares for each $1,000 of bonds, entitling thorn to dividends
for the full quarter beginning Mar. 11928.
After bonds have been deposited up to the amount of $10,000.000,
subsequent depositors will receive the same number of shares of prezerred
stock, but Interest and dividends will he adjusted as of Mar. 11928.
II. C. Hopson, president of the Securities company, says: "Holders are
requested to take as early action as possible, since the proceedings incident
to the call are now under way and it is desired to avoid the trouble and
expense both to the holders and to the company of drawing and advertising
the numbers of bonds hold by those who wish to retain their interest in the
Associated System.'-V. 125. p. 3196.
3345
Binghamton Light, Heat & Power Co.-Pref. Stock
Offered.-Pynchon & Co. are offering at $102 per share
and div. to yield 5.88% an additional issue of 10,000 shares
$6 cumul. pref. stock.
Issuance approved by New York P. S. Commission.
Data from Letter of W. S. Barstow, President of the company.
Company.
-Furnishes electricity for light and power to Binghamton
Johnson City, Owego and 48 other communities throughout an extensive
industrial and agricutural district in the south-central part of N. Y. State.
The business ofcompany has oeen successfully operated for a period of more
than 35 years and the estimated population served is in excess of 161.000.
Company's properties include steam and hydro-electric generating stations
with a total installed generating capacity of 54,420 k. w. The capacity
of the steam electric generating station at Johnson City was more than
doubled through the installation of a unit of 30,000 k. w.capacity in August
of this year. The construction of this station is modern and designed for
the most economical and efficient operation. Company also has 204 miles
of high tension transmission lines and 426 miles distribution lines. The
properties are completely interconnected with those of Northern Pennsylvania Power Co.,an affiliated company serving Northeastern Pennsylvania.
which purchases substantially all of its power from the Binghamton Light,
Heat & Power Co. Company's lines are also connected with those of Cortland County Traction Co. and Elmira Railway, Light & Water Co., both
in N. Y. State, with which companies it has satisfactory contracts for the
sale and interchange of power.
Capitalization as of November 30 1927 (giving effect to present financing).
Authorized. Outstanding.
1st refunding mtge. 5% bonds, due 1946- --$6,194,000
(a)
Divisional mortgage bonds
200,000
(closed)
$6 cumul. pref. stock (no par value)
33,725 shs.
675,000 shs.
Common stock (no par value)
50.000 shs.
50.000 shs.
a The issuance of additional bonds is restricted by the provisions of the
mortgage.
b Authorized amount of cumulative preferred stock is 125.000 shares.
of which the directors have designated 75,000 shares as $6 cumulative
preferred stock and 50,000 shares as $7 cumulative preferred stock.
Earnings 12 Months Ended October 31 1927.
Gross revenue (including other income)
$2,226,524
Operating expenses, maintenance, depreciation & all taxes_ _ _ 1,399,788
Balance
Deductions: interest on funded debt
Other deductions
$826,736
317,526
77,127
Net earnings
$432,083
Annual dividend requirements on 33,725 shares $6 cumulative
preferred stock presently to be outstanding
202,350
Present Financing.
-Proceeds will be used to reimburse the company
in part for the cost of additions and betterments to its property, including
a 30,000 k. w, generator, recently installed in its steam electric generating
station at Johnson City, N. Y.
Management.
-All of the Common Stock is owned by General Gas Sr
Electric Corp.
-V. 125, p. 3196, 2806.
Birmingham Water Works Co.
-Bonds Offered.
-W. C.
Langley & Co. and Halsey Stuart & Co., Inc. are offering
at 101 and int. an additional issue of $1,200,000 1st mtge.
5% gold bonds, series C, dated Oct. 1 1924; due Feb. 1 1927.
Issuance.
-Subject to authorization by the Alabama P. S. Commission.
Data from Letter of D. M. Watt, President of the Company.
Company.
-Incorporated under a special act of the Legislature of Ainbama. Feb. 13 1885. Supplies water for domestic, municipal and commercial purposes in Birmingham, Ala., and its environs.
Earnings 12 Months Ended October 31.
1926.
1927.
Gross earnings
$1.435,005 $1.519,615
Operating expenses, maintenance & taxes
582.454
545.678
Net earnings(avail,for int., Federal taxes,&c)$889,327
$937,161
Annual int,on entire funded debt (incl. this issue)
$425.500
Net earnings for the 12 months ended Oct. 31 1927 were equal to over
2.2 times the annual interest charges on the entire funded debt, incl, tnis
Issue.
Capitalization Outstanding (upon completion of present financing.)
list mtge. gold bonds 51,6% series A due 1954
$5,500.000
Do 5', series B, due 1954
460,000
Do. 5% series C, due 1957 (including this issue)
2,000.000
Cumulative preferred stock
1.700,000
Common stock
i.s9.00
Purchase By the City.
-Under the contract now in ef feet between the
City of Birminicham and the Water company, the city has an option to
purchase the properties of the company at any time upon 6 months' notice
at a "basis price" as of Jan. 11921, plus the cost of additions and extensions
made subsequent thereto, which on Oct. 31 1927, was $12,165,491.
The mortgage provides in the event that the city acquires the water
works properties of the company and assumes payment of the principal
and interest of the bonds as a binding and general municipal obligation,
all personal liability and obligation of the company upon these bonds shall
cease and determine; in event that the city shall acquire the water works
properties of the company, or the major portion in value thereof, and shall
not assume the payment of the principal and interest of all bonds issued
under the mortgage, then all of the bonds may, at the option of the company, be declared due and payable at the principal amount thereof and
accrued interest, on the conditions and in the manner provided in the
mortgage.
Purpose.
-Proceeds will be used to reimburse the company, in part,
for expenditures for additions, extensions, improvements and acquisitions.
Management.
-Company is controlled through stock ownership by American Water Works & Electric Co., Inc.
-V. 124, P. 1356.
Boston, Worcester & New York Street Railway.
This company recently organized to take over the former Boston & Worcester Street Ry., which has been in receivership for several years, is now
going ahead with plans for rehabilitating the property and completely
modernizing equipment and operation methods. The company has engaged
Buchanan & Layng Corp. New York, engineers to make a survey of the
situation and take over active management of the property.
Directors of the company comprise the following: W. E. McGregor.
Isaac Sprague, Roger W. Babson, Frank D. True, Jere A. Downs. Paul T.
Babson, F. A. McKowne and Henry B. Rising.
The company has been organized by the bondholders protective committee
of the Boston & Worcester Street Ry. See reorganization plan in V. 125,
P• 1976.
Associated Gas & Electric Co.
-Conversion of Debentures.
Brazilian Traction, Light & Power Co., Ltd.
-To In-Treasurer H.C. Hopson,in a notice to the holders of 53.%
crease Authorized Capitalization to 3200,000,000-Additional
gold debentures, due Feb. 1 1977, says:
cony,
These debentures are convertible, in accordance with their terms, for Ordinary Shares Offered-Par Value of Ordinary Stock to Be
a limited period, into class A stock and common stock. The first $10.000.- Changed.
-The stockholders will vote Jan.5 on increasing the
000 surrendered for conversion will be converted on the basis of a unit of authorized ordinary stock from
$110,000,000 to $190,000,000,
two shares of class A stock and one share of common stock for each $110
debentures. The conversion price increases thereafter $5 per unit for par $100. Of the new stock, approximately 220,000 shares
additional $5,000,000.
each
will be offered to the holders of ordinary shares at $100 per
In determining priority in the surrender of debentures, the indenture
requires that they be considered in the order of actual surrender at the agency share on the basis of one new share for each five shares held.
of the company in the City of New York. In order to assure conversion The unissued balance will be available for capital requireat the lower prices, debentures are now being surrendered, although not
ments in the future.
convertible until Feb. 11928.
As an accommodation to holders who desire to establish priority at
The stockholders also propose, after the above action
time, the company has designated the Chase National Bank of the
this
City of New York. 57 Broadway, N. Y. City, as its agent to accept de- has been taken, to change the then authorized ordinary
bentures for conversion and has arranged for the issuance of receipts by stock from 1,900,000 shares, par $100 each, to 7,600,000
said agent. Bonds surrendered should be accompanied by all coupons shares of no par value, four new shares to be issued in exmaturing after Feb. 11928.
change for each ordinary share held.
Class A Stock Sold to Employees.
President Alexander Mackenzie, Dec. 8, says in substance:
Employees of this company, through an investment plan, have bought
The directors wish to take this opportunity of bringing to the attention
so oo° shares of class A stock. Over 87% of the eligible employees sub3196, 3193,
-V. 125. p.
scribed for this issue.
of the shareholders the reasons which make it desirable to Increase the or
3346
THE CHRONICLE
dinary share capital of the company, and to divide each ordinary share
of $100 par value into four shares of no par value.
Since the incorporation of the company in 1912 (when the Rio de Janeiro
Tramway, Light & Power Co., Ltd, the Sao Paulo Tramway, Light &
Power Co., Ltd., and Sao Paulo Electric Co., Ltd.. were brought under
one control by an exchange of shares) there has been a remarkable growth
in all departments of the enterprise. Tol llustrate this the following comparative figures are given in respect of the years 1912 and 1926, respectiveir
Year 1912
Year 1926
547.150,618
Number of passengers carried on tramways_ _ _ -231,385,668
4,928,109
Number of passengers carried on busses
526,317,699
191.749.863
Kilowatts hourssold
81,571.030
Cubic metres ofgas sold
40,728,206
83,677
Number of telephones in service10,161
In the same period the population of the City Rio de Janeiro has grown
from approximately 950,000 to approximatly 1.600.000 people, and
the City of Sao Paulo from approximately 425,000 to approximately 800,000
peo_ple.
The growth in business has necessitated very large expenditures on extensions and betterments to the several services carried on by the subsidiary
companies, and for the generation of power the following new plants have
been constructed in addition to extending the capacities of the older plants:
60,000 h.p.installed capacity
Parahyba,in the Rio district
24,000 h. p.installed capacity
Rasgao,in the Sao Paulo district
80.000 h.p.installed capacity
Serra,in the Sao Paulo district
In view of the large amount of surplus power which the companies have
available, and with the object of extending their field of activities, several
light and power businesses have recently been acquired in territory contiguous to the area now served. Large expenditures are being made for
extensions to the light, power and gas systems, and for additions to rolling
stock and equipment of the transportation services. In the City of Sao
Paulo and other places where new concessions have been granted for telephone service, further immediate capital expenditures are also necessary.
For all the services carried on by the companies considerable additional
capital outlay will be required in the near future. In addition provision
must be made for the payment of 36,000.000 1st mtge. debentures of the
Sao Paulo Tramway. Light & Power Co.. Ltd. due June 1st 1929, and for
certain small issues of debentures of underlying companies maturing in
1928. It is also necessary that a strong liquid position should be maintained so that there will be available ample working capital, whim is essential to an enterprise of such magnitude.
In order to provide for capital requirements as above indicated, and for
necessary future expansion, the board consider it advisable to increase
the authorized share capital to $200,000,000 by the addition of 800.000
'ordinary share of $100 each. It is the intention of the board to give the
holders of ordinary shares, including holders of bearer share warrants, the
opportunity of subscribing for new shares on the basis of one share of new
stock for each 5 shares held, at. at $100 per share, payable in convenient
Instalments. Based on the existing outstanding ordinary shares, this
will mean approximately 220,000 new shares, or say 322.000.000 of new
money. The unissued balance of the increased authorized share capital
will be available for capital requirements in the future.
The holders of preference stock have, under the provisions relating
thereto, the option of converting their shares into ordinary shares on the
basis of 6 preference shares for 5 ordinary shares. A large number of
preference shareholders have already taken advantage of this option and
no doubt conversions will continue to be made, with the result tnat the
number of outstanding ordinary shares will be Increased. and to this extent
the total amount of new shares to be issued will correspondingly be
increased.
Under the regulations of the company for carrying out the conversion
of preference shares into ordinary shares, conversions can only be made during specified periods in the year as a matter of convenience in adjusting dividends. As a period during which conversions could not normally be made
occurs from Dec., 15. 1927, to Jan. 31, 1928, inclusive, the regulations
have been varied in order to permit fielders of preference shares to exercise
their option to convert their holdings into ordinary shares during this
period (the necessary dividend adjustment being made) and thus become
entitled to the r ght to subscribe to the new ordinary shares.
The plan prolvides that the holders of preference stock will be entitled
to convert their shares into ordinary shares of no par value instead of
ordinary shares of $100 par value, 4 ordinary shares of no par value being
reckoned as the equivalent of one ordinary share of $100 par value.
-V.
125. p. 779.
-.. 13ricIWPort (Conn.) Hydraulic Co.
-Rights.
The stockhliders of record Nov. 15 have been given the right to subscribe on or before Jan. 3 for $500.000 additional capital stock at par(VOW
on the basis of one new share for each 12 shares held.-V. 121. p. 2749.
[VOL. 125.
Company is so tied together by its 670 miles of transmission lines, and the
power plants are so distributed as to provide delivery at the point of consumption of reliable current in the quantity desired at minimum cost of
production, transmission and distribution.
The strength of the company's position in a section widely known for its
textile, paper,shoe and ship building industries is established by its ownership of 68,535 h.p. of developed water power,and its control of over 250,000
h.p. of undeveloped hydro-electric cities, located on the principal power
streams of the state. The locations of the hydro-electric plants on these
power streams with their different characteristics of drainage area, stream
flow, and storage provide an unusual reliability of hydro-electric capacity.
Over 99M % of the common stock of the company is owned by New
England Public Service Co.. a subsidiary of Middle West Public Utilities
Co.
Authorized. Outstanding.
Capitalization$5.000,000 $2,500,000
Common stock
660.800
660,800
6% cumulative
12,422,700
14.339.200
Preferredi7% cumulative
608,500
5,000,000
Series stock ($6 dividend series)
811.500
First & gen. mtge.,series B,6s, 1942
1,550,00()
{
b
First & gen. mtge.,series 0,5Ms,1949
7.000,000
First & gen. mtge.,series D,5s. 1955
2,000,000
First & gen. mtge.,series E.4 Ms,1957(this issue)4,337,000
1st mtge.5s,due 1939
(closed)
.
500.000
a
Other divisional lien bonds
a Closed (except for deposit with trustee under the 1st & gen. mtge.) by
conservacompany's covenant in latter mortgage. b Limited only by the
tive restrictions of the mortgage.
Since Jan, 1 1919 over $10,000,000 of7% preferred stock has been issued,
the larger part of which has been sold to residents of the territory served
by the company. Both 6% and 77 preferred stock issues rank equally
and have paid dividends regularly since their issuance, a period of over
18 years.
Earnings Years Ended Aug. 31.
1927.
1926.
$3,503,901 33.999,049
Gross earnings
Operating expenses and taxes, excluding depreciation 1.356,697 1,529,946
$2.147,204 $2,469,103
Net earnings
815,790
Annual interest charges on $16,198,500funded debt..
Balance
Purpose.
-Proceeds will be used to reimburse the company in part
the cost of additions and extensions made to its property, and for the acquisition of Western Maine Power Co., Fryburg Electric Co.and two smaller
companies.
-V. 125. D. 3058.
-Equipment
Chicago North Shore & Milwaukee RR.
.
TrustsOffered.-Halsey Stuart & Co.,Inc are offering at prices
to yield from 5X% to 5M% according to maturity $720,000
equip. trust 53% gold certificates, Series F-1. Issued
under the Phila. plan.
Dec. 1.
Dated Dec. 1. 1927: maturities $72.000 annually Dec. 1, 1933 to
1942. Denom. of $1,000, $500 and $100. Divs. payable (J.&D.) either at
the office of the trustee in Chicago or at the office of Halsey, Stuart & Co.
herein New York, without deduction for the Federal income taxes now or upon
after deductible at the source, not in excess of 2%. Red. all or part
certificates
30 days' notice at 100 and divs., plus a premium of 2% for all certificates
maturing more than 5 years, and a premium of 1M % for
maturing 5 years or less from date of redemption. Penn. 4 mills tax refundable if requested within 60 days after payment.
-The guaranty of these certificates by chicago North Shore
Guaranty.
& Milwaukee RR. has been authorized by the Illinois Commerce Commission and the Railroad Commission of Wisconsin.
-The certificates will be issued by the trustee and win represent
Security.
approximately 80% of the cost of 15 double truck interurban passenger
motor cars, 2 double truck interurban dining cars. 1 double truck interurban observation parlor car. 10 double truck city motor cars and 2 double
electric locomotives. In the opinion of counsel, upon the issuance of these
certificates, full title to the equipment will be vested in the trustee for
-V. 124, p 1664, 1065
the benefit of the certificates holders.
-To Acquire Central
Columbia Gas & Electric Corp.
Kentucky Natural Gas Co.
Centre
The corporation has contracted to buy the common stock of the
securities
Kentucky Natural Gas Co.on Dec. 30 through an exchange of each gg
pref. stock for
.
on the basis of one share of Columbia cumul. 6%
shares ofcommon stock of the Central Kentucky company, which has 60.
Central Counties Gas Co.
-Merger.•
Kentucky
shares outstanding. A substantial majority of the Central remainder
See Southern California Gas Corp. below.
-V. 125, P. 2261.
of the
stockholders have accepted the contract, and holders terms on the same
exchange on the same
have
- date.the opportunity to make the
-New Financing.
CentralIllinois Public Service Co.
Lexington.
Refunding of more than
in bonds with a lower coupon issue
The Central Kentucky company distributes gas at retail in
is contemplated under the $27,000,000
plan announced Dec. 15 by the company. As Winchester. Mount Sterling and other communities in Kentucky, vdth a
part of the plan, which is subject to the approval of the Illinois Commerce
gas holdings and pipe
population of about 90,000. It has valuable naturalColumbia subsidiaries
Commission,an issue 0f$29.000,000 of 1st mtge.4M % bonds has been sold lines already interconnected with the properties of
to Halsey, Stuart & Co.
West Virginia.
The ability to refund on a 434% coupon basis serves to emphasize the in Kentucky and been signed by the Union Gas & Electric Co., a Columbia
A contract has
excellent credit position that has been attained by the company,the largest system subsidiary, and the American Rolling Mill Co., providing for the
of the operating companies controlled by the Middle-West Utilities Co.
electric power requirements of the rolling
It was pointed out that this operation will result in a substantial saving regular supply of a large part of the
in interest charges, simplification of the company's financial structure, and irdil plant at Middletown. 0.
an improvement in the mortgage position of the company's bonds, for the
*Consolidated Earnings and Expenses for Period Ended Oct. 31.
1927-12 Mos.-1926.
1927-10 Mos.-1926.
only ponds outstanding upon completion of the program will be first
$77,814.846 $73,890,505 $96,822,931 $91,721,141
earnings
mortgage issues, instead of the first mortgage and refunding and underlying Gross
48,626,520 43,570,193
(excl. of taxes) 39,996,527 35.535,327
Oper.exp.
issues now outstanding.
All its higher rate issues. with the exception of $8,297,000 first mortgage Res. for renew. & repine.
7,551,570
7,559,088
7.610,125
7.333,088
and depletion
and refunding 5% bonds, which become first mortgage bonds, and all its
8,782,913
8,996,716
7,132.977
7.361,487
underlying bonds, are being retired. There are being retired three issues of TIMM
first mortgage and refunding bonds, totaling $16,450,000. These consist
$31,816,465
Net oper. earnings- - -$23,123.744 $23,612,076 $31,640,608
of $3.850.0006% bonds, series "A", due May 1 1943, 38,000.000 6%
2.830.510
1,200,317
2.654,249
820,565
bonds, series "C, due Jan. 1 1944. and 34.600,000 5M % bonds, series Other income
"D", due June 11950. The underlying bonds total $11,101,500, consisting
Total net earnings &
of 7 issues.
823,944,308 $26,266,325 $32,840,924 $34,647,281
other income
Upon completion of the program, the company's capitalization will
4,347,103
4,339.768
3,622,878
3,615.392
consist of two stock issues-preferred 36 cumulative and common, the two Lease rentals
% notes, as compared with Int. chits. & pref. dim
series offirst mortgage bonds, and 34,200.000
4,307.436
4,717,746
3,654,749
3.873,390
of subsidiaries
the two stock issues, four first mortgage and refunding, and 7 underlying
-V,125, p.2386.
issues at present.
$16.455,526 $18,988.698 $23,783,410 $25,992,741
Net income
Annual div. require. on 913,026 she, of6% pref. stk outstdg• at $5,478.156
-Control.
Central Kentucky Natural Gas Co.
Oct. 31 1927
-V.125. p. 2806.
Corp. below.
See Columbia Gas & Electric
*Including subsidiary companies controlled by over 99% common stock
-V. 125, p. 3058.
Power Co.
-Bonds Offered.
-Harris, ownership or lease.
Central Maine
Forbes & Co. and Coffin & Burr, Inc. are offering at 98
Consolidated Gas, Electric Light & Power Co.,
and int., yielding about 4.62%, $2,000,000 1st and gen. Balt.-Initial Dividend on New Series E 5% Preferred
1957.
mtge. gold bonds., series "E"43%,due
Stock-Exchange Offer Made to Public Service Building Co.
-D.) payable in Boston. CallDated Dec. 1 1927. Principal and int. (J.
able all or part on any int. date, on 6 weeks notice, at 103% to and incl. Bondholders.
June 1 1932.reducing M of 1% for each five year period thereafter to 100M
on June 11957. Denom. 011,000 and r$1.000 and multiple's thereof. Old
Colony Trust Co., Boston, trustee. Company agrees to pay interest without deduction for any Normal Federal income tax to an amount not exceeding 2%.
Data from Letter of President Walter S. Wyman, Augusta, Me.
Company.-Incorp. in 1905 by consolidation of two small electric light
and power properties in Oakland. Company has had a continuous growth
from that time until today it is the most extensive electric light and power
system in the State of Maine, and forms a single comprehensive system of
hydro-electric plants, transmission and distributing lines, with gross earnings for the 12 months ended August 31 1927 of over $3,700,000. The
present development is due not only to the unification over a long period of
years of more than 60 companies, but also to a steady increase in business
in the communities served.
Through the control of 100% of their common stocks, company controls
the Androscoggin Electric Co.. doing the electric light and power business
In Lewiston and Auburn. and operating the interurban road from those
cities to Portland,and the Waterville,Fairfield,and Oakland By.connecting
these three communities. Earnings of these properties are not included with
Sham of the Central Maine Power Co.
The directors have declared an initial quarterly dividend of 1M % on
% pref. stock (par $100) payable Jan. 3 to holders of
the series E,
record Dec. 15. The Maryland P. S. Commission recently approved the
of $4,000,000 of this series.
issuance
See also Public Service Building Co. under "Industrials" below.
V. 125, p. 2525.
Community Water Service Co.-Pref. Stock Offered.
Hale, Waters & Co. are offering at $101 per share and
div., an additional issue of 6,500 shares $7 cum. 1st pref.
stock.
J Newsom, V-Pres. of the Company.
Data from Letters of R
-A Delaware corporation. Through subsidiary companies,
Company.
owns and (or) controls and operates water companies supplying water for
domestic, municipal and industrial purposes to communities located in
six States. These properties have been In continuous and successful
operation for various periods up to 70 years. Company also owns 26%
of the common stock of the St. Louis County Water Co., which supplies
water to important territory suburban to the City of St. Louis, Mo.
DEC. 17 1927.]
THE CHRONICLE
3347
The combined physical properties of the subsidiary companies, less I issue was purchased by the Duke Endowment, a trust fund
depreciation, are valued at over $35,000,000. The various properties
established for the benefit of the people of the Carolinas with
are composed of 8 Importanti •
(1) Peoria Water Works Co. (2) New Rochelle Water Co. (3) Citizens whom the late J. B. Duke spent most of his life.
Water Co. of Washington, Pa. 14) Pennsylvania State Water Corp.
Announcement of the new financing serves to call attention
(5) New Jersey Water Co. (6) Cairo Water Co. (6) Williamsport Water
Co. (7) Westmoreland Water Co. (8) Lexington Water Co.
to the magnitude of the power system developed by Mr.Duke
CapitalizationAuthorized.
Issued.
and his associates during the last few years of his life. This
6% gold debentures33,800,000
$7 cumulative first preferred stock
100,000 shs.
'
26,000 shs. system, known as the Duke Power System, extends
Common stock, class A
100,000 shs.
100,000 she. throughout the Piedmont region of North and. South Carolina
Common stock, class B
250,000 she.
250,000 shs.
for more than 300 miles and is credited with having been
x Limited by restrictions of indenture.
Earnings.
-The consolidated statement of earnings of company and largely responsible for the rapid growth of that district in
subsidiaries for 12 months ended Sept. 30 1927 is reported as follows:
Gross revenues
$4,170,553 recent years.
per. exp., maint., taxes (incl. Fed. taxes) & deprec. as provided
Dated Dec. 1 1927; due Dec. 11967. Int. payable J. & D. without deducin subsidiary mortgages
2,039,137 tion for Federal income taxes not exceeding 2% per annum. Penn. taxes
refundable to the extent provided in mortgage. Red. as a whole at any
Net earnings
$2.131,416 time or in part on any int. date on not less than 30 days notice at a preAnnual interest and dividend requirements on subsidiary bonds
mium of 5% if red. prior to Dec. 1 1932; 414% if red. on or after said date
and preferred stocks held by public
1,446,091 but prior to Dec. 1 1937;4% if red, on or after said date but prior to Dec.
1 1949; and the premium then decreasing by 34% on each anniversary of
Balance
$685,325 said date until Dec. 1 1964, on or after which date the bonds shall be red.
Annual interest requirements on 6% gold debentures
228,000 without premium; in each case with accrued int. to the date fixed for
redemption. Denom. c* $1,000, and r* $100,000 and any multiple thereof.
Balance
$457,325 Guaranty Trust Co., New York, trustee.
Annual dividend requirements on preferred stock
182,000
Data from Letter of G. G. Allen, President of the Company.
Purpose.
-Proceeds will be used in the payment of outstanding inCompany.-Incorp. in New Jersey in 1917. Owns through merger of
debtedness incurred in the purchase of water works properties and for
certain of its subsidiaries and will own, through acquisitions from certain
extensions, betterments and improvements in properties owned, and (or)
in acquiring other water works properties and for general corporate purposes. other subsidiaries, a group of properties furnishing the electric light and
power used in the great manufacturing and industrial territory in the
See also Westmoreland Water Co. below.)
-V. 125. P. 18.35, 1191.
central section of North Carolina including Charlotte. Winston-Salem and
Greensboro, and in the western section of South Carolina including GreenElectrical Securities Corp.
-Bonds Called.
All of the outstanding collateral trust sinking fund 5% gold bonds, 19th ville, Spartanburg and Anderson. This territory is commonly known as
series and 20th series both due Jan. 1 1956, have been called for payment the Piedmont section of the Carolinas.
These properties, developed by the late J. B. Duke and associates, comJan. 1 next at 103 and and int. at the Guaranty Trust Co.. trustee, 140
Broadway, N. Y. City. The latter will, upon the surrender of any of prise those formerly owned by Southern Power Co.. incorp. in 1905, and
the above bonds with Jan. 1 1928 and all subsequent coupons attached at its Great Falls Power Co.(of New Jersey),incorp. in 1909, and other properties
trust department on any date prior to Jan. 1 1928, pay 103 and hit. to being acquired from other subsidiaries, whose stock is wholly owned.
Jan. 1 1928 discounted on a 4% bank discount basis figured to the redemp- Power is supplied at wholesale for commercial and municipal uses and to
distributing companies in a territory that includes over 110 cities and towns.
tion date.
In addition to its physical properties, company owns, among its more
The corporation has informed the trust company of its intention to redeem on the earliest dates permitted by the respective trust indentures important subsidiaries all of the capital stock of the Southern Public
under which they were issued (being the next succeeding interest date in Southern Public Utilities Co. The total population served by the Duke
each case), all of its collateral trust sinking fund 5% bonds of the remaining Power System is estimated to be in excess of 1,500,000.
Property.
-The plants of the company and its subsidiaries comprise one
series (excepting those heretofore called for redemption) at the redemption
price set out in all of said trust indentures, namely $1,030 and accrued of the largest hydro-electric power systems in the United States. These,
including 16 major hydro-electric generating stations and 6 auxiliary steam
interest per bond.
-V. 125, p. 2386.
electric generating stations, have a total installed capacity of 849,905 h. p.
of which 616,465 h. p. is hydro-electric and 233,440 h. p. is steam. Over
Duquesne Light Co.-Pref. Stock Sold.
-Offering of a 85% of this total generating capacity Is directly owned by the Duke Power
new issue of $20,000,000 5% cumul. 1st pref. stock was made Co. Reservoirs on the Catawba River have an available storage capacity
Dec. 16 at 97 , and div., to yield 5.12%,by a syndicate com- of forty billion cubic feet. About 3,787 miles of equivalent three wire
. 6
circuit high tension transmission lines,
prising Ladenburg, Thalmann & Co. H. M. Byllesby & completely interconnect the system. together with over 300 sub-stations,
Co., Inc., Chase Securities Corp., Lee,
Purpose.
-These bonds and the proceeds from the sale thereof will be
Higginson & Co.,
the Union Trust Co. of Pittsburgh and Hayden, Stone & Co. used to reimburse the company for expenditures made in connection with
additions and improvements to plant and property, to retire floating inThe issue has been oversubscribed. Proceeds from the sale debtedness incurred in connection therewith and for other corporate
of this first preferred stock, together with proceeds from the purposes.
the
Securitg.-Thase
sale of junior stocks of the company to Philadelphia Co., electrical propertiesbonds are to be secured by a direct lien on allThe fixed
book
acquired or being acquired by company.
will provide funds for the retirement of $30,000,000 1st pref. value of these properties is 395.280,662 compared with a total of$47,286,000
principal amount of bonds to be presently outstanding in the hands of the
7'7 cumul. Series A, which will be called for redemption on public. plus $12,714,000 principal amount which may be issued against
0
Mar. 15 1928, and for other corporate purposes.
these properties as they exist at the time of the execution and dedvery
in the opinion of
Authorized, $120,000,000; to be presently outstanding, 320,000,000. of the mortgage indenture. a The properties on which, have a book value
will be direct first mortgage lien,
Preferred as to assets and dividends. Divs. payable
Red. all or counsel, these bonds
of 327,713.256 and the balance, having a book value of $67.567,406. are,
part at any time upon 30 days' notice at $110 per share and dive. Chase
National Bank of New York, Harris Trust & Savings Bank (Chicago) and in the opinion of counsel, to be subject only to underlying divisional mortof $7,286,000 of which
Union Trust Co. of Pittsburgh, registrars. Free of present normal Federal gages (to be closed) securing bonds in the amountJune 1 1933. The after
$7,000,000 mature March 1 1930 and $286,Q00 by
income tax and Penn. 4 mills personal property tax.
fixed
indenture will cover
Listing.
-Company agrees to make application to list this stock on the acquired property clauses of the mortgagethe company, subject all liens,
to
electrical properties hereafter acquired by
New York Stock Exchange.
if any, existing thereon at the time of acquisition.
Data from Letter of A. W. Robertson, President of the Company.
In addition to its electrical properties securing these bonds, the Duke
Business.
-Company does all the electric light and power business in the Power Co.owns other property including securities of subsidiaries and other
City of Pittsburgh. It also supplies substantially all the electric light and companies, not subject to the mortgage, carried on its books at a figure in
power service in the surrounding boroughs and in the greater parts of Alle- excess of $39,000,000,from which the company derives substantial income.
gheny and Beaver counties, Pa. The territory served is one of the greatest
The equity back of the company's mortgage indebtedness is further
and most highly developed industrial sections in the world. It has a popu- indicated by the total present market value of the Duke Power Co. stocks,
lation of over 1,360,000 and an area of approximately 1,000 square miles. which is in excess of $117,000,000. Additional first and refunding mortgage
The business of the company has shown a steady growth since its inception. bonds can be issued only under the conservative restrictions of the indenture.
Since 1909 gross operating revenues in each year have increased over those
Capitalization Outstanding Upon Completion of Present Financing.
of the preceding year. For the 12 months ended Oct. 31 1927, sales of
electricity amounted to 1,158,838,756 kilowatt hours and gross operating 1st & ref. mtge. bonds,434% series, due 1967 (this issue)-*$40,000,000
revenues to $25,536,449. Net earnings have more than doubled since 1919. Underlying Divisional Liens (Mortgages to be closed)
During the same period the number of customers, kilowatt hour sales and
7,000,000
First mortgage 5s, due March 1 1930
gross operating revenues have also more than doubled, while the average
286,000
First mortgage 64, due June 1 1933
cost of electricity to customers has decreased.
294,800
Preferred stock
Properties.
-Properties include 2 steam power plants of an aggregate Common stock
90,024,900
installed capacity of 336,500 kilowatts. 221 substations and 5,983 circuit
Additional bonds may be issued under this mortgage under certain
miles of transmission and distribution lines, as well as otner supplemental restrictions as more fully stated in the mortgage indenture.
properties and appurtenances essential to the efficient operation of a modern
-Comparative earnings, giving effect to the merger and
Earnings.
electric utility system. The generating stations are Colfax, with an installed acquisitions above,mentioned, have been as follows:
capacity of 220,000 kilowatts, and Brunet Island, of 116,500 kilowatts
-Calendar Years- 12 Mos.End.
capacity. An additional generating unit at Colfax of 40,000 kilowatts
1926.
Oct. 31 1927.
1925.
capacity is practically completed. The plants are interconnected by an 81- Gross earnings from operations
*$11,358,672 $13,289,435 $15,565,883
mfie steel tower high tension transmission ring serving the Pittsburgh dis- Oper. exps.. maint. & taxes (excl.
trict.
7.285,443
6,189,368 6,937,150
income taxes)
Assets.
-Company's balance sheet as of Oct. 31 1927, giving effect to
present financing, after deducting all obligations, including $65.000,000
35,169.304 36,352.285 38.280,440
Balance
1st mtge. 434% gold bonds, due April 1 1967, constituting the only funded Non-operating income*
912,977
1,144,893
699,280
indebtedness of the company, shows net tangible assets of more than $320
per share of this 1st pref. stock, which will be the only 1st pref. stock presBalance available for int., deprec.
ently outstanding. Securities will be outstanding representing stocks
$5,868.584 37.497.178 $9,193,417
& income taxes
junior to the first preferred stock of a par value of $50,000.000.
on divisional mortgage bonds outstand-Net income (after deducting all charges including interest and Interest requirements closed)
Earnings.
367,160
ing (mortgages to be
depreciation) available for the payment of dividends, for the 12 months Interest requirements on bonds of this issue to be presently outended Oct. 311927, was 8.84 times the annual dividend requirement on the
1,800,000
standing in hands of the public
total amount of 1st pref. stock presently to be outstanding. Such net in* Does not include earnings and (or) income from certain properties
come for the 4 years and 10 months ended Oct. 31 1927 averaged annually acquired during 1927.
over 6.61 times this requirement. For the 12 months ended Oct. 31 1927,
1927, this balance available for
For the twelve months
after deducting all charges, including depreciation, net earnings available interest, depreciation and ended Oct. 31 was equal to more than 4 times
income taxes,
for interest were 2.9 thnes tne aggregate of annual interest charges on pres- annual interest requirements on all bonds to be presently outstanding. In
ent funded indebtedness and annual dividend requirement on this 1st pref.
available was equal to
past two
years,
stock. The following statement of earnings and other statistics indicates each of the 2.7 times calendar interestthis balance
more than
requirements on all bonds to be
the substantial growth of the company's business and the large margin of presently outstanding. annual
earnings over toe 1st pref. dividend requirement:
-In addition to the $40,000,000 of bonds
Issuance of Additional Bonds.
-a NetIncome
now offered, $12,714,000 of bonds are issuable against the properties of
Gross
Available for Times
Connected the company as they exist at the time of the execution and delivery of the
Cal.
oper.
Payment of 1st pref div.
Kilowatt
Cwtommortgage indenture and further bonds of the same or other series may be
Years.
Revenues. Dividends. Reguirets. Hour Sales.
ers.
Issued under the provisions of the mortgage indenture without limit as to
1923
$19,383,623 $4,879,724
4.87
921,959.869 182,848 maximum amount on substantially the following bases:
1924
20,339,750
5,512,880
5.51
944,114,403 207,792
(a) To refund, principal amount for principal amount. $7.286.000 of
1925
22,372,911
6,643,010
6.64
1.057,039,219 229,487 underlying bonds remaining outstanding in the hands of the public and also
1926
24,209,334
6,976,533
6.97
1,150,029,145 248,307 other underlying bonds constituting prior liens or charges on after acquired
1927x
, .676
8.84
1,158,838,756 274,144 properties which may be made the basis of the Issuance of additional bonds
a After deducting ;Al charges, including interest and depreciation.
under clause (b) below.
x Year ended Oct. 31.
property, as
(b) To the extent of 75% of the net
-Proceeds from the sale of this let pref. stock, together with defined in the mortgage and subjectedamount of additional certified as
Purpose.
to the lien thereof,
proceeds from sale of junior stocks of the company to Philadelphia Co., charged to fixed capital accounts after the date of the execution and delivery
will provide funds for the retirement of $30,000,000 1st pref. stock, 7% ofthe mortgage Indenture less the amount of any underlying bonds constitutcumulative, Series A, which will be called for redemption on Mar. 15 1928, ing a prior lien thereon; provided, however. that,for 12 consecutive calendar
and for other corporate purposes.
-V. 125, p. 3059.
months within 15 calendar months next preceding the application therefor,
company are at least 134 times the amount
the available
Duke Power Co.
-Bonds Offered.
-Stone & Webster and of the annualnet earnings of the all bonds issued and about to be Issued
interest charges on
Blodget, Inc., Drexel & Co., Guaranty Co. of New York, under the mortgage and on any outstanding prior lien bonds, all as defined
the mortgage
the First National Corp. of Boston, and Estabrook & Co., in(c) To refund,indenture.
principal amount for principal amount, bonds of any other
on Dec. 15 offered at 98 and int. $40,000,000 1st. & ref. series previously issued under the mortgage.
one time
(d) For equal amount of
mtge. gold bonds,
% series, due 1967. One-half of the deposited with the Trustee cash not exceeding 95,000,000 at anyin lieu of
and withdrawable by the Company
3348
THE CHRONICLE
[VOL. 125.
the issuance of bonds for the above purposes under the conservative provisions of the mortgage Indenture.
Management.
-The Duke Power System was financed and sponsored by
the late 3. B. Duke and his associates. All of the present officers of the
company have spent many years in its service.
A substantial amount of the capital stock of the Duke Power Co. is owned
by the Duke Endowment, a trust fund established by the late J. B. Duke
for the benefit of certain public institutions in the Carolinas.
at 104; thereafter to and incl. Dec. 1 1937, at 103; thereafter to and incl.
Dec. 1 1942 at 102; thereafter to and incl. Dec. 1 1947 at 101; thereafter
to and incl. June 1 1952 at 1003; thereafter to and incl. maturity at 100:
plus int. in each instance.
Company.
-A Delaware corporation. Through subsidiary companies
will own and operate properties supplying water for domestic, industrial
and municipal purposes in 27 cities and towns in the State of Pennsylvania,
and 7 cities and towns in the States of Kentucky and West Virginia, serving
a total population of about 134,000. t ertain of the communities served
El Dorado (Ark.) Gas Co.
are important manuafcturing centers, and others are in districts where
-Sale.
Announcement was made on Dec. 8 of the sale of this company and the mining and agriculture predominate. The properties have all been actively
Central States Gas & Electric Co. by S. R. Morgan and associates to the and continuously operated under former managements for a long period
Ouachita Natural Gas Co. of Monroe. La. The latter company is owned by of years.
S. S. Hunter and S. D. Hunter Estates of Monroe.
CapltalizaUon
Authorized. Outstanding.
The Ouachita company also purchased a 12-inch trunk gas line under 1st lien 5)49' gold bonds, series A
a
$4,000,000
-year gold debentures,series A
construction from Monroe to the Southern International Paper Mill Co. Convertible6% 15
a
1.375,000
at Camden, Ark. The line will be tied in with the 16
100,000 she.
None
-inch line under Cumulative preferred stock (no par value)
construction from Monroe to Eldorado by the Louisiana-Arkansas Pipe Common stock (no par value)
50,000 shs. 25,000 shs.
a Additional bonds and debentures may be issued upon compliance with
Line Co.for the Ouachita company. The El Dorado Gas Co. was acquired
a year ago by Mr. Morgan and associates from W. A. Busch and others. the terms of the trust agreements.
Security.
-The bonds will be after completion of this financing a direct
It has been operated under receivership since spring. ("Journal of Comobligation of the corporation and secured by pledge and deposit with the
merce.")
-V. 123. p. 981.
trustee of all of the then outstanding bonds and shares of capital stock (except directors' qualifying shares) of all the subsidiary companies now being
Electric Public Utilities Co.
-Earnings.
acquired by the corporation which include the Hanover & Mcflherrystovrn
Results for Year Ended Sept. 30 1927.
Water Co., Gettysburg Water Co.. Riverton Consolidated Water Co.,
Gross earnings
$4,699,097 Ellwood Consolidated Water Co., Mohnsville Water Co., West Penn Water
Oper. expenses, maint. and taxes (other than Fedora()
3,046,532 Co., Parkesburg Water Co.Consumers Water Co. of Girardville, BlglerPrior annual int. and dividend requirements on securities in
ville
Consumers Water Co. of Montrose,
hands of the public
1.104.357 ParisWater Co., Latrobe WaterCity Water Service Co., Louisa Water Co..
Water Works Co., Central Co.,
Dunbar Water Works Co., Corbin Service Co., Dawson Springs Water
Balance
$548,208 Works Co. and Madison Water Works Co.
Annual int, requirements on notes due June 11928.incl. this issue
100,000
The reproduction value new, less depreciation, of the properties of the
Earnings as shown above are over 5.4 times the total annual interest resubsidiaries, including going concern value, as appraised by independent
quirements of outstanding notes.
-V. 125, p. 2807.
enzineers, totals $7,572,813.
-Following is a statement of the combined earnings of the
Earnings.
Ellwood Consolidated Water Co.
-New Control.
properties for the 12 months ended Sept. 30 1927 after giving effect to
See Keystone Water Works Corp. below.
-V. 125, p. 1579.
the management's estimate of earnings of the Girardville property, which
was municipally owned, and their estimate of savings in salaries already
Guanajuato Power & Electric Co.
-Tenders.
-The United States Mortgage & Trust Co. will purchase, not to exceed $60,- effected or to be effected; these estimates have increased by $36.383 the
000 of 1st mtge. 6% bonds for sinking fund account. Proposals for sale balance applicable to interest on funded debt, depreciation, and Federal
income taxes.
of bonds will be received up to Dec. 23 1927, but not thereafter.
-V. 123, Gross earnings, including other income
$795.769
p. 1996.
Operating expenses, maint., taxes (except Fed. tax) & other chges_ 353,476
Hanford Gas & Power Co.
-Merger.
-
Balance applicable to int. on funded debt, deprec. & Fed. tax_ _$442,293
Annual int. on $4.000,000 1st lien 5)45 (this issue)
Purpose.
-Proceeds from the sale of this issue, together with the proceeds
of debentures and common stock will be used in connection with the seSee Keystone Water Works Corp. below.
-V. 124. Ir• 1665.
quisition of the subsidiary companies and for other corporate purposes.
Physical Properties.-OperatIons of
Houston Gulf Gas Co.
-To Obtain Add'l Supply of ducted under franchises which containthe subsidiary companies are conno burdensome restrictions and in
30,000,000 Cubic feet of Natural Gas Daily.
Pennsylvania and West Virginia the properties are operated under the
An additional supply of natural gas, aggregating 30,000,000 cubic feet jurisdiction of the respective Public Service Commissions. The physical
daily, will be delivered to this company beginning with the new year, ac- properties arc all in good operating condition, and in each case the water
cording to an announcement made this week. The delivery of this gas supply is adequate for present and estimated future needs. The total
will be made possible through the completion of the new 300 natio pipe line storage capacity of the combined properties exceeds 545,000,000 gallons;
of the Dixie Gulf Gas Co., now in the course of construction.
-V.125,p. the distributing systems total 321 miles of mains with 1,133 fire hydrants
connected and serve 25,153 consumers.
3060.
-The corporation is controlled, through ownership of its
Management.
entire outstanding common stock, by the North American Water Works
Honolulu Rapid Transit Co., Ltd.
-Earnings.
Corp. companies.
9 Mos. End. Sept. 301927.
1926.
Gross revenue from transportation
-Tenders.
$752,689
$757,629
Knoxville Ry. & Light Co.
Operating expenses
457,467
495,213
The Guaranty Trust Co. of New York will until Dec. 28 receive bids
-year gold bonds, due June 1
for the sale to it of ref. & ext. mtge. 5% 35
Net revenue from transportation
$295,223
$262.416 1946, to an amount sufficient to exhaust 813,672, at a price not exceeding
Revenue other than transportation
5,432 106.22% of par and int.-V. 119, p. 2762.
, 11,587
Net revenue from operations
$306,810
$267,848
-New Control.
Latrobe Water Co.
Taxes assignable to railway oper.
92.583
88.271
-V.109, p. 1183.
See Keystone Water Works Corp. above.
Interest
4,950
4,668
Depreciation
34,955
35,362
Louisville Gas & Electric Co., (Del.)-Earnings.Replacements (est.)
18,000
18,000 12Mos.End Oct. 311926..
1927.
88,782,655
Gross earnings
$8,577.217
Net revenue
$156,321
$121,546 Net earnings, before provision for retirements_ _ _ - 4,566,760
4,313,729
-V.125, p. 2387.
-V. 125, p. 3198.
See Southern California Gas Corp. below.
-V. 125, p. 2263.
Hanover & McSherrystown Water Co.
-New Control.
-
Iowa Public Service Co.-Pref. Stock Offered.
-Harry L.
Marconi Wireless, Telegraph Co., Ltd., London.Polk & Co., Inc., Des Moines recently offered at $100 per Dividends.share 4,000 shares $6.50 1st preferrred stock (cumulative).
Tho directors have racommen l*d • ividend of6d. a share on the ordinary
First preferred stock entitled to $100 a share and diva, in case of distrioudon of assets. Preferred over $7 2nd pref. stock and common stock as to
assets and dividends. Cumulative dividends payable Q.
-J. Red. all or
part at any time upon 30 days notice at $105 per share and diva. Transferable on the books of the company at Fort Dodge, Ia. Central Trust
Co. of Illinois, registrar. Exempt from normal Federal income tax and
Iowa personal property tax.
Data from Letter of D. M. Sterns, Pres. of the Company.
Company.-Supplles electric light and poser to 200 communities, and
gas to 4 communities, in western and north central Iowa. Territory
served, covering 34 counties and an area of 17,000 square miles. includes a
population of approximately 500.000. Among the cities supplied with
electric light and power are Sheldon, Cherokee. Storm Lake, LeNlars, Sac
City, Ida Grove, Rockwell City, Audubon, Emmetsburg, Spirit Lake,
Eagle Grove, liampton, Charles City and Waterloo. Gas is manufactured and sold at Eagle Grove, Hampton. Cedar Falls and Waterloo.
Capitalization Outstanding Upcn Completion of Present Financing.
1st mtge. gold bonds,5% series due 1957
612,000,000
$6.50 1st preferred stock (no par)
4,000 shs.
7 1st pref.stock (no par)
.
15.271 shs.
2nd pref. stock (no par)
12.478 shs.
Common stock (no par)
384,374 shs.
Properly Value.
-The properties are carried on the books of the company
as of Feb. 28 1927 at 623,984,000, and their estimated actual value is considerably in excess of that amount. After deducting the entire funded
debt, including an additional amount of $1,000,0p- of bonds authorized but
not issued, the book value of the property shows an asset value in excess of
• $569 per share of all 1st pref. stock, including this issue. The 2nd preferred
stock and common stock represent an equity of approximately $9.000,000.
Consolidated Earnings of Company, as Now Constituted, 12 Months Ended
Aug. 311927.
Gross revenue
$3,804,968
Oper.exps., maint.,taxes & renewals & replacements
2,538,604
Gross income
Income deductions
Net income
$1,266.364
609.460
$656.904
Annual 1st pref. dividend requirements,incl. this issue
$132,897
Purpose.
-Proceeds will be used to reimburse the company for extensions,
betterments and improvements, the acquisition of properties, and for other
corporate purposes.
Ownership 6. Management.
-Company is under the direct supervision
of United Gas Improvement Co., of Philadelphia.
-V. 125. p. 2145.
shares, subject to approval at the ordinary general meeting on Dec. 22.
The directors declared the regular seni-annual dividend of 3)4% on the
preference shares, payable Jan. 1 to holders of record Dec. 31.-V. 125.
p.3061.
-Expenditures.
Michigan Bell Telephone Co.
The directors have approved estimates for extensions to plant amounting
to 84.307,000. divided approximately $1,287,000 for Getroit and 83.020.000
the balance of the State of Michigan. Including estimates approved at
previous me3tings. this "lakes total approved so far this year $28,778.000
divided approximately $14.607.000 for Detroit and $14.171.000 for the
rest of the State.-V. 124, p. 3087.
-Merger.
Midway Gas Co.
-V. 125, p. 2808.
See Southern California Gas Corp. below.
-Earnings.Mountain States Power Co.
7.
1926.
12Mos. End. Oct. 31$3,292,169
x Gross earnings
1,241,734
Net earnings, before provision for retirementa_ _ _ -S3:28 43
1
1 32 5 59
-V. 125. Ir. 3188
x Includes all properties now in system for full periods.
*
National Public Service Corp.
-Bankers Buy Holdings
from United Gas Improvement Co. and Day cfc 7immermann.E. H. Rollins & Sons and Howe, Snow & Co., Inc., have
announced that arrangements have been completed for the
purchase by them of the holdings of the United Gas Improvement Co. and Day & Zimmermann, Inc., in the National Public Service Corp. The National Public Service
system, it is announced, will be operated under the direction
of the National Electric Power Co., who are acquiring an
interest in the company.
It is stated that the United States Gas Improvement Co. owns 50,000
shares and Day & Zimmermann, 48,946 shares of the no par value class B
-V.124. p. 3630.
common stock.
New Bedford Gas & Edison Light Co.
-Bonds Sold.
Kidder Peabody & Co., The Kidder Co. of New Bedford and
Co., have sold at 105% and int. $600,000 1st
R. L. Day &
mtge. 5% bonds. Dated Jan. 1 1928; due Jan. 11938.
-Old Colony Corp. and Lee Higginson & Co.
Notes Sold.
Keystone Water Works Corp.
-A. B.
-Bonds Sold.
-year 5% coupon notes.
Leach & Co., Inc., Toy, Gilson & Taylor, Inc. and A. L. have sold at 102 and int. $762,000 5
Notes dated Jan.21928:due Jan.11933, Int. pay.J.& Denom.$1,000
ave sold at 9934 and int., yielding
Chambers & Co.
Red. on any int. date upon 30 days' notice during 1928, at 104 during
Inc.,,
over 534% $4,006,000 1st lien 534% gold bonds series A.
1929, at 103 during 1930, at 102 during 1931, and at 101 during 1932.
Dated Dec. 11927; due Dec. 11952. Principal and int. payable J. & D.
at Guaranty Trust Co., New York, trustee. Denom. $1,000 and $500 c*.
Int. payable without deduction for the normal Federal income tax not
exceeding 2%. Corporation will agree to refund to holders of the bonds.
residents in such States, respectively, upon proper application within 60
days after the payment thereof, the Penn. 4 mills tax, Conn. personal
property tax not exceeding 4 mills, the Maryland 4% mills tax, the t alit.
and Kentucky 5 mills personal property tax, the Kansas 5 mills tax, the
Iowa 6 mills moneys and credits tax and the Maas. and Oregon income
taxes on the interest thereon not exceeding 6% of such interest per annum.
Red. all or part upon 30 days' notice at any time to and incl. Dec. 1 1932
Company.
-Incorporated in 1850 in Mass. In 1888 the company absorbed the New Bedford Electric Light Co., and in 1890 the Edison Electric
Illuminating Co. of New Bedford. Gas is furnished in New Bedford, Fairhaven, Dartmouth. and Acushnet, and electricity in Now Bedford, Fairhaven. Dartmouth, Mattapoisett, Wareham, Acushnet, Lakeville, Freetown and Westport. The steam power station in New Bedford at tidewater
has a generating capacity of 92,000 k. w. and a boiler capacity of 22,072
h. p. Two water gas machines have a daily capacity of 3,500,000 Cu. ft.
each; in addition the company has an apparatus for making gas by the
Jones Oil Gas Process, with a daily capacity of 4.000,000 Cu. ft. The
population served is estimated at 151,000.
DEC. 17 1927.1
THE CHRONICLE
Capitalization Outstanding Asof Oct. 31 1927(Giving Effect to Dec.Financing)
•
1st mtge. bonds, series D, E, & F, 5s due Jan. 1 1938
$3,217,000
do. 5% series, due Jan. 1 1938 (new issue)
600,000
5% coupon notes. due Jan. 1 1933
762,000
Capital stock (par $25)
5,342,400
Premium on capital stock
3,081,267
Earnings years ended October 31 (airing effect to this finandng)
1926.
027.
Gross operating rev. (incl. other income)
$4,141,192 $4,364,721
Operating expenses & taxes
2,575,518
2,662,202
3349
Light Co. stock, the acquisition of an interest in Kentucky
West Virginia Gas Co. and to other corporate purposes. As
part of the present financing Duquesne Light Co. will reduce
its outstanding $30,000,000 7% first preferred stock to
$20,000,000 5% first preferred stock and Philadelphia Co. is
calling its convertible debentures for redemption, and their
conversion into its 6% preferred stock has been underwritten.
Dated Dec. 1 1927; due Dec. 11967. Int. payable J.
-D. at offices of H.
Net earnings
$1.565,674 $1.702,519 M. Byllesby & Co. in New York and Chicago and of Ladenburg, ThalAnnual interest requirements on bonds and notes to be outst'd'g
228,950 mann & Co. in New York. Principal payable in New York. Denom.$1,000
Net earnings as above over 7.4 times annual interest requirements on and $500, and denom. $1,000. $5,000 and $10,000. Red. all or part at any
time on 60 days' notice; until and id. Dec. 1 1947 at 105 and int., the
bonds and notes.
Dividends on the capital stock have been paid in every year since 1891, premium thereafter decreasing 3,i% for each year or fraction thereof thereafter elapsed to and incl. Dec. 1 1966. the bonds being red, thereafter at
and at a rate equal to or exceeding 12% each year since 1911.
Purpose.
-Purpose is to refund $885,000 1st mtge., series A, 6s due 100% and int. First National Bank, New York, trustee. Bonds are free
Jan. 1 1928 and $477,000 1st mtge., series B,7s due Jan. 1 1928.-V. 125, from present Penn. 4 mills tax. Interest payable without deduction for the
normal Federal income tax not exceeding 2%. Company agrees to refund
p. 3198.
the Mass, income tax not exceeding 6% per annum and the Conn. 4 mills
New England Power Co.
-7'o Change Par of Shares.
tax upon application.
Listing.
-Company agrees to make application to list these bonds on the
The company has applied to the Massachusetts Department of Public
Utilities for authority to change the par value of the capital stock from New York Stock Exchange.
$100 to $25 per share,and to issue 68,000 additional shares ofcommon stock.
Data from Letter of Pres. A. W. Robertson, Pittsburgh, Dec. 14.
V. 125, p.246.
Company.
-Organized in 1884 in Pennsylvania. Controls, through entire
common stock ownership, Duquesne Light Co. which does all the electric
New York State Gas & Electric Corp.
-Tenders.
Pittsburg and which supplies substantially all
The Associated Gas & Electric Co., 61 Broadway, N. Y. City, will until light and power business in service in the surrounding boroughs and in the
the electric light and power
12 o'clock noon on Dec. 23 receive bids for the sale to it of let mtge. 534% greater parts of Allegheny and Beaver Counties, Pa., an area of approxibonds, due Oct. 11962,of the above company.
-V.125. p.3061, 1838.
mately 1,000 square miles having a population of over 1.360,000. It owns or
controls through subsidiaries a gas distributing system in Pittsburgh and
New York Steam Corp.
-Tenders.
an extensive natural gas producing, transporting
The National City Bank of New York will until Dec. 23 receive bids for southwestern Pennsylvania and northern West and distributing system in
Virginia, and will acquire
the sale of it of series A pref. stock to an amount sufficient to exhaust an interest in the Kentucky West Virginia Gas Co. system, which systems
$41.930 at prices not exceeding 105 and dividends.-V. 125, p. 1838.
will supply the greater part of the gas consumed in Pittsburgh. Company
also owns securities of Pittsburgh Railways,
control
Northern Pennsylvania Power Co.-Pref. Stock Sold.- (partly through long-term leases) of the electricrepresenting thein Pittsrailway system
Parsly Bros. & Co., Lewis & Co., and R. M. Snyder & Co. burgh and vicinity, and of Beaver Valley Traction Co., and all of the stock
operations, including steamhave sold an additional issue of 1,000 shares (no par value) of subsidiaries engaged in supplemental rail and river for power plant
heathy', mining, and transporting coal by
$6 cumulative preferred stock at $99 per share and div., operations. oil producing, motor coach transportation and other services.
(See also D uquesne Light Co. above).
yielding 6.06%.
Capitalization of Philadelphia Company (giving effect to present financing.)
Dividends payable Q.
-J. Entitled in liquidation or dissolution to $100 5% secured gold bonds due Dec. 1 1967(this issue)
$60,000.000
per share and diva Red, as a whole only on any div. date on 30 days' 5% non-cumulative preferred stock (ear$50)
28,849 shs.
notice at $110 per share and divs. Transfer agent: Guaranty Trust Co., 6% cumulative preferred stock (par $50)
491.140 shs.
New York. Registrar: Chase National Bank, New York. Free of present Common stock (par$50)
951,926 shs.
Penn. 4 mills personal property tax. Under the present Federal income
Cash for the payment at maturity of 31.151,000 non-callable bonds will be
tax law (Revenue Act of 1926) diva on this stock are exempt from the deposited with trustees of indentures under which they are issued, which
normal tax and are entirely exempt from all Federal income taxes when indentures will be cancelled. Company has guaranteed dividends on
held by an individual whose net income after all deductions is $10,000 or preferred stock of a subsidiary amounting to $71,676 annually and is
less.
contingently liable for rentals and securities of other controlled properties
Data from Letter of W. S. Barstow, President of the Company.
said rentals and interest on such securities being now earned by the
Company.-Formerly Towanda Gas & Electric Co., incorp. in Pennsyl- perties concerned and involving no present charge on the earnings ofprovania, acquired during 1926 the properties of North Penn Power Co., company. There are unliquidated claims, liability for which has not the
Susquehanna County Light & Power Co.. Sayre Electric Co., and in Nov. determined, estimated at from $3,000,000 to $4,000,000 against a been
1927, Nicholson Light, Heat & Power Co. Company supplies without sidiary for damages from a recent accident to gas tank operated by it. subcompetition electric light and power in an extensive area in northeastern
Security.-These bonds will be the direct obligation ofcompany
Pennsylvania. Company also supplies gas in Towanda, Pa., and through secured by the pledge of all presently outstanding stocks ofspecifically
Duquesne
Waverly Electric Light & Power Co., electric light and power in Waverly, Light Co.,
N. Y. Total population served is estimated at 71,800. In addition com- pletion of except its first preferred stock, which pledged stocks on comcorporate proceedings will constitute the entire outstanding
pany has made a contract, under which, beginning about Dec. 15 1927. it common stock of Duquesne Light Co. All additional common stock
will supply the Sullivan County Electric Co. with power.
issued by Duquesne Light Co. will be acquired by the company and pledged
Capitalization
Authorized. Outstanding. under the indenture securing the bonds; additional bonds may be issued for
Common stock (no par value)
100.000 she. 30.028 she. 75% of the cost of such stock, subject to the earnings restrictions of the
Cumulative preferred stock (no par value)
100,000 she. *10,172 shs. indenture; all as defined in the indenture. Company may not sell the com6% cumulative preferred stock (par $50)
2,500 she.
1,803 she. mon stock of Duquesne Light Co. without retiring
1st & ref. mtge. gold bonds, series A. 5% due June 1 1956_ __ _x51.950,000 proceeds from any sale of its other present systems, upthese bonds and the
to their valuation as
Sayre Electric Co. 1st mtge. 5%, 1947
(closed) y448.500 defined in the indenture, shall remain capital of the company.
• As to the 10,172 shares outstanding, dividends on 5,143 shares are payEquity.
-Company values its assets, giving effect to present financing,
able at the rate of $6 per share per annum,and on 5,029 shares at the rate of substantially in excess of 2)4 times the face amount of these bonds. These
$7 per share per annum.
bonds will be
x Additional bonds may be issued only subject to the restrictions of the 6% preferred followed by 28.849 shares 5% preferred stock. 491,140 shares
stock and 951,926 shares common stock, all $50 par, having a
mortgage. y $102.000 additional held in the sinking fund.
value, as indicated by recent average quotations on the New York Stock
Earnings Year Ended Oct. 311927.
Exchange, in excess of $140,000,000. Company has paid dividends on its
Operating revenue
$829.042 common stock in each year since 1885 (with the single exception of the year
Oper. exp., maintenance, taxes, rentals, &c., excl. of deprec_ _ _ _
459,766 1897) at rates averaging over 6% per annum. The annual rate since July
1923 has been 8% cash and in addition common stock dividends aggreOperating income
$3369,276 gating 1-40th of a share for each share of common stock were declared in
Other income
17.293 1927.
Purpose of Issue.
-Company will devote the proceeds of these bonds to
Total income
$386,569 the retirement of all its present outstanding mortgage indebtedness, the
Annual interest charges and other deductions
140,643 purchase of additional Duquesne Light Co. stock, the acauisition of an
interestin Kentucky West Virginia Gas CO.and to other corporate purposes.
Balance for reserves, dividends, &c
$245,926 As part of the present financing, Duquesne Light Co. will reduce its outAnnual dividend requirement Cumul. Prof. stock (incl. these
standing 330.000.000 7% 1st pref. stock to $20.000.000 5% 1st pref. stock
shares)
71.470 and Philadelphia Co. Is calling its convertible debentures for relemption,
- and their conversion into its6% preferred stock has been underwritten.
Balance
Earnings -Consolidated earnings of Philadelphia Co. and its subsidiary
$174.456
Balance for reserves, dividends, &c., as above over 3.44 times annual companies (inter-company transactions eliminated) giving effect to the
dividend requirements on cumul. pref. stock.
present financing.
Control
-Co. Is contrclled through ownership of all of its common stock
12 Months Ended.
Dec.31
Oct. 31
by General Gas & Electric Corp.-V. 125, p. 2809.
1924.
1925.
1926.
1927.
*Grossoper. earnings_ _ -$56,299,493 $58,764,532 $61.444,862 $61,712,404
Northern States Power Co.
Open exp. maint. &
-Earnings.
taxes (all departmts.). 35,528,189 34,817,431 36,079.057 34,979,902
12 Mos.End. Oct.311927.
1926.
Gross earnings x
$29,486,086
$28,019,858 Netearningsfrom open _ 20.771,304 23,947,102 25,365,805 26.732.502
Net earnings, before provision for retirements_ _ 14,982,077
692,970
1,234,689
1.178,373
1.106,930
13,878,988 Other income (net)..-- _
x Includes all properties now in system for full periods.
-V.125, p. 3198.
Gross inc. (bef. deprec.
Ohio Bell Telephone Co.
& depletion)
-To Increase Capital Stock.
21,464,274 25,181,791 26,544,178 27.839,432
The company has applied to the Ohio P. U. CommUsion for authority Int. chgs., rentals, contract pay., amort. &
to increase the authorized common stock from $50,000,000 to $100,000,000
pref. diva. of subs._ - _ 7,620,653
7,742,003
par $100. It proposes to issue $25,000,000 of the increased stock to the
7,746,555
7.763.614
American Telephone & Telegraph Co., the parent company, to refund a Prov. for renew. replace.
& res. (deprec. & depl) 5.025,972 6,502,528
like amount of demand notes which the latter holds. The Ohio company
7,660,509
7,493,484
also has an authorized issue of $50,000,000 7% cumul. pref. stock.
-V. 125.
Bal. bef. deduct. Int.
p. 065.
chits. of Phila. co
$8,817,649 $10,937,260 $11,137.114 $12,582,334
Oklahoma Gas & Electric Co.
Times the S3,000,000 an-Earnings.
nual int, require, on
1927.
12 Mos.End. Oct.311926.
the 360,000.000 5%
Gross earnings
413,498,183
$11.088.718
secured gold bonds_ _ _
3.71
3.64
2.93
4.19
Net earnings, before provision for retirements_ _ 5,253.259
3.975.153
*Sales to street railway department excluded.
-V. 125, p. 3198
x Includes all properties now in system for full periods.
The above balance of $12.582,334 for the 12 months ended Oct. 311927,
or over 4.19 times the annual interest requirement of $3.000.000 on the
Ottawa Traction Co., Ltd.
-Extra Dividend.
An extra dividend of 1% has been declared on the stock, along with the $60.000,000 5% secured gold bonds, includes $7,848,676 earned by Duusual quarterly dividend of 1%, both payable Jan. 3 to holders of record quesne Light Co. before deduction of dividends on the stock to be pledged
Dec. 15. A dividend of 1% has been paid extra in January of each year under the indenture securing the bonds, which is over 2.61 times such
annual interest requirement.
-V. 123, p. 3184.
since 1915, making a total of 5% per annum.
Ouachita Natural Gas Co., Monroe, La.-Acquisitions.
See El Dorado Gas Co. above.
Pennsylvania State Water Corp.-Acguisition.This corporation, a subsidiary of the Community Water Service Co., has
acquired the Waynesburg (Pa.) Water Co., which furnishes water to
Waynesburg and adjacent parts of Green County, Pa.
-V.125. p. 519.
Bonds Called.
Certain let ref. & Coll, trust mtge. gold bonds. series A 6% (aggregating
$362.300), have been called for payment Feb. 1 next at 1034 and int, at the
Guaranty Trust Co., 140 Broadway, N. Y. City.
-V. 125, p. 3198.
Philadelphia Electric Co.
-Deposit of Stock.
It was recently announced that as of Dec. 1 last 88% of the 3,718,122
shares of outstanding capital stock had been deposited in favor of the
exchange for United Gas Improvement Co. shares. Further deposits may
be make up to and including Dec. 30. Compare V. 125. p. 3062, 3198.
Philadelphia Company.
-$60,000,000 Bonds Sold.
A new issue of $60,000,000 5% secured gold bonds, due Dec.
Philadelphia Rapid Transit Co.
-Bus Application.
1 1967, was offered Dec. 15 at 98 and int. to yield 5.11% by
The company has applied to the Pennsylvania P. S. Commission for
M. Byllesby & Co., Inc., Ladenburg, Thalmann & Co., authority to purchase the Cunningham and Diamond Cab companies for
H.
$250,000.
granted, the Yellow Taxicab Co. of Philadelphia,
First National Bank, Chase Securities Corp., Lee, Higginson a P. R. T.If approval iswill operate the above cab companies.
subsidiary,
-V. 125,
& Co., Harris, Forbes & Co., the Union Trust Co. of Pitts- p. 2672.
and Hayden, Stone & Co. The issue has been overburg,
Public Service Co. of Colorado.
-New Project.
subscribed. Proceeds of these bonds will be devoted by the
The company has applied to the Colorado P. U. Commission for a permit
construction of a hydro-electric power
River
the retirement of all its present outstanding for theCanon City at the entrance of Royal project on the Arkansas&
company to
above
Gorge, on the Denver
Rio
mortg ge Indebtedness, the purchase of additional Duquesne Grande Western RR. to cost approximately $4.500,000. Last July th
3350
THE CHRONICLE
[VoL. 125.
company filed an application with the Federal Power Commission for
permission to build the plant. E. N. Clark. general counsel for the Denver
on
Grande Western RR.,states his company will oppose the project, as
the diversion of 300 second feet of water from Royal Gorge would ruin it as
a scenic attraction. The new plant would have 13,000 kilowatt capacity,
bringing total for all plants up to 100,000 Idlowatts.-V. 125, p. 1972.
at the rate of 7% per annum. As to bonds called for redemption this right
of conversion must be exercised on or prior to the call date.
Data from Letter of S. A. Lane, Pres, of the Company.
Company.
-A Delaware corporation. Furnishes telephone service,
without competition (except in one community) to 92 towns and adjacent
rural area! in Arkansas, Oklahoma and Texas. Combined population of
River Bend Gas & Water Co.
the communities served Is estimated to be about 300,000. The system
-Merger.
comprises 92 exchanges, operating 27,542 stations and 3,014 miles of toll
See Southern California Gas Corp. below.
-V. 125. p. 2265.
and rural lines. A substantial proportion of the properities has been in
St. Louis Public Service Co.
continuous successful operation for over 15 years and cordial public rela-Notes.
The company, successor to the United Railways Co., of St. Louis. has tions with the communities served have been established. By means of
applied to the Missouri P. S. Commission for authority to issue $2,475,000 interconnections with the Bell Telephone System and with independent
.5% gold notes.
companies, through contract, subscribers are provided with a nation-wide
-V. 125, p. 3199.
service.
Southern California Gas Co.
Security.
-These bonds, together with $1,167.400 series A and series B
-New Control.
bonds now outstanding are secured by a direct first mortgage on all of the
See Southern California Gas Corp. below.
-V. 125, p. 2266.
fixed properties now owned by the company (including those recently
Southern California Gas Corp.
-Bonds Sold.
-A group acquired). -The properties now owned by
Valuations.
composed of Chase Securities Corp., Stone & Webster and ing capital and going-concern values, havethe company,including workbeen recently appraised by
Blodgett, Inc., Pynchon & Co., Hunter, Dulin & Co., Hugh R. Carter, Engineer, Little Rock, Ark., at a reproduction cost of
$6,396.713 and a depreciated value of $6,122.670.
Peirce, Fair & Co. and Blyth, Witter & Co. have sold
Earnings.
-Earnings of the company,including the earnings ofthe proper$12,500,000 coll, trust gold bonds, 5% series, due 1937. ties recently acquired, for the years ended Sept. 30 1926 and Sept. 30 1927.
respectively (after adjustment to eliminate certain non-recurring charges),as
The present offering is part of the $25,000,000 bonds of this certified by Arthur Young & Co., Chicago., were as follows;
series already outstanding and does not represent new financ1927.
1926.
Gross revenues
$736.614
$745,244
ing. The offering price was 953. and int., to yield 5.60%.
xOper,exp., maint.&taxes(other than Fed.income)
376,545
370,835
Dated Nov. 1 1927; due Nov. 1 1937. Principal and int. payable at
Chase National Bank, New York, trustee; int. also payable at office of
Net income avail. for Int., deprec. & Fed taxes_ $360,070
agency of the corporation in Los Angeles. Int. payable M.& N. Denoms. Annual interest on 1st mtge. bonds (incl. this issue) $374,409
161,729
161,729
;1,000 and $500 0. Red. prior to maturity, all or part, at any time on
30 days' notice at par and int. plus premiums if red. after Nov. 1 1928 equal
Balance
$198,341
$212.680
to %%, Up to and incl. Nov. 1 1929; thereafter incresaing i % annually
x Including maintenance charges of $111,787 for 1927 and $110,492
up to Nov. 11933; and thereafter decreasing 3 % annually until maturity. for 1926, equivalent to 15% of gross revenue.
Int. payable without deduction for normal Federal income tax up to 2%.
Purpose.
-These bonds are being issued for the purpose of paying in
Penna.4 mills tax and Mass.6% income tax on int, refundable upon appli- part for recent acquisitions, included in the above description of the propercation within 90 days after payment.
ties of the company, for additional working capital and for other corporate
Data from Letter of President A. B. Macbeth, Dec. 15.
pun2108e8.
CapitalizationAuthorized. Outstanding.
Company -Organized in Delaware in Nov. 1927. Owns over 99% of
60,000 shs. 5,000 shs.
the common stock of Southern California Gas Co. With this company Common stock (no par value)
$6,000,000 a$328.000
has been combined Midway Gas Co.(incl. Valley Natural Gas Co.),Central 7% preferred stock (par $100)
1
g
I
3 0 28
E6
0
Counties Gas Co., River Bend Gas & Water Co. and Hanford Gas & Power 1st mtge. gold bonds-series A 634%
Series B 6%
Co. The combined company supplies manufactured and natural gas direct
Series C 6%
1,500,000
to domestie consumers, industrial organizations and public utility com
650,000
pigmies, and serves directly more than 90 cities, towns and communities. Secured convettible gold debentures series A 6% _ _ ..]
a Does not include stock reserved for conversion.
Including the cities of Los Angeles (in part), Burbank, Beverly Hills,
b Issuance of additional bonds and debentures subject to restrictions In
Compton,San Bernardino, Redlands, Riverside and Gle,ndale. The Southern California Gas Co.serves all of its territory without competition, except the mortgages.
a portion of the city of Los Angeles. The estimated total population of
Springfield (Mo.) Gas & Electric Co.
-Div. No. 2.
the cities, towns and communities in whieh the company operates is about
The directors have declared a quarterly dividend (No. 2) of $1.75 per
2,250,000. There are more than 199,000 consumer meters installed.
Southern California Gas Corp. also holds 50% of the capital stock of share on the pref. stock, series A, payable Jan. 3 to holders of record Dec.
Ventura Fuel Co., owning and operating since June 16 1927 a natural gas 15. An initial quarterly distribution of like amount WM made on this
-V. 125, p. 1463, 387.
collection and transmission system from the Ventura fields 70 miles to issue on Oct. 1 last.
_
Los Angeles and substantially all of the capital stock jthere being no other
Standard Gas & Electric System.
-Earnings.
outstanding &Uinta' obligations) of Producers Gas & Fuel Co. operating in
x 12 Mos. Ended Oct. 31San Joaquin Valley.
1926.
1927.
The growth of Southern California Gas Co. and the operating Companies Gross earnings
$146,030,213 $139,911,759
Net earnings, before provision for retirements
$8,862,509
combined with it has been as follows:
63,209,621
Other income
1,193,278
1,106,930
1921. Icr'se.
1916.
Incese.
1926.
Gross revenues
$1,825,911 $7,218,911 959' $14.588,117 699
Gross income
Netincome before depr_ 690,127 2,328.972 237%
$64,316,551 $60,055,787
4.455,582 545
x Includes all properties now in system for full periods.
Gas sales(M.cu.ft.)- _ _ 6,832.359 31,296.166 358% 57.638.894 743
-V.125, p. 3199
Miles of mains
936
1.762 88%
3.727 298
Tide Water Power Co.
-Tenders.
Connected meters_ _ _
46,197
84,768 83%
193,738 319 o
The New York Trust Co., trustee, will until Jan. 5, receive bids for the
Plant capacity (cu.ft.)-11.710,000 16.510,000 419' 34,360.000 1939
Stor. capacity (cu. ft.)_ 1.660,000 5.685.000 2429 32,425,000 1.853%, sale to it, for account of the sinking fund, of 1st lien & ref. mtge. 6%
System.
-Southern California Gas Co. system consists of 5 oil gas manu- gold bonds, series A, due Oct. 1 1942; of 1st lien & ref. mtge. 534% gold
facturing plants having a com'ned daily capacity of 34.360,000 cubic feet. bonds, series B. due April 1 1945, and of 1st lien & ref. mtge. 5% gold
It has 11 holder stations with a com'ned storage capacity of 32,425,000 bonds, series C, due Aug. 1 1929, to an amount sufficient substantially
to exhaust $127.950 at the lowest prices obtainable, not to exceed 10734
cu'c feet and 3,333 miles of transmission and distribution mains.
Natural gas distributed by the system is obtained from independent and int. in respect to the 6% bonds, 105 and int. in respect to the 534
producers operating in 14 fields in 3 widely separated sections in southern bonds and 10134 and int. in respect to the 5% bonds -V.125. p. 1326.
California; namely, the Los Angeles Basin,in the immediate vicinity of
Union Water Service Co.
-Earnings.
Los Angeles
-the Ventura Avenue field approximately 70 miles northwest
of Los Angeles
Consolidated earnings statement of the company, a subsidiary of Federal
-and the Kern County fields, about 110 miles north of
Los Angeles. For this purpose the system owns and operates an additional Water Service Corp.. shows gross revenues of $537,129 for the 12 months
463 miles of transmission mains, 95 miles of field collecting lines, 12 com- ended Sept. 30 1927. After operating expenses, maintenance and taxes
pressor stations and other properties.
other than Federal income tax, total income available for interest charges
Capilalization.-The capitalization outstanding in hands of public of the amounted to $323.474, which compares with annual interest requirements
corporation and Southern California Gas Co.(as combined) is as follows:
of $147,977 on the company's only outstanding funded debt, consisting of
Southern California Gas Corp.
52,690,500 1st lien
% gold bonds, series "A," due May 1 1951.-V.
Collateral trust bonds,5% series, due 1937 (this issue)
$25.000,000 125, p. 96.
$6.50 cum. dividend pref. stock (no par)
75,000 shs.
United Electric Securities Co.
-Bonds Called.
Common stock (no par)
600,000 shs.
An of the outstanding collat. trust s. f. 5% gold bonds, 40th series, have
Southern California Gas Co. (operating company)-'
Funded debt
$23.200,000 been called for payment Jan. 1 next at 103 and int. at the Bankers Trust Co.,
Pref. stock (sold largely in territory served)
*4 556 850 16 Wall St., N.1.City. The trust company will purchase any of the bonds
*As of Oct. 1 1g27, including $417,525 subscribed by customers and em- of this series that may be tendered to it prior to Jan. 11928, at 103 and int.
to Jan. 1 1928, less bank discount at the rate of 4% from the date of purployees.
Note.
-The foregoing does not give effect to less than 1% of susidiary chase to Jan. 11928.
The United Electric Securities Co. has informed the Bankers Trust Co.
common stock outstanding In the hands of the public.
Security.
-Bonds are secured by the pledge with the trustee of the shares of its intention to redeem on the earliest dates permitted by the respective
of common stock of Southern California Gas Co. and capital stock of Ven- trust indentures under which they were issued (being the next succeeding
tura Fuel Co.owned by the corporation. Indenture provides that the trus- interest date in each case), all of its collateral trust sinking fund 5% bonds
tee shall not release any of these pledged shares of stock (except for re- of the remaining series (excepting those heretofore called for redemption) at
organization purposes as provided in the trust indenture) unless provision the redemption price set out in all of said trust indentures, namely, $1,030
-V. 125, p. 782.
shall be made for the payment of all the outstanding bonds of this series on and accrued interest per bond.
or before the next interest payment date.
United Rya. Co. of St. Louis.
-Notice to General 43.
The provisions of the Indenture, but not the terms of payment of the
The holders of the 1st gen. 4% gold bonds are notified that the bondbonds, are subject to modification by the holders of 80% of the bonds at a
holders' protective committees have terminated their agreements, and the
bondholders' meeting called as provided in the indenture and with the conholders of certificates of deposit should present same at once to the respeccurrence of the corporation.
Earnings.
-The consolidated earnings of the corporation and Southern tive depositaries that issued the certificates, and upon doing so they will
California Gas Co. (including properties recently acquired by it), but not receive in lieu thereof the bonds represented by such certificates, without
-V. 125, p. 3200.
including other subsidiaries,for the 12 months ended Sept. 30 1927. adjusted the payment of any charge.
as to interest and dividends to reflect recent financing, were as follows:
Utility Shares Corp.
-Option Warrants Expire Dec. 31 A$15,776,954
Gross earnings
R is announced that option warrants for the purchase of shares of this
9,930,178
Operating expenses and taxes (incl. Federal income taxes)
corporation will expire Dec. 31. These warrants must reach the office
$5,846,776 of Hodenpyl, Hardy & Co., Inc., at 14 Wall St., N. Y. City, by that day,
Net earnings
1,601,436 together with $10 a share subscribed for, if they are to be utIlized.-V. 125.
Underlying interest, amortization and preferred dividend
1,250.000 p. 2811.
Annual int. requirements on all bonds of this issue
The foregoing does not give effect to less than 1% of subsidiary common
Valley Natural Gas Co.
-Merger.
stock outstanding In the hands of the public.
See Southern California Gas Corp. above.
-V. 125, p. 2267.
The above net earnings were two times the total underlying interest and
amortization and annual interest requirements on all bonds
pref.dividends,
Waynesburg (Pa.) Water Co.
-New Control.
of this issue. The balance remaining after the duction of thes charges
See Pennsylvania State Water Corp. above.
-V.81, p. 1122.
was equal to about 18% of gross earnings.
After the deduction of all prior charges and after appropriating 8.8%of
Westmoreland Water Co.
-Bonds S9ld.-P. W.
gross earnings for depreciation,the balance available was over 2.2 times
Chapman & Co. Inc. have sold at 99 and int. to yield
the annual interest requirements on bonds of this issue.
-V.125, p 2937.
-Bonds Offered.Southwest Telephone Co., Chicago.
Hambleton & Co. and Cammack & Co., Inc., are offering
at 100 and int. $1,500,000, 1st mtge. gold bonds,6% series C.
Dated Dec. 1 1927; due Dec. 11947. Int. payable J. dr D. at Central
Trust Co. of Illinois. Chicago, trustee, without deduction for normal Federal
income tax not in excess of 2%. Denom. 5100, $500 and $1,000 O. Red.
all or part on any int. date up to and incl. Liec. 1 1932 at 105 and int.; after
Dec. 1 1932 to and incl. Dec. 1 1937 at 103 and int.; after Dec. 1 1937 to and
incl. Dec. 1 1942 at 102 and int.; thereafter at 101 and int. Company
will reimburse the holders of these bonds for the Penn., Conn. and Calif.
-mills tax; Maryland 454 mills tax; District of Columbia and Kentucky
4
5 mills tax; and Mass. income tax not exceeding 6%.
Convertible -At the option of the holder, these bonds, unless called for
previous redemption, may be converted into preferred stock (or cash in lieu
of fractional shares) at any time on or prior to Dec. 11942. in the following
ratio: on or prior to Dec. 1 1932, $105in stock for each $100 of bonds: after
Dec. 1 1932 and on or prior to Dec. 1 1942. $100 in pref. stock for each $100
bond. Any stock so issued on such conversion shall be entitled to dividends
over 5.07% $2,480,000 1st Mtge. 5% gold bonds, Series A.
'
Dated Dec. 11927; due Dec. 11952. Prin.and int.(J.& D.) payable at
office or agency of company in either New York or Chicago. Denom.
$1,000 and $500 c*. Interest payable without deduction of that portion
of any Federal income tax not in excess of 2%. Refund of certain Calif.,
Conn., District of Columbia, Iowa, Kansas, Kentucky, Maryland. Mass..
Michigan,
New Hampshire, and Virginia taxes, Free of the Penn.
Minn..
4 mills tax. Red. all or part, on any int. date upon 30 days' notice to and
incl. Dec. 11930. at 103 and int.; thereafter, to and incl. June 1, 1952.
at 101 and int. In event communities served acquire all or the major
portion in value of the company's property and do not assume payment
of the principal and interest of the bonds, the bonds may, at the option
of the company, be declared due and payable at 100 and int. The Seaboard
National Bank, New York. trustee.
Data from Letter of R
J Newsom,President of the Company.
Company -Controlled by the Community Water Service Co. Supplies
water without competition for domestic, municipal and industrial purposes
to sections of Westmoreland county located 30 miles from the city of
Pittsburgh,Pa. This district includes Greensburg, Youngwood,Jeannette,
Dinc. 171927.1
THE CHRONICLE
Penn, Manor, Irwin, North Irwin and the Borough of Derry, all of
are contiguous with the exception of Derry which is situated 16which
miles
east of Greensburg. The company, through its subsidiary The Dennison
Water Supply Co., also supplies water to the city of Dennison, 0., which
Is midway between Pittsburgh, Pa., and Columbus, 0. Greensburg and
Dennison are industrial and commercial centers. The territory served
has a combined population estimated in excess of 78,000.
CapitalizationAuthorized.
Issued.
1st Mtge gold bonds,Series A
x
$2,480.000
$6 cumulative preferred stock
15,000 shs.
6,500 ails.
Common Stock(no par value)
15,000 shs.
15,000 shs.
x See paragraph mortgage provisions.
Consolidated Earnings of the Properties Year Ended September 30 1927.
Gross earnings
$449,428
Oper. exp. maint.& taxes(excl Federal)
a 226,174
Balance
$223,254
Annual interest requirements on entire mortgage debt (this issue) 3124,000
a Also includes deduction of $2,136, being allowance for minority stock
interest in Dennison Water Supply Co.
Security.
-Secured by a 1st mtge. on the entire physical property of the
company, consisting of land, water mains, reservoirs, pumping stations
and other equipment,and such other property as may be hereafter acquired,
as provided in the mortgage. Bonds will be additionally secured, by the
pledge with the trustee of $125,000 1st mtge. bonds of Dennison Water
Supply Co. being its entire outstanding mortgage indebtedness, and by
similar pledge of not less than 93.5% of its entire outstanding capitalstock.
Morris Knowles, Inc., Engineers, Pittsburgh, Pa.. as of
appraised the property of the Westmoreland Water Co. in Oct. 1 1927,
424,000, and the property of The Dennison Water Supply excess of $3,Co.
excess
of $604,000, the total appraised value of the two properties being in excess
in
of $4,028,000.
Mortgage Provisions.
-Mortgage will provide that additional bonds may
be Issued thereunder for not in excess of80% of the actual cost or fair value,
whichever is the lower, of physical property additions, as defined in
the
mortgage, provided the consolidated net earningsfor 12 consecutive calendar
months within the 15 calendar months immediately prior to the
of such new bonds, have been at least 1U times the annual interestissuance
on all bonds outstanding under said mortgage and those to be issued. charges
The mortgage contemplates the execution and delivery of a new mortgage
by The Dennison Water Supply Co., which will be similar in form to
mortgage securing these bonds. Bonds secured by said new mortgage the
will
be issued bond for bond in substitution for present 1st mtge. bonds
of said
company, and additional bonds will be issued in not exceeding $92,000 to
refund present indebtedness other than first mortgage bonds and
against
physical property additions. All such additional bonds
pledged
under the mortgage securing these bonds against the must beof which
pledge
additional first mortgage gold bonds of Westmoreland Water Co. may
be
issued in aggregate principal amount equal to the aggregate
amount of additional bonds so pledged. All additional bonds andprincipal
than 93.5% of all additional capital stock of The Dennison Waternot less
Supply
Co. upon issuance thereof shall be pledged with the trustee
under the
mortgage.
Purpose.
-Proceeds will be used to reimburse the company in part for
the cost of acquisition of properties to refund outstanding
other corporate purposes. Additional bonds are issuable inbonds and for
the principal
amount of $20,000 against pledge of additional shares representing
the
present outstanding minority interest of The Dennison Water
Supply Co.
-V. 125, p. 3200.
INDUSTRIAL AND MISCELLANEOUS.
Refined Sugar Prices.
-On Dec. 13 American revised price list to 5.60c
@ 5.90c. per lb.: National, 5.60c ® 5.80c.: Arbuckle firm
at
Federal, 5.5c ® 5.70c., and McCahan, 5.60 ® 5.80c. per lb. 5.60c._per lb.:
On Dec. 14
American changed quotation to 5.70c ® 5.90c. per lb.;
National, 5.70c ®
5.80c.; Federal firm at 5.70c.perib., and McCahan,
5.70c ® 5.80c. per lb.
Leading Laundries In Greater New York to Adopt Shorter Hours.
Board of Greater New York, Inc., calls on members to comply -Laundry
with 48-hour
law, effective Jan. 1.
-New York "Times" Dec. 15. p 52.
Wage Reductions in New England Mills.-Amosheag Mfg. Co.
10% wage reduction, accompanied by 10% reduction In rent announces
of company
houses, effective Dec. 24, affecting every one in the plant, salaried
men
as well as wage earners. About 10,200 will be affected. New York
"Times."
Dec. 14. p. 53.
Matters Covered in "Chronicle" Dec. 10.-(a) Agreement between Cuban
and European sugar industries designed to stabilize production; standard
of
Dutch sugar interests, p. 3137. (b) Outstanding brokers' loans
York Stock Exchange go over four-billion-dollar mark, p. 3148. on New
(c) Extension of ticker service of San Francisco Stock & Bond Exchange, p. 3149.
(d) Change in Saturday morning trading hours of San Francisco Stock
&
Bond Exchange, p. 3149.
Acme White
Sheet Aug. 31.
-
Lead
&
Color
Works, Inc.
-Balance
(Asfiled with the 2fassachusetts Commissioner of Corporations.)
Assets1927.
1926.
Maniacs1927.
1926.
Real est. & mach.52,335,603 $1,856,757 sCapltai stock __ 5100,000 5100,000
Auto trucks, &c... _
31,287
42,804 Accounts payable_
76.827
124,311
Merchandise
2,882,209 1,827,466 Notes payable_ __
40,000
35,000
Notes receivable_ .. 132,755
90,462 Reserves
34,696
6,341
Accounts rec._ _ _ 2,016,226 2,078,205 Acer. liabilities__ _
65,305
36,162
Cash
187,772
97.115 Surplus
7,514,358 6.497,205
Securities
142.922
745,386
Def. charges
102,442
60,824
Total each side)87.831,216 56.799,019
a All owned by Sherwin-Williams Co.
-V. 114. p. 2472.
Advance Rumely Co.
-New Type of Industrial Financing
Created by Commercial Investment Trust, Inc. in Extending
Flexible Credit of $3,000,000 to $5,000,000 to Advance-Rumely
The creation of a new type of industrial financing is seen
extension of a flexible credit of $3,000,000 to $5,000,000 byin the recent
Investment Trust Inc., of New York to the Advance-Rumely Commercial
tile country's largest manufacturers of agricultural machinery. Co., one of
Through the execution of a 3
-year collateral indenture with the Commercial ,Investment Trust Inc., the company will borrow
33,000,000, with the privilege of increasing this by any a minimum of
amount up
35,000,000. Collateral security in the form of customers' notes will to
be
provided at the rate of $125 for each $100 of credit.
Additional details of the operation, as revealed by the trust corporation,
indicate that the new type of credit is perhaps nearest in form to the equipment trust certificate, which is a common feature of railroad
financing.
In the place of equipment, however, customers' notes together with chattel
mortgages on the machinery which has been purchased from the company,
act as security for the credit. One of the chief advantages of the arrangement is its elasticity. The volume of accommodation can enlarge or
contract according to the borrowing company's capital requirements, while
the ratio of security to credit remains the same.
-V. 125. p. 2389.
Aetna Mills, Watertown, Mass.
-To Shut Don n Plant.
At a special meeting of the stockholders held Dec. 12 the directors
authorized permanently to shut down the plant in Watertown, Maas.were
circular to the stockholders signed by President W. H. Claflin Jr.
A
said
In part: "Conditions in the woolen industry for the past few years have
been so unsatisfactory that the company has suffered large losses. Since
Jan. 1 1920 the company has shown losses in excess of $1,500.000. Due to
this situation and a resulting shrinkage in the net quick position of Aetna
Mills, it became necessary last August to adopt a policy of orderly liquidation of the company's quick assets and directing the proceeds of this liquidation to reducing bank Indebtedness.
"The plant at Watertown has been the chief cause for substantial losses
and at a meeting of the directors held Nov. 28 1927 It was unanimously
voted to recommend to the stockholders that affirmative action be taken
on the proposals to discontinue operations at Watertown and dispose of the
Property there.
"It has been possible during the past few months to operate the Shirreffs
Plant in Fitchburg. Mass., at full capacity and it seems wise to continue
-V. 125, p. 2531.
operating this plant."
Allied Owners Corp. (Paramount Theatres).
-Debentures Offered.-Halsey, Stuart & Co., Inc., and Graham,
3351
Parsons & Co., are offering at prices ranging from 95.88
and int. to 99.73 and int., to yield from 6.10% to 6.50%
according to maturity $2,500,000, serial 6% gold debentures.
Dated July 1 1927: mature in 10 equal annual installments
each Jan. 1 from 1931 to 1940, incl. Principal and int. (J. & of $250.000
J.) payable
at office of Halsey. Stuart & Co., Inc., Chicago or New York. Denom.
$1.000 and $500 c*. Red. all or part , in inverse order of maturity, at
any time upon 30 days' notice at 103 to and incl. July 1 1934, and thereafter at successive reductions of Si of 1% during each expired 12 month
period to and including July 1 1938; thereafter and prior to maturity at
100;i%; (int. to be added in each case). Federal normal income tax
in excess of 2% refundable and in addition, reimbursement will be madenot
by
Realty Associates to resident holders of these debentures, upon proper
request within 90 days after payment, for the Penn. and Conn. personal
property taxes, not exceeding 4 mills per annum on the taxable value, for
the present personal property taxes in Calif., Maryland and Mich.,
for the Mass. income tax on the interest, not exceeding 6% thereof and
per
annum.
Data from Letter of Wm. M. Greve, Pres., Realty Associates, Dec. 8.
Allied Owners Corp.
-Is a wholly owned subsidiary of Realty Associates.
Company owns five valuable sites upon which it will erect modern buildings
containing theatres, offices, &c., such buildings having been leased to
Paramount Famous Lasky Corp. at a net rental sufficient to provide upon
completion for payment of interest and principal of these debentures.
The sites have been selected by the experienced personnel of Paramount
Famous Lasky Corp. which has leased and agreed to ultimately purchase
the lands and buildings. Four of the sites are within the corporate limits
of N. Y. City, the fifth being in Birmingham, Ala.
Plans, prepared by experts selected by the lessee, Paramount Famous
Lasky Corp. will be followed in the erection of thoroughly modern buildings
upon these sites. The buildings, while designed primarily for motion
picture purposes, will include in the majority of cases, offices and
stores. The Brooklyn-Manhattan Transit Corp. has selected for (or)
the
location of its general offices the building to be erected on DeKalb Ave.
between Hudson Ave. and DeBevoise Place, Brooklyn.
A uniformly high type of construction for each of these buildings is
assured by a contract providing all such work be done by one of the leading
construction companies.
Lease-Earnings.
-Paramount Famous Lasky Corp. has leased these
properties at a net annual rental equal to at least 10% of the cost of the
lands and buildings, such rental payments to begin as each building is
completed-but in no event later than Dec. 31 1928. In addition, Paramount Famous Lasky Corp. will pay every expense in connection with the
operation and maintenance of these buildings.
These rentals, maintenance and all operating expenses will constitute a
direct obligation of Paramount Famous Lasky Corp.
It is estimated that the net annual rental available upon completion for
bond interest o ill be $1,432,000 during the first 10 year of the present leases
and $1,425,000 thereafter, as compared with maximum annual interest of
3570.000 upon the first mortgage bonds and of $150,000 upon these
debentures.
Security.
-Paramount Famous Lasky Corp. has agreed to purchase all
these properties at or prior to July 1 1945. Should this purchase occur
prior to the final maturity of these debentures. Paramount Famous Lasky
Corp. as part of the purchase price, will either assume the amount of
debentures then outstanding or pay to Allied Owners Corp. an amount
sufficient to redeem such debentures.
These debentures will, in the opinion of counsel, constitute a direct
obligation of Allied Owners Corp. and will be secured by a direct mortgage
upon the following sites and the buildings to be erected thereon, including
fixed theatre equipment installed therein, and also by pledge with the
trustee of the leases to Paramount Famous Lasky Corp., all subject to the
existing first mortgage:
1. N. Y. City (Brooklyni.-Flatbush Ave. and Tilden Ave. The land
comprises approximately 66.000 sq. ft.
2. N. Y. City (Brooklyn).
-An entire block frontage on DeKalb Ave.
between Hudson Ave. and DeBevoise Place. The land comprises approximately 43.000 sq. ft.
3. N. Y. City (Queens).
-Jamaica Ave. and 166th Street. This plot
contains about 33,600 sq. ft.
4. Birmingham, Ala.
-Third Ave. North and 18th St. Approximately
18,100 sq. ft. Is contained in this plot.
5. N. Y. City (Brooklyn).
-An entire block at Saratoga and Pitkin Ave.,
the plot containing about 27.550 sq. ft.
Paramount Famous Lasky Corp. has agreed to install theatre equipment
to the extent of an additional 15% of the cost of each property; if the cost
of such equipment Is less than this amount, it agrees to pay to the company
the difference between the amount actually expended and such 15% and
the cost (capital account) of the property will be reduced to the extent of
any such payment, and a proportionate amount of debentures will be
retired should the amount then outstanding exceed 17.544% of the reduced
cost (capital account).
It is estimated that upon installation of the equipment and the final
adjustment of cost, outstanding debentures and first mortgage bonds
will represent not over 780/ of the cost (capital account) of the properties
and fixed equipment installed therein.
Title and fire insurance, payable to the trustee for the
bondholders, will be provided on each of these properties. benefit of the
Realty Associates.
-Completion of these buildings is guaranteed
Realty Associates. This guarantee of completion is subject to release by
in
respect to any building should such building prior to completion be released
from the lien of the mortgage, in which event a proportionate amount of
these debentures will be retired, as hereinafter stated.
Realty Associates, incorporated in 1901, is a successful realty organization with assets, shown in its consolidated balance sheet of April 30 1927,
in excess of $48,500.000 and a net worth of over $19.000,000. Net earnings
for the 12 months ended Oct. 31 1926 were in excess of $2,800,000 with
an additional $6,022,124 representing the share of Realty Associates in the
undistributed profits of syndicates. The capital stocks of Realty Associates
on which dividends have been paid since 1903, have a total indicated
market value, based on current quotations, of over $3.5.000.000.
Capitalization (Allied Owners Corp.) Upon Sale of First Mortgage Bonds
and Debentures.
Authorized. Outstanding.
1st mtge.real estate6% sinking fund gold bonds,
due July 1 1945
$14,000,000 a$9.500,000
b Serial 6% gold debentures (this issue)
3,700.000 a2,500,000
Third mortgage. due May 1 1946
825,000
Common stock (par $100)
1,000.000
1,000,000
a Issuance of additional bonds and debentures restricted by terms of the
Indentures. b Secured by second mortgage.
-V. 125. p. 1974.
Alpine Montan Steel Corp.
-Production, etc.
-
According to cable advices received from the company at Vienna by F. J.
Lisman & Co.. members of the New York Stock Exchange. the production
figures of Alpine Montan Steel Corp. for the 11 months ended Nov. 30 are
as follows:
11 Mos. End. Nov. 30.
Production (Tons)
1927.
1926.
Coal
851.000
889.100
Iron ore
1,434,700
1,006,400
Pig iron
392,700
303,100
Steel ingots
337,300
311,500
Rolled iron
272.900
239.300
Workshop manufactures
8,300
12.380
Shipments (Tons).
Coal to customers other than subsidiaries
417.000
403.100
Pig Iron
105.700
71,800
Rolled iron
254.000
213,500
Orders Received (Tons).
Coal
404,700
423.200
Pig iron
103,000
69.500
Steel ingots
3
15,500,
Total outgoing invoices
$13.278.000 $10.997.000
At the end of Nov. 1927. there were at work in the company's various
plants 7,486 miners and 5,303 mill hands, a total of 12,789 men.
-V. 125.
p. 2939. 1713.
American Bakeries Corp.
-Initial Common Dividend.
-
The directors have declared an initial quarterly dividend of 75 cents per
share on the class A stock, no par value. and the regular quarterly dividend
of I 3 I % on the 7% cumul, pref. stock, both payable Jan. 1 to holden of
,
Dec. 15. (See offering of class A stock in V.125, p. 1713.)-V. 125.P. 1974.
3352
THE CHRONICLE
American BOok'Co.-To'Pay Off Bonds.
-
All of the outstanding 6% gold bonds, dated Jan. 1 1908 and due Jan. 1
1928,will be paid at maturity upon presentation at the office of the company
88 Lexington Ave., N. Y. City. Charles P. Batt is Treasurer.
-V. 115
D. 2688.
American Equitable Assurance Co.
-Stock Increased.
The proposed increase in capitalization from $700,000 to $1,000,000, by
increasing the common stock from $200.000 to $500,000. was unanimously
approved by the stockholders at a meeting held last week. The capitalization now consists of $500.000 of preferred and $500,000 of common
stock. A meeting of the board of directors was called for Dec. 15 to take
action on the distribution of the newly authorized coeunon stock.
At this meeting the directors declared an extra cash dividend of 40% on
the common stock, bringing the total cash dividends for 1927 up to 100%,
and a stock dividend of 150% on the $200,000 common stock, par $5.
The company also has Issued $500,000 on preferred stock, par $100. The
dividends are payable Dec. 20 to holders of record Dec. 16.
American Trustee Share Corp.
-Stock Offered.-TI rockmolten & Co., New York, are offering (at market) Diversified Trustee Shares Series B.
The shares represent participating ownership in 30 dividend paying rail-
roads, public utilities, industrials and oils. The shares are in the form of
bearer certificates issued under an agreement between the American Trustee
Share Corp. and the Chatham Phenix National Bank & Trust Co., New
York. They are in denom. of 5, 10. 25, 50, 100, 500 and 1,000 shares.
Each diversified trustee share,series B,represents a one-thousandth interest
In a unit of shares of common stock, deposited with and held by the depositary. Each unit as originally constituted consists of 128 shares of different
corporations.
No substitutions may be made for the stocks constituting a unit, except
where an exchange of stock occurs by reason of merger, consolidation, reorganization, readjustment, or sale under which substantielly all of the property of any company Is absorbed as an entirety by another company, as
more fully set forth in the agreement.
Stock dividends are required to be retained and added to the unit, except
that any fractional or odd number of shares remaining over after the division
by two of the number of shares received as a stock dividend, and any stock
dividends other than common stock, are required to be sold and the proceeds distributed as dividends.
Certificates aggregating 500 diversified trustee shares, series B. or multiples thereof, are exchangeable for the deposited stocks represented thereby
Semi-annual dividend coupons attached to diversified trustee shares, Series
13 are payable April 1 and Oct. 1 at the principal office of the depositary.
Dividends comprise all cash income received by the depositary from stocks
of the 30 companies during the six-months period ended the preceding
March 15 or Sept. 15, as the case may be, leas any deductions provided
to be made under conditions specified in the agreement, and are distributed
pro rata. In additlion to cash dividends, distributed dividends include
proceeds from the sale of subscription rights, securities and other property,
including such portions of stock dividends as are required to be sold under
the agreement -V. 121. p. 1464.
Anglo-American Oil Co., Ltd.
-Interim Div. of 7%%.
-
The directors have declared an intern-dm dh Wend of 7%7 equal to
0.
Is. 6d. per share, from the net earnings of the current year. free of British
income tax. The dividend will be paid on and after Dec. 29 1927, by the
National Provincial Bank, Ltd., in London or at any of its branches, or
by the Guaranty Trust Co.. 140 Broadway, N. Y. City, at the equivalent
in U. S. currency of $4.88 per pound sterling (equal to 36 3-5c. per share).
The company in May last paid a dividend of 2s.6d. per share and in Jan.
1927 a dividend of Is. 6d. per share -V. 125. p. 784.
Associated Oil Co.
-Subsidiary Company Dividend.
-
125
Company incorporated in Pennsylvania. A consolidation of the business
and properties of Brewster Sons Co., Newark, N. J., and the Ideal Cocoa
& Chocolate Co., of Lititz. Pa. The Brewster Sons Co. Is the outgrowth
of a business established in 1872. Its plant cowling of a modern brick
building, containing 60,000 square feet of floor space, situated one block
from the Newark freight yards of the Delaware, Lackawanna & Western
main line. The Ideal business, established in 1900, was owned by the
late Artemaa Ward,of New York City and has been operated since his death
by the executor of his estate. The Ideal mills are situated at Lititz, in
County,Lacser
Pa.
Both plants are engaged in the mnufacture of chocolate coatings, cocoa
butter, cocoa powder and eating chocolate. Chocolate nut bars and milk
chocolate are manufactured and sold under the well known brands "Dairy
Maid" and "Ideal". The Ideal company was the originator of the chocolate
almond bar.
CapitalizationOutstanding.
Authorized.
1st mtge. 10
-year 6).i% bonds
$600,000
$600,000
7% cumulative preferred stock
Common stock (no par value)
5,000 sha.
5,060 shs.
Earnings.
-The ideal company, since the death of Artemaa Ward, in
1925 has been held for liquidation, but notwithstanding this lack of an
aggressive policy in the last few years on the part of the Ideal management.
the combined net earnings of the two companies for the year 1926, after all
proper charges, but before depreciation, were more than twice the annual
Interest requirements of the bonds of the new company. The earnings of
the Brewster company alone for the first 6 months of 1927, after all proper
charges and after depreciation, were at the rate of more than 3.be times the
interest charges on these bonds for a like period: and the earnings of the
Brewster company alone for the 5 years ending Dec. 31 1926 and the first
6 months of 1927. showed average earnings after all proper charges but
before depreciation, in excess of the annual interest requirements on these
bonds.
As the sales of the Brewster company alone for 1926 were approximately
$700,000, (and the sales of the Ideal company alone for the same period
were $1,200.000) it is expected that the combined business will show greatly
increased earnings. The management estimate that with the Brewstee.
Ideal and Wilbur properties operated under one general management,
through concentration of sales effort, closing down of duplicate branches,
savings in the purchase of raw materials, and reduction in manufacturing
costs, the Brewster-Ideal properties for the first year of such combined
operation should show net profits applicable to interest on bonds of about
$225.000 or approximately Pe' times interest charges, before deducting
depreciation, and about 41d times after deducting depreciation.
Sinking Fund.
-The mortgage will provide a fixed sinking fund of $18,000
per annum, plus an additional fund of 25% of net earnings, after deducting
such fixed sinking fund, depreciation, taxes and dividends on the preferred
stock as more fully defined in the mortgage.
Management.
-The Brewster-Ideal plants will be under the management
of Albert F.. Brewster, who has been responsible for the growth and success
of the Brewster Sons Co. of Newark. All of the common stock of BrewsterIdeal Chocolate Co.. (except directors' qualifying shares) will be owned
by Wilbur-Suchard Co. This latter company, which will own the properties of the II. 0. Wilbur Chocolate Co., of Philadelphia, is in turn associated
with the De Perrot Brothers, who are members of the Suchard family
which founded the internationally known Suchard S. A. of Switzerland.
and who will bring to the Wilbur-Suchard Chocolate Co., under license
from Suchard S. A. the exclusive rights in the United States for the manufacture of Suchard products.
-V. 125, p. 918.
British American Oil Co.
-Extra Dividend of 20c.
-
The directors have declared an extra dividend of 20 cents per share in
addition to the regular quarterly dividend of 20 cents per share on the no
par value capital stock, tooth payable Jan. 3 to holders of record Dec. 14.
The company on Jan. 2 last paid an extra dividend of 50 cents per share
on the old $25 par value capital stock, which was split up early this year
on a basis of5 new no par shame for each old share owned (V. 124. p. 1514).
V. 124, p. 3072.
The West Coast 011 Co. has declared an extra dividend of $3 a share and
British Empire Steel Corp.
-New Director-Output.
the regular quarterly dividend of $1.50 a share, the extra payable Dec. 30,
C. J. Burchell, K.
and the regular on Jan. 5, both to holders of record Dec. 23. Like amounts corporation and its C., of Halifax, was recently elected a director of this
subsidiary companies.
were declared in the previous 4 quarters. Of the $1.040.800epref. stock (par
Statistics for First 10 Months of Year -President Roy M. Wolvin. at the
$100) outstanding, the Associated Oil Co., a subsidiary of the Tide Water annual meeting, gave out the following
figures:
Associated Oil Co., owns $628,600,1or 60.40%.-V. 125, p. 1584.
Production (Tons)4,804,1406
4.285,395
Auburn Automobile Co.
-2% Stock Dividend.
Coke
303,829
368,479
The directors have declared a 2% stock dividend and the regular quarterly Pig iron
205,104
202,358
dividend of $1 per share, both payable Jan. 2 to holders of record Dec. 23. Steel ingots
196,274
230,320
It is the intention of the company to continue payments at this rate In the Iron ore
824,697
1,001,871
future. The last previous stock distributions were 5% each made on Aug. I -V. 125, p. 2667. 653.
and Nov. 1 1926.
President E. L. Cord, commenting on the dividend action, said: "The
Bristol Mfg. Corp.
-Balance Sheet Oct. 11927.company has exercised great care during the present year in building up its
Assets
Liabilities
financial position with the result that we are entering 1928 in the strongest
$1.000,000
$356,750 Capital stock
and most liquid condition in the c anpany's history. As a result of the Real estate
73.655
1,015,488 Accounts payable
constructive program of expansion, Involving the acquisition of control of Machinery
338.934 Depredation
692.803
the Lycoming Mfg. Co. Due3enberg. Inc., and the Limousine Body Co., Merchandise
467.810
8,649 Profit & low
our manufacturing facilities have been ereatly increased. Through our Prepaid insurance
244.797
much larger and mere strongly intrenched dealer organization, we expect Investment account
Total (each side)
$2,234,268
269,650
to build and market douole the number of cars in the first quarter of the Cash & accts. roe
coming year, than were sold in the first quarter of 1927.-V. 125, P. 3202 -V. 123 p. 2524.
Autosales Corp., N. Y. City.
-Expands.
-
The corporation has purchased control of the Automatic Shoe Shiner
Corp- the Automatic Machine Co., Inc.. and the Cigarette Vending
Vending Machine Co., Inc. Negotiations with other companies in the
vending machine line are pending. These acquisitions add penny shoe
Cleaners, round glass gum and chocolate venders sanitary comb venders
and cigarette vending machines to Autosales' operations.
This corporation, the largest operator of vending machines, has in the
past confined its activities to scales and gum and chocolate machines.
Modern merchandising methods call for the use of vending machines for
small commodities and necessities, and it is understood the corporation
plans a complete line to cover the field. Present policy of owning and operating its own machines will be changed so that a complete line will be available to stores and small operators.
-V. 124, p. 3:356.
Ault-Williamson Shoe Co.-Pref. Stock Called.
-
All of the outstanding $213.000 pref. stock has been mead for payment
Jan. i next at 105 and int, at the Atlantic National Bank of Boston, Mass.
See V. 125, p. 2940.
Bird 8c Son, Inc.
-New Officers & Directors.
-
Elmer II. Bartlett and George R. Wyman have been elected Vice-Presidents and Directors.
-V. 125, p. 3066.
Brownson Building (F. H. Brown Realty Co.), St.
Louis.
-Bonds Offered.
-An issue of 8250,000 6% 1st
(closed) mtge. serial r al estate gold bonds is being offered at
par and int. by Waldheim-Platt & Co., Inc., St. Louis.
Dated July 1 1927: duo Jan. 1 1929-1937. Int. payable J. & J. at
Boatmen's National Bank St. Louis. trustee. Red. on any int. date at
1(12 and hit to date of redemption. Normal Federal income tax not in excess
of 2% paid at source. Denom. $1,000. $.500 and $100.
Brownson
now under construction and to be completed shortly
is located at the northeast corner of Manchester and East 'isle Ave., St.
Louis. The building. 3 stories in height, is situated on a plot of ground
fronting 163 feet on Manchester Ave., by a depth of 136 feet on East Yale
Avenue. The building Is splendidly designed, and will contain 12 stores,
36 apartments and 36 hotel apartment rooms. The cubical contents are
equivalent to 785.875 cubic feet, and the floor space 68.250 square feet.
The building will be equipped with a hot water heating plant, electrical
refrigeration, incinerators, and all modern conveniences.
Valuation.
-The value of land, building, equipment, etc.. has been placed
at $410,200. This loan on the basis of valuatione given exclusive of intangibles, such as cost of financing, interest during construction. etc., is approximately 60% of value of mortgaged property.
Brunner Turbine & Equipment Co. (Erste Bruenner
Blaw-Knox Co., Pittsburgh.
-10% Stock and 50 Cent Machinen-Fabriks Gesellschaft) Brunn CzechosloExtra Cash Dividend.
-Bondholders Receive Proposal for Settlement.
'
The directors have declared a 10% stock dividend on the common stock vakia.
The bondholders' protective committee for the 75e % closed let
mlI33330-year sinking fund gold bonds tWilliam 13arclay Parsons, Chairman)
announces that after a long and careful examination of tho affairs of the
company from every angle, it has submitted to the holders of these bonds
for their approval the proposal of the company for the adjustment of these
obligations, upon the following terms:
(a) To pay 45% of the face amount of such bond.
(1:) To pay an additional 1% of the face amount of such bond in any
Boston Wharf Co.
-Changes in Personnel.
year
Joseph B. Russell, Jr., clerk, has been elected treasurer, succeeding of in the future, in which a dividend of more than 6% of the share capital
the company as it exists at the time, shall be distributed to the stockHarold F. Mason, who becomes president, succeeding Joseph B. Russell.
holders of the company, until a total of
of the face amount of such bond
James J. Phelan, of Hornblovver & Weeks, has been elected a director.
- shall have been paid.
V. 124, p. 511.
Accompanying the proposition is the recommendation of Sir Philip DawBrewster-Ideal Chocolate Co.
-Bonds Offered.
-Lewis son, M. P., (British Industrial Engineer), a member of the committee and
its representatives in the negotiations had
& Co., Filch, Crossman & Co., Philadelphia and Jay N. its tutelary banks in Czecho-Slovakia. with the Company's officers and
Sir Philip Dawson
the spring
Schroeder & Co. Inc., Lancaster, Pa., are offering at 99% while at Brun'''. madein thorough of 1927. and again in September last.
a
plants and
6% sinking fund of the condition of the industry inexamination of the company's position in
and int. $600,000 1st (closed) mtge. 6 ,
which it was engaged and its
that industry. His conclusions are that the present proposals are the very
gold bonds.
utmost that can he secured for the bondholders and that in spite of any and
Dated July 11927: due July 11937. Free of Penn. 4 mills personal prop- all other considerations, they should be accepted immediately.
erty tax and 2% normal Federal income tax. Company has agreed to
In his opinion any other course than the acceptance of this proposition
make application to list these bonds on the Pittsburgh Stock Exchange. would load to the closing down and liquidation of the Brunner Company,
Callable at 105 and int. oa any int. date, lot, payable J, & J, Lancaster peoveking a national calamity in Czecho-Slovakia. because of the ruin it
(Pa.) Trust Co., trustee,
would mean to the stockholders and the rendering of over 2,000 employees
(par $25), payable Jan. 10 to holders of record Dec. 30 and a Christmas
dividend of 50c. per share, payable Dec. 30 to holders of record Dec. 19.
An extra of $1.25 per share was paid in Dec. 1926, while in Dec. 1925 an
extra payment of $1 per share was made.
The regular quarterly dividend of The, per share was also declared
payable Feb. Ito holders of record Jan. 21.-V. 125. p. 1843.
DEc. 17 1927.]
THE CHRONICLE
workless,"many of them fathers of families whose parents and grandparents
have worked for the Brunner Company during the last 100 years."
• In the opinion of Sir Philip Dawson this course would not benefit the
bondholders either. "The break-up value of the plant and equipment would
in my opinion not represent anything like 20% of the face value of the bonds
and in addition the Czech government has a prior claim to 33,000,000 Czech
crowns which they would be unlikely to relinquish if the Brunner works
were broken up. In addition to this, any payment to bondholders would
have been delayed for probably two years."
The Committee strongly urges those who are willing to accept the proposition do so promptly inasmuch as the offer is effective only if at least 75%
of the bonds are in possession of the committee and available for delivery
to the company, or its nominee, on or before Jan. 15, 1928.
There is no profit in the underwriting of this settlement as the bonds surrendered are to be reduced as to principal to 45%, which is just the amount
of cash to be paid to the bondholders presently and 5% less than what is
expected will be the ultimate recovery resulting from the acceptance of the
--V. 125, P. 1843.
Company's proposition.
3353
of $135,000, the total net earnings for the year 1928 will be approximately
$435.000, or 1.87 times maximum bond interest requirements. As the
.business of the stock yards and railroad increases and as new industries
are located and property sold or money Invested by the District company in
building for tenants these earnings will materially increase. The net worth
of The Los Angeles Corp. is in excess of $5,200,000.
Guaranty.
-These bonds will be unconditionally guaranteed as to principal
and interest by The Los Angeles Corp. which is a holding company owning
all the issued stock of the Central Manufacturing District, Inc., the Los
Angeles Union Stock Yards and the Los Angeles Junction Railway. The
Los Angeles Corp. also possesses substantial stock holdings in the Citizens
National Bank, Westland Warehouses, Inc., and other concerns.
Purpose.
-Proceeds will be expended principally for the construction of
the first unit of the new Produce Terminal, which has been under construction since Aug. I 1927. and estimated to be completed Dec. 1 1927.V 118 p. 2441.
Chandler-Cleveland Motors Corp.
-Omits Pref. Dividend.
-The directors have decided to omit the regular
R. W. Pomeroy has been elected a director to fill the vacancy caused by quarterly dividend usually paid Jan. 2 on the pref. stock.
-V. 125, p. 3066, 2941.
the death of E. C. DeWitt.
During the current year the company paid four quarter]ly
Canadian Industrial Alcohol Co., Ltd.
-To Change dividends of 62 cents each on this issue, while in April,•
• July and Oct. 1926, quarterly distributions of $1 per share
Capitalization.
The stockholders will vote Dec. 20 on changing the authorized capital were made. The preference shares are entitled in any mienvalue)from 1,500.000 shares, all one class, to 1,000,000 shares deryear
stock (no par
to non-cumul. divs. up to $4 per share. Pres. Fred.
of class A voting stock and 500,000 shares of class B non-voting stock.
The class A stock will include all the present outstanding 969,480 shares of C. Chandler says:
Canada Dry Ginger Ale, Inc.
-New Director.
-
-V. 124. p. 3635.
capital stock.
It was the feeling of the diredtors that the passing of the dividend now
would tend to improve operations of the business and that with its dealers'
organization of more than double that of a year ago, together with plans
Year End. 9Mos. End. -Years End. June 30- for 1928,the company can look forward to a prosperous year. The company
Co.,
Mar.31 '27. Mar.31 '26.
Period1925.
1924.
is in a strong financial condition, having no bank loans and no other in$1,678,775 $1,241,295 $1,540,697 $1,667,975 debtedness, except a moderate amount of current bills -V. 125. p. 2674.
Sales
Cost of Goods sold, &c_ _ 1,446,670
1,050,246
1,331,940
1.388,685
Canadian Paperboard
Ltd.-Report.-
Gross profit
Other income
$232,106
15,220
$191,049
16,404
$208,757
29,683
$279,290
22,166
Total income
General exp.& bad debts
Interest & bond disc., Sze
Depreciation
$247,326
108,639
60,967
40,000
$207,453
77,464
47,976
30,000
$238,440
92,497
63,634
40,000
$301,456
102,621
43.064
80.000
Net profit
37.721
$52,011
$42,309
21.438
Pref. diva.(6%)
(2%)42010 (2%)42,010 (3%)63,015
Corn. dive
Additional deductions_
1.660
4,636
$75.770
Surplus
def$25,726
$8,343 def$25,342
$75,770
Earns per share on 21.500
she (par $100) corn.
outstanding
$0.76
$2.42
$3.52
$1.97
Pres. J. G. G. Kerry says in substance: Production during the year
amounted to 27,848 tons in comparison with 26,270 tons for the 12 months
Immediately preceding.
As a result of the improvements made in the mills during the past fiscal
year the output has now been increased and the financial result of operations for the period March 31, to Sept. 1 1927 shows a marked advance
over those for same period of last year.
During the year directors purchased $300,000 preference stock of the
Tidewater Paperboard Co. of Norwich, Conn., a property which had been
recently reorganized after receiver's sale and which included large quantities
of machinery that will be useful in the further expansion of the operations
of your own company. The Tidewater mill was operated for some months
In 1926 to prove out the quality of installation and was then closed down on
account of certain faults in the power plant equipment which required to be
remedied. The paper mill machinery itself was found to be perfectly
satisfactory.
Owing to the growing requirements of your company it was suggested
that a certain portion of the Tidewater machinery should be transferred
to Canada. An investigation extending over some months has been made
to determine a profitable site for manufacturing additional paperboard in
Canada and has resulted in the choice of a portion of property held by the
Toronto Harbor Commission. It is expected that a new mill having a
capacity of from 75 too 100 tons of paperboard per day, accordingto grade
Will be operated about June 1928.
Condensed Balance Sheet March 31.
1926.
Assets1927.
1927.
1926.
Property, dm_ _x81,903,354 $1,855,874 Common stock_ _ _$2,100.500 52,100,500
Inventories
256,579
266,268 Preferred stock_ _ _ 325.000
300,000
143,727 Bonds
7141,071
Acc'ts & bills me
730.300
695,300
87.672 Standard Bank of
1,577
Cailli
Can
225,921
521,088
56,145
Advances
546,522
Accounts payable_
Investments
175,258
185,939
122,170 Government taxes. 91,300
8,619
Prepaid charges_ _
10,617
319,352
319,351 Due to sharehold25,679
Goodwill
Profit and loss_ _
64,173
89,899
Total
$3,485,674 $3,382,256
Total
$3,485,674 $3,382,256
x After deducting $365,662 reserve for depreciation. y After deducting
reserve of $10,000.-V. 123, p. 2660.
Central Manufacturing District, Inc., Los Angeles.
-Hunter, Dulin & Co., Jackson & Curtis
Bonds Offered.
and Illinois Merchants Trust Co., recently offered at 101
and int. to yield from 6.19% to 6.41% according to maturity
$850,000 1st mtge. real estate improvement bonds, series C,
6%.
Cheney Bigelow Wire Works, Springfield.-Sto
William C. Simons, Inc., and The Northern New England
Securities Co., Inc. Springfield, Mass., recently offered at
$50 per share, 12,500 shares, $3.50 cumulative participating
'
preferred stock.
Preferred over common stock, as to assets up to $55 per share and accrued dividends. Pref. as to cumulative dividends up to $3.50 per share
per annum. Non-voting except in the event of a default of 6 consecutive
quarterly dividends. Callable at any time on 30 days' notice, in whole or
-J., and
in part, by lot, at $55 per share and diva. Dividends payable Q.
participating equally, share for share, with the common stock in any
dividends paid in excess of $2.50 per share, per annum, until $5 has been
paid on the preferred stock. Registrar, National Park Bank, New York.
Tax free in Mass. Free from normal Federal income tax.
Authorized. Outstanding.
Capitalization- '
Cumulative participating pref.stock (par $50).
12.500 abs. 12,500 sha.
Common stock (no par value)
20,000 shs. 20.000 shs.
Data from Letter of L. E. Bartlett, Pres. of the corapJny.
Company.-Incorp. in Mass, was established by the late Cheney Bigelow
in 1842 at Springfield for the manufacture and weaving of light wire cloth.
Owns and operates plants comprising 11 buildings covering a plot of more
than 3% acres on Liberty St. at Warwick Ave. Products now include four
(Lanier wires, dandy rolls, cylinder moulds, brass and bronze wire cloth,
brass, bronze and iron guards and grill work; elevator cabs and enclosures,
and wire sign frames. The business of the company is national in scope.
Assets.
-Total net assets, after deducting all liabilities, other than
capital stock, are approximately $100 per $50 pa evalue share of this issue
of preferred stock. Corporation has never had any funded debt and has no
floating debt. Corporation covenants that it will not mortgage the property
(purchase money mortgages excepted) without the consent of the holders of
75% of the preened stock. Company's financial statement as of Oct. 31
1927,shows a ratio of current assets to current liabilities of over 24 to 1.
Earnings.
-Average net earnings for the past 10 years, before depreciation
and Federal income taxes, equal 0146,506, or over 3.3 times preferred
dividend requirements. After depreciation and Federal income taxes at
current rates, such average net earnings equal $118,750. or more than 2.7
times such dividend requirements.
Sinking Fund.
-Payable annually at the rate of at least 10% of net Income for preceding year, beginning with the fiscal year ending Dec. 311930.
and thereafter, after deducting Pref. dividends, to be used for the retirement of participating pref. stock if purchasable up to $55 per share.
-The proceeds of this issue will be used to assist in financing
Purpose.
the acquisition of the original stock from the former owners.
-Extra Dividend.
Chicago Title & Trust Co.
The directors have declared an extra dividend of 3% and the regular
quarterly dividend of4% on the capital stock, both payable Jan.3 to holders
of record Dec. 21. The company paid an extra dividend of like amount
-V. 123, p. 3188.
at this time last year.
-Initial Class A Dividend.
City Financial Corp.
The directors have declared an initial quarterly dividend of 62% cents
per share on the outstanding 300,000 shares of class A stock, no par value.
payable Jan. 2to holders of record Dec. 20. (See V. 125, p. 1466.)
The corporation announces the formation of the City First Mortgage
Guarantee & Title Co., the first unit in its plan to provide a complete
financial service through various subsidiaries. The Title company will
issue 20,000 shares of capital stock, ail of which will be owned by City
Financial Corp. It will have a paid-in capital of 02.500,000. No publie
-V. 125. p. 1466.
offering of this stock is contemplated.
-Larger Dividend.
City Ice & Fuel Co.
The 'directors have declared a quarterly dividend of 75c. per share.
payable Mar. 1 to holders of record Feb. 10. Previously 50c. quarterly was
Dated July 11927: due serially July 1 1931-47. Denom. $500. $1,000 c*. Paid.
Heretofore, it has been the custom lot the directors at the December
Int. payable J. & J. at Citizens Trust Savings, Bank, Los Angeles, or
American Trust Co., San Francisco, or the Illinois Merchants Trust Co., meeting to declare dividends for the year in advance, but this practice was
Chicago, or First National Bank, Boston. Principal payable at the oMce discontinued owing to pending negotiations for a merger with the American
of Citizens Trust & Savings Bank. Los Angeles, trustee. Callable all Ice Co.
A Cleveland dispatch says: "Earnings for the first 11 months of this year
or part on 30 days'notice at 105 and int. on any int. date. Interest payable
without deduction for normal Federal income tax not exceeding 2%. were $5,239,788 before depreciation and taxes, compared with $4,763.360
Massachusetts State income tax of 6% refunded.
for the same period last year.
-V. 125, p. 2270.
-Central Manufacturing District of Loa Angeles is an industrial
Business.
Commercial Credit Co.
-New Director.
'organization closely modeled after the great Central Manufacturing District
James Bruce, recently elected Vice-President of the National Park
..or Chicago. The property of the Central Manufacturing District of Los
-V. 125. p. 2535.
and its allied companies comprises approximately 280 acres located Bank, has been elected a Director.
Angeles
In what is known as the East Los Angeles Industrial Section. The property
Consolidated Mining & Smelting Co. of Canada, Ltd.
Is located approximately 4 miles directly southeast of the center of Los
Angeles and can be reached in about 20 minutes from the downtown section Extra Dividend of $5 per Share-New Officers, &c.
by Ninth Street or Leonia Boulevard, The District is in line with the
share and the
The
industrial expansion towards Los Angeles Harbor and on the direct line regulardirectors have declared an extra dividend of $5 per
semi-annual dividend of $1.25 per share on the outstanding capital
to the Harbor, which makes it a most desirable
of the railroads leading
stock, par $25, both payable Jan. 16 to holders of record Dec. 31. Like
location for industries receiving and shipping through that port.
amounts were paid on Jan. 15 and July 15 last. Previously the company
Security -Series C bonds are being issued principally for the purpose paid 75c. per share semi-annually. An extra dividend of $3 per share was
of constructing the first unit of the new produce terminal now being built also
paid on July 15 1926, white on Jan. 15 1926 an extra disbursement of
the District, and, together with series A and B bonds now outstanding, $5 per share was made. Of the $12,675,300 stock outstanding, the Canadian
In
will aggregate an amount of $3,750,000 (auth., $10,000,000) which will be
OW1113 $5,785,325.
secured by a first mortgage or deed of trust on al industrial properties of Pacific By.
W. L. Mathews succeeds the late C. R. Hodmer as vice-president, S. G.
the company with the exception of 2% acres which are not contiguous Blaylock also was elected a vice-president. W. A. Black succeeds Mr.
thereto. The properties of the Central Manufacturing District, Inc. upon Roemer as a director.
-V. 125, p. 2152, 786.
valuation of over
of
the completionthethis financing will have a total this issue. The twice the
bonds outstanding, including
conservaContinental Baking Corp.
-New Director.
amount of all
nature of the appraisals is indicated by recent sales at rates substanGeorge K.Morrow, has been elected a director succeeding Elmer L.Cline.
tive
Nt.
tially in excess of appraisal figures. Additional series of bonds may be - 125, 13• 2674.
issued in the future, but under the terms of the trust indenture, the total
Continental Insurance Co., N. Y.
-Stock Div. Ruling.
amount of bonds outstanding must never exceed 50% of the total property
The Committee on Securities of the New York Stock Exchange rules that
values securing the same.
-For the 12 months ending Dec. 31 1927, based on actual the capital stock of this company be not auoted ex-the 50% stock dividend
Earnings.
operations to date, it is estimated that the consolidated net earnings avail- on Dec. 12 and not until further notice. See V. 125, p. 3067.
able for bond interest of the Central Manufacturing District, Inc. and The
Continental Paper & Bag Mills Corp.
-Bankers Call
Los Angeles Corp. (the guarantor company) will approximate $300.000, or
outstanding. including this
or 1.61 times interest requirements on all bonds the produce terminal now for Further Deposits of Bonds in Order to Effect Exchange
Issue. It is estimated that the earnings from completed by
which will be
Dec. 1 1927, Agreement.
under construction, the first unit ofthe year 1928. Based on the
The International Paper Co. has extended its offer to exchange its 71
estimated
will be approximately $135,000 forthe estimated earnings from the
-year sinking fund
terminal cumulative preferred stock for 1st & ref. motge.6 %. 20
earnings for the year 1927 plus
stet
3354
THE CHRONICLE
[VoL. 125,
gold bonds, Series A, of Continental Paper & Bag Mills Corp., to and inEquitable Title Mortgage & Guaranty Co., of Passaic,
cluding Jan. 16, 1928. The International Paper Co. made the exchange offer
on Noir. 1, 1927. conditional upon 90% of its 7% cumulative preferred stock N. J.
-To Pay 13% Cash Dividend-Proposed Increase in
'
being deposited with The Chase National Bank of New York, as depositary, Capitalization.
prior to Dec. 15, 1927.
The directors have declared a cash dividend of 13%, payable Dec. 31
The Chase Securities Corp., Bankers Trust Co.. Redmond & Co., Continental National Co.. and the Union Trust Co., Cleveland, under a notice to holders of record Dec. 13.
The directors also voted to increase the capital stock from $200,000 to
published Dec. 16. state that a substantial amount of these bonds has been
deposited but not enough to meet the requirements of the offer made by the $2,000,000 the surplus from $50,000 to $500.000, to reduce the par value
International Paper Co., and that in the opinion of the bankers mentioned of the shares from 1100 to $10 each and to offer stockholders the right to
"it is to the best interest of the bondholders that they take advantage of purchase 9 new shares for each old share held.
The company is controlled by the New Jersey Bankers Securities Co.
this offer of International Paper Co."
By the terms of the offer the International Paper Co. agreed to exchange (see V. 125, p. 1721).
831 shares of its 7% cumulative preferred stock for each $1,000 Continental
Paper & Bag Mills Corp. 1st & ref. motge. 6A % bond, with all coupons
Federal Bake Shops, Inc.
-Plan New Shops.
maturing after Aug. 1. 1927. attached, and to make an appropriate dividend
Opening of 20 to 30 new shops in territories where the company already
adjustment in cash so that each bondholder exchanging his bonds for such has a district organization fully equipped to efficiently operate a larger
preferred stock would be entitled to receive an amount equal to dividends number of shops, is planned by the corporation, which expects to add apat the rate of 7% per annum on his interest in the shares deliverable under proximately $2,000,000 to its annual sales volume over the next 18 months as
the offer. At Nov. 1, 1927, the exchange at the then market price for the the result of an expansion program which includes alteration and remodelling
preferred stock was equivalent to 85 flat for the Continental Paper & Bag of certain existing shops and possible purchase of a number of shops where
Mills Corp. Bonds. At current quotations for the International Paper Co. these measure up to Federal standards as regards location and character of
preferred stock, the exchange is stated to be equivalent to over 92 flat for business. The new shop recently opened in Trenton, N.J. has been adopted
the bonds.
as the standard type which will be followed in the opening of all new shops
"Since 90% of the outstanding bonds must be deposited before this offer and the remodelling of existing shops.
becomes effective, it is very important that all bondholders deposit their
The company is at present operating 96 shops in 85 cities, and installation
bonds promptly," says the notice. Compare V. 125, p. 2815.
of the new type unit will be made immediately in 7 shops located in Boston.
St. Louis, Yonkers, N.Y.,Aurora, Ill., Stamford, Conn., Wilkinsburg. Pa.,
and Davenport, Ia. Installation of the new type unit in 6 shops, where it
Continental Securities Corp.
-Larger Dividend.
The directors have decalred a quarterly dividend of $1 per share on the has been installed more than a year, is held responsible for increase of sales
goaltal stock, no par value, payable Jan. 16. to holders of record Jan. 3. in those shops of from 30 to 89%. and averaging 58%. Leases for new
- shops are already under investigation in several antes. Funds for this exPreviously, the company paid quarterly dividends of 75 cents per share.
pansion were provided by the recant public offering of $1,100,000 of 7%
V. 125, p. 2270.
cumul. pref. stock with common stock purchase warrants by Shields & Co..
Inc.
-V. 125. p. 3204.
Cox Stores Co., Inc.
-November Sales.
1927-Nov.
Increase.
Increased 1927-11 Mos.-1926.
-1926.
$252.549
$170.174
$668,138
$82,3751$2,515,217 $1.847.079
Federal Mining & Smelting Co.
-Quarterly Report.
-V. 125, P. 2674, 2152.
Tons Shipped-Quarters Ended
c . ui
July 31 1927.
Crowley, Milner & Co., Detroit.
Oct. 31 1926.
-Co-Registrar.
13,307 May 1927
16,649
13,979 Aug. 1926
The Guaranty Trust Co. of New York has been appointed co-registrar Aug. 1927
13,554 June 1927
11,818 Sept. 1926
16.482
for the common stock, without par value, consisting of 352,250 shares. Sept. 1927
Oct. 1927
13,430 July 1927
16.257
10,408 Oct. 1926
See V. 125, p. 2941, 3067.
(The) Dayton-Biltmore, Dayton, Ohio.
-Land Trust
-Merrill, Lynch & Co. and The Dayton
Certificates Offered.
SavingE Trust Co., are offering land trust certificates,
representing 1500 equal undivided parts of the equitable
ownership of the premises to be occupied by The DaytonBiltmore. Price 1-1500th part $1,010 and accrued rental to
yield about 5.45%.
Total
40,291
Total
36,205
49,388
Total
Net Earnings before Depletion, Depreciation and Taxes-Quarters Ended
31
July 31 1927.
Oct. 31 1926.
Aug. 1927 __--$23,326 May 1927 _ _ _ _$228,669 Aug. 1926 ----$396,508
.
Sept. 1927 ____ 173,635 June 1927 -___a304,669 Sept. 1926 ____ 360.719
Oct. 1927 _ --- 170,654 July 1927 ____ 145,760 Oct. 1926 ____ 307,115
Total
Total
4567.616
YS679.097
Total_ _ --41,064.342
x Before deducting $28,516 construction and equipment. y Before
deducting $40,756 construction and equipment. z Before deducting
Date from Letter of Judge Carroll Sprigg, Pres. Dayton Hotel Co. $109,009 construction and equipment. a Includes 5139.740 dividends on
Certificates.
-Each certificate will represent 1-1500th undivided interest our own stock purchased.
During the quarter ended Oct. 31 1927 the lowest and highest New
or multiple thereof in the equitable ownership in the fee simple title to
approximately 37,500 square feet of land, located at the northeast corner of York prices of lead and silver, and St. Louis prices of zinc were as follows:
Highest.
Lowest.
Main and First Streets in the business district of Dayton,0. The land has a
$0.0680
$0,0625
frontage of approximately 201 feet on Main Street and 187A feet on First Lead
Silver
0.54 A
0.56 A
Street.
Zinc
0.0645
0.0580
The land represented by these certificates is to be leased for a period of 99
A dividend of 131% on the preferred stock was paid Dec. 15.-V. 125.
years from Dec. 1 1927. to The Dayton Hotel Co. By the terms of this
lease the lessee will agree to construct the building, and to pay in addition P. 1587.
to all taxes and assessments on the leased premises and trustee's charges,
Federal Securities Corp., New York.
$82.500 per annum rental for distribution to the registered certificate
-Rights.
holders: additional payments under the lease will provide for the acquisition
The stockholders of record Nov. 22 were recently given the right to
of land trust certificates of this issue or obligations of the United States subscribe on or before Dec. 1 for 5 snares of pref. and 1 share of class "B"
Government to be held by the trustee, as additional security for the per- stock for each 5 shares of pref. and 1 share of class "B" stock held at $150
formance of the covenants of the lease.
per unit payable in full at the office of the corporation, 15 Park Row,
The title to the land, which is to be guaranteed by a title guarantee N. Y. City.
policy, will be vested in Dayton Savings & Trust Co., as trustee. The
The authorized 8% pref. stock (par $25) was recently increased from
certificates are to be dated as of Dec. 1 1927,from which date rental is to be 40,000 shares to 80,000 shares, and the authorized class "B" stock (par $5)
payable at the annual rate of $55 per 1-1500th part, payable monthly to the from 8,000 shares to 16,000 shares.
trustee and by it disbursed by check Q.
-M. to the certificate holders reF. M. Ferrari is president of the corporation.
gistered as such on the next preceding 20th days of Feb., May, Aug. and
Nov.
Financial 8c Industrial Securities Corp.
-Extra DiviThese certificates will be subject to retirement as a whole or in part at any
time within 50 years from the date of the lease at $1,050 plus accrued dend of 35 Cents Per Share on Common Stock.
rental for each 1-1500th part upon exercise by the lessee of its option to
The directors have declared an
purchase the premises covered by the lease or through the application by the common stock in addition to extra dividend of 35 cents per share on
the trustee of the additional payments made under the lease. The lease on the pref. stock and 75 cents the regular quarterly of $1.75 per share
per share on the com. stock, all payable
will provide that adequate insurance shall be carried on the improvements Jan.
3 to holders of record Dec. 20. Like amounts were paid on the re
on the property.
syectiviissuionJla:dOct1fhs year. A5,stock
ontoko21ovl5v12p9
asopaldon ttec t
3.
Location and Building.
-This site, the northeast corner of Main and First
Streets, has a commanding location in respect to the business center of
Dayton, and is considered ideal from the standpoint of accessibility and
Firestone Tire & Rubber Co.
-Extra Dividend of $2 per
the prominence which it enjoys at the intersection of such wide thoroughfares.
Share
-Common Stock Also Placed on an
Ann. Div. Basis.
The building will be 16
-story high-grade modern hotel of fireproof conThe directors have declared an extra dividend of $2 per share in addition
struction, containing 19 stores, approximately 500 rooms, a 2
-story garage
with storage capacity for about 90 cars, together with other usual hotel to a regular quarterly dividend of $2 per share on the common stock.
facilities. The building will be L-shaped with tae garage in the rear corner, The extra dividend Is payable Jan. 10 to holders of record Jan. 3. The
regular dividend is payable Jan. 20 to holders of record Jan. 10. Prethus providing light and air to all rooms.
Deposit of Construction Cost.
-A contract will be made by the lessee for the viously the common stock was on a regular $6 annual dividend basis.
construction of the building according to plans and specifications prepared An extra dividend of $1 per share was also paid on the common stock on
by F. J. Hughes Co. of Dayton as architects, who will supervise construc- Jan. 2 1926 and on Jan. 3 1927.
The company and subsidiaries report for the year ended Oct. 31, 1927,
tion, and which have been approved by Warren & Wetmore of New York as
net profit of 513.780,965 after depreciation, Liberia development expenses.
consulting architects for Mr. Bowman.
Federal taxes. etc., but before provision for general contingencies, against
Funds to cover the contracted cost of the building are to be deposited
-V'. 125. P
with The Dayton Savings and Trust Co. as trustee, to be disbursed as the $7.622,339 in previous year, before reserve for contingencies.
construction of the building progresses, in accordance with the require- 1979; V. 124. P. 1517.
ments and the restrictive provisions of the disbursing agreement.
Dayton Hotel Co.
Flagler Street Co. Miami, Fla.
-The Dayton Hotel Co., which will lease thelandrep
-Bonds Offered.--Stix
resented by these certificates, will erect and own the building. The capital
Oliver J. Anderson & Co., St. Louis are offering
stock of The Dayton Hotel Co. will be owned by, and the corporation's & Co. and
at prices to yield from 5.85% to 6.50% according to maturity,
officers and directors will include,a number of Dayton's prominent men.
Dayton-Biltmore,Inc.
-The Dayton-Biltmore,Inc., willlease the property $300,000 1st mtge. serial gold bonds.
from The Dayton Hotel Co. for a period of 25 years with the privilege of
Dated Aug. 11927: due serially Aug. 1 1929 to 1937. Denom. $1,000.
renewal for 15 years additional. By the terms of this lease the lessee will
agree to install furnishings and fixtures at a cost of not less than $400,000, $500 and $100. Principal and int. (F. & A.) payable at St. Louis Union
which will be pledged as security for its lease. Mr.John McE.Bowman and Trust Co.. St. Louis, trustee. Red. on any int. date on 60 days' notice
at a premium of A of 1% for each year or part thereof between date of rehis associates have agreed to operate this hotel.
-The land represented by these cer- demption and maturity of bonds called.
Value of Land and Improvements.
-Bonds are secured by a closed first mortgage on the Venetian
Security.
tificates has been appraised upon completion of the building by E. T.
Hall, Abstractor of Titles. Dayton.at $1,600,674. and by Geo. P. Huffman, Building, located In the heart of the retail business section of Miami, Fla.,
-year lease by the Flagler Street Co.,and on the fee to the
owned under a 99
pres. of The Huffman Realty Co., Dayton,at $1,620,190.
The building when completed is a''raised by Preston M. Nolan, Real property owned by the lessor, Douglas Properties, a Florida corporation,
whfch joins in the mortgage securing these bonds. The building,completed
Estate Valuator, Chicago, at $2,450,111.
Earninos.-The lease from The Dayton Hotel Co. to The Dayton- in Jan. 1927, consists of a modern fire-proof steel and concrete building, the
Biltmore, Inc., will provide for an annual net rental of $290,000 for the first first story 30 feet in height, being an arcade and having 23 stores. The sec15 years and $277,500 for the next 10 years. The average rental is $285,000 ond and third stories contain 50 large offices, and the building Is so conper annum which is equivalent to 3.45 times the rental to be distributed structed that 17 additional stories can be added.
The land and building have been appraised at $1,350,000 as follows:
to the land trust certificate holders,and 3.16 times the rental and additional
Ground, $750.000: Building, $600,000.
payments combined.
Earnings.
-The earnings of the building applicable to interest and amortization of this loan
of $126,280 per annum or 61-I times inDominion Engineering Works, Ltd.
-New Stock Placed terest charges and 4are at the rate and
times interest
amortization charges for the first 9
on a $2 Annual Dividend Basis.
years. These earnings were made on an average occupancy of 80% of the
The directors have declared a quarterly dividend of 50c. a share on the stores, and 50% of the offices. When fully rented it is estimated that the
new stock (par $20), payable Jan. 14 to holders of record Dec. 31. This is net earnings available for Interest and amortization will be in excess of
equivalent to a $10 annual dividend basis on the old stock on which $8 $175,000 Per annum.
-V. 125, p. 525.
a year was paid annually.
-New Common Stock Placed on a $1
Iff Dow Drug Co.
Annual Dividend Basis.
The directors have declared a quarterly dividend of 25 cents per share
on the new no par value common stock, payable Jan. 1 to holders of record
Dec.21. This is equivalent to a $10 annual dividend rate on the old common
shares of $100 par value which were recently split up on a 10 for 1 basis and
on which a quarterly dividend of $2 per share was paid on Oct. 1 last.
See V. 125. p. 1057.
-Amalgamation Approved.
Elliott-Fisher Co.
-
-V. 125, p.2942.
See Underwood Typewriter Co. below.
42 Broadway Building, N. Y. City.
-Certificates Called.
Twenty-five ($25,000) 1st mtge. 15
-year 6% s, f. gold loan certificates
dated Jan. 1 1924, have been called for redemption Jan. 1 next at 102}5
and int. at the Central Union Trust Co., 80 Broadway, N. Y. City.
118. p. 89.
Freeport Texas Co.
-Extra Dividend of 75 Cents.
-
The directors have declared an extra dividend of 75c. a share and the
regular quarterly dividend of $1 a share, both payable Feb. 1 to holders of
record Jan. 4. Distributions made this year are as follows: 50c. a
share on Feb. 1. $1 a share on May 2, 25c. extra and $1 regular on Aug. 1.
and 50c. extra and $1 a share on Nov. 1.-V. 125, p. 2675.
DEC. 17 1927.]
THE CHRONICLE
-Initial Class A Dividends.
General Cable Corp.
3355
trustee) 1st real estate mortgage collateral, 5% gold bonds,.
An initial quarterly dividend of $1 per share has been declared on the series "H."
class A stock, no par value, payable Jan. 1 to holders of record Dec. 24.
Dated Jan. 1 1928; due Jan. 11943. Principal and Int. (J. & J.) payable
The directors have declared two quarterly dividends of $1.75 each on
the 7% cumulative preferred stock for the September and December at Chicago Title & Trust Co. Red. all or part upon 30 days' notice on Jan.
quarters of 1927. They are both payable Jan. 1, one to holders of record 1 1933, or on any int. date thereafter at 100 and int. Denom. $10,000.
Dec. 19 and the other to holders of record Dec. 27.-V. 125, p.3205, 3058. $1,000 and $500 c*.
Security.
-These bonds are a direct obligation of a trust created by the
Illinois Merchants Trust Co. with the Chicago Title & Trust Co.as trustee,
General Electric Co.
-New Director.
Thomas Cochran, a partner in J. P. Morgan & Co.. has been elected a and, together with any other series, will be specifically secured by deposit
director succeeding Dwight W. MOITOW, who is now Ambassador to Mexico. witn the trustee of first mortgages upon the fee of improved real estate
located in the "Greater Chicago- cllstiict, to the amount of 110% of the-V. 125, p. 2943.
par value of outstanding bonds. Compare previous offerings in V. 125,P.
General Fireproofing Co.
-Larger Common Dividend.
- 1200; V. 124, p. 2918, 932; V. 123, p.3192, 2003, 1883.
The directors have declared a quarterly dividend of $1.75 per share on the
Independent Oil & Gas Co.-Acq.-New Officers.
common stock, placing the issue on a $7 annual basis, and the regular
The company has taken over all the properties of the Phllmack Oil Co.
quarterly dividend of $1.75 per share on the preferred stock, both payable
Jan. 1 to holders of record of Dec. 20. In July and Oct. last, quarterly including approximately 80,000 acres of leases and will operate them in,
dividends of $1.25 per share were paid on the common stock (compare the future.
Waite Phillips has been elected Chairman of the board, a new office.
V. 124, p. 3638)•
R. Otis McClintock and Gillette Hill of the Pnllmack Co., and R. T.
President W.H. Foster stated that earnings this year are about the same
as in 1926 when about $10 a share was earned on the common stock after all Brewer of the First National Bank of Tulsa, Okla., have been elected
direstors.
charges.
-V. 125. P. 395.
E. H. Moore will continue as president.
General Ice Cream Corp.
-To Increase Common Stock
Results for 10 Months Ended Oct. 31 1927.
$10,655,105
Gross
and Create An Issue of$6 Dividend Preferred Stock.
6,291,254
The stockholders will vote Dec. 27, (a) on increasing the authorized Expenses, taxes, dry holes. &c
common stock (no par value) from 225,000 shares to 450,000 shares, and
$4,363,851
Operating
(b)on creating an issue of50,000 shares of$6 div. pref.stock, no par value.
- Other incomeprofit
293,394
V. 125, p. 1845.
$4,657,245
Total income
General Motors Corp.
-Sales Overseas.
-In the first 9 Depreciation and depletion
2,523.003
months of this year the sales of General Motors cars to overseas dealers were larger than in any previous complete year,
according to an announcement by Pres. Alfred P. Sloan, Jr.
$2,134,242
Net income
Earns, per sh.on 650,000 shs. no par cap.stock outstanding__ _ _
$3.28
-V.125, p. 2676.
The total in the 9 months ending in September was 141,337 cars and
-Special Distribution.
Indiana Pipe Line Co.
trucks,compared with 118.791 in the entire year 1926 and with 86,596 in the
In addition to the dividends declared last week payable Feb. 15 1928,
first 9 months of 1926. The figure for the first 9 months of 1927 represents
increase of approximately 63.2% over the corresponding period in 1926. the company on Dec. 22 next will pay a special dividend of 30% ($15 per
an
Sales in the third quarter of this year exceeded those of the same quarter share) to holders of record Dec. 2. Compare V. 125, p. 2676. 3206.
of 1926 by 26,086 cars,or more than 114.4%.
-Extra Div. of $2 Declared.
Interlake Steamship Co.
The number of cars sold to the overseas dealers of General Motors in the
third quarter of this year Is shown herewith and compared with quarters of
The directors have declared an extra dividend of $2 per share and the
preceding years:
regular quarterly dividend of $1.50 per share on the common stock, both
Number of Cars and Trucks Sold.: payable Jan. 1 to holders of record Dec. 15. An extra dividend of $2 per
Period1927.
1926.
19;5. share was paid on Dec. 31 1926.
1st quarter
The directors also declared a regular quarterly dividend of $1.50 a share
39,443 31,936 15,577
2nd quarter
53,009 31,861 26,277 on the common stock, payable April 1 to holders ofrecord March 17. Com3rd quarter
pare V. 123. p. 3192.
48,885 22.799 25,906
4th quarter
32,195 33,134
International Combustion Engineering Corp.
x These figures are the sales by the General Motors export organizations
to dealers of Chevrolet, Pontiac, Oldsmobile, Oakland, Buick, La Salle and Initial Dividend on Preferred Stock.
Cadillac in all countries of the world,except the United States and Dominion
The directors have declared an initial quarterly dividend of $1.75 per
of Canada, but do not include sales of Vauxhall Motors, Ltd., or overseas
sales of the products of Yellow Truck & Coach Mfg. Co.
-V. 125. p. 3069. share on the $7 cumul. pref. stock, no par value, payable Jan. 3 to holders
of record Dec. 20. (See offering in V. 125, p. 1981.)
General Tire & Rubber Co.
-Dividend Rate Increased
Special Distribution of 8% Also Dedared.The directois have declared a quarterly dividend of 3% and a special
8% (Christmas) dividend on the common stock, both payable Dec. 20 to
holders of record Dec. 20. Previously the company paid regular quarterly
dividends of 2%,and in addition paid Dec. 1923, 1924, 1925, and 1926 an
extra cash dividend of6%,making 14% for the year.
-V. 125, p. 657.
President William O'Neil says: "The company had easily the greatest
percentage of increase in the tire industry. Even in comparison with
companies which make many articles besides tires and take care of large
orders for automooile manufacturers, we experienced the greatest half
year on record. Based on results in 1927, we have been able to raise the
regular dividend rate. The extra distribution is not regular, but subject
to conditions next year. We hope to maintain the regular 12%, however.
-V. 125, p. 657.
Gimbel Brothers.
-Personnel of Subsidiary.
At a stockholders' meeting of the Kaufmann & Baer Co., a subsidiary,
held Dec. 2. the following were elected to the board of directors: Bernard F.
Gimbel, Daniel Gimbel, Richard Gimbel. Oscar Greenwald, Theodore
Kaufmann (chairman), Karl Kaufmann (vice-pres.), John Mench (vice
pres.), Richard Blum (sec'y & treas.), Julius Baer and James Hammond
pres.)
.-V. 125, p. 2675.
Grinnell Manufacturing Corp.-Bal. Sheet Sept. 30
LlabliiUezRealestate
$437,829 Capital Stock
estate
1,128,132 Accts.& bills pay
Machinery
Merchandise, material, stock
Reserve for taxes
1,418,486 Reserve for div
in process
344,264 Reserve for deo
Bills & accts.rec
Profit & loss
Total(each side)
83,328,712 -V. 124, p. 3218.
$1,500,000
194,275
72,050
22,500
823,597
716,290
Guardian Fire Assurance Corp., N. Y.
-Increase.
-
The stockholders on Dec. 13 increased the authorized capital stock from
20,000 shares to 40,000 shares, par $25. The additional stock will be offered
to present stockholders at $50 per share on the basis of one new share for
each share held. Compare V 125. p. 3205.
Hamasa Building Association, (Hamasa Temple,
A. A. 0. N. M.. S.), Meridian, Miss.
-Bonds Offered.
Marine Bank & Trust Co., New Orleans are offering at 100
and int. $215,000 1st mtge. guaranteed 5%% serial sinking
fund gold bonds.
Dated Dec. 1 1927; due serially Dec. 1 1928-1937 incl. Denom. $1,000
and $500. Prin. and int. (J. & D.) payable at First National Bank,
Meridian, Miss., trustee, without deduction for normal Federal income
tax up to 2%. Callable all or part in inverse numerical order, on any int.
date, upon 60 days' notice, at 102 and hit.
-These bonds are secured by a closed first mortgage on all of the
Security.
property of Hamasa Building Association situated in the City of Meridian,
Miss., together with all improvements thereon and all furnishings and
equipment therein belonging to Hamasa Building Association or Hamasa
Temple, A. A. 0. N. M. S. The building will be of steel and concrete
construction and will consist of the auditorium, lodge rooms, etc.
The bonds will be further secured by the payment to the trustee of all
rentals derived from a lease of the auditorium to Saenger Theaters, Inc.
and a certain amount out of dues collected from members of, Hamasa:
Temple, sufficient to cover sinking fund requirements. The funds so
derived are to be used only for payment of principal and interest of these
bonds.
Valuation.
-The property is valued at $401,000. This loan is for only
about 53.6% of the property value.
Borrowers.
-This issue of bonds is the direct obligation of Hamasa Building Association, organized under the laws of Mississippi by the members of
Barnes& Temple, Ancient Arabic Order Nobles of Mystic Shrine. Harness,
Temple has approximately 3,200 members, is the oldest, and was for years
the only Shrine Organization in Mississippi.
Hamilton Fire Insurance Co.
--400% Stock Dividend.
-
The company proposes to increase Its authorized capital stock from $200,000 (par $15) to $1,000,000 (par $50) the additional stock to be distributed
to the stockholders in the form of a 400% stock dividend on Dec. 30 to
holders of record Dec. 29.
Illinois Merchants Trust Co.
-Bonds Offered.
-The
hicago is offering at 101
Illinois Merchants Trust
Co.,to the optional date, and 5%
and int. to yield over 4.75%
thereafter, $2,000,000 (Chicago Title & Trust Co., as
English Subs. Co. Secures Contract.
The Synthetic Ammonia & Nitrates, Ltd., has just placed an order with
the International Combustion, Ltd., a subsidiary of the above company,
to equip its new steam boiler plant, the largest high pressure plant in the
world, now under construction at Billingham-on-Tees, England. The
-pound pressure steam generating
order includes the installation of six 800
units of 269,000 pounds capacity each. The plant is designed to burn
pulverized coal and the company has ordered lopulco preparation and
burning equipment together with complete steel furnaces. All equipment
going into the new plant,including the high-pressure steam generating units,
-V.125, p. 1981.
will be built by International Combustion, Ltd.
-Debentures Approved.
International Match Corp.
-year
The stockholders on Dec. 8 approved an issue of $50.000,000 20
5% sinking fund gold debentures, dated Nov. 1 1927. See offering in V
125, p. 2818. 2676.
-Bonds
International Securities Corp. of America.
%
Offered.
-Harris Forbes & Co., are offering at 953 and int.,
to yield about 5.35% an additional issue of $10,000,000
5% gold debentures Dated June 1 1927; due June 1 1947.
(See original offering and description in V. 125, p. 104.)
Data from Letter of William R. Bull, President of the Corporation
-Is the successor of International Securities Trust of America
Company.
(organized in 1921), the pioneer general investment trust in this country.
With its large resources and facilities for the study of economic and business
conditions it is able to afford to the purchasers of its debentures the protection of expert selection and supervision and of broad diversification
of investments to a degree not available to the individual investor.
Business.
-The business of the corporation is confined to the investment
and reinvestment of its resources in seasoned, marketable securities, domestic and foreign. Its assets now include over 500 different Government,
railroad, public utility, industrial and miscellaneous securities representing
investments in over 30 different countries.
-During the fiscal year ended Nov. 30 1927, the earnings of
Earnings.
the corporation and the predecessor Trust were as follows:
Gross earnings from interest, dividends and realized profits on
$4,097,444
sale of investments
386,038
Expenses and Foreign Government taxes
$3,711,406
Net earnings before interest and Federal taxes
Annual interest charges on funded debt to be outstanding on
1,332,922
completion of this financing
$2,378.484
Balance
During the period covered by the above earnings statement, the assets
of the corporation (and the predecessor Trust) invested and available for
investment averaged less than $35,000,000. as compared with over $54,000,000 upon completion of the present financing. The earning power
of the corporation is directly dependent on the amount of assets invested
and available for investment.
Indenture.
-The corporation may not issue any additional funded debt
except debentures (of this or other series) under the terms of the indenture
and no additional debentures may be issued unless upon the issue and sale
thereof, the corporation's current resources (as defined in the indenture)
would amount to at least 200% of its entire funded debt then to be outstanding. Certain of the provisions of the indenture or of any supplemental indenture may be modified upon the affirmative vote of holders
of at least 85% in principal amount of the outstanding Debentures.
Balance Sheet November 30 1927 (adjusted to give effect to the payment of int.
and dies. on Dec. 1 1927 and to the issue and sale of these Debentures].
Capital anti Liabilities
Assets187,600
Investments
840,182,005 7% Cuml. pref.stock series A
13,533,500
Securities sold but not deliv'd
26,046
Do. 6% series B
a14,216,239
Do. 61i% series C
6.433,100
Cash
Corn, class A (no par) 326.859
Accr. int. & items in course of
collection
5,725,050
739,249 shares
Unamort. debt disc. & exp._ 2,487,405 Com,Mass B (no par) 600,000
2,222,220
shares
5% gold debs.(Ind . this issue) 25,000,000
Secured gold bonds(5series) b 1,432,700
18,585
Sec. purch. but not receive&
482,765
Accr. taxes & expenses
792,203
Miscellaneous reserves
1,923,221
Total (each side)
$57,650,945 Surplus
a Including the proceeds of this issue, which are to be applied to the purchase of additional investment securities.
b 6% due 1928. $7,500;6% due 1933. $921,700;6% due 1943. $199.500;
5% due 1933, $76.000; 5% clue 1943. $228,000.
Cash and investments of the corporation, as shown by the above balance
sheet, will, upon completion of this financing, exceed $54-000,000, an
amount over 200% of its total funded debt, which will then consist of
$25.000.000 of these 5% debentures and $1.432,700 secured gold bonds.
3356
The aggregate present market value of the investments is in excess of the
aggregate book value shown on the above balance sheet.
There is no pledge of, or lien on, any of the assets of the corporation
except that collateral of a present market value of less than $2,500,000
is now pledged as security for the secured gold bonds. The debentures are
senior to $20,054,200 of cumulative preferred stock (three series) and to
*326.859 shares of class A and 600,000 shares of class 13 common stocks.
-V. 125, p. 2944.
Island Creek Coal Co.
-Coal Output.
Period End. Nov. 30-- 1927
-Month-1926,
Coal prod.(No.of tons)
542,851
628,100
-V.125. p.2818,2677.
[Vol,. 125.
THE CHRONICLE
Klots Throwing Co.
-Tenders.
The American Exchange Irving Trust Co., trustee, 60 Broadway, N. Y.
City, will until June 25 receive bids fir the Belot° it o 1st ref.6% 30-year
gold mtge. bonds, dated Mar. 1 1909, to an amount sufficient to absorb
$30,900, at prices not exceeding par and int.-V. 124, p. 3505.
Knott Corp.
-Initial Dividend of 60 Cents.
-
An initial quarterly dividend of 60c. per share has been declared on the
no par value capital stock, payable Jan. 15 to holders of record Jan. 5.-V. 125, p. 1982.
1927-11 Mos.-1926.
5,979,109
1,049,085
La France Textile Industries, Frankfort, Philadelphia.
-Bonds S9ld.-Chatham Phenix National Bank &
Trust Co., Cassatt &
Co., Continental National
Ind.-Pref. Stock Co., and California Co., Otis &Co., have
Jefferson Park Realty Corp., Gary,
solo
Indianapolis, is offering 1st mtge. 6% sinkingSecurities bonds, at 100 $2,000,000
Offered.
-The Meyer-Kiser Bank,
fund gold
and int.
at par ($100) and div. $550,000 6% fee simple real estate
Dated Dec. 1 1927; due Dec. 1 1942. Principal and int.
& D.)
preferred stock.
payable at Chatham Phenix National Bank & Trust Co., New York,
Dated Dec. 1 1927; due serially Dec. 1930-1943. Callable at 102.
Diva. payable Q.
-N.
-Owns in fee simple the entire northwest corner of Sixth
Corporation.
Ave. and Monroe St., Gary, Ind. On this location the Corporation is now
constructing what is generally considered to be the finest apartment building in the State of Indiana, consisting of an eight-story and basement "U"
shaped structure, entirely fireproof, and constructed of reinforced concrete,
hollow tile, brick and terra cotta, to be known as the "Ambassador Apartments." The building will contain 68 apartments ranging in size from 3
rooms to 8 rooms, and one small storeroom. Of the 68 apartments, one
-rooms with
Is full 8
-room with 3 fully equipped bath rooms, two are full 7
-rooms with 2 fully equipped bath
2 fully equipped bath rooms, 12 are 6
-rooms with one bath and
rooms, 13 are 5
-rooms with one bath, 20 are 4
-rooms with one bath.
20 are 3
Income.
-Based upon prevailing rentals now being obtained for less desirable apartments in Gary, as well as upon reservations already made for
some of these apartments, it is estimated that the annual gross will total
$110,640 whereas expenses of every nature, with a liberal allowance for
vacancies, are not expected to exceed $44,200, thus leaving an estimated net
income of $66,440 or more than double maximum dividend charges on this
Issue of preferred stock.
Valuation.
-Company's real estate has been independently appraised
at $120,000 and the cost of improvements has been estimated at $837,000
by Vonnegut, Bohn and Mueller, architects and engineers of Indianapolis,
and at $852,000 by George and Zimmerman, architects and engineers of
Indianapolis. Averaging the estimates on the improvements at at $845,000
the real estate and improvements will represent a total valuation of8965,000.
This issue is for only 57% of the total valuation of the property and this
percentage decreases rapidly with the retirement of serial maturities.
Joint Investors Inc.
-Dividend.
-The corporation has declared a semi-annual dividend of $3 per share on
the 6% prior pref. stock, payable Jan. 3 to holders of record Dec. 13.-V.
125. p. 3070.
(Anton) Jurgens' United Factories, Ltd.(N. V. Anton
Jurgens' Vereenigde Fabrieken).-Stock Exchange Offer.
An offer to holders of ordinary shares of Anton Jurgens' United Factories,
Ltd., to exchange their holdings for certificates of ordinary shares of Margarine Union. Ltd., was announced Dec. 16 by cable from London.
The company's ordinary shares of 1,000 florin each with serial numbers
up to 34,08:6 are exchangeable for certificates or ordinary shares of 1,500
florin each of Margarine Union Ltd. plus 50 florin in cash the balance of
these shares serially numbered up to 41,973 being exchangeable on the same
basis but without cash.
Certificates of ordinary sub-shares (12 florin each) may be exchanged for
ordinary sub-certificates (18 florin each) of Margarine Union, Ltd., plus
6-10 of 1 florin in cash.
The exchange will be effected at the offices of Margarine Union, Ltd.,
Finsbury Court, Finsbury Pavement, London, E. C. 2 where holders may,
until Jan. 31, 1928. receive scrip certificates therefor. The scrip will be exchanged on and after March 1. 1920, for definitive certificates.
Kellogg Co. (of Del.).-Stock Increased.
The company on Dec. 12 filed a certificate at Dover, Del.. increasing its
Authorized common stock from 400.000 shares to 460,000 shares of no par
value.
-V. 119. p. 332.
Keith-Albee-Orpheum Corp.
-Theatre Merger.
Officials of the Keith-Albee and Orpheum Circuits confirmed Dec. 10
the reported merger of the two major vaudeville circuits, with their 534
theatres in the United States and Canada. Before the merger was closed,
B. S. Moss sold to Keith-Albee his interests in the Greater New York
Theatres Corp. for a consideration said to be $3,500.000. By this merger
the most gigantic in theatrical annals, more than 75% of the vaudeville
theatres of the country are brought under control of the new corporation.
The merger involves assets of $100.000,000. Under the title of KeithAlbee-Orpheum Corp.. the interests and holdings of the Orpheum Circuit,
Inc., B. F. Keith Corp.. the Greater New York Vaudeville Theatres Corp.
and the B. F. Keith-Albee Vaudeville Exchange are consolidated.
E. F. Albee will be President of the corporation; Marcus Heiman. now
President of Orpheum, will be Executive Vice-President. The names of
other officials have not been announced.
The new corporation will have a capita of $10.000.000 of 7% preferred
Stock and 2.000,000 shares of common stock, of which 1,119.170 shares will
be presently outstanding. The new enterprise will be financed by Lehman
Brothers, who will make a public offering of the preferred stock.
The first step in the amalgamation has been taken with the dispatch of a
letter to common stockholders of the Orpheum Circuit, asking them to deposit their stock in the Orpheum Circuit, Inc.. in exchange, share for share,
in the new company. This letter is signed by a stockholders' committee
composed of Marcus Heiman, Pres. of Orpheum; Mrs. C. E. Kohl, Joseph
M. Finn and Mort H. Singer, Vice-Presidents: Herman Fehr, Frank R.
Tate, Sanford Sachs, Albert Pick and B. B. Kahane, directors.
Because of the various different companies which make up the Keith
organization, it is not possible to state at the present time the exchange
basis for the shares of those corporations. If all the Keith companies go
into the merger, it is understood that the total shares will not be so great
as to dilute the earnings of the Orpheum shares.
The letter sent to Orpheum Circuit stockholders states in part: "Upon
the organization of the new company, the capitalization of Orpheum
Circuit, Inc.. will remain unchanged, there being at present $6,415,000 of
8% convertible preferred stock outstanding. There are 549.170 shares
outstanding of Orpheum Circuit, Inc., common stock, and if all holders of
Orpheum common stock take advantage of the opportunity of exchanging
their stock, the new company will have issued and outstanding a total of not
to exceed 1.119.170 shares of no par value common stock. The balance
of the authorized common stock of the new company will be held in the
treasury to provide for conversion of preferred stock and for other corporate
purposes.'
The company will create one centralized booking office for the entire chain
of theatres. A vaudeville act may be booked for upwards of two years in
a single contract. In the purchase of motion pictures, the company increases
and concentrates its buying power. The many items that are used in preparation of weekly programs can be purchased more advantageously.
The building program of both Orpheum and Keith-Albee Circuits will be
continued and extended. These will include some of the finest theatres in
America. The new B. F. Keith Memorial Theatre, Boston, will be dedicated early in the new year. The E. F. Albee Theatre in Fountain Square
Cincinnati will be open in a few weeks. The new Orpheum in Sioux City
will open on Dec. 18. The Keith-Albee Chester in the West Farms district
of the Bronx will open within a month. Additional houses are under construction in Rochester, N. Y.; Huntington, W. Va.; Flushing, L. I.: Baltimore, Md.;Toledo, Ohio; Richmond Hill, L. I.: Milwaukee, Wis.; Memphis.
Tenn., and others in neighborhood centres in Manhattan and Brooklyn.
The new company contemplates erecting theatres in the New England
territory, including cities of Springfield, Worcester, Hartford, New Haven,
Waterbury and Bridgeport. The Worcester site has been acquired and
.contracts have been let for immediate construction. It is planned to erect
new theatres in the West, where the Orpheum Circuit is not adequately
.opresented.-V. 127 p.3206.
trustee. Denoms. $1,000 and $500 c*. Red. all or part, on any int. date
on 30 days' notice at 103 and int, to and incl. Dec. 1 1932: thereafter at
102 and int, to and incl. Dec. 1 1937; thereafter at 101 and int. to and
incl. June 1 1942.
Tax Status.
-Interest payable without deduction for the normal Federal
income tax not to exceed 2% per annum. Company agrees to refund,
upon proper application made within 60 days after payment, to holders
resident in the respective States, personal property and security taxes not
exceeding 53 mills per dollar of taxable value per annum of California.
,
6
Conn., District of Columnia, Maryland, Mich. and Minn.. and income
taxes on interest not to exceed 6% per annum of Mass. Free of Penn.
4 mill tax.
Data from Letter of Bernard Davis, Pres. of the Company.
Business.
-La France Textile Industries is one of the largest manufacturers of tapestries, plushes, and drapery fabrics in the United States.
Company specializes in supplying the furniture and drapery trades, and a
constantly growing demand for its fabrics is resulting from the scientific
development of designs through application of art to fabrics by its own
artists in La France Mt Institute. In addition to the regular line of fabrics,
the company manufactures tapestry pictures, tapestry mirrors, and tapestry
wall panels. Company's products are distributed nationally through 13
wholesale branches located in the principal cities of the United States, and
the output of its Canadian subsidiary company's plant is distributed
through 3 branches in Canada.
Security.
-These bonds will be the direct obligation of the company
and will be secured by a first (closed) mortgage on the company's three
manufacturing plants and machinery, &c. therein, owned in fee in the
United States, two of which are located in the heart of the manufacturing
district of Frankford, (Philadelphia) Pa., and the third at Medford, N. J.
Fixed assets were appraised by Manufacturers' Appraisal Co. as of Oct. 31
1927, at a sound valuation of $3,177.930. The balance sheet as of Oct. 31
1927, giving effect to this financing, shows net tangible assets applicable
to this issue, after deducting all liabilities other than these bonds, of over
$2,400 per s1,000 bond.
-Mortgage will provide for a cumulative sinking fund
Sinking Fund.
with minimum semi-annual payments calculated to retire about 60% of
the issue prior to maturity. When 10% of net income, after deducting
dividends accuring on the preferred stock, for any calendar year exceeds
the minimum payments for such year, the next sinking fund payment
shall be increased by the excess amount of such income.
Purpose -Proceeds will be used to provide additional working capital,
to retire existing indebtedness, for additions to plants, already made and
in the process of construction, and for other corporate purposes.
Authorized.
Issued.
Capitalization1st mtge.6% sinking fund gold bonds (this issue) $2,000,000 $2.000,000
1,000,000
7% cumul. pref. stock (8100 par)
459.600
Common stock (no par)
200.000 shs. 150,000 shs.
Earnings.
-Earnings of the company, certified by Lybrand, Ross Bros.
& Montgomery, giving effect to this financing, have been as follows:
Prof. lie!. De- Deprec.Based Prof. Aft. Deprec., Int. & on Appr. prec. Be . Int.
Calendar
f
Net Sales.
Fed. Taxes.
Values. & Fed. Taxes,
Years$240,693
1925
81,837,608
$68,906
$171,787
3,648,556
527,765
58,036
469.729
1926
4,442,049
700,803
60.094
1927 t10 mos.)
640,709
Net earnings after depreciation and all prior charges, available for
interest on this issue and Federal income taxes, as shown above, for the
two calendar years, and for the 10 months ended Oct. 31 1927, averaged
8452,550 per annum, or more than 3.75 times present annual interest
requirements on this issue, and for the 10 months ended Oct. 31 1927 were
over 6.4 times interest requirements for the ten months' period.
Consolidated Balance Sheet as of Oct. 31 1927 (After Financing.)
LtabdUiesA
$685,590 Bills payable, die
$132,131
Cash
1,505 Accounts payable
Bills receivable, customers_
134,065 Accrued accounts
47,074
Accounts receivable
16,763 Federal tax 1927 (est.)
81,000
Assets assigned (less advan)_
1,145,273 1st mtge. 6% bonds
2,000,000
Inventories
4,952 7% pref. stock
459,600
Building & Loan Asso. shares
Common (150,000 abs.)
860,000
La France Flushes, Ltd.
156,664 Earned sur.(since Jan. 1 1925)
(Canada) advances
996,316
161,980 Surplus arising from revaluaPrepaid & deferred expenses_
tlon of land, dm
700,211
Land, buildings & equip_ _ _ _ 3,210,990
Total
$5,517,782
$5,517,782
Total
The company is contingently liable on advances against customers'
accounts receivable in the amount of $534,963 40.
-Mortgages Accepted.
Lawyers Mortgage Co.
The executive committee has accepted mortgages aggregating $10,243,775
distributed as follows: Manhattan, $190.000: Bronx, $3,554,900: Brooklyn,
$4.995.975; Queens, $1,306,150, and Westchester, $196.750.-V. 125, p.
2538, 1848. 398.
-November Sale8.(Louis K.) Liggett Co.
1927-Nov.-19> .
$4,696,332 84,568,215
-V. 125, p. 2819, 2155.
Increased 1927-11 Mos.-1926.
Increase.
$128.1171$52,590,551 $47,547,559 $5,042,992
Lincoln Hotel Properties, N. Y. City.
-Bonds Called.=
Seventy-one gen. mtge. 635% bonds (numbers ranging between 1 and
309), dated July 1 1926, have been called for payment Jan. 1 next at 102
and int, at the office of S. W.Straus & Co., Inc.,565 Fifth Ave., N.Y.City.
See offering in V. 123, p. 333.
-Extra Dividend of $1.
Loew's, Inc.
-The directors have
declared an extra dividend of $1 per share and the regular
guar. div. of 50 cents per share, both payable Dec. 31 to
holders of record Dec. 20. An extra dividend of $1 per
share was paid on Dec. 31 1926.
-Initial of 50c. per share paid Feb. 1 1920;
Record of Dividerlds Paid.
then to May 1921, 50e. quarterly; then none until Dec. 311923, when 50e.
was paid; March 31 1924 to Sept. 30 1927 incl., 50c. quarterly and in addition, on Dec. 31 1926, paid an extra dividend of $1 per share.
-V.125, p.
1848.
$15,000,000 Preferred Stock Offered.
-Stock financing for
this company, one of the largest factors in the motion picture
industry, was announced Dec. 16 in the form of an offering
by a group consisting of Dillon, Read & Co., Blyth, Witter
& Co., and A. G. Becker & Co. of 150,000 shares of $6.50
cumulative preferred stock, priced at $100 per share and
div. Stock purchase warrants, detachable after July 1
1928, will entitle the holder to purchase common stook in
the ratio of one share of common for each two shares of
preferred at $75 a share on or before Apr. 1 1929 and at $80
a share thereafter to and incl. Apr. 1 1931.
DEC. 17 1927.]
THE CHRONICLE
The $6.50 cum. pref. stock is to be preferred over the common stock
as to cum. divs. at the rate of $6.50 a share per annum, and as Co assets. in
event of liquidation, at $105 a share and diva. Red. all or part on any div.
-F.
date, on 30 days' notice, at $105 a share and diva. Divs. payable Q.
(accruing on this issue from Nov. 15 1927). Free of present normal Federal
income tax. Pref. stock authorized 300,000 shares (without par value).
Preferred stock in addition to the above 150,000 shares may be issued in
one or more series, under restrictions, as to be provided in the amended
certificate of incorporation. National Park Bank New York, registrar,
Dillon, Read & Co., transfer agent.
Listing -Company has agreed to make application to list this issue of
pref. stone on the New York Stock Exchange.
Data from Letter of Nicholas M. Schenck, President of the Company.
Business.-Loew's Inc., a holding company,is one of the largest and most
prominent factors in each of the three divisions of the motion picture
Industry-namely, production, distribution and exhibition. Company
has shown substantial net profits in each year since organization In 1919,
and is the outgrowth of amusement enterprises which have been successfully
operated since 1905.
Through subsidiary and affiliated companies, company owns, leases or
directs a chain of 115 theaters in the United States and Canada, not
including 8 theaters now under construction in this country. Many of
these theaters are the largest and most favorably located in their respective
cities. This is in keeping with the company's policy of theater operation,
which has been to construct or acquire theaters of large seating capacity
centrally located in the principal cities of the United States. Foreign
operations include the control of theaters in various European capitals.
and the distribution of films throughout the world. The number of cash
admissions to the company's chain of theaters during the fiscal year ended
Aug. 31 1927, was over 100,000,000.
Metro-Goldwyn Pictures Corp., a wholly-owned subsidiary company,
ranks as one of the world's leading motion picture producing companies
and has built up a high reputation for the popularity and artistry of its
productions. It has been its policy to produce a limited number of feature
pictures in each year, employing the best stars and directors obtainable.
Film costs have been written off at a rate which absorbs 87% of the cost
of each film in one year from the date of general release. Among its recent
outstanding pictures, known to the public as Metro-Goldwyn-Mayer
productions, have been "The Big Parade," "Ben Hur," "Student Prince,"
"Quality Street" and "Garden of Allah."
Earnings.-Consolidated results of operation of Loew's Inc. and its
wholly-owned subsidiary companies, including dividends received from
affiliated copanies, for the 6 fiscal years ended Aug. 31 1927, have been
certified by Philip N. Miller & Co.,certified public accountants as follows:
Earnings
Consol. net
Int. on
Divs. on
before int.
Years
earns. after
debt of
subsids'
Int. on
after deprec.
ended
all chgs.
debt. pref. stk. Loew's Inc.
Aug. 31
& Fed, taxes, subs'
$10,000 $2,235,321
$339,680
•$2,585,001
1922
2,399.238
12,998
456,225
2.868.461
1923
2.878.353
47,897
$78,174
530,914
3,535.338
1924
4,708.6'31
88,369
310,185
654.886
5,762,072
1925
6,388,200
341, 66
736,46159
7,774,386
1926
6,737.205
560,096
333,220
732,983
8,363.504
1927
Consolidated net earnings of $6.737,205 for the fiscal year ended Aug.
require31 1927, as above, were 6.9 times the maximum annual dividendaveraged
-year period shown
ment of $975,000 on this issue, and for the 6
dividend requirement.
over 4 times such
Consolidated net earnings for the fiscal year ended Aug. 31 1927, as
above, without allowing for dividends on this issue of preferred stock and
giving no effect to benefits from the additional capital obtained through
this financing, were equal to $6.35 a share on the common stock now
outstanding.
Common Stock -Authorized, 4,000,000 shares; outstanding, 1,060.910
shares. In addition, 104,870 shares are now reserved for purchase under
outstanding stock purchase warrants, on or before Apr. 1 1931, at $55 a
share, and 90,000 shares are tobereserved against stock purchase warrants,
for purchase at the prices indicated above, to be issued in connection with
125. p. 1848.
this financing.-V.-
3357
-Extra Dividend of 25 Cents.
Marlin-Rockwell Corp.
The directors have declaied an extra dividend of 25 cents per share in
addition to the regular dividend of 50 cents per share on the common stock,
no par value, payable Dec. 31 to holders of record DEC. 22. This is the
fourth extra divioend declaration this year, an extra dividend of 25 cents
per share having been paid in the first quarter, one of 50 cents per share
in the second quarter, and one of 25 cents per share in the third quarter.
-V. 125. p. 2678.
-Receiver Sought.
-A RaMason Tire & Rubber Co.
venna, 0., dispatch Dec. 3 states:
Charging the present board of directors was illegally elected and is acting
without authority, three Alcronites and a Kent man, as stockholders,
filed a petition in Common Pleas Court at Ravenna, 0., asking an accounting of funds and appointment of a receiver.
The petitioners, A. V. Cook, M.J. Raleigh and Curtis P. Raleigh, Akron,
and C. E. Eldridge. Kent, name as defendants the Mason Tire & Rubber
Co.. the Guardian Trust Co., Cleveland, W. A. Cluff, Pres.; John H.
Diehl. V.-Pres.; George L. Morse, H. I'. Shupe, F. M. Brooks and W. F.
Beckley, Directors.
Claiming the present officials of the company have seized control of the
company through illegal transfer of stock ordered returned to The company
by the Portage-co courts in previous suits, the petitioners charge the officers
are operating the firm for their own benefit instead of in the interest of the
stockholders.
-To substantiate their charges of illegal control the
Cite Court Cases.
petitioners cite settlement of court cases in Portage-co Common Pleas Court
in which control ofthe company was taken from 0.M.and D.M.Mason and
a total of 53,420 shares of the company's voting stock owned by them and
W. A. Cluff, J. H. Diehl and the estate of D. M. Mason, was ordered
returned to the company.
According to the petition the shares were not returned to the company,.
but were transferred to Colonel H.P. Shupe of Cleveland in order to illegally
perpetuate the control of the present board of directors.
Continuing, the petitioners charge the officials authorized the payment of
all court costs and attorney fees in the litigation from the company treasury
despite the fact the suits were for the sole purpose of transferring control
from the Masons to the present officials.
-The petition also attacks the payment of $40,000 to
Attacks Payment.
D. M. Mason for an alleged claim, which it is charged was never explained.
Pointing out the company has paid no dividends on either its common or
preferred stock since 1922, the petition charges through mismanagement on
the part of officials the value of the company's preferred stock has dropped
from $80 to $7, this despite the fact that $24 of dividends have accrued,
and the common stock has slumped from $20 to Si) cents.
The petition then attacks the management of the plant, charge that
through payment of excessive salaries to executives and inexperienced operatives the company's plant cost is 10 to 15% higher than any other rubber
company.
-V. 124. p. 2758.
-Extra DiviMidland Steel Products Co., Cleveland.
dends Declared on Common and Preferred Stocks.
The directors have declared extra dividends of 48c. on the common
and $1 per share on the preferred stock, in addition to the regular quarterly
dividends of $I per share on the common and $2 per share on the preferred,
all payable Jan. 1 to holders of record Dec. 22. Like amounts were paid
on April 1, July 1 and Oct. 1 last. On July 1 and Oct. 1 1926 and on Jan.
1 1927 an extra of 49c. per share on the common and of $1 per share on
-V.125. p. 3072.
the preferred stock were paid.
-Dividend Increased.
Missouri-Illinois Stores Co.
The directors have declared a quarterly dividend of 25 cents per share on
the common stock , no par value, payable Jan. 1 to holders of record Dec.
20. Previously the company paid quarterly dividends of 20 cents per share
on this issue.
-V.119. P• 333.
-Status:
Missouri State Life Insurance Co.
This company, one of the largest operators in the middle west and remade a member or the American Life Convention of the United
- cently and Canada, has joined the ranks of the first 20 insurance companies
(The) Lombardy (Manleid Corp.), N. Y. City.
States
$750,000,000 in
country with
-S. W. Straus & Co., Inc., are offering at in the the 9 month's nearly this year, figureslife insurance in force at the
Bonds Offered.
just made public by the comperiod
end of
100 and int. $2,600,000 first mtge. fee 6% sinking fund pany reveal.
New insurance put in force during this period aggregated $108,833,162.
gold bond certificates.
representing an increase of 40.6% over the $77.395,435 reported for the
Dated Nov. 151927: due Nov. 151942. Int. payable M.&N. Denom. same period last year, and establishing a weakly average of over $3,250.000
$1,000, $500 and $100, c*. Prin. and int. payable at offices of S. W. in new business written.
-V. 124. p. 3507.
Straus & Co., Inc., New York. Red. for sinking fund at 101 and int.
Callable, except for the sinking fund, at 102 and int, up to and incl. Nov.
Morrilton (Ark.) Cotton Mills, Inc.
-Bonds Offered.
15 1934; and at 101 and int. after Nov. 15 1934 and before Nov. 15 1942.
Federal income tax up to 2% paid by the borrowing corporation. Penn., Southern Securities Co., Little Rock, Ark., recently offered
Maryland 4% mills tax; District of ColumConn.and Vermont 4 mills taxes;
at par and int. $125,000 1st mtge. 7% sinking fund gold
bia and Virginia 6 mills taxes; New Hampshire state tax up to 3% of the
int. per annum; and Mass. State income tax up to 6% of the int. per an- bonds.
num, refunded. Central Union Trust Co., New York, trustee.
Dated Aug. 1 1927; due Aug. 11942. Principal and int.(F. &A.) payable
-Secured by a direct first mortgage on The Lombardy, a at Simmons National Bank. Pine Bluff. Ark.(trustee) without deduction
Security.
recently completed 22-story apartment hotel building, situated on the north for normal Federal income tax not exceeding 2%. Denom. $1000, $500 and
side of East 56th St., N. Y. City, together with land thereunder owned in $100. Red. on any int. date upon 30 days' notice at 103 and hit.
fee by the borrowing corporation. This building contains 167 apartments
Company.
-Organized in May 1927, by Morris & Co. and the citizens of
divided into suites of from one to three rooms. There is also, on the 21st Morrilton, Ark. The new company has built a modern cotton mill plans at
floor, one seven-room triplex apartment and one five-room duplex apart- Morrilton and has purchased from Morris & Co. Its modern 10.000-spindle
suites are attractively furnished and each apartment cotton mill equipment for the common stock of the Morrilton Cotton Mills.
ment. Many of the
has the benefit of complete hotel service. On the main floor, in addition Inc. Morris & Co., Inc., organized in 1883 as a New Jersey corporation,
to the lobby, there is a restaurant, lounge and reception room and on the has been engaged for 44 years in the manufacture of cotton fabrics, such
floor below there is a grill room and a billiard room.
in the manufacture of rubber belting, fire and air brake
-The land, building, and furnishings have been appraised as as Is used tires. Morris & Co. will continue to operate the mill hose and
Valuation.
automobile
and will
follows:
market all of its products. Its products, however, will not be confined to
Value Land, Building,
goods used by the rubber industry, but will also include various kinds of
Value Land
& Furnishings.
Appraiser
heavy ducks and mechanical fabrics used in all parts of the world. In
$3,825,000
William B. May Co., Real Estate, Inc.- $920,000
addition the Morrilton Cotton Mills, Inc., will also manufacture severa
960,000
3.730,750
S. W. Straus & Co., Inc.
fabrics of a very high grade.
Dazed on the lower of these valuations there is a margin of equity above special
Security.-Secured by a direct closed first mortgage on all of the physical
the amount of this issue of $1,130,750.
values of
-Based on present rental schedule, the gross earnings of the assets of the company. The sound depreciated equivalent the properties
Earnings.
to more than
upon completion, as appraised, total $499.000,
property are estimated at $725,600, and, after deducting taxes, operating $3,900 for each $1,000 bond to be presently outstanding.
costs and a 10% allowance for vacancies, the net earnings of the property
CapitalizationAuthorized. Outstanding
available for interest and amortization are estimated at 8423,000 per 1st mtge. 7% sinking fund gold bonds
$125.000 $125,000
annum. This amount is more than twice the greatest combined annual 7% preferred stock (par $100)
300.000
200,000
interest and sinking fund requirements.
20,000 shs. 20,000 shs.
Common stock (no par value)
Earnings.
-For the five year period 1921-1025 incl., Morris & Co.
-90 Cent Extra Dividend.
MacAndrews & Forbes Co.
showed average annual earnings of $91,788, before depreciation and Federal
An extra dividend of 90c. per share has been declared on the common taxes. For the same period gross sales averaged over $400,000 annually.
stock in addition to the regular quarterly dividend of 65c. per share, The average annual net earnings after depreciation and Federal taxes
Jan. 14 to holders of record Dec. 31. An extra dividend of amounted to $44,836, or more than 5 times the maximum annual interest
both payable
like amount was paid on Jan. 15 1927 (see V.123,P.3193).-V. 125,P. 2678. charges on these bonds. The reduction in manufacturing costs due to the
increased efficiency of the plant and equipment will increase the net
-Rights, &c.
McCall Corp.
earnings, as estimated by the officers of the company,to more than 8100.000
The common stockholders a record Dec. 3 have been given the right to per annum.
Sinking Fund.
-The mortgage provides that beginning Aug. 1 1927,
subscribe on or before Dec. 19 for 24,000 additional shares of common stock
(no par value) at $40 per share on the basis of one new share for each 10 company ill pay monthly in advance to the trustee 1-12 of the annual
shares of stock held. This offering has been underwritten. The proceeds interest charges; and, beginning Feb. 1 1929. the company will pay monthly
will be used to retire the outstanding 8,591.4 shares of 2nd pref. stock at in advance for a sinking fund, to purchase and retire these bonds, an
amount equivalent to 1-12 of 25% of the net earnings for the preceding
110 and diva.
The stockholders on Dec. 2 increased the authorized common stock from year. In no event, however, shall such payments be less than 1-12 of the
-V. 125, p. 2538.
minimum amounts for eacn year. All sinking fund moneys shall be used for
240,000 to 264.000 shares.
the purchase of bonds in the open market or by redemption at 103 and
accrued interest.
-25 Cent Dividend.
McCallum Hosiery Co.
Purpase.-Proceeds will be applied against the cost of the new plant, new
The directors have declared a dividend of 25 cents per share on the common stock, no par value, payable Dec. 30 to holders of record Dec. 22. A equipment and for working capital.
amount was paid on Mar.S last.
-V.125, p. 2538.
dividend of like
McQuay-Norris Mfg. Corp.
-Extra Dividend.
The directors have declared an extra dividend of 10c. per share and the
regular quarterly dividend of 40e. per share, both payable Jan. 3 to holders
of record Dec. 31. Dividends were resumed on the stock on April 1 last
by the payment of a regular quarterly dividend of 40c. per share; a like
amount was also paid in July and Oct. last -V. 124. p.3783.
Mortgage Guaranty Co. of America.
-Bonds Sold.
The company recently sold at 100 and interest $1,000,000
guaranteed 1st mortgage collateral 53'2% gold bonds series
AB, guaranteed by Nationkl Surety Co., New York.
Dated Dec. 1 1927; due Dec. 1 1937. Principal and int. payable at
Chatham Phenix National Bank & Trust Co., New York, trustee and
at office of Mortgage Guarantee Co. of America. Atlanta, Ga. Denom.
$1,000 and $500, c*. Interest payable without deduction for normal
The directors have declared a uiviciend of 2%% on tne /% cumul, pref. Federal income tax up to 2% per annum. Subject to call, all or part on any
stock, payable Dec. 31 to holders of record Dec. 17. A dividend of the int. date on or before 5 years from date of issue at 102, and thereafter at par.
Secant' -These guaranteed first mortgage collateral gold bonds are the
,
same amount as paid on this issue in June last. During 1926. the company
-V. 125, p. 659. direct obligation of the company. They are issued against and are secured
also paid two dividends of 2%% each on the pref. stock.
-2M% Dividend.
Mt. Vernon-Woodberry Mills, Inc.
3358
THE CHRONICLE
[VOL. 125.
by direct closed first mortgages on improved city real estate and (or) U. S.
Company manufactures all types of steel and composite railroad pasGovernment obligations deposited with an independent trustee, in an senger and freight cars, as well as electric street cars for cities, and special
amount equal to 101% of the face amount of the bonds. The mortgages types of equipment for mining, logging and industrial operations. Company
never exceed 60% of the appraised value of the mortgage property, the also produces drop forgings and steel pressings, and fabricates wood and
majority of which are subject to amortization payments, resulting in an steel parts, which are sold to the railroads for repairs and to other assembling
Increase in underlying equities.
plants. The works are located on Hamilton Bay, Hamilton, Ont.
In addition to the manufacture of railway cars and
Early in September the company announced the sale at company had in operation when taken over by the presentequipment, the
management, a
100 and int. of 81,000,000 guaranteed 1st mtge. collateral separate department for the manufacture and sale of motor trucks. This
business, however, proved unprofitable and has now been completely
532% gold bonds, series A-1. Dated Sept. 1 1927; due liquidated, save for a
Sept. 1 1937. In all other respects this issue is similar to National Trucks still trifling amount of spare parts business for owners of
on the road.
Earnings.
-After eliminating losses sustained exclusively by the motor
the series AB issue above.
-V.125, p. 1201.
truck department, net earnings of the business as now constituted, i.e.,
Mortgage Insurance Corp.
-Wm. operation of car business alone, for the four years ending June 30 1927.
-Certificates Offered.
bond Interest,
Cavalier & Co., San Francisco are of ering $500,000 insured before depreciation and $91,600; 1926. were as follows: $396,376.
1924, $878,892: 1925,
$151,103; 1927,
1st mtge. 6% gold certificates (issue No. 26-1927) as Average for four years
$379,493
Annual interest on present bonded debt
51,600
follows: June 1 1928 to Dec. 1 1928 incl., to yield 5.50%. Annual depreciation
100,000
June 1 1929 to Dec. 1 1938 incl., to yield 6%.
xBalance
$227,893
Dated Dec. 1 1927; due serially 1928 to 1938 incl. Principal and int.
x
(J. & 1).), payable at Metropolitan Trust Co. of California, Los Angeles, the Equivalent, before income tax, of over $2.27 per share per annum on
capital stock.
trustee, and American Trust Co., Fan Francisco. Denom. $1,000 and
Net earnings
$500, c*. Repurchasable by the company as a whole but not in part on Dec. estimated,for the 6 months ending Dec. 31 1927, with the month of
after deduction of full depreciation and interest, amount to
any int. date at par and int. and a premium of % of 1% for each unexpired $274,400;
6 months or portion thereof, but not exceeding 102. Exempt from Cali- -V. 125,which compare with earnings for the same period of 1926,$173,879.
p. 1850.
fornia personal property tax.
Legal Investment for California savings banks, trust companies and insurNew Jersey Bankers Securities Co.
-Sub. Co. Div.
ance companies.
See Equitable Title Mortgage & Guaranty Co.,of Passaic. N. J., above.
Coniranp.-Operates under the provisions of the California mortgage
insurance act, which authorizes the issuance of these insured first mortgage V. 125, p. 1721, 1850.
certifier.tea. Corporation has a capital and surplus of $1,319,683.47. Oper
Niles-Bement Pond Co.
-New Directors.
atiens are under the close supervision of the State Insurance Commissioner.
The following have been elected
Certifirates.-There certificates represent a participating interest in 92 Chas. IC Seymour (Vice-President, additional directors of the company:
Secretary and Treasurer), Clayton R.
first mortgages and first deeds of trust, totaling over $500,000. and averaging less than $5.500, which are deposited with the trustee. These liens are Burt k Vice-President and General Manager of Pratt & Whitney division),
secured by improved and productive California real estate appraised at Frederick B. Rentschler (President Pratt & Whitney Aircraft Co.), Syndey
Buckley (Vice-President Niles-Crane
$1.073.775, or more than twice the amount of these securities. -Under the President and General Manager Nils Division) and Edwin H. Peirce (ViceTool Works division). Mr. Seymour
mortgrge insurance act, all appraisals are made by appraisers approved has also been elected a member
of executive committee.- V. 125, p. 1201.
by both the Superintendent of Blanks and the Insurance Commissioner of
California.
-V. 125, p. 2820.
Northeastern Surety Co.
---Stock Sold, etc.
The shareholders have voted to increase the capital stock from 2.500
Moss Glove & Hosiery Stores Inc.-Recapitalizes.to 5,500 shares,
the
The corp ration has been authorized by the California Corporation Com- the shareholderspar $100. Allfor new stock has been subscribed for by
and payment
subscriptions was made Dec. 13. The
missioner to make a change in its capital stock structure, by which the total capital
outstanding issues will not be 10,000 shares of prior preferred and 29,000 000 noand surplus of the company, following the increase, stands at $675,
addition having been made to surplus.
shares of common stock.
The Increase in capital
voted
The 10,000 prior preferred shares will be given in exchange for 10,000 entry of the company into wasfield ofin connection with the contemplated
the
casualty insurance. Application has
outstanding common shares. Of the 29,000 new common shares, 19,000 been made to the State Insurance Department, it is
announced, to grant
shares will be given to stockholders in exchange for 2,500 shares of class A casualty powers to the company and to permit it
to write casualty insurance.
deferred common stock and 16,500 shares of class B deferred common in addition to the fidelity, surety judicial, contract
and guaranty lines now
stock. See also V. 123, p. 721. 1770.
handled. The company started business in July of this year.
'
-V. 125. 1:
1•
2821.
Mountain & Gulf Oil Co.
-Extra Dividend.
The directors have declared an extra dividend of 1% and the regular
Northern Securities Co.
-Larger Dividend.
quarterly dividend of 27., both payable Jan. 16 to holders of record Dec. 31.
The directors have declared a semi-annual dividend of 434' , payable
7
Like amounts were paid in the previous 11 quarters.:
--V. 125, p. 1591.
Jan. 10 to holders of record Dec. 23. In 1927 the company paid
semiannual dividends of 4% each and an extra dividend of 2%.-V. 124, p. 383.
Mount Hope Bridge Co.
-Bonds cfc Debs. Listed.
The $2.850.000 1st mtge. 634% bonds and the $1,300,000 7% debenNorthwestern Yeast Co.
-3% Extra Dividend.
tures have been listed on the Boston Stock Exchange. See offering in
The directors have declared an extra dividend of3% and the regular quarV. 125. p. 3208, 3072.
terly dividend of 3%. The extra is payable Dec. 31 to holders of record
Dec. 24 and the regular on Dec. 15 to holders of record Dec. 12. An extra
Murray Corp. of America.
-Earnings.
of3% was also paid on Dec.31 1926.-V. 123, p. 3194.
Results for 9 Months Ended Sept. 30 1927.
Nunnally Co.
-Smaller Dividend.
Gross profit
$1.217.809
Depreciation
The directors have declared a semi-annual dividend of 25c. per share
300.309
Commercial expenses
685.344 on the outstanding 160.000 shares of common stock, no par value, payable
Dec. 31 to holders of record Dec. 24. On June 30 1927 a dividend of
Operating profit
$232,156 50c. per share was paid.
-V. 125, p. 2539.
Net of other income & income charges
79,186
Oahu Sugar Co.
7 Extra Dividend.
0
-23/
2
Net profit before Federal taxes
$311,342
The company on Dec. 15 paid to holders of record Dec. 6 an extra
Consolidated Balance Sheet Sept. 30 1927.
dividend of 234% (50 cents per share) in addition to the regular monthly
dividend of 1% (20 cents per share). This makes a total of 1434% for 1927
AssetsLiabilities
Land. bids, mach.& equip:610,046,687 8% preferred stock
$251,100 and compares with 12% each paid in 1926, and 1925, 18% each in 1924.
and 1923.-V. 125, p. 400.
Cash
1,317,333 Common stock
y12,044,996
Reorgan. corn. fund (est.) _
50,000 Accounts payable
727,605
Customers' accounts
Ohio Shares Inc.-Pref. Stock Offered.
-W. E. Hutton
1,507,080
taxes, etc.
176,296
Inventories
4,454,124 Purch. money
'
_ 1,149,585 & Co., Edgar Friedlander & Co. and the First Investment
Invest. In Dietrice, Inc
426,816 Funded debts
3,954.700
& Securities Corp. recently offered the unsold portion of
Skg.fund depos
134,478 Res, for disputed Federal
Securities
111,450
tax claims
808,261 $600,000 Series A 6% cumulative pref. (a. & d.) stock at
M lace]] ace ts. & Adv.
.
66,751 Res.for general coating
478,824
$103 and divs., to yield 5.8%.
Good-will & patents
343,483 I
Def,charges to future opera.. 1,134,167
Total (each side)
$19,691,367
Entitled to $110 per share in voluntary liquidation and $100 per share
x After deducting $322,809 reserve for depreciation. y Represented in involuntary liquidation before any payment is made on common. Red.
all or part on any div. date upon 60 days notice at $110 and dive. per share.
by 269,333 shares of no par value.
-V. 125, p. 1849.
Dividends payable Q.
-F., First National Bank, Cincinnati, transfer agent
National Biscuit Co.
-Stops Sale of Common Stock to and registrar.
Organization.
-Company was incorp. in Oct. 1927 in Ohio to acquire
Employees.
own and trade in corporate stocks and other securities, including any for
The management on Dec. 12 took what was considered an unprece- of real or personal property.
dented step in suspending sale of the company's common stock to employees.
Capitalization.
Sales of preferred will be continued. In announcing suspension of the Series A 6% cumulative preferred (par $100)
4600,000
common stock offer, Treasurer G. P. Wells said: "In view of the specula- Common stock (12,000 share,no par value)
6240.000
tive activities in the common stock recently,the privilege of the employees Paid in surplus
60,000
to subscribe to the common stock on the instalment plan is suspended until
a $600,000 additional preferred authorized to be issued at dividend rates
further notice. They are privileged to subscribe for preferred stock as to be determined and under suitable protective provisions as hereinafter
heretofore."
defined. b The common stock was sold at $25 per share, of which $20.00
Common stock was offered to employes at $78 a share last January, in was allocated to capital account and $5 to paid in surplus.
which month it sold at 9434, or at the lowest levels for the year. SubseInvestment Regulations.
-The by-laws of the company require a broad
quent demand for the shares in the open market caused them to advance diversification of investments under the direct supervision of the execuin price and caused the employee subscription price to be advanced corres- tive committee, consisting of J. M. Hutton, John J. Rowe and Edgar
pondingly. Recently it was advanced to $175 a share, and the allotment, Friedlander. All actions of this committee are reviewed by the board of
which had been 5 shares to each employee every 3 months, was decreased directors, at their meetings. The securities held by the company may be
to one share in every 3 months. The company has had to buy common oought and sold upon the advice of the executive committee, subject to
stock in the open market for its 20,000 employees.
said review of the board of directors, there being no obligation on the part
-V. 125, p. 3209.
of the company to invest its assets according to any set plan as to percentages of preferred and common stocks, etc.
National Licorice Co., Brooklyn, N. Y.
-No Extra.
Among the companies whose shares (preferred and (or) common) have
The directors have declared the regular semi-annual dividend of 234% been approved for investment by the company if and as the market position
on the outstanding $11-000,000 common stock, par $100, payable Jan. 10 is considered favorable, are:
to holders of record Dec. 15. In Jan. 1927 the company made an extra American Laundry _Machinery Co.
Kroger Grocery & Baking Co.
distribution of 2%% on this issue and in Jan. 1926 an extra of 5% in addi- American Rolling Mill Co.
Miller Rubber Company.
-V. 124. p. 934.
tion to the usual 234% semi-annual dividend.
Buckeye Incubator Co.
National Cash Register Co.
Central Alloy Steel Corp.
Owens Bottle Co.
-Stock Offered.
-Greenshields Cincinnati Street Railway Co.
National Steel Car Corp.
Peerless Motor Co.
Cincinnati & Sub. Bell Tel. Co.
Procter & Gamble Co.
& Co. and McDougall & Cowans, Montreal are offering Eaton Axle & Spring Co.
Pure Oil Co.
61,000 shares capital stock (no par value). This issue does Firestone Tire Sc Rubber Co.
Sherwin-Williams Co.
Timken Detroit Axle Co.
not represent new financing by the company, but arises out of Fleischmann Company
Gabriel Snubber
Timken Roller Bearing Co.
the purchase of 81,000 shares which had been originally Gibson Art Co. Co.
Truson Steel Co.
U. S. Playing Card Co.
subscribed in the United States, and of which the present Hobart Manufacturing Co.
Youngstown Sheet & Tube Co.
management is retaining 20,000 shares.
Earnings.
-After completion of this financing the company will have a
total of $900,000 available for investment in sound dividend paying securiCapitalization
1st M.
6% bds.,due 1930,issued $2,000,000,red.$1,140,000
$860,000 ties. Ttnough a sound policy of diversification, the income from this fund
Capital stock, no par value
100,000 abs. should be ample to cover the dividends on this issue of $600,000 preferred
Transfer agents, National Trust Co., Montreal and Toronto. Registrar, stock.
Listing.-ApplIcation is to be made for the listing of this stock on the
Toronto General Trust Corp.
-Application will be made to list this stock on the Montreal Cincinnati Stock Exchange,
Listing.
Directors.
-The Board consists of Alfred C. Cassatt, W. H. Chatfield,
Stock Exchange.
-Formed in 1920 to take over under new management, the John J. Emery, Edgar Friedlander, John B. Hollister, J. M. Hutton and
Corporation.
assets and business of the National Steel Car Co., Ltd., of Hamilton, Ont. J. J. Rowe. Each has purchased a substantial interest in the common
The purchase of the business was financed by the sale of $2,000,000 1st stock.
mtge. 6% bonds and 100,000 shares of common stock, 19,000 of which
Okonite Co., New York.
-To Retire 7% Notes.
were taken by the stockholders of the old company, the balance of 81.000
All of the outstanding 10
-year 7% sinking fund gold notes, due July 1
shares being subscribed in the United States. Since re-organization Jan. 1
1920,the company has made steady progress in the upbuilding of its position 1933, have been called for redemption Jan. 1 next at 10534 and int. at the
as a manufacturer of heavy steel and composite equipment used for the American Exchange Irving Trust Co., 60 Broadway, N.Y. city.-V. 125.
p. 3210.
transportation of materials and passengers.
DEC. 17 1927.]
THE CHRONICLE
-Extra Dividend.
Onomea Sugar Co., Hawaii.
In addition to the regular monthly dividend of 1% (20 cents) the directors
declared an extra dividend of 3%, both payable Dec. 20 to holders of
record Dec. 15. An extra of 3% was also paid on March 20 last. This
makes a total of 18% for the year 1927. During 1926 the company paid
-V. 124,
an extra dividend of 4% and 12 monthly dividends of 1% each.
P• 3081.
-To Change Par
Ontario Steel Products Co., Ltd.
-Conversion Privilege to Preferred.
Value of Common Stocks.
3359
Management.
-Company will be under the direction of H. R. Stephenson, whose successful association with the Union Bleachery, of Greenville,
the Lanett Bleachery & Dye Works, of West Point, Ga., and later the
Southern Bleachery, of Greenville, places him as an outstanding figure in
the bleaching, dyeing and finishing business. The management and associates have purchased $350,000 of this issue.
-Sales.
Piggly Wiggly Western States Co.
1 1927-11 Mos.-1926. Increase.
1927-Nov.-1926. Increase.
$384,0001$12,190,243 $7,088,010 $5,102.233
$815,709
$1,199.709
-V. 125, p. 2681, 2276.
The stockholders at a special meeting passed a resolution authorizing the
-Shipments.
Prairie Pipe Line Co.
directors to apply for supplementary letters patent converting the $100
1927-11 Mos.-1926.
-Month-1926.
Period End. Nov. 30- 1927
par value common shares into common shares without par value on the
4,082,007 59,181.091 46,356,619
basis of 4 for 1, and giving the preferred shareholders 4 votes for each Shipm'ts crude oil (bbls.) 5,460,059
-These figures do not include shipments over the Pure Oil pipe
Note.
preferred share held.
-V. 125. P.
It was also decided to give the preferred shareholders the option of con- Line Co., a subsidiary, which delivers oil to the Gulf Coast.
verting the preferred shares into no par common stock on basis of 4for 1, 2681, 1986.
provided such option is exercised before June 30 1928.-V. 125, p. 3073,
-Bonds Offered.
Presbyterian Hospital of New Orleans.
1986.
-Earnings.
Otis Steel Co.
1927-11 Mos.-1926.
Period end. Nov. 30- 1927
-Month--1926.
Net profit after ordinary
taxes and Int. but before deprec. & Fed. tax $147,040
$138,383 $2,221,734 $2,550,667
-V. 125, p. 2073.
-Defers Dividend on
Paige-Detroit Motor Car Co.
-The directors have deferred dividend
Second Preferred Stock.
action on the 7% cumul. 2nd pref. stock upon the recommendation of Graham Bros. who with their associates own
more than 90% of that class of stock. Three months ago
an initial quarterly dividend of $1.75 a share was authorized.
The directors, however, declared the regular quarterly div. of 13
,
(4%
on the 1st pref. stock, payable Jan. 2 to holders of record Dec. 15.V. 125, p. 2947.
Paramount Famous Lasky Corp.
-Earnings.-Quarter Ended--9 Mos. EndedOct. 1 '27. Oct. 2'26. Oct. 1 '27. Oct. 2 '26.
PeriodNet profit after all chgs.
S: res. for Fed.,&c.,tax $2,118,102 $1,052,830 45,650,427 $3,640,338
Earned per sh. on avge.
$3.40
$7.52
corn. shs. outstanding
$1.73
$9.00
x Includes $698.214, Paramount's undistributed share of earnings of
-V. 125, p.3211.
the Balaban & Katz Corp., a 65%-owned subsidiary.
Parke, Davis & Co.-Spectal Dividend of 20 Cents.
The directors have declared a special dividend of 20 cents per share and the
regular quarterly dividend of 25 cents per share on the no par value capital
stock, both payable Jan. 3 to holders of record Dec. 23. An extra of 10
cents and a regular of 25 cents per share were paid on Mar. 31, June 30 and
-V. 125, p. 1471.
Sept. 30 last.
-Extra Div.
Phila. Co. for Guaranteeing Mortgages.
The company has declared the regular quarterly dividend of $2.50 per
share and an extra dividend of$2 per share,both payola.° Dec.31 to holders,
of record Dec. 20. An extra dividend of $1 per share was paid on Dec. 31
1926.-V. 124, p. 517.
Philadelphia Insulated Wire Co.
-Extra Dividend.
The directors have declared an extra dividend of 50 cents per share in
addition to the regular semi-annual dividend of $2 per share, both payable
Feb. 1 to holders of record Jan. 16. An extra distribution of 50 cents per
share was also made on Feb. 1 1927.-V. 125, p. 794.
-New Orleans Securities, Inc. and S. A. Trufant, New
Orleans recently offered it 100 and int. $500,000 15-year
6% 1st mtge.serial „old bonds.
Dated Dec. 1 1927, due serially Dec. 1 1932 to 1942. Denom. $100,
$500, $1,000. New Orleans Bank & Trust Co., New Orleans, La., trustee.
-Bonds are a direct obligation of the Presbyterian Hospital of
Security.
New Orleans, secured by first mortgage of $800,000 on all of their property
situated on Carondelet St. The mortgage is further secured by pledge of
the Hospital's equity in property known as 1024-26 Canal St., now occupied
by the American Drug Store, and valued at over $300,000. While the
mortgage is for $800,000. there is only to be issued at this time $500,000
first mortgage bonds. The act of mortgage provides that the hospital
must spend $300,000 by March 1932 towards the construction of a new
main hospital building which is to cost not less than $600.000. When
this is accomplished the balance of $300,000 first mortgage bonds can be
issued and the proceeds thereof must be used for the completion of the
new hospital building.
Income.
-The income from the operation of the hospital is used towards
defraying the expenses of operating a free clinic for charitable purposes.
The income from the Canal Street property, lease for which has Just been
consummated, shows an average net income of $20,000 per year. It is
estimated that the net income from the office building, which is to be
constructed, will be over $18,C00 per year. In addition to this the Hospital
has other large incomes by way of donations which will be more than
ample to care for the interest on the bonded debt and the retirement of the
bonds as they mature.
Sinking Fund -Mortgage provides that beginning Dec. 1 1930, there
shall be deposited with the trustee each month 1-24 of the principal of the
bonds maturing Dec. 1 1932, and thereafter beginning Dec. 1 1932 there
shall be deposited with the trustee in equal monthly installments sufficient
funds to retire the balance of the bonds as they mature.
-Proceeds are to be used to retire the present outstanding 8%
Purpose.
bonds amounting to $205,000 and to construct a new doctors' office building
to cost $190,000; the balance to retire the present floating debt of the
hospital.
-Meeting Postponed.
Pressed Steel Car Co.
The meeting of the stockholders called for Dec. 12 for the purpose of approving the proposed recapitalization plan was adjourned to Dec. 28. The
changes, which call for retirement of the bonds, redemption of a part of the
pref.stock and a 3
-for-1 splitup of the corn,stock, require the consent oftwo
thirds of both classes of stock. A sufficient amount of the common voted in
favor of the plan, but the preferred was not represented in a large enough
quantity to vote the changes. Officers of the co. said that no opposition to
the plan developed at the meeting, but there was some misunderstanding
as to the terms of the proposed plans.
The plan for the readjustment of the capital structure of
Philadelphia & Reading Coal & Iron Co.- Resigns. the company is set forth in the following letter to the stockR. J. Montgomery, Vice-President and General Coal Agent, has resigned holders, dated Nov. 14, from President F. N. Hoffstot:
from the company, effective Dec. 31.-V. 121, p. 2531.
-Expansion.
Photomaton, Inc.
Organization by British interests of a company to operate Photomaton
machines in England, France, Germany, Italy and Canada and of an
affiliated company to operate machines in the remaining countries of the
world, exclusive of the -United States, its possessions and Russia, is now
under way, according to an announcement made on Dec. 1 by General
Robert C. Davis, President of Photomaton, Inc., in a letter to stockholders.
The British group has acquired the patent rights for these countries on
the Photomaton machines from S. Somkin & Co., Ltd., original purchasers
of the patents.
General Davis also called attention to the installation of machines and
their operation in 12 additional studios making a total of 148 machines
installed and in operation in 52 studios in the United States with 4 additional
studios shortly to be opened.
"During the month," General Davis pointed out, "40 machines with
spare parts for each machine, 500 reels of paper (1,000 feet per reel) and
3 months' supply of chemicals were shipped on passenger ships to England
for the company which has the European rights to operate Photomaton
machines. Of this order there remain an additional 500 reels of paper to
be shipped early in December.
"An order has been accepted for the sale of 60 additional machines,spare
parts for each machine, and 3,000 reels of paper to be shipped to the English
company during the months of January, February and March 1928."
V. 125, p. 2276.
(Albert) Pick, Barth & Co., Inc.
-Resignation.
-
Albert Pick Sr. has tendered his resignation as President, effective Jan. 1
1928. It is reported that control has passed to Benjamin Lauterstein and
Irving Isaacs,furniture manufacturers of Asheville, N. C.
-V.124, p. 3364.
Piedmont Print Works, Inc., Greenville, S. C.-Pref.
-A. M. Law & Co., Spartanburg, S. C., are
Stock Offered.
offering at 100 and div. (carrying one share of common with
each share of preferred.) $1,000,000 7% cumulative sinking
jag fund preferred stock.
Dated Dec. 1 1927. Dividends payable Q.
-.J. Red. all or part upon
60 days' notice, at 105 and diva. Transfer Agent: South Carolina National Bank, Greenville, S. C. Dividends exempt from present normal
Federal and state of South Carolina income taxes.
CapitalizationAuthorized. Outstanding.
7% cumulative preferred stock
$1.000,000 $1,000,000
Common stock (no par value)
25,000 shs. 25,000 shs.
Data from Letter of H.R.Stephenson,Sec.& Treas. of the Company.
-Company is now constructing a plant at Taylors,
Business A; Properties.
S. C.,about 9 milesfrom Greenville and on the main line of the Southern Ry.
between Greenville and Spartanburg. The plant will be thoroughly modern
in every respect and equipped for bleaching, printing and finishing cotton
goods, particularly fine broadcloths and madras. with a capacity of 3,000.000
yards per month. This plant, which is the largest print works in the South,
is strategically located in the center of the print cloth section of the Carolinas,
and is the only one of its kind in the South. The cost of the plant fully
equipped with modern machinery and up-to-date mill village with 175
acres of land is $780,000, which is considerably lower than such a plant
would usually cost, due to very favorable purchase of equipment. There
will be $220.000 for working capital and expenses, which is ample, as the
print works carries only a relatively small inventory, consisting largely co.1
dyes, and handles the product of cotton mills on a commission basis.
Earamys.-Conservative estimated net earnings, before depreciation and
taxes, based on experience of similar plants in New England and other
sections of the country and that of the Southern Bleachery, will amount
to over $425,000 annually on the basis of only 80% capacity. These earnings should be materially increased as the company gets under full operation.
On the basis of these earnings the dividend requirements of the preferred will
be earned about 6 times, leaving the equivalent of $10.52 per share on the
common after deducting depreciation, taxes and preferred dividends.
Common Stock Bonus -With each share of preferred there will be given
one share of common of no par value. The management has authorized
a bid of $10 per share for this common stock should the holder wish to sell.
The plan for the readjustment of the capital structure of the company
includes the amendment of its certificate of incorporation so as to provide
that the total number of shares of common stock authorized shall be 1,389,000 shares of no par value, instead of 463.000 shares, par $100 each, or 3
shares of new no par value common stock for eacn one share of existing common stock of $100 par value, the new shares of no par value common stock
to be entitled to one-third of a vote per share so long as any of the existing
preferred stock remains outstanding, and thereafter to one vote per share.
The company has at present outstanding 125,000 shares of common stock,
par $100 each,and 150,000 shares of7% cumul. pref.stock, par $100 each,
Convertible share for share into existing common stock. If the above
amendment of the certificate of incorporation is authorized by the stockholders, each share of existing common stock, par $100, will be exchangeable for 3 shares of new common stock of no par value, and each share of
existing pref. stock, par $100, will be convertible at the option of the holder
into 3 shares of such new common stock.
-year 5% cony. aold
There are at present outstanding $6,000,000 of 10
bonds, due Jan. 1 1933, which are convertible at the option of the holders
into shares of the existing common stock and pref. stock, at the rate of 10
shares of existing common stock and 2 shares of existing pref. stock for
each $1,600 of bonds.
In order to provide for retirement of above bonds,and of25% of the present outstanding pref. stock, it is proposed to create a new authorized issue
of$9.750.000 15 _year 5% cony,gold debentures, to be dated Jan. 1 1928 and
due Jan. 1 1943 with interest payable (J. & J. 1) without deduction for
normal Federal income tax hot exceeding 2%, the company to agree to
refund the present Pennsylvania 4 mill tax to holders of debentures resident
in Pennsylvania under the terms and conditions to be specified in the trust
agreement. The New York Trust Co. has been appointed trustee. The
debentures are to be redeemable all or in part on any interest date on 60
days' published notice at 105 and int., and to be convertible at the option
of the holders at any time up to or at maturity, or, in the event of call for
redemption, at any time up to or at the redemption date, into new no par
value common stock at the rate of 25 shares of common stock for each
$1,000 of debentures, with adjustment of accrued interest and dividends,
and with appropriate provisions for the protection of said right of conversion
in the event of the subsequent issue of additional common stock as a stock
dividend, or of any further change in the common stock capitalization
of the company.
Of the above mentioned $9,750,000 of new debentures, $6,000,000 are to
be presently issuable for the purposes hereafter stated, and the remaining
$3,750000 thereof are to be reserved for issue as hereafter stated only after
-year 5%,cony, gold bonds.
the letirement of all of the existing 10
It is proposed that the $6,000,000 of new debentures to be presently issued
shall be offered for subscription pro rata to holders of common stock at 100
and int., any amounts received in payment of such subscriptions to be
-year 5% cony, gold
applied to the purchase and retirement of existing 10
bonds, and, to the extent that said $6,000,000 of new debentures ate not
subscribed for by stockholders, that the same shall be used,
together with 18,000 shares of new common stock, to offer to holders of
existing bonds in exchange for the existing bonds held by them respectively
at the rate of $10,000 of new debentures and 30 shares of new common stock
for each $10,000 of existing bonds so exchanged.
George J. Whelan has entered into a contract with the company to use
his best effor is to carry the plan into effect and to procure the exchange of
existing bonds for new debentures and common stock as above set forth in
case the plan is authorized by the necessary vote ofstockholders,in consideration for which the company has agreed, in case of the approval of the
plan to issue to George J. Whelan new common stock at the rate of 1%
shares for each $1,000 of existing bonds exchanged within a period of60 days
from the date when the offer of exchange is first made.
If the plan is approved by the stockholders, it is proposed, when all of
the outstanding existing bonds have been retired, to offer the remaining
$3.750,000 of new debentures for subscription pro rata to holders ofcommon
stock at 100 and int., and, to the extent that the same are not subscribed
for by stockholders, to use said $3,750,000 of new debentures, together with
11,250 shares of new common stock, to offer to holders of existing pref.
stock in exchange for 25% of their holdings at the rate of $10,000 of new
debentures and 30 shares a new common stock for each 100 shares of existing
pref. stock so exchanged, with adjustment of accrued interest and dividends.
Any of the new debentures which may not be used for any of the purposes
above stated may be issued and sold or otherwise disposed of as may be
determined by the directors.
3360
THE CHRONICLE
The purpose of the above plan is to substitute the proposed new issue of
debentures maturing Jan. 1 1943, for the existing bonds maturing Jan. 1
1933. and, to the extent that existing bonds are exchanged for new debentures, to change the right of conversion per 11,000 of obligations from
10 shares of common stock, par $100, and 2 shares of pref. stock, $100, to
25 shares of new common stock of no par value. For this reason the plan
is believed to be to the advantage of the preferred stockholders, as It will
prevent the increase of the amount of the outstanding pref. stock through
the exercise of the conversion rights of holders of the existing bonds.
From the point of view of the common stockholders the plan has the
additional advantage, by providing not only against the increase, but,
through the exchange of outstanding 7% pref. stock for 5% debentures,for
the actual decrease, of the amount of the outstanding preL stock and of the
aggregate interest and dividend charges ahead of the common stock. To
the extent that pref. stock is excnanged for new debentures, the plan will
also result in a saving of the amount of income taxes payable by the company, as the amount of interest paid by the company on the debentures is a
deduction from the amount of its taxable income, while the dividends paid
on its pref. stock are not so deductible.
Consolidated Balance Sheet, Dec. 31 1926 (After Giving Effect to Proposed Recapitalization).
Assets
Liabill1iesxPlanLiand,b1dgs.&equtp.&c.$38,724,872'yCommon stock
$12,571,250
Stocks owned
1,478,345 Preferred stock (par $100)- .... 11,250,000
Bonds owned
759,0011 Mortgages
195.296
Prepaid expenses
456,074 15-year 5% debentures
9,750,000
Cash
1,031,0331 1st M. 5s (111. Car & Equip.
411.000
Loans subject to call(secured) 2,300,000 7% equip, gold notes (Steel
Notes receivable
2,685,027
Car Equip.
z877,000
Accounts receivable
3,793,229 Accounts payable
4,734,097
Materials on hand
6,116,576 Pay rolls current
266,374
Unclaimed wages
Res. acct.for canting
812,929
Work, capital, surp. & undiv.
Total (ea. side)
557,344.157
profits
16.433,473
x After deducting $293,712 for deprec., obsolescence, etc. y Authorized
1,389,000 shares of no par value; outstanding 413,250 shares; in treasury
111,000 shares; for conversion of existing 511,250.000 of pref. stock, 337,500
shares; for conversion of 15
-year 5% debentures, 243,750 shares; balance
authorized 283,500 shares. z Due $110,000 semi-annually.
-V. 125. P.
2948.
1927.
Assets
Plant, equip., &e.y4,198,267
Good-will, etc__ 221,156
Cash
263,466
Accts. receivable_ 1,123,983
Inventories
3,413,363
Inv.in affil. cos_ _ 178,864
Other invest._ _
1,000
Prepaid expenses_ 260,012
Life insurance_ _ _
31,698
Organization exp. 310.463
[VoL. 125.
Balance Sheet Sept. 30.
1926.
1927.
I Ltabtlittes$
$
3,338,426 Common stock _ 2,000,000
220,477 7% Pref. stock. 2,400,000
817.319 6% pref. stock_ _ :103,000
1,274,131 Notes and acceptances payable 1,380,958
2,982,811
254 037 Accounts payable 536,433
Dividends pay'le_
43,545
289,628 Butler Found. Pl.
23,964 Accrued liabilities 473,836
302,219 Machinery purch.
contract. pay._ 342,855
2,721,625
Surplus
1926.
2,500,000
2,000,000
111,000
400,009
693,648
245,415
11,800
424,351
3,116,791
Total
10,002,251 9,503.015
10,002,251 9,503,015
Total
x 69" preferred stock of Noble Street Realty Co. y After deducting
$786,739 depreciation reserves accrued.
-V. 125. p. 1471.
Reo Motor Car Co.
-Listing.
-
The New York Stock Exchange has authorized the listing of 120.000,000
capital stock (par 110).
History -The business was originally founded by Ransom E. Olds (now
Chairman of the board) and associates. It was incorp. on Aug. 16 1904
under the name of R. E. Olds Co. with a paid-in capital in cash of less than
1250,000. On Sept. 27 1904 the name was changed to Boo Car Co., and
on April 9 1906 the name was changed to its present corporate title Ron
Motor Car Co. With the exception of 5937,250 in par value capital stock
of Ron Motor Car Co., issued on Nov. 1 1916 for all of the capital stock of'
Boo Motor Truck Co. (while previous thereto $600,000 in capital stock of
the truck company having been distributed to the stockholders of the [ton
Motor Car Co.) and the original paid in cash capital as first referred to,
the expansion of the business and the additions to plant now covering some
63 acres of floor space has been entirely financed out of earnings, in excess
of $18,500,000 in par value of the $20.000,000 present outstanding stock
having been issued as stock dividends between 1906 and 1925.
From date of organization to Aug. 31 1927 the company's net earnings
amounted to $52,320,000. $15,640.000 thereof has been invested in fixed
assets which have been depreciated to the extent of $5,850,000; 118,740,000
has been retained in current account and $23,780,000 has been paid in cash
dividends in addition to 118,560,000 in stork dividends.
During the 23 years of its existence the corporation has continuously
Pro-phy-lac-tic Brush Co.
-Extra Dividend.
The directors have declared an extra dividend of $1 a share on the com- been under the same management. In this period no reorganization or
mon stock, payable Jan. 5 to holders of record Dec. 23, and also the regular financing has ever been necessary.
Subsidiary Companies.
-Company's only subsidiary companies are sales
quarterly dividend of 50c. a share on the same issue, payable Jan. 16 to
holders of record Dec. 31. Extras of 11 each were paid on Jan. 3, Aug. 1, and service companies with charters granted under the laws of the States of
New York, Illinois, California, Michigan. Texas, Missouri, Kansas, Oklaand Nov. 15 of this year. Compare V. 125. p. 2158.
homa, Georgia and Florida.
sales and service
(The) Public Service Building Co.(Lexington Bldg.), of nominal capitalization fromAll of these $200,000, and all companies are
$5,000 to
of the capital
by Ron
Baltimore, Md.-To Redeem Bonds-Exchange Offer Made.
- stocks of which are ownedoperates Motor Car Co.
Properties.
-Company
two plants, both located at Lansing.
Notice has been given that company on Feb. 1 will redeem at 105 and Mich. and both owned in fee
any real estate mortgage or other
its. all of its outstanding 1st mtge. 5% sinking fund gold bonds, dated encumbrance. The property and free of plant comprises some 48 acres
'
of the main
Aug. 2 1915. Payment will be made at the Mercantile Trust & Deposit of land upon which are erected 48 building units of an aggregate of some
Co. of Baltimore, trustee, Calvert and Redwood Sts., Baltimore, Md.
2,621,000 square feet of floor space.
Treasurer William Schmidt Jr. states that the company is willing to
Tho truck assembly
which is located about a half mile from the
anticipate their redemption by purchasing any such bonds on the basis main plant, Is situated plant,
acres of land. The 4
of 51.075 for each $1,000 of bonds, less a discount of 1.119444 per day (at building units compriseon a site Comprising some 15 floor space.
some 363,000 square feet of
the rate of 4% per annum) from the date of sale and surrender thereof
to Feb. 1 1928, 31,075 includes the redemption price of $1,050 plus $25
Unit Sales for Years Ended Avg. 31.
1926.
1927.
Total.
accrued interest to Feb. 1 1928.
1924.
1925.
1923.
Mr. Schmidt also announced that any holder of these bonds who desires Cars
15,228
13,366
16,035
13,193
24,594
82,416.
to invest the proceeds from redemption or purchase, as aforesaid, in the Trucks
15,315
16,539 21,349
16,146
86,001
16.652
new series E 535% preferred stock of the Consolidated Gas Electric Light
Total
& Power Co. of Baltimore (which latter company is at present the lessee of
31,880
28.681
32,574
34,542
40.740 168.417
the building and the owner of all of the common stock of the Public Service
Diridends.-Cash dividends aggregating $23,783,136 have been paid
Building Co.) at $100 per share and accrued dividend, may do so up to from Sept. 1 1905 through Aug. 31 1927. These cash dividends were paid
and including Feb. 1 1928, with adjustment of interest and dividends as In every year except 1911. A quarterly dividend of 20c. a share on the outof the date of exchange. In each such exchange a cash balance will be standing 2,000.000 shares was paid on Oct. 1 1927 aggregating $400,000.
payable to the holder. If the holder so desires he may add thereto such In the 5
-year period commencing Sept. 1 1922 and terminating Aug.31 1927
cash as will produce a total sufficient to pay for one additional share of an aggregate of $12,387,992 was paid in cash dividends.
series E 535% preferred stock.
In addition to the above cash dividend record 118.562,750 of the total.
Any person desiring to sell or exchange such bonds on these term may do outstanding 520,000,000 in par value of capital stock was distributed as
so by presenting the bonds (with Feb. 11928, and all subsequent coupons stock dividends in capital stock of the company.
attached) at the office of J. S. Wilson Jr & Co., Calvert Building, Fayette
A 10
-year dividend record for the period terminated Aug. 311927.setting
and St. Paul Sts., Baltimore, Md.-V. 105, p. 1314.
forth the amount of stock outstanding at end of each fiscal year, amount.
per share paid and total amount of cash dividends Is given as follows:
Pure Oil Co.
-Obituary.
Cash Dindends Pala.
Vice-President Carlos F. Burr died at Columbus, Ohio, on Dec. 10.
Year Ended
Per Share
Stock Outstanding
Tot.Amt.
-V. 125, p. 2400.
Stock.
Aug. 31of Diridends.
at End of Year.
Ramm Holding Corp., Detroit.
-Bonds Offered.
-Union 1918
56,937,250
$1.00
1693,725
6,037.250.
693,725.
Trust Co., Detroit, recently offered $300,000 1st mtge. 6% 1919
1920
6,937,250
1.00
693,725.
sinking fund gold bonds, at par and int.
1921
6,937,250
1.00
693,725
Dated Oct. 1 1927; due Oct. 1 1937. Denom. $1,000, $500 and $100. 1922
1.00
693,725.
13,874,500
Int. payable A. & 0., without deduction for Federal income tax up to 2%. 1923
15,000,000
1.50
2.062,992
On notice, bonds red. at 10135 and int. on any int. date. Principal and int. 1924
15,000.000
1.50
2,250.000
1925
payable at Union Trust Co.. Detroit, trustee.
1.55
20,000.000
2,475,000
1.60
Mortgagor.
-The bonds are the direct obligations of Ramm Holding Corp., 1926
20.000,000
3,200,000
1.20
a Michigan corporation under the direction and control of Ramm & Co., 1927
20,000,000
2,400,000
Oct. 1 1927 (quar.)
a well-known real estate company in Detroit.
20,000,000
0.20
400,000
Security -As trustee, the Union Trust Co. has taken title to real estate
Stork Dividends Paid.
aggregating 669 lots under a Declaration of Trust, this arrangement being
1906.
1907.
1909.
1914.
a stronger one than a simple mortgage. Of these lots. 645, or over 96% Amount
$250,000
$250,000 $1,000,000 $1,000,000
in value, have been sold on contract at sales prices aggregating $767,750. Per cent
50
33 1-3
100
50.
The sales value of the 24 unsold lots is estimated at 127.880. The total
1916.
1922.
1923.
1925.
sales value of the properties pledged is estimated at 5795.630, or greatly in Amount
$3,000.000 $6,937,250 $1,125,500 $5,000,000
excess of 235 times the amount of the total bond issue.
Per cent
100
100
10
33 1-3
The properties pledged have been appraised by the Union Trust Co. at
Consolidated Income Statement Years Ended Aug. 31.
1600.000-double the amount of the bond issue.
1927.
1926.
1925.
1924.
this issue are to be used to retire outstanding
Purpose -The avails of
$54,492,000 $47,909,064 $46,335,792 539.790,
050
Indebtedness against the properties and to furnish funds for the completion Sales (net)
of the improvements in these subdivisions as called for in the contracts Cost of sales (excl, of
manufac. depreciation) 41,188,441 35,783,646 33,955,509 29,934.118
covering the sale of the lots.
-Gold Output (in Ounces.)
Gross profit
Rand (Gold) Mines, Ltd.
113,303,558 512.125,418 112,380,283 $9,855,941
Selling expenses
Sept. August. July.
Oct.
May.
7.711,913 6,525,894
June.
Nov.
5,145.910
5,438,671
548,213
588,694
848,059 8.55,743 842,118 863.345 851,861 855,154 859.479 Gen. & admin. exp
605,152
533,864
1927
840,276 853.296 839.939 843.854 860,134 852,145 849,214
1926
Net income
55;043,432 55,010,829 $6,336,460 $4,176,166
-V. 125, p. 2158. 1592.
Other income
435,524
272,548
272,325
259,123
-Initial Div.- Interest received
Rapid Electrotype Co., Cincinnati 0.
569,970
620,244
471,189
268,145
quarterly dividend of 37 cents
The company on Dec. 15 paid an
per share on the outstanding no par value capital stock. See offering in
Total income
$6,048.926 55.903,622 57,066,773 $4.716,636
V. 125. p. 2159.
Depreciation
1.282,413
869,993
817.160
946,793
Prov. for Federal taxes_
694,904
676,735
774.597
487,434
-Annual Report.
Real Silk Hosiery Mills, Inc.
1925.
1927.1926.
Years Ended Sept. 30Net profit
14,071,608 $4.280,094 $5,422,182 $3,412,041
18,699,380 $8,061,798 59,564.430 Previous surplus
Manufacturing profit
$7,993,424 $6,935,504 $8,990,146 7,819,007
7,701,402 7,133.152 7,490,657
Selling and administrative expenses
Dividends received
74.500
:366.769
191,660
Depreciation
Excess tax res. prior yr. Dr.6.270 Dr.22,174
Dr.1,867
Cr. 4,996
286,056
42
4,102
$631,208
$736,986 $2,073.773 Sundry credits
Balance
89,082
160,970
Other income
146,603
Total surplus
112,419,318 $11,193,424 $14,410,504 511,240,146
Dividends-Cash
12.400,000 $3,200,000 $2,475,000 12,250.000
Total income
1720,290
$883.589 $2,234,743
Stock
5,000.000
Branch sales managers bonus
60.590
113,847
434,401 Sundry adjustments__323
Federal and State taxes
153,066
Federal tax adjustment.
1921 to 1E25 incl
66,910
1545.852
Net profit
$730,523 11,800,342
3,116,791
2,695,477
3,389,009
Previous surplus (adj.)
Profit & loss, surplus- $9.952,086 57,993,424 $6,935,504 $8,990,146
Disc,real,on purch.of preferred stock
She. outstand. (par $10) 2,000.000
2,000,000
1.500,000
2,000,000
5,675
for retire
Earnings per share
$2.04
$2.27
$2.14
$2.71
A comparative balance sheet as of Aug. 31 1927 and 1926 was given in
$3,668,318 14.119,532 54.495,819
Total surplus
V. 125, p. 3201.
6.300
10,415
Subsidiary companies dividends
169,663
175,000
Preferred dividends
Republic Iron & Steel Co.
-To Vote on Merger.
-The
612.500
600,000
800,000
Common dividends (cash)
500.000 stockholders will vote Jan. 25 on (1) changing the autho- zed
Common stock (33 1-3%)
168,952
Disc.amort. on pia.stk.retired
and issued common stock from 300,000 shares (par S100
1,778
17,326
Federal tax, prior years
12,721,625 53,116.790 53,383,319
Profit & loss surplus
Earns, per share on 200.000 shs• (Par
$1.88
$9.00
$2.78
$10)corn.stk. outstanding
each) to 300,000 shares (no par value) each share of out-standing common stock par $100 to be exchanged for one
share of the common stock without par value; (2) increasing
DEC. 17
1927.]
3361
THE CHRONICLE
the authorized common stock to 1,000,000 shares without
-par value, so that the total amount of authorized capital
stock will be 250,000 shares of preferred stock (par $100
each) and 1,000,000 shares of common stock without par
-value; (3) on approving and authorizing the purchase of
two-thirds or more of each class of the stock of the Trumbull
Steel Co., or all the property and assets of the Trumbull
Steel Co.
Chairman John A. Topping in a letter to the stockholders
dated Dec. 15 says:
The directors of this company and the directors of the Trumbull Steel Co.
have voted unanimously in favor of the combination of Lae two companies
upon the basis of giving 1 2-3 shares of the common stock of this company
for each share of the preferred stock of the Trumbull company. and 1-5 of a
share of the common stock of this company for each share of the common
stock of the Trumbull company.
In order to effect the combination this company is to acquire two-thirds
or more of each class of the stock of the Trumbull company,or all the property and assets of the Trumbull company, assuming all its obligations and
liabilities including tnose incurred in connection with the combination.
The directors and officers of this company believe that the proposed
combination will tend to stabilize and also to increase the earnings of
this company available for dividends upon its common stock, that the terms
of the proposed combination are fair and advantageous to both classes
of the stockholders of this company and that it, is highly desirable for the
stockholders of this company to take promptly all action which is necessary
for its consummation.
As indicated by frequent statements in our annual report. the general
policy of the directors, for some time past, has been gradually to increase
our finishing capacity through new construction and improvements in devices and processes, In order to bring our finishing capacity into balance
with out output of raw materials and also to increase the diversity of our
-finished products. While substantial progress has been made in this direction througn the construction of modern tube works and sheet mills, the
steel capacity of this company is still in excess of Its fintsning capacity.
The condition of the Trumbull company is practically the reverse. Its
finishing capacity, principally In the form of tin plate and steel sti fps, is in
excess of Its open hearth steel capacity. Furthermore, the finished products of the Ttumbull company are almost entirely different from those
of this company. The result is that each of these companies is able to
furnish something wnich tht other needs, and the proposed combination
would bring the operations of this company into better balance and materially inciease toe divesrity of its finished products. It would also obviate
waste of capita. through competitive building should each company continue to operate Independently and should make possible substantial economies in operation and management.
When the combination is consummated this company will be the fifth
largest steel company in this country, and will have a far stronger position
In the industry than it has to-day.
In order that this comdany may issue the additional shares of its common
stock which will be required for the proposed comoination and may be in a
position to acquire other properties for common stock, if favorable opportunities should present themselves, directors recommend that the common
stock of the company should be increased from 300,000 shares to 1.000.000
shales and that the stock should be changed from stock with a par value of
$100 per share to stock without par value.
This change with respect to the par value of the common stock will not
affect its intrinsic or earning value, but will make the capita. structure
of the company more flexible. The additional snares of common stock
which are not required for the proposed combination will be issuable only for
such consideration as may be fixed from time to time by the board of
directors.
There are now issued and outstanding 108,807 shares of preferred stock
and 575,118 shares of common stock of the Trumbull Steel Co.
C. S. Eaton, E. B. Greene and H. W. Croft, three of the directors of
this company, are stockholders of the Trumbull Steel Co. and that Messrs.
-V. 125. p•
Eaton and Greene are also directors of the Trumbull Steel Co.
3074.
-16 2-3c. Div.
Segal Lock & Hardware Co., Inc.
The directors have declared a dividend of 16 2-3 cents per share on the
common stock (no par value) payable Dec. 15 to holders of record Nov.
30. This makes a total of $1 per share for the current year on this issue.
-V. 125. p. 3074.
Seiberling Rubber Co.(& Subs.).-Earnings.-
Years Ended Dec. 31
io Mos.End.
1924.
1925.
1926.
Oct. 30 '27.
Period$12,367,114 $14,920.204 $10,569.523 $7,352,137
Net sales
1,013,022
1,500.461
722,083
Net income from open- - 1,356,708
207,285
221.030
212.811
214,864
Depreciation
155,610
85,540
154,351
Federal income tax
8423,732 $1,123.821
232.833
92,716
$805,737
16.336
$331,016
1,532,126
$890,988
519,991
$789,401
812,467
28,102
121.148
64.389
$2,861,672 $1.891,244
Total surplus
Organ. & def. chgs. written off
Deprec.(yrs.'22-'23) _ _
Pat, written down
$1,532,127
51.666,257
Net profit
yPreferred diver
$987,493
45,639
$941,854
Balance, surplus
1,891,243
Previous surplus
Prof. on pref. stk. & notes
787
purchased
Excess over decl. val. of
com. stk. issued in ex27.788
change for notes
771.736
349,866
24.665
$519,991
Profit & loss. surplus_ $2,861,672 $1,891,244 $1.532.127
y Being in 1924 dividends in full to July 1 1922 on preferred capital stock
in full to Oct. 1 1925. in 1926 dividends in full to
and in 1925 dividends
Dec. 31 1926 and in 1927 dividends in full to Oct. 1 1927.
Comparative Consolidated Balance Sheet.
Oct.31'27. Dec.31'26.
LtalttlittesOa.31'27. Dec.31'26.
Assets-8% pref.stock__ 8921,100 $762,700
Land,b1dgs.,mach.
x$3,261,813 $2.967.545 Common stock_ _a 2,188,570 1.968.960
&c
548,642 3-yr. 5% notes_ 1,051,500 1,290,000
874,091
Cash
417,172
112,563 Accounts payable_ 317,990
111,392
Securities owned
435,339
y 1,549,850 1,242,263 Trade accept. pay. 395,547
Accts. receivable_
Bank.acept.gained
Notes & trade ac46,680
letters of credit_
99,707
cept. recelv._ _ _z 136,189
16,282
.
1,951,860 1.937,491 Pref. dive. pay_
Inventories
78,481 Accr. Int. & prop.
Accts. rec. In sup. 101,969
51,450
54,230
tax
1
1
Patents
263,468
373,047
Reserves
Renamort.exp.acct.
2,861,671 1,891,243
Surplus
Issue of 3-yr. 534
81,094
49,904
gold notes
Prepaid Int., Insur.
75,506
advertising, &c. 126,584
-New Well.
Richfield Oil Co.
The company's Hoffman Well, No. I has just been brought in on the
north side of the Signal 11111 field in California. making 4.200 barrels of
clean oil of 32 gravity daily. The well Is also making about 3,000,000
cubic feet of gas and is building up steadily. This well is an outpost well
In the Signal 11111 field and proves up many new leases in this territory
where the company operates.
-V. 125. p. 2948.
Rome (N. Y.) Brass & Copper Co.
-Acquisition.
In reference to reports regarding the merger of this con pany and the
Rome Mfg. Co., we have been advised that the fortver is sie-ply acquiring
the ownership of the manufacturing company through the purchase of
their stock in exchange for a like amount of 7% cumulative preferred stock
of the Brass company. There is not to be any public offering of any of
the preferred stock in question.
The stockholders will vote Dec. 27 on approving the above transaction.
-V. 115, p. 2695.
Rome (N. Y.) Mfg. Co.
-Offer to Stockholders.
See Rome Brass & Copper Co. above.-V. 111. p. 195.
St. Louis Post Offices Corp.
-Bonds Offered-The
Peoples State Bank, Indianapolis, and Taussi-, Day, Fair
ban.: & (7o., Inc., St. Louis, recently offered $770,000 53'i%
1st (closed) mtge. bonds, at 100 and int.
Dated Oct. 15 1927; due serially Oct. 15 1928-1938. Denom. $500 and
11,000. Principal and int. payable A. & 0. at Peoples State Bank, Indianapolis, trustee. Callable on and after Oct. 15 1929, at 101 and int.
Properties.-Corporation owns in fee si nple 14 Postal Stations located at
14 strategic points in St. Louis. Mo. These properties are now occupied
In whole or in part, by the United States Post Office Department for Postal
Station purposes.
sem/lob-These bonds are secured by a first !closed) mortgage cf these
14 properties, which have been appraised at $550000 for the ground and
$633,000 for toe buildings, a total valuation of $1.183,000.
-These properties are now under lease, In whole
U. S. Government Lease.
or in part, to the United States Post Office Department. The Department
has already executed a contract for new leases on all of these properties for a
non-cancellable period of 10 years hors the date of completion of certain
Improvements. By this contract the new leases on all fourteen properties
will run concurrently.
Income.-Th3 Post Office Department pays an annual rental for the
space it leases and now occupies amounting to $67.560. From additional
space in some of the buildings, new under leases to private lessees, an annual
Income, after liberal allowance for vacancies, of $15,360 should be received.
This gives a total gross ince ate(rola all sources of $82.97.0. After deducing
operating expenses, including taxes and maintenance, the annual net income
available for interest and retirements should amount to $60,462.
88,163,655 37,143,294
Total
58,163,655 87,143,294
Total
x After deducting $1.212,017 reserve for depreciation. y After deducting
$109.981 reserve for doubtful accounts. z After deducting $1,126,695
discounted at banks. a Represented by 218,857 shares of no par value.
V. 125. p. 2949.
Shreveport-El Dorado Pipe Line Co., Inc.-Acquis'n.-
Announcement is made by President IC. E. Merren of the acquisition of a
controlling interest, or approximately two-thirds of the capital stock, of the
Shreveport Producing & Refining Corp. The latter owns a modern refinery
at Shreveport. having a capacity of 5,000 barrels daily, this amount of crude
oil having been taken rerularly through the pipe lines of the Shreveport-El
Dorado Pipe Line Co. for the past 6 years. The refining company also
owns 250 tank cars and have retail gasoline distribution stations in Shreveport and vicinity. It derives fuel for its plant from a gas pipe line to the
Waskom (Tex.) gas fields. The refining corporation is not engaged in
drilling for oil or gas.
In a statement to the stockholders, Mr. Merren says: "The refinery will
be improved and enlarged so as to handle 10,000 barrels of crude oil daily.
completed
Work will be started as soon as possible and it is hoped will be permanent
March 11928. This will give the pipe line company a stable and
outlet for 10,000 barrels of oil daily, which with other business available.
should insure a daily volume of from 17,000 to 20,000 barrels. Upon completion of this work it Is hoped that the pipe lines will be operated re;ularly
at close to capacity. This arrangement greatly strengthens the position
of the pipe line company and makes for greater stability and continuity of
earning power. In addition to the revenue derived from transporting
ly
crude oil, approximat, two-thirds of the profits of the refining corporation
will accrue to the company."
The Shreveport-El Dorado Pipe Line Co., Inc., began operations in Aug.
1921, with a main trunk line from Shreveport to El Dorado. a distance of
about 80 miles. The original cost of the property was approximately
$1,250,000 aed the outstanding mortgage Indebtedness was $1,250.000.
The company began without working capitol or any other assets, except
certain contracts for oil and its transportation. In Sept. 1927, approximately 6 years later, the company owned property consisting of about 175
miles of lines, 5 pumping plants, its own private telephone and telegraph
system,steel tankage for storage, etc., which cost approximately $2,055,000
had net current assets of about $400.000. and had outstanding $120.000 of
-V. 125. p. 3075.
bonded Indebtedness.
-Extra Dividend.
Silver King Coalition Mines Co.
The directors have declared the regular dividend of 25 cents per share for
the fourth quarter and an extra Christmas dividend of 10 cents per share.
of
The Christmas dividend will he paid Dec. 24 and the regular dividend19.
Dec.
25 cents per share is to be paid Jan. 2. both to stockholders of record 24 1925.
An extra distribution of 111 cents per share was also made on Dec.
-V. 124. p. 3366.
and I926.
-The directors
-54% Extra Dividend.
Singer Mfg. Co.
have declared an extra dividend of 534% in addition to the
regular quarterly dividend of 234% on the outstanding
$90,000,000 capital stock, par $100, both payable Dec. 31
to holders of record Dec. 10. The company on Sept. 30
paid an extra cash dividend of 334% on June 30 last, an
extra of 534%; on Mar. 31 1927, an extra of 334%; on Dec.
31 1926 an extra of 134%; on Sept. 30 1926 an extra of 1%;
on June 30 1926 an extra of 2%, and on Mar. 31 1926 a
special cash dividend of 33 1-3%.-V. 125, p. 1852.
-J. A. Sisto
-Debentures Sold.
Southern Asbestos Co.
& Co.and Schluter & Co., Inc., New York have sold $1,250,-year sinking fund 6% convertible gold debentures
000 10
at 9934 and int.
Dated Dec. 15 1927; due Dec. 15 1937. Int. payable J. & D. without
deduction for any normal Federal income tax not exceeding 2% per annum.
Company will reimburse the holders of the a:invertible debentures, for the
Thu directors have declared an extra dividend of 2%. in addition to the Penn. and Conn. 4 mills tax and the 'Maas. income tax on the int, not
usual quarterly dividend of 2% on the outstanding 59.862,000 capital exceeding 6% of such interest. Prin, and tut, payable in U. S. gold coin
stock, par $100, both payable Dec. 23 to holders of record Dec. 15. An at National Bank of Commerce New York. trustee. Denom. 81.000 and
extra dividend of like amount was paid on Dec. 23 1925 and 1926.-V. 124, $500 c•. Red. all or part for sinking fund on any Int. date on 30 days'
notice at 105 and int.
p. 3225.
Cmversion Pririlege.-Each $1,000 debenture will be convertible at
Seagrave Corporation Usual Common Dividend.
the option of the holder into- 40 shares of common stock of the co-npany.
The nirectors have declared u quarterly dividend of 30 cents per share in or in she ratio of 4 shares for each $IM of debentures (at the rate of $25 per
cash or 2Si,% in common stock, at the option of the stockholders. on the • share), at any time on or before Dec. 15 1932. On all debentures presented
common stock, payable Jan. 20 to holders of record Dec. 31. Distributions for conversion, adjustment of interest and current dividend will be made.
of like amount were made on the common stock in the previous 11 quarters. The indenture will provide for equitable adjustment of conversion rates
125, p. 2401.
in the event of any change in capitalization, consolidation. &c.
-Commencing immediately, the entire net earnings of
Sinking Fund.
Second International Securities Corp.-Divs.-the company after adequate reserves, as defined in the indenture, will be
for the quarter ending Dec. 31 1927, have been declared as applied toward the redemption of these debentures by purchase at not
Dividends
follows: 75 cents per share on the cumul. 1st pref. stock, 6% series. and exceeding 105 and int. or by call by lot at 105 and int. until 50% (5625.000)
75 cents per share on the cumul. 2nd pref. stock. 6% series, payable Jan. 1 has been redeemed or converted.
Security.-Debentures will constitute the sole funded debt of the new
to holders of record Dec. 15. Dividends will be paid through Guaranty
-V. 125, p. 2159.
company presently to be outstanding and will be issued under an indenture
Trust Co. of New York.
-Extra Dividend.
Safety Car Heating & Lighting Co.
-
THE CHRONICLE
3362
[Vol,. 125.
containing appropriate provisions for the protection of these debentures.
Tubize Artificial Silk Co. of America.
-Books Open.
Debentures and the stock of the new company to be presently outstanding
Vice-President E.
will be issued against the acquisition by the new company of the business and books for February,V. Peters announced that the company is opening its
March and April business on all yarns, both coarse
property of the existing company.
and fine sizes,
The company will agree in the indenture not to mortgage any of its he believed the at present published prices. Mr. Peters further stated that
booking of business for these 3 months would tend to stabilize
present plants, lands or equipment while any of these debentures remain conditions in the
rayon industry since it permitted manufacturers to go
outstanding, unless these debentures are equally and ratably secured ahead and plan for the spring.
Ile said the outlook for the spring months
thereunder.
was excellent.
-V. 125. p. 1724.
Common Stock Sold.
-Jerome B. Sullivan & Co. announce
the sale at $20.50 and div. of 20,000 shares common stock
(no par value).
Transfer agent: National Bank of Commerce in New York. Registrar:
Bank of America. Company will agree to make application to list this
stock on the New York Curb Market.
Data from Letter of Pres. W. H. Truesdell, Charlotte, N. C., Dec. 9.
Company.-Incorp.in Delaware Dec.8,1927. Will acquire all the properties, business and assets of the Southern Asbestos Manufacturing Co.,
the present corporation, of Charlotte and Lincolnton, N. C.. which was
organized in 1919. Southern Asbestos Manufacturing Co. is engaged in
the manufacture of asbestos cloth which is extensively used in diverse
industries where fireproof material and insulation with durability are
required. Among large consumers are railroad and public utility companies
and manufacturers of such products as brake linings, automobiles, electric
machinery, fireproof clothing, plumbing and heating appliances. etc.
The growth of the business up to its present outstanding position among
the independent manufacturers has been financed largely through the
reinvestment of earnings. The location of the plant in Charlotte, N. C.,
is one of the best chosen in the industry, having railroad siding connections
and providing advantageous labor supply and proximity to the supply of
raw products, as well as the consumers of finished goods. Besides this
property. the Southern Asbestos Manufacturing Co. owns a tract of land
in Lincolnton, N. C.
The Southetn Asbestos Manufacturing Co. is regarded as one of the most
economical producers of asbestos cloth. The asbestos cloth business has
been growing very rapidly with the increased usage of this product in more
varied lines. Among the company's customers are the best nationally
known concerns.
Earnings.
-For the two fiscal years ended June 30 1927, and the 4
months ended Oct. 31 1927, the net earnings of the existing company
after all charges including depreciation. but before interest on these debentures and Federal income tax, as certified to by Peat, Marwick, Mitchell
& Co., have been as follows:
$363,537
Year ended June 30 1926
*290,011
Year ended Juno 30 1927
152,970
4 months ended Oct. 31 1927
* This decline is not due to any decrease in business or in the margin of
gross profit but is directly attributable to increases in proprietors' salaries,
which will be considerably modified under new salary contract.
The above net earnings represent an annual average of $345,651 or over
43i times the interest charges on these debentures.
,
After deducting interest on the convertible debentures (and without
considering sinking fund provisions of the same)and after deducting Federal
income tax at 13;6 %,the earnings, as above on the 50.000 shares ofcommon
stock, to be presently outstanding, have averaged, for the 2 years and 4
months ended Oct. 31 1927, at the annual rate of $4.68 per share.
Unfilled orders on hand, as at Nov. 30 1927, are equal to over 20 months'
business. The plant is operating at full capacity, working a day and night
shift, as it has also done during all of the above periods.
Capitalization.
Authorized.Outstanding.
10
-year sinking fund 6% convertible delis
$1.250.000 $1.250.000
Capital stock (no par value)
x 100.000 shs. 50.000 shs
z The company will have an authorized capitalization of 100,000 shares
of no par value. Of this amount 50,000 shares are to be reserved for
conversion of the debentures.
Pro Forma Balance Sheet As of October 311927.
Assets
Cash
$173,095 Accts. pay. dr accr. exp
$80,080
Cust.' accts. rec., less res_ - -195,069 Prov. for Fed. dc State taxes
27,654
Inventories
355,358 Reserve for organization exp.
35,000
Prepaid insurance & taxes
6,936 Reserve for contingencies_
50,000
Investment in real estate_ _ _ _
19,950 10-year 6% debentures
1,250,000
Property, plant & equipment
547,648 Capital stock:(50,000 shs. no
Processes, formulae, goodpar value)
373,321
will, &c
518,000
Total
-V. 125, p. 3213.
$1,816,056
Total
$1,816,056
Standard Steel Works Co.
-To Pay Bonds.
-
The $1.400,000 1st mtge. 5% bonds, due Jan. 1 1928, will be paid of at
office of Pennsylvania t„,o. for Ins. on Lives & Granting Annuities, Phila.V. 125, p.2402.
Stanley Works, New Britain, Conn.
-Initial Dividend
on New 6% Cumul. Preferred Stock.
An initial quarterly dividend of 37;6 cents per share has been declared
on the new 6.7,, cumul. pref. stock (par $25) payable Feb. 15 to holders of
record Feb. 4. See V. 125, p. 1594.
Stern Brothers, N. Y. City.
-Stock Increased-Offer
Made to Class A Stockholders-New Debenture Bonds.
-
Underwood Elliott Fisher Co.
-Consolidation Approved.
See Underwood Typewriter Co. below.
-V. 125, p. 2950.
Underwood Typewriter Co.
-Merger with Elliott-Fisher
Co. Approved.
The stockholders on Dec. 15 approved the plan to amalgamate this company with the Elliott-Fisher Co. as outlined in V. 125, p. 2950.
Union Metal Manufacturing Co.
-20e. Extra Divid.-
The directors have declared an extra dividend of 20c. per share and the
regular quarterly dividend of 50c. per share on the common stock, both
payable Jan. 1 to holders of record Dec. 20. An extra dividend of 25c.
per share was paid on the common stock in each of the previous four
quarters.
-V. 125, p. 1594.
United Electric Coal Companies.
-Stock Sold.
-
All but 250 of the 20,000 shares of common stock recently offered to
holders of voting trust certificates for common stock, at $28 per share,
were taken by holders under their subscription rights. It is stated that
the 250 shares, not subscribed for, represent fractional lots sent to holders
who did not purchase additional rights to make up a full share.
The directors have declared a quarterly dividend of 75 cents a share on
the common stock, payable Jan. 15 to holders of record Dec. 31. The
voting trustees announce that upon receipt of the dividend they will distribute the funds to holders of voting trust certificates as of Dec.31 at the
rate of 75 cents on each certificate outstanding.
-V.125, p. 3214.
United States Finishing Co.
-Extra Dividend.
-
The directors have declared an extra dividend of 2% and the regular
quarterly dividend of 134% on the outstanding $4,000,000 common stock.
par $100, payable Jan. 16 to holders of record Jan.6.-V. 125, p.663.
United States Realty & Improvement Co.
-New
Director.
-Subsidiary Company to Increase Cap;
tal
Jaseph E. Widener of Philadelphia has been elected a director to succeed
the late Judge Elbert H. Gary.
The directors have authorized an increase in the capital stock of the
George A. Fuller Co. in order to establish a securities corporation and also
for the acquisition of limestone quarries and a plant in Alabama. Details
will be made known through the National City Co. early next week, it is
stated. It is also understood that they will offer to the public an opportunity
to participate in the purchase of the new securities of the George A. Fuller
Co. The Fuller Co. directors approved the plan on Dec. 15.
The stockholders of the Realty company will meet early next week to
vote on the above action.
-V. 125, p. 2827.
United States Rubber Co.
-Du Pont Purchases Block of
Stock as Speculative Investment.Irenee du Pont, Vice-Chairman of E.I.du Pont de Nemours & Co.,issued
a statement Dec. 13 confirming the report that he and a few other individuals
had acquired a "considerable block" of United States Rubber Co. stock.
which he described as a "private speculative investment." Mr. du Pont said
that as to the 300,000 shares reported to have been acquired by him and his
associates, the figures was a gross exaggeration.
The New York "Times" prints the following dispatch received from
Charles K. Weston, manager of the du Pont Publicity Bureau:
"The following statement is sent to you to clear up the misunderstanding
about the reported rubber purchase. In response to inquiries, Mr. Irenee du
Pont, Vice-Chairman of the Board of E. I. du Pond de Nemours & Co.,
made the following statement:
"'E. I. du Pont de Nemours & Co. have no investment whatever in the
securities of the United States Rubber Co. The newspaper report that
Dupont interest have acquired 300,000 shares of United States Rubber Co.
common stock is a gross exaggeration.
" few individuals, of whom I am one, have acquired a considerable
'A
block of United States Rubber Co. stock, but it is held by these individuals
as a private speculative investment, and the purchase in no wise parallels
the permanent investment in the General Motors Corp. common stock
made by the du l'ont Company.'"-V. 125. p. 1045.
United States Steel Corp.
-Unfilled Orders.
-
See under "Indications of Business Activity" on a preceding page.
V. 125. p. 2684, 2382.
Valvoline Oil Co.
-6% Stock Dividend.
-
The directors have declared a 63 stock dividend on the common stock
payable Jan. 17 to holders of record Jan. 14.-V. 125,p. 1991.
Victor-Monaghan Co.
-Earnings.
-
Years Ended June 30Profit from sale of cloth and yarn_ __
Interest and discounts
Other income
Total income
Interest paid
Premium on pref. stork retired
Cap. stock & State sales tax
Provision for depreciation
Federal & State income tax
1927.
$757,421
11,942
27,528
1926.
$647,792
12,104
93,979
1925.
$698,330
15,049
30,486
$796,891
$743,864
$753,875
22,768
40,364
41,333
1,931
7.558
3,521
The stockholders will vote Dec. 22 on increasing the authorized common
16,045
stock from 220,000 shares to 500.000 shares, no par value. The authorized
198,400
198,714
195.530
class A stock will remain at 200,000 shares, no par value.
69,934
88,783
54,018
The board has made an offer to class A stockholders, good until Jan. 16
1928, whereby the company may acquire their shares for $31 in cash plus Profit to surplus account
$503,858
$437,176
$414,697
one share of common stock (to be represented by a voting trust certificate) Previous surplus
1,020,162
1,043,360
for each outstanding class A share. For those preferring cash only, the Adjustment of reserves for taxes & 1,019,658
company has arranged so that they may have the option of receiving
conting. at June 30 1924
73,431
$18 for each common share (voting trust certificate) issuable under this
offer.
Total surplus
$1,523,516 $1,480.536 $1,508,290
In conjunction with this offer the directors have authorized the issue Preferred dividends (7%)
60,559
69.954
65.902
and sale of $6,000,000 20-year„6% sinking fund gold debenture bonds.
Common dividends (8%)
394,976
394,976
304,976
The sale of the debenture 'bonds has already been underwritten by a
banking syndicate and, with the completion of the financial program
Profit & loss. surplus
outlined above, the annual fixed charges of the business will be reduced Earnings per share on 49,372 shares $1,067,982 $1,019,658 $1,043,360
from $720,000 to $360,000 (until Sept. 1 1932, when the bond sinking fund
(par $100) com,stock outstanding_
$5.52
begins to operate) and substantial additional amounts will thus be made
Comparative Balance SheSt 9t 30.
e8 tne
8
available for proposed improvements. The holders of over 80% of the
Assets1927.
1926.
class A stock have already indicated their willingness to accept this plan
Liabilities1926198
416
1027.
Cost of Prop_ _155,191,892 $5,159,186 7% pref. stock_,... $842,700 $872,600
of capital readjustment.
113,633
227,957 Common stock_ _ 4,937,200 4,937,200
The Manufacturers Trust Co., 139 Broadway. N. Y. City, has been Cash
1,467,415 1,682,66) Notes payable_ _ __ 100,090
appointed depositary for the purpose of carrying out the foregoing plan. Inventories
400,000
Invest. in Amer.
Ac coued xayasea:
er untsep penble
-V. 124. p. 2445.
26,651
70,647
lean CasablancaS
345
1,546
Corp
64.300
-Initial Common Dividend.
Sundstrand Corp.
47,507 Accr. local taxes__
56,901
50,297
The directors have declared an initial dividend of $1 a share on the com- Adv. to co-over.
Div.
_
14.747
stores
80,991
mon in addition to the regular quarterly dividend of I 34% on the preferred
77,153 Prov. for Fed. &
declared__Accounts rec
165.885
stock: both payable Jan. 16 to holders of record Dec.31.-V. 124. p. 1681.
83,406
State income tax
53,351
69,034
Sundry accts. rec_
34,121
38.339 R::: forf() re bu d h4
R
eontilinig _ _
23,839
22,893
(John R.) Thompson Co., Chicago.
-40e. Extra Div.
- Prepaid insur. dr
interest
90,986
The directors have declared an extra dividend of 40 cents per share on
87,765
Y. M. C. A._ _ _
25,873
the outstanding $6,000,000 common stock, par $25, payable Jan. 3 to
Surplus
1,067,982 1,019,658
Total (each side)S7,209,223 $7,395.142
holders of record -Dec. 23.
The directors also declared 3 regular monthly dividends of 30 cents each,
x After deducting $2,051,523 reserve for depreciation.
-V. 121, P. 1582
payable Jaa. 3, Feb. 1. and March 1 to holders of record Dec. 23, Jan. 23,
(L. E.) Waterman Co.
-Balance Sheet Jan. 31.
and Feb.23. respectively. [For dividend record since 1916 see our "Railway
[As filed with the Mass. Commissioner of CorporationsJ
and Industrial Compendium" of Nov.261927. page 236.1-V. 125. p.3214.
Assets1927.
1926.
Liabilities1926.
1927.
Torrington Co.
-Acquisition.
Real estate (less
Capital stock
$256,000 $250,000
The company has acquired the Tiley, Pratt Co. at Essex, Conn., manures)
$2,886.943 $2,944,040 Accounts payable_
285,728
95,557
facturers of wire spokes and nipples, a kindred product of the Torrington Mach'y (less res.) 128,843
73,774 Notes payable_ ___ 214,016
429,000
Furn.. fiat., and
Co.
-V. 125. p. 3214.
Reserves
81.014
20,483
tools(leas res.) _ _ 237,290
235,268 Surplus
7,314,557 6,654,5
00
Traveler Shoe Co.
-Sales.
Auto trucks, &c__
3,475
-Month-1926.
Period End. Nov. 26- 1927
Merchandise
1,916,970 1,894,255
1927-11Mos.-1926.
$320.378 $3,740,288 $3.565,992 Notes receivable
$330,608
Sales
3,000
15,015
On Dec. 10, the company opened a new store in Dayton, 0., bringing Accts.receivable
1,020,069 1,121,454
Cash
the total number in the chain to 38.
466,603
346,306
The company has also signed leases for two new stores, one in Columbus, Securities
1,240,430 1.070,130 Total(each side)$7,903,623 $7,700,242
O., and the other in Akron, 0.-V. 125, p. 3075, 1065.
-V. 101, p. 2078.
DEC. 17 1927.]
THE CHRONICLE
Warren Bros. (Asphalt) Co.
-Stock Ruling.
The Committee on Securities of the New York Stock Exchange rules
that the preferred and common stocks be not quoted ex-rights on Dec. 16
and not until Dec. 22, and that the rights may be dealt in on a when issued
basis on and after Dec. 16.
The dividends declared on Dec. 2 last are all payable Jan. 3(not Jan. 2)
next to holders of record Dec. 17. Compare V. 125 ,p.3076.
Western Electric Co., Inc.
-To Pay Special Dividend of
$13 Per Share.
3363
Yale & Towne Mfg. Co.
-Acquisition.
The company has contracted to purchase the Damm & Ladwig Co. of
Velbert, Germany, said to be the largest European manufacturer of locks
and builders' hardware. The company has 3 plants in Germany and one in
Czechoslavakia and it is expected that Yale & Towne's branch plant at
Alpona, Germany, which manufacturers 30 of the company's products, will
be consolidated with the principal plant of Damm & Ladwig at Velbert.
-V. 125, p. 2403.
Zieley Processes Corp.
-Rights.
-
The directors have approved a proposal to offer to the stockholders and
The directors on Dec. 13 declared a special dividend of $13 per share in
addition to the regular quarterly dividend of 50 cents per share on the holders of voting trust certificates certain stock of the Residuum Reclamaoutstanding 3,750,000 shares of no par value common stock, both payable tion Corp., now owned by the Zieley corporation. The stockholders of the
Dec. 31 to holders of record Dec. 24. Over 98% of this stock is owned(by latter company of record Dec. 16 have been given the right to subscribe for
one share of Residuum stock for each four shares of Zieley stock held at $4
the American Telephone & Telegraph Co.
Walter S.Gifford,president ofthe American Telephone & Telegraph Co., per share.-V. 125, p. 1725.
stated teat the special dividend, which was earned over a period of many
York Ice Machinery Co.
-Bonds Offered.
-West & Co.,
years by the Western Electric Co. in fields of activity outside of the Bell
System, would be added to the surplus of the parent company and ulti- New York and Philadelphia are offering at 101 and int. t
mately invested In telephone plant. "It will therefore be an aid in keeping
down the cost of telephone service," he said. "This is in accordance with yield about 5.90%, the unsold balance of $6,500,000, 1st
the policy of the American Telephone & Telegraph Co. to pay only regular mtge. 6% sinking fund gold bonds. The bankers announce
dividends, and to use any earnings beyond this requirement, from whatever sour ce received, either to enlarge and improve teiephoue service or to that $4,000,000 of the issue have been placed privately.
Dated Oct. 1 1927; due Oct. 1 1947. Int. payable (A. & 0.) in Philakeep down its cost." V. 125, 13• 1853.
delphia or New York, without deduction for Federal income taxes up
to 2%. Penn. and Conn. 4 mills taxes, Maryland 44 mills tax, Calif. 5
White Motor Co.
-New Members of Exec. Comm.
Robert W. Woodruff of Atlanta. President of the Coca-Cola Co., and mills tax and the Mass, income tax up to 6% refunded. Denom. of $1,000
W.C. Teagle of New York, President of the Standard Oil Co. of New Jer- and $500c*. Red.all or part at 105 upon 60 days' notice on or before Oct.
sey, have been elected members of the executive committee of the White 1 1931; thereafter to Oct. 1 1935 at 104: thereafter to Oct. 1 1939 at 103:
Motor Co. of Cleveland, according to an announcement made last week. thereafter to Oct. 1 1943 at 102: thereafter to Oct. 1 1946 at 101, and thereThey succeed Windsor White and his son, Thomas H. White, who recently after prior to maturity at 100. together with int. in each case. Pennsylvania
Co.for Ins. on Lives & Granting Annuities, and J. L. Rehme,trustees.
retired from the committee.
-V. 125, p. 2685.
Security.
-Bonds will be secured by a first mortgage on real estate, plants
and machinery now or hereafter owned. The American Appraisal Co. has
(Benjamin) Winter Inc.
-Personnel.
The officers of this corporation were made public on Dec. 10. They recently appraised these properties at a sound value after depreciation, of
include: Benjamin Winter, President; A. H. O'Brien, Vice-President; $10.350,392, which, together with net working capital, amounts to $21,Morris E. Gossett, Secretary; Ralph S. Wolcott, Assistant Secretary; 154,351.
Sinking Fund.-Mortgage provides a sinking fund which will retire 60%
Clarence F. Waldman, Treasurer. The board includes the aforesaid and
of this issue by maturity.
William F. Kenny and Eugene Lignante.-V. 125, P. 3076.
Debentures Offered.
-The same bankers are offering at 98
Worth, Inc., (Md.).-Stock Sold.
-Baker, Simonds &
-year 6%
Co., Inc. have sold at $22.50 per share, to yield 7.11% and int., yielding about 6.28%, $2,500,000, 10
sinking fund gold debentures.
65,000 shares Class "A" convertible stock.
Philadelphia
Entitled to preferential dividends of $1.60 per share per annum, cumulative from Dec. 15, 1927, and payable Q-F. Preferred as to assets in
liquidation of $27.50 per share. Callable in whole or in part on any div.
date on 60 days' notice at $27.50 per share and div. and convertible at
any time prior to redemption into common stock of the company share
for share. Transfer Agent: Guaranty Trust Co. New York; Registrar,
New York Trust Co., N. Y.
CapitalizationAuthorized
Outstanding
Class"A" Cony.stock (no par)
100,000 shs.
65,000 shs.
Common stock (no par value)
*300,000 shs.
65,000 shs.
* 200 000 shares common Stock will be reserved: 100,000 shares for the
conversion of Class "A" convertible stock, and 100,000 shares for options.
Market Sinking Fund.
-Company will agree that comrhencing with
the fiscal year ending April 30, 1929, and for each fiscal year thereafter,
an amount equal to 10%of the net earnings (after dividends on the Class
"A" convertible Stock) for each such fiscal year, will be set aside for a
period of 9 months, commencing 60 days after the close of each such fiscal
year, for the purchase of Class "A" convertible stock if obtainable at or
below $22.50 per share and accrued dividends.
Data from Letter of Pres. Emanuel Kaplan, Dec. 6.
History & Business.
-Organized in Maryland. Will acquire the assets,
business and goodwill of Worth, Inc. (N. Y.) which conducts a women's
and misses' ready-to-wear apparel business in N. Y. City and operates,
through subsidiary companies, stores in Brooklyn, N. Y., Newark, N. J.,
and Hartford, Conn. The average inventory of millinery, dresses and
cloth coats is turned approximately 11 times per year.
The New York store at 45 West 34th St. is in the heart of the Herald
Square shopping section-one of the most important retail shopping districts
in the world. The other stores, in Brooklyn at 495 Fulton St., in Newark
at 653 Broad St., and in Hartford at 904 Main St., are in the best retail
shopping districts in their respective cities.
The business was established in 1913 and has been built to its present
proportions through the re-investment of earnings. Since establishment,
over $2,500,000 has been spent in advertising the name "Worth, Inc.,"
of which over $300,000 was spent last year and caarged to operating expense.
Company, through a wholly owned real estate subsidiary, will own the
land and building at the corner of Fulton and Bridge Streets, Brooklyn,
N. Y. The other three stores are held under favorable leases with an
average duration of 19 years. Independent appraisers have valued these
leaseholds at $600,000. Both goodwill and leaseholds will be carried on
the books of the company at $1.
The management has under consideration the acquisition of stores in 2
additional cities and contemplates further expansion looking towards a
chain of retail stores in principal metropolitan centers.
Purpose.
-Proceeds of this issue, together with the proceeds of the sale
of 65,000 shares common Stock to be issued concurrently with the Class
"A" convertible Stock, will be used to acquire the assets, business and
goodwill of the predecessor corporation, to provide for expansion and for
additional working capital. Additional stores now under consideration
should substantially increase both business and profits.
Earnings.
-Consolidated sales and net earnings of the predecessor
company and subsidiaries, as certified to by Lybrand, Ross Bros. & Montgomery, for the two years ended April 30, 1927, after elimination of nonrecurring charges and credits and after all charges including Federal income
tax at 13l%. were as follows:
Year End.
Net Earns.
-Per Share.
April 30.
Sales
As Above
Class "A"
Common
1926
$4,429,385
$179,080
$2.75
$1.15
1927
4,473,954
212,941
3.27
1.67
The above non-recurring charges consisted principally of payments to
former officers of the predecessor corporation in connection with their
retirement from the business and losses taken in liquidating divisions
discontinued by the present management.
-As part consideration for a five year contract, the management
Options.
will be given an option to purchase 100,000 shares of common Stock from
the company for a period of 10 years at $15 per share under the following
conditions:
The first 25,000 shares or any part will be purchasable if and when net
earnings of the company available for dividends after all taxes shall have
been at least $500,000 for a period of 12 consecutive months within 15
months preceding the date of the exercise of the option; the second 25,000
shares when at least $700,000:the third 25,000 shares when at least $900,000
and the fourth 25,000 shares when such net earnings shall have been at
least $1,000,000.
An option will be given to the bankers to purchase all or any part of 10,000
additional shares of Class "A" convertible stock at 622.50 per share at
any time prior to April 12, 1928.
Listing -Application will be made in due course to list the Class "A"
convertible stock on the New York Curb Market.
Consolidated Balance Sheet Sept. 30 1927 (Co. rt Subs.).
LlabflUtesCash
$156,395 Accounts payable
$477,759
Accounts receivable
332,743 Accr let, taxes, wages.etc
23.590
Inventory
482,889 Customers'unclaimed credits,etc 9,961
Prepaid ins, taxes, etc., & suppl_ 54,476 Deposits on leases, ins res, etc_..- 47,122
Stock of Worthco Realty Co - _ b582,819 Capital stock de surplus
a1,475,479
Furn., fixture & impt. to leased
prop., $549,228: less prov. for
depreciation, $130,640
418,588
Deferred charges
6,000
Goodwill & leaseholds
1
Total(each side)
$2,033,911
convertible (without par value) to be presently. issued 65,000
a Class "A"
shares Common (withot par value) to be presently issued 65,000 shares.
b Real Estate and improvements at independent appraised value less
mortgages of $517,180 16213,180 is non-interest bearingl-payments of
-V. 125, p. 3216
629,242 due within one year.
-Merger.
York Manufacturing Co. (Pa.).
-V. 112, p. 2205.
See York Ice Machinery Corp. above.
Dated 1 1927: due Dec. 1 1937. Int. payable (J. & D.) in
without deduction for Federal income taxes up to 2%. Penn. and Conn.
4 mills taxes. Maryland 4% mills tax, Calif. 5 mills tax and the Mass.
.
income tax up to 6% refunded. Denom.$1,000 and $500c5 Red. as a whole
or in part at 105 upon 60 days' notice to and incl. Dec. I 1929;thereafter to
Dec. 1 1931, at 104; thereafter to Dec. 1 1933, at 103: thereafter to Dec.
1 1935. at 102; and thereafter to and incl. June 1 1937, at 101; together with
int. in each case. Guarantee Trust & Safe Deposit Co., trustee.
Sinking Fund -Semi-annual sinking fund commencing Oct. 10 1928
provides for the retirement of approximately $263.157 per annum, which is
sufficient to retire the entire issue by maturity.
Security.-This issue of debentures will be a direct obligation of the
corporation. Indenture will provide in substance, among other things.
that so long as any of the debentures are outstanding, the corporation shall
not pledge property or make, issue, endorse or guarantee any note. oond,
debenture or funded obligation excepting only current bank loans, bonds of
first mcrtrage and the pledge under the first mortgage of after acquired
property.
Data from Letter of Pres. Thomas Shipley, York, Pa., Dec. 12.
Company -Has been incorp. in Delaware and has acquired the business,
assets and properties of the York Manufacturing Co. and its affiliated
companies, York Milk Machinery Co. and the York Oil & Chemical Co. of
York. Pa., the Central Construction & Supply Co. of Phila., the Shipley
Construction & Supply Co. of Brooklyn, the Bay State Construction &
Supply Co. of Boston, the Southern Construction & Supply Co. of Atlanta,
the Greenwood Construction & Supply Co. of Pittsburgh. the York-Ohio
Ice Machine Co. of Cleveland and the York Products Corp. of St. Louis.
Corporation also acquired the assetsand business of The Arctic Ice Nlachine
Co. of Canton. 0., which was first incorp. in 1878, as one of the pioneers
in this .ndustry and developed and were the sole owner of The Arctic
Pownall System of ice manufacture. the only successful method not heretofore available to the York corporation.
The original business of the corporation was founded 52 years ago as a
partnership, in 1875, with an investment of approximately $100,000. The
business has grown to a present invested capital of approximately $17.500,000, of this amount over $15,500,000 has been derived from earnings.
Corporation is today the largest manufacturer and distributor of commercial and industrial refrigerating machinery in the world, installing
approximately 50% of such refrigeration in the United States. The refrigerating machinery business covers the entire field of commercial and
industrial refrigeration, including manufacturing ice machinery, refrigerating, equipment, cooling systems, air conditioning. &c.
In addition to the extensive manufacturing business of the corporation,
the York organization operates the largest and most complete system of
refrigerating engineering service in the world. In every part of the United
States and in many foreign countries, the services of absolutely reliable and
competent refrigerating construction engineers are available through the
'York branches.
Property.-The principal plants of the corporation are located in York.
Pa. The vVest York plant covers a floor space of more than 20 acres. That
portion of the Grantley plant now in operation covers an additional 7 acres
and the portion under construction will add about 6% acres, making a
total floor space of approximately 33 acres. Company also has plants and
warehouses located in Philadelphia, Pittsburgh., Brooklyn, Rochester,
Cleveland. Canton, St. Louis, Atlanta, Denver, Omaha, Houston and
Seattle. Corporation has 74 service and supply stations throughout the
United States as well as distributors in England, France, Italy. Spain.
India, Japan, South Africa, Australia, China, New Zealand, Philippine
Islands, Mexico, Canada, Porto Rico. Cuba and Argentine.
Purpose.
-The $6.500.000 6% bonds. 62.500.000 6% debentures, 49.941
shares of preferred stock, and 157,075 shares of common stock, provide
for the acquisition of the 'York Manufacturing Co., its 9 affiliated companies, The Arctic Ice Machine Co. and part of the cost of new construction
of the plants located at York, Pa.
Authorized. Outstanding.
Capitalization
$9,000.000 $6.500.000
1st mortgage6% sinking fund gold bonds
2.500.000
2,500 000
10-yr.6% sinking fund gold deb.(this issue)_ _
4.994.100
7,000.000
7% cumulative preferred stock (par $100)
*340.000 sits. 157.075 shs.
Common stock (no par)
preferred into common stock.
*140,000 shares reserved for conversion of
Earnings.-The consolidated income of the merged companies as certified
by Haskins & Sells, certified public accountants, is as follows:
Aver.for 5
Years end. Years end.
Sept. 30'27. Sept. 30'27.
$16,196,685 $16.264,189
Net sales
- -Net income, before int., deprec. & Federal tax_ _ _ _ 2,107,551 $1.839.103
390,000
Max. ann.int.require. on 1st mtge.6% bonds
61,449.103
Balance
150 000
Max.ann.int.require on 6% sinking fund debbentures
Net income as shown above, was over 4.70 times annual interest charges
on the 1st mtge. 6% bonds and after deducting maximum annual requirements on the first mortc:age bonds, net income was over 9.66 time smaxlmum annual interest charges on the 10
-year 6% sinking fund debentures.
Condensed Balance Sheet, Oct. 1 1927 (After Present Financing.)
Assets
Liabilities
1,125,399
Cash & U.S.Lib.bonds
$2.708,970 Accounts payable
166.689
Notes & accts. rec. (less res.) 4,335,655 Accrued Federal tax
30.843
Con of uncompl. contr.
228,401 Other accrued items
Inventories
4,853,863 1st mortgage 6% bonds_ _ _ _ 6,500,000
2.500,000
Investments
291,872 10-year 6% debentures
76,876
(less depr. of $4,173,853) 10,350,392 Deferred credit
Prop.
4,994,138
Patents, &c
1 7% preferred stock
Deferred charges
654,582 Common stk., 157.075% ails. 7.853,775
Initial surplus
176,017
Total
$23,423.737
Total
$23,423,73
8
3364
THE CHRONICLE
[VOL. 125.
CENTRAL AGUIRRE SUGAR COMPANY
ANNUAL REPORT TO THE STOCKHOLDERS FOR 1927.
Aguirre, Porto Rico, Dec. 1 1927.
The twenty-eighth annual report of the Directors of the
Central Aguirre Sugar Company and affiliated interests is
submitted herewith for the year ended July 31 1927.
During the year the remaining outstanding stock of the
Santa Isabel Sugar Company has been purchased and the
entire earnings of this Company are now included in the
consolidated report.
The year has been a good one in nearly every way; the
crop was large, the price obtained satisfactory, operating
methods efficient, and cooperation and loyalty of labor in
field and factory never better.
The efficiency of the plant has been fully maintained,
the capacity of the factory having been increased by the
Installation of a new 500 H.P. Boiler, a 14-foot Vacuum
Pan and Five Crystallizen; the new hotel—a very comfortable and convenient building—Is completed, and in general the condition of your property is satisfactory. Substantial expenditures have been made in sinking wells and
installing pumps to insure as far as possible such irrigation
as may be needed.
The outlook for the crop to be harvested the coining
year is excellent and we confidently expect that it will exceed in volume the production of last year—the largest in
the history of the Company. We believe thoroughly in a
policy of intensive cultivation, increasing the crop by the
use of fertilizers, irrigation and advanced methods of cultivation on such of our lands as will respond to treatment.
The Aguirre Mills began grinding Dec. 3 1920 and finished June 7 1927 with a total of 61.739 tons of sugar; the
Machete Mill began grinding Dec. 16 1926 and finished May
28 1927 with a total of 19,234 tons of sugar; the Cortada
Mill began grinding Dec. 15 1926 and finished May 15 1927
with a total of 13,702 tons of sugar; or a total of 94,675
tons of sugar produced in the three factories.'
For the Directors,
CHARLES G. BANCROFT, PreSident.
CENTRAL AGUIRRE SUGAR COMPANY—SANTA ISABEL SUGAR COMPANY
LUCE & COMPANY, S. en C.
PONCE & GUAYAMA RAILROAD COMPANY
CONSOLIDATED BALANCE SHEET AS AT JULY 311927.
ASSETS.
CurrentAssets,GrowingCropsand Investments:
Cash in banks and on hand
$125,240.94
Notes and mortgages receivable
323,647.77
Accounts receivable:
Due from colonos and others
on open account
$143,162.77
Accrued interest on loans and
Investments
7.596.27
150,759.04
Inventories:
Sugar and mola&ses (less
provision for shipping expenses)
2,212,647.34
Materials and supplies
618,626.40
2.831.273.74
Growing crops
1,259,171.82
Investments:
Investment in the stocx of
affiliated company
580.000.00
Investments for insurance
fund (per contra)
60.251.09
Other investments
178,401.00
818.652.09
LIABILITIES.
Current Liabilities:
Drafts in transit
Notes payable at bank
Accounts payable
Due affiliated company
Accrued general taxes
Provision for income taxes
$1,425,313.97
$5,508.745.40
Deferred Assets:
Construction and improvements in progress_
Claims for refund of taxes
Deferred charges to operations
$135.302.86
850,000.00
186,262.32
4,094.04
32,730.13
216,924.62
142.678.48
55,749.12
124,755.64
323,183.24
Fixed Assets:
Plant and Equipment:
Real estate, roadway and track, factories,
buildings and equipment, rolling stock,
live stock,steam plows,implements,&c 10,085,972.89
Less reserve for depreciation
2.001,396.37
8,084,576.52
CAPITAL.
Capital stock:
Preferred Stock:
Authorized —15,000 shares, $100.00 par
value (none issued)
Common Stock:
Authorized —300,000 shares, $20.00 par
value—Issued: 180,000 shates
3,600,000.00
Surplus:
Appropriated:
Reserve for reduction ofrentals $54.000.00
Reserve for insurance fund
(per contra)
60,251.09
Reserve for increase In insurance fund
40,000.00
154,251.09
Unappropriated:
Balance, August 1 1926
7,550,326.50
Net profit, year ended July 31
1927
2 492,177.01
$10,042,503.51
Deduct: Provision
for insur. fund $2,579.41
Provision for increase in insurance fund
40,000.00
Dividends paid _1,262,984.00
---—1.305,563.41
8.736.940.10
12,491.191.19
Total Assets
$1316.505.16
Total Liabilities and Capital
$13,916,505.16
CENTRAL AGUIRRE SUGAR COMPANY, SANTA ISABEL SUGAR
COMPANY—LUCE & COMPANY, S. en. C. AND PONCE &
GUAYAMA RAILROAD COMPANY.
CONSOLIDATED STATEMENT OF INCOME AND PROFIT AND
LOSS—YEAR ENDED JULY 311927.
Income:
Sugar:
Sugar sales
$14,752,537.51
Sugar on hand—subsequently
sold
2,228,953.93
-----$6,981,491.44
Molasses:
Molasses sales
106,724.73
Molasses on hand
19,250.12
125,974.85
--Cane:
Cane sales
546,066.10
Other Revenue:
Miscellaneous income
407,006.57
$8,080,538.96
Expense:
Agricultural, manufacturing and general expenses
5,235,569.28
Net income
Profit and Loss Credits:
Dividends—Central Machete Company
$2,824,969.68
145,000.00
2,969.969.68
Profit and Loss Charges:
Provision for depreciation of fixed assets
Provision for income taxes
Net Profit for Period
Robert G. Sparrow
New York Office
Member American
17 John Street
Institute of
ROBERT G. SPARROW & CO.
-Accountants
Accountants & Auditors West Indies Office
William C. Kirkpatrick
San Juan. Porto Rico
Successors in the West Indies to
W.T.'Woodbridge & Co.
Cable Address
"Rowspar"
Auditors' Certificate.
We have audited the accounts and records of the companies here.n named, for tile year ended July 31 1927, and,
in Our (minion, the foregoing consolidated balance sheet
and accompanying statement of income and profit and loss
correctly present respectively their financial c.aidition and
the results of operation for the date and period stated.
ROBERT G. SPARROW & CO.
By ROBERT O. SPARROW,
258,875.12
218,917.55
—
Member of American Institute of Accountants.
477,792.67
$2.492,177.01
DEC. 17 1927.]
THE CHRONICLE
3365
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS
-DRY GOODS-WOOL-ETC.
COMMERCIAL EPITOME
[The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY.'
New York, Friday Night, Dec. 16 1927.
COFFEE on the spot was quiet and steady; Santos 4s,
213% to 213%c.; Rio 7s, 14 to 14%c. Later Rio 7s were
weaker at 14 to 143%c. Fair to good Cucuta, 22 to 23c.;
prime to choice, 233% to 26c.; washed, 26 to 273/2c.; Colombian Ocana, 21 to 22c.; Bucaramanga, natural, 24 to 25c.;
washed, 27 to 273/jc.; Honda, Tolima and Giradot, 283% to
29c.; Medellin, 293/3 to 30c.; Manizales, 283 to 293%c.;
4
Mexican, washed, 273% to 29c.; Surinam, 243% to 25c. On
the 12th inst. cost and freight offers from Brazil were very
irregular. Some were sharply lower. On the 13th inst.
Brazil wanted to sell cost and freight offers and prices fell;
For prompt shipment, Santos Bourbon 2-3s were here at.
4
218 to 223/20.; 3s at 21.35 to 22c.; 3-4s at 20.60 to 21.20c.;
3-5s at 193% to 21c.; 4-5s at 19.45c. to 203%c.; 5s at 193% to
4
193 c.; 5-6s at 18.40 to 19.20c.; 6s at 183% to 19.20c.; 6-7s
at 173% to 183%c.; Bourbon separations 6-7s at 173% to
183%c.; 7-8s at 17.95c.; part Bourbon or flat bean 3-4s at
20c.; 3-5s at 19.65c. to 20.45c.; Santos peaberry, 2-3s at
21c.; 3-4s at 20.40 to 20.8.5c.; 4s at 20.20c.; 4-5s at 20.10c.;
5s at 19.60c.; 5-6s at 19.55c.; Rio 7s at 12.95c.; 7-8s at 123%
to 12.60c.; Victoria,. 7-8s at 12.40c.; January shipment
Santos 4s at 19.45e.; Part Bourbon 4s and 3-4s sold for
January shipment at 1934c.
On the 14th inst. cost and freight offers were firmer or
higher. The supply was less plentiful. Prompt shipment
offers included Bourbon 2-3s at 21.80 to 221 c.; 3s at 203%
4
to 21.45c.; 3-4s at 20.90 to 213%c.; 3-5s at 20 to 20.65c.;
4-5s at 193/2 to 203 c.; 5s at 19.30 to 198 c.; 5-68 at 18.90 to
4
4
19.40c.; 6s at 18.60c.; 6-7s at 173% to 1834c.; 7s at 17.90c.;
Bourbon separations 6s at 18.10c.; 6-7s at 16.40c. to 183%c.;
7-8s at 14.90c.; part Bourbond or flat bean 3s at.22.10c.;
3-4s at 21.55c.; 3-5s at 203%c.; Santos peaberry 3-4s at
21.550.; 3-5s at 203%c.; Santos peaberry 3-4s at 19.95c. to
20.35c.; 4-5s at 193%c.; 4-6s at 19.65c.; 5-6s at 19.30c.; Rio
7s at 13.15c. to 13.55c.; 7-8s at 12.70 to 13.15c.; Victoria
7-8s at 12.55 to 12.60c. On the 15th inst. while most cost
and freight offers were unchanged, a few were lower.
On the 15th inst. for the second day in succession there
were no receipts at Santos. Private cables received in the
trade here intimated that Santos receipts will be stopped as
long as the stock there remained around the present figure of
over 1,000,000 bags. Advices to the United States Department of Commerce from Rio de Janeiro said that the president
had signed the law yesterday authorizing Federal control of
coffee exports. The Rio stock was 358,000 bags against
274,000 last year; Santos stock 1,172,000 bags against
854,000 last year; Sao Paulo receipts 12,000 against 42,000
last year; JundAn receipts 10,000 against 33,000 last year;
Rio receipts 21,000 against 27,000 last year.
The Institute de Cafe do Sao Paulo reported coffee stocks
in Nov. 30 in the interior of that State, including Minas
Geraes, consisted of 12,270,000 bags in interior warehouses
and at railways, an increase of 222,000 bags as compared with
the interior stocks on Oct. 31 and comparing with a total of
6,398,000 on Nov. 30, last year. An official recount of the
Rio port stocks increases them 45,000 bags. The stock of
Rio in regulating warehouses, according to a semi-official
report is 365,000 bags. To-day Rio 7s were steady at
143% to 143%c.; Santos 4s 215,4, to 220. Futures on the 12th
inst. advanced 5 points net on December with other months
5 to 22 points lower.
Futures were irregular for a time on
the 13th inst. but later they were 7 to 10 points lower,
due to selling by Europe, easier markets abroad, and
evidence of an increasing anxiety of Brazil to sell actual coffee.
Private cables intimated that the Defense Committee
intended to revoke daily Santos receipts altogether, so long
as the stock in Santos remained around the present figure of
about 1,175,000 bags. It seemed to be partly confirmed by
the fact that the following day no receipts were reported.
Sceptics say that reading between the lines, it clearly
indicates the problem Brazil has before it; that the Committee is uneasy. If it felt confident of its position they
contend that no such measures would be resorted to. Holding it back does not mean that coffee is being consumed and
while it will keep down the figures of the stock at the seaport, it will increase the amount of the interior warehouses,
before long. Mild coffee will be a keener competitor with
high grade Santos. Some on the other hand contend that
although the enormous stocks held in Brazil appear to
preclude materially higher prices in the near future, the
control policy of the Defense Committee has been so successful thus far that they do not look for more than temporary
declines.
One view is that taking into consideration the enormous
stock accumulating in the interior of Santos, not to speak of
the stock already at the seaport, it is difficult to get very
bullish. Still some believe there is a possibility of slightly
higher levels being attained between now and the middle of
January. Buyers may again allow their stocks to get too low
during the rest of 1927. After stock taking has been completed it may enable Brazil to mark up prices. But in the
long run some contend Brazil will face a difficult situation
even with a normal crop next year. The big stocks will be
there, presenting a hard problem for the Defense Committee.
To-day futures closed 10 points lower with lower cables from
the Continent. Higher cables from Brazil and higher exchange had no effect. The trading was small, with some
week-end selling. Final prices show a decline for the week
of 22 to 23 points. Prices closed as follows:
Spot (unofficial) _ _14c. March
Decemter _13.20anom. I May
13.11c. I July
13.07 I September
1.304anom.
12.97anom.
SUGAR.
-Cuban prompt raws became very active later
at 2 13-16c. but they were quiet for a time at 27gc. C. & f.
/
or 4.65c. delivered; 36,000 bags Cuba prompt shipment
however sold on the 12th inst. at 2 27-32c. and more was
offered at that price. Later 400,000 bags or more at
2 13-16c. The British Board of Trade returns for November
show imports during that month of 130,000 tons against
123,000 for the same time last year; consumption of 125,000
tons against 131,000 tons and stocks on Nov. 30 of 200,000
tons against 356,000 last year. Futures declined 1 to 3
points on the 12th inst. with sales of 22,000 tons. One
rumor was that the producers of Havana Province have
pledged themselves not to start grinding until Jan. 15.
They are said to be negotiating with producers of other provinces to take similar action. Another report is that the
Cuban authorities are considering, as an alternative, delaying the start until Jan. 15, permitting the mills to commence grinding on Jan. 1 with a deduction from the total
of 4,000,000 tons production for 1927 of an amount equal to
the carryover from this season's crop.
On tt,e 15th inst. 75,000 bags oi Cuban raw sugars were
reported sold for prompt shipment to refiners and operators
at 2 27-3204 also 2,000 tons of Philippines for Jan.
-Feb.
shipment at 4.63c. c. i. f. equal to a little above 2 27-32e.
c. & f. for Cuba. Later sales of 25,000 bags of Cuba for
December shipment were made to the National at 2 27-32c.
or 4.61c. delivered and 25,000 bags for January shipment
at the same price to Rionda„ with additional buyers at this
level but holders asked 1-32c. advance. London terminal
was 13%d. to 13 d, higher for later months on the 15th.
4
Private cables from London said the market was steady
with 96 sellers at 13s. 13%d. and probable buyers at 13s.
Refined dull. There were 5 December notices here. Of
Cuban latterly 400,000 bags in three days are said to have
been sold to two refiners alone at 2 13-16c. c. & f. Futures
advanced 2 to 3 points.
Private cables from Cuba, it is said, state that all efforts
have failed to induce President Machado to alter his decree
of June 22 last fixing Jan. 1 as a date for commencement of
grinding operations. An interesting feature was continued
inquiry from England for raws. Europe is beginning to
realize, it is suggested that the amount Cuba contemplates
next year for shipment abroad will be insufficient and that
they must purchase from old crop stock. Havana cabled
that all presidents of mill owner associations, including
Camaguey, have signed an agreement not to start grinding
before Jan. 15 and have wired each mill owner their decision
to that effect. If any individual declines to sign, efforts
will he made to induce him to do so. The American mills
were not represented at the meeting, but have indicated that
they will do as the others do. President Machado has yeplied to communication sent him by mill owners, asking
change in decree of June 2 in regard to the restart of the
crop, stating to them that he will not modify his decree, but
that sugar commission with his consent has suggested owners
commence crop after the 15th, an initiative which he has
not only authorized but that it would satisfy him immensely
to see it carried through. It is not thought that any individual mill will refuse President's request. Refined later
was 5.60 to 5.90c. with trade quieter than it had been.
The Associated Press had the following cable from London,
Dec. 13: "Having completed plans under which four-fifths
of the world's sugar production comes under control of an
international organization, Col. Jose Tarafa, of Cuba, is
winding up his European tour with a series of conferences
with English sugar brokers. tie intends sailing for the United
States Dec. 21 on the Mauretania. Col. Tarafa said that he
did not intend to obtain agreement with the British, French
and American sugar interests, because they did not export
sugar. He will confer with New York sugar brokers, however.
An international committee will be formed in January,
3366
composed of two representatives from each country exporting sugar, Col. Tarafa said. Two statisticians will determine
each country's supply relation to the world demand. The
new organization, he said, does not propose to raise prices,
but to stabilize the market. The Cuban representative has
signed a five-year agreement with Santo Domingo and will
invite Peru to complete the world combination, but will
not attempt to include Porto Rico, Hawaii, and the Philippines, because of their freedom from import duties in the
United States.
United States Atlantic port receipts for the week 47,259
tons against 39,658 in previous week, 49,875 last year and
73,823 two years ago; meltings 51,000 against 38,000 in
previous week, 60,000 last year and 63,000 two years ago;
importers stocks 117,390 tons against 117,390 in previous
week 129,691 last year and 8,412 two years ago; refiners'
stocks 80,401 tons against 84,142 last week, 90,247 last
year and 47,739 two years ago; total stocks 197,791 against
201,532 in previous week, 219,938 last year and 56,161 two
years ago. At a meeting of 100 executives of sugar companies on the 12th inst. the formation of an American Sugar
Institute for the purpose of stabilizing the industry was
decided upon. The organization, which is understood to
have the approval of the Federal Government, will compile
statistics, examine tariffs and collect other information of
general interest to the sugar industry. It will not function
as a price-fixing body.
Willett & Gray estimated the receipts at Cuban ports for
the week at 13,306 tons against 20,653 in the previous week,
14,524 in the same week last year and 20,619 two years ago;
exports 30,441, tons against 72,747 in previous week,
45,564 last year and 96,630 two years ago; stock 327,558 tons
against 344,693 in previous week, 162,939 last year and 179,232 two years ago.; of the exports United States Atlantic
ports received 19,005 tons, New Orleans 3.430 tons and
Europe 8,006 tons. New Orleans wired that the California
& Hawaiian Sugar Refineries have declared a trade war on
the Louisiana sugar refinieries and are underselling them in
the New Orleans market. This situation is said to be the
result of Louisiana refineries entering the California refineries territory. To-day futures closed unchanged to 2
points higher with sales of 26,700 tons. There was a better
business in refined. London terminal markets were steady.
Dr. Mikusch estimates the world's production for 1927-28
at 26,261,000 tons against 24,704,000 last year. This includes 8,103,000 tons to Europe. The Porto Rico crop is
estimated at 596,639 long tons against 562,628 last year.
Most refiners are quoting 5.70c. although one is selling at
5.60c. Final prices show practically no change from those
of a week ago. Prompt raws are quoted at 2 27-32c. or an
advance for the week of 1-32c. Prices closed as fo.lo vs:
Spot (unofficial) 2 27-32 March
December _ _ - _2.81a _ --1May
January
2.85a ---I
3.02a_ __
2.86a2.871July
2.93a2.941September----3.10a3.11
1
LARD on the spot was weak at one time with little demand; Prime Western 12.10 to 12.20c. in tierces, c.a.f. New
York; Refined Continent 12%c.; South America 14c.; Brazil
15c. Later prime Western was off to 11.95 to 12.05c. To-day
spot was quiet and steady; Prime Western 12.15c.; Refined
Continent 12 8e.; South America 13%c.; Brazil 14%c.
Futures declined on the 10th inst. 13 to 15 points owing to
further liquidation and some selling for short account. There
was an expectation of larger receipts of hogs this week which
had some effect.
Futures on the 12th inst. fell 15 points. Lower prices for
corn had some effect as well as the weakness in spot lard.
The East sold. Hogs dropped to $8.75 as the top a new
low on this movement. Total Western receipts for the day
were 154,700, against 160,000 a week ago and 173,300 last
year. Dehveries on contracts were 100,000 lbs. of lard.
Liverpool lard closed 6d. to is. lower. On the 14th inst.
prices advanced 20 to 30 points on a good demand and
strcnger cash markets. Ribs were in good demand and firm.
December and January were the most wanted. Hogs were
steady. Receipts were smaller. Other bracing factors were
the firmness of corn, buying by Eastern interests and covering of shorts. Hog receipts were 135,000, against 123,200
in the previous week and 83,000 last year. Deliveries on
contracts were 150,000 lbs. of lard. One view was as follows:
"During recent weeks both hog and provision markets have
been on the down grade and hogs are now at the lowest level
since July 1924, while lard prices are not far from the bottom
on this movement. This product is now near a level which
should merit the attention of investors. Hogs at the present
time are about $3 per cwt. cheaper than a year ago, while
corn is approximately thirteen cents per bushel higher. The
prevailing corn, hog ratio is decidedly bullish on the long pull
outlook for hogs, though if the feeding basis becomes still
more unfavorable it may bring out considerable liquidation
in the interim. Carriers are naturally taking a bearish
attitude at this time but after the peak of the winter movement has been passed pressure should be materially less and
we look for a much improved hog market next spring."
To-day futures closed unchanged to 7 points higher. Commission houses were buying. Shorts covered. Hogs were
firmer and it is believed that the stock of lard decreased in
the first half of December materially. Profit taking caused
a reaction; also hedge selling and a decline in corn. Final
prices show a decline for the week of 8 to 10 points.
[VOL. 125.
THE CHRONICLE
DAILY CLOSING PRICES OF LARD FUTURES
Wed.
Tues.
Mon.
Sat.
11.40
11.10
11.20
December delivery___ _11.35
11.92
11.70
11.75
11.90
January delivery
12.12
11.90
12.07-10 11.95
March delivery
12.30
12.07
12.12
May delivery
12.27
IN CHICAGO.
Fri.
Thurs.
11.40 11.40
11.97
11.97
12.15
12.17
12.35
12.37
PORK quiet; mess, $34.50; family, 40 to $43; fat back
pork, $32 to $35. Ribs in Chicago steady: cash, 11c. basis
of 50 to 60 Its. average. Beef scarce and firm; mess,$23 to
$24; packet, $25 to $27; family, $31 to $33; extra India,
mess, $40. No. 1 canned corned beef, $3; No. 2, $5.25
six pounds, South America, $18.50; pickled tongues, $55 to
$60. Cut meats firm; picked hams, 10 to 20 lbs., 173,4 to
183 c.; pickled bellies, 6 to 12 lbs., 185i0.; bellies, clear,
4
/
dry salted boxed, 18 to 20 lbs., 1330.; 14 to 16 lbs., 1440.
Butter, lower grade to high scording 394 to 53c. Cheese,
2834 to 2934c. Eggs, medium to extras 28 to 53e.
-Linseed was rather quiet and easier with leading
OILS.
crushers asking 9.6c. for raw oil in carlots, cooperage basis,
but it was intimated 9.5c. and possibly 9.4c. would be accepted on a firm bid. In tanks 9.2c.;5 bbls. or more, 10.6c.;
less than 5 bbls., lie.; March-April carlots, 9.7 to 10c. Cocoanut, Manila, coast, tanks, spot, 1234c. Corn, crude,
tanks plant, low acid, 9c. Olive, Den., 81.60 to $1.70.
Chinawood, New York, drums, spot, 143(c.; Pacific coast
/
tanks spot, 1234c. Soya bean, coast tanks, 91 0. Edible
%
corn, 100-bbl. lots, 12%e. Lard, prime, 161 c.; extra
strained winter, New York, i33%c. Cod, Newfoundland,
63 to 65c. Turpentine, 5434 to 6034e. Rosin, $8.75 to
$12.25. Cottonseed oil sales to-day, including switches,
were 13,200 bbls. P. Crude S. E.,834 to 9e. Prices closed
asfollows:
01
10.0010.50 February
March
January_ .- _10.10a10.18 April
Spot
December_ _10.00a10.20
_10.25a10.30 I May
10.36a10.34 June
10.48a10.55 July
10.60a10.62
1100..7825:1?!.!
-Gasoline was in better demand owing
PETROLEUM.
to unseasonable weather. There was a good inquiry from
jobbers for spot and spring deliveries. United States Motor
in tanks at refineries 8 to 834c. Most refiners asking 81% to
834c. refinery and 9 to 934c. in tank cars delivered to nearby
trade. California gasoline was in small supply and firm, at
834c. A better inquiry for export was reported. The Gulf
%
market was steady. Kerosene was steady at 63 c. for prime
white at refineries and 71%c. in tank cars delivered to nearby
trade;43-45 water white 7 to 734c. at refineries and 8 to 834c.
in tank cars delivered to nearby trade. Tank wagon market
steady. A good export demand was reported. Fuel oils quiet
but steady. Bunker oil, grade C $1.35. A large movement
against contracts was reported. Gasoline later on was advanced 3c.at Atlanta, Ga.,by the Standard Co.of Kentucky.
The new price is 17c._ The same company also cut kerosene
1 34c. at Atlanta, 3c. at Macon and 234o. at Jacksonville.
New York export prices: Gasoline, cases, cargo lots,
U. S. Motor specifications, deodorized, 23.90c.; bulk,
refinery, 8c. Kerosene, cargo lots, S. W. cases, 17.15c.;
4
bulk, 41-43, 63 0.; W. W., 150 deg., cases, 18.15c.; bulk,
43-45, 71% to 734c. Bunker oil, f.o.b. doe, $1.35. Diesel
oil, Bayonne, barrels, $2.10c. plus 6340. lighterage. New
Orleans gasoline, U. S. Motor, bulk, 70.; 64-66 gravity,
375 e.p., 83(e. Kerosene, prime white, 6c.; water white,
7c. Bunker oil, grade C for bunkering, $1.30. Service
station owners'and jobbers' price guide: U. S. Motor, bulk,
refineries, 8 to Wc.; tank cars, delivered to nearby trade,
M to 934c. U. S. Motor delivered to N. Y. City garages
in steel barrels, 17e.; up-State and New England, 17e.
Kerosene, water white, 43-45 gravity, bulk, refinery, 7 to
734e.; delivered to nearby trade in tank cars, 8 to 83(0.;
4
water white, 41-43 gravity, bulk, refinery, 63 c.; delivered
4
to nearby trade in tank cars, 73c.; tank wagon to store,
15c. Furnace oil, bulk, refinery, 38-42 gravity, 6c.; tank
wagon, 10c.
Buckeye
$2.25 Eureka
$2.55
Bradford
1 60
2.75 Illinois
Ursa
1.71 Wyoming. 37 deg.. 1.30
Indiana
1.33
1.48 Plymouth
Princeton
1.57
1.60 Wooster
Canadian
.
2.11 Gulf Coastal "A- 1.20
Corsicana heavy
1.00 Panhandle.44 deg. 1.12
Elk Basin
Oklahoma,Kansas and Texas
-$1.33
,
Big Muddy
$1.36 T anee cre k
1.25
40-40.9
1.20
1.33
Creek
32-32.9
1.33
1.60 Grass Creek
52 and above
Louisiana and Arkansas
1.25
Bellevue
1.20 West Texas all deg
-32.9
0.60
32
2.35
1.26 Somerset light
35-35.9
1.37
Spindietop. 35 deg. and up
$2.75
Pennsylvania
1.45
Corning
1.5n
Cabell
Wortham, 40 deg_ 1.36
1.25
Rock Creek
Smackover 24 deg_ 1.00
RUBBER declined here on the 12th inst. in response to a
decline in London and Singapore. The net fall here was
40 to 60 points. The London stock statement was bearish.
Expected to show a decrease of 3,000 tons, it revealed an increase of 142 tons. The sales here on the 12th inst. were
1,262 tons, the smallest for three weeks previously. Consumption of crude rubber in the United States during November was 26,792 tons against 26,790 in October and 1,288 tons
in Nov. 1926 a decrease of 1,288 tons or about 4.6%. Imports of crude rubber into this country fell slightly below
those for Nov. 1926, totalling 40,984 gross tons net weight,
according to figures compiled by the Rubber Association
of America against 41,107 tons in Nov. 1926. The total
for 11 months ended Nov. 30 1927 was 403,677 gross tons
against 379,059 tons during the corresponding period of
1926. Importations of plantations were about 911 tons
smaller in Nov. 1927, than in November last year. Imports
of Pares on the other hand showed a gain last month of 343
tons while the amount of centrals imported was 269 tons
DEC. 171927.]
THE CHRONICLE
London on Dec.
heavier last month than in Nov. 1926.
12 fell % to Md. Stocks, as of Dec. 10 totalled 66,011 tons,
an increase during the week of 142 tons. This figure compared with stocks of 46,349 tons reported on the corresponding date of 1926. Arrivals of crude rubber during the week
of Dec. 10, totalled 2,439 tons and deliveries 2,297 tons.
/
Spot and Dec. 193' to 1953d.; Jan. 193% to 193 4.; Jan.
4
Mar. 193 to 19 8d.; April-June 203 to 203%d. Singapore
4
/
-March 203d.;
was off X to INd.; Dec.closed at 195sd.; Jan.
April-June 20%d.
Outside trade early in the week was small with prices tending downward. At the Exchange on the 12th inst. December ended at 40.20 to 40.50c.; January at 40.50 to 40.70c.;
March at 41.30 to 41.40e.; May at 41.70c.; July at 42 to
42.10c.; September at 42.40c. Outside prices: Ribbed
smoked spot and December, 403 to 41e.; Jan. and Jan.
4
March,41M to 413 c.; April-May-June, 42 to 4.2Mc. Spot,
4
first latex crepe, 41 to 413c.; clean thin brown crepe, 38M
to 389c.; specky brown crepe, 38 to 383(c.; rolled brown
crepe, 34M to 343c.; No. 2 amber,383 to 39c.; No. 3 am4
4
ber, 38% to 383c.; No. 4 amber, 373 to i8c.; Centrals,
4
Esmeraldas, 26 to 26Mc.; Central scrap, 26 to 26 2c.;
Guayule washed and dried, 293/e.; Balata, Block Ciudad,
37 to 38c.; Panama, 35 to 360.; Surinam sheet, 57 to 58c.;
Amazon upper, 40 to 41e.; Amazon lower, 21 to 22c.; Paras,
up-river fine spot, 323.'c. to 33c.; coarse, 263
27e.
On the 14th inst. prices declined 40 to 50 points with sales
of 1992 long tons. Twenty-six notices were issued. December on the 14th inst. ended here at 49.80c., January at 39.90
to 40.10c.; March, 40.80c.; May,41c. to 41.10e.; July, 41.30
to 41.40c. Outside business was small. Prices steadied up
after some weakness. Ribbed smoked spot and December,
3
403 to 40%c.; January, 49% to 4034c. First latex crepe
spot, 403/g to 40%e.; clean thin brown, 37% to 3730.;
/
specky brown, 37% to 373sc. Para, upriver, fine, spot, 32
/
to 323'c. London ended on the 14th inst. unchanged to
%d. lower; spot and December, 193 to 193/2d.; January,
%
19%d.; Singapore fell on the 14th inst., % to %d.; December
closed at 19d.; Jan.
-Mar., 1934d. Dealers stocks of crude
rubber there approximate 24,000 tons on Nov. 30; at Penang
a little under 5,000 tons. To-day prices advanced here 20
to 30 points. London advanced Hd.; spot and December,
193d. bid; January, 193%d.; Jan.
-Mar., 19%d. Detroit
wired that more motor car companies are planning to enter
the aeroplane business, but it had no great effect there.
Outside rubber was quiet here. Nearby, 40c.; January,
4038c.; Jan.
/
-Mar., 403 e. with latex at the same level.
%
Factories are not buying much; in fact very little. Final
prices for futures show a decline for the week of 80 to 110
points.
HIDES.
-River Plate were still firm. Europe and United
States bought freely recently; 24,000 Argentine steers early
December salting sold at equal to 27%c. It is said that
Argentine stocks now are very small. Common dry hides
were in better demand and firm with small imports. Orinoco,
310.; Antioquias, 34c.; Savanilla, 30c.; City packer were
quiet with little offering; spres.dy native steers, 253.e.;
native, 243.0.; butts, 233c.; Colorado, 23c. cows, native,
22c.; bulls, native, 180. New York City calfskins 5-7s,
2.20 to 2.25c.; 9-12s, 3.55e.; 7-9s, 2.65c.
OCEAN FREIGHTS were quiet. Later low rates were
accepted.
CHARTERS included sugar. Cuba to United Kingdom-Continent, one
port 16s., two ports 16s. 6d. December; Cuba to United hingdom-Contilcnt. 16s. Dec. 20-31. Time prompt delivery North Hatteras, West Indies
round trip $1.25; same $1.50; four months West Indies. Canada trip across
redelivery, United Kingdom-Hamburg $1.373. Tankers, clean oil North
Hatteras to United Kingdom, 13s.6d. from Curacao, 14s. 6d., from Gulf
16s., and from California 25s. 6d., Jan.-Peb.; oil cake from Gulf to Danish
ports, $6.25 (fixed in London), December; same $6; same Dec. 3, $6.15;
tankers, clean oil from Gulf to United Kingdom-Continent, 19s.; from
North Hatteras, option 16s., 7 to 19 months' consecutive trips, May: clean
Gulf to North Hatteras, 18c. December; Gulf to United Kingdom-Conticnt, 16s.; from Curacao, 14s. 6d., and from Avadon, 27s. December;
clean from North Hatteras to United Kingdom, 13s., and from Gulf 16s.
January; nitrate, Chile to Atlantic seaboard, $5.25 February* wheat Portland to United Kingdom or Continent, 32s. 9d. Jan. 15
-Feb. 15; wheat
Vancouver to United Kingdom or Continent, 32s. February; Antwerp or
Rotterdam, 6d. less; tankers, gas oil. California to North Hatteras, 58c.
January; cotton, Gulf to Murmansk, 9Iic. Jan. 5-15; time charter four
months West Indies, 1.73$
TOBACCO.-Only a day to day demand appears; that is a
.
demand calculated to supply consumers for a time. And
there appears no likelihood of any marked increase in business during the rest of the year. The offerings of Wisconsin tobacco are very moderate, if not actually small, it is
said after the recent sales of fair size. Prices are for the
most part nominal. Pennsylvania broad leaf filler 10e.;
binder 20 to 253'e.; Porto Rico 60 to 80c.; Connecticut No. 1
sec. 1925 crop 65c.; seed fillers 20c.; medium wrappers 65c.;
dark wrappers 1925 crop 40c.; light wrappers $1.25.
-The demand for bituminous has increased and
COAL.
quite a good business was actually done. But Hampton
Roads of late has been rather more quiet. Anthracite was
in fair demand. Navy standard mines $2.25 to $2.75;
supplementary $2.10 to $2.25; Anthracite, company, egg,
.75 to .85;stove $8.25 to $9.35; chestnut,$8.75 to $8.85;
pea $6.25 to $6.40.
COPPER was firm at 143%c. A feature of the week was
the November statistics which were unfavorable. Stocks of
refined copper on Nov.30 totalled 90,874 tons against 83,882
tons on Oct. 31st, an increase of 6,992 tons. Production in
November was 118,269 tons, of which 111,152 tons were
primary and 7,117 tons scrap, and compares with an output
3367
in October of 124,927 tons, of which 118,965 tons were
primary and 5,962 were scrap. Shipments for November to
111,277 short tons of which 52,013 were for export and 59,625
domestic. In October deliveries were 127,538 tons of which
58,919 tons were export and 68,619 tons domestic. Production of mines in the United States was 67,813 tons in November of which 27,452 came from prophyry mines, 7,223 from
lake mines, 29,238 from vein mines, and 3,900 tons from
custom ores. In October output was 68,959 tons of which
27,753 tons came from porphyry mines, 8,065 tons from
lake mines, 29,410 from vein mines and 3,731 tons from
custom ores.
Sales for export last month were said to be the largest in
the history of Copper Exporters, Inc. and this in a measure
is expected to take the edge off the adverse November statistics. They will mean heavy deliveries in December and
January. In London on the 13th inst. standard fell 5s to
£59 10s. for snot and £59 13s. 9d. for futures; sales 100 tons
spot and 1,100 futures; electrolytic unchanged at £66 5s.
for spot and £66 12s. 6d. for futures. Later the domestic
market here was quiet and easier. Large producers were
generally quoting 14%e., but there were reports of shading.
Water shipments from the Lake district in November were
11,356,000 lbs. by rail 3,000,000 lbs. In London on the
14th inst. spot standard dropped 5s to £59 5s.; futures off 6s.
3d. to £59 7s. 6d.; sales 400 tons spot and 700 futures; spot
electrolytic declined 5s to £66; futures off 2s. 6d. to £66 10s.
Latterly 14c. has apparently been the market without
disguise, although some talk 1434c. and others 143c. No
business, it is said, has been done at 14c.; but not much
copper was wanted. Export demand has slowed down very
noticeably. The official price is 14.560. Europe. London
yesterday advanced 10s. for spot standard to £59 15s.;
futures up us. 3d. to £59 18s. 9d.; sales 50 tons spot and
650 futures; spot electrolytic was up 5s to £66 5s.; futures
remained at £66 10s.
TIN.
-Of late trade has been less active, but prices have
remained steady. During the week consumers have bought
on a satisfactory scale however. In fact they have taken
more tin than for a long time. This fact has attracted
attention. And the steadiness of prices during much of the
week also excited comment. But with less activity of late
prices have receded about Me. from those recently current.
Straits, December and January sold at 583%c.; next year at
5834c. Yesterday London was up 17s 6d on spot standard
to £267 2s 6d.; futures remained at £263 5s, with not much
business. Spot Straits rose 17s 6d. to £267 12s 6d.; Eastern
c. i. f. London was 2s 6d. higher.
LEAD was quiet. No improvement is looked for until
after the holidays. East St. Louis was 6.35c. Ore was
$85 to $9 in the tri-State district. At least 1,000 tons were
delivered last week that were bought at $90 but of late
buyers' would not bid over $85. Spot in London on the
13th inst. was unchanged at £21 17s 6d; futures off is 3d to
£22 3s 9d; sales 450 tons spot and 2,100 futures. Later
a fair demand was reported at 6.35c. East St. Louis. The
American Smelting Co. quoted 6.50c. New York. In
London on the 14th inst. spot advanced 3s 9d to £22 is 3d;futures up 2s 6d to £22 6s 3d; sales 250 tons spot and 1,300
futures. Of late New York has been 6.560. with only
a moderate business. Central West, 6.35c. East St. Louis
but occasionally it is said 6.3234c. with rumors of isolated
sales at 6.30c. London on the 15th inst. advanced is 3d to
£22 2s 6d; futures up 2s 6d to £22 8s 9d; shies 550 spot and
tons of futures.
ZINC was lower early in the week. East St. Louis,5.75Z
Trade was quiet. Later sales were made at 5.70c. East St.
Louis. Some producers however were asking 5.724c. The
present price is about $2 above the low of the year. In
London on the 13th inst. spot fell 5s to £26 2s. 6d.; futures
off 2s. 6d. to £25 18s. 9d.; sales 25 tons spot and 475 futures.
On the 14th inst. spot in London advanced 3s. to £26 3s.
9d.; futures unchanged at £25 18s. 9d.; sales 100 tons spot
and 1,000 futures. Of late the tone has been rather more
steady at 5.70c. East St. Louis. February and March,
5.72Mc. There is not much bus'ness. Consumers are supposed to be pretty well supplied. London yesterday
advanced 2s. 6d. for spo.t to £26 6s. 3d.; futures up 3s. 9d.
to £26 2s. 6d.; sales 200 tons spot and 400 futures.
STEEL shows some signs of improvement. They are not
pronounced, but there is rather more firmness as regards
prices for the first quarter of 1928 and trade is somwhat
better. Finished steel prices show greater stability. That
is clearly a gain. Quite a fair business was recently done at
the old prices. Stocks of sheet steel at Pittsburgh were
largely disposed of. There is said to be less closing down
for repairs than usual at this time of the year when business
is apt to be slack. Production is maintained. There is
even said to be some tendency to increase it as if in expectation of a better trade after the turn of the year. Specifications against heavy finished steel at recent low prices are
somewhat larger for the remainder of the year. In most
cases the quotations made a fortnight ago for sheets are
required by makers for the first quarter delivery. But there
is no marked improvement in any branch of the steel trade.
The sales to the automobile industry have increased a trifle,
but no important increase is expected for six weeks or two
months. Railroad buying is comparatively small as usual
at this time. What is most noticeable in the steel trade is
THE CHRONICLE
3368
Stock.
1926.
1927.
a rather more cheerful feeling as if the new year is sure to
Receipts to
bring improvement. Pittsburgh expects better things .and
This Since Aug This Since Aug
Dec. 16.
1926.
1927.
Week. 11927. Week. 11926.
sustained prices for sheets and other products. Shapes,
plates and bars are steady. Shapes, 1.70 to 1.75c.; plates, Galveston
1,449.690 112,259 2.023,654 588,836 657,867
60,125
54,328
41,038
94,494
68,104 4,898
3,344
1.70 to 1.80c.; bars, 1.75 to 1.85c.; blue annealed sheets, 2.10 Texas City
980,227
Houston
to 2.15c.; black, 2.75 to 2.85c.; galvanized, 3.65 to 3.75c. Corpus Christi_ _ - 66,348 2,011,490 135,265 2,672,204 976,924
1.423 172.617
38,918 892.168 73.946 1,366,471 504,706 649.733
New Orleans
PIG IRON has been quiet and lower in this part of the Gulfport
71,213
26,312
3,079 195,446 9,823 265.680
country, though it is said that 50,000 tons were sold this week Mobhe
10.957
9,467
Pensacola
in the Cleveland district besides 15,000 in St. Louis and 4,000 Jacksonville
838
603
592
37
8
58,285 133,215
in new England. It is stated that the largest sale in the Savannah
8.530 451,130 25,862 705.030
and Brunswick
Pittsburgh district was 17,500 tons of gray forge iron
96,865
46,302
3,556 196.728 13,415 357,143
Charleston
5,000 tons of Bessemer iron to a wrought iron pipe manufac- Georgetown
29,367
29.651
73.512
72.256 4,939
3,594
Wilmington
turer. It seems that No. 2 foundry sold at Pittsburgh down Norfolk
93.241 136,923
8.219 164,434 13,063 264.362
to $17.25, Valley base. Dutch iron at Boston sold Lake Charles
95
11,792 214,621 119,874
____
4.532
New York
131
at $21.50. Considerable has recently arrived there; also Boston
1,300
4,467
8.069
3,240
401
182
not a little cf Indian. At Pittsburgh sales were made at Baltimore
1,980
1,195
38,095
32,555 6,433
2,513
10.677
8,900
1,766
390
155
$17.50 to $17.75 for Bessemer. No. 2 plain foundry sold Philadelphia
in small quantities prompt delivery at $17.50 it is stated but
199.962 5.724.220 400.731 7.893.927 2.595.070 2.944.407
Totals
large tonnages are quoted at $17.25 or less. Basic was
In order that comparison may be made with other years,
nominally $17. Valley in the absence of a test of bids for
any large quantity. Some furnaces on a freight rate of $1.26 we give below the totals at leading ports for six seasons:
sell it is stated at 816.50 furnace or 50c. under the nominal Receipts at1922.
1923.
1925.
1924.
1926.
1927.
delivered price, Valley.
77,449
112,259
at Boston for Galveston_ _ -- 60,125 135.265 118,708 126,437 51,034 41,557
-There has been a better demand
WOOL.
37.214
56.333
79.414
66,348
Houston*___scoured wool and other grades, but the demand from worsted New Orleans_ 38,918 73,946 82.730 76,543 50,789 29.163
1,681
2.578
9,823
5.177
3,079
5,028
Mobile
mills for greasy combing wool has still been rather small; Savannah_
5,867
7,609
16,660
25,862
24.632
8,530
242
certainly nothing more than moderate. Top makers have Brunswick_
3,761
5,362
10,421
7,160
13,415
3,556
been inquiring a little more freely for the finer grades of Charleston....
1.430
2.067
6,319
3,884
4,939
3,594
Wilmington_ _
9,257
13,732
24,733
territory French combing wool. In London on Dec. 9th Norfolk
19,919
13.063
8.219
N'port N.,&c.
offerings 10,610 bales; prices firm. British, Continental and All others_ __ _
6.996
3,491
8.173
12.159
9.861
7,593
occasionally American buyers bought. Speculators' lots of
Australian merinos were frequently withdrawn as high Total this wk_ 199,962 400.731 351,485 330,647 214,353 136,866
limits. Over 2,000 bales of New Zealand, speculators' Since Aug. 1_ _ c 724 2211 7 RAR 927 8.081.070 5.818.904 4.479.315 3.894.834
greasy sold to buyers here and from the Continent.
1926. Houston figures nclude movement of
* Beginning with the season of
Best half-bred 58s brought 27d.; 56-58s, 246d.; 56-58s. 2350.; greasy cotton previously reported by Houston as an interior town. The distinction
crossbred 56-58s. brought 23d.; 56s, 22d.; 50-56s, 20d.•, 50s, 19d.; 50-48s between port and town has been abandoned.
18d.: 48.50s, 17d.; 48s, 164d.; 46s, 1414d. Details: Sydney. 3,902 bales
greasy merino. 21 to 31 lid.: scoured,26% to 46 Sid.; Qeensland, 832 bales
The exports for the week ending this evening reach a
greasy merino, 18 to 2410.; scoured, 36 to 49d.•, Victoria, 1,997 bales
total of 163,582 hales, of which 25,918 were to Great Britain,
greasy merino. 261i to 291id.; scoured, 33 to 45Sid.; scoured crossbred
,
19 to 41d.: Qestralia, 98 bales; greasy merinos, 22% to 25d.; New Zealand
26,614 to France, 51,774 to Germany, 30,656 to Italy,
3,535 bales: grreasy crossbred, 13% to 27d.: scoured, 1814 to 35d.: Cape
other destinations.
206 bales; greasy merino, 1414 to 2114d.; scoured, 36 to 4214d.; New Zea- 6,875 to Japan and China and 21,745 to
land slipe, 15 to 281
-id.
In the corresponding wqek last year total exports were
In London on Dec. 12 offerings 9,170 bales. Prominent
buyers were absent; bidding especially for merinos was
sluggish and such wool was withdrawn at prices barely
equal to the highest lately paid. New Zealand crossbreds and Cape greasy combing sold readily to home and
Continental buyers at late values.
-bred best, 58s. brought 26d.• 56-58s, 2410.;
New Zeland greasy half
-56s..21 Sid.;
.
56s, 2314d.: 50-56s. 21 Sid.; greasy crossbred. 56-58s. 2314d.:50
56s. 1934d.: 48.s, 18%d.; 46s, 1610.;44s, 15d. Details: Sydney, 841 bales;
greasy merino, 22 to 251id. Queensland. 515 bales; scoured merino. 33
scoured merino,
to 4214d. Victoria. 635 bales; greasy merino, 25 to
27d.•.
ea
29% to 35%d.; greasy crossbred, 14 to 29d. Adelaide, 480 bales: scoured
merino, 37 to 3914d. Westralia, 1,205 bales; greasy merino, 1814.to 27d.
New Zealand, 4.083 bales; scoured crossbred, 19 to 38d. Cape, 683 bales;
greasy merino, 15 to 27d. Falkland. 728 bales; greasy merino, 13 to 21Sid.
-bred lambs.
New Zealand slipe, 1314 to 28d., latter half
In London on Dec. 13th the sale closed; final offerings
6,860 bales, making a total for the series of 121,000. Estimated 107,000 bales sold, the Continent buying 58,000, home
consumers, 47,000, and America, 2,000. Prices closed firm;
merinos par to 5% higher and crossbreds 5 to 10% higher.
New Zealand greasy crossbred 56s brought 233/2d.; 50s, 21d.;
48s, 18d.; 46-48s, 17d.; 46s, 15d. Details: Sydney, 2,057
2d.; scoured merino, 193/2 to
bales; greasy merino, 22 to 283'
'
44d.; (Queensland, 745 bales; greasy merino, 16% to 2732d.;
2
scoured, 35 to 483/2d4 Victoria, 775 bales; greasy merino,
2c.;
19 to 28j scoured, 34 to 443'2d.; Westralia, 240 bales;
greasy merino, 21 to 23d.; New Zealand, 2,899 bales; greasy
crossbred, 133/2 to 233/2d.; scoured crossbred 20 to 31d.
New Zealand slips, 1432 to 253/2d.; latter balfbred lambs.
At Melbourne, Australia on Dec. 12th of 5,500 bales offered
about 95% was sold. Good selection. Demand excellent
especially for crossbreds. Prices firm.
COTTON.
Friday Night, Dec. 16 1927.
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
199,962 bales, against 233,588 bales last week and 284,933
bales the previous week, making the total receipts since
Aug. 1 1927 5,724,220 bales, against 7,893,927 bales for
the same period of 1926, showing a decrease since Aug. 1
1927 of 2,169,707 bales.
Receipts atGalveston
Texas City
Houston
Corpus Christi_ _
.
New Orleans_ _ _
Mobile
Savannah
Charlestln
Wilmington
Norfolk
New York
Boston
Baltimore
Totals thts sveek_
Sat.
8.019
Mon.
Tues.
Wed.
7.936 19,791 12,425
10,078 17.517 11,782 10,014
-----------1,423
5.311 5,052 5,115 14,322
301
565 1,048
201
1.653 1.447
1.228 1.503
91
363 1,859
240
660
829
46
697
583
739 2,429
1,384
42
69
4
25
Thurs,
5,746
-_
8052
---_
4,763
127
1,327
770
552
735
27
15
Fri.
Total.
6,208 60,125
3,344 3,344
8,905 66,348
----1,423
_
4,355 38,918
837 3,079
1,372 8.530
233 3,556
811 3.594
2,349 8,219
131
____
182
27
28.623 33.89: 44.341 40.037 22.114 30.954 199.962
The following tab e shows the week's total receipts, the
total since Aug. 1 1927 and stocks to-night, compared with
last year:
385,908 bales. For the season to date aggregate exports
have been 3,515,566 bales, against 4,858,494 bales in the
same period of the previous season. Below are the exports
for the week.
Exported to
Week Ended
GerGreat
Dec. 16 1927.
- Britain. France many.
Exports from
Javan&
Italy. Russia. China. Other.
10,516 4,114 7,886
Galveston
10,288 9,902 12,419 9,461
Houston
1,423
Corpus Christi
5,071 4,638 11,659
New Orleans_ _ _
7,516
2;988
Mobile
8,458
9.243
Savannah
1,500
604
Charleston
4,100
Wilmington _ _
1,697 500 5,189 1.250
Norfolk
300
292
New York
100
Baltimore
625 2.125
1,148
Los Arpoles_ _ _
San Francisco._ _
Total
25,918 26,614 51,774 30.656
101,230 51,750 104.610 37,071
Total 1926
Total 1925... 102.703 73,165 40,277 26,900
5,850
-goo
225
____
_
6,875 21.745 163,582
_ 50,930 40,317385,908
21.033 28.659 292.827
Exported to
• From
Aug.1 1927
Japan&
GerDec. 16 1921. Great
ExportsIron 1.- Britain. France. many. Italy. Russia. China. Other.
Galveston_ . _ 106,264 209,222 224,067 84,861
Houston.. ._ 130,867 198.455243.550 75,151
___ 3,510_
6,964
Texas City _
32,001 35;892 53.996 5:000
Corp. ChM ti
80,840 43,683 132,108 57,125
New Orlea as
Mobile... . 25,194 1,269 76,952 1.400
_ __ 7,487_ _.
880
Pensacola. ._
72,712 5;030 273,206 5:301
Savannah _ ._
Charleston . 23,038 1,715 112,707 5,065
17,300 24,467
Wilmingto ,
1,250
600 51,051
21,820
Norfolk.....
200
St. Charles
4,802 3,245 11,866 1,.6.5:i
New York . _
_
185
15
361
Boston_ - 970
__
772
.-Baltimore
__45
100
Phlladelphi a
i
2,518 4;454 17,054
Los Angel s.
San Fran_ ._
Seattle..
Total... _
Total.
6,280 28,776
5,118 53,038
1,423
8,567 29,935
300 10,754
277 17,978
23 2,127
300 4,400
300 8,936
600 1,192
100
4,698
225
Total.
11,400 160,282 153,058 949.154
50,000 164,172 92,573 95 68
4.5
10.474
__
__.
__
3:100 23,972 18,096 172,057
36,626 127,156 57,442 534,980
___. 15,400 3,800 124,022
1,100 • 9,467
_
___ _
__._ 36;965 18,967 411,221
___.
500 15,956 158,981
42,067
300
_ __ _
77.888
500 2,665
_ ___
200
37,291
,165
.... __ 1,38:1 14-,
1,427
866
2,009
267
........267
_
-- _
.- -- 146
1
26,97.5
108
5
_ __ _ 2,5.f)
1,965
41
675
508,311 504,352 1225291 262,675 101.126 534.171 370,640 3,515,566
Total 1926 _ 1,250,753 560,591 1402842 365,120 117.873 674,775 477,540 4,858,491
Total 1925 1281.443 509.535 1100526 304.460 9552x 510 045 427.6i5 4.247.056
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard, Not Cleared for
Other CoastGerGreat
- Britain. France. many. Foreign wise.
Sept. 26 at
17.500 21.900 10.000 53,900
Galveston
7,129 1.884 6,326 19,269
New Orleans_ _
500
Savannah
Charleston_ _ _
3:866
.
4- 666 -866
Mobile
Norfolk
.
Other ports *.- 2 666 1,500 3.000 8:6056
Total.
Leering
Stock.
7,500 110,800 478,036
656 35,264 469,442
57,585
700
200
46,152
150
150
18,312
8,000
93.031
210
-Ea
500 15,000 1.262,388
Total 1927- - 30,629 25,784 19,326 85,169 9.216 170,124 2.424,946
Total 1928.. 47.919 26,073 27,845 79,597 11.440 192,874 2,751.5.33
Total 1925- - 26.456 10.740 38.750 59,632 7,460 143.047 1,415.905
*Estimated.
DEC. 17 1927.]
THE
Speculation in cotton for future delivery has been more
active latterly at rapidly rising prices. The situation took
on a different look as liquidation died down and the November consumption in the United States was found to be
something unprecedented for that month. It has not very
often been exceeded in any month. It has had a pronounced
effect. It suggests to some that pessimistic reports about
poor trade and actual or impending mill curtailment have
been more or less exaggerated. The total American consumption of 625,680 bales in November compares with (112,935 bales in October, 583,746 in November last year, 543,089
In 1925, 495,162 in 1924 and 532,702 in November, 1923. The
total consumption in the United States for the four months
ending November 30 was 2.499,370 bales or practically
2,500,000 bales against 2,222,930 bales in the same time last
year, or an increase flms far this season of 276,440 bales.
Stocks in warehouses were about 545,000 bales smaller than
on Nov. 30 last year. Mill stocks are 58,000 bales larger
than then. Putting this consumption with the relatively
large British exports of yarns and cloths in November
-an
increase of 15 to 50%-and there are those who think that
the facts of the world's consumption may perhaps have
eluded the trade at home and abroad. At the present ratio
It is figured that the world's total this season would reach
16,884,000 bales. Not that this total is expected to be
reached. Merely the point is that to all appearance the
world is using up more American cotton this season than
has been generally suspected.
Europe has imported far less thus far than it did in the
same time last year, but it has been making deep inroads
into the surplus from last year. At a time not far off it
Is contended the foreign mills must buy freely and the American mills also. The mills in general at home and abroad
have bought little for about two months. Naturally this
cannot go on indefinitely. In the meantime the basis is
firm. At times of late the demand for spot cotton has increased. Prices have risen. The technical position has improved. That was the natural effect of the recent very
heavy liquidation ot old accounts. There has been some
more of this selling, including some of what are popularly
termed "stale" long accounts. Early in the week stop
orders were reached. They tended to complete the work
of clearing up the situation. Finally the position became
oversold and a quick rise of 100 points followed. The
consumption has usurped the first place apart from purely
superficial considerations of the technical phase of the
speculation. If the big consumption is to continue; if on
January 14 it is found that the December consumption in
this country has also made a new record for that month,
following new records for such months as October and November, the effect may be striking in American and foreign
markets.
Spot prices have been advancing 15 to 40 points a day
and on the 14th inst. the (lay's sales were slightly larger
than on the same day last year. It has been the other way
about for several months. At times recently the daily
sales at the South were only some 15,000 to 18,000 bales
a day but at times this week they have been 118 much as
24.500 bales. Liverpool has reported buying there by the
Continent and Bombay, and more or less calling by mills
as well as covering. At Manchester there was a better
business in cloths with India, though at low prices and
from South America the demand was also larger. At Char.
lotte, N. C., moreover, buyers nrade less demur about paying current prices. In Philadelphia, too, yarns sold more
readily. Worth Street of late has been firmer, with some
mills quoting goods %c. higher even if others have not
done so.
Mills have been calling steadily on a scale down, especially when the price at one time neared 18 cents for
March; European mills have also been calling on declines.
It was known that there were many scaled mill orders to
buy. They were a prop under the market.
tile other hand there is very little support aside from
covering and mill calling. Outside speculation as a rule Is
lacking. Cotton has disappointed the outsider too often.
Besides there is considerable curtailment of output by the
Fall River still seems to be running at only 50%.
In other parts of New England there is more or less curtailment. Also wages have recently been cut 10% by a
number of Nev England mills. The latest to do this is the
Amoskeag Company of Manchester, N. It Costs are too
high, It is declared. At the South, the holiday vacations
seem to be longer than usual in some of the mills of the
Carolinas. Spot cotton is not active; far from it. As a
rule the daily sales have fallen noticeably below those of
the same day last year. The exports, according to one
statement, are seine 1,250,000 bales smaller than they were
at this time last year. Talk of curtailment has a tendency
to delay business in dry goods. The buyer hopes for lower
prices whatever time predictions in some quarters to the contrary. Actual visible supplies are considered large. It
seems to many improbable that the world's consumption
will continue at Its present ratio. There is still more or
less hedge selling. Many people have lost confidence in the
market. Rallies have usually heralded setbacks. With
good stocks prices are about 7 cents higher than a year
ago.
3369
CHRONICLE
To-day, prices after an early decline advanced some 20
to 25 points net on firm cables, more or less calling by the
mills, but above all on heavy covering of shorts by Wall
Street, New Orleans and local traders. Contracts at times
were scarce. An early decline was quickly recovered. Spot
markets were Up. The basis was firm. Some favorable
reports came from Worth Street about the trade in gray
goods and fine goods. Sales this week in some cases were
said to be 50 to 100 per cent, above production. In Liverpool there was American and Continental buying and not
a little covering. Liquidation there has ceased, as it has
here for the most part. Everybody it talking about the
big consumption in the November report. They call that
the turning point. But prices have latterly advance $5
a bale and some look for a reaction. There is believed
to be still a large short interest, but it is not so large as it
was a week ago. Final prices tor the week show practically
no net change for most months though October is 11 points
lower. The spot price ended at 19.40c. or 5 points higher
than a week ago.
The following averages of the differences between grades,
as figured from the April 28 quotations of the ten markets
designated by the Secretary of Agriculture, are the differences from middling established for deliveries in the New
York market on May 5:
114 on
Middling fair
69 on
Strict( good middling
45 on
Good middling
Strict middling
30 on
BI sis
Middling
38 off
Strict low middling
Low middling
91 off
1.75 off
*Strict good ordinary
2 53 off
*Good ordinary
Good middling spotted
.23 on
Strict middling spotted
.01 off
Middling spotted
41 off
*Strict low middling spotted
.98 off
*Low middling spotted
78 oft
Strict good middling yellow tinged .04 off
Good middling yellow tinged__ .36 off
Strict middling yellow tinged____ .68 off
*Middling yellow timed
1 37 off
*Strict low middling yellow tInged2.25 off
*Low middling yellow tinged_ ___3.29 off
Good raid. light yellow stained__ .90 off
*Strict mid.light yellow stained__1.42 off
*Middling light yellow stained_ __2.23 off
Good middling yellow stained _ ___1.45 off
*Strict middling yellow stained...1.95 off
*Middling yellow stained
2 76 off
Good middling gray
49 off
Strict middling gray
78 off
*Middling gray
1 18 off
*Good middling blue stained......1.73 of/
*Strict middling clue stained
2 37 oft
*Middling blue stained
3.20 ott
*Not deliverable on future contracts.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Dec. 1010 Dec. 16
Middling upland
Sat.
19.25
Mon. Tues. Wed. Thurs. Fri.
18.70 18.60 19.00 19.25 19.40
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each clay during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
.
which show at a glance how the market for Spot and futures
closed on same days.
Spot Market
Closed.
Saturday_ _
Monday
Tuesday
W ednesdayThursday _
Friday
Futures
Market
Closed.
Quiet, 10 pts. dec._ Steady
uiet, 55 pin. dec..- Steady
Quiet, 10 pts. dec.- Steady
Steady, 40 pts. adv. Steady
Steady, 25 pts. adv. Very steady_ ..._
Steady, 15 pts. adv. Steady
Total week.
SinceAug. 1
SALES.
Spot.
949
1,000
1,400
750
2,797
Confect Total.
2.600
200
200
500
--
3.549
1.200
1.600
1.250
2.797
6,896 3.500 10,396
167.069 415.100 582.169
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday.
Dec. 10.
Monday,
Dec. 12.
Tuesday, Wednesday, Thursday,
Friday,
Dec. 13.
Dec. 14.
Dec. 15.
Dec. 16.
Dec.
Range _. 18.84-18.87 18.25-18.71 17.96-18.50 18.35-18.58 18.38-18.74 18.57-18.9(
Closing_ 18.83-18.30-18.31 18.18-18.19 18.57-18.58 18.7418.89 Jan.
Range. _ 18.77-18.88 18.18-18.62 17.90-18.48 18.27-18.50 18.34-18.70 18.54-18.9:
Closing_ 18.77-18.79 18.25-18.27 18.16-18.18 18.49-18.50 18.68-18.70 18.89-18.9:
Feb.
Range._
Closing. 18.8918.3518.27- - 18.59
18.79
18.98 /Ifarch
Range. _ 19.01-19.09 18.36-18.86 18.10-18.70 18.45-18.73 18.54-18.91 18.74-19.11
Closing_ 19.01-19.02 18.46-18.48 18.38-18.40 18.69-18.72 18.89-18.91 19.07-19.01
April
Range._
Closing_ 19.0918.5518.45-18.77 -18.96-19.14 May
Range.. 19.16-19.25 18.55-19.02 18.30-18.88 18.63-18.88 18.69-19.05 18.88-19.2:
3
Closing. 19.17-19.18 18.66-18.67 18.51-18.55 18.85-18.86 19.02-19.05 19.20-19.2:
JuneRange- 18.83 18.83
Closing_ 19.15 -18.60 -18.51-18.82 -19.02 -19.20July
Range. 19.11-19.22 18.53-19.00 18.30-18.87 18.64-18.16 18.66-19.04 18.88-19.2.
2
Closing_ 19.14-19.15 18.57-18.60 18.52-18.53 18.80-18.81 19.02 19.21-19.2:
AugustRange- 18.78-18.78
Closing_ 18.9918.44 -18.40- 18.69
18.8819.02 Sept.Range..
18.38-18.38
-Closing. 18.8518.32- - 18.29
18.57 -18.74
18.86 October
Range.. 18.71-18.79 18.12-18.58 18.00-18.48 18.30-18.50 18.30-18.62 18.49-18.78
Closing_ 18.71 18.20-18.25 18.19-18.20 18.4518.60-18.62 18.70-18.75
Nov.Range_ 18.45-18.45
Closing_
18.53113.6718.77 •
Range of future prices at New York for week ending
Dec. 16 1927 and since trading began on each option:
Option for
-
Range for Week.
Dec. 1927- 17.96
Jan. 1928.- 17.90
Feb. 1928
Mar. 1928- 18.10
Apr. 1928.
May 1928_ 18.30
June 1928._ 18.83
July 1928._ 18.30
Aug. 1928.. 18.78
Sept. 1928.. 18.38
Oct. 1928_ 18.00
Nov. 1928.. 18.45
Dec. 13 18.90 Dec. 16 13.36 Jan. 3 1927 24.72
Pee. 13 18.93 Dec. 16 14.11 Mar. 15 1927 24.77
18.19 July 12 1927 23.73
Dec. 13 19.10 Dec. 16 14.75 Apr. 4 1927 24.99
18.35 July 12 1927 26.67
Dec. 13 19.25 Dec. 10 17.35 Aug. 3 1927 25.07
Dec. 14 18.83 Dec. 14 18.83 Dec. 14 1927 21.77
Dec. 13 19.22 Dec. 14 18.30 Dec. 13 1927 24.70
Dec. 14 18.78 Dec. 14 18.78 Dec. 14 1927 20.86
Dee. 13 18.38 Dec. 13 18.38 Dec. 13 1927 21.10
Dec. 13 18.79 Dec. 10 18.00 Dec. 13 1927 20.20
Dec. 14 18.45 Dec. 14 18.45 Dec. 14 1927 18.45
Range Since Beginning of Option.
Sept. 8 1927
Sept. 8 1927
Sept. 8 1927
Sept. 8 1927
Aug. 31 1927
Sept. 8 1927
Sept. 19 1927
Sept. 8 1927
Nov. 9 1927
Oct. 27 1927
Nov. 9 1927
Dec. 14 1927
[vol.. 125.
THE CHRONICLE
3370
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
1924.
1925.
1926.
1927.
',Dec. 16722,000 582,000
otock at Liverpool
Stock at London
Stock at Manchester
bales
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
Total Continental stocks
876.000 1,106,000
72.000
122,000
1.000
43,000
68.000
948.000 1,231,000
790.000
608,000
276.000
9.000
102,000
27.000
414,000
210,000
7,000
51,000
76,000
319,000
179,000
3.000
'77,000
36,000
626,000
1,000
139,000
148,000
4,000
47.000
28,000
5,000
2,000
1.022.000
758.000
614,000
374.000
1.970,000 1.989,000 1,404,000 1,000.000
Total European stocks
79,000
55,000
27.000
India cotton afloat for Europe--- 62,000
American cotton afloat for Europe 523,000 850,000 807.000 926,000
Egypt,Brazil,Szc .afloatforEurope 107.000 111.000 119.000 148.000
421,000 379.000 277,000 271,000
Stock in Alexandria, Egypt
404,000 250,000 563,000 326,000
Stock in Bombay, India
a2,595 070a2,914,407 1.558,952 1,538,023
Stock in U. S. ports
Stock in U.S. interior towns_ _al,331 182a1,552,303 1,924,002 1,558,379
1,257
U. S. exports to-day
5 886
7.419.138 8.102.710 6.709,211 5.846.402
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
'
hales. 584,000 752,000 427,000 446,000
L
34.000
50.000
56.000 105.000
Manchester stock
968,000 723,000 584,000 337,000
Continental stock
523.000 850.000 807,000 926,000
American afloat for Europe
a2,595 070a2.944,407 1,558.952 1,538,023
U.S. port stocks
U. S. interior stocks
a1,331 182a1,552,303 1,924,002 1,558,379
1,257
U. S. exports to-day
5 886
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, Eo•ypt
Stock in Bombay. India
Total East India, &c
Total American
6,063.138 6.926,710 5,352,211 4.839.402
292,000
357,000
295.000
16.000
54.000
62,000
107,000
421,000
404,000
17.000
35.000
27,000
111.000
379.000
250.000
18,000
30,000
55.000
119.000
277.000
563,000
136.000
1.000
9.000
37,000
79,000
148.000
271,000
326,000
1.356,000 1.176.000 1.357.000 1,007,000
6,063,138 6,926,710 5.352,211 4.839,402
7,419.133 8,102.710 6,709,211 5,846.402
Total visible supply
9.81d. 13.28d.
6.62d.
Middling uplands. Liverpool.. _ _ 10.684.
24.00c.
19.40c.
12.55c.
19.40c.
Middling uplands, New York
Egypt, good Sakel. Liverpool___.. 18.50d. 15.054. 18.45d. 30.10d.
Peruvian. rough good, Liverpool.. 12 50d. 11.754. 23.004. 20.754.
8.85d. 12.55d.
6.004.
9.504.
Broach, fine, Liverpool
13.10d.
9.254.
6.45(1.
10.004.
Tinnevelly , good, Liverpool
a Houston stocks are now included in the port stocks: in previous years
part of the interior stocks.
they formed
The above totals show that the interior stocks have decreased during the week 11,326 bales and are to-night
221,121 bales less than at the same time last year. The
receipts at all the towns have been 85,072 bales less than the
same week last year.
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Dec. 16 for each of the past 32 years have been as follows:
1927
1926
1925
1924
1923
1922
1921
1920
19.40c.
12.60c.
19.45c.
24.00c.
34.35c.
25.70c.
18.30c.
16.00c.
39.10c.
29.55c.
30.10c.
18.35c.
12.20c.
7.35c.
12.90c.
13.20c.
1919
1918
1917
1916
1915
1914
1913
1912
12.45c,
8.70c.
8.50c,
10.12c,
7.69c,
5.81c,
5.88c,
7.19c,
1911 __ ___ 9.45c. 1903
1910
15.15c. 1902
1909
15.15c. 1901
1908
9.10c. 1900
11.90c. 1899
1907
10.55c. 1898
1906
12.20c. 1897
1905
7.95c. 1895
1904
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:
1927
Since
Week. Aug. 1.
16,232 173,698
9.700 140.419
4.458
626
1,223
15,874
6,553 108.892
10,475 129.168
-- ---44,809 572,509
1926
Since
Week. Aug. 1.
22,431 290.714
13,100 171,300
8,508
1,448
26,095
2.030
10.428 121.053
16,875 244,484
---66,312 862,154
2,826
.591
14.517
41,005
9,097
313.004
7,224
717
27,803
59,725
10,416
333,013
17,934
363,106
35.744
403.154
Leaving total net overland*_ _ _ _26,875
209,403
30,568
459,000
Dec. 16ShippedVia St. Louis
Via Mounds. &c
Via Rock Island
Via Louisville
Via Virginia points
Via Other routes, Jsc
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &c
Between interior towns
Inland, Sze.,from South
Total to be deducted
*Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 26,875 bales, against 30,568 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 249,597 bales.
1926
1927
Since
Since
In Sight and Spinners'
Aug. 1.
Week.
Aug. 1.
Week.
Takings.
199,962 5,724.220 400.731 7,893.927
Receipts at ports to Dec. 16
459.000
30 568
209.403
26.875
Net overland to Dec. 16
Southern consumption to Dec. 16110,000 2,241,000 105.000 1.941.000
336,837 8,174,623 536.299 10,2937927
Total marketed
984,822
23.748
958.330
*11,326
Interior stocks in excess
Excess of Southern mill takings
236.744
412,332
____
over consumption to Dec. 1_ _
-7
560:047
Came into sight during week_ _325.511
9,369,697
11,691,081
Total in sight Dec. 16
----- ---673,366
986,041
62,017
North. spinn's's takings to Dec. 16 45.696
Continental imports for past week have been 157,000 bales.
The above figures for 1927 show an increase over last
*Decrease.
week of 27,119 bales, a loss of 683,572 from 1926, an increase of 700,927 bales over 1925, and a gain of 1,572,Movement into sight in previous years:
Bales.
736 bales from 1924.
Since Aug. 1Bales.
Week10.692.107
503.886 1925
1925-Dee. 18
-that is, 1924-Dec. 19
AT THE INTERIOR TOWNS the movement
9,500,535
485.358 1924
7,776,662
287.594 1923
the receipts for the week and since Aug. 1, the shipments for 1923-Dec. 21
the week and the stocks to-night, and the same items for the
QUOTATIONS FOR MIDDLING COTTON AT
corresponding periods of the previous year, is set out in detail OTHER MARKETS.
-Below are the closing quotations
below:
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Movement to Dec. 17 1926.
Movement to Dec. 16 1927.
Towns.
Receipts.
Ship- Stocks
I Ship- Stocks
Receipts.
ments. Dec.
ments. Dec.
17.
16. Week. Season. Week.
Week. Season. Week.
Ala., BirmIng'm 2,692 74,286 1,8681 23,178 3.361 68,118
915 21,730
910 11,29
Eufaula
113 17,525
6371 34.669 2,595 104,276
372 66,763
Montgomery.
Selma
673 54.555 2.033, 28,113 3,032 78,063
1,962 58,924 2,993 24.81
Ark.,Blythevill
990 17.00
Forest City
2.130 31,954
1,613 41.220 1,830 24,037 5,545 72,233
Helena
884 9,36
Hope
443 41,248
7,56
23,569
___
Jonesboro_ _ _
86,303 4,273 30,739 6,162 168,482
9
2:82
Little Rock
1,921 40,697 2,165 9,158
Newport_ _
6,775 99,745 3,834 46,720 8,027 139,559
Pine Bluff_
Walnut Rldg
3.732 25,297 1.473 10.142
8,442
129
13 2.254
4,896
4
Ga., Albany
1,160 2o,518
48; 46.01 1,050 24,54
Athens
7,562 176,350
3,122 18,
64,63
3.03
Atlanta
9,612 239,287
3,785 203,903 3,301111,91
Augusta
1,792 33,480
Columbus_ _ _ 1,621 43,574 1,400 9,8
3,202 75,097
542 46,556 1.326 7.53
Macon
2,098 39,61
568 16.70
28,978
1,059
Rome
5,343 132,175
La., Shreveport 1,413 86,344 1,614 48,24
3,293 140.437 3,783 83,764 4,671 130,396
Miss.,Clarksdal
1,891 35,299
961 9,86
554 31,405
Columbus.__
Greenwood... 5,365 145,418 4,308 89,307 10,440 137,390
274 9,978 1,382 45,432
353 35,363
...
Meridian _
1,153 32,536
21,33
2
422 31,623
Natchez
3691 8,298 1,000 26,602
428 15,725
Vicksburg_ _ _
611 33,987
5351 17,555
25,853
75
Yazoo City
839 23,182 289,496
Mo., St. Lou1s_ 16,33 173.243 16.2321
830 19,570
6041 22,661
844 18,176
N.C.,GreensWro
1,145 15,784
9,359 1,109 5,03
637
Raleigh
9,407 112,488
Okla., Altus x__
7,983 105.796
Chickasha x------7,635 99.393
Okla. City a------,907107,52
15 towns•___ 30,851 590,377
-I
S.C.,GreenvIll 8,572 189,951 7,342 84,984 7,591 162,892
398
6,081
.
Greenwood x
861,96 58,594272,217 81.0861.141,108
Tenn..Memph 51,291
277
4,242
Nashville x__
7221 2,037 2,3.51 61,447
837 41,389
Texas, Abilene430 29,481
6321 3,08
724 22,528
Austin
853 21,277
37 12,038
21,971
4
Brenham_ _
22,63 6.481 131,349
2,724 64,759 1,
Dallas
4,177 84,009
Ft. Worth ii.
3,929 46,203
1,849 62,744 3,129 7,76
Paris
29,668 ____ 1,94
Robstovrn
820 54,705
-566 31,584 30 4,34
San Antonio_
50.739 2,72 14,942
74
Texarkana
73,210 1,15 12,488
78
Waco
15,465
12,221
32,470
47.443
- 2,933 44:832
2,359
289
2,062
768
7,775 78,292
6,411 75,366
78 4,156
600 11,570
9,094 85,503
8,199 113,060
2,531 4,934
1,296 17,352
1,350 26,309
4,011 60,731
3,875 92.954
1,300 11,482
13,106 95,788
814 18,365
666 14,667
1,000 19,697
1,314 26,119
22,431 9,928
172 14,313
430 11,528
10,804 29,395
8,772 21,401
7,732 33,015
9,773 67,037
272 2,869
73,405355.682
847
110
1,643 5,479
697 3,868
238 7,545
5,802 58,765
4,728 20,301
3,053 5,385
370
4,065
Total, 57 towns 16.5,3153,854,502 174.2681331182 250,3874,213,671225,38811552303
*Includes the combined totals of 15 towns in Oklahoma. x Discontinued.
Closing Quotations for Middling Colon on
Week Ended
Dec. 16.
Galveston
New Orleans..- _
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock- - - Dallas
Fort Worth.. -
Saturday. Monday. Tuesday. Wed'clay. Thursd'y. Friday.
19.05
18 96
18.90
19.04
19.09
19.45
19.00
18.55
19.00
19.45
13.25
18.50
18.48
18.40
18.50
18.56
19.25
18.50
18.00
18.50
17.88
17.70
17.75
18.40
18.36
18.25
18.42
18.38
19.00
18.38
17.95
8.40
17.78
17.65
7.65
18.75
18.69
18.50
18.73
18.75
19.00
18.69
18.25
18.70
18.00
17.95
17.95
18.95
18.88
18.70
18.93
18.94
19.00
18.88
18.45
18.90
18.25
18.15
18.1.5
19.15
19.05
18.90
19.15
19.19
19.20
19.06
18.65
19.10
18.42
18.40
18.35
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Dec. 10.
Monday,
Dec. 12.
Tuesday, Wednesday, Thursday,
Dec. 13.
Dec. 14.
Dec. 15.
Frit:MA
Dec. 16.
December_ 18.90-18.91 18.37-18.22-18.25 18.55-18.59 18.69-18.71 18.87 January __ 18.95-18.97 18.36-18.38 18.2518.58-18.60 18.73-18.75 18.90-18.91
February _
March__ 19.15-19.17 18.55-18.59 18.45-18.47 18.79-18.80 18.92-18.95 19.10-19.1
April
18.66-18.69 18.56-18.58 18.89-18.92 19.03-19.05 19.18-19.21
19.26May
June
July
19.16 bid 18.5918.46-18.48 18.82 bid 18.93-18.94 19.14 August _
September
October _ 18.61-18.63 18.12- 8.05-13.06 13.8318.45-18.47 19.55-19.51
-Tone
Quiet
Quiet
Steady
Steady
Steady
Steady
spot
Steady
Steady
Strong
Steady
. Steady
Steady
Options_ _
GEORGIA COTTON REPORT.
-The State Department of Agriculture at Atlanta, Ga., issued on Dec. 8 its
report for the State of Goergia as of Dec. 1. The report is
as follows:
In tne last report for toe current season the Georgia cotton crop was
estimated at 1,100,000 bales (500 pounds gross weight) on a 14% less
acreage than for the previous season. Production in 1926 amounted to
1,496,000 standard bales and in 1925, 1.164,000 bales. Estimated yield
per acre on the 3.412.000 acres harvested was 154 pounds, as compared
with the 1926 yield of 180 pounds and 155 pounds in 1925.
The entire crop was much earlier than last year, and compared quite
favorably in this respect with 1925. Especially was this true in the southern
half of the State, where early season progress was very good, despite pro-
DEC. 171927.]
THE CHRONICLE
longed dry weather until early June. At this time frequent showers set in,
continuing throughout July into middle August, and weevil damage was
severe. Although southern and eastern areas suffered most heavily, the
Infested belt included all the Coastal Plains and a considerable portion of
the Piedmont section. All of the top crop and part of the middle crop was
-the salvation of the bottom bolls being that they were early and
lost
sufficiently matured to escape injury at time of infestation. Taking as a
whole, the territory mentioned, production amounted to only about 63%
of last year's outturn.
Northern Georgia made a good crop. Weevil damage was negligible and,
though dry weather in August-following ample moisture throughout the
season-caused considerable shodding of squares and young bolls, this was
mostly the top crop that Is usually lost from this cause or from the weevil
during a wee season. The northwestern area produced a few thousand oales
under the favorable crop of last season, but substantial increases in north
central and northeastern portions more tnan made up for this deficiency,
resulting In a net increase of about 7% for the entire section. Until this
season, the north central and northeastern areas had made very poor yields
since 1024, owing to drought damage each Year.
Over most of the State little rain was received during harvest season, and
the crop was gathered with minimum loss, both as to quantity and grade.
°innings for Georgia prior to December 1 were 1,083,000 running bales.
3371
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1927 are 6,670,674 bales:
in 1926 were 8,680,200 bales, and in 1925 were 7,825,733
bales. (2) That although the receipts at the outports the
past week were 199,962 bales, the actual movement from
plantations was 188,636 bales, stocks at interior towns
having decreased 11,326 bales during the week. Last year
receipts from the plantations for the week were 424,479
bales and for 1925 they were 373,469 bales.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
1927.
1926.
1925.
CENSUS REPORT ON COTTON CONSUMED AND
December 15.
Receipts at
Since
Since
Since
ON HAND IN NOVEMBER, &c.
-This report, issued on
Week. Avg. 1. Week. Aug. I. Week. Aug. 1.
Dec. 14 by the Census Bureau, will be found in full in an
125,500 590,000 70,000 391.000 119,000 681.00
earlier part of our paper under the heading "Indications of Bombay
Business Activity."
For the Week.
Since August 1.
CENSUS REPORT ON COTTONSEED OIL PRODUC- Exports. Great Conti- 1.1apamk
from
Great
Conti- Japan &
TION DURING NOVEMBER.
-Persons interested in
Britain. neat. China.I Total. Britain.
nent.
China.
Total.
this report will find it in our department headed "Indications Bombay
of Business Activity," on earlier pages.
1927
1,0001 24,0001 25,000
14.000 122,000 200,000 336.000
2,000 18,000 20.000
1926
1.000 90,000 216.000 307.000
AGRICULTURAL DEPARTMENT'S REPORT ON
1925
1,000 16,000 6,000 23.000
12.000 146.000 234,000 392,000
CEREALS, &c.
-The Nov. 1 report of the United States Other Ind! 1,000 14.000
1927
15,000 23,500 186,000
209,500
Department of Agriculture on cereals, &c., issued on Nov. 9
1,000
1926
1,000
8,000 113,000
121,000
1925
38,000 143,000
181,000
will be found on earlier pages of this issue in our department
entitled "Indications of Business Activity."
Total all
1927
1,000 15,000 24,000 49,000 37,500 308,000 200,000 545,000
3,000 18,000 21,000
WEATHER REPORTS BY TELEGRAPH.
1926
9,000 203,000 216.000 428.000
-Reports to
1.000 16,000 6,000 23.000 50,000 289,000 234.000 573.000
1025
us by telegraph this evening denote that the weather during
the week due to rains has been mostly unfavorable for
According to the foregoing, Bombay appears to show a
picking and ginning cotton in those parts of the cotton decrease compared with last year in the week's receipts of
belt where cotton still remains in the fields.
55,000 bales. Exports from all India ports record an increase
Rain. Rainfall.
Thermometer
of 19,000 bales during the week, and since Aug. 1 show an
Galveston,Tex
2 days 1.92 in. high 73 low 35 mean 54
Abilene
2 days 0.12 In. high 68 low 18 mean 43 increase of 117,500 bales.
Brownsville
Corpus Christi
Dallas
Del Rio
Palestine
San Antonio
Taylor
New Orleans, La
Shreveport,
Mobile, Ala
Savannah, Ga
Charleston, S. C
Charlotte, N. C
2 days 0.04 in. high 82
4 days 0.21 in. high 80
3 days 1.54 in. high 76
1 day
0.01 in.
2 days 1.30 in. high 78
3 days 0.86 in. high 80
3 days 0.54 in.
3 days 0.41 in._
6 days 1.31 in. high 80
1 day
0.11 in. high 76
dry
high 79
(7 days 0.43 in. high 78
)
(7) days 1.92 in. high 72
low 40 mean 61
low 36 mean 58
low 24 mean 50
low 24
low 24 mean 51
low 30 mean 55
low 24
__ mean 65
low 21mean 51
low 25 mean 59
low 29 mean 54
low 31 mean 55
low 20 mean 50
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
Dec. 16 1927. Dec. 17 1926.
Feet.
Feet.
6.8
9.8
25.3
22.0
13.9
28.1
9.4
16.4
30.1
30.9
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of aguge_
Above zero of gauge_
Above zero of guage_
Above zero of gauge_
WORLD SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
1027.
Week.
1926.
Season.
Week.
Season.
Visible supply Dec.
7,392.019
8,022.291
Visible supply Aug. 1
4,961,754
3.646,413
American In sight to Dec. 16_ _ _ _ 32.5,511 9,369.697 560.047 11.691.081
Bombay receipts to Dec. 15_ _ _ _ 125,000
590,000
70.000
391,000
Other India ship'ts to Dec. 15_ _
15,000
209,500
1,000
121.000
Alexandria receipts to Dec. 14_
31,000
716,860
50,000
814.400
Other supply to Dec. 14 * b_ _ _
16,000
323,000
17,000
372,000
Total supply
Deductvisible supply Dec. 16
1925.
1927. 1926.
1925.
Sept.
16__ 319.945330.427 358,650
533,485 643,994370,122 373.572 473,097
23._ 334,837410,234 325,890
631,415 872,105437,813508,164 554,001
30__ 406,030,567,704,494,293
744,323 957.762 529,041 680,612580,130
Oct.
/
7-_ 421,802622.656367,67
869,793 1.137,618 517.045748.1281547,516
14-391.639618,810423,813 869.297 975,402 1,267,365518,088724,419 551,560
21- 89,720587,297 383,026 974,900 1,076,125 1,385,045495,323688,020500,706
28-- 424,130535,376 376,061 1,101,815 1,166.683 1.516,099551,145625,934507,115
Nov.
4._ 438,156508,763437,5491.199.935 1,264,450 1,568,003536,27606 6,530489,453
11__ 390,293 488,446 343,371 1,260,956 1,349,950 1,646,178451,314573,946421,546
18._ 341,143 517,7111377,983 1,290,409 1,415,095 1,677,442
25__ 257,764,470,442;311,384 1,307,971 ,456,381 1,784,345 275,326 511,728418,287
Dec.
2-- 284,9331482,959396,275 1.329 900 1,490,161 l.838.525306,862516,739448455
9._ 233,588451.084 330,5501,342,508 1,528,555 1,902.018,246,196 489,478 396,043
is.- 199,9621400,7311351,485 1,331,182 1,552,303 1,924,0021188,636,424,479 373,469
1
1
1
. 1927.
1926.
1925.
*155,000
3.484.168
250.000
4.061.631
320,000
4.322.362
Etports (bales)-
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
To Liverpool
To Manchester,&c.
To Contin't & India
To America
52 775 7,000 91,864
86,497
9.000 60 486 12,000 77.612 10.250 79.396
9.000 159 462 7,500 141.362 5.250 140,331
51.624 14,000 51,991
57.133
Receipts (cantors)
This week
Since Aug. 1
Total exports
18,500 324.347 40.503 362.827 15.500 363.357
Note.
-A cantar is 99 lbs
Egyptian ba ea weigh about 750 lbs
This statement shows that the receipts for the week ending Dec. 14 were
155.000 cantars and the foreign shipments 18,000 bales. *Net weight.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
yarns is easy and in cloths is steady. Demand for India is
improving. We give prices to-day below and leave those
for previous weeks of this and last year for comparison.
1927.
7,904,530 16,170,811 8,720,338 17,035,894
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.
1
Alexandria, Egypt,
Dec. 14.
7,419,138 7,419,138 8,102.710 8.102,710
Total takings to Dec. 16 a
485,392 8,751,673 617.628 8.933.184
Of which American
371,392 6,696,313 488.628 7,002.784
Of which other
114,000 2,055,360 129.000 1,930.400
* Embraces receipts in Europe from Brazil, Smyrna. West Indies, Atc.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 2,241,000 bales in 1927 and 1,941,000 bales in 1926takings not being available-and the aggregate amounts taken by Northern
and foreign spinners. 6,510.673 bales In 1927 and 6,992,184 bales in 1926,
of which 4,5,313 bales and 5,061.784 bales American.
b Estimated.
1
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years.
324 Cop
Twist.
Sept.
-
Oct.
1926.
834 Lbs. Skirt- Cotton
ings, Common Middrg
to Finest.
Uprds
325 Cop
Twist.
d.
d. a. d.
a. d. d.
d.
d.
173(619 13 6 48140
11.63 1534(417
1734619 13 3 @13 5
11.20 15 61634
17346193( 13 4 613 6
11.57 1434615X
Syi Lbs. Marl- Coaon
ines, Common Middrg
to Finest.
Uprds
s. d.
s. d.
13 4 @13 6
13 3 @l3 5
12 6 @13 2
Dec.
-
11.72
11.54
11.09
11.66
133(61434 12 0
13X0.143‘ 12 2
13 61434 12 0
125(61434 12 0
1634618% 13 3 €13 6
14 616 13 0 413 3
151401 1734 13 0 €13 3
1535 0" 171( 13 1 €13 3
11.75
11.04
10.91
11.14
123‘61434
1234614
1234(414
1234613X
1534617 13 1 €13 4
1534 €16q 13 1 €13 4
1514' 1634 13
(A- 13 4
Nov.-
17 619 13 2 (413 6'
113544183( 13 2
13 6
16;46183i 13 2 613 6
16;461834 13 3 €13 6
d.
9.52
8.43
7.79
0 12 4
@12 6
@12 3
@,12 3
7.09
7.35
6.70
6.85
12 0 012 2
12 0 €12 2
12 0 €12 2
12 0 €12 2
6.80
6.95
7.03
6.92
10.90 12 61334 12 0 €12 2
10.68 1134 413 11 6 @12 0
10.68 ine•-•13 0
012 1
6.42
6.46
6.62
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 163,582 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
NEW YORK
-To Antwerp
-Dec.6
-Eastern Dawn, 100
To Trieste-Dec.8-Columbia. 100; President Wilson, 100
To Genoa-Dec.9
-Conte Rosso, 100
To Bombay
-Dec. 14
-City of Evansville, 500
To Bremen-Dec.8
-Republic,292
GALV'ESTON-To Havre
-Dec. 9
-West Moreland. 9.788
To Dunkirk-Dec.9
-West Moreland, 728
-Dec.9
To Ghent
-West Moreland. 850
To Oporto
-Dec. 11-Prusa. 1,450
To Lisbon-Dec. 11-Prusa, 100
To Passage
-Dec. 11-Prusa, 300
To Bremen-Dec. 15
-Coronado, 4,114
To Rotterdam-Dec,15
-Coronado,1,600
-Dec. 14-Reuterla, 6,036--Dec. 15-Moustells,
To Genoa
1,550
To Leghorn-Dec. 15-Moustella. 300
,
To Barcelona-Dec.15--Cardonia, 1,560
To Copenhagen-Dec. 15-Cardonia, 400
Bales.
100
200
100
500
292
9.788
728
850
1.450
100
300
4,114
1.600
7.586
300
1,560
400
[YoL. 125.
THE CHRONICLE
3372
Lairs.
350
HOUSTON-To Gothenburg-Dec.8-Braheholm,350
1,550
To Copenhagen-Dec. 8-Braheholm, 1,550
400
To Warburg-Dec.8-Braheholm,400
5,850
-Queen Olga, 5,850
To Japan-Dec. 10
-Lowther Castle. 4,437---Dec. 1312
-Dec.
To Havre
9.902
Hybert, 5,465
-Lowther Castle, 950_ _ _Dec. 13-Hybert,
-Dec. 12
To Ghent
1,000
50
-Lowther Castle, 50__ _Dec. 13To Antwerp-Dec. 12
118
Hybert,68
-West Harshaw, 486-- _Dec. 14
To Liverpool-Dee. 12
9,860
Angelina de Larrinaga, 2.069: Astronomer, 7,305
-West Harshaw, 100---Dec. 14To Manchester-Dec. 12
428
Anselma de Larrinaga, 153; Astronomer, 175
-Ventura de Larrinaga, 2.850_ _ _Dec.
12
To Bremen-Dec.
-Coronado,3,470_ _ _Dec. 15-Ervington Court. 5,612-- .. 11,932
13
1.716
-Ventura de Larrinaga, 1.716
To Venice-Dec. 12
219
-Ventura de Larrinaga, 219
To Trieste-Dec. 12
1,700
-Coronado, 1,700
To Rotterdam-Dec. 13
15-Nicolo Odero. 5,326; Moustella, 2,200_ _ 7,526
To Genoa-Dec.
487
To Hamburg-Dec. 15-Ervington Court, 487
-La Marseilles, 1,751---Dec. 10
-To Havre
NEW ORLEANS
5.071
Dec. 9-Carplaka, 3,320
.
733
To Antwerp-Dee. 9-Carplaka. 733
1.187
-Dec.9-Carplaka, 1,187
To Ghent
500
To Venice-Dec. 10-Labette, 500
100
To Triaste-Dec. 10-Labette. 100
To Genoa-Dec. 10-Monrosa, 7,500_ --Dec. 14-Liberty
10,559
Bell, 3,059
4.000
-Ingram, 4,000
To Bremen-Dec. 10
638
-Ingram. 638
To Hamburg-Dec. 10
-Tegucigalpa, 800_ Dec. 12-Monzan,
-Dec.8
To Vera Cruz
1,200
400
100
To Oslo-Dec. 12-Sygnern, 100
200
To Corunna-Dec. 13-1VIttasdam, 200
-DavenTo Rotterdam-Dec. 13-Maasdam, 2,392__ _Dec. 14
5,147
port, 2,755
500
-Dec.14-Liberty Bell. 500
To Naples
450
-Pacific Trader, 450
Manchester-Dec. 3
SAN PEDRO-To
-Pacific Trader, 125; City of Rangoon,
To Liverpool-Dec. 3
698
-Felix Taussig, 373
200; Dec. 8
625
-Nevada,625
To Havre-Dec.3
• 2,125
-Indian, 2,125
To Bremen-Dee.9
800
-Havre Meru,800
To Japan-Dec.7
225
-President Jefferson, 225_ _
-To China-Dec.9
SAN FRANCISCO
500
-Vincent,500
-Dec.12
-To Havre
NORFOLK
1,250
. 12-Corenco, 1,250
To Genoa-Dec
-Lorain, 3,139:
To Bremen-Dec. 12--Seydlitz. 900---Dec. 16
5,189
Kiel, 1,150
250
-Clairton,250
To Manchester-Dec.13
300
To Rotterdam-Dec. 16-Beemsterdijk, 300
14-Novian. 150_ _ _Dec. 16-Eastside,
To Liverpool-Dec.
1,447
618; Wheatmore,679
1,423
-To Bremen-Dec.8-Deeriodge, 1,423
CORPUS CHRISTI
504
-Dec. 10--Sundance, 504
CHARLESTON-To Liverpool
100
To Manchester-Dec. 10-Sundance, 100
1,500
-Liberty Glo, 1.500
To Bremen-Dec. 10
23
-Liberty Gio, 23
To Antwerp-Dec. 10
2,347
-West Maximus,2,347
-To Liverpool-Dec.8
MOBILE
591
-West Maximus,591
-Dec.8
To Manchester
300
To Barcelona-Dec. 8-Cardonia, 300
7.516
To Bremen-Dec. 10-Antinous,7,516
4,000
WILMINGTON-To Bremen-Dec. 15-Yselhaven, 4,000
100
To Hamburg-Dec. 15-Yselhaven, 100
300
-Dec.15-Yselhaven,300 •
To Ghent
100
-Saugus.100
-To Genoa-Dec.8
BALTIMORE
SAVANNAH-To Bremen-Dec.10-Sangstadt,3,533- __Dec. 15
7,287
Liberty Glo. 3.754
-Liberty
To Hamburg-Dec. 10-Sangstadt, 721---Dec. 15
1.171
Glo,450
6,287
To Liverpool-Dec.15-Sundance.6,287
2.956
To Manchester-Dec. 15-Sundance. 2,956
100
-Liberty Glo, 100
To Rotterdam-Dee. 15
177
-Liberty Gio, 177
To Antwerp-Dec. 15
High Stand
Density aid
55c.
Liverpool .400.
55c.
Manchester .40e.
Antwerp
.40c. .55c.
Ghent
.47 40. .82
4e.
.31c.
Rotterdam .400. .55c.
.650.
Genoa
.60e.
Oslo
Stockholm
Trtesto
Flume
Lisbon
Oporto
Barcelona
Japan
High Stand
Density ard
60e.
.50o.
.600. .76e.
.65e.
.500
.50e. .650.
65e.
.500.
Me. .80e.
.30o. .45e.
.70e. .85c.
Shanghai
BOM bay
Bremen
Hamburg
Piraeus
Salonlca
Venire
High Sumo
Density
.90c.
75e
.80c.
650.
.85c.
50e.
.55c.
40e
.850.
51 00
.850,
$1.00
.65c.
.60o.
BREADSTUFFS
Friday Night, Dec. 16 1927.
Flour has been as quiet as everybody expected it would
be hi these closing days of the year, whether in the home
trade or in the dealings for export. The leading bakers
buy little and the smaller ones imitate their example. And
only small lots were taken by the Continent or South America. Both seem to have satisfied their needs. The Southwestern Miller said: "Extreme quiet persisted in the flour
trade the past week, with a surprising dearth of orders and
just as pronounced a lack of inquiry. Demand was distil).
pointing even for pre-holiday season, especially in view of
the smaller total of unfilled orders on mill books. Mills
booked around a quarter to a third of a week's capacity.
Export flour 'demand was also slow."
Wheat declined early in the week with trade dull and the
cables lower. Liverpool fell % to %d. and Buenos Aires
4c. Export demand was still light, the flour trade small
1
/
and the weather better ill the United States and Canada.
Increased receipts were therefore expected. Speculation
lagged. Liverpool asserted that the threghing returns from
Australia were better than expected, and that tile final
crop will be at least 110,000,000 bushels. It is true that
Winnipeg was firm. Canadian marketings on the 10th inst.
were only 1,376,000 bushels against 1,605,000 last year.
Winnipeg receipts for two days were 1,591 cars against 2,075
last year. World's shipments were about 13,000,000 bushels,
of which North America exported a little more than 10,000,000 bushels. A decrease occurred of some 3,500,000 bushels in the quantity on passage. The visible supply decreased 2,223,000 bushels with the total in sight 88,813,000
bushels or 22.000,000 more than a year ago. The Canadian
visible supply, including the quantity in bond in the United
States. Increased 7,996,000 bushels.
Trading in wheat futures on the New York Produce Exchange has been discontinued owing to a lack of business,
and the Clearing House has been closed.
Some parts of India are complaining of insufficient mois163,582
in the Punjab is backward. This
from Liverpool we have the fol- ture and that germination
-By cable
LIVERPOOL.
&c., at that port: will mean that heavy rainfall will be necessary during
lowing statement of the week's sales, stocks,
Dec. 9. Dec. 16.
Nov. 25. Dec. 2.
January and February. On the 13th inst, prices declined
39,000
29.000
37,000
45,000
Sales of the week
4c. Al/
19,000 2 to 2%c. net, and Winnipeg was down 1% to 11
23,000
24.000
' 31,000
Of which American
1.000
3,000
1,000
2.000
Actual exports
the feeling was generally bearish, the decline was
58,000 though
63.000
59.000
62.000
Forwarded
907,000 888.000 899,000 876.000 attributed more to liquidation than to anything else. Tired
Total stocks
15,000 590,000 603,000 584.000 longs let go; stop orders were caught on the way down.
Of which American
38.000
69.000
52,000
66.000
Total imports
23,000 Selling for short account was reported. Lower prices for
51,000
20,000
57.000
Of which American
180,000 corn added to the weakness. Liverpool was / to %d. off.
172.000 200,000 162,000
Amount afloat
4d.
1
109.000
104,000
138,000
95,000
Of which American
Buenos Aires was slightly lower. Hain was reported in the
The tone of the Liverpool market for spots and futures northern part of Argentine and was expected to delay the
each day of the past week and the daily closing prices of movement to the seaboard. The Australian crop was estispot cotton have been as follows:
mated at 125,000,0(X) bushels, in contrast with previous estimates of 110,000,0(X) bushels. Earlier ill the season the
Saturday. Monday. Tuesday. Wednesday. Thursday. Friday.
Spot.
belief was widespread that the production would not be
Quiet
Market, 1
over 90,000,000 bushels. Further rains and snows over the
Dull.
Quiet.
Quiet.
Quiet.
Quiet
and
12:15
Southwest helped the progress of new wheat. The Kansas
P.M. unchanged.
report said that the greater part of the area W/1S !1()
10.68d. State
10.456
10.64d.
10.44d
10.556.
10.68d.
Nild.Uprds
covered with sufficient 511011' to withstand the cold weather
4,000
5,000
6,000
4,000
6,000
4,000
last week. Export demand was small. Bradstreet's world's
Sales
visible supply increased 4,102,000, against a decrease last
Q't but st'y Steady Very sted'y Steady
Easy
Futures. Quiet unch.
fluctuations
Market I to 2 points 5 to 10 pts. 5 to 9 pts. 4 to 9 pts 11 to 14pts. 13 to 15pts. year of 5,478,0(10 bushels. On the 14th inst.
decline,
advance. advance.
decline,
decline,
opened I decline,
were within a narrow range. Chicago closed %e. lower and
Steady
Easy
Q't but st'y St'dy unch
14
Quiet
Barely st'y
Winnipeg was down % to /c. It was very cold in the
Market,
7 to 8 pts. 10 to 17965. 3 to 4 pts. to 4 points 1 to 3 pts. 8 to 15 pts. Northwest anti the forecast was for rain and snow in the
4
advance.
decline.
advance,
decline,
decline,
decline,
P.M.
American section, Which is beneficial to Winter wheat. On
Prices of futures at Liverpool for each day are given below: the other hand, Liverpool closed unchanged to %c. higher,
°mug to reports of rains iii Argentine. The Government
Fri.
Thurs.
Tues. 1 Wed.
Sat. I Mon.
weekly weather report was bullish. Canadian country marDec. 10
1241 4:00
to
l234 1234 124 4:00 124 4:00, 124 4:00 1241 4:00 P• m • p.m. ketIngs on the 13th inst. were 1,800,000 bushels or approxiDec. 16.
P. top. m • P. m•P• top. m•P• m•P• m • Il• to. It• mv.m •
mately 1,000,0(X) in excess of the same day last year. Exd. d.
d.
d. d.
d. I d. I d. 1 d. d. d. I d.
ports from Canada in November of wheat and flour totaled
.... ..10.18 10.05 10.01 9.94 9.98 9.9 10.02 10.14 10.01 10.18 10.16
December
time last
.10.19 10.08 10.02 9.9 9.98 9.94 9.99 10.09, 9.96 10.13 10.11 58.171,0(X) bushels or nearly 10,(X)0,000 over this
January
_ 10.17 10.04 10.00 9. 9.96 9.92 9.97 0.071 9.94 10.1110.08 year. From July 1 they were 122,300.000 bushels against
February
.10.1810.06 10.02 9.98 9.99 9.95 9.99 10.09 9.98 10.13 10.09
March
inst. were
.10.18 10.04 10.01 9.9 9.97 9.93 9.97 10.07 9.94 10.11 10.07 129,6110,000 last season. Export sales on the 14th
April
.10.18 10.08 10.03 9.97 9.99 9.95 9.99 10.09 9.96 10.13 10.09 500.000 bushels, mostly Manitoba.
May
10.15 10.04 10.01 9.98 9.97 9.93 9.97 10.06 9.94 10.11 10.08
June
To-day prices ended % to 1%e. lower in the various mar.10.14 10.04 10. 9.95 9.96 9.93 9.97 10.05 9.93 10.10 10.05
Jul
_ 10.04 9.95 9.91 9.87 9.87 9.84 9.88 9.96 9.8510.021 9.96 kets, although earlier there was a fractional rise. The exAugust
9.87 9.83 9.80 9.80 9.77 9.80 9.88 9.77 9.911 9.87
_.
September_. . _1 9.95.
were only 300,000 to 400,000 bushels.
1 9.85' 9.78 9.75 9.71 9.71 9.88 9.71 9.79 9.69 9.821 9.77 port sales, however,
1
October
for. ,1_ _ _ _1 9.811 9.74 9.71 9.87 9.87 9.64 .67 9.75 9.65 9.78 9.73 mostly Manitoba, for England and the Continent. The
November.
9.75 9.65 9.78 9.73
December - - I_ _ __ 9.811 9.74 9.71 9.67 9.87 9.64 9.67
ti,n demand was (gilled a little better, but it was confined
helped wheat for
-Current rates for cotton from to small lots. The early strength in corn Professional scII
COTTON FREIGHT.
liquidation set in.
York, as furnished by Lambert & Burrows, Inc., are a time. But later on
New
lug told. The flour trade was small. Argentine fell
as follows; quotations being in cents per pound:
I
DEC. 17 1927.]
THE CHRONICLE
Liverpool showed no snap. Some sold in the belief that the
Argentine crop report to-day or to-morrow would be favorable. Most of the buying came from covering. Kansas City
reported some increase in flour sales during the last few
days. That seemed to be the exception that proved the
rule as to dullness. World exports this week are likely to
be smad. The Australian crop is estimated at 110,400,000
to 115,000,000 bushels. Canadian marketings yesterday
were 1,753,000 bushels against 664,000 last year. Cash markets were on the whole steady. The Southwest needs rain
for the new Winter wheat crop. Final prices show a dedine for the week of 21 . to 3e.
/
DAILY CLOSING PRICES OF WHEAT IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
151
150% 147% 147% 146% 146%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_ _ _ _129
128$ 1261 126% 125% 125%
March delivery in elevator
132
131
129
129% 128% 1283
May delivery in elevator
134
133
131
130% 130
130%
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_ _132% 132% 13134 1301
1130
130%
M.delivery in elevator
137% 136% 135% 135
134% 135%
July delivery in elevator
136% 136
134% 134
, 134
13434
Indian Corn advanced on the 10th inst. 1 to 14 with
/
1
c.
country offerings small, some export business in negotiation, and covering by uneasy shorts. It is true that the
weather was clear and cold and therefore favorable, but
the smallness of the country offerings offset this. They
were confined to a relatively few carlots. The movement
in the Southwest and West was increasing, but in the
central States feeders took whatever corn was offered. The
movement in the central section may not get under way until
tile latter part of December. On the 12th inst. Chicago May
was 13c, under Kansas City May and prices in•general at
Chicago dropped % to %c. Yet the weather was bad for
husking. Other things outweighed that fact. Liquidation,
If not very large, was rather persistent. The receipts were
large in the West and Southwest. The weather was favorable. All this counted against the price. The receipts at
Chicago, moreover, were over 300 cars, considerable of
which came from further West. Near months were the
weakest. Eastern shipment demand was poor and some
reports indicated that the territory east of Chicago was
underselling it. The increase in the visible supply of 146,000
bushels compares with a decrease last year of 607,000; total
now 19,363,000 against 29,306,000 last year. The rainy
weather in the north of the Argentine is beneficial to
corn.
On the 13th inst. prices declined 3 to 3%c. with Buenos
Aires lower, predictions of colder weather, and cash markets weaker. Receipts outside of Chicago were larger. On
the 14th inst. the undertone was firm. Prices ended % to
1%c. lower. Shorts covered. Country offerings to arrive
were small. Receipts have not increased very noticeably.
The Government weekly report was unfavorable. A bullish statement credited to James A. Patten was given conmarket was sold to a standstill and that a recovery was in
market was sold to a standstill and tha a recovery Was in
sight He is also said to have added that the
Argentine
surplus had been sold, that fresh supplies would not be
available until next May or June, and that export possibilities for the Unietd States might cause higher prices.
To-day prices ended % to le. lower, though at one time 11
/
4c.
higher. Cash corn was 1/4 to lc. higher with old corn the
firmest. Offerings were light early in the day. The
country was evidently not anxious to sell. But later on
there was very general realizing. Professionals were selling the market. That unearthed long holdings. There was
not a little selling of corn against purchases of oats. Export demand for corn was small. Argentine exports this
week are likely to be large. The Iowa crop is estimated at
400,000,000 bushels or about 5,000,000 bushels more than on
Nov. 1. Final prices show a decline for the week of Pk.
to 2c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 yellow
109% 109% iosx 106% 107 10734
DAILY CLOSING PRICES OF CORN FUTURES IN
CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator
88% 88
8531 85% 85
86
March delivery in elevator
9331 9231 89
9031 8934 9034
May delivery in elevator
96% 9531 92
93% 92% 9331
Oats advanced on the 10th inst. 1 to 11 on an active
/
4c.
speculative demand and encouraged, too, by the rise in corn,
a good cash demand in oats and the firmness of the Winnipeg market. The demand at Chicago was broad and stimulating. Offerings were small except on advances. Cash
premiums were very firm. Commission houses as well as
local traders were good buyers. On the 12th inst. prices
struck out on an independent course. Offerings were
promptly taken. Prices advanced % to %c. net. This curious fact in the face of declining prices for other grain was
due to. what is considered the inherent strength of the position of oats. Visible supplies are more than 50% less than
a year ago. The cash demand was persistent on a brisk
scale. Premiums were strong. The United States visible
supply decreased last week 923,000 bushels, against 2,612,000
last year. The total is now only 22,239,000 bushels against
45,676,000 a year ago. On the 13th inst. prices fell 11
/
4
to 1%c. with other grain lower and liquidation general. On
the 14th inst. the market advanced % to le. on a good de-
3373
mand from commission houses and short covering. Cash
trade was good, with premiums firm.
To-day prices ended % to %e. lower, after active trading, with erratic fluctuations. An early advance reflected
commission houses and professional buying; also a strong
cash market and rather small offerings. Leading operators
were buying oats against sales of corn. Later on, profit
taking caused a reaction, partly in sympathy with a dedine in other grain. The weather at the West was cold.
Cash demand was moderate, but prices were steadily maintained. Country offerings were small. There is an expectation of a bullish Argentine official report on the condition of the oats crop in that country. Final prices show
a rise for the week of %c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Mon.
Sat.
Tues.
Wed.
Thurs.
Fri.
No.2white
66-66% 66-66% 65-6531 6531-65% 6534-65% 66-66%
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator
5231 53
5134 524 51% 52%
March delivery in elevator
5534 55% 5434 54% 5431 55
May delivery in elevator
5734 5731 55% 56% 56% 56%
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator
61% 61% 6031 6131 61% 62
May delivery in elevator
6431 6431 63
63% 6331 64
July delivery In elevator
63
63
6131 62
62
62%
Rye advanced in company with other grain late last week,
even if no export demand of consequence appeared to lend
its support. The rise on the 10th inst. was nevertheless
% to lc. with December leading the rise. On the 12th inst.
prices declined % to %c. in small trading and no export
business. The American visible supply decreased last
week 402,000 bushels, against a decrease of 231,000 in the
same week last year. The total is now only 2,611,000 bushels
against 12,688,000 a year ago. On the 13th inst. prices fell
1% to 14 In sympathy with other grain. Export business
c.
/
1
lagged. Selling was scattered. On the 14th inst. prices
were unchanged to %c. higher. The strength of corn and
bullish foreign advices on consumption abroad assisted
the rise.
To-day closed / to %c. lower, after opening higher. Of1
4
ferings were small early in the day. There was some foreign inquiry. That helped the early rise. Foreign bids were
nearer to the requisite basis for business. Berlin was rather
firmer. But later in the day there was liquidation and
traders sold on a decline in wheat. Final prices show a
rise for the week, however, of % to %c.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
108
107% 10634 106% 105
10731
10931 108% 107% 107% 107
109
109 108% 10734 107% 107
109%
December delivery in elevator
March delivery in elevator
May delivery In elevator
Closing quotations were as follows:
GRAIN.
Oats, New York
No. 2 white
.68 @6654
No.3 white
63%re. 65
Rye, New York
107%
No. 2 f.o.b
12231
10454 Barley, New York
Malting as to quality- 101(810131
FLOUR.
Spring patents
46.85137.25 Rye flour. patents
$6.30(8$6.65
Clears,first spring
6.50
6.75 Semolina No. 2, pound_ 434
Soft winter straights_-- 6.15 6.50 Oats goods
3.35(8 3.40
Hard winter straights__ 6.60@ 7.00 Corn flour
2.40® 2.45
_
Hard winter patents_ .7.00(8 7.50 Barley goods
Hard winter clears
5.751 6.40
Coarse
3.40
Fancy Minn. patents__ 8.20 9.05
Fancy pearl Nos. 1.2.
City mills
9.05
8.35
3 and 4
7.00
For other tables usually given here, see page 3307.
Wheat. New York
No. 2 red, f.o.b
No.2 hard winter. f.o.b
Corn, New York
No.2 yellow
No.3 yellow
146%
.
*
142%
WEATHER BULLETIN FOR THE WEEK ENDED
-The general summary of the weather bulletin
DEC. 13.
issued by the Department of Agriculture, indicating the influence of the weather for the week ended Dec. 13,follows:
Much of the week was characterized by severe, wintry conditions In the
West and Northwest. Out near the close considerably warmer weather
prevailed quite generally from the Rocky Mountains eastward, with abnormally high temperatures in the South and the middle Atlantic coast area.
At the beginning of the period a marked depression was central over the
middle Rocky Mountain States, with rapidly rising barometer and much
colder weather to the northward. This storm, with increasing intensity,
moved eastward to the Mississippi River. and thence northeastward over
the Great Lakes, attended by rain or snow and high, shifting winds. Precipitation was general over the eastern half of the country, while snow
was reported over a wide area comprising the Central and Northern States.
Following this storm high pressure, attended by much colder weather,
advanced southward and eastward, reaching the west Gulf coast by the
morning of the 8th and the Atlantic States on the following day. Freezing weather extended southward to the Gulf of Mexico and to Florida,
and minimum temperaturesfrom 20 deg,to slightly more than 30 deg.
zero were reported from first-order stations between the western below
region and Rocky Mountains, with the zero line reaching north-ceLake
Illinois, southern Missouri, and southwestern Kansas. The lowest ntral
temperature reported from a first
-order station was 32 deg. below at Havre,
Mont., on the 8th. While extremely cold weather prevailed, the temperatures were not record-breaking for December, as the zero line in former
years has reached as far South as North Carolina, Tennessee, Arkansas,
and northwestern Texas in this month, with minima of 45 deg, to 50
deg•
below zero in parts of the Northwest.
Chart I shows that the temperature for the week, as a whole, averaged
near the normal over a considerable area of the Southeast, extending from
the lower Mississippi Valley eastward, and also in much of the far Southwest. The weekly means were considerably above normal in the middle
and north Atlantic areas, and slightly below normal in the Ohio Valley.
In the central and northern trans-Mississippi States and western Lake
region, however, there was a marked deficiency, especially in the
area
from Wisconsin and Lake Superior westward to the Rocky Mountains
where the weekly means ranged from about 18 deg, to nearly 30 deg.
normal. The lowest temperatures reported for the week in Gulf subcoast
sections ranged from 24 deg. to about 30 deg., except in extreme southern
Texas, and In the Ohio Valley from 6 deg. to 10 deg. above zero.
The
record December minima for these sections, however, are 14 deg. to
20 deg.
In the former and from -7 deg. to -15 deg, in the latter.
Chart II shows that precipitation was substantial to heavy,
locally, in the western Lake region, and from the Ohio Valley excessive
southwestward to the west Gulf area where the weekly totals ranged from
about
1 inch to nearly 6 inches. The amounts were very light in the
and in most of the Southwest, but were rather heavy in the far Southeast
Southwest,
3374
THE CHRONICLE
[VOL. 125
including Arizona and southern California Xi Elsewhere west of the Rocky
Kentucky.—Loulsville: Markedrextremes of temperatures. Wheat apMountains, precipitation was mostly moderate. There was much cloudy parently but little injured by severe freeze and thaw. Corn gathering
weather over the eastern half of the country, particularly from the Ohio slow progress; delayed by cold wave and frequent showers; needs 10 days
Valley northward, but over the western half considerable sunshine was of fair weather to finish. Considerable tobacco stripped.
reported.
Frequent rains over much of the eastern portion of the country, and
the severe, wintry conditions over large areas of the middle West and
Northwest, made a generally unfavorable week for outside operations and
little farm work could be accomplished. Freezing weather in the South
New York, Friday Night, Dec. 16 1927.
did more or less damage to tender vegetation and some harm to winter
oats, but truck crops were not generally damaged in Florida, nor were
Further improvement is noted in most divisions of the texthe hardy varieties materially harmed in southern Texas. The cold tile markets and, at the same time, confidence in the future
caused considerable suffering among livestock over the central and northern portions of the western grazing areas, with shrinkage in some sections, seems to be more general. Following the completion of the
but no general losses were noted.
Alexander Smith & Sons Carpet Co.'s auction late last week,
During the period of severely cold weather winter grains in the interior
valleys were largely unprotected by snow cover, but there was a good de- the company issued its price lists which are guaranteed until
Rocky Mountains. March 1 1928. Buyers seem pleased with this procedure, as
posit the Northern States between the Lake region and
The snow drifted badly, however, and country roads were mostly blocked
which interfered with the marketing of farm products. Rains in the it gives them January and February to dispose of the merwest Gulf area were beneficial, but the continued lack of moisture over chandise purchased at the sale. During the five days the
much of the Southwest from the central Great Plains southward was detrimental. Showers were helpful in the tar Southwest, while snow benefitted auction was in force, the Smith Co. disposed of 96,120 bales
winter range conditions over considerable areas.
of rugs and carpetings for $5,372,710. Retail interest in the
SMALL GRAINS.—Mostof the Winter Wheat Belt was bare ofsnow dur- goods has been most encouraging and it is planned to stage
the cover
ing the period of cold weather and high winds blew most ofapparently
special sales throughout the country between Jan. 15 and
from the fields in the central
-northern portion of the belt, but
the wheat plants were not materially injured. Some heaving was reported Feb. 1, featuring the auction merchandise. Regarding silks,
from alternate freezing and thawing in sections of the western lower Lake
region, but, on the whole, the winter wheat crop continued in good con- sentiment is a little better, and it is now believed that the
dition everywhere, except in the more western and southwestern portions worst of the recent unsettled conditions is pretty well over.
of the main producing area where further deterioration was noted because
of continued lack of moisture. In the Southeastern States winter cereals Although primary markets are still unsteady in sympathy
show improvement since recent rains, and moisture during the week was with the political disturbances in China, domestic sales of
beneficial in the west Gulf area, but over a belt from western Texas and
eastern New Mexico northward to the west-central Great Plains the drought the finished fabric are slowly improving and it is expected
continued unrelieved. Snows were beneficial in the Rocky Mountain that distribution will increase perceptibly when the holidays
sections and Central Northern States. There was some harm by freezing
are out of the way and retailers divert their interest to Spring
to winter oats in the South.
CORN AND COTTON.—Husking and cribbing of corn were delayed or fabrics. Statistics were published this week covering the posiconentirely suspended over the interior valleys because of stormy, wintrysnow tion of rayons wherein it was shown that while imports for
ditions. In Iowa corn was blown down and deeply covered with too
the ten months ending October 1927 compared with the corredrifting in from the open wheat fields. In the eastern belt there was
much moisture, with some reports of spoiling, and local loss by flooding
for the
of lowlands, In the more eastern States and in the Great Plains area sponding period in 1926 increased 50%, consumption
same period was 66%% higher. Furthermore, it was claimed
cribbing is well advanced.
week was mostly that
In the northwestern portion of the Cotton Belt the
stocks were not much in excess of a single month's conThe
unfavorabie for gathering the small amount of cotton outstanding. where
rop is about all picked in Arkansas, except in toe eastern portion Okla- sumption on the basis of seasonal distribution.
considerable remains in the fields, while some is still out in western
DOMESTIC COTTON GOODS.—Schedules providing
homa.
MISCELLANEOUS CROPS.—The much colder weather that overspread for a more drastic curtailment of production and a 10%
hog killing
the Southeast the middle part of the week was very favorable for Wyoming. wage reduction by the Amoskeag Manufacturing Co. have
and much of this work was done. Winds cleared the range in covered.
this
but in other northern Rocky Mountain sections it was generally
the succeeded in stimulating slightly better buying activities
Snows were favorable in eastern Colorado, but moisture is needed on
Mexico, week. News of reduced mill output have been reaching the
western slope of that State. Ranges are generally good in Newwere imlocal market in increasing numbers. Naturally this improves
except in the southeast where they are bare. Desert pastures
sufproved in Arizona and new snow was beneficial in Utah. Livestock
Plains, the technical position of the trade and it will only be a quesfered considerably from the severe weather in the northern Great genera
tion of time before the mill action definitely bears fruit.
and some losses by freezing were reported from Montana;feeding is
in most of the great western grazing areas.
but Concerning the wage cut of the Amoskeag Co., which follows
Much tender vegetation was killed in the South by the cold wave,
tobacco similar reductions made by other mills, it will affect over
hardy truck escaped sezions injury in most areas. Considerable
was stripped in hentucky during the week and stripping was progressing 10,000 employees and save the company about $1,000,000 a
cane
satisfactorily in Wisconsin. There was but little damage to sugar
priced
in Louisiana; grinding was well advanced, with good results generally year. During the week a number of lines were either
benefited citrus or re-priced for 1928. Napped goods for the cutting up trades
and excellent from newer varieties. Lower temperatures
very
in Florida; progress of this crop in irrigated sections of Texas wasmany were named
for next year by many of the Southern and
good. The gathering and shipping of oranges was in progress in
localities of California.
Eastern manufacturers. Quotations were the same as those
Weather in Agricultural Sections of Other Countries.temperature previously in effect, but the delivery months differed accordARGENTINA (for week ending December 12).—Both the
cool
and precipitation were moderate for the season, the week being slightlyzone ing to the mills—some extend from March to July, while
and mostly fair. The temperature in the corn and northern wheat
wheat districts others cover through September. Various cutters have placed
averaged 72 deg., or 1 deg. below normal, and in southern
North
68 deg., or 2 deg. below. The total weekly precipitation in the inch good sized orders for specialties and others are looking over
was 0.6 inch, or 0.3 inch below normal; and in the South 0.1, or 0.5
the new lines to select their probable needs. On the other
below. Good harvest weather prevalled.
.—Favorable harvesting weather hand, some of the leading producers of wide sheetings, sheets
AUSTRALIA (for week ending Dec. 12)
in East AusIn West Australia, with record yields in places; further rains
and pillow cases instituted lower prices covering the first
tralia. Crops yielding better than anticipated and prospects improved.
THE DRY GOODS TRADE.
quarter of 1928. Regarding raw cotton prices, although tendThe Weather Bureau also furnishes the following resume ing to ease off the earlier part of the week,a firmer undertone
in the different States:
of the conditions
Census Bureau s consumpNorth Carolina.—Raleigh: Temperatures above normal portions of week. developed following Wednesday's
hLh tu ne.i out to be mu ti etter t .an e <but cold wave and freezing to coast on Friday and Saturday favorable tion £epo.t
soaked
for killing hogs. Little other farm work account wet soil, well
e onsurni.tion of cotton for November amount•
.
from rains of previous week. Wheat, oats, rye, and also cabbage and other I e. tec
ed to 625,680 bales which was larger than in October this
hardy truck, doing well.
South Carolina.—Columbia: Winter cereals looking well, with good year as well as in any previous November. The total comgermination of late wheat, oats, and rye, despite unseasonable cold on
during
9th and 10th, but winter truck up-State damaged. Plowing and cereal pares with 612,935 bales in October and 583,746 bales
planting retarded in not th by wet soil. Considez able hog butchering.
year. Print cloths 28-inch 64 x 64s' conon Friday without November last
Georgia.—Atlanta: Freezing temperatures to coast
-inch 64 x 60s' at 5%43.
damage to winter cereals, though truck was injured to some extent. Quite struction are quoted at Oic., and 27
warm and showery at close of week. Many hogs killed. Plowing pro- Gray goods in the 39
-inch 68 x 72s'construction are quoted
gressing slowly.
-inch 80 x 80s' at 103c.
Florida.—Jacksonville: Unseasonably warm fore part, followed by at8Y03.,and 39
freezing and below in west and north Friday. Trusk not damaged and
WOOLEN GOODS.—Woolen and worsted markets deshipments
low temperatures benefited citrus; fruit shipping active. Bean peppers, veloped a little more animation this week, even though they
reduced, but supply plentiful; moderate shipments of squash,
and otner truck. Oats fair to good, but damaged by dry weather. Straw- are still between season. Statistically the industry continues
berries poor; setting plants continued. Rain needed, except on low- in an excellent position. Probably the mast important delanos of south.
Alabama.—Montgomery: Severe freeze to coast on 9th made fine hog- velopments were the price advances, named by the leading
killing weather; large quantities of meat put away under favorable condi- producers, on Spring lines. The reasons given for this action
tions. Fair middle of week; remainder showery. Little plowing atyarn
idlling weather; large quantities of meat put away under favorable condi- have been the steady upward movement of wool and
tions. Fair middle of week; remainder showery. Little plowing ac- costs which have proportionately reduced mill profits. Thus
somewhat injured
complished. Sowing oats progressed slowly; those up
all far, buyers have not presented resistance to the mark-ups
by cold. Much tender vegetation killed in coast section; elsewhere
but rain, subsequent
but hardiest vegetation killed. Pastures mostly poor,orange crop shipped and mills state that their Spring business has been quite
to warm weather, favorable. Over 80% of satsuma
satisfactory. Recently some of the larger purchasers, such
prior to freeze.
Mississippi.—Vicksburg: Mostly moderate precipitation at beginning as catalogue houses, chain stores, etc., have been very active.
of week and near close; cold wave Thursday, with below freezing to coast. It is believed that the advances in Spring prices will pave the
work poor to fair.
griday, damaged truck considerably. Progress of termand near end of
Louisiana.—New Orleans: Beneficial rains on 7th remaining beans way for a higher Fall season. Some of the mills are showing
-9th practically destroyed little
week. Freezing on 8
dam- their Fall overcoating lines now, prior to the official opening
and okra, but main truck crops in southeast not damaged. Little exceland
which is expected after the turn of the year.
age to sugar cane; grinding well advanced with good results,well.
fall cane planting large. Oats doing
lent from newer varieties;
FOREIGN DRY GOODS.—Linen markets continue about
Texas.—Houston: Cold wave fore part of week, with hard freeze on
less
8th, except near lower coast; latter part unusually warm. Precipitation unchanged from the previous week. Business is more or
western half and lower coast section. Freeze irregular, although it is considered usual at this pre-holiday
general, but more needed in
killed tender vegetation, except in lower coast sections, and damaged oats
optimistic regardsome, but did not injure hardy truck in south. Condition of pastures. period. However,factors remain relatively
wheat, and oats poor, but benefited by precipitation. Progress and con- ing the future and point with satisfaction to the low condidition of citrus and truck in irrigated sections very good and shipments
tion of their stocks. Naturally, they do not look for any
large.
Oklahoma.—Oklahoma City: Cold, with sunshine deficient; light to startling spurt in business after the turn of the year, but
in south-central and east, but little or none in north-central
moderate rains
fields in rather for a steady improvement. They recognize that there
and west. Farm work mostly suspended. Some cotton still in
rain
are many adjustments to be made and poor trade practices
west. Wheat fair to good condition, but deteriorating in west where
good.
badly needed. Pastures fair to
east portion to be eliminated before any decided betterment can be witArkansas.—Little Rock: Cotton about picked, except in wet weather,
nessed. Of course, this does not apply to all linen fabrics, it
where considerable still in fields; picking slowly, clue to cold,
Some plowing.
,
and some not open. Rice thmking about completed.condition. Oats being principally a problem of the household section. Burlaps
Wheat, winter truck, meadows, and livestock in good
-9th.
are firmer, especially in primary markets. Locally buyers are
damaged in some localities by hard freeze on 8
from mild to
Tennessee.—Nashville: Although temperatures rangedclover continues quite active covering their December to March requirements.
all grains coming fairly well and
much oelow freezing,
7.40 to 7.600., and heavies
to improve. Much depends on heavy frosts and cold weather for gather- Light weights are quoted at
Continues
ing late corn. Cotton about all in. but an occasional field
at 11.25c.
unpicked.
DEC. 17 1927.]
THE CHRONICLE
3375
Pace.
Name.
Rate. Maturity. Amount. Price. Basis.
3090_ _Cumberland, Md
431
1957
150,000 107.62
4.08
3090_ _Cushing, Okla
4
25,000
3090. _Cuyalioxa Falls S. D..(3_431 1928-195
2 350.000 102.03
1.27
2703 _ _Dalhart, Texas
6
1928-1927
10,000
2703__Dalhart, Texas
544 1928-1967 r60.000
MUNICIPAL BOND SALES IN NOVEMBER.
3230 _ _Dania, Florida
6
1947-1956
50,000
95
-6.39
2967 _ _Danville, Va
431 1928-1952
101.86
4.31
2842_
We present herewith our detailed list of the municipal 3090_ _Davidson Co., No. Car--4 X 1929-1942 250,000 100.57 4.43
150.000
_Dayton, Ohio
1929-1953
75.000 102.69
bond issues put out during the month of November, which 2703_ _Daytona Beach. Fla
6
1928-1927 163,000 102.90
5.38
2842_ _Dearbor
1928-1932
49.900 102.02
the crowded condition of our columns prevented our publish- 3230_ _Decatur n, Mich.(2 iss.)-6
5.61
Co., Ga
5
1957
30.000 101.85
4.88
2703_ _Deer Creek Irr. Dist.
,caL6
ing at the usual time.
25.000 100.,0
3230-..Deer Park,Ohio(4 issues)6
1929-1936
17.698 105.47
4.68
The review of the month's sales was given on page 3088 of 3090_ _ Defiance Co.. Ohio
431
92,350
2560_ _ Delaware (State of)
4
1967
the "Chronicle" of Dec. 3. Since then several belated 2967_ _Delaware Co.,0.(5 iss.)_4 X 1928-193 250.000 103.16 -5.8
-3
7 140.500
2842_
e Co.,
4
November returns have been received, changing the total 2967_ _DelawarCo. S.Pa
1928-1957 900,000 101.59
3
.57
_Denver
D. No. 1,
Colo
for the month to $103,030,560. The number of municipali434 1947-1948
60,000
3.85
3090_ _Des Moines,Iowa
431 1933-194
100.000
ties issuing bonds in November was 454 and the number of 2967_ _Detroit, Mich.(4 issues)_4 X 1-4-years 2 3,000,00 100.80 4.14
0 100.14
4.17
2843_ _De Witt-Janesville Water
separate issues 641.
Dist., N. Y
4.20
80.000 100.45
4.15
2843_ _Dona Ana Co., N. Max....431 1931-1946
Page.
Name.
Rate. -Maturity. Amount.
r18,500
Price. Basis. 3090_ _Donna. Tex
6
1953-1967 r100.000
2955_ _Ada, Okla
434 1930-1952 $190,000 100.65
3090 Duluth. Minn
4.44
431 1928-1952 250,000 102.95
3228--Ada, Okla
3.94
2967_ _Earlsboro, Okla
444 1930-1952 425,000
6
1931-1936
35.000 100
6.00
2843 _ _East Deer Twp.,Pa
3088- _ Alameda Co., Calif
444 1928-1932
5
1941-1942
16,000 100.65
250,000 109.84
4.09 2703_ _East Hampton. N. Y_ _ _ _4
4.27
g 1929-1934
2840_ _Albany, N. Y
60,000 100.14
4
1.487,500 101.97
4.20
3.72 3091_ _East Orange, N. J
441 1928-1951 523,000 102.14
2840__Albany, N. Y
4.02
4
70.500 100
4.00 3091_ _East Orange, N. J
431 1928-1948 268,000 101.97
4.04
2701 _ _ Albion S.D.No.99,Wash _4X 1929-1947
2967_
534 1928-1937
14,500 100.25 4.47 2703_ _East Palestine. Ohio
15,671 103.63
4.74
_Ecorse Tvrp. S. D.No.10,
3088_ _Albuquerque, N. Max.
Mich
(6 issues)
5
1957
43-i 1931-1946 590.000 101.11
70.000 101.42
4.39 3091_ _El Dorado, Kan
5.91
444 1928-1937
2841_ _Alexander Co., N. Caro_ _5
17,100 100
1929-1942
4.25
34,000
2967_ _Elkhart Co. Ind.(3iss.).4X 1929-1948
23,860 103.69
2965_ _Allen County, 0.(2 iss.)_5
4.16
2967_ _El Paso County, Texas
1929-1935
52,000
__
100,000
2967_ _El Reno,
2965_ _Allen County, 0.(3 iss.)_534 1928-1937
6
1928-1937
94.000
14,700 100
_ _ _ _ 2843_ _Emerson.Okla
6.00
Nebr
3089--Allen Co., Ohio
431 1929-1937
19,000
544 1928-1937
19,306 104.15
2967.. _Eustis, Fla
6
1957
15,000 100.53
2701_ _Allen County, Ind
431 1928-1947 105,000 103.29
2967_ _Evansburg, Pa
3.85
544
1947
20,000 101.05
5.43
2841_ _Alexandria, Va
2843_ _Evanston,
444 1930-1984 225,000 102.21
5
1931-1937
4.33 3091_ _Everest, ru
41,100
2701_ _Allison, Ia
ICan
44 1928-1937
431
24,327 100
35.000
4.50
3091_ _Eugene, Ore
3089-Anniston, Ala
531 1928-1937 d154,633 100.27
544 1928-1937
5.48
35,000 101.57
5.16 2067_ _Fairbury, Nebr
1937
431
13,000 100.20
3089--Argenta S. D., Ill
4.73
3091_
w
60,000
25.000
---- 2967_ _FairevieasTwp.S. 13., 0_ __
2701_ _Arkansas (State of)
_Falfurre Ind. S. D.,Tex. __
431 1934-1951 3,000,000 100.43
20,000 100
4.21 2561_ _Farmington, Wash
2701_ _Astoria, Ore
5
6
1928-1937
6,000
30,028 100
6.00 3091_ _Fayette Co. R. D. No. 4,
2841_ _Atlanta, Ga.(3 iss.)
434 1929-1956 800,000 107.22
Texas
3.85
25,000 100
2559_ _Atlantic City, N.J
3091.. _Fillmore. Utah
444 1929-1930 2,000,000 100.86
4.14 3230__Flagler
20,000
2841_ _Avon Twp. S. D. No. 5,
and Volusia Cos.
Mich
Dist.. Fla
6
444 1929-1957 144,000 103.38
1938-1955 26.5,000
4.21 3073_ _Fletcher S. D.,Okla
3089_ _Avoyelles Par. R. D. No.
5
8.000 100.43
2967_ _Florence, Ala
4, La
65,000 100
6
1928-1952
35.000 100.71
5.94 2843_ _Fodson S. D.. Mich_ _ _ _441
1928-1957 560.000 100.04
2841_ _AynorS.D.No.99,S.Caro.
Kii
3091_ _Forest Grove, Ore
40,000
5
1929-1947
56.000 101.83
2965_ _Baldvryn. Miss
3091_ _Fort Bend Co., Texas (4
544 1928-1952
40,000 101.20
4.88
iss
2965_ _Banning S. D.,Calif
544
544 1928-1947
675,000 100
75,000 107.62
2561.. _Fort Thomas, Ky
444 1932-1947 100.000 103.26 145
3089- _Bartow, Fla
544 1929-1936
80,000 100.88
5.32 3091_ _Fountain Co..Ind
434 1929-1938
15.800 102.75
2965_ _Nleaver, Utah
4.02
43.1
43/ 1932-1947
1946
35,000 100
4.25 3091_ _Franklin, Tenn
17,000 101.34
2701_ _Bedford,0
444 1929-1937
4.14 1932-1956 200.000 100.08 4.61
63,375 100.54 4.40 3091_ _Franklin Co., Ky
4.24
2843.. _Fredonia, N. Y
2701_ _Belfast Water Dist.. Me_4
4.10 1932-1957 182.000 100.63
1928-1947 150.000
4.05
98.72
4.11 2703_ _Freehold, N J
444 1928-1941
2701_ _Bend, Ore
56,000 101.02 4.32
544 1928-1949
2703 _ _Freehold, N.J
22,000 100.12
5.48
444 1928-1945
18,000 101.94
2956_ _Benedict, No. Dak
4.25
6
1932
2,000 100
444 1928-1955
6.00 2703_ _Freehold, .
82.000 102.35
4.26
3089_ _Beneda Red. Dist., Cal_6
, N.J
197-1947
23.000 101.95
125.000
90
4.27
7.08 2843_ _Freehold S. 13., N. J. (243
3089_ _Donee's, Calif
6
1928-1957
90,000 100
issues)
6.00
444 20-30 Yrs.
2841...Bessemer City, N.Caro..-544 1929-195
89.500 100
4.50
3091_
8
30,000 104.50
1929-1949
5.09 2968_ _Frelinghuysen Twii., N.J.5
42.000 102.62
4.67
2966_ _Bethlehem, N. Y
_Freeport, N. Y
431 1932-1947 275,000 101.09
4.10 1928-1937
52.000 100.09
4.13 2703_ _Fullerton, Calif.(3
4.09
2966_ _Bethlehem Corn. S. D.
iss.)_ _4
1928-1939
36,000 100.15
4.48
2703._Fulton Co.,Ind
No. 15, N.Y
434 1928-1937
43.( 1932-1957 109,000 101.07
11,000 102.12
4.07
4.18 2703_ _Fulton Co..Ind
434 1928-1937
2950.. _Bethlehem Wat. D., N.H.4
9.000 102.18
1933-1947 125,000
4:04
2968_ _Garfield His. S. D.,Ohio_4X 1928-1951
99.22
4.08
550,000 101.82 4.25
2841_ _Beverly Hills. Calif
2968.. Geneva-on-Lake Ohio_ _ _5
431
400.000 100.54
1929-1938
4,000
2702_ _Big Horn County, Wyo....4 X 1932-1947 r40,000
2561.._Gibson County, Ind
444
19,600 102.05 4.08
100.35
4.48 2843_ _Gilbert H. S. D., Calif__ _4 X 1928-1937
2841 _ _Big Spring, Tex
1947
5
45.000 102.77
1928-1967
40.000 102.79
4.55
4.75 2968_ _Giles County, Tenn
5
2841_ _Birmingham, Ala
300,000
431 1928-1937 260.000 100.34
3091- _Glades County, Fla
6
4.19
1937-1947
50,000 100.18 . - 95
2841_ _Bloomfield Twp.. Mich.
6.
2704_ _Glen S. 13., No. Caro_ __ _5
1929-1948
20,000 100.26
iss.)
4.97
2704_
(3
444 1928-1931
45,500 100.57
4.47 2561.._Goldsboro, No. Caro_ _ _ _4 X 1930-1964
75.000 100.53 4.47
Grand
dRapids, Mich.( 6
2702-Bolivar. N. Y
is.)..4X 1928-1951 120.000 101.82
4.27
3089_ _Boone Co.:W. Va.(2
4
1928-1953 1,951,000 100.19
194,000 100
3.97
2561_ _Grant County. Ind
066_ _Boonton, N. J
444 1929-1939
431 1928-1954
4,500 102.02
95,000 102.55 - 4
.25 2844.. _Great Falls. Mont
4.11
o66_ _Boston, Mass
5
334
1972
1,658,000
70.000 105.61
4.38
2561_ _Greeley, Colo. (3 issues)-43l 1928-1949
2986_ _Boston, Mass. (16 las.)- -344 1928-1947 2.245,000 100.32
1949
112.000
100.32
3091.. _Greenburgh-Fairview W.
2702_ _Boyne City, Mich
5
1928-1942
25,000 105.06
4.2.5
13., N. Y
2702_ _Boyne City. Mich
5
4
1928
r7,000 100
24,500 100.19
5.00 3092_ _Greenes od, S. Caro. (2 10 1928-1940
4.07
issu wo
2966_ _Bradenton, F a
)
6
1929-1930
80,000
2669_ _Bradley Beach, N.J
5
5
1929-1947
90.000 102
92.000 102.44 - 4J2 3092_ _Hancock Co.,Ind
2702_ _Brainard, Neb
434 1929-1938
6
37.000 101.47
3.000 100
6.00 2844_ _Hancock County, Ohio_ _5
4.14
2966_ _Bridle, N.J
1929-1932
5
1928-1957
8,850 101.61
71.000 103.13
4.73 2968_ _Hanover Twp.S. D., N.J.4
4.42
2841 Ciroadland, So. Dak
6
X 1930-195
1937
45,000 101.81
5,000
4.33
2844_ _Harris County, Texas_ _ -4X 1928-195 2
266 _Brown Twp , Ind
6_2 100
43-i 1929-1947
19,9645
102.67
1:
4.35
3092_ _Harrisburg I. S. D. TexAX 1954-1967 2,000.000 101.51
2841_ _Buffalo. N Y
44' 1928-1947 3,880.000 103.31
7 200.000 107.42 4.34
3.85 2704_ _ Harrison County, Ky_- --52
2841_13unceton R. D. No. 16.
1932
5,000 108.65
-284_Harrison Twp. S. D. No.
4_
Mo
5
1929-1949
25.000 100
089-_Burbank, Calif
441 1928-1963 325.000 100.61
444 1930-1957
65,000 100.10
4.73
3092....Hastings S. 13.. Nab
2841_ _Burlington, N. J
431 1928-1937
5
1931-1933 r99,000 100.02
20,000 101.59
4.43 2968_ _Hatwai S. D.,Idaho
4.49
2702...Burnham,Pa
4
1957
1946
7,500
10,000 100.80
4.40 2704_ _Hazleton S. D., Pa....,,.._ _ 5
2841_ _Cabarrus Co., No.Caro._4
1930-1956 170,000 102.64
4.27 3092_ _Resins Twp. S. D. 1.. _ 44( 1931-1942 275,000 101.60 17176
2841_ _Cabaruus Co., No. Caro_4 X 1929-1938
..431 1929-1948 200,000 100
10.000 100.25 4.70 2844_ _Hempste
4.50
ad S. D. No. 27,
039.. _Cache River Dr. D., Ark-5
1930-1932
42,000
841__Caldwell, N. Y
N. Y
44( 1929-1938
4.10 1936-1956 251,000 100.07
20,000 100.03
4.07
4.27 3092_ _Hempstead Un. S. D.
559.. _Callfornia (State of)
4
1932-1948 2,500.000
3.97
No. 22, N.Y
089_ _Cambridge, Mass.(4 lss.).34( 1928-1947 350.500 100.44
431
4.07
2562_ _Henderson Co., No. Caro.4 X 1932-1956 600,000 102.18
842_ _Camden, S. Caro
5
1929-1942 281,000 101.03 4.60
35,000 181:81 !:
' 2704_ _Hereford, Texas
.
4
.!
842_ _Cameron Co. Water Impt.
25.000 100
2968_ _Hidalgo Co. Water & Imp.
Dist. No. 5, Tex
6
1930-1959 600,000 100
6.0
0
Dist. No. 6, Texas_ __ _6
702.. _Canton, 0.(8 iss.)
431
1931-1960 800,000 90
265.713 100.51
6.95
2968_ _High Hill Drainage Dist.,
229_ _Carrboro, N.0
531 1929-1947
25,000 101.08 "5:i§
So. Car
967_ _Carmenita S. D., Calif__ _5 si 1942-1945
6
2.000
50,000
5.38 3092_ _Highlands Co.,Ohio
N.0
53.Z 1929-1942 25.000
5
1929-1936
35,195 100.65
__
5.12 2844_ _Hillsbor
3397--Carroll Co., Tenn
1930-1957
178,000 109.02 --- 2844_ _Hillsbor ough Co., Fla_ _ _6
75,000 100.14
5.98
ough Co., Fla_ _ _ _6
229_ _Carroll County, Tenn-_
1947
1930-1957
178.000 109.02 _ _ 2844_ _ Hingham
75,000 95
6.45
089-Castleton Fire Dist. No.
, Mass
341
2968_ _Holland, Mich534 1928-1937 150,000 100.64
I, Vt
43-1
1947
90.000 100
49.500 100
4.25 3092_ _Holland, Mich.(5 issues)_
1:86
229_ _Cazenovia Twp., Ill
53.1 1929-1931
__
6,000 100
65,520 100
5.50 3092_ _Holyoke, Mass
967_ _Chatham Co., N. Caro_ _431 1929-1942
3g 1928-1947 575,000 101.53 63.000 102.85
4.34 3092_ _Hopedale. Mass
3:8'7
967_ _Chatham Co., N. Caro_ _4.1 1929-1942
331
37,000 102.36
4.45 2704 _ _Hudson County. N.J__....4% 1928-1947 128,000 101.23 3.60
702_ _Chelsea, Mass.(2 iss.)__ _4
1928-1932
17,000 100.00
4.00 2704....Hudson County, N.J__..4% 1928-1956 766.000 104.48
4.09
560_ _Cherokee County. Go_ _ _434 1928-1947 150,000 104.54
4.09 2704_ _Hudson County, N.J_ _ _ _4 yi 1928-1947 649,000 103.23
4.11
702_ _Chickasaw County, Miss_
1928-194
650,000
2704_ _H udson County, N.J._ _434 1928-1942 303,000 102.50
4.12
560_ _Chicago South Park Dist.,
7 156.000 103.14
2704_ _ IIudson County, N.J
4.11
Ill. (2 iss.)
4
1928-1947 3,000.000
99.97
4.01 2704_ _ Hladson County,N.J_ _ _ _ 43-4 1928-1966 143.000 105.31
4.08
090_ _Cincinnati 8. D., Ohio_ _ A
1929-1953 625,000 100.01
4X 1928-1947
49,000 103.16
3.99 2704_ _Hudson County. N.J___ _4X
4.14
967_ _Citrus County S. D. No.
1928-195
49,000 103.51
4.12
2704_ _Hudson County. N.J_ _ _ _4 X 1928-1972
13 Fla
6
10.000 108.72
90.000 105.60 4.09
2704_ _Hudson County. N.J_ .._ _4 X 1928-194 2
560_ _Clay County, Ind
43-1 1929-1943
13,800 103.29
5
88,000 102.96
4.07 2844_ _Humboldt-Kossuth D. D.
4.10
560_ _Clay County, Ind
444 1929-1948
4,800 103.50
4.11
8Iowa
560_Clay County, Ind
431 1929-1943
52,200 105.25
19,700 101.13
3.97 2704_ _ H WI .County, Texas.. _ 434 1931-1937
4.33
C
NE
967_ _Clifton, Tex
5
_434
1928-1957
_..431 1929-1967 400,000 100.03
59,000 100.01
7._ ii, 3092_Idaho Falls, Idaho
4.37
Forge, Va
441
434 1929-1947 r47.500
1942
110,000 100
99.94 4.26
2844_ _Ironton,
1067
0....Clifton Heights, Pa
5
43-1
1932-1947
90,000 102.70
20,000
154 2704_ _Jackson, Minn (2 issues)-445 1928-1952 210,000 100
5.00
Miss.
2„Coastal Highway Com100.71
4.43
_Jackson,
mission, S. Caro
43-1 1931-1939 1,000.000 100.48 . !! 2562_ _Jeannett Mich
434 1928-1952 210.000 100.71
:
il
4.44
2969_
e S. D.. Pa
90_ _Conway, Ark
444 1932-1952
55.000 105.25
4.03
2562_ _Jefferson Co., Fla.(2 iss.) 5
02_ _Cowles, Nab
444
1928-1952 150,000 95
r14,500 100.86
5.40
3092_ _Jefferson Co., Pa
42_ _Craven County, N. Caro.
431 1932-1955 140.000 103.89
3.39
3092_ _Johnson City. Tenn
(2iss.)31 1928-1942 680.000 101.39
541
33,100
4.58 3092_ _Jones Co. R. /3. No. 1,
42_ _Crossville, Tenn.(2 iss.)_hi 1931-1956 100,000 100.40
5.46
Tex
5
1928-1954 300.000
98.37
5.16
tate anti Titg glepartuxent
1ST
229__carrboro.
181:N,
:
3376
THE CHRONICLE
[VoL. 125.
Price. Basis.
Rate. Maturity. Amount.
Name.
Price. Basis. Page.
Rate. Maturity. Amount.
Name.
Page.
431 1929-1948 r51,000 97.75 ---,
-Payette. Idaho
2847.
75,000 101
431
.Jones County, Miss
1928-1947 239,282 100.08 3.99
2989..
4
5.00 2847__Peekskill, N. Y
1928-1947 250,000 100
6.00
10.000 100
1943
2969- _Kanawha 8. D., W. Va_ _5
6
No.2, Ariz
5.39
534 1928-1937 113,000 101.25 4'32 2971--Pander County, No. Caro431 1928-1957 250.000 102.13 4.57
2844__ Keansburg, N J
1928-1941 245,000 102.13
40,000 ------ ---3092_ _ Ken nor°, N. Y.(2 iss.)_ _5
County, Nab _
5,000 101.10 5.30 2971_ -Perkins
1928-1947
5
5,000
3231_ _ Kenton 8. D., Okla
X 1928-1937
3095_ _Perry Two., Ohio
1938-1957 2,000,000 101.03 3.93
2562-Kinderhook S. D. No. 2,
2971_ _Philadelphia S. D., Pa---4
431
N.Y
43; 1929-1967 599,000 100.22 4.22
J
3.84
1932-1946 253,000 101.49 5.22 2706_ _Phlllipsburg, N
434 1929-1950 407,000 100.03 4.40
2705_ _Klamath County, Ore--_4
2847_ Phoenix, Ariz
68,648 100.27
1937
531
4
1951--1956 108.000 100.03 4.40
2844_ _Klamath Falls,Ore
4.12 2847_ _Phoenix, Ariz
70,000 100.71
County, Kan_..431 1929-1938
80,000 ------ ---1929-1938
6
2/344- _ Labette
1928-1954 812,600 100.86 4.14 2707_ Picayune, Miss
4
2969_ _ Lackawanna,1sT. Y
3.80 2707_ _Penal County Bled. Dist.
431 1936-1948 250,000 107.52
95,000 ----- ,--,.
J '
2705.. _ Lafayette S. D.,Ind
43j 1929-1947
2707_ _Plainfield, N.
1937
35,000 102.63 - 5.47
1928-1937
3093_ _Lake Fern Spec. Rd. &
635 3233-Plant City,Fla.(2issues)6
1930-1957 300,000 96
6
Bridge Dist., Fla
5,000 107.79 4.98 2847_ _Plant City Spec. R. & B.
61937
, O're
7 120,000 99.05 6.10
6
1930-195
3231_ _Lakeview
Dist. Fla
34,000 101.37 ---2705_ _Laramie County S. D.
r10,000 101.25 4.83 2707-Plymouth. Mich.(2 iss.)-434 1928-1941
1937
5
No. 5, Wyo
70,000 100.66 4.13 2847__Polk County 8. D. No.
4.25
N.Y.(2 iss.) 4.20 1928-1966
20,000 100
7
431 1932-194
2705-_Larchmont.
13, Minn
5.00
18,000 100
20,000
1929-1938
3093_ _Laredo, Tex. (3 issues)_ _5
2707-Pomeroy Sch. Dist., Oh1o4
Lawrence County, Tenn.
1928-1957 420,000 101.77- 4.”
(3 iss.)_-4
2969
4.50 2971.-Pontiac, Mich.
4.34 19424952 100,000 100
60,000 100.52 4.33
434 1928-1932
(3 iss.)
2847-Pontiac, Mich
25,000
7
13,500-6
D., Nab
3093.._Lasara Ind. S. D.,Tex_ _..5
23,000 99.92 6.01 2847-_Poole S.School Dist., Pa.434 1937-194
1928-1937
6
50.000 105.31- 4.11
1947-1957
2845 __Leeds, Ala
2707...Portage
117,000
1954
5
100,000 102.76 4.77
5
1946
2845_ _Lewisburg S. D.,Pa
5.50 3095_ _Port of Astoria. Ore
50.000 100
1947
53.4
19,009 104.89 4.62
_ Lewis County,Tenn
rt Clinton, Ohio (2 iss.)534 1929-1936
3093..
47,000 100.53 5.42 2707__Po
1930-1947
5
20,000 102.38 4.27
1929-1932
5
3093_ _ Liberty, N. C
5.50 2847__Port Jervis, N. 3r
1931-1945 427,000 100
59,665 100.14 4.23
431 1929-1938
3093_ _Lima Lake Dr. D., III__ _5
3.96 3095_ _Portage Co., Ohio
1,000.000 102.36
3093_ _Lincoln Park Dist., Chic_431 1928-1947
3095._Pottawatomie Co., Iowa_44 1938-1942 4200,000 100.76 4.16
75,000
431
1929-1958 719,300 101.12 3.86
e,N.Y.(4 iss.)4
2845_ _Littleton, Colo
6.00
4g 1929-1965 276,000 101.58 4.64 2971-Poughkeepsi
38.500 100
1929-1937
6
2845__Lodl, N. J
5g 1928-1937 146,000 103.70 4.78 3234_ _Princeton, Ill
6.00
38,500 100
1929-1937
6
2845_ _Lodi, N. J
Princeton, Ill
4.00
431 1928-1943 114,000 100.66 4.64 3234_ Pueblo, Colo
1942-1947 r325,000 100
4
2845_ _Lodi, N. J
5.01 2847_
7,200 103.56
1928-1932
6
39,000 101.60 4.03
gan County,0
Y..- -43.4 1928-1947
2969„Lo
1928-1937 220,000 100.03 5.98 2707__Putnam County, N.
6
r27,400.._..
2705_ _Long Beach,N.Y
2847_ Quay County, New Mex..5% 1929-1952 250,000 100.67 - 3
100,000
.61
3g 1928-1937
2969.. _Louisville, Miss
7,000 102.44 4.61 2971- ninny, Mass
1930-1939
5
0
1928-1957r1.046,000
431
2969-Lou1sville,
3.95 2707_ Racine, Wis
414 1930-1939 1,000.000 101.61
5,000 100.50 5.92
1930-1939
6
2969..-Luzerne County,Pa
3.00 2847-Ralston, Okla
50,000 100
1928-1960
5
5,000 100.50 5.92
1930-1939
6
3230-Lynwood,Calif
5.00 2847_ Ralston, Okla
20,000 100
1938
Ark-5
2705_ _McGehee Sp. S. D.
2707-Ravenswood N. W. Dist.
72,000
30,000 100.11 5.98
1928-1944
6
2969- _McNalry County.Tenn_ 6
No. 1, Calif
r45,000
1932
No.3,
3093.. _Macon County, Ala
1928-1947 635.000 103.63 4.06 2972-Rawlins Pay. Dist.
8,000 100.00 _
3093.. _Madison, Wis. (3 iss.) _4
1
50,000 102.66 3.98
- 1929-1938
4X 1933-1957 222,000 103.86 3.§.
_Madison County, In
Pa
3093_
2847_ Rea
335,000 101.91
4.00
1947
20.000 100
Tenn_ -4g
1928-1947
_4
.
2845_ Madison County,
15.000 102.40 4.63 2848_ ..Riceland, Minn_ _ _ - 5
44,000
531 1928-1932
1931-1944
2563_ _Madison Twp., ti,
Richmond, Calif
3095_
19284941 120,750 102.81 4.25
5
2845__Malheur Co. B. D. No. 8,
Riclunond
15,000 101.33 4.80 3095_ Richmond, Calif
1930-1939
5
10,000 101.52 4,43
Ore
431 1928-1937
0
,
3 0
9 :000 100.38 4.13 2848....Richwood, .)
7
193
r80,000
lverne, N. Y.(2 iss.)_4.20 1928-1946
2845__Ma
6.40 2848_ _Rico, Colo
97
6
3232.._Manatee,Fla
2848-Ridgewood Twp. S. D.,
100.02
102.96 4.22
434 1928-1957 423,000 101.10 4.27
3093-Mangtun. Okla.(2 iss.)_ 534 1929-1935 122,000 103.04 4.78
N J
14,000
75.000
431 1928-1937
2845_ _Mansfield, 0
River
4.50 3095_ River Rouge, Mich
48,000 100
15,000 101.02 4.90
4% 1932-1947
1928-1957
3232_ _Marceline,Mo
3.95
5.000 100.26 4.95 3234-Roanoke Rapids, N.0_ _ _5
2,000 100
1928-1937
5
1931
3.95
3093_ _Marina S. D., Calif
5.50 3095_ _ Rochester, Mimi
23,000 100
531 1930-1957
2969 Marked Tree, Ark
101.26 5.33 3095....RockvilleCentre, N. Y.
53.5 1930-1944 r15,000
4.10 1928-1954 145,000 100.33 4.01
2705_ _Marshall, N. Caro
issues)
(2
100,000 101.25 5.16
1957
97,500 100.45
5
3093 Martin, Tenn
(3)431
13.700 100.90
1928-1942 750,000 101.80 3.60 2564_ _Rocky River,0.(2 iss.)
0.
2705_ _Massachusetts:tate of)-3
1943-1947 250,000 101.80 3.60 2564_ _ Rocky River,0
62,350 102.91
1929-1937
4
2705_ _Massachusetts State of)-4
2972_ _Rocky River,
117.200 100.35
o.1.N.Y.431 1928-1957 300.000 103.26 4.21 2707--Rocky River, O.(3 iss.)_ _4
1929-1933
2563_ _Massena S.D.
1942-1957 415,500 100.50 4.44
90,000 100.40 5.21
4
3232__Meadville, Pa
2848.._ Roseau County, Minn_ .. _5g 1928-1946
30,000
6
2705_ _Menard, Texas
.
3095 _ Roselle 8. D., N. J. (2
65,000
_5
320,000 100
3094_ _Miar-1 Ind. 8. D.. Tex_
is.sues)
47:66
9,000 100 • 434 1928-1945
2705_ _Middletown 8.D.No. 17,
4.34
48,000 105.66 4.36 2972_ _ Rural Valley, Pa
1928-1951
5
4,500 101
N. Y
431 1929-1940
12.000 100.72 3.72 3095...Russell,Iowa
100.20 4.24
4
1928-1931
1929-1950 190,600
2845_ _Milton,Mass
5.00 2848_ Rutherford S. B. N. J_4
1927-1956 r50,000 100
5
1929-1933 210,000 100.60 4.35
3232_ _Mineral Wells,Tex
2972_ _St. Clair Shores, Mich_ _ _4
2,300
1928-1931
6
2970_ _Minerva,0
3095_ _St. John Co. S. D. No.
225 000
30.000 99.10 5.62
5K 1930-1944
3094 _ _Monroe Co.. Fla.(2 iss.)_
2, Fla
4.22
4.13
1930-1953 100.000 108.90
4X 1933-1947 150,000 104.03 4.10
3230-Montebello S. D.,Calif....5
22,000 102 55 4.48 2565_ _St. Joseph, Mo.(2 iss.) 434 1932-1947 304.000 103.97
1928-1938
5
3094_ _Monterey, Calif
48,000 100.75 4.10 3095. _St. Joseph. Mo
75,340 105.67 5.27
1937
6
2705_ _Montgomery,Pa.(2 iss.)-434 1929-1934
Ore
3095- _Salem,
431 1928-1938 550,000 102.66 3.98
2705 ..Montgomery County, N. g 1929-1954 120,000 101.96
2707-Savannah, Ga
4
Caro.(2 iss.)
3096_ _Schenectady, N. Y. (8
1928-1947 478,000 100.94 3.86
_Montgomery Co. S. D.,
4
3094_
issues)
7.000
5
Texas
6.00 3096_ _Sebeka Ind. 8.D.No.36.
9.000 100
1932
6
1931-1939 430,000 103.33 3.71
3232.. _Montrose. Colo
Minn
11,200 102.80 3.98
4.4.4 1929-1938
100,000 100
3230-Morgan Co., Ind
2848_ _Seminole, Okla
1928-1937 168,650 100.40 1:i5
4
2970_ _Morgan County S. D.
4.25 2972_8haker Heights, 0
414 1937-1943 r29.000 100
482,000
No. 3. Colo
4
5.00 2972_ _ Shawnee, Okla
25,000 100
431 1929-.1933 148,000 100.18 4.20
2705--Morrisville S.D.,Mo_ _ - _5
3096__Shelby County, Ia
1932-1957 125,000
5
17,500
431 1928-1932
3094. _Mount Airy. N. C
2848_ _Shelby County,0
5,100 100.19 4.9
1928-1936
unt Morris S. D..
2706„Mo
5
2972_ _Shenandoah, Pa
76,000
27.000 106.60 4.0
Mich.(2 iss.)
2585_ _Sinldng Springs 8. D.,Pa.4g 1937-1957
102,000
1928
25.000
2563__Mountain Lakes, N. J__4.34
6
50,000 100.32 4.18 3096_ _Sitka. Alaska
431 1928-1937
g 1942-1957
2970_ _Muskegon Mich
4.129,000 100.86 4.87 2707._ Somerset County, Pa__ _4
1929-1942
5
4Y 1928-1948 266,000 100.81
2846_ _Myrtle Point, Ore
4.1
10,000 100.51 4.92 2972_13outh Orange, N. J
1930-1939
5
Point,Ore
, 1928-1967 262,000 100.82 4.1
2846_ _Myrtle
43
2972__South Orange, N. J
16,055 103.05
100.62
6
1928-1937 205,000
2846_ _Myrtle Point,Ore
2972_ _South Orange, N. J
15,000 104 66
84,000 101.28 4.1
431 19284967
2846_ _Nahunta Sch. Dist., Ga....
N. J
4g 1928-1967 300,000 100.92 4.18 2972_ _South Orange,
2706_ _Nashville, Tenn
4.25 3096_ _Southfield Twp. S. D.
173.000 100
135,000
431
2970_ _Nebrasica City S. D.,Neb.4g 1932-1952 575,000 101.07 3.84
No. 11, Mich
101.04 3.9
1928-1952
Britain, Conn.(41ss.)4
2970_ _New
rg Co.,S.Caro.434 1931-1947 454,000 100
5.0
1929-1967 515,000 101.87 4.11 2565_ SpartanbuMont.(2 iss.)__ 5
60,000
1928-1947
2846__New Brunswick, N. J.-434 1929-1959 226,000 101.60 4.13 3096_ _Stanford,
6.0
36,000 100
6
_New Brunswick, N. J---431
Fla
2846_
2972_ _Starke,
1929-1937 192.000 101.51 4.2
Castle&Nit.Pleasant
434
2970_ _New
325.000 104.62 4.09 2972_ _Stark Co., 0.(2 iss.) is,
Sch. DLst. No.4, N. Y-434 1929-1961 r150.000 100.76 3.91 3235_8teuben Co., Ind. (2
1928-1947
4
21,900
451 1928-1938
2970_..New London, Conn
sues)
6.0
75,000 100
1930-1932 750,000 100.16 4.96
6
S. D.. Tex
2970.. New Mexico (State of)---5
6.0
5,920 102.05 4.08 3235--Stinnettter S. D., Calif_ -6
8
1,500 100
1928-1930
..Sweetwa
2563_ _Newton County. Ind_ _ --434 1929-193
100.78 3.55 2848..
5.
1928-1950 r40.000 100
Mass.(2 iss.)- --3.65 1928-1947 240,000 100.08 4.49 3096.. _Taos County, N. Mox_-5
2970.. _Newton,
1,239.000
100.47 4.4
600,000
1929-1965
1957
431
"I'eacas
2970_ _North Bergen Twp., N.3.4
1928-1937 145,000 100.26 4.44 3235_ _Taylor Co., S. D. No. 5,
_No.Brunswick Twp.,N.J.4
2970_
80,000 100.78 4.40 3096_ _Taylor Twp.
80,000 101.68
1928-1947
1929-1948
_ _4
Mich
2970_ _No.Brunswick Twp.,N.J.4
5.72
4It
66,315 100.7
2
32,000 100
1928-1947
4
2846_ _North Chattonooga,Tenn6g 1928-193
85,000 98.90 4.84 2973_ _Tekamah, NebN. J
37,000 102.69 4.3
1928-1951
Rock, Ark_ -4
401 1928-1946
2848_ _Tenafly S. D.
3232_ _North Little
Ns. 1,
3094__North Olmstead 8. D.,
15,697 103.74 4.43 2848_ _Thurston Co. S. D.
10,000
1928-1943
5
1947
434
Ohio
Wash
55,000
3O94 North Sewickley, Twp.,
4.19 3096_ _Traer. Iowa
102.61
20,000
93,000 100.16
43' 1928-1948
Pa
5.47 2849_ _Trumbull Co.,0.(2 iss.)_4
24,000 101.34
1929-1940
-4
1932-1952 555,000 102.70 4.2
4
e 8. D., N. J_ ..4J
Tulsa,
3094_ _Northval
59,100 101.14 4.28 2973_ _Tulsa, Okla
4
75,000 101.75 4.3
1928-1937
434 1938-1953
Okla
3230„Northville, Mich
2973_
60,000 101.77 4.3
431 1938-1953
2706__Novi Twp. S. D. No. 8,
4.50 2973_ _Tulsa, Okla
100
156,000 101.35• 4.9
431
1932-1957
N. Caro-5
Mich
:010
12
55 0 94.50 5.57 2849_ _Tyrrell County,D., N.J531
42,000
1928-1957
2970_ _Oak Park Sch. Dist., Ga_5
2973-Union Beach S.
434 1928-1964 773,000 102.62 4.2
3094_ _Oakland, Washtenaw and
100.46 4.41 2849_ _Union City, N J
431 1928-1947 541,000 100.32 4.
Macomb Cos., Mich_ -431 1930-1938 602,000
2849_ _ Union City, N J
431 1929-1946 267,000 100.29 4.
_Oakland, Washtenaw and
Union City. N.J
3094..
2849_
Mich_ _434 1930-1938 217,000 100.004 4.49 3096 _Union Co., Fla
1931-1952 350.000
6
Macomb Cos.,
Union
40.000
1933-1937
5
4g 1929-1933 124,900 100.05 4.
3094_ _Oaklyn, N. J
4.23 3096_ _Union Co., Ohio
35,000 102.96
1940-1951
4
5g 1928-1957 160,000 105.18 5.
kwood, Ohio
Tex
3230__Oa
101.80 4.38 2973_ _Uvalde County,
1947
1928-1967 150,000 104.27 4.
Ind. S. D., Tex--5
2970_ _Obion County, Tenn_ ---431
4 00
125 0
6 5,6 0 104.07 4.38 2849_ _UvaldeCounty S. D. No.
3094_ _Ogdensburg 8. D. N. J___4g 1929-19567 4110,000 100
4.50 2849_ _Valley
5.
16,000 100
S. D., Iowa_ _4X 1928-194
5
2846_ _Olin Con.
9, Mont
15.000
1947
5
2706_ _Onancock, Va
3097.. _ Ventura, Calif.(2 lasues)-4g 1928-1967 525,000
_Orange Co. Acqui.&Impt.
Parish R. D.
2846_
2973-Vermllion
6
1928-1937 418,690
100.000 100
Dist. No. 1, Calif
431
No,6, La
--- :fob
3.
1,000.000
1952
4
1.425.000 103.34
1962
4
2846_ _Oregon (State of)
4.50 3097_ _ Virginia (State of)
5.
500,000 100
1952
431
6,265 100
(State of)
534 1928-1937
2846_ _Oregon
3.75 2708--Wadsworth, Ohio
4.
500.000 100
100
1952
3g
65,000
4 20 1929-1944
2846_ _Oregon (State of)_ _
3097_ _Walla ,Valla, Wash
1 .150 100.85
Maas.(2 issues) 331 1928-1942 269,500 100.72 4.
3094_ _Oregon Irr. Dist., Ore
1928-1937 155,000 100.69 4.86 2708_ _Walpole,R. I
160,000 99.08
(2 issues)--5
1933-1952
4
3094_ _Orlando, Fla.
2973_ _Warren,
30,460 101.32 4.
34 1928-1937
3094_ _Oronoko Twp. S. D. No.
98,000 102.62 4.31 2973_ _Warren, Ohio (2 issuest._4
12.085 101.15 4
431 1929-1957
1928-1933
1, Mich
2973_ _Warren, Ohio (2 issues ....5
9,000
4g 1929-1946
.,
3095__Oxford, Iowa
40,000 100.50 5.47 3235_ _Warrington Twp. S.
534 1929-1973
431 1932-1952 :7 15,000 104.52 4.
_Oxford,Md
2971_
Pa
22.500
1932-1947
5
431 1943-1957 175,000 105.56 3.
2846_ _Oxford, Nob
175,000 ibUO- 4.22 2973_ _Washington Co., Pa
36,000 100.97
1928-1937
5
2706„Oxford Sch. Ilist., Mich-431 1929-1957 125,000 100
6.00 3097. _Watemille, Ohio
36,000 102.78 4.
6
Texas
414 1938-1947
2706_ Palestine,
5.47 2849_ _Wauwatosa, Wise
Fla.5
12,000 100.30
1932-1948 800,000 96
2564_ _Palm Beach County,Fia_6
3235_ _Waverley. N. Y
4.
10.500 104.28 1930-1946 500,000
1928-1947
S. D., Calif----5
_Palm Beach County,
3095_
5.00 2973_ -Waverly
17,580 101.37 4.
1930-1953 400,000 100
5
Va
431 1928-1962
3233_ _ Parkersburg, W. Dist.,
2708_ _Webster,N.Y
2564_ _Parkers Prairie Sch.
_Wellesley Ind. S. D., W.
3235_
30,000
225,000
1933-1947
431
Minn
Va
6
65,000 1- 473- 1.14
19,400 100.41
431 1928-1937
3095_ _Pasadena, Calif.(2 iss.)_ -4g 1933-1939 300,000 100.15 3.985 2849-Wellington, Kan
1932-1952
4
_Pawtucket, II. I
3095_
1)1:c. 17 1927.]
Name.
Rate.
page.
2849_ _West Long Branch S. D.,
N. J
43.
4
2708_ _Westwego, La
2973_ _Wheatland,Wyo.(2 iss.)_4
2708_ _Wichita Falls, Texas- _ _4,
2566_ _Wildwood,N.J
5
2849-Williamson Co., Tenn_ _ _4X
3097_ _Wilmington, Del
4
3007_ _Wilmington, Del
4
2566_ _Winnetka,Ili
4
3007._ Winslow, Ill
2849_ _Winslow Twp., Pa
43
2849- _Winters Joint H. S. D.,
Calif
5
2708- _Woodcliff Lake, N. J_ _ _ -5
'
2849--Woodland, No. Caro_ _ - _6
3097-Wyandotte, Mich.(4 iss.) 4X
2849- _Wyoming Co., N.Y
4
2849_ _Yates, N.Y.(2 issues).
2973_ _Youngstovrn,N.Y.(2iss.)5
3097„Zellenople, Pa
43
THE CHRONICLE
Maturity. Amount.
1947
1937-1967
1928-1942
1939-1957
1932-1941
1932-1936
1932-1945
1933-1942
1942
1928-1934
1934-1946
1934-1949
49,500
20.000
47.000
2,000,000
173,000
50,000
200,000
25,000
d63,000
3,000
17.000
25,000
21.000
15,000
129,900
130,000
56,000
5.000
16,000
Price. Basis.
102.15
100.30
101.22
101.68
100.27
100.00
100.48
4.79
4.35
3.95
4.00
3.94
104.35
3.98
103.52
100.54
103.66
100.52
101.02
4.68
4.85
-3.4515
100.34
104.12
4.10
Total bond sales for November (454 municipalities, covering 641 separate issues).-4103,090,560
d Subject to call in and during the earlier years and to mature in the later
years. k Not including $18,738,000 temporary loans. r Refunding bonds.
y And other considerations. * But may be redeemed two years from date
of issue.
BONDS OF UNITED STATES POSSESSIONS.
Name.
Page.
Rate. Maturity. Amount. Price. Basis.
2844_ _Hawaii (Territory of)__ _.43
1932-19502,750,000 106.06
3.99
2844_ _Hawaii (Territory of)
-4X 1937-1947 d50,000 107.22 3.99
The following items included in our totals for previous
months should be eliminated from the same. We give the
page number of the issue of our paper in which reasons for
these eliminations may be found.
Name.
Page.
Rate. Maturity. Amount. Price. Basis.
2843_ _Freehold S.D.,N.J.(Oct.)
$90,000
2703_ rummy Springs, No.Caro.
(July)
51
150,000
5.74
2843_ _Fulton Co., Ind.(Oct.)--4X
24,000
2972__Shawnee, Okla.(March).
482,000
We have also learned of the following additional sales for
previous months:
Name.
Page.
Rate. Maturity. Amount.
Price. Basis.
2841_ _Alva, Okla.(Sept.)
4
60,000 100.01
2965_ _Aransas County, Texas_ -5
1932-1967 d250,000 101
2841-Belfast Water Dist., Me.
(Sept.)
4
1928-1947 150,000
99
3.99
2841__Bridgeport Twp. S. D.
No. 2 Mich. (Apr.)._ -5
1928-1939
12,000
2702-Brownsiown S. D.,Pa__ -6
1928-1933
6,000 100
b:oo
2842_ _Callaway, Neb. (Oct.)
1932-1947
20,000
2842-Canton, Miss. (Aug.) 2
Issues
5
1929-1938
69.000 100.43 4.95
2702-Central Lake Twp. S. D.
No. 1, Mich.(June)._ -5
1928-1957
40,000 100
5.00
2842-Cheyenne,Okla. (Aug.)_ _6
15,000
---3229-Clarke Co., Wash.(Aug.).4 X 1928-1957
75,000
2842--Cornplanter Twp. S. D.,
Pa.(Sept.)
4X 1929-1948
25,000 102.38 4.23
2842--Crosby, No. Dak
7
5,000 100
7.00
2732-Cuyahoga County, Ohio
(6 issues)
4u 1928-1936 154,187 100.26 4.19
.
2843__East Liverpool, Ohio__ --43
1929-1933
25,020 100.34 4.40
2703-Fallon County S. D. No.
33, Mont
6
1937
1,500 100
6.00
2967„Ferndale, Pa
43.
1932-1944
15,000 102.88 4.17
3230- _Galena Villages. D.,Ohio
(June)
4X 1938-1946
49.100 101.57
2704_ _Gray County,Texas
5X 1928-1957 400,000 105.25
2704_ _Grove City, S. D. Pa..
.A
50,000 100.01
2794_11ammond Irr. District,
Mont. (2 issues)
6
1937
r28.500 100
6.00
2968._Hartington, Neb
4
1937-1947 rd18.000 100
4.50
2844__Hervey, No. Dak. (June)5
1929-1947
20,000 102.25 5.07
2734_ _ Hastings, Minn
5
1928-1942
7,500 100
5.50
2704_ _ Haywood S. D., Calif---5
1932-1957
72.000 109.55 4.22
2842_11owell, Mich
434 1929-1943
50,000 101.92 4.25
2969_ _Jackson Co., So. Dak
494 1931-1948 215,000
___ _
2704-Jefferson County S. 1.,
Fla.(2 issues)
6
85,000
3231_ _Lakewood, Ohio(4 issues)
(Sept.)
5
1929-1937
7,272 100.75 -.2705_ _Long Beach. Ind
5
1932-1951
20.000 100.50 4.95
3231-Macomb Co.
,Mich.
(Oct.)5X 1929-1942 1,580.000
2705_ _McDonald, Kan
5
1928-1937
5.00
10,199 100
3003_ _Magee, Miss. (Sept.)_ _ _6
1952
75,000 107.42 5.25
2705_ _Mason-Tazewell Drainage
District, Ill. (Sept.) 5X 1928-1937 158,000 100
5.50
2969- _Mayfield Com. S. D. No.
10 N.Y.(April)
6
1928-1945
3.600 100
6.00
3232- _Medina Co.,Ohio(Sept.).5X 1928-1936
71,261 104.67
4.40
2706_ _North Tarrytown, N."-.5
8,000 100
5.00
2706_ _Old Forgo S.D.,Pa.(May)5
1932-1942 185,000 100.12 4.97
2707- _Otay Sch. DLst. Calif_ _5.13 1936-1942
7.000 102.50 5.22
2706_ _Penbrook, Pa. ilept.)---434 1928-1956
35,000 100.07 4.49
2847-Pine Valley S. .. Clallf.6
1928-1933
3,000 101.75 5.45
2848_1tosendale, N. Y. (July)-5
1928-1936
9,000 100.60 4.86
2848_ _Sackets Harbor, N. y.
(June)
434 1928-1957
15,000 102.09 4.55
2707_ _Saluda County. So. Caro-4X
54.0e0 101.71 ---3235__Skagit Co. S. D. No. 22,
Wash (Oct.)
5
1929-1931
6,000 100
5.00
2848_ _St. Cloud, Fla
6
1928-1937
77,000
95
7.10
2972_ _Snyder Twp. S. D., Pa
(Aug.)
434 1947-1957 d20,000 104.13 4.26
2707_ _South Fork,Pa
434 1939-1957
25.000 105.44 4.09
2973_ _ Waterloo, N. Y.(Sept).-6
1928-1931
1,600
2849_ _Watertown, So. DOA
4X
34,000 100
18o
3236_ _Winslow Twp. S. D., Fa.
(June)
5
30,000
_
2708_ _Wyandotte County, Kan.
(June)
434 1928-1946
20,000 100.21 4.23
2708_ _Wyandotte County, Kan.
(June) 2 issues
434 1928-1942 134,400 101.80
All of the above sales (except as indicated) are for October. These additional October issues will make the total
sales (not including temporatr loans) for that month $118,742,403.
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN
NOVEMBER.
Name.
Rate. Maturity. Amount. Price. Basis.
Page.
29'73__Albertairrov. of)
4
1,850,000
1957
91.92 4.41
Canada Dominion on_ _ -4
3 years r45,000,000 100
2974
4.00
1928-1937
5
35,535
97.50 6.01
2974-Crystal each,Ont
5K 1928-1942
11.000
2850_ -Cudworth, Sask
Etobicoke Twp., Ont.-- _5
30-inst.
110,000 100.15
_
2709_ _
30-inst.
5
50,000
99.70 -5.04
2709-Forest Hill, Que
91,074 103.18 5.10
2974_ _Fort Frances Ont.(2 iss.)5 X 1928-1947
Escaumains, Que.1947
18,100
2850_ _Les
4
3,000,000 - 168- 4.45
2974-Monitoba (I'rov. of)
1957
9
45,000 96.90 4.69
-year
2709_ _Monitaba 1). Dist.. Can-434 30
60,000 103.37
534 1928-1942
2974_ _Merriton. Ont
1947
16.500 100.56 4.95
2974-Middleton. Nova Scotia_ -5
99.52 4.51
2850_ _Montreal. Que. (2 las.)..434 1947-1967 5,100.000
3377
Page.
Name.
Rate. Maturity. Amount.
Price. Basis.
2974_.New Brunswick (Prey.of)
(2 issues)
1947
454
1,800,000 101.56 4.38
2974_ _Nicolet, Qua
5
1928-1967
35,000 99.55 -2850_ _North Vancouver B. C--5
1937
16,000 99.53 5.01
2850_ _Prince Edward Island
(Province of)
454
60,000 98.77 4.60
2709_ _St.Catherines, Ont. iss.)4X 10-15 year
(2
246.000 97.09 4.85
3098__St. Jovite. Qua
5
1928-1967
40,000 99.09
5.08
2566.8t. Tile, Qua
25
-year
5
53,900 99.67 5.03
2709Salaberry de Valleyfield.
Qua
5
1928-1959
50,000
99.77 5.03
2974_ _Saskatchewan (Prey. of)-4
1957
1,330,000
91.65 4.53
2709_ _Saskatchewan S.Ds.,Sask.
36,500 -----2850_ _Saskatchewan S.Ds.,Sask
35,700 -----2974__South Vancouver Dist.,
B.0.(3 issues)
554 10-30 years
55,985 -----3098_ _Timmins, N. B.(5 iss.) 535 1928-1957 224,000 106.85
,
2709_ _Vancouver, B.C. (4 iss.)-4 X 1942-1967 1,135,000
97.27
2850_ _Windhorst, Saskatchewan6
1942
5,000
2974_ _Winnipeg, Man
454 1937-1957 2,325,000
99.57- 1.85
Total amount of debentures sold during
November $62,835.294.
CANADIAN SALES FOR PREVIOUS MONTEIS.
Page.
Name.
Rate. Maturity. Amount. Price. Basis.
2850L
'Enfant Jesus,Que.(July)5 1928-1948
40.000 98.96
2850_ _Riviere du Loup, Que.
(Oct.)
5
1967
100,000 102.82 4.76
NEWS ITEMS
Alabama (State of).
-Municipal and County Bond Act
of 1927.
-The 1927 Legislature enacted a law which was
approved Sept. 10 1927, repealing old legislation affecting
the issuance of county and municipal bonds and substituting
more thorough provisions regarding the method of issuing,
refunding and retiring county and municipal bonds. Section
6 of the Act, naming the purposes for which municipalities
(notincluding counties) may issue bonds,reads:
SECTION 6. Objects and Purposes for Which Bonds May Be Issued.
All municipalities shall have full and continuing power and authority within
the limits of the Constitution now in effect or that may be hereafter provided, to issue and sell bonds, when such issue is authorized by the election
herein provided for, for the following named purposes, to-wit: 1. For the
purpose of construction of public buildings, sewers, streets, alleys, bridges
and public school houses and buildings and to purchase or acquire waterworks and light plants, or to construct the same,or to provide the same by
purchases and improvements or by improvement alone. 2. For the
purchase of real estate necessary for any improvement authorized by law.
or for the site for any building or improvement to be used for public purposes.
3. For extending, enlarging, improving, repairing or securing the more
complete use of an enjoyment of any building or improvement owned,
purchased or constructed by the municipality, for equipping and furnishing
the same. 4. For the erection of crematories or garbage disposal plants
or for the purpose of providing other means for the disposal of garbage
and refuse matter. 5. For the construction of streets and sidewalks, and
for the repairing or improving of any street, or sidewalk or other public
highway;for opening, widening and extending any street or public highways.
6. For purchasing or condemning any land necessary for street or highway
purposes, and for improving the same by paying any portion of the cost of
such improving. 7. For the erecting of infirmaries, hospitals, pesthouses,
or for rebuilding, extending, enlarging or repairing same. 8. For erecting
prisions, workhouses, police stations, houses of refuge and correction.
9. For erecting market houses and providing market places. 10. For
erecting city or town halls and public offices: public school houses and buildings to be used in connection with same; for the erection and establishment
of public auditoriums, and other buildings for public meetings and for the
purpose of rebuilding, extending, enlarging, repairing and equipping and
and furnishing the same. 11. For acquiring, providing or constructing
water works, to supply water to such municipal corporations, or to the
inhabitants thereof, and for the purpose of repairing, improving, extending
or enlarging such water works system. 12. For the purpose a repairing,
Improving, and maintaining water works to supply water to the municipal
corporations, or to the inhabitants thereof. 13. For acquiring providing
or constructing lighting plants for supplying light to the municipality or
to the inhabitants thereof. 14. For the purpose of repairing, improving,
and maintaining lighting plants for supplying light to the municipality or
to the inhabitants thereof. 15. For purchasing or providing grounds for
cemeteries,or for enclosing,improving or embellishing the same:for building
crematories and public burial vaults. 16. For the construction of sanitary
and storm water sewers or drains, sewerage plants, filtration beds, and for
the purpose of acquiring land or right of way for such purpose. 17. For
establishing free public libraries and reading rooms. 18. For the establishment of public baths. 19. For improving any water course of water front,
for constructing docks, wharves, landings, levees and embankments within
the limits of the municipality and for the purpose of protecting a city from
the encroachments of streams and rivers. 20. For the payment of obligations arising from emergencies, resulting from epidemics or floods or other
forces of nature. 21. For the purchasing or condeming of the necessary
land for parks, boulevards and public places: for improving or completing
the same, or for acquiring additional land for parks, boulevards or puplic
places. 22. For constructing or repairing viaducts, bridges and culverts,
and for purchasing or condemning land necessary therefor; for the purpose
of constructing bridges or tunnels over or under any railroad track, or for
the abolition of grade crossings, and for the purpose of paying for damage
caused to abutting property owners by the construction of any one of the
improvements named in this subdivision. 23. For erecting any building
necessary for a fire department,for the purchase of fire engines,fire boats,
or fire equipment: for constructing water towers, reservoirs and cisterns.
or for paying the cost of placing underground the wires or other signal apparatus of any fire department. 24. For the purpose of providing for the
payment of any obligations of any municipal corporation, whether arising
from administration or from the acquisition of any property for public
use or the construction of any improvement or otherwise, or whether said
obligations shall have matured or not at the time of said issue. 25. For
the payment of any deficiencies in the revenue of any municipal corporation;
for the funding of floating debts, and for such other purposes as may be
authorized by law or by the charter of any municipal corporation. 26. For
the purpose of providing any money or moneys deemed necessary by the
governing body to provide for the administration of the city to the expiration of the fiscal year. 27. For constructing, establishing, or acq
abattoirs and the necessary land upon which to operate same. 28. For the
erection of public comfort stations. 29. For any other purpose for which
It is authorized by law to expend money.
Section 24 names the purposes for which county bonds
may be issued as follows:
SECTION 24. Purposes and Weds for Which Bonds May Be Issued.
All counties shall have full and continuing power and authority within
the limits of the Constitution now in effect or that may be hereafter provided
to issue and sell bonds, when such issue is authorized by the election herein
provided for, for the following named purposes, to-wit: 1. To purchase
and acquire or construct court houses, jails. poorhouses, hospitals, asylums
for the insane, tuberculosis sanatoriums. workhouses, and houses of correction, and other public buildings. 2. For the purchase of real estate for
any improvement authorized by law, or for the site for any building or
Improvement to be used for public purposes. 3. For extending, enlarging,
Improving, repairing or securing the more complete use of and enjoyment
of any building or improvement, owned, purchased, or constructed by the
county and for equipping and furnishing the same. 4. To fund floating
debt. 5. To acquire land for county parks and improve the same. 6. To
provide for the purchase or the original construction and improvement of
highways and bridges, whether such bridges are wholly within the county
or are across streams, waters, swamps, overflowed,submerged hr inundated
lands or lowlands, lying partly within the limits of another county. 7. For
the purpose of providing for the payment of the whole or any part of the
cost of the acquirement, construction, extension, improvement, repair sr
reconstruction of dikes, levees, embankments, seawalls or other protection
against seas, storms and floods or the encroachment of streams, rivers,
3378
THE CHRONICLE
waters or seas, and the whole or any part of the cost of draining, filling,
elevating or reclaiming swamps or submerged, inundated or overflowed
lands or lowlands located within the limits of such county, and for the
purpose of constructing sanitary and storm sewers within the limits of said
county. 8. For any other purpose for which it is authorized by law to
expend money.
The Act prescribes the method of holding elections on
county and municipal bond issues, and provide that a
ma) rity of the voters must approve the bonds before they
may be issued. However, the issuance of refunding bonds
not to exceed the amount of bonds refunded, is permitted
without an election.
Section 40 provides that special assessement bonds, issued
for street and sidewalk improvements, sewers, and water,
may be authorized by a municipality without a vote of the
people. The total amount of these bonds may not exceed
the cost of the improvement. They must be retired in ten
annual installments beginning one year from their date.
Section 52 deals with the length of time bonds, except
assessment bonds may run. The provision is that bonds
must be paid off in annual installments, none of which may
be more than twice the amount of the smallest previous
installment, beginning no later than three years after their
date. The last installment must be paid within the period
of usefulness of the improvement for which the bonds were
issued, provided no bonds shall run for more than thirty
years.
Section 54 provides that bonds may be in registered or
coupon form. If coupon, they may be registered as to
principal or interest, or both.
Section 55 sets the minimum price at which bonds may
be sold at 95 and accrued interest.
Arkansas (State of).—Court Rules State Has Assumed
All Road District Debts.— The State Supreme Court on
Dec. 5 gave an opinion that the State, under the terms of
the 1927 Highway Act, assumed payment of "all written
obligations for the payment of money legally issued by the
Commissioners for the purpose of constructing improved
roads," which includes 'certificates of indebtedness" as
well as "bonds." The Memphis "Appeal" on Dec. 6 published the following Little Rock dispatch, bearing date
Dec. 5.
In an opinion handed down by the Supreme Court to-day in the case o
the State Highway Commitsion against J. P. Kerby et al., from Saline
County it was held that in taking over the principal roads comprising the
State highway system of Arkansas under provision of Act No. 11 of 1927,
known as the Martineau General Highway law the State of Arkansas
also assumed certificates'of indebtedness of road improvement districts,
as well as bonds for road construction which became due after Jan. 1 1927.
The case involved $16,000 in certificates of indebtedness Issued by
commissioners of road improvement district No. 4 of Salm° County, issued
to J. P. Kerby, contractor, and upon which judgment had been secured
in the Pulaski County Circuit Court. The Court in affirming the lower
court's decision that the State had assumed the obligation under the general
highway law of the 1927 Legislature, expressed the opinion that the term
"bond" as used in the Act "was intended to cover all written oblizations
for the payment of money legally issued by the commissioners for the purpose of constructing improved roads."
Carlsbad (City of).—Bonds Called.—C. B. Richard &
Co., fiscal agents, announce that $35,000 principal amount
-year 8% sinking fund gold bonds,
of city of Carlsbad 30
external loan of 1924 has been called for redemption on Jan.
1 1928, at par. Bonds with all unmatured coupons attached
should be presented for payment at the offices of the Central
Union Trust Company,80 Broadway.
Colombia (Republic of).—Sinking Fund Retirement.—
Ha,llgarten & Ce. and K'ssel, Kinnicutt & Co. announce
the retirement of $135,000face amount of Republic of Colc mbia external sinking fund gold bonds, due Jan. 11961,leaving
$24,865,000 principal amount of bonds outstanding. This
represents the first operation of the sinking fund on the
$25,000,000 issue offered in September by the above mentioned bankers.
-1928 Budget Re-Opened.—The Board of
New York City.
Aldermen on Dec. 13 approved the bill passed last week by
the Board of Estimate directing the Comptroller to certify
the $13,000,000 subway bond item in the 1928 budget, which
item JuStice Wasservogel has ruled out of the budget because
of lack of certification by the Comptroller to the necessity for
the appropriation. The Comptroller has announced that
he will not comply with the instructions, and that if the
$13,000,000 is not cut out of the budget he will refuse to
certify the budget.
Suit Against Budget Decided in City's Favor.—Suit brought
by the United Real Estate Owners Association to have
the 1928 budget "made honest" by the inclusion of $14,000,000 for increase in teachers' salaries and $26,000,000 for
school maintenance, which amounts are received from
the State Commissioner of Education, was decided in the
city's favor on Dec. 10 by Justice Wasservogel, who ruled
that the statute requiring the inclusion of such funds in the
city budget had been repealed in 1920. The "Times" on
.
Dec. 11 said:
The attack made by Stewart Browne, head of the United Real Estate
Owners' Association, on the 1928 city budget in a taxpayers. suit to compel
the Board of Estimate to add $40.000,000 to the budget, which would have
carried it above the legal amount, failed yesterday when Supreme Court
Justice Wasservogel refused the application. The Court held that the city
authorities properly considered the money received from State taxes for
school purposes in making up the,budgetand that the section of the Greater
New York Charter OD which Browne relied had been repealed.
The suit concerned an item of$14,000,000 for increase in teachers'salaries
and $26,000,000 for the maintenance of schools. The plaintiff contended
that the $40.000.000 received from the State Commissioner of Education
should be deposited in the general fund of the city for the reduction of taxation and that the item should be appropriated in the budget for school
purposes.
Justice Wasservogel's opinion said that the plaintiff was relying upon a
charter section providing that when the City Clerk receives notice from
the State Superintendent of Schools as to the sums apportioned to the
city from State taxes, he shall notifYthe Board of Aldermen as tothe amount,
123.
the city
which is to be collected by the City Chamberlain and deposited in ,
treasury "to the cridit of the general fund for the deduction of taxes.
The Court points out that this provision was repealed by the laws of
1920 in a statute providing that when money is apportioned to the city for
the school system, "such sums shall not in any case be placed in the city
treasury of the city to the credit of the general fund of such city for the
reduction of taxes therein, notwithstanding any provision to the contrary
contained in the charter of such city."
Justice Wasservogel also cited an act of the present year under which
the $40,000.000 was produced, and Section 490 of the Education law as
further evidence that the character provision is no longer applicable to
the case.
New York State.—The official vote on the nine constitutional amendments submitted to the voters in November has been made public.
The $300,000,000 New York City debt limit amendment
was approved by 961,632 to 799,867.
The four-year term for governor was beaten by 1,256,157
"against" to 578,863 "for".
The proposal to place the State's finanaces on a budget
system, with appropriations originating in the Governor's
office, received 1,291,990 favorable votes, and 446,107
unfavorable.
The grade crossing elimination amendment, which provides that the State, counties and cities bear the cost of
eliminating grade crossings in proportions set by the legislature, received 1,339,332 "ayes" and 397,205 "noes."
The increase in the Governor's salary to $25,000 a year
polled 1,073,802 "for" and 683,999 "against."
The proposal making the Governor the head of the executive department received 1,197,931 "for" and 488,095
"against."
The vote on the proposal to build a road up Whiteface
Mountain was 1,082,864 "for" and 602,395 "against".
The amendment giving counties the same excess condemnation privileges as cities enjoy received 1,085,441 "for"
to 533,705 "against."
The amendment preventing annexation of territory by a
city without the consent of the residents of the territory
received 1,144,872 favorable and 527,388 unfavorable votes.
Oklahoma (State of).—Political Storm Over Governor's
Office.—Political strife, AN ith the Legislature determined to
remove Governor Johnston from office, and with the Governor determined that the legislators shall not have their way,
has reached the point where the Senate is preparing to hear
charges made by the Assembly against the Governor.
Governor Johnston at first used the militia to prevent the
legislators from convening at their own call, but has now
withdrawn the militia. He contents though, that session is
illegal, the Supreme Court having recently held that the law
allowing such sessions was unconstitutional.
-New Mexico (State of).—Baundary Dispute SetTexas
tled In Favor of Texas.—A dispute between the State of
Texas and New Mexico over the boundary between the two
States has been decided in favor of Texas by the U. S. Su,
preme Court. New Mexico had c - ntended that the boundary line had changed by accretion along the New Mexico bank
of the Rio Grande River, Texas, on the other hand, held
that the boundary fixed in 1850 did not change with .the
change in the river's course. The Supreme Court upheld
Texas, and decided that the boundary line of 1850 still
stands,and runs along the old course of the Rio Grande River.
The following Washington despatch in the issue of the N. Y.
"Times of Dec. 6." gives further particulars regarding the
matter:
Texas to-day won a victory in its long-standing boundary dispute with
New Mexico when the Supreme Court decided that the boundary should
be put on the line where the Rio Grande River ran in 1850.
The court did not agree with the contention of New Mexico that the
river had changed by accretion, which would carry the boundary with it,
and pointed out that New Mexico had adopted the river boundary as of
1850, which made subsequent changes of no importance.
Justice Sanford, in announcing the opinion of the court, said that commissioners would be named to mark the boundary on the ground. State line
The controversy between Texas and New Mexico dealt with the
oftho
above and to the west of El Paso. It involved changes in the courseStates
Rio Grande from the point where it marked the junction of the two
above El Paso in 1850 and the designation of what is known as the Clark
Survey. The area in dispute embraced about 25,000 acres of rich land,
valued at between $2,000,000 and $3,000,000.
BOND PROPOSALS AND NEGOTIATIONS
ABITA SPRINGS,Saint Tammany Springs, La.—BOND OFFERING'
—sealed bids will be received by Mayor Barney Carey until 8:30 P• in. on
Denotes.
Jan. 3, for the purchase of a $15,000 Wile of public street bonds. serially
$250 and $500. Dated Jan. 11928. Int. rate not to exceed 6%. Due at the
payable
in 20 years, from 1929 to 1998 incl. Prin. and int. (Jat J.)
National Bank of Commerce in New York City. Thomson, Wood &
certified
Hoffman of New York will furnish legal approval. A $500
check, drawn on a Louisiana bank and payable to the Mayor and Board of
Aldermen, must accompany the bid.
ADAMS SCHOOL DISTRICT NO.98 (Arvada Rural Route 2), Colo.
-ELECTION SALE.—A $15,000 issue of4%% school bonds has been
—PRE
election
purchased by the United States National Co. of Denver prior to an
to be held soon. Due $1.000 from 1929 to 1943, inclusive.
$2,000.
ALABAMA,State of(P.O.Montgomery).—BOND SALE.—The offered
000 issue of coupon harbor improvement, 8th and 9th series bonds
for sale on Dec. 15—V. 125, p. 3228—was awarded to a syndicate composed
of Eldredge & Co., Barr Bros. & Co., Inc., Kountze Bros., the Chase SecuriBrandon
ties Corp.,the First National Bank of New York, Redmond & Co.,
& Waddell,Phelps, Fenn & Co.and Rogers Caldwell & Co., all of New York
Marx & Co. and Ward,Sterne & Co., both of Birmingham, as 4;9% bonds.
for a $64,050 premium, a price of 103.202, a basis of about 4.05%. Denom.
ELMO. Dated Dec. 1. 1927 and due $50,000 from Dec. 1, 1937 to 1976 Ind
Prin. and int. (J. & Le) payable at the fiscal agency in New York or at the
State Treasurer's office. A Lehman Bros. syndicate was second highest
offering 103.20 for 4;(0.
ALBUQUERQUE, Bernalillo County, N. M.—BONDS OFFERED
BY BANKERS.—The six issues of coupon bonds awarded on Nov. 30-V. 125 p. 389—to Taylor, Ewart, & Co.. Inc., the Win. R. Compton Co.
and the Continental National Co.,all of Chicago,as 43,4s, at a basis of 4.39
are now being offered for public subscription at prices to yield 4.20% on all
maturities. The six issues aggregate $590,000, they are all direct do
obligations and are payable from ad valorem taxes levied on all taxable
Property.
DEC. 17 1927.]
THE CHRONICLE
ANAMOSA, Jones County, Iowa.
-BOND SALE.
-The $11,687.92
5% primary road improvement bonds that
were offered for sale
V. 125, p. 2965
-have been awarded to the Niles & Watters on Dec. 1Savings Bank
of Anamosa at a $25 premium, equal to
100.21. a basis of about 4.96%.
Dated Dec. 1 1927. Due serially from May
before maturity in discretion of city. These 1 1928 to 1936 incl. Optional
were no other bidders.
ARROYO COLORADO NAVIGATION
DISTRICT, Willacy and
Cameron Counties, Texas.
-BOND SALE.
navigation bonds has recently been awarde -A $500,000 issue of 54%
d to the State Board of Education, for a premium of $375, equal
to 100.075.
ATLANTIC CITY, Atlantic County
-TAX REVENUE
BONDS OFFERED FOR INVESTMENT. , N. J.
-B. J. Van Ingen & Co., and
the Old Colony Corp., are offering the
$2.000,000 3.80% tax revenue bonds
awarded to them at 100.006-V. 125,
p. 3228
-for investment, price to
yield 3.50%.
3379
National Bank, both of New
Bank of Italy, both of San York, the Anglo-London-Paris Co. and the
Co., both of New York, for Francisco. Redmond & Co. and the Dteroit
a premium of 110,890, equal to 101.089
basis of about 3.88%. Denom.
,a
$250,000 from Jan. 2 1937 to 1940,$1,000. Dated Jan. 2 1927 and due
incl.
J. 2) payable at State Treasurer's office No option. Prin. and hit. (J. &
in gold.
CAMBRIA TOWNSHIP SCHOOL
DISTRICT (P. 0. Ebensb
Cambria County, Pa.
urg)
-BOND OFFERING.
-Sealed bids will be received
by L. S. Jones, District Secretary, until
7 p. m. Dec. 30,for the purchase of
an issue of $15,000 44% school bonds.
$1,000. Due Dec. 1 as follows: 81,000, Dated Dec. 1 1927. Denom.
1932; $2,000, 1937, and 11242:
$3,000, 1947; $4,000, 1952; and $3,000, 1957.
A certified check for $500
is required.
CAMERON COUNTY(P.O.Brownville),
-BOND OFFERING.
AUSTIN, Travis County, Tex.
Sealed bids will be received until 11 a. m. Tex.
-BON
on Jan. 19 by County Judge
-Sealed bids will
be received until 10 a. m.on Dec. 22 by S.D OFFERING.
W.Mabry, Director of Finance, Oscar C. Dancy for the purchase of a $6,000,000 s.sue of road bonds.
for the purchase of a $100,000 issue of hospital
(These are the bonds voted on Jan. 29-V.
bonds.
124, p. 283.)
BAY VILLAGE, Cuyahoga County,
CAMDEN COUNTY (P. 0. Camden),
Ohio.
-BOND SALE.
-The
N. J.
-BOND SALE.
$78,720.03 coupon special assessment street improv
-The
ement bonds offered on issue of coupon or registered county building and highway bonds offered
Nov. 29-V. 125, p. 2701-were awarded to
on
Otis & Co. of Cleveland, as Dec. 13-V. 125, p. 2966
-was awarded to a
44s, at a premium of $119.54. Dated
Forbes & Co., the Bankers Trust Co., and syndicate composed of Harris.
Nov. 1 1927. Due serially from
the National City Co., all of
Oct. 1 1929 to 1938 incl.
New York, as 4s, taking $916,000 bonds
($921,000
120.50. equal to 100.55. a basis of about 3.92%.offered) paying $921.BEECH CREEK TOWNSHIP,Greene County
Dated Jan. 1 1928.
,Ind.
-BOND SALE.
- Due Jan. 1, as follows: $40,000, 1929 to 1933
The $10,500 5% coupon school addition bonds
hid.; 845,000. 1934 to 1948
offered
p. 2965
-were awarded to the J. F. Wild Investment on Dec. 10-V. 125, incl.; and $41,000, 1949.
Co. of Indianapolis,
at a premium of $529.41 equal to 105.04,
a basis of about 4.09%. Due as
CARROLL COUNTY (P. 0. Huntin
follows: $500, July 1, 1928: and $500 January
gton), Tenn.
-INTEREST
clusive. The following bids were also submitt and July 1, 1929 to 1938 in- RATE-BASIS.
-The $178,000 issue of
ed:
1927, sold on Nov. 30-V. 125, P. 3229 coupon highway bonds, issue of
Bidder-to a group of local bankers for a
Price Bid. premium equal to 109.02 bears an interest rate
Fletcher Savings & Trust Co
of5% giving a basis of about
$10,981.00 4.33%.
Thomas Shemin & Co.
10,987.00
Inland Investment Co. •
CASPER SPECIAL ASSESSMENT DIST.
10,968.00
First National Bank (Linton)
(P. 0.
-The Town Clerk has called for paymentCasper), Wyo.10.951.25 BOND CALLS.
Fletcher American Co.
a number
11,003.30 of each of the paving districts from No. 2 to 50: Grading District of bonds
BELLEVUE, Eaton County, Mich.
s from No.
1 to 9; Sanitary Sewer District from No. 2
-BIDS REJECTED.
to 20: Storm Sewer District No.
-All bids land 2and the sidewal
submitted for the $65,000 43j% coupon
k warrants of 1922,1923 and 1924. Int.
water works bonds offered on
Dec.5-V. 125, p. 3089
on the above
ceased on Dec. 1.
-were rejected. The bonds are dated Jan.
and mature serially from Aug. 15 1928
1 1928
to 1958 inclusive.
CASS MAGISTERIAL DISTRICT, Monong
BENTONVILLE SCHOOL DISTR
alia County, W. Va.BOND OFFERINCL-Sealed bids will ICT (P. 0. Bentonville), Ark.
- BOND SALE.-Prudden & Co. of
be received until Jan. 5 by W. T. $66,000 issue of 5% refunding bonds.Toledo has recently been awarded a
Due from July 1 1936 to 1949 inc.l.
Dudley, President of the School Board,
for the purchase of an issue of
$110,000 54% school bonds.
CHAMBERS COUNTY (P. 0. Anahua
-BOND SALE.
-The
$100,000 issue of 5% road bonds offered c), Tex.
BEVERLY HEIGHTS (P. 0. Texark
for sale on Dec. 12-V. 125. li•
3229
-was awardeo to C. W. Arlltt of Austin.
ana), Tex.
-BOND SALE.
An issue of $150,000 street improvement
bonds has recently been purchased
by the Thomas Investment Co. of
CHAPMAN SCHOOL DISTRICT(P.O.
Dallas.
Chapman),Merric
Neb.-BOND SALE.
-A $10,000 issue of 5% school bonds k County,
BERGEN COUNTY (P. 0. Hackensack),
has recently
been purchased at par by the State
N. J.
-BOND SALE.
The issue of 44% coupon or registered
of Nebraska. Due $1,000 annually
road, bridge and hospital bonds from 1928 to 1937 incl.
offered on Dec. 12-V. 125,p. 3089
-was
posed of the First National Bank, White, awarded to a syndicate comCHELSEA, Suffolk County, Mass.
Weld & Co., Redmond & Co., Bank of
Stone & Webster and Blodget Inc., and
-The
Commerce & Trust Co. of Boston -TEMPORARY LOAN.
the Detroit Co. all of New York 000 tempora
City, taking $2,241,000 bonds
ry loan on a 3.345% discount was awarded on Dec.8. a 5300.basis.
3.97%. Dated Dec. 11927.($2,288,000 offered) at 102.13 a basis of aoout
Due Dec. 1. as follows: $110,000, 1928 to
CHELTENHAM TOWNSHIP SCHOO
1934 incl.; $132,000, 1935 to 1938 incl.;
L DISTRICT (P. 0. Elkins
$165.009. 1939 to 1943 inclusive; Park), Montgomery County, Pa.
and $118,000. 1944.
-BOND OFFERING.
-Sealed bids will
be received by the Treasurer Board
BEVERLEY, Essex County, Mass.
Dec. 27,for the purchase of an issue of School Directors, until 3 p. ni.,
-LOAN OFFERING.
of $580,000 44% coupon
-John C. Dated Dec. 15 1927.
Lovett. City Treasurer, will receive sealed
Denom. $1.000. Due $116,000 Dec.school bonds
bids until 5 p. m. Dec. 19,
for the purchase on a discount basis of
15.
a $200,000 temporary loan. Dated of the following years, 1937; 1942; 1947; 1952. A certified check in each
Dec. 22 1927. Denoms., $25,000
to the order of the
payable
, $10.000
1928. The Old Colony Trust Co. of Boston, and $5,000. Due June 15, required. Legalityabove-mentioned official for 2% of the bonds offered is
approved by Townsend, Elliott & Munson
will supervise the preparation
of the notes. Legality to be approve
of Philad by Ropes, Gray, Boyden & Per- delphia.
.
•
kins of Boston.
CHERRYVILLE, Gaston County,
N. C.
-BOND OFFERING.
BLACK RIVER REGULATING DISTR
Sealed
ICT N. Y.
-BOND OFFER- Mostetlbids will be received until noon of Dec. 27 by Town Clerk T. J.
ING.
-Morris S. Tremaine, State Comptro
ller, will receive sealed bids until sewer er for the purchase of a $12,000 issue of 6% coupon or registered
1 p. m. Jan. 12, for the purchase of
bonds. Denom. $1,000. Dated
an issue of $210,000 5% coupon or
registered, Reservoir Enlargement
Aug. 1 1931 to 1942 incl. Prin. and in Jan. 1 1928. Due $1,000 from
(J. St J.) payable in gold in New
$1.000. Due $1,000, July 1 1928 bonds. Dated July 1 1927. Denom. York. Reed,
. to the order of the State Comptro to 1969 incl. A certified check, payable legal approval.Dougherty, Hoyt & Washburn of New York will furnish
A certified check, payable to the town,for 2% of the bid,
ller,
quired. Legallty approved by Sullivan for 2% of the bonds offered is re- is required.
& Cromwell of New York City.
These bonds are issued by the
CHICAGO SANITARY DISTRICT (P. 0.
District pursuant to the provisions Board of the Black River Regulating
Chicago), Cook County,
of the Conservation Law of the State, 111.
-BOND OFFERING.
providing for the enlargement of the
-Marti
Stillwater Reservoir on the Beaver will receive sealed bids until 11 a.n J. O'Brien, Clerk Board of Trustees,
River at Webb, N. Y. They are, it
m.(Standard time) Dec. 19. for the purfund of the Black River Regulatingis stated, a direct charge upon the bond chase of $10,000,000 44%,sewer bonds (52nd issue). Dated Dec. 1 1927.
District
ment levied against the parcels of real estate and are secured by an assess- Denom. $1,000. Due $500,000, Dec. 1 1928 to 1947 incl. Prin. and int.
such assessment being payable in 42 annual benefited by the improvement, (J. & D.) payable at the office of the District Treasurer. A certified check
installments. They are exempt payable to the order of the above-mentione
from taxation and are legal investments
d official for 3% of the bonds
for
They cannot be sold at less than par and savings banks and trust funds. offered is required. Legality approved by Wood & Oakley of Chicago
.
accrued interest.
Financial Statement.
BOONE COUNTY (P. 0. Lebano
Equalized valuation of propert
n) Ind.
-BOND SALE.
$2,033.562,836.00
-The Authorized indebtedness,5% y,1926
88.162 6% drainage bonds offered on Dec.
8-V. 125, p. 2841-were
awarded to J. N. Duff of Lebanon, at
101.678,141.80
a
a basis of about 4.78%. Due $816.20 premium of $476, equal to 105.83 Outstanding bonds
-Dec.31 1927
, Nov. 1.1928 to 1937 incl. The
following bids were also submitted:
$74,551.000.00
Amount of present issue
Bidder10,000,000.00
Boone County State Bank,Lebanon,Ind
Premium.
Total bonded debt,including present issue
Farmers State Bank,Lebanon,Ind
584,551,000.00
$101.00 Contract liabilities and judgments
First National Bank,Lebanon,
15,618,606.30
301.00
Inland Investment Co.,IndianaInd Ind.
355.00
Total
polis,
$100,169,606.30
145.00 Unexercised debt incurring power
BOSSIER PARISH CONSOLIDATED
1.508.535.50
SCHOOL DISTRICT NO.
(P. 0. Benton), Pa.
CHICOPEE, Hampden County, Mass.
-BOND
--Sealed bids will be receive1
-TEMPORARY LOAN.
until 10 a. m.on Jan.5 by R. V.OFFERING.
Kerr, Secretary of the School Board,for d The Shawmut Corp. of Boston was awarded on Dec. 14. a
purchase of an $80,000 issue of 5% school
the porary loan on a 3.29% discoun
5300.0)0 tembonds. Denom. $1,000. Dated
t haqii. The following bids were also subJan. 1 1928 and due from 1929 to 1948
mitted:
incl. Int. rate may be less than
A $2,500 certified check, payable to the
school board, must accompany5%.
bid.
Discount
BidderBRATTLEBORO, Windham County
Basis
,Vt.-BOND SALE.
-Thefollow- Commerce Trust Co., Chicopee
ing 4% coupon bonds aggregating $100,00
3.295%
0 offered on December 18-V. Third National Bank & Trust Co
125. p. 3229
-were awarded to Dewey, Bacon & Co.
3.31%
of New York City, at S. N.Bond & Co (plus $3.00)
100.78, a basis of about 3.985%
:
3.44%
$135,000 bridge bonds. Due July 1, as
CHILDRESS COUNTY (P.O. Childress) Tex.
follows: $7,000, 1928 to 1942 inclusive; and $6.000, 1943
The authorized electors of the county will meet at -BOND ELECTION.
a special election on Dec.
65.000 refunding bonds. Dueto 1947 inclusiv)
July 1, as
to decide upon the proposition of issuing a $650,00
Inclusive; and $3,000, 1933 to 1947follows: $4,000, 1928 to 1932 21
054% road bond issue.
CHINNVILLE (P' 0. Raceland) Greenu
Dated July 1. 1927. The following bids inclusive.
were also submitted:
BidderSALE.
-The $41,000 issue of 6% paving bonds p County, Ky.-BOND
offered for sale on
Brattleboro Trust Co. & Savings Bank
Rate Bid. V. 125, p. 3089
-was awarded to a Mr. T. C. Cloran, of Ironton,Dec.5& Investment Corp
Ohio, at
Shawmut Corp
par. Due in 1937.
100.10
Vermont Peoples National Bank
100.097
CLAREMONT, Los Angeles County, Calif.
Atlantic Merrill Oldham Corp
-BOND SALE.
-A
885,000 issue of improvement bonds has recentl been
10° °°
99 65
R. L. Day & Co.
.
y
purchased by the
Bieg-Hoffhine Co. of Los Angeles for a premium of $1,150.
National City CO.
equal to 101.76.
99 52
99 9
Old Colony Corp.
CLATSOP COUNTY SCHOOL DISTR
.
ICT NO. 8 (P. 0. Astoria),
Harris, Forbes& Co.
99.23
99 42
-BOND SALE.
Ore.
-A $12,000 issue
E. H. Rollins' & Sons
chased by the Astoria National Bank of 6% school bonds has been purof Astoria for a premium of $138,
99.10
equal to 101.15. a basis of about 5.65%.
BREVARD COUNTY (P. 0. Titusville),
Denom. $500. Dated Aug. 1
-BOND SALE.
$80,000 issue of school bonds has been purchas Fla.
-An 1927. Due $3,000 from 1929 to 1932, inclusive.
ed by Stranahan, Harris &
Oath), inc., of Toledo.
CLAYMONT SPECIAL SCHOOL DISTR
ICT, New Castle
Del.
-BOND SALE.
-The $100,000 44% coupon school bonds County,
BUCKHANNON, Upsher County, W. Va.-B
offered on
OND SALE.
-A $37.000 Dec. 15-V. 125. p. 3090
Issue of street improvement bonds
-were awarded to Henry & Howland of Wilhas been taken over at par by the
mington, at 102:98, a basis of about
Sinking Fund.
State
$4,000, Jan. 1 1929 to 1953 incl. The4.216%. Dated Jan. 1 1928. Due
following bids were also submitted:
BURTON TOWNSHIP SCHOOL DISTRICT
BidderNO. 5 (P. 0. Flint Prudden & Co
Price Bid.
Route No. 2), Gen
County, Mich.
-BONDS OFFERED.
$101,583.70
Griffith, Secretary Board of Education, receive
-Robert Laird. Bisset & Meeds
d sealed bids until Dec. 16. Farmers' Bank
101,420.00
for the purchase of an issue of 862.00044% coupon school
bonds. Denom.
100,817.00
$500. Due Nov. 1, as follows: $2,000, 1930 to
CLEMENTON TOWNSHIP(P.O.Laurel
1939 incl.; $2,500, 1940
to 1946 incl.: 83,000. 1947
Springs), Camden Count
-BOND SALE.
-The Clementon National Bank of Clementon. y
payable at the office of theto 1953 incl.; and $3,500, 1954. Prin. and int. N. J.
School District Treasur
was
by Wood & Oakley of Chicago. These bonds wereer. Legality approved awarded on Dec. 5, an issue of $197.000 street, sidewalk and curb bonds.
originally scheduled to The bonds bear interest at the rate of 54%•
be sold on Dec. 15-V. 125. p. 3089.
BUTLER COUNTY (P. 0. Poplar Bluff), Mo.-B
CLINTON COMMON SCHOOL DISTR
OND
ICT (P. 0. Clinton), Tex.
- MATURITY
Sealed bids will be received until Jan. 17 by E. W. Palmer OFFERING,
-BASIS.
-The $100,000 issue of 54% school bonds recently
for the purchase of a $265,000 Lssue of 43(% court house , County Clerk, purchased-V. 125. p. 2418
-by Kauffman, Smith & Co. of St. Louis fore
and jail bonds. premium of $8,300,
These bonds were voted on Nov. 17.-V. 125, P.
equal to 108.30 is dated Oct. 10 1927 and due on
2966.
Apr.
10, as follows: $2.000 from 1929 to 1945 and $3,000
CALIFORNIA, State of (P. 0. Sacram
from 1946 to 1967
ento).
-BOND SALE.
$1,000,000 issue of 4% coupon or registered State
-The incl. Basis of about 4.86%.
Buildings and State
University Building bonds offered for sale on Dec.
COCOA, B
d County, Fla.
-BOND SALE.
8-V. 125.
-A $50,000 issue of
-was awarded to a syndicate composed of Eldredge & Co. p. 2293, 2841 improvement bonds has been purchased by local banks, paying
and the First ssue.
par for the
3380
THE CHRONICLE
[VOL. 125.
-were awarded to a syndicate com10-V. 125, p. 3090
-BOND OFFERINO.-Sealed for sale on Dec.Weld & Jo., Remick, Hodges & Co. and Stone & Webster
COLUMBUS, Lowndes County, Miss.
Reeves, Secretary & posed of White,
bids will be received until 7 p. m. on Jan. 3 by C. M.of way purchase and & Blodget, all of New York, the Continental National Co. of Chicago and
m of $1,500,
Treasurer, for the purchase of a $36.500 issue of right
the First National Co. of Detroit, as 431% bonds,for a premiu
depot site bonds. Int. rate not to exceed 5%.
equal to 100.10, a basis of about 4.235%. The issues are:
-Harry $1.000,000 street improvement bonds. Due on Jan. 1 as follows: $40,000
-NOTE OFFERING.
Franklin County, Ohio.
COLUMBUS,
, 1938 to
standard
from 1929 to 1932; 560,000. 1933 to 1937 and 590,000
II.'I urner, City Clerk, will receive sealed bids until 7 p. m.(eastern
promissory notes.
1943, all Ind.
time) Dec. 19, for the purchase of an issue of $27,200 Due July 1 1929.
1937:
sewer bonds. Due on Jan. 1 as follows: 56.000. 1931.to
$5,000, one for $2,200.
400,000
Dated Jan. 1 1928. Denom.
1952 to
of Columbus
58.000, 1938 to 1945: $10,000. 1946 to 1951; $12,000
Prin. and int. payable at the office of the agency of the City of interest
1958 and 515.000, 1959 to 1968, all incl.Due Jan. 1 as follows:
York. The award to be based upon the lowest rate the order
in New
109,000 street widening and extension bonds.
charged and the premium offered. A certified check payable to
1964 to 1968,
52.000, 1931 to 1949;$3,000, 1950 to 1963; 54.000,
of the City Treasurer, for 1% of the bonds offered is required.
all incl.
-The $31,000
RCE, Jackson County Ga.-BOND SALE. sale on Dec. Denom. $1,000. Dated Jan. 1 1928. Prin. and in (J. & J.) payable in
COMME
for
'
issue of 5% street improvement and paving bonds offered Banking Co. of gold in New York. Chester B. Masslich of N. Y. City will furnish legal
-was awarded to the Northeastern a basis of about approving opinion. The next lowest bid was made by a syndicate headed
12-V. 125. p. 3090
of $3,240.13, equal to 110.452,
of New York, offering $900 premium on 431s.
Commerce for a premium
on Jan. 1, as follows: by the Equitable Trust Co.
4.05%. Denom.$1,000. Dated Jan. 11928.and due
equal to a price of 100.06.
from 1929 to 1957 inclusive and $2,000 in 1958.
$1,000
(P. 0. Oakland)
EAST BAY MUNICIPAL UTILITIES DISTRICT until 4 p. m. on
-BOND
ny County, Pa.
-Sealed bids will be received
CORAPOLIS SCHOOL DISTRICT, Alleghe offered on Dec. 12-V. Calif.
-BOND OFFERING.
bonds
of Directors, for the
SALE.
-The $110,000 431% coupon school Trust Co. of Pittsburgh, at a Dec. 22, by John H. Kimball, Secretary of the Board
Due
issue of water bonds. Denom. $1,000. must
-were awarded to the Union
125. p. 2967
of about 3.97%. Dated purchase of a $3,000.000
Premium of $4,013.57 equal to 103.64, a basisin each of the years. 1932: $75,000 from Jan. 1 1935 to 1974 hid. A certified check for 1%,
ue Dec. 1, as follows: $5,000,
ec.
Dec. 1 1927.
accompany the bid. (Bids will be opened at 5 p.
to 1953 inclusive.
-Sealed bids
1934: 1936; and 1938 to 1950 incl.; and $10,000 1951
-BOND OFFERING.
EAST GARY, Lake County, Ind.
NO. 3(P. 0. Buchs of the School Town of
CORTLANDT CENTRAL SCHOOL DISTRICTOFFERING.
-George will be received by the Board of School Trustee an issue of $15,000 5%
-BOND
Y.
N.
anan), Westchester County, sealed bids until 8 p. m. Dec. 19,for the East Gary, until 8 p. m. Jan. 4,for the purchase of
Denom. $500. Due serially from
Welsch, District Clerk, will receive
ed school bonds, rate of school bonds. Dated Jan. 10 1927.
check for
purchase of an issue of $66,000 coupon or register 1927. Denom. $1.000. the 6th year to the 15th year from date of issue. A certified
Interest not to exceed 5%. Dated November 1 of interest to be stated $350 is rquired.
1 1929 to 1950 inclusive. Rate N.). payable in gold at
Due $3,000. Nov.
,Kent County, Mich.
&
EAST GRAND RAPIDS (P. 0. Grand Rapids)ed by the City Clerk.
In a multiple of 1-10 of 1%. Prin. and hit.(M.l; or at the National City
-Sealed bids will be recover
NG.
the Westchester County National Bank. Peekskil
of the -BOND OFFERI
issue of $14,917.74 57 street
City. A certified check payable to the order Clay, until 8 p. m. Dec. 19, for the purchase of an to 1936 inchtsive. A certified
Bank, New York
approved by
improvement bonds. Due serially from 1928
District Treasurer, for $2,000 is required. Legality
for I% of the
check payable to the order of the above-mentioned official
Dillon & Vandewater of New York City.
-BOND OFFERING.- bonds offered is required.
, Auglaize County, Ohio.
CRIDERSVILLE
CT NO. 6 (P. 0.
12 m.Dec. 30,for the
EAST HAMPTON COMMON SCHOOL DISTRI NG.
Sealed bids will be received by the Village Clerk, until improvement bonds.
-George B.
-BOND OFFERI
N. Y.
purchase of an issue of 35,679.11 6% Village's portion , 1929; and $575, Montauk), Suffolk County, were awarded on Dec. 6,for an issue of
Oct. 1, as follows: $504.11
Co. of New York City,
Gibbons &
Dated Dec. 1 1927. Due
the order of the Village $100,000 431% school bonds at 100.83, a basis of about 4.12%. Dated
1930 to 1938 incl. A certified check payable to
Nov. 1 1928 to 1947 incl.
Nov. 1 1927. Denom. $1,000. Due $5,000, East Hampton. Legality
Clerk,for 5% of the bonds offered is required.
(P.O.
and int. payable at the Osborne Trust Co.,
SPRINGS CONSOLIDATED SCHOOL DISTRICT 0 issue Prin. d by Clay Dillon & Vandewater of New York City.
CRYSTAL
approve
-A $225,00
-BOND SALE.
Hazlehurst), Copiah County, Miss.
a Securities Co.
County, N. J.
of $5% school bonds has been purchased by the Hiberni
EAST RUTHERFORD (P. 0. Rutherford), Bergen Borough Clerk.
$3,525, equal to 101.56.
-Sealed bids will be received by the4% coupon or
of New Orleans for a premium of
BOND OFFERING.
issue of
-The $25,000 4%
RITY.
until 8:30 p. m. Dec. 27, for the purchase of an
-MATU
no more
CUSHING, Payne County, Okla.
-at par by the sink- registered public improvement bonds not to exceed $130,000.$130,000.
White Way bonds recently purchased-V.125, p. 3090
premium of 31.000 over
bonds to be awarded than will produce aDue Dec. 15, as follows: $10,000.
ing fund are due and payable in 1952.
Denom.$1,000.
- Dated Dec. 15 1927.
Prin. and int.
-BOND SALE.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio. were awarded on 1929 to 1935 inclusive; and $15,000, 1936 to 1939 inclusive. certified check
A
1,
The following issues of bonds, aggregating $19,45as 4 Ms,at a premium payable at the First National Bank, East Rutherford. offered is required.
for 2% of the bonds
an, Harris & Oatis Inc.,of Toledo,
Dec. 10,to Stranah
payable to the order of the Borough ty Hoyt & Washburn of New York
Reed, Dougher
of $2,448, equal to 100.76, a basis of about 4.08%:
$1,000, one Legality approved bybonds originally scheduled to be sold on Dec. 19-V.
$224,534 special assessment Rueney Road bonds. Denom.
These are the
Sept. 1, as follows: $22,534, 1928; 522.000, City. 3230.
bond for $534. Due
125, p.
1929 to 1933 incl., and $23,000. 1934 to 1937 incl. ., $1.000, one
-PURCHASER-PRICE
Tex.
ECTOR COUNTY (P. 0. Odessa), bonds sold on Oct. 7-V. 125.
86,065 County's portion Turney Road bonds. Denoms
-The $100,000 issue of5% county
bond for $65.00.
one for PAID.-was awarded to Garrett & Co. of Dallas at a price of $105,489.
Denom. $1,000,
8,852 special assessment brad Road bonds.1928, and $1,000, 1929 to p. 2176
-BOND SALE.
$852. Due Oct. 1 as follows: $852,
S. C.
EDGEFIELD COUNTY (P. 0. Edgefield)
.
1936 incl.
bonds offered for sale on Oct. 25The $150,000 issue of coupon highway to Caldwell & Co. of Nashville as
Sept. 11927.
Dated
26-V. 125, p. V. 125, p. 2176
-has since been sold
and due on April 1 as
These bonds were originally scheduled to be sold on Nov.
1
431% bonds. Denom. $1,000. Date Oct. to 1927 $10,000, 1938 to 1940
1937;
2703.
1934
BOND OFFER- follows: $8,000, 1929 to 1933; $9,000, and int. (A. & O.) payable in New
°Mo.to 1944 incl. Prin,
CUYAHOGA COUNTY (P. 0. Cleveland),
rn of New York
Board of County Commis- and $11,000, 1941
-Sealed bids will be received by the Clerk e of the following issues of York City in gold. Reed, Dougherty, Hoyt dc Washbu
ING.
will furnish legal approval.
sioners, until 11 a. m. Dec. 31, for the purchas
e184,665:
% coupon bonds aggregating
-The authorized
-BOND ELECTION.
Due Oct. 1, as follows:
EL PAS(), El Palle County,Tex.
563.641 Solon Road special assessment bonds. and $8.000, 1936.
will, on Dec. 17 vote upon the
56,641, 1928: $7,000. 1929 to 1935 incl.; Oct. 1 as follows: $6,681. electors of El Paso and Hudspeth counties three road projects in the two
Due
proposition of issuing $950.000 in bonds for
56,681 Solon Road, County's share bonds. $7,000. 1935 and 1936.
build a road from El Paso
counties. The three projects are as follows: To
1928; $6,000, 1929 to 1934 incl.; and
branch from this road to the New Mexico
Due Oct. 1, as follows:
Wooster Pike. County's share bonds. $4,000, 1931 to 1936 incl. to the Carlsbad Caverns,to build a d Highway across Hudspeth County.
33,188
$3,188, 1928; $3,000. 1929 and 1930; and bonds. Due Oct. 1. as State line and to pave the Bankhea
-Sealed bids
31,155 Wooster Pike, special assessment impt. incl.; and 54,000, 1933
-BOND OFFERING.
EUFAULA, Barbour County, Ala.
Clerk,
follows: $3.155, 1928; $3.000, 1929 to 1932
D. McEachern,City not to
will be received until 7 p. m.on Jan. 3 by Ruby
rate
to 1936 Inclusive.
rate of interest for the purchase of a $30,000 issue of funding bonds. Int.$1,000 from
different
Sept. 11927. Bids for bonds bearing aand int. (M. & S.), payas follows:
Dated
Jan. 1
due
exceed 6%. Dated Jan, 1 1928 and 1957on
that stated above will also be considered. Prin.
and 1958. Storey, Thorndike,
A certified check payable to
1956 incl., and $2,000 in
able at the office of the County Treasurer. the bonds offered is required. 1931 to & Dodge of Boston will furnish legal approving opinion. Int.
Palmer
County Treasurer, for 1% of
the order of the
Summit County, Ohio. payable semi-annually.
CUYAHOGA FALLS SCHOOL DISTRICT, for the $350,000 school
-BOND SALE
own), Pa.
FAYETTE COUNTY (P. 0. Uniont on Dec. 12-V. 125, p. 2091
-BIDS.-The following bids were also submitted and A. B. Leach & Co.
The $1,000,000 4j% highway bonds offered
l Bank of Pittsbonds awarded to George W. York & Co. of Toledo,
basis of about 4.27% in-V. 125, were awarded to a syndicate composed of the First NationaW. H. Newbold
of Chicago, jointly, as 430, at 102.03, a
& Trust Co. of Uniontown, and 3.85%. Dated
p. 3090:
Premium. burgh, the Fayette Title
Philadelphia, at 105.97, a basis of about
Bidder$6,790.00 Sons & Co. of
& Co
Due Dec. 11952.
are
W.K. Terry & Co., A. E. Aub & Co., Taylor. Wilson
6,693.00 Dec. 11927.
Prudden & Co
-The successful bidders
BONDS OFFERED FOR INVESTMENT. and interest yielding about
W. L. Slayton & Co., Seasongood & Mayer, and
6,626.00
at 106%
Co
Braun, Bosworth & Co., and Otis &Co., and Central Trust Co _ 6,507.00 offering the bonds for investment a legal investment for Trust funds and
stated are
Blyth Witter & Co., Hill, Joiner &
6,083.00 3.82%. The bonds it is vania and New York, are exempt from all Federal
The Guardian Trust Co
5,854.00 savings banks in Pennsyl of the Pennsylvania Personal Property Tax law.
The Herrick Co., Detroit Trust Co
5,838.00 Income taxes and are free
Financial Statement.
Stranahan, Harris & Oatis, Inc
5.355.00
$109,332,665
& Co
First National Co. of Detroit, Ames, Emerich
3.650.00 Assessed valuation
2,322
(included this issue)
State Teachers Retirement System
Ohio
Debt
2X%
the four Net Bonded debt to assessed valuation
-All of
-BIDS REJECTED.
Ratio of net
County, Tex.
DALLAS, Dallas
issue of5116,0007% Orangel'opulation 200,000.
bids submitted on Dec.7for the purchase ofan
other bids submitted for the issue:
The highest bid was
rejected.
Rate Bid.
The following is a list of
Cedar Springs widening certificates were Savings Bank of Dallas. The
&
105.699
Bidder$99.50, offered by the Republic Trust certificates in an effort to get a
& Co
105.587
City Commission decided to re-offer the included Garrett & Co.,98.525: Harris,Forbes Co. and associates
105.21
S. M. Vockel &
them. Other bids received
price of par for
, 97.60, and the Dallas Trust and Union Trust Co.
104.589
Hanchett Bonding Company of Chicago
104.527
Guaranty Co.of New York
Bank, 98.25.
Savings
.
n & Co
103.671
DISTRICT NO. 2 (P. 0. Peerless), M.M.Freema
DANIELS COUNTY SCHOOL issue of school building bonds offered Mellon National Bank
-The 55.200
-BOND SALE.
Mont.
-TEMPORARY LOAN.- •
to the State Board of
Mass.
-was awarded
FITCHBURG, Worcester County,awarded on Dec. 13, a $175,000
for sale on Dec. 6-V. 125, p. 2842 Dated Dec. 10 1927, due on Dec. 10
was
Land Commissioners as 6's at par. 1932. Int. payable on June & Dec. 1. The Old Colony Corp. of Boston
basis. The loan matures on Nov.
temporary loan on a 3.2557% discount
1947 and optional on or after Dec. 10
-BOND SALE.
County, Fla.
DE FUNIAK SPRINGS, Walton bonds has recently been purchased 6 1928.
-The
-BOND SALE.
, Ind.
FLOYD COUNTY (P. 0. New Albany)
A $5,000 Issue of6% park Improvement 1 1927 and due $1,000, on Oct. 1
Albany, was recently awarded an
Oct.
Co. of
by the sinking fund at par. Dated Int. payable semi-annually.
Mutual Trust & Depositbonds atNew
, equal to 103.94, a
a premium of $236.40
issue of $6,00044% road
1929, 1931, 1933. 1935 and 1937.
May and Sept. 15 1931
SPECIAL ROAD AND BRIDGE basis of about 4.101. Denom. $150. Due $150
DE LEON SPRINGS-GLENWOOD County, Fla.
- to 1950 Inclusive.
-BOND SALE.
Volusia
DISTRICT (P. 0. De Land), road and bridge bonds offered for sale on
-A $236,000 issue
SALE.
-BOND
FORT MYERS, Lee County, Fla.
The $30,000 issue of 6% coupon awarded to the Brown-Crummer Co. of
by Florida Municipals, Inc.,
-was
refunding bonds has been purchased
of
Dec. 8-V. 125, p. 2843
due on Sept. 1, as follows: $2,000. of 53. % ille, at a price of 102.10.
Jacksonv
Wichita at par. Dated Sept. 1 1927 and
1940, all incl. There were no other
-BOND ELECTION-The
, Tex.
1932 to 1936 and $5,000 from 1937 to
FORT WORTH, Tarrant County
ments
bidders.
on a bond issue of56.950.000 for municipalimprove
-The 565,000 issue taxpayers will vote to be held on Jan. 10. Among the items named in the
-BOND SALE.
DELHI, Richland County, La. on Dec. 6-V. 125, p. 2703
-was at a special election
to oulid a new City
bonds offered for sale
bond issue to be voted on is one for $1,000,000
, a new
of 531% paving
public library.
Delhi for a premium of $506, equal to 100.778
awarded to the Bank of Denom. $1,000. Dated Dec. 1 1927 and due on Hall, and for $650,000 for a new to be placed before the voters during the
This is the second bond issue
basis of about 5.19%.
rs above
payable J. & D.
another for $6.500,000 to build two large reservoi Tarrant
last few months,
Dec. 11954. Int.
city and that portion of
SCHOOL DISTRICT (P. 0. De- Lake Worth, having been voted by this
DELANO JOINT UNION HIGH Jan. 17, the voters of the district County directly to be benefited by the new lakes,some time ago.
-On
-BOND ELECTION.
lano), La.
, Fla.
-BOND OFFERING.
upon the proposal to issue $75,090 for
FORT LAUDERDALE,Broward County & Clerk Glenn E. Turner
will have the opportunity of passing present bonded indebtedness of this
The
Sealed bids will be received by City Auditor
coupon
school improvement purposes.
of an issue of $125,000 6%
until 1 p. m. on Dec. 27 for the purchase
and
district Is $15,000.
-A $9,000 public improvement bonds. Denom. $1,000. Dated Aug. 1 1926
-BONDS NOT SOLD.
DURANT, Cedar County, Iowa.on Dec. 5 was not sold because of a due on Aug. 1 as folio s: 55,000, 1928; $7,000, 1940. 1942, 1944, 1946,
for sale
issue of sewer bonds scheduledbonds will be re-offered for sale on Dec. 24 1948, 1950, 1952 and 1954: $8,000, in 1939. 1941, 1943, 1945. 1947. 1949.
1) payable at the Hanover National
misprint on the bonds. The
Clerk. He will also call for bids at the 1951 and 1953. Prin. and In. (F. & A. Wood & Hoffman of New York
at 2 p. m. by Harry H. Voss, Town
Bank in New York City, Thomson, payable to the City Treasurer,
ment bonds.
certified check
same time on a 53,000 issue of improve
. A
-The three issues will approve legality
-BOND SALE.
accompany the bid.
C.
DURHAM, Durham County, N.bonds, aggregating $1,500,000 offered for 14 par of bonds, must
of 4M or 4M% coupon or registered
DEC. 17 1927.]
Financial Statement as of Nov. 30 1927.
General Improvement bonds
Refunding bonds
Harbor bonds
Water Works bonds
Special Assessment bonds
Notes payable
THE CHRONICLE
3381
The following is a complete list of the other bidders:
Total Ami.
of Bid.
$101.575.00
101.819.00
% 102.925.00
4%%
101.020.00
%
102,252.30
4
101.010.00
$6,359,336.99
4'4%
101.388.00
Less deductions permissible:
44
101.155.00
$2,063,500.00
Water Works bonds
411%
103.259.71
392,000.00
Special Assessment bonds
4%%
100,629.80
78,336.99
Notes payable
411%
102,540.00
89 474 72
Sinking fund
4%'
101,696.96
1,020,000.00
Harbor bonds (assumed by port authority).
$3,643,311.71
GUILFORD COUNTY (P. 0. Greensboro), N. C.
-BOND SALE.$2,716.025.28 The three issues of 44 or 4%% bonds, aggregating $1,565,000, offered for
Net debt
1927 Federal census population, 13.187.
-were awarded to a syndicate composed of
sale on Dec. 13-V. 125, p. 3092
1927 tax rate $10.00 per $1,000.
the Wachovia Bank & Trust Co. of Winston-Salem, the Piedmont Finance
(1927 assessed valuation $68,001,984.75).
Corp. and Harris, Forbes & Co.and C. D.Barney & Co.(both of New York)
Estimated value. $80.000.000.
as 451% bonds, at a price of 100.209.a basis of about 4.23%.
road and bridge
Due on
FROSTPROOF, Polk County, Fla.
-BOND SALE.
-A $30,000 issue $750,000 follows: $30,000,bonds. Dated Jan. 2. 1928. to 1934; Jan. 1 as
1930 and 1931; $40,000. 1932
$50,000,
of funding bonds has been awarded to the Citizens National Bank of Frost1935 and 1936: $60,000, 1937 to 1939; 170,000, 1940 and 1941 and
proof at a $2,700 discount, equal to a price of 91.
$75,000 in 1942 and 1943.
500,000 school building bonds. Dated Jan. 1 1928 and due on Jan. 1
FRUITA SCHOOL DISTRICT NO. 2 (P. 0. Fruita), Mesa County,
as follows: $10,000, 1931 to 1936; $15,000, 1937 to 1943; $20,000.
-The $13,000 issue of school bonds recently
-INTEREST RATE.
Colo.
1944 to 1951, and $25,000. 1952 to 1958, all incl.
-by George W. Vallery & Co. of Denver
purchased-V. 125, p. 2179
315,000 road and bridge bonds. Dated Jan. 1 1928 and due on Jan. r
411% interest.
bears
as follows: $10,000, 1931 to 1934; 315,000, 1935 to 1939; $20,000.
1940 to 1944 and $25000, 1945 to 1948, all inclusive.
FURNAS COUNTY SCHOOL DISTRICT NO. 103 (P. 0. Beaver
Denom. 51,000. Prin. and mt.(J. & J. 1) payable in gold in New York
-A $71,000 issue of 44% school bonds has
City), Neb.-BOND SALE.
been awarded to the Peters Trust Co. of Omaha. Denom. $1,000. Dated City.
The bonds will be prepared under the supervision of the United Statue
Jan. 1 1928 and due on Jan. 1 1938.
Mortgage & Trust Co., New York City, which will certify as to the genuine-On ness of the signatures and the seal impressed thereon. The approvinr
GALVESTON, Galveston County, Tex.
-BOND ELECTION.
Dec. 10 there was held a special election for the purpose of passing upon opinion of Chester B. Masslich, Esq., New York City, will be furnished
the issuance of $200,000 in bonds for a modern, full-time fire boat. The the purchaser. The Bankers Trust Co. group was second highest.
bonds to be voted will bear interest at the rate of 5% per annum, payable
HALFWAY, Macomb' County, Mich.
-BOND SALE.
-The following
semi-annually and will be known as serial bonds. They may be issued
to mature serially within 40 years, within the discretion of the board of issues of special assessment sewer bonds aggregating $1,180.000 offered
-were awarded to the Detroit Trust Co. and
on Dec. 8-V. 125, la. 3092
city commissioners.
Failure of the issue, it is stated, will mean an increase of 231 cents per associates, as 4%s,at a premium of $3,062 equal to 100,005.
8100 in insurance rates on cotton in transit or storage at Galveston as a new $432.000 Roll No. 5 bonds. Due Dec. 1, as follows $45,000. 1929; and
fire boat was listed in recent recommendations made by marine underwriters
$43,000. 1930 to 1938 inclusive.
as necessary to prevent this rate increase.
385.000 Roll No.6 bonds. Due Dec. 1, as follows: 339,000, 1929 to 1933
(This is a more detailed statement than given in V. 125, p. 2704.)
incl.; and $38,000, 1934 to 1938 inclusive.
296,000 Roll No. 3 bonrls. Due Dec. 1, as follows: 330.000. 1929 to 1937
-Sealed
-BOND OFFERING.
GARDNER, Worcester County, Mass.
inclusive; and $26,000. 1938.
bids will be received by the City Treasurer, until 11 a. m. Dec. 20, for the
67,000 Roll No. 4 bonds. Due Dec. 1, as follows: $7,000, 1929 to 1937
purchase of an issue of $100,000 34% coupon school bonds. Dated Dec. 1
inclusive and $4,000, 1938.
1927. Denom. $1,C00. Due $5,000. Dec. 1 1928 to 1947 incl. Prin. &
Dated Dec. I 1927. Denom. $1,000. A certified check payable to the
int, payable at the First National Bank, Boston; the said bank will also
supervise the preparation of the bonds and will certify as to their genuine-BOND SALE.
HANCOCK, Houghton County, Mich.
-The $50.000
ness. Legality to be approved by Ropes, Gray, Boyden & Perkins of 5% refunding bonds offered on Dec. 3-V. 125, p. 3092
-were awarded to
Boston.
Prudden & Co. of Chicago at a premium of $2,700 equal to 105.40. Dated
Financial Statement Dec. 3 1927.
Dec. 2 1927. Due as follows: $4,000. 1928; 55,000, 1929; $10,000, 1930;
$23.118,212.00 $5,000, 1932 and 1933; $10,000, 1934 and 311,000, 1935.
Net valuation for year 1926
555,441.80
Debt limit
HARNEY COUNTY (P. 0. Burns), Ore.
-BOND OFFERING.
968,600.00
Total gross debt, including this issue
Sealed bids for the purchase of a $100,000 issue of 4%% permanent road
Exempted Debt
bonds will be received until 10 a. m. on Jan. 10 by County Clerk Chas. E.
$111,500.00
Water bonds
Dillman. Denom.$1,000. Dated May 11926,and due $10,000from May
89,700.00
Sewer construction bonds
1 1936 to 1945, incl. Prin. and mt. (M. & N.) payable in gold at the
Town hall bonds
75,500.00
State's fiscal agency in New York City. A recognized firm of bond at488,000.00
School loan bonds
764,700.00 torneys will furnish legal approving opinion. A $5,000 certified check must
accompany bid.
Net debt
$203,900.00
HELENA, Phillips County, Ark.
-BOND OFFERING.
-Sealed olds
Borrowing capacity Dec. 3 1927
$351,541.80
will be received until Dec. 27 by the City Clerk for the purchase of an issue
of $145.000 drainage system bonds.
-BOND OFFERING.
GENESEE COUNTY (P. 0. Flint), Mich.
J. H. Galliver, County Auditor, will receive sealed bids until 1 p. m.
HIGH POINT, Guilford County, N. C.
-BOND OFFERING.
-Sealed
(Eastern standard time) Jan. 10, for the purchase of an issue of $300,000 bids will be received by City Manager P. P. Pilcher until Jan. 10 for the
coupon road bonds interest rate not to exceed 5%. Dated Jan. 15 1928. purchase of an issue of $1,500,000 street bonds.
Denom. $1,000. Due Mar. 15 as follows: $50,000, 1930 and 1931;
HIGHSPIRE, Dauphin County, Pa.
-BOND OFFERING.
-Ray E.
$100,000, 1932, and $50,000, 1933 and 1934. Prin. and int. payable at Cover,
Borough Secretary, will receive sealed bids until 7.30 p. m. Dec. 20,
the American Exchange Irving Trust Co., New York City. A certified
for the purchase of an issue of $5,30.000
% coupon borough bonds. Dated
check for $3,000 is required. These bonds are part of an authorized issue
Dec. 1 1927. Denom. $500. Due Dec. 1, as follows: $1.000, 1928 to 1937
of $3,400,000.
incl.; and $2,000, 1938 to 1947 incl. Prin. and int. payable at the HighGEORGETOWN COUNTY (P. 0. Georgetown), S. C.
-BOND spire State Bank. A certified check payable to the order of the Borough
-Sealed bids will be received by a W. A. Campbell. Clerk of Treasurer, for 2% of the bonds offered is required. Legality approved by
OFFERING.
the Board of County Commissioners, for a $12,000 issue of 54% coupon Townsend, Elliott & Munson of Philadelphia.
Highway bonds. Denom. $1,000. Dated Jan. 15 1928 and due on Jan.
HOLDENVILLE, Hughes County, Okla.
-BONDS VOTED.
-At a
15 1935. Prin. and int. (J. & J.) payable in gold in New York. Reed, special election held on Dec.6 the authorized electors approved the issuance
loyt & Washburn of New York City will furnish legal approval. A certi- of $50.000 in bonds to build a bridge over the South Canadian river by a
fied check, payable to the County Treasurer, for 2% of the bid, is required. vote of 551 to 75. The school board has drawn up building plans, calling
(This issue being for highways, the so-called South Carolina re-imbruse- for an expenditure of $40,000. The election for the school bonds will be
inent agreement is applicable thus insuring payment.)
held some time after Jan. 1.
HOLLANSBURG RURAL SCHOOL DISTRICT, Darke County
GIBSONBURG SCHOOL DISTRICT, Sandusky County, Ohio.-BOND OFFERING.
-R. L. Spencer, Clerk Board of Education,
BOND SALE.
-The $175,000 coupons school bonds offered on Dec. 13- Ohio.
V. 125, p. 2968
-were awarded to the Mississippi Valley Trust Co. of will receive sealed bids until 12 m. (to be opened 1.30 p. m.) Dec. 24, for,
of St. Louis, as 411s, at a premium of $490, equal to 100.28, a basis of for the purchase of an issue of $72,000 511% school bonds. Dated March
about 4.21%. Dated Jan. 1 1928. Due serially on Apr. and Oct. 1 1928 1 1927. Denom. $500. Due as follows: $1,500. March and Sept. 1.
to 1950 inclusive.
1928 to 1947 incl.; and $2.000, March and Sept. 1 1948 to 1950 incl. Prin.
and int. payable at the office of the Board of Education. A certified
GLEN WOOD CITY, Saint Croix County, Wis.-PRICE PAID.
-The check payable to the order of the School District for 2% of the bonds offered
$10,000 issue of 44% water main bonds that was purchased by Kuechle is required.
-was awarded to them for a $45
& Co. of Milwaukee
-V. 125, p. 3230
HOLLYWOOD, Broward County, Fla.
-BOND OFFERING.
-Sealed
premium, equal to 100.45, a basis of about 4.69%. Due on Aug. 1, as follows: $500 from 1928 to 1933 and $1,000 from 1930 to 1940, all inclusive. bids will be received by City Manager C. C. Freeman until 10 a. m. on
Dec. 21, for the purchase of a 5228.000 issue of 6% refunding bonds. De
GONZALES, Gonzales County, Tex.
-BOND SALE.
-An issue nom. $1,000. Dated Nov. 1 1927. Due on Feb. 1 as follows: $30.000
of $120,000 improvement bonds has recently been awarded to an unknown from 1931 to 1934:$35,000, 1935 and 1936 and $38,000 in 1937. Bids will be
received upon the bonds for such an amount as will, with the earliest mapurchaser
turities, at the price bid, produce the sum of $205.500, exclusive of the
GRATIOT COUNTY SPECIAL ASSESSMENT DISTRICT NO. 33 accrued interest. Prin. and int. (J. & A.) payable in New York City in
(P. 0. Ithaca), Mich.
-BOND SALE.
-The $35,000 6% drainage bonds gold. Chester B. Masslich of New York will furnish legal approval and
offered on Nov. 29-V. 126, p. 2968
-were awarded to the Ithaca Savings along with the City Manager, furnish required bidding forms. A $3.000
Bank, at a premium of $575 equal to 101.67, a basis of about 5.46%. Dated certified check, payable to the City Treasurer, must accompany bid.
Dec. 1 1927. Due 57,000, March 1 1929 to 1933 inclusive.
HOMER CITY, Indiana County, Pa.
-BOND SALE.
-The *15,000
GREATER GREENSBORO SCHOOL DISTRICT (P.O. Greensboro) 411% series B water works bonds offered on Dec. 9-V. 125, p. 3092
-BOND SALE.
-The $1,000.000 issue of 4% or 44% school bonds were awarded to the Homer City National Bank, at a premium of $463,
N. C.
offered for sale on Dec. 13-V. 125, p. 2968-has been awarded to a syn- equal to 103.08, a basis of about 4.11%. Dated Dec. 1 1927. Due Dec. 1
composed of Dewey, Bacon & Co., C. W. McNear & Co., Remick, as follows: $2.000, 1330 and 1933; $3,000, 1936; and $4.000, 1939 to 1942
dicate
Hodges & Co. and the Guardian Detroit Co., all of New York, and the inclusive.
Atlantic Bank & Trust Co. of Greensboro, as 44% bonds for a price of
HOUSTON,HarrieCounty,Tex.
-BOND SALE.
-The eleven issues of
102.619, a basis of about 4.29%. Deleon'. $1,000. Dated Jan. 1 1927
and due on Jan. 1 as follows: $20,000, 1931 to 1933; $25,000, 1934 to 1937; coupon aonds aggregating $2,375,000 offered for sale on Dec. 14-V. 125.
-were awarded to a syndicate composed of Eldredge & Co., the
1938 to 1941;$35,060, 1942 to 1945;$40,000, 1946 to 1950;$15,000, p. 2295
530,000,
1951 to 1954, and $50.000, 1955 to 1958, all incl. Prin. and int. . & J.) Guaranty Co., the Detroit Co., Ames, Emerich & Co. and Kean, Taylor
payable in gold in N. Y. City. Chester B. Masslich of New York will fur- & Co., all of New York, the Mercantile Trust Co., G. H. Walker & Co.
nish legal approving opinion and the U. S. Mtge. & Trust Co. of N. Y. City and the Fist National Co., all of St. Louis, and the J. E. Jarrett Co. and
George L. Simpson & Co., both of Dallas, as 44% bonds, at a price of
will certify the bonds.
100.832, a basis of about 4.17%. The issues are as follows:
The following is a complete list of the other bids and bidders:
BidderPrice Bid. $750,000 drainage and sewerage bonds. Due $25,000 on Jan. 1 from 1929
to 1958, incl.
Greensboro Bank & Trust Co., Greensboro, N. C
$1,024,799
400,000 farm market bonds. Due on Jan. 1 as follows: $14,000, 1929 to
A B. Leach & Co
1,024.712
Harris, Forbes Co
1953; $10,000, 1954 to 1958 .
1,022,030
Commercial Nat. Bank, Hight Pt., N. C.
250.000 bayon improvement bonds. Due on Jan. 1 as follows: $8,000,
1.020,600
1929 to 1953: $10,000, 1954 to 1953.
Caldwell & Co
1,020,300
250,000 civic center bonds. Due on Jan. 1 as follows: $8,000, 1929 to
Bankers Security Corp
1,018,699
1953; 310.000, 1954 to 1958.
Braun, Bosworth & Co
1,017,977
200,000 street improvement bonds. Due on Jan. 1 as follows: $6,000.
GREENVILLE GRADED SCHOOL DISTRICT (P. 0. Greenville),
1929 to 1953: 510,000. 1954 to 1958.
-BOND SALE.
-The $100,000 issue of 44% school
100,000 sanitary sewer bonds. Due on Jan. 1 as follows: 33.000. 1929 to
'Pitt County, N. C.
-was awarded to the
bonds offered for sale on Dec. 13-V. 125, p. k968
1953: $5,000, 1954 to 1958.
-Dickey Co. of Minneapolis as 4'4% bondsfor a premium of$3,309.71,
Wells
100.000 gravel bonds. Due on Jan. 1 as follows: $3,000. 1929 to 1953;
$5.000. 1954 to 1958.
equal to 103.309, a basis of about 4.45%. Denom. $1,000. Dated Jan.
100.000 fire and police station bonds. Due on Jan. 1 as follows: $3,090.
1 1927 and due on Jan. 1 as follows: $3,000. 1931 to 1936: $4,000, 1937 to
1929 to 1953, and $5,000 from 1954 to 1958, incl.
1943;$5,000, 1944 to 1949 and $6,000, 1950 to 1953, all incl. Prin. and int.
(J. & .r.) payable in gold in New York City. Chester B. Masslich of New
100,000 incinerator bonds. Due on Jan. 1 as follows: 53.000, 1929 to
1953: $5,000, 1954 to 1958.
York will furnish approving opinion and the U. S. Mortgage & Trust Co.
75,000 alarm system bonds. Due on Jan. 1 as follows: $2,000, 1929 to
of N. Y. C. will certify genuineness. Stern Bros. & Co. of Kansas City
1953; 55,000. 1954 to 1958.
bid 103.25 for 41es also.
$2,725,500.00
80,000.00
1,020,000.00
2,063,500.00
392,000.00
78,336.99
Name of BidderRyan, Sutherland & Co
Well. Roth & Irving Co
North Western Trust Co
First National Co. of Detroit
N. S. Hill & Co
Provident Savings Bank & Trust Co
Mayer
Seasongood & May
Kauffman Smith 8: Co
Stern Brothers & Co
Stern Bros. & Co
Drake Jones Co
C. W. McNear & Co
For
44%
4%%
3382
THE CHRONICLE
50,000 hospital bonds. Due on Jan. 1 as follows: $1,000, 1929 to 1953
and $5,000 from 1954 to 1958.
On all the above issues, which are all dated Jan. 1 1928 the interest rate
Is to be stated in multiples of 34 of 1% and must be the same for all of the
bonds. The last issue is:
$250,000
% refunding bonds. Dated Oct. 1 1927. Due $17,000 from
1928. to 1937, incl., and $16.000 from 1938 to 1942,Incl. Awarded
to the above syndicate at a price of 101.342, a basis of about 4.28%.
Denom. $1,000. Principal and interest payable in New York City at
the Chase National Bank. Reed, Dougherty. Hoyt & Washburn of New
York City will furnish the legal approval.
A Wm.R.Compton Co. group was second and a Halsey, Stuart syndicate
was third.
HUMPHREYS COUNTY (P. 0. Belzoni), Miss.
-BOND OFFERING.
-A $98,000 issue of refunding bonds will be given to a sealed bid or at
public auction, at noon on Jan. 2 by A. R. Hutchins, Clerk of the Board of
Supervisors.
IBERIA PARISH (P. 0. New Iberia), La.
-BOND OFFERING.
Sealed proposals will be received by Marcus De Blanc. Secretary of the
Police Jury, until 11 a. m.on Jan.9,for the purchase of an issue of $150,000
public improvement bonds. Int. rate not t') exceed 5%. Denom.$1,000.
.Gated Jan. 1 1928. Due from 1929 to 1948, incl. B. A. Campbell of
New Orleans and another reputable bond attorney will furnish legal opinion.
A $5,000 certified check payable to the President of the Police Jury, must
accompany bid.
INDIANAPOLIS, Marion County, Ind.
-BOND OFFERING.
-Sterling R. Holt, City Comptroller, will receive sealed bids until 11 a. m. Dec.
22,for the purchase of all or any part of an issue of $23,000 431% Sanitary
District bonds (1st issue). Dated Dec. 22 1927. Denom. $500. Due
$1,000, January and July 1 1930 to 1952 inclusive. A certified check
payable to the order of the Treasurer of the Sanitary District of Indianapolis, for 3% of the amount of bonds bid for is required.
JEFFERSON COUNTY (P. 0. Madison), Ind.
-BOND SALE.
-The
$12.000434% road bonds offered on Dec.6-V. 126, p. 3092
-were awarded
to J. F. Wild & Co. of Indianapolis at a premium of $356.66, equal to
102.97, a basis of about 3.94%. Dated Nov. 15 1427. Due $600 May and
Nov. 15 1929 to 1938 inclusive.
The following is a complete list of other bids submitted for the issue:
BidderPremium.
T. D.Sheerin & Co.,Indianapolis
322.00
Inland investment Co.,Indianapolis
321.00
Fletcher Savings & Trust Co.,Indianapolis
334.70
Fletcher American Co.,Indianapolis
343.00
Madison Trust Co.
295.00
The Union Trust Co.,Indianapolis
349.00
Mayer Kiser,Indianapolis
350.50
City Securities Corp,Indianapolis
344.00
Breed,Elliott & Harrison,Indianapolis
341.50
JEFFERSON COUNTY (P. 0. Steubenville), Ohio.
-BOND OFFERING.
-Eleanor E. Floyd, Clerk Board of County Commissioners, will receive sealed bids until 12 m.Jan.6,for the purchase of an issue of $44,071.85
5% highway improvement bonds. Dated Sept. 11927. Denom. $1.000,
one bond for $71.85. Due Sept. 1 as follows: $5,000, 1929 to 1932, incl.;
,6 000, 1933 to 1935, incl. and $6,071.85 1936. Principal and interest
(M.& S.) payable at the office of the County Treasurer. A certified check
payable to the order of the Board of County Commissioners, for $1,000
Is required.
JOHNSON COUNTY (P.O. Mountain City), Tenn.
-BOND OFFERING.
-Sealed bids will be received by E. E. Butler, Secretary of the Bond
Commission, at the following hours, for the purchase of the following
issues of bonds:
10 a. m. for an issue of $150,000 5% State aid road ponds. Dated Nov.
1 1927 and due on NON. 1 1947. Int. payable on May & Nov. 1.
2 p. m.for an issue of $135,000 5% State aid road bonds. Dated Dec. 1
1927 and due on Dec. 1 1947. Int. payable on June and Dec. 1.
A certifie check for 1% of the bid is required. The confirmation of the
$150,000 sale will be made subject to the $135,000 sale.
KANSAS, Edgar County, Illinois.
-BOND SALE.-Mosser, Williman
& Co. of Chicago, were recently awarded an issue of $7,000 6% street
impt. bonds. The bonds mature serially from Oct. 1 1928 to 1932 incl.; and
were authorized by the electors at an election held on September 17.
KENTON, Hardin County, Ohio.
-BOND SALE.
-The State Teachers Retirement Fund, was awarded on Nov. 7, an issue of $7,526.80
%
coupon pike construction bonds at a premium of $155. Dated Sept. 1
1927. Denoms. $1,000 and $881.70. The last bond matures on Sept. 1
1931. Interest payable March and Sept. 1.
KING COUNTY (P. 0. Seattle), Wash.
-BOND OFFERING.
-Sealed
bids will be received until Dec. 27 by the County Treasurer for the purchase
of a $500,000 issue of5% airport bonds. Denom.$500 and $1,000. Dated
Jan. 1 1928 and due on Jan. 1 1958.
KITTANNING, Armstrong County, Pa.
-BOND OFFERING.
-Harry
J. Walter, Borough Secretary, will receive sealed bids until 8 p. m. Dec. 19,
for the purchase of an issue of $30.000 4% storm sewer bonds. Dated Dec.
1 1927. Due $2.000, Dec. 1 1928 to 1942 inclusive. A certified check for
$2,000 is required.
kOSCIUSKO COUNTY (P.O. Warsaw), Ind.
-BOND OFFERING.
Sealed bids will be received by Leonard H. Huffer, County Treasurer
until 2 p. m. Jan. 7, for the purchase of an issue of $3,3626% ditch bonds.
Dated Dec. 1 1927. Denom. $336.20. Due $336.20. Dec. 1 1928 to
1937, incl.
-The three Issues of
LAKELAND, Polk County, Fla.
-BOND SALE.
impt. bonds aggregating $246,500 that were offered on Nov. 4-V 125,
p. 2562
-have since been awarded to Stranahan, Harris & Oatis of Toledo,
as follows:
$190,000 534% street improvement bonds. Denom. $1,000. Dated June
11927. Due on June 1, as follows: $23,000 in 1928 and 1929, and
$24,000 in 1930 to 1935 incl. Int. payable semi-annually. Sold
at a price of $100,071, a basis of about 5.49% •
35.0006% whiteway improvement bonds. Denom. $1,000. Dated Oct.
1 1927. Due $5.000. from Oct. 1 1930 to 1936 incl. Int. payable
on Apr. & Oct. 1. Sold at 102.64, a basis of about 5.49%•
21,500 6% street improvement bonds. Denom. $500. Dates Oct. 1
1927. Due $2,000 from Oct.1 1928 to 1936 incl., and $3,500 In
1937. Int. payable on Apr. Sr Oct. 1. Sold at 102.31, a basis
of about 5.55%.
The right is reserved to sell less than $190,000 of the first issue. Prin.
and int. payable at the Hanover National Bank in New York City. The
clerk will furnish bidding forms Caldwell & Raymond, of New York will
furnish legal approval.
-BOND SALE.
-The following
LANCASTER, Erie County, N. Y.
Issues of bonds aggregating $143,000 offered on Dec. 12-V. 125, p. 3231
were awarded to the Citizens National Bank of Lancaster, as 431s, at 100.17
a basis of about 4.20%.:
$20,000 paving and street widening bonds. Due $1,000, Jan. 1 1924 to
1948 inclusive.
47,000 Pleasant Avenue paving bonds. Denoms. $1,000 and $700.
Due $4,700, Jan. 1 1929 to 1937 inclusive.
40,000 incinerator plant bonds. Denom. $1,000. Duo $4,000, Jan. 1
1929 to 1938 inclusive.
28,000 Holland Ave.; paving bonds. Denoms. 41,000, 8800. Due
$2,500, Jan. 1 1929 to 1938 inclusive.
8.000 West Main St. Widening bonds. Denom.$800. Due $800, Jan.
1 1929 to 1938 inclusive.
Dated Jan. 1 1928.
The following bids were also submitted:
Rate Bid.
Int. Rate.
Bidder100.358
434%
Stephens & Co.
434
100.40
Dewey, Bacon Co.
100.14
431S,
Parson, Son & Co
100.020
431
Manufacturers & Traders Peoples Trust Co.
431
100.16
Pulleyn & Co.
44/
100.158
George B.Gibbons & Co
-The
LAPORTE COUNTY (P. 0. LaPorte), Ind -BOND SALE.
-were awarded
$8,919.186% ditch bonds offered on Dec.1-V.125,P.2705
to the Inland Investment Co. of Indianapolis, at a premium of $78, equal
to 100.87, a basis of aoout 5.78%. Dated Nov. 1 1927. Due Dee. 1, as
ollows: $1,000, 1928 to 1935 inclusive;and $919.18, 1936.
[vol.. 125.
LATTA SCHOOL DISTRICT (P.0. Dillon), Dillon County, S. C.
BOND SALE.
-An $80,000 issue of 44% school bonds was purchased for a
price of 100.97 by Ryan, Sutherland & Co. of Toledo. Int. due semiannually.
Lewis County (P 0 Vanceburg), Ky -BOND ELECTION.
-Jan.
20 has been set as the date of the special election to be held for the purpose
of having the voters pass upon the proposition of issuing $200,000 in bonds
for improvement of the Ohio river nighway from the Greenup County line
to Vancesourg.
LAWRENCE PARK TOWNSHIP SCHOOL DISTRICT (P.O. Erie),
Erie County, Pa.
-BOND OFFERING.
-Phelps L. Gill, Secretary School
District, will receive sealed bids until 12 m. (standard time) Dec. 24, for
the purchase of an issue of $70,000 434% coupon school bonds. Dated
Dec. 26 1927. Denom. $1,000. Due Jan. 1, as follows: $10,000, 1933;
and $15,000, in 1938, 1943, 1948 and 1953. Prin. and int. payable at the
Peoples Bank & Trust Co., Erie. A certified check payable to the order
of the Treasurer of the District, for $700 is required. Legality approved
by Reed, Shaw, Smith & McCarter of Pittsburgh.
LEHIGH TOWNSHIP (P. 0. Walnutport R. F. D. No. 1), North.
hampton County, Pa.
-BOND SALE.
-The $27,000 5% coupon funding
bonds offered on Dec. 10-V. 125, p. 3093
-were awarded to M. M.
Freeman & Co. of Philadelphia, at a premium of $2,950.26, equal to 110.92
a basis of about 4.03%. Dated Dec. 15 1927, Due Dec. 15 as follows:
$5,000, 1934; 1937: 1942 and 1947; and $7,000, 1952.
LITTLE ROCK, Pulaski County, Ark.
-BOND SALE.
-A $21,900
Issue of street bonds has recently been sold to M. W. Elkins & Co. of
Little Rock.
LIVINGSTON COUNTY (P. 0. Genesee), N. Y.
-BOND SALE.
The $100,000 4% coupon bonds offered on Dec. 9-V. 125, p. 2969
-were
awarded to Pulleyn & Co. of New York City, at 101.46, a basis of about
3.84%. Dated Dec. 15 1927. Due $50,000 Dec. 15 1942 and 1943.
The following bids were also received:
BidderRate Bid.
Geo. B. Gibbons & Co., New York City
101.232
Dewey,Bacon & Co., New York City
101.193
Guaranty Company, New York City
101.088
Harris, Forbes & Co., New York City
100.965
Bankers Trust Co., New York CitY
100.9199
Livingston County Trust Co., Genesee. N. Y.
100.859
Rutter & Co., New York City
100.708
H.L. Allen & Co., New York City
100.470
LOCKPORT, Niagara County, N. Y.
-BOND SALE.
-James A.
Trowbridge of N. Y. City was awarded on Dec. 14 an issue of $18,409.30
5% coupon city bonds at 103.52, a basis of about 4.18%. Dated Dec. 14
1927. Due Dec. 14 as follows: $2,045.47, 1928 to 1935 incl., an
$2,045.54, 1936. Prin. and int. payable at the office of the City Treasurer.
LONG COUNTY (P. 0. Ludowici), Ga.-BOND OFFERING.
-Sealed
bids were received until 3 p, m. on Dec. 16 by G. M. Harrington, Clerk of
the Board of County Commissioners, for the purchase of a $20,000 issue
of
road and bridge bonds. Denom. $1,000. Dated Jan. 1 1928 and
due 81.000 from Jan. 1 1929 to 1948. Purchaser to pay expenses of legality
and bond printing. A $1,000 certified check is required.
LOS ANGELES COUNTY(P.O.Los Angeles), Calif.
-BOND OFFERING.
-Sealed bids will be received until 2 p. m. on Dec. 19 by County
Clerk L. E. Lampton for the purchase of an $18,000 issue of 6% °estate
School District bonds. Denom. $500. Dated Dec. 1 1927 and due on Dec.
'
1, as follows: $500, 1928 to 1933 and $1,000 from 1934 to 1948. Prin.
and int. (J. & D.) payable ar the County Treasurer's office in Los Angeles.
A certified check for 2% of the bonds, payable to Chairman Board of Supervisors, must accompany each bid. Castaic School District has been acting
as a school district under the laws of the State of California continuously
since July 1 1900. The assessed valuation of the taxable property in said
school district for the year 1927 IS $360,040.00 and there is no outstanding
ndebtedness.
LOS ANGELES COUNTY (P. 0. Los Angeles), Calif.
-BOND
OFFERING.
-Sealed bids will be received by County Clerk L. E. Lampton
until 2 p. m.on Dec.27 for the purchase of a $1,000,000 issue of 5% county
hospital sanitarium and county farm bonds. Denom. $1,000. Dated
July 11923 and due on July 1 as follows: $138,000, 1928; $52,000, 1929
and $45,000 from 1930 to 1947, incl. Prin. and semi-annual int. payable
at Kountze Bros. in New York City or at the office of the County Treasurer.
A certified check, payable to the Chairman of the Board of Supervisors, for
3% of the amount of the bonds,is required. The assessed valuation of the
taxable property in Los Angeles County for the year 1927 is $2,954,909.955
and the total amount of bonds of said county previously issued and now
outstanding is $6,251.000.
MACON COUNTY (P. 0. Franklin), N. C.
-BOND OFFERING.
Sealed bids will be received until 1.30 p.m. on Jan. 2 by Horace J. Hurst,
Clerk of the Board of County Commissioners fo, the purchase of a $50,000
Issue of 5% school funding bonds. Dated Jan. 1 1928 and due on Jan. 1,
as follows: $2,000, 1930 to 1935; $3,000, 1936 and $5,000, from 1939 to
1943, all incl. Prin. and semi-annual int. payable at the Hanover National
Bank in New York City. A certified check, payable to the County, for
2% of the bid, is required.
MADISONVILLE, Hopkins County, Ky.-BOND SALE.
-An issue
of $26,317.72 6% street improvement bonds has recently been purchased
at auction for a price of $100. by the White Construction Co. of Chicago.
MAHONING COUNTY (P.O. Youngstown), Ohio.
-BOND SALE.Stranahan, Harris & Oatis Inc. of Toledo, were awarded on Dec. 6, five
Issues of bonds aggregating $168,047.80, as 445,at a premium of $1,870.40.
The bonds mature serially from 1929 to 1938 inclusive.
MANGHAM, Richland County, La.
-BOND OFFERING.
-Sealed
bids will be received until 11 a. m.on Jan. 11 by the Mayor for the purchase
of a $40.000 issue of public impt. bonds. Int. rate not to exceed 6%.
Denom. $1,000. Dated Dec. 1 1927. Due from 1928 to 1947. incl.
B. A. Campbell of New Orleans and some other recognized bond attorney
will be furnished the legal approving opinion. A $1,500 certified check,
payable to the Mayor, is required with the bid.
MAYFIELD COMMON SCHOOL DISTRICT NO. 10 (P. 0. Broadalbin), Fulton County, N. Y.
-BOND SALE.
-The Broadalbin Bank
was awarded on Apr. 1, an issue of $3,600 6% schoolhouse bonds at par.
Dated Apr. 1 1927. Denom. $200. Due Oct. 1 1939. Prin. and int.
payable on Oct. 1.
McCOMB, Pike County, Miss.
-BOND SALE.
-The $50,000 issue
of special improvement bonds offered for sale on Dec. 5-V. 125, p. 3093
was awarded to Sutherland, Barry & Co., Inc., of New Orleans as 434%
bonds for a premium of $475, equal to 100.95.
McMULLEN COUNTY (P. 0. Tilden), Tex.
-An issue
-BOND SALE.
of $185,000 5% road bonds has been purchased by H. D. Crosby & Co. of
San Antonio. Due serially in 40 years.
MECHANICVILLE, Saratoga County, N. Y.
-The
-BOND SALE.
following issues of coupon Main Street paving bonds aggregating $158,600
offered on Dec. 12-v. 125, p. 3093
-were awarded to Pulleyn & Co. of
New York City, as 4s, at 100.06, a basis of about 3.98%:
$115,000 series A bonds. Denom. $1,000. Due $5,000, Dec. 1 1929 to
1951 inclusive.
43,600 series B bonds. Denom. $1,000, and $900. Due $10,900, Dec.
1 1928 to 1931 inclusive.
MELROSE, Middlesex County. Mass.
-TEMPORARY LOAN.
-The
$150,000 temporary loan offered on Dec. 12-V. 125, p. 3232
-was awarded
to the Old Colony Corp,of Boston,on a 3,27% discount basis plus a premium
of $1.35.
MENTOR SCHOOL DISTRICT, Lake County, Ohio.
-BOND OFFERING.-Saima Oliver, Clerk Boatel of Education, will receive sealed bids
until 8 p. m. Dec. 19 for the purchase of an issue of $16,000 454% coupon
school bonds. Dated Dec. 1 1927. Denom. $1,000. Due Oct. 1, as
follows: 53,000, 1929 to 1932 incl.; and $4,000, 1933. Bids may be submitted for bonds bearing a different rate of interest tnan stated above.
Prin. and Int. payable at the Cleveland Trust Co., Willoughoy. A certified
check payable to the order of the Board of Education, for $500 is required.
MIFFLIN TOWNSHIP SCHOOL DISTRICT (P. 0. Homestead),
Allegheny County, Pa.
-BOND SALE.
-The $225,000 434% coupon
bonds offered on Dec. 10-V. 125. p. 3232
-were awarded to M. M. Freeman & Co. of Philadelphia, at 103.45, a basis of about 3.44%. Dated
DEC. 17 1927]
THE CHRONICLE
Dec.1 1927. Due Dec. 1, as follows:$5,000. 1930 to 1940 incl.; and $10,000
1941 to 1957 inclusive.
Other bids were as follows:
BidderPremium.
J. H. Holmes & Co
$7,120.00
Mellon National Bank
7,126.00
S. M. Vockel & Co
6,275.25
A. B. Leach & Co
6,300.00
E. H. Rollins & Sons
5,222.25
Prescott, Lyon & Co
6.307.00
MILLER COUNTY SPECIAL SCHOOL DISTRICT NO. 4 (P. 0.
Garland), Ark.-BOND SALE.
-The $15,000 issue of not to exceed 5H %
school bonds offered for sale on Sept. 26 - V. 125, P. 1490 has since been
sold to R. W. Wilborn of Little Rock at par.
MISSION UNION HIGH SCHOOL DISTRICT, San Diego County,
Calif.
-BOND SALE.
-A $25,000 issue of 5 7 high school
,
was awarded on Dec.6 to the Bank of Italy of San Franciscoblinding bonds
for a premium
of $1,580.32, equal to 106.321. Other bidders were:
BidderPremium,
Pierce, Fair & Co
$1,380.00
Anglo-London-Paris Co
1,260.00
E. H. Rollins & Sons
1,131.00
Neale, Kelty & Supple, Inc
787.50
Dean Witter & Co
779.00
MISSISSIPPI COUNTY DRAINAGE DISTRICT NO. 16 (P.
0.
Leachville), Ark.
-BOND SALE.
-An issue of $100,000 5%
flood damage bonds has recently been purchased by Whitaker levee and
& Co. of
St. Louis. Denom. $500 and $1,000. Dated Nov. 1 1927
Nov. 1 as follows: $4,000. 1932; $4,500, 1933; $4,500, 1934; and due on
35.000,
35.000. 1936; $5,500, 1937; $5,500, 1938; 36,000, 1939; $6,000, 1935;
$6.500, 1941; $7,000, 1942; $7,500, 1943; $7,500, 1944; $8,000, 1940;
1945;
$8,500, 1946, and $9.000, 1947. Prin. and int. (M. & N.)
payable at
the St. Louis Union Trust Co. in St. Louis.
MONROE, Monroe County, Mich.
-BOND
-The following
issues of 534% bonds aggregating $99,900 offered SALE.
on Dec.
-were awarded to the Detroit Trust Co. of Detroit,6-V. 125. P.
3094
at a preplum
$2.311, equal to 102.31:
$85,400 special paving assessment district bonds.
10,000 special sewer assessment district bonds.
4.500 special water main assessment district bonds.
The following bids were also submitted:
Bidder
Premium.
Bank of Detroit
$1,870.00
Bumpus & Co
507.50
Security Trust Co.
1,559.00
Prudden & Co.
1,620.00
Braun, Bosworth & Co.
1,779.20
MONROE, Orange County, N. Y.
-CERTIFICATE NOT
The issue of $8,203.75 434% certificates of indebtednessSoffered SOLD.
on
2-V.125, p.2845
-was not sold. They are dated Dec. 15 1927 and Dec.
mature
serially from 1928 to 1932 inclusive.
MONTCALM AND IONIA COUNTIES (P. 0. Stanton),
Mich.
BOND SALE.
-The $40,000 road assessment district No.476 bonds
offered
on Dec. 12-V. 125, p. 3232
-were awarded to the Detroit
Detroit, as 430,at 101.07,a basis of about 4.324 0. Due MayTrust Co. of
7
$4,000, 1930 to 1934,incl.; and $5,000, 1935 to 1938 inclusive. 1, as follows:
MONTGOMERY COUNTY (P. 0. Crawfordsville), Ind.
-BOND
OFFERING.
-Clyde Rogers, County Treasurer, will receive sealed
bids
until 10 a. m. Jan. 2, for the purchase of the following
issues of 435%
coupon road bonds aggregating $132,400:
$41,200 Clark Township bonds. Dated Dec. 15 1927.
Due $2,060. May
and Nov. 15 1929 to 1938.
34.800 Franklin Township bonds. Dated Dec. 15 1928.
Due $1,740,
May and Nov. 15 1929 to 1938.
24,600 Walnut and Union Twps. bonds. Dated Jan.
15
230, May and Nov. 15 1929 to 1938 inclusive. 1928. Due $1,10,000 Sugar Creek Twp. bonds. Dated Dec. 15
1927. Due $950.
May and Nov. 15 1929 to 1938 incl.
12,800 Clark and Scott Twps. bonds. Dated Dec. 15
1927. Due $640
May and Nov. 15 1929 to 1938 inclusive.
MOUNT HEALTHY SCHOOL DISTRICT, Hamilton County,
Ohio.
-BOND SALE.
-The State Teachers Retirement
during November, an issue of $152,000 school bonds Fund was awarded
were authorized by the electors at the general election at par. The bonds
held on Nov. 8.
MOUNT PLEASANT(P.O. North Tarrytown), Westchester
County.,
N. Y.
-BOND SALE.
-The following issues of4% coupon or registered
bonds aggregating $88,000 offered on Dec. 13-V. 125, p.
3232
awarded to Dewey, Bacon & Co. of New York City, at 104.70, -were
a basis of
about 4.03%:
573,000 County Road bonds. Due Dec. 1 as follows: $2,000,
1928 to
1944, incl.. and $3,000. 1945 to 1957, incr.
15,000 highway improvement bonds. Due $1,000, Dec. 1
1928 to 1942,
inclusive.
The following bids were also received
Bidder
Rate Bid.
H.L. Alien & Co.
104.11
Sherwood & Merrifield, Inc.
104.44
George B. Gibbons & Co.
104.14
Rutter & Co
104.07
Clark, Williams & Co
103.36
MOUNT VERNON, Westchester County, N. Y.
-BOND
The Guaranty Co. of New York was awarded on Dec.8,an issue ofSALE.
$175,000
water bonds as 4s, at a premium of $3.673.25. equal to
about 3.84%. Dated Elec. 1 1927. Due Dec. 1 1947. 102.09, a basis of
NEW ROCHELLE, Westchester County, N. Y.
-BOND
-Harry A. Archibald, Comptroller, will receive sealed bids OFFERING.
Dec. 20, for the purchase of the following issues of couponuntil 11 a. m.
ponds aggregating $1,985,000, rate of Interest to be stated in or registered
a multiple of
3i to 1% and not to exceed 5%:
$711,000 municipal impt. bonds (1927 series. Due May
1, as follows:
589.000, 1930 to 1936 inclusive; and 588,000, 1937.
615,000 school bonds (1927 series). Due May 1, as follows:
$19,000,
1930 to 1960 incl.; and $26000. 1961.
516,000 real property and municipal building bonds (1927
May I, as follows: $16,000, 1930 to 1960 inclusive;series). Due
and $20,000,
1961.
$117,000 sewer bonds (1927 series). Due May 1, as follows:
$4,000,
1930 to 1957 inclusive; and 55,000, 1958.
26.000 sewage disposal bonds (1927 series). Due $1,000, May 1
1930 to
1955 inclusive.
Dated Nov. 11927. Denom. $1,000. Prin. and int.
N.) payable
at the office of talc City Treasurer. The United States(M. &&
Mtge. Trust
, N. Y., will supervise the preparation of the bonds and will certify Co.,
as to
their genuineness. A certified check payable to the order
of the City for
2% of the bonds bid for is required. Legality to be approved by
Caldwell &
Raymond of New York City.
Financial Statement.
(City of New Rochelle, N. Y. As of Nov. 7 1927.
Assessed valuation of real property other than franchises-$131.641.770.00
Assessed valuation of franchises
2,483,754.00
Total
Bonded debt including these issues
Fund for redemptions (cash)
3134,125,524.00
8,897.216.95
161,419.22
Net debt
58.735,797.73
NOBLE COUNTY (P. 0. Albion), Ind.
-NOTE OFFERING.
-Sealed
bids will be received by the County Auditor, until 2 p. m. Dec. 29 for
the
purchase of an issue of 528.000 7% school notes. Dated Dec.
29 1927.
Denom.$5,000. Due $14,000, May and Nov.8 1928.
NORTH CAROLINA (State of, P. 0. Raleigh).
-BOND SALE.
A $5,000,000 issue of 4% highway bonds was definitely purchased on Dec.
1 by a syndicate headed by the First National Bank, tne National City
Co.
Bankers Trust Co., ail of New York at par. Denom.
and the
Dated Jan. 1 1927. Due on July 1, as follows: $925,000, 1934: *LOW
$507,000,
1935;$68,000, 1936:31.000,000, 1945, 1946 and 1947, and $500,000 in
Prin. and Int. (J. & J.) payable at the office of the State Treasurer 1948.
or
New York City. (These bonds are a block of the $10,000,000 issue that in
was
3383
offered and sold on Apr. 25-V. 124, p. 2331 and 2641-to the
above
cate giving them the option of buying $5,000,000 later in the year.) syndiNORTH COLLEGE HILL (P.O.Mount Healthy), Hamilton
Ohio.-ciuND OFFERING.
-Raymond L. Willen, Village Clerk, ty•
Coun
receive sealed bids until 12 m. Dec. 23, for the purchase ofan issue of wil
$30,354.48 531% coupon street improvement bonds. Dated Nov. 11 1927.
Denom. $1,000, one bond for $354.4t. Due Feb. 1, as
1929 to 1937 incl.; and $3,354.48, 1938. A certified checkfollows: $3,000
payable to
order of tire Village Treasurer, for 5% of the bonds offered it required. the
NORTH HEMPSTEAD UNION FREE SCHOOL DISTRICT NO.
1
(P. 0. Westbury), Nassau County, N. Y.
-BOND OFFERING.
-Sealed
bids will be received by the District Clerk, until 8 p. m. Dec. 20, for the
purchase of an issue of $25,000 434% coupon school bonds. Dated Dec. 15
1927. Denom. $1,000. Due Dec. 15, as follows: 51.000, 1928 to 1942
incl.; and 52,000. 1943 to 1947 incl. Prin. and int.(J. & D.15)payable in
gold at the Wheatley Hills National Bank. Westbury. A certified check
payable to the order of the Board of Education,for 2% of the bonds offered
is required. Legality approved by Hawkins, Delafield & Longfellow of
New 'York City.
NORTH VERSAILLES TOWNSHIP SCHOOL DISTRICT (P. 0.
Wilmerding), Allegheny County, Pa.-BOND OFFERING.-Sealed
bids will be received 'by the Secretary Board of Directors, until Jan. 9, for
the purchase of an issue of 3180,000 434% school bonds. The bonds mature
In 1956 and authorized at an election held on Nov. 8, 472 votes being cast
for the issue and 239 votes against-V. 125, p. 3233.
NOVI TOWNSHIP SCHOOL DISTRICT NO. 8, Oakland County,
Mich.-.-BOND DESCRIPTION.
-The 555.000 434% bonds awarded
to the Detroit Trust Co.of Detroit.at par in -V.125.p.2/03 -1r a described
as follows: Dated Nov. 11927. Coupon bonds in denom. of $1,000. Due
serially from Nov. 1 1928 to 1953 incl. Int. payable May and Nov. 1.
OAKDALE, Allen Parish, La.
-BOND OFFERING.
-Sealed bids will
be received until 7:30 p. m. on Jan. 3 by City :Secretary D. C. Green
for the purchase of an 380,000 issue of 534% public impt. bonds. Denom.
$1,000. Dated March 1 1928 and due from March 1 1929 to 1943 ina.
Prin. and int. (M. & S.) payable at the banking house purchaser desires.
Validity of bonds will be approved by some recognized bond attorney.
A 32,500 certified check, payable to Mayor E. J. Eldred, is a requirement.
OICALOOSA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 9
(P. 0. Crestview) Fla.
-BOND SALE.
-The $50,000 issue of 6% school
bonds unsuccessfully offered for sale on June 27-V'. 125. p. 683-has.been
purchased at par by the State.
ORANGE COUNTY (P. 0. Orlando), Fla.
-BOND SALE.
-The
31.305.000 5% road bonds offered for sale on Dec. 12-V. 125, p. 2970
were awarded to Wright, Warlow & Co. of Orlando and Eldredge & Co. of
New York,jointly, for $16,500 premium, equal to 101.264. a basis of about
4.92%. Denom.$1,000. Dated July 1 1926 and due on July 1 as f011OWS:
$395,000, 1949: 3435,000, 1950 and $475.000 in 1951. Prin. and hat.
&
J.) payable at the Hanover National Bank in New York.
The following is a complete list of the other bids received:
Price Bid. I BidderBidderPrice Bid.
Brown-Crummer et al-31,313,221.50 rarnett Nat. Bank__ -$1,306,711.44
Guardian Detroit Co__ 1,306.827.00 Detroit Trust Co
1,309,061.00
Caldwell & Co
1,310,076.45
ORANGETOWN UNION FREE SCHOOL DISTRICT NO. 4 (P. 0.
Nyack), Rockland County, N. Y.
-BOND OFFERING.
-Sealed bids
will be received by the District Clerk, until 8 p. m. Dec. 20, for the purchase of an issue of 3650.000 4 or 4 % coupon or registered school bonds.
Dated Jan. 1 1928. Denom. $1,000. Due $26,000, Jan. 1 1929 to 1953
incl. Prin. and int.(L.& J.) payable at the Nyack National Bank or at
the Seaboard National Bank, New York City. A certified check payable
to the order of the Board of Education, for 2% of the bonds offered is
required. Legality approved by Hawkins, Delafield & Longfellow of
New York City.
OREGON CITY, Claekama County, Ore.
-BOND SALE.
-Two
issues of 6% bonds aggregating $25,356.61, were recently purchased by
the Bank of Commerce of Oregon City for a premium of $1,445.50, equal
to 105.70, a basis of about 5.25%. The issues are:
$13,366.85 improvement bonds. Due in 1937.
11,989.76 improvement bonds. Due in 1937.
PALM BEACH COUNTY (P. 0. West Palm Beach), Fla.
-BOND
-CORRECTION.
SALE
-We are now advised by County Superintendent
Joe A. Youngblood that on Dec. 1-V. 125, p. 3095-Prudden & Co. of
Toledo, purchased only 3440,000 of the 3500.000 issue at par. These are
the 6% coupon Board of Public Instruction funding bonds.
PALO ALTO UNION HIGH SCHOOL DISTRICT (P. 0. San Jose),
Santa Clara County, Calif.-BOND SALE.
-The $20,000 issue of 5%
school bonds offered for sale on Dec. 5-V. 125, p. 2971-was awarded to
Heller. Bruce & Co.of Los Angeles for a premium of$2,531 equal to 112.655
a basis of about 4.17%. Due 310,000 in 1951 and 1952. The other bids and
bidders were as follows.
Names of Other Bidders:
Premium.
Anglo London Paris Co.
$2,335.00
Heller Bruce & Co.
2.531.00
Neale, Kelty & Supple.
1.894.00
E.H.RoMns & Sons
2.369.00
Dean Witter & Co.
2,509.00
Goodwin & Tucker
Bond
2,473.00
Bank of Italy
2,367.55
PAMPA INDEPENDENT SCHOOL DISTRICT (P. 0. Pampa), Tex.
-BOND SALE.-The Brown Crummer Co. of Wichita has recently purchased at a price of 102, an issue of $150,000 5H % school bonds.
PAW PAW TOWNSHIP (P. 0. Urbana), Ind.
-The
-BOND SALE.
Fletcher American Co. of Indianapolis was awarded on Dec. 7 an issue of
33,500 4H% school bonds at a premium of $53, equal to 101.51, a basis of
about 4.18%. Due $500 July 1 1931 to 1934 incl.
PENDLETON, Umatilla County, Ore.
-BOND OFFERING.-Sealed
bids will be received until 7.30 p. in. on Dec. 22 by Minnie E. Stillman,
Recorder, for the purchase of an issue of $170,000
% refunding bonds.
Dated Jan. 1 1928 and due on Jan. 1 as follows: 55,500. 1930 to 1949 and
$6,000 from 1950 to 1959, all incl. Prin. and semi-annual int. payable at the
City Recorder's office in Pendleton. Teal, "Winfree. McCulloch & Shuler
of Portland will furnish legal approval. A $3,000 certified chock must
accompany the bid.
(These are the bonds voted by 257 to 81 on Nov. 25-V. 125, p. 2706.)
PERRY COUNTY (P. 0. Hazard) Ky.-BOND OFFERING.
-Sealed
bids will be received until Jan. 9 by County Judge K. N. Salyer for the
purchase of a $50.000 issue of road bonds.
PERRY SCHOOL DISTRICT (P. 0. Perry), Noble County, Okla.
BOND OFFERING.-Sealed bids will be received until 7.30 p. m. on Jan.
10 by J. E. Dolezal, Clerk of the Board of Education,for the purchase of a
$47.000 issue of coupon school bonds. Denom. $1.000. Dated Jan. I
1927. Due from 1932 to 1948 incl. Rate of interest, payable in Jan.
or July, to be stated by bidder. A certified check for 5% of the amount
is required.
PERRYSBURG, Wood County., Ohio.
-Sealed
-BOND OFFERING.
bids will be received by the Village Clerk, until 7:30 p. m. Dec. 20, for the
purchase of an issue of 33.800 5% Village's portion improvement bonds.
Dated Dec. 1 1927. Denoms. $500, and one for $300. Due Oct. I as
follows: $300, 1929, and $500. 1930 to 1936, incl. Principal and interest
(A. & 0.) payable at the Perrysburg Banking Co., Perrysburg. A certified
check payable to the order of the Village Treasurer, for 2% of the bends
offered is required.
PHILLIPINE ISLANDS (Government of).
-BOND SALE.
two
issues of 434% coupon,collateral loan of 1927 bonds, aggregating-The
$1,516,000
and offered for sale on Dec. 16-V. 125, p. 3095
-were awarded to
Weld & Co. of New York City and the Fletcher Savings and Trust White,
Co. of
Indianapolis through Crane, Parris & Co. of Washington at a price of
107.81, a basis of about 4.06%. The issues are as follows:
$1,405,000 provincial public impt. refunding bonds. Dated July 1 1927
and due on July 11957. Int. payable on Jan. & July 1. Coupon
No. 1 will be detached.
111.000 Camarines Sur public impts. refunding bonds. Dated Aug. 1
1927. Due on Aug. 1 1957, redeemable on Aug. 1 1937. Int.
payable F.& A. 1.
Penom. $1.000. Prin. and int, payable at the United States Treasury
at Washington, D. C. in gold coin.
3384
THE CHRONICLE
-BANKERS TO PURCHASE
PHOENIX, Maricopa County, Ariz.
-The following is an article taken from the "Journal
IRRIGATION BONDS.
of Commerce"of Dec. 12,relative to the proposed purchase of a huge amount
of irrigation and power bonds by Eastern bankers: E. W.Michael. District
President, has announced that a tentative agreement has been made by
Chicago and New York bankers to buy $23,000,000 worth of Verde River
Irrigation and Power district bonds, at a price believed "better than that
heretofore received by any irrigation district in this State"
Purchasers of the bonds were said to be B.J. Van Ingen & Co.,of St. Louis
and Chicago; Ehlredge & Co.. and Fred Emert & Co., of New Yoric.
President Michael,appearing before the governors of the Salt River Valley
Water Users Association explained that the agreement had been signed, conditional upon the approval by the association, between which and the
district a prior co-operative agreement of the district's lands is pending. He
gave the sale price of the bonds as follows: Ninety cents on $1 for the
first $5,000,000, 9014c. for the second $5.000.000, 91c. for the third $8,000,000, and 9114c. for the final $8,000,000. The average price was stated at
almost 90.85c. on the dollar.
-BOND OFFERPOINTE COUPEE PARISH (P. 0. New Roads) La.
ING.
-Sealed bids will be received until Jan. 5 by the Clerk of the Police
Jury for the purchase of a $40,000 issue of6% road bonds.
-The Detroit Trust
PONTIAC,Oakland County,Mich.-BOND SALE.
Co.of Detroit, was awarded on Dec.6,a number of bond issues aggregating
interest rate, at a premium of $22.00, equal to
$45,700, bearing a 41(%
100.04.
-Otis
-BOND SALE.
PORTAGE COUNTY (P. 0. Ravenna), Ohio.
& Co. of Cleveland were awarded on Nov. 28 two issues of 41-i% coupon or
registered bonds aggregating 375,559.51 at a premium of $112.00. Dated
Dec. 11927. Due serially from Dec. 1 1928 to 1937 incl. Interest payable
-Apr. and Oct. 1.
-BOND OFFERING.
PORT CHESTER, Westchester County, N.Y.
Frederick G. Schmidt. Village Clerk, will receive sealed bids until 8 p. m.
Dec. 19 for the purchase of the following issues of 4, 434.434%. 434 or 5%
registered bonds aggregating $410.000.
$72,000 Congress Park Macadamizing Dist. No..1, assessment bonds.
Due $12.000. Jan. 1 1929 to 1934 inclusive.
72,000 Public park (3rd issue) bonds. Due $4,000, Jan. 1 1929 to 1946
inclusive.
64,000 Macadamizing Dist. No. 1 bonds (supplemental). Due $8,000,
Jan. 1 1929 to 1936 inclusive.
63,000 Macadamizing Dist. No. 1 bonds (supplemental asst.). Due
$21,000 Jan. 1 1930 to 1932 inclusive.
30,000 Upper King St. assessment sewer bonds. Due $5,000, Jan. 1
1929 to 1934 inclusive.
28,000 Clinton St. macadamizing bonds. Due $7,000, Jan. 1 1929 to
1932 inclusive.
24,000 Clinton St. macadamizing bonds. Due $4,000, Jan. 1 1929 to
1934 inclusive.
15.000 Congress Park, macadamizing bonds. Due 33.00, Jan. 1 1929 to
1933 inclusive.
14.000 Upper Bulkley drainage bonds. Due $2,000, Jan. 1 1929 to 1935
inclusive.
8,000 Palace Place, asst. paving bonds. Duo $2,000, Jan. 1 1929 to 1932
inclusive.
8,000 Willow St. asst. paving bonds. Due 32,000, Jan. 1 1929 to 1932
inclusive.
6,000 Palace St. paving bonds. Due $1,000. Jan. 1 1929 to 1934 incl.
6,000 Willow St. paving bonds. Due $1.000, Jan. 1 1929 to 1934 incl:
Dated Jan. 1 1927. Prin. and int. payable in gold at the First National
Bank & Trust Co., Port Chester. A. certified check payable to the order
of the Village Treasurer, for 2% of the bonds offered is required. Legality
approved by Reed. Dougherty, Iloyt & Washburn of N. Y.
Financial Statement.
Assessed valuation of real estate, personal and other taxable property
for 1927-342,372,244.00.
Estimated value of all taxable property about 20% above assessed value.
Total Indebtedness of every charcater-including current Jills-$3.283,415.00 as of Dec. 8th. 1927.
Total bonded debt including this issue, $3,725,415.00.
No water debt.
Cash value of sinking funds on hand 3129,947.59 as of Dec. 8 1927.
Village incorporated 1868.
-John
-BOND OFFERING.
PORTLAND, Cumberland County, Me.
It. Gilmartin, City Treasurer, will receive sealed bids until 12m. Dec. 20
for the purchase of an issue of$110.0004% coupon park and street widening
bonds. Dated Dec. 15 1927. Denom. 31.000. Due $5,000 Dec. 15
1928 to 1949 incl. Prin. and int. (J. & D. 15) Payable at the office of
the City Treasurer. The First National Bank of Boston will certify
as to the genuineness of the bonds, the legality of which will be approved
by Ropes. Gray, Boyden dr Perkins of Boston.
Financial Statement Dec. 11927.
Total bonded debt
-Balance due account land purchases
Floating debt
Notes payable
35,161.000.00
72,267.11
7,000.00
Total debt
Deductions-Cash sinking fund
Investments reserved for reduction of city debt
35.240,267,11
$191,369.73
739,793.33
Net debt
Assessed valuation, 1927
Debt limit 5% of valuation, 1927
Population, 1927 (estimated), 78,000.
$4,309,104.05
116,056,250.00
5,802,812.50
-BOND OFFERING.
PORT OF NEW YORK AUTHORITY, N. Y.
Staled bids will be received until 2:30 p. m. Jan. 5 for the purchase of
512.000.0004% bonds,the proceeds of which will be used for the construction
of the Bayonne-Port Richmond Bridge. Denom. $1,000. Due Jan. 1
as follows: 3300,000, 1938; $400,000, 1939 to 1941 incl.; 3500,000, 1942;
3600.000, 1943L 3700,000, 1944: $800,000, 1945; $900,000, 1946, and
$1,000,000, 1947 to 1953 incl. The bonds will be callable in whole or in
part at 103 on or after Jan. 1 1938. If called in part, redemption must
proceed with the longest maturities first. A certified check for $240.000
must accompany each bid. The New York "Herald-Tribune" of Dec. 16
had the following to say regarding this bond issue:
avoids the
"By specifying a coupon rate of 4% the Port AuthorityThe present
Possibility of split rate bids or of confusing alternative bids. of bona for
will mark the only public offering
financing, it is believed,
the construction of the Kill von Kull structure. Its cost is estimated at
New York
about $16.000,000. Of this sum the States of New Jersey and$400,000 a
have covenanted to provide $4.000,000, each State paying
year for five years beginning in 1928.
Exempt from Taxation.
"The bonds to be sold as stated above are a first lien on the toll revenues
Jersey
of the bridge, so that in a sense the States of New York and New funds.
in providing the 34,000.000 are consenting to advance the junior States,
The bonds are dependent on the tolls from the bridge, but the two
which by treaty created the Port Authority, have further committed
themselves morally to the undertaking by making the bonds legal for
savings banks and trust funds. As instrumentalities of the States, the
bonds are exempt from taxation.
"At present the Port Authority has outstanding two bond issues, one of
$14,000,000 434s for the construction of two bridges between Staten
Island and New Jersey and the other of $20,000.000 4s for the construction
of the Hudson River bridge. Each issue stands squarely and independently
now quoted
on the revenues to be derived from its enterprise. The 48 are
on the offered side of the market at par.
peculiar feature of the invitation for bids sent out by the Port Authority
"A
is the following sentence: 'The
at the last sale and again at this one reserve the unqualified right in
Commissioners of the Port Authority
discretion to reject any and all proposals, or to
their sole and absolute
all the ciraccept such proposal, if any, as in their judgment will under
making their determination
cumstances best serve the public interest. In by the prices bid but by the
not only
the Commissioners will be influenced
particularly in regard to
strength of the various groups submitting bids,
bonds and
their ability to establish the widest market for Port Authority the contherefore state
to support them if need be. Bidders shouldpertinent information'."
of their groups and any other
stituent members
[VOL. 125.
-The $200.000
-BOND SALE.
PORTO RICO (Government of).
issue of 434% Municipality of Ponce, Loan of 1927, series A and B, Port
-was awarded
Works bonds offered for sale on Dec. 14-V. 125. p. 2971
to Prudden & Co. of Toledo, for a premium of $7,166, equal to 103.583, a
Dated July 1 1927 and due on
basis of about 4.02%. Denom. $1,000.
July 1 as follows: Series A, $20,000 from 1932 to 1936, incl.. and series B,
$20,000 from 1037 to 1941, incl. The following is a complete list of the
bidders:
Amount
Wanted. Price Bid.
Name of BidderJ 103,583
All
*Prudden & Co., Toledo, Ohio
,
13207168
304
J 103.
All
Ohio
Seasongood & Mayer, Cincinnati,
13206,608
,03.162
1
All
N. S. Hill & Co., Cincinnati, Ohio
$206,326
102.884
All
Weil, Roth & Irving Co., Cincinnati, Ohio
13205.728
j 102.9785
All
Fletcher American Co., Indianapolis, Ind
3205,957
j 102.7205
All
Fletcher Savings Trust Co., Indianapolis, Ind
3205,441
j 102.6025
All
Trust Co., St. Louis, Mo
Mercantile
13205,205
102.52
The Provident Savings Bank & Trust Co., Cin$205,040
I All
cinnati, Ohio
102.51
John Nuveen & Co., Chicago, Ill., and Meyer'
$205,020
All
1
Kiser Bank, Indianapolis, Ind
102.471
All
Braun, Bosworth & Co., Toledo, Ohio
3204,942
102.3905
All
The Herrick Co., Cleveland, Ohio
3204,781
102.319
All
Harris, Forbes & Co., New York, N.Y
Otis & Co., Cleveland, Ohio
All
Chase Securities Corp., New York N. Y
Breed, Elliott & Harrison, Cincinnati, Ohio
All
All
102.08
13204,160
102.03
j 102.
16204,000
* Successful bid.
PRINCETOWN COMMON SCHOOL DISTRICT NO. 7 (P. 0.
-The
-BOND SALE.
Duanesburg), Schenectady County, N. Y.
-were awarded
$6,500 5% school bonds offered on Dec. 9-V. 125, p. 3095
to R. F. DeVoe & Co. of New York City. at 102.12 a basis of about 4.62%.
Dated Jan. 1 1928. Due $500, Jan. 1 1929 to 1941 inclusive.
RARITAN TOWNSHIP (P. 0. Flemington), Hunterdon County,
-The 315,000 5% road improvement bonds offered
6. J.
-BOND SALE.
-were awarded to the Hunterdon County
on Dec. 5-V. 125, p. 3095
of Flemington, at 101.18, a basis of about 4.57%. Dated
National Bank
Dec. 15 1927. Due $3,000 Dec. 15 1928 to 1932 inclusive.
-BOND OFFERING.ROCHESTER, Olmsted County, Minn.
Sealed bids will be received by City Clerk A. F. Wright until 7.30 p. m.
on Dec. 28 for the purchase of a $17,000 issue of 41-1% semi-annual permanent improvement revolving fund bonds.
-BOND OFFERING.'
ROCKY RIVER, Cuyahoga County, Ohio,
Frank Mitchell, Village Clerk, will receive sealed bids until 12 m. Dec. 23.
for the purchase of an issue of $142,460 5% Center Ridge special assessment
road improvement bonds. Dated Dec. 1 1927. Denom. $1,000. one for
$460. Due Oct. 1, as follows: 314.000, 1929 to 1932 incl.; $15,000. 1933:
A certified
$14,000, 1934 to 1936 incl.: $15,000, 1937 and 314,460. 1938.of the bonds
check payable to the order of the Village Treasurer, for 10%
offered is required.
-The First
-BOND SALE.
ROSE FIRE DISTRICT NO. 1, N. Y.
National Bank of Waterloo, was awarded on Oct. 9, an issue of $1,600
at a premium of $31.00 equal to
6% registered water tank equipment bonds
101.93,a basis of about 5.30%. Dated August 11927. Registered bonds
00 August 1 1928 to 1932 inclusive. Int.
in denoms. of $400. Due
payable on Aug. 1.
0.
NO. 1
RUPERT INDEPENDENT SCHOOL DISTRICT SALE. (P.
-A $60.-ELECTION
-PRE
Rupert), Minidoka County, Ida.
tentatively been awarded
000 issue of 57. serial school building bonds has on Jan. 12.
to the State of Idaho prior to an election to be held
-BOND OFFERING.
ST. CLAIRSVILLE, Belmont County, Ohio.
Dec. 17, for
Sealed bids will be received by the Village Clerk, until 12 m.
Dated Nov. 1
the purchase of an issue of $8,500 5% Real Estate bonds. follows: $1,000,
1927. Denom. $1,000, one bond for $500. Due Oct. 1, as
payable to the order
1929 to 1938 incl.; and $500, 1937. A certified check
of the Village Treasurer, for 10% of the bonds bid for is required.
-The Bank of
-TEMPORARY LOAN.
SALEM, Essex County, Mass.
a $200,000
Commerce & Trust Co. of Boston, was awarded on Dec. 13,
discount basis. Denoms. 325,000, 310,000
temporary loan on a 3.2457.
by Storey. Thorndike,
and $5,000. Due Oct. 18 1928. Legality approved
Palmer & Dodge of Boston.
-BOND
Ohio.
SALEM SCHOOL DISTRICT, Columbiana County, receive sealed
-Albert Hayes, Clerk Board of Education, will
OFFERING.
school
12 m. Dec.29,for the purchase of an issue of $75,000 434%
bids until
1953, incl. A
house bonds. Denom. $1,000. Due $3,000 Sept. 1 1929 to
certified check for 2% of the bonds offered is required.
-BOND SALE.
SALT LAKE CITY, Salt Lake County, Utah. sale on Dec. 13The.$1,000,000 issue of tax anticipation bonds offered for of Barr Bros. &
-was awarded to a syndicate composed
V. 125, p. 2972
International Trust
Co.and the First National Bank, botn of New York. the Francisco, as 31-k%
Co. of
Co. of Denver,and the Anglo-London-Paris3.55%.San
Due on Dec. 31 1928.
bonds, at a price of 99.547, a basis of about
-BOND SALE POSTPONED.
SALUDA, Saluda County, S. C.
bonds scheduled
The sale of the two issues of not to exceed 6% coupon
The issues
for Dec. 9-V. 125, p. 3095-has been indefinitely postponed.
aggregate 3175.,000 as follows:
to 1941;
$100,000 water bonds. Due on Dec. 1, as follows: $3,000, 1932
34.000. 1942 to 1951 and 35,000. 1952 to 1957, all incl. to 1941;
Due on Dec. 1 as follows: $3,000, 1932
75,000 sewer bonds.
$4.000. 1942 to 1951 and 35.000 in 1952, all incl. bonds may be
Denom. $1,000. Dated Dec. 1 1927. Prin. only of Prin. and int.
registered. Int. rate to be stated in multiples of h of 1%.
Hoyt &
(J. & D.) payable in gold in New York City. Reed, Dougherty,
Washburn, New York bond attorneys, will furnish approval.
-BOND
Calif.
SAN BERNARDINO, San Bernardino County,
until 2
-Sealed bids will be recieved by the City Clerk bonds. P. m•
OFFERING.
purchase of a $650,000 issue of 5% sewer
on Dec. 19. for the
$250,000
SEBRING, Highlands County, Fla.-BOND SLAE.-A Sawyers
B.
Issue of 6% improvement bonds has been purchased by the G.
Co. of Jac,csonville.
-Sealed bids
-BOND OFFERING.
SHERMAN,Grayson County, Tex.
City Clerk,
will be received until 7.30 p. m.on Jan. 16 by J. A. Henderson,
% public school bonds. Denom. 31,000.
purchase of $130,000
for the
$2,000, 1939 to
Dated Feb. 1 1928. Due as follows: $1,000 1929 to 1938;
payable
1948 and $5,000 from 1949 to 1968,incl. Prin. and int.(F.& A. 1) check
in gold at the National Park Bank in New York City. A certified
accompany
on a local bank for 5% of the issue, payable to the city, must
bid. Bonds will be furnished.
Financial Statement of the City of Sherman.
$1,742.901.35
Value of property owned by the City
23,000.0000
Estimated value of all taxable property
12,980,656.00
Assessed value for 1927
1,298,065.00
limit of the City
Bond
1,235,000.00
Total bonded debt, including this issue
187.000.00
Water Works bonds, included in above
21,115.20
Dec. 6 1927
Interest & Sinking Funds,
-BOND OFFERING -Bids adCounty, Pa.
SHILLINGTON, Barks
dressed to the Borough Secretary, will be received until 7.30 p. m. Dec.
borough bonds.
29, for the purchase of an issue of $49,000 434% coupon follows: $2,000,
Dated Dec. 31 1927. Denom. 31.000. Due Dec. 31, as optional after
1928 to 1937 incl.:$3,000. 1938 to 1946 incl.; and $2,000, 1947
Borough
Dec. 31 1942. A certified check payable to the order of the approved
Treasurer, for 57 of the bonds offered is required. Legality
Elliott & Munson, of Philadelphia,
by Townsend,
DEC. 17 1927.]
THE CHRONICLE
-BOND OFFERSLIGO SCHOOL DISTRICT, Clarion County, Pa.
-J. 0. Wyman, President Board of Directors, will receive sealed
ING.
bids until 7.30 p. m. Dec. 20, for the purchase of an issue of $15,500 4%
school bonds. Dated Dec. 1 1927. Denom. $500. Due Dec. 1 1947.
Optional on any int. payment date.
SOMERVILLE, Middlesex County, Mass.
-TEMPORARY LOAN.The Boston Safe Deposit & Trust Co. of Boston, was awarded on Dec. 3,
a $300,000 temporary loan on a 3.26% discount basis plus a premium of
$11.00. Due $100,000, Apr. 16, May 16 and June 151928.
SOUTH HAMPTON UNION FREE SCHOOL DISTRICT NO. 11
-BOND OFFERING.
-Sealed
(P. 0. Eastport) Suffolk County, N. Y.
bids will be received by the Clerk Board of Education, until 1 p. m.Dec. 17
(today) for the purchase of an issue of $102,000 414% school bonds. Dated
Jan. 1 1928. Denom.$1,000 and $400. Due $3,400. Jan. 1 1929 to 1958 incl.
Prin. and int. payable at the Long Island State Bank & Trust Co., Riverhead.
-NOTE SALE.
SPARTANBURG, Spartanburg County, S. C.
-A
$50,000 issue of 4% paving assessment notes has been awarded to the
Carolina National Bank of Columbus at a price of 99.75.
-BOND ELECTION.
SPRINGFIELD, Robertson County, Tenn.
A special election wilt be held on Dec. 31, to allow the electors of the city
to express their opinions on the proposal to float an issue of $125,000 sewerage system bonds. Bonds are described as follows: Denom. $1,000. 5%
int. rate. Coupon bonds, dated Mar. 1 1928 and due on Mar. 1 1958.
Prin. and int.(M. & S.) payable at the Chemical National Bank in New
York City.
-TEMPORARY LOAN.
STAMFORD, Fairfield County, Conn.
-The
Old Colony Corp. of Boston, was awarded on Dec. 15,a $200,000 temporary
loan on a 3.385% discount basis. The loan matures on June 29 1928.
-BOND SALE.
-The
STOKES COUNTY (P. 0. Danbury), N. C.
%
$120,000 issues of 43( funding bonds offered for sale on Dec. 5-V. 125,
o.3098
-was awarded to Braun, Bosworth & Co.,of Toledo and the Detroit
Trust Co. of Detroit, jointly, for a premium of $2,120, equal to 101.766,
a basis of about 4.52%. Denom. $1,000. Dated Dec. 1 1927. Due as
follows: $7,000, from 1929 to 1933; $8,000, 1934 to 1938; $10,000, 1939 to
1941, all incl. and $15,000, in 1942. Other sealed bids received were as
follows.
•
Price Bid.
Bidder$121,908
Spitzer, Rorick and Co
122,110
A.'I'. Bell and Co
Seasonrod and Mayer
121,287
121,287
Asset, oetz and Moerlein
120,967
L. R. Ballinger and Co
121,331
N. S. Hill and Co
SULLIVAN COUNTY (P. 0. Sullivan), Ind.
-BOND OFFERING.
Sealed bids will be received by the County Auditor, until 2 p. m. Dec. 30,
for the purchase of an issue of $78,000 4%% court house bonds. Dated
January 1 1928. Denom. $500. Due Jan. 1, as follows: $2,000. 1929:
and $4,000, 1930 to 1948 inclusive. A certified check payable to the order of
the Board of County Commissioners,for 3% of the bonds offered is required.
-BOND OFFERING.
SULLIVAN COUNTY (P. 0. Newport) N. H.
Sealed bids will be received by the Clerk. Board of County Commissioners.
until 11 a. m. Jan. 10, for the purchase of $36,000 4% county bonds.
Denom. $1,000. Due $3,000, Jan. 1 1929 to 1940 incl.
-BOND SALE.
-The followSYRACUSE, Onondaga County, N. Y.
ing issues of coupon or registered bonds aggregating $1,560,000 offered on
Dec. 9-V. 125, p. 3096-were awarded to a syndicate composed of the
Guaranty Co. of New York, Equitable Trust Co., Remick. Hodges & Co.,
and Barr Bros. all of New York City, at 100.02 equal to a new interest
cost of 3.77%, as follows:
$920.000 municipal imp, bonds as 3%s. Due $46,000, Dec. 15 1928 to
1947 inclusive.
380,000 school bonds, as 4s. Due $19,000 Dec. 15 1928 to 1937 inclusive.
160,000 water bonds as 3.14s. Due $4,000, Dec. 15 1928 to 1967 inclusive.
100,000 grade crossing bonds as 4s. Due $5,000 Dec. 15 1928 to 1941 incl
The following is a complete official tabulation of the other bids submitted
for the bonds:
Issues.
M. S. W. G.
-C.
Interest Rates.
Bid.
% % %
Bidders*Guarnaty Co. N.Y.,Equitable Trust Co.,
Remick, Hodges & Co. and Barr Bros_ _$1,560,312.00 3% 4
334 4
Kinnicutt & Co., Bancitaly Corp__ _ 1,562,169.00 3% 4 3% 334
Eldredge & Co1,560.765.00
3
1.560.285.00 314 4
Dewey, Bacon & Co
33j 3
1.560,015.00 3% 4 3% 3%,
City Bank Trust Co
1,560.965.40 3% 4 3% 4
First Trust & Deposit Co
Kean, Taylor & Co., Old Colony Corp__ _ 1,560,250.00 3% 4
334 4
National City Co., Harris, Forbes & Co.
1,560,320.00 4
and Bankers Trust Co
33 334 334
Manufacturers & Traders Peoples Trust Co. 1,560,053.04 4
3% 3% 314
First Trust St Deposit Co
1,560,330.64 334 43.( 414 4
Rutter & Co., Stephens & Co., H. L. Allen
& Co. and Batchelder, Wack & Co
1,560.010.92 3% 4 4
334
1,585.537.20 4 4
J. P. Morgan & Co
4 4
Estabrook & Co., Wm. R. Compton Co.,
Robert Winthrop Co. & Hallgarten & Co 1,580,592.00 4 4 4 4
* Awarded bonds.
-BOND SALE.
-The following
TAUNTON, Bristol County, Mass.
issues of 4% coupon or tegtstered bonds aggregating $150,000 offered on
-were awarded to Estabrook & Co. of Boston,
Dec. 13-V. 125, p. 3235
at 102.854, a oasis of about 3.693%:
$90,000 water mains bonds. Dated Jan. 1 1928. Due $6,000, Jan. 1
1929 to 1943 inclusive.
60,000 water suppty bonds. Dated Jan. 1 1927. Due $2,000, Jan. 1
1928 to 1957 Incl.
TEANECK TOWNSHIP SCHOOL DISTRICT(P.O.Teaneck) N.J.BOND SALE.-Tho issue of coupon or registered school bonds offered on
-was awarded to the City National Bank of
Dec. 14-V. 125, p. 2972
Hackensack, taking $723,000 bonds ($726,000 offered) as 414s, paying
$726,679. equal to 100.50, a basis of about 4.45%. Dated Jan. 1 1928. Due
Jan. 1, as follows: $19,000. 1930 to 1967 incl., and $1,000, 1968.
TEXAS, State of (P. 0. Austin).-BONDS REGISTERED -The following is a complete list of the bonds registered by G. N. Holton, State
Comptroller, during the week ended Dec. 10:
Place.
Amount.
Purpose.
Due.
1.8. Dist.
$2,000 Ben Wheeler
10-20 years
5%
Ince S. Dist. &Maly
30,000 Lufkin
5%
Water works Serially
8,000 City of Lawn
6%
Treasury warr. Serially
17,000 Arlington
6%
C.S.D.No.48 Serially
1,800 Montague & Cook
5%
C S D.No.14 10-40 years
6,500 Cass county
5%
Water control Serially
1,600 Hidalgo County
6%
I. 8. Dist.
160,000 Texas City
Serially
5%
C.S.D.No.49 Serially
600 Travis County
5%
C S D.No.23 5-40 years
10,000 Fort Bend County
5%
C S D.No.51 10-20 years
800 Bower County
5%
CS.D.No.30 5-20 years
1,000 Jones County
5%
THROCKMORTON COUNTY (P. 0'. Throckmorton), Tex.
-BOND
SALE.
-The $650,000 issue of road bonds voted on Nov. 19-V. 125, p.
-was awarded to the Brown-Crummer Co. of Wichita and Dallas as
2708
454s at par. Denom. $1,000. Dated Dec. 15 1927.
TOLEDO, Lucas County, Ohio.
-BOND SALE.
-The following issues
of bonds aggregating $110,000 offered on Dec. 9-V. 125. p. 2849
-were
awarded to the Northern Trust Co. of Chicago, as 4s, at a premium of
164 actual to 100.14, a basis of about 3.96%:
80,000 bridge construction bonds. Dated Nov. 1 1927. Due $4,000,
Nov. 1 1929 to 1948 inclusive.
30,000 bridge repair bonds. Dated Sept. 1 1927. Due $6,000, Sept. 1
1929 to 1933 inclusive.
TOPEKA SCHOOL DISTRICT (P. 0. Topeka), Kan.
-BOND OF-Sealed bids will be received until 4 p. m. Dec. 21 by the Clerk
FERING.
of the Board of Education for the purchase of an issue of $170,000 414%
school bonds. Denom. $1,000. Dated Mar. 1 1926 and due $10,000 from
Mar. 1 1929 to 1945 incl. Prin. and int. (M. & S.) payable at the office
of the State Treasurer. Thomson, Wood & Hoffman of New York will
I
3385
approve legality. Clerk will furnish required bidding forms. A certified
check, payable to the Treasurer of the Board of Education, for 2% par
of the bid, is required.
(These bonds are the remains of a $970,000 authorized issue.)
-BONDS VOTED.
TULSA,Tulsa County, Okla.
-At a special election
held on Dec.6 the voters of the city approved five propositions for Issuance
of bonds by a heavy majority. The issue providing 41.250,000 for a
union station carried it is stated by a majority of about 16 to 1. Besides
the station, a bond issue of $500.000 for a park, $110,000 for fire department equipment and salaries, $100,000 for storm sewers and $16,000 for a
detention hospital were presented in the election.
-BOND CALL.-The
TWIN FALLS, Twin Falls County, Ida.
option has been exercised and notice is hereby given that the following
issue of bonds is called for payment:
5375,000 6% water bonds. Dated Jan. 1 1918, due on Jan. 1 1938 and
optional after Jan. 1 1928. Denom. $1,000.
These bonds will be paid at the International Trust Co. in Denver at their
par or face value and accrued int, up to Jan. 1 1928 at which time interest
will cease.
UNION MAGISTERIAL DISTRICT, Monongalia County, W. Va.-A $52.000 issue of 5% refunding bonds has recently been
BOND SALE.
awarded to Prudden & Co. of Toledo. Dated July 1 1927, and due from
July 1 1933 to 1949 incl.
UPPER DARBY TOWNSHIP (P. 0. Upper Darby), Delaware
County, Pa.
-BOND SALE.
-The Lansdowne Bank & Trust Co. of
Lansdowne. and the Drexel Hill & Title Trust Co. of Philadelphia, jointly,
purchased on Dec. 6, an issue of $150,000 414% impt. bonds at 103.80.
VERMILION PARISH ROAD DISTRICT NO. 4 (P. 0. Abberville),
La.
-BOND OFFERING.
-Sealed bids will be received until 11 a. m. on
Jan. 4 by W.P. Edwards, Secretary of the Police Jury,for the purchase of a
$73,000 issue of road bonds. Int. rate not to exceed 6%. A certified
check for 5% of the amount must accompany the bid.
-BOND OFFERING.
VINCENNES, Knox County, Ind.
-Sealed olds
will be received by the City Clerk, until 12 m. Dec. 20, for the purchase of
an issue of $10,000 434';' sewer pumping bonds. Dated Nov. 15 1927.
Denom. $340. Due $340, May 15 1929 to 1938 incl. Prin. and int.
payable at the office of the County Treasurer.
WABASH COUNTY (P. 0. Wabash), Ind.
-BOND OFFERING.
Amos Smith, County Treasurer, will receive sealed bids until 2:30 p. m.
Dec. 20, for the purchase of the following issues of 414% coupon bond.
aggregating
hip road bonds. Denom.$625. Due $1,250 May and
g
Nov. 15 1929 to 1938, incl.
6,500 Noble Township bonds. Denom. $325. Due $325 May and Nov.
15 1929 to 1938, incl.
Dated Dec. 15 1927.
-BOND SALE -The $15.000
WALNUT COVE,Stokes County, N. C.
issue of 6% water, electric light and sewer system bonds offered on Dec. 12
-V. 125, p. 3235-was awarded to W. L. Slayton & Co: of Toledo for a
premium of $663. equal to 104.42, a basis of about 5.44%. Denom.$1,000.
Dated Dec. 1 1927 and due $1,000 from Dec. 1 1930 to 1944 incl. The
following is a complete list of the other bidders:
BidderPrice Bid.
Durfee-Niles Co
$15,411
Magnus & Co
15.489
Taylor-Wilson Co
15,460
Prudden & Co
15,327
WALTON COUNTY (P' 0. DeFuniak Springs) Fla.
-BONDS NOT
SOLD.
-Contrary to the report given in V. 125, p.685. three issues of bonds
aggregating $1,590,000 were not sold on July 23 to a syndicate composed
of the Well, Roth & Irving Co.and Davis
-Bertram Co., both of Cincinnati,
the Brown-Crummer Co. of Wichita and Prudden & Co.of Toledo, as 5345,
at a price of 95.10. Our information was supplied by M. T. Fountain.
Clerk of the Board of County Commissioners.
WASHINGTON COUNTY (P. 0. Plymouth), N. C.
-BOND SALE.
-The $40,000 issue of school funding bonds offered for sale on Dec. 8V. 125. p. 3097
-was awarded to W. K. Terry & Co. of Toledo. as 434%
bonds,for $140 premium,equal to 100.356,a basis of about 4.70%. Denom.
$500. Due on Jan. 1 as follows: $2,000. 1929 to 1933; $2,500. 1934 to
1936: $3,000. 1937 to 1940, and $3,500, 1941 to 1943, all incl. Printing
and legal expenses to be paid by purchaser. Prin. and semi-annual bit.
payable at the National Bank of Commerce, N. Y. C.
WASHTENAW COUNTY (P. 0. Ann Arbor), Mich.
-BOND SALE.
-The following issues of bonds, aggregating $66,500 offered on Dec. 9V. 125, p. 3097
-were awarded to Stranahi , Harris & Oat's, Inc. of
Toledo, as 4%s, at a premium of $455, equ .1 to 100.68, a basis of about
4.22%:
$34,500 assessment road district No. 18 bon s. Due serially in from 1 to
5 years.
32,000 assessment road district No. 16. Dee serially in from 1 to 5 years
WATSONVILLE, Santa Cruz County, Calif.
-BOND OFFERING.
-Sealed bids will be received by City Clerk M.M.Swisher, until 7:30 p. m.
on Dec.20 for the purchase of a $40,0001 ue of5% municipal improvement
bonds. Denom. $1,000. Dated Oct. 1 1927. and due $4,000 from Oct 1
1928 to 1937, incl. Prin. and int. (A. & O.) payable at the office of the
City Treasurer. Bells & Orrick of San Francisco will furnish the legal
aorgoevtla.
check, payable to the City Treasurer, for 3% par
is required.
WAYNE COUNTY (P. 0. Corydon), lowa.-BONDS VOTED.
-The
$800,000 primary road bond issue was approved at the election held on
Dec. 12-V. 125. p. 2849-by a vote of 2,107 for to 1,907 against. The
plan of road improvement in the county contemplates the paving of road
No. 3 across the county east and west and also No. 14 north from Corydon
to the county line. Considerable graveling also is included.
-BOND SALE.
-The folWAYNE COUNTY (P. 0. Detroit), Mich.
lowing issues of bonds aggregating $65,750 offered on Dec. 5-V. 125, p.
-were awarded to Kean, Higbie & Co. of Detroit, as 414s, paying
3097
$66.147.63, equal to 100.60, a basis of about 4.65%:
536.000 Grosse Ile Township bonds. Due $4,000, 1930 to 1936 incl.,
and $8,000, 1937.
29,750 Grosse Ile Township bonds. Due $3,500, 1930 to 1936 incl.; and
$5,250, 1937.
Dated Dec. 15 1927.
WAYNESBURG VILLAGE SCHOOL DISTRICT, Stark County,
-BOND SALE.
Ohio.
-The $70,000 school impt. bonds offered on Dec.
-were awarded to W. L. Slayton & Co. of Toledo, as
9-V, 125, p. 2973
414s, at a premium of $951,equal to 101.35, a basis of about 4.32%. Dated
July I 1927. Due $3,500, Sept. 1 1928 to 1947 inclusive.
WEBB COMMON SCHOOL DISTRICT NO. 79 (P. 0. Fort Worth),
Tex.-INT. RATE.-The $15,000 school bonds sold recently-V. 125.
p. 3235-to the school sinking fund at par bear an int. rate of 5%.
WEBSTER PARISH SUB-ROAD DISTRICT NO. 5 (P. 0. Minden),
La.
-BOND SALE.
-The $115,000 issue of road bonds offered for sale
on Dec. 6-V. 125, p. 2708
-was awarded to the Whitney-Central Bank &
Trust Co. of New Orleans as6% bonds,for a $625 premium,equal to 100.54.
-BOND OFFERING.
WEBSTER, Worcester County, Mass.
-J. P.
Bergin, Town Treasurer; will receive sealed bids until 2 p. m. Dec. 22, for
the purchase of the following issues of 334% coupon bonds aggregating
$600,000:
$450,000 municipal building bonds. Due Jan. 15, as follows: $33,000. 1929
and 1930, and $32,000, 1931 to 1942 incl.
150,000 municipal building bonds. Due Jan. 15, as follows: $11,000, 1929
to 1938 incl., and 510.000, 1939 to 1942 incl.
Dated Jan. 15 1928. Denom. $1,000. Prin. and int. payable at the First
National Bank of Boston. Legality to be approved by Ropes, Gray. Boyden
& Perkins, of Boston.
Financial Statement December 8 1927.
Net valuation for year 1926
$12,615,201.00
Debt limit
359,239.14
Exclusive of $465,000 temporary notes issued in anticipation of and to
be paid from proceeds ofissues described above,the town has no debt except
a note of $21.871.75 being part of a loan issued to provide funds for land
for the new Junior High School and Municipal Building, the said note
being payable Oct. 1928.
3386
THE CHRONICLE
[VOL. 125.
The town-owned property is valued at $1,205,800 included in which is the
YALOBUSHA COUNTY (P. 0. Water Valley), Miss.
Waterworks having a valuation of $410,000. The waterworks are entirely -A $66,000 issue of 5% Beat 1 road bonds has recently-BOND SALE.
been purchased
paid for and there is a surplus in the water department of $41,000.
by the Grenada Bank of Grenada for a premium of $350, equal to 100.53.
WEESAW TOWNSHIP FRACTIONAL SCHOOL DISTRICT NO. 1
YELL AND POPE BRIDGE DISTRICT, Yell and Pope Counties,
(P. 0. Lakeside), Berrien County, Mich.
-BOND SALE.
-BOND OFFERING.
-A $319,000 issue of serial 4 % coupon bonds bridge
-Sealed Ark.
bids will be received by Guy E. Wire, Secretary Board of Education, until has been purchased by the Federal Commerce Trust Co. of St. Louis.
7:30 p. m. Dec. 19, for the purchase of an issue of $36,000 5% school bonds. Denom. $1,000. Dated Nov. 11927. Due serially from Sept. 1 1930 to
Dated Jan. 1 1928. Due June 1 1928 to 1944 inclusive.
1952. Prin. and int. (M. & S. 1) payable at the National Bank of Commerce in St. Louis.
WESTFIELD, Chautauqua County, N. Y.
-BOND SALE.
-The
$13.000 5% Motor truck bonds offered on Dec. 12-V. 125, p. 2849 were
awarded to Herman L. Kent, at a premium of $585, equal to 104.50. a
basis of about 3.78%. Dated Dec. 15 1927. Due Dec. 15, as follows:
$1,000, 1928; and $2,000, 1929 to 1934 inclusive. The following is a comBEAUHARNOIS, Quo.
plete list of other bids submitted:
-BOND SALE.
-The Credit-Angios Francais
BidderPrice Bid. of Montreal, was recently awarded an issue of $70,000 5% improvement
National Bank of Westfield
$13,308.00 bonds at par. The bonds mature serially in from 1 to 15 years.
0.8.Thomas
13,065.00
HALIFAX, N. S.
-BOND SALE.-Dyrnent, Anderson & Co., were
George B. Gibbons & Co
13,399.61 awarded on Dec. 14, the following issues
Parson. Son & Co.
13,281.11 ;320,000 at 99.51: The bonds are being issuedof 4).6% bonds aggregating
for the following purposes:
WESTMORELAND COUNTY (P. 0. Greensburg), Pa.
-BOND 200,000 city's share of cost of re-establishment of provincial exhibition.
SALE.
-The $400,000 4% bonds offered on Dec. 9-V. 125, p. 2973
- 95,000 for the erecting and equipping of an isolation and contagious disease hospital.
were awarded to the Mellon National Bank of Pittsburgh, at 101.79. a
3,500 for the purchase of Elizabeth Morash property.
basis of about 3.84%. Dated Dec. 1 1927. Due Dec. 1, as follows $100,5,000 for the construction of New Sewers.
000. 1937 and 1942; and $200.000. 1947.
5,000 for the extension of water service.
WEST NEW YORK, Hudson County, N. J.
-BOND OFFERING.
2,500 for the construction of public baths.
Charles Swensen,Town Clerk, will receive sealed bids until8 p. m.Dec. 29,
4,000 for the purpose of street paving.
for the purchase of the following issues of coupon or registered bonds aggre5,000 for the purpose of street widening.
gating $756,000. no more bonds to be awarded than will produce a premium Dated Jan. 2 1928. Due Jan. 2 1963. Prin. and int.
Payable
of$1,000,over each of the issues given below:
at the office of the City Treasurer; or at the Royal Bank of Canada at
1732;0004% or 4j% school 'bonds. Due Dec. 1, as follows: $15,000, Montreal, Toronto, Winnipeg, Vancouver or New York.
1929 to 1936 incl.; $20.000. 1937 to 1966 incl., and $12.000,1967.
MONTREAL,' Que.-RATEPAYERS TO PASS ON BOND ISSUES
% or 5% general impt. bonds. Due $4,000, Dec. 1
24,000 4 %,
AGGREGATING
The following is taken from the "Monetary
1928 to 1933 incl.
Times" of Dec.9: The ratepayers will be asked to vote on a number of local
Principal and int. payable in gold at the First National Bank of west
New York; the said bank will also certify as to the genuineness of the bonds. improvement by-laws totalling $25,000,000.
A certified check payable to the order of the town for 2% of the amount of
NEW TORONTO, Ont.-BIDS.-The following bids
bonds bid for is required. Legality to be approved by Hawkins, Delafield & mitted for the two issues of 5% bonds, aggregating $67,550 were also subawarded to the
Longfellow of New York City.
Bank of Nova Scotia of Halifax, at 99.56, a basis of about 5.0631%-V.
WEST SENECA UNION FREE SCHOOL DISTRICT NO. 3 (P. 0. 125. . 3236.
I erRate Bid.
BidderRate Bid.
Gardenville) Erie County, N. Y.
-BOND SALE.
-The $180,000 coupon
99.40 C.H.Burgess & Co
99.27
or registered school bonds offered on Dec. 14-V. 125, p. 2973-were Wood.Gundy & Co
99.25 Dominion Bank
99.07
awarded to the Community National Bank of Buffalo,as 4.20s,ata premium A. E. Ames & Co
98.60 (Dyment, Anderson & Co
98.14
of $468, equal to 100.26, a basis of about 4.16%. Dated Nov. 1 1927. Due Bell, Gouinlock & Co
Bank of Commerce
99.51
$9,000, Nov. 1 1929 to 1948 incl.
The following is a list of other bids submitted for the issue:
ONTARIO (Province of) P. 0. Toronto.
-$2,000,000 PARK BONDS
BidderInt. Rate. Rate Bid. DISPOSED
-Dillon, Read & Co. of New York, and the Dominion
George B. Gibbons & Co
4.25%
100.21
Securities Corp. of Toronto, announce that they have disposed of the
OF'
Manufacturers & Traders Peopjes Trust Co
4.407
100.36
32.000.000 4% coupon Niagara Parks Commission bonds awarded to them
Dewey, Bacon & Co
100.22
4.30
at 96.31 in V. 125, p. 3236 at prices, according to maturities, to yield from
Pulleyn & Co.
100.06
4.25%
4 to 4.35%.
Rutter & Co__
.
4.25%
100.266
Bids.
-The following is a list of other bids submitted for toe issue:
Bidder
Rate Bid.
WETZEL COUNTY ROAD DISTRICTS (P. 0. New Martinsville)
Bank of Montreal and First National
96.179
W. Va.-BOND DESCRIPTION.
-The three issues of road district bonds
96.17
recently purchased-V. 125, p. 3235
-at par by the state sinking fund, A. E. Ames & Co.. and Wood, Gundy & Co
McLeod, Young Weir & Co.,and Bank of Commerce
96.156
aggregate $815,000 divided as follows:
ate
96.02
5% Grant Road District bonds. Due on Jan. 1 as follows: Bank of Toronto
Matthews & Co., Royal Securities Corp., Bank of Nova Scotia,
$18,000. 1928 to 1932 and $16.000 from 1933 to 1957 incl.
Guardian, Detroit Co., and Hemphill, Noyes & Co
95.97
185.000 5% Green Road District bonds. Due on Oct. 1 as follows:$9,000,
Dyment, Andrrson & Co., Fry, Mills, Spence & Co., and Bell.
1928 to 1942 and $10,000 from 1943 to 1947 all inclusive.
Gouinlock & Co
95.61
140,000.5% Church Road District bonds. Due $5,000 from Oct. 1
0,H. Burgess & Co.. J. L. Graham & Co.,and Gairdner & Co
95.539
1928 to 1955.
Royal Bank, Guaranty Trust, and Bankers' Trust Co
94.7625
WHEELER COUNTY (P. 0. Wheeler), Tex.
-BONDS VOTED.
PETERBOROUGH, Ont.-BOND OFFERING.
-Sealed bids will be
At a special election held recently the voters authorized the issuance of
received by F. Adams, Treasurer, until 5 P. M. Dec. 19, for the purchase of
$1,000,000 in road bonds by a vote of 1,225 to 572.
an issue of $295.000 5% school bonds. Dated Dec. 31 1927. Denom.
WILDWOOD CREST SCHOOL DISTRICT (P. 0. Wildwood), $1.000. Due serially from 1928 to 1957 inclusive. Prin. and int. payCape May County, N. J.
-BOND SALE.
-The issue of
% school able in Peterborough.
bonds offered on Dec. 13-V. 125, p. 3097
-was awarded to the Marine
PRINCE RUPERT, B. C.
-BOND SALE.
-The following issues of 5%
National Bank of Wildwood, taking $124,000 bonds ($130,000 offered)
paying $130,340 equal to 105.11.s basis of about 4.98%. Dated Dec. 30 debentures aggregating $85,797.05 were awarded to the Royal Financial
1927. Due Dec. 30, as follows: $4400. 1929 to 1948 incl.; $5,000, 1949 to Corp. of Vancouver,at 96.31 a basis of about5.78%:
E50.797.05 consolidated local Improvements.
1954 incl.; and $4,000. 1955.
35,000 general debentures.
-TEMPORARY LOAN.
WINTHROP, Suffolk County, Mass.
-The
Dated Jan. 21927. Due serially in Ito 10 years.
First National Bank of Boston was awarded on Dec. 12, a $85,000
These are the bonds offered on May 30-V. 124, p. 3111-on which date
temporary loan on a 3.41% discount basis. The loan matures Dec. 5 1928. all bids were rejected.
CANADA, its Provinces and Municipalities.
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